0001567094false00015670942024-07-312024-07-310001567094us-gaap:CommonStockMember2024-07-312024-07-310001567094cnhi:A3850NotesDue2027Member2024-07-312024-07-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CNH Corporate Logo.jpg
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2024
CNH INDUSTRIAL N.V.
(Exact name of registrant as specified in its charter)
Netherlands001-3608598-1125413
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom
N/A
(Address of principal executive offices)(Zip Code)
+44 2079 251964
Registrant’s telephone number including area code

N/A
(Former name, former address and former fiscal year, if changed since last report):
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value €0.01CNH
New York Stock Exchange
3.850% Notes due 2027CNH27New York Stock Exchange


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))         
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Exchange Act of 1934(§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.    Results of Operations and Financial Condition.

On July 31, 2024, CNH Industrial N.V. issued a press release announcing its results of operations for the second quarter of 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01.    Regulation FD Disclosure.

On July 31, 2024, CNH Industrial N.V. made available a presentation providing a review and highlights of its second quarter of 2024 results of operations and related information, which is being made available in connection with a July 31, 2024 investor conference call. A copy of that slide presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits.

















































SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CNH INDUSTRIAL N.V.
By:/s/ Roberto Russo
Name:   Roberto Russo
Title:Chief Legal and Compliance Officer
Date: July 31, 2024

cnhcorporatelogo.jpgimage.jpg     Exhibit 99.1
CNH Industrial N.V. Reports Second Quarter 2024 Results
Second quarter consolidated revenue declined 16% on lower industry demand
Second quarter diluted EPS at $0.34; adjusted diluted EPS at $0.38 ($0.52 in the second quarter of 2023)
Results reflect continued execution of cost savings initiatives mitigating the impact of market headwinds
Returned $1.2 billion to shareholders through dividends and share repurchases in the first half of 2024
Full-year guidance updated to reflect weaker market conditions
Basildon, UK - July 31, 2024 - CNH Industrial N.V. (NYSE: CNH) today reported results for the three months ended June 30, 2024, with net income of $438 million and diluted earnings per share of $0.34 compared with net income of $710 million and diluted earnings per share of $0.52 for the three months ended June 30, 2023. Consolidated revenues were $5.49 billion (down approximately 16% compared to Q2 2023) and Net sales of Industrial Activities were $4.80 billion (down approximately 19% compared to Q2 2023). Net cash provided by operating activities was $379 million and Industrial Free Cash Flow generation was $140 million in Q2.
“I am thrilled to have rejoined the hardworking CNH team. I have long admired this leading company for its iconic brands and truly global presence. After spending my first weeks visiting our plants, dealers, and customers, I am impressed by the focus on advancing our brands’ distinctive positions, developing the product pipeline, accelerating our technology offerings, and turning around the construction business. I’m returning at a challenging point in our industries, and I appreciate the ongoing efforts that our employees have made this past quarter. We will continue to manage the business prudently through 2024 while positioning ourselves for 2025. I am confident in our success and look forward to presenting our strategy with you at an investor day in early 2025.”
Gerrit Marx, Chief Executive Officer
2024 Second Quarter Results
(all amounts $ million, comparison vs Q2 2023 - unless otherwise stated)
US-GAAP
Q2 2024Q2 2023Change
Change at c.c.(1)
Consolidated revenue5,4886,567(16)%(16)%
of which Net sales of Industrial Activities4,8035,954(19)%(19)%
Net income438710(38)%
Diluted EPS $0.340.52(0.18)
Cash flow provided/(used) in operating activities379(139)+518
Cash and cash equivalents(2)
2,0024,322(2,320)
Gross profit margin of Industrial Activities22.9%25.0%(210) bps
NON-GAAP(3)
Q2 2024Q2 2023Change
Adjusted EBIT of Industrial Activities536822(286)
Adjusted EBIT margin of Industrial Activities11.2%13.8%(260) bps
Adjusted net income485711(226)
Adjusted diluted EPS $0.380.52(0.14)
Free cash flow of Industrial Activities140386(246)
The decline in Net sales of Industrial Activities is mainly due to lower shipments on decreased industry demand and reduced dealer inventory requirements. Price realization continued to be modestly favorable for Agriculture and essentially flat for Construction.
Adjusted net income was $485 million with adjusted diluted earnings per share of $0.38. In comparison, in Q2 2023, adjusted net income was $711 million with adjusted diluted earnings per share of $0.52.
Income tax expense was $95 million ($192 million in Q2 2023), and the effective tax rate (ETR) was 20.9% (22.9% in Q2 2023) with an adjusted ETR(3) of 21.0% for the second quarter (24.0% in Q2 2023). The Company forecasts full year 2024 adjusted ETR to be in the range of 24-26%(6).
Cash flow provided by operating activities in the quarter was $379 million ($139 million used in Q2 2023). Free cash flow of Industrial Activities was $140 million.
The Company’s restructuring program continued during the quarter according to plan, and CNH expects to achieve a run rate reduction of 10-15% on total labor and non-labor SG&A expenses. The Company has incurred a total of $114 million of restructuring charges through Q2 2024, including $53 million in 2023, and now expects to incur up to $180 million in total.
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Agriculture
Q2 2024Q2 2023Change
Change at c.c.(1)
Net sales ($ million)3,9134,890(20)%(19)%
Adjusted EBIT ($ million)536821(285)
Adjusted EBIT margin13.7%16.8%(310) bps
In North America, industry volume was down 11% year-over-year in the second quarter for tractors under 140 HP and was up 2% for tractors over 140 HP; combines were down 5%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 10% and down 36%, respectively. South America tractor demand was down 10% and combine demand was down 26%, continuing the recent negative trend. Asia Pacific tractor demand was up 1% and combine demand was up 4%.
Agriculture net sales decreased for the quarter by 20% to $3.91 billion, primarily due to lower shipment volumes on decreased industry demand and dealer inventory requirements across all regions, partially offset by favorable price realization.
Gross profit margin was 24.4% (27.0% in Q2 2023), down 260 bps as a result of lower production volume and unfavorable mix. These were partially offset by price realization, primarily in North America, and improved purchasing and manufacturing costs.
Adjusted EBIT decreased to $536 million ($821 million in Q2 2023) driven by the lower industry volumes, partially offset by improved purchasing and manufacturing costs, and a continued reduction in SG&A expenses. R&D investments accounted for 5.5% of sales (4.9% in Q2 2023). Income from unconsolidated subsidiaries increased $15 million year-over-year. Adjusted EBIT margin was 13.7% (16.8% in Q2 2023).
Construction
Q2 2024Q2 2023Change
Change at c.c.(1)
Net sales ($ million)8901,064(16)%(16)%
Adjusted EBIT ($ million)6072(12)
Adjusted EBIT margin6.7%6.8%(10) bps
Global industry volume for construction equipment decreased 5% year-over-year in the second quarter for Heavy construction equipment; Light construction equipment was down 4%. Aggregated demand decreased 15% in EMEA, was flat in North America, increased 30% in South America and decreased 6% in Asia Pacific.
Construction net sales decreased for the quarter by 16% to $890 million, due to lower volumes across all regions driven mainly by lower market demand.
Gross profit margin was 16.5%, up 50 bps compared to Q2 2023, mainly due to better purchasing and manufacturing costs, partially offset by unfavorable mix.
Adjusted EBIT was $60 million, a decrease of $12 million from $72 million in Q2 2023, as a result of lower volumes, mostly offset by improved product costs and lower SG&A expenses. Adjusted EBIT margin at 6.7% decreased by 10 bps year-over-year.
Financial Services
Q2 2024Q2 2023Change
Change at c.c.(1)
Revenue ($ million)687603+14%+16%
Net income ($ million)9194(3)
Equity at quarter-end ($ million)2,8432,534+309
Retail loan originations ($ million)2,8642,770+3%
Revenues of Financial Services increased 14% due to favorable volumes in all regions except EMEA and higher yields, primarily in North America, partially offset by lower used equipment sales due to decreased operating lease maturities.
Net income was $91 million in the second quarter of 2024, a decrease of $3 million compared to the same quarter of 2023, primarily due to increased risk costs driven by higher delinquencies in South America offsetting higher volumes and interest margin improvements globally.
The managed portfolio (including unconsolidated joint ventures) was $28.5 billion as of June 30, 2024 (of which retail was 65% and wholesale was 35%), up $2.5 billion compared to June 30, 2023 (up $3.3 billion on a constant currency basis).
At June 30, 2024, the receivables balance greater than 30 days past due as a percentage of receivables was 2.5% (1.8% as of June 30, 2023), with most of the growth in South America from the seasonal concentration of yearly payments owed by agricultural customers compounded by regional economic and environmental factors.
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2024 Outlook
The Company forecasts that global industry retail sales will continue to be weaker in both the agriculture and construction equipment markets in the second half of 2024. CNH is continuing its efforts to improve through-cycle margins with its previously announced cost reduction programs focused on product costs and SG&A expenses to partially offset the impact of the lower industry demand.
As a result of the lower industry sales projections, the Company is updating its 2024 outlook as follows:
•Agriculture segment net sales(5) down between 15% and 20% year-over-year including currency translation effects (from down 11% to 15% previously)
•Agriculture segment adjusted EBIT margin between 13.0% and 14.0% (from between 13.5% and 14.5% previously)
•Construction segment net sales(5) down between 15% and 20% year-over-year including currency translation effects (from down 7% to 11% previously)
•Construction segment adjusted EBIT margin between 5.0% and 6.0% (unchanged)
•Free Cash Flow of Industrial Activities(6) between $0.7 and $0.9 billion (from between $1.1 to $1.3 billion previously)
•Adjusted diluted EPS(6) between $1.30 to $1.40 (from between $1.45 to $1.55 previously)
Change from Foreign Private Issuer to U.S. Domestic Filer
As of June 30, 2024, CNH has determined that it will no longer qualify as a foreign private issuer, as defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of January 1, 2025. As a result, effective as of January 1, 2025, the Company will no longer be eligible to use the rules designed for foreign private issuers and will be considered a U.S. domestic issuer. At that time, CNH will be required to comply with, among other things, U.S. proxy requirements and Regulation FD, and its officers, directors and shareholders owning more than 10% will become subject to the beneficial ownership reporting and short-swing profit recovery requirements in Section 16 of the Exchange Act. Starting with its third quarter 2022 results, CNH began voluntarily reporting its financial results under the periodic reporting forms for U.S. domestic filers. The Company will continue to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

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Results for the Six Months Ended June 30, 2024
(all amounts $ million, comparison vs YTD Q2 2023 - unless otherwise stated)
US-GAAP
YTD Q2 2024YTD Q2 2023Change
Change at c.c.(1)
Consolidated revenue10,30611,909(13)%(13)%
of which Net sales of Industrial Activities8,93410,730(17)%(17)%
Net income8401,196(30)%
Diluted EPS $0.660.88(0.22)
Cash flow used in operating activities(515)(840)+325
Cash and cash equivalents(2)
2,0024,322(2,320)
Gross profit margin of Industrial Activities22.8%24.8%(200) bps
NON-GAAP(3)
YTD Q2 2024YTD Q2 2023Change
Adjusted EBIT of Industrial Activities9411,377(436)
Adjusted EBIT margin of Industrial Activities10.5%12.8%(230) bps
Adjusted net income9061,186(280)
Adjusted diluted EPS $0.710.87(0.16)
Free cash flow of Industrial Activities(1,069)(287)(782)
Agriculture
YTD Q2 2024YTD Q2 2023Change
Change at c.c.(1)
Net sales ($ million)7,2868,817(17)%(17)%
Adjusted EBIT ($ million)9571,391(434)
Adjusted EBIT margin13.1%15.8%(270) bps
Construction
YTD Q2 2024YTD Q2 2023Change
Change at c.c.(1)
Net sales ($ million)1,6481,913(14)%(14)%
Adjusted EBIT ($ million)111116(5)
Adjusted EBIT margin6.7%6.1%+60 bps
Financial Services
YTD Q2 2024YTD Q2 2023Change
Change at c.c.(1)
Revenue ($ million)1,3721,152+19%+19%
Net income ($ million)209172+37
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Notes
CNH reports quarterly and annual consolidated financial results under U.S. GAAP and annual consolidated financial results under EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP.

1.c.c. means at constant currency.
2.Comparison vs. December 31, 2023
3.This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures. Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.
4.Certain financial information in this report has been presented by geographic area. Our geographical regions are: (a) North America; (b) Europe, Middle East and Africa (“EMEA”); (c) South America and (d) Asia Pacific. The geographic designations have the following meanings:
a.North America: United States, Canada, and Mexico;
b.Europe, Middle East, and Africa: member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine and Balkans, Russia, Turkey, Uzbekistan, Pakistan, the African continent, and the Middle East;
c.South America: Central and South America, and the Caribbean Islands; and
d.Asia Pacific: Continental Asia (including the India subcontinent), Indonesia and Oceania.
5.    Net sales reflecting the exchange rate of 1.09 EUR/USD.
6.    The Company is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Non-GAAP Financial Information
CNH monitors its operations through the use of several non-GAAP financial measures. CNH’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP.
CNH’s non-GAAP financial measures are defined as follows:
•Adjusted EBIT of Industrial Activities under U.S. GAAP is defined as net income (loss) before the following items: Income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities.
•Adjusted EBIT Margin of Industrial Activities: is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities.
•Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.
•Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end.
•Adjusted Income Tax (Expense) Benefit: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits.
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•Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items.
•Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and derivative hedging debt. CNH provides the reconciliation of Net Cash (Debt) to Total (Debt), which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Cash (Debt) of Industrial Activities.
•Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations.
•Change excl. FX or Constant Currency: CNH discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.
The tables attached to this press release provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.
Forward-looking Statements
All statements other than statements of historical fact contained in this press release including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward-looking statements also include statements regarding the future performance of CNH and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.
Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to
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realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.
Forward-looking statements are based upon assumptions relating to the factors described in this press release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH’s control. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.
Further information concerning CNH, including factors that potentially could materially affect its financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission ("SEC").
All future written and oral forward-looking statements by CNH or persons acting on the behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.
Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company’s filings with the SEC (including, but not limited to, the factors discussed in our 2023 Annual Report and subsequent quarterly reports).

Conference Call and Webcast
Today, at 9:30 a.m. EDT (2:30 p.m. BST / 3:30 p.m. CEST), management will hold a conference call to present second quarter 2024 results to financial analysts and investors. The call can be followed live online at bit.ly/CNH_Q2_2024 and a recording will be available later on the Company’s website www.cnh.com. A presentation will be made available on the CNH website prior to the conference call.
CONTACTS
Media Inquiries – Laura Overall Tel +44 207 925 1964 or Rebecca Fabian Tel +1 312 515 2249
(Email mediarelations@cnh.com)

Investor Relations – Jason Omerza Tel +1 630 740 8079 or Federico Pavesi Tel +39 345 605 6218
(Email investor.relations@cnh.com)








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CNH INDUSTRIAL N.V.
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023
(Unaudited, U.S. GAAP)

Three Months Ended June 30,Six Months Ended June 30,
($ million)2024202320242023
Revenues
Net sales 4,803 5,954 8,934 10,730 
Finance, interest and other income685 613 1,372 1,179 
Total Revenues5,488 6,567 10,306 11,909 
Costs and Expenses
Cost of goods sold3,702 4,463 6,897 8,074 
Selling, general and administrative expenses461 485 872 923 
Research and development expenses237 269 465 500 
Restructuring expenses51 2 82 3 
Interest expense418 323 812 595 
Other, net165 187 322 350 
Total Costs and Expenses5,034 5,729 9,450 10,445 
Income (loss) of Consolidated Group before Income Taxes454 838 856 1,464 
Income tax (expense) benefit(95)(192)(172)(365)
Equity in income (loss) of unconsolidated subsidiaries and affiliates79 64 156 97 
Net Income (loss)438 710 840 1,196 
Net income attributable to noncontrolling interests5 4 6 8 
Net Income (loss) attributable to CNH Industrial N.V.433 706 834 1,188 
Earnings (loss) per share attributable to CNH Industrial N.V.
Basic0.340.530.660.89
Diluted 0.340.520.660.88
Weighted average shares outstanding (in millions)
Basic1,256 1,338 1,258 1,340 
Diluted1,260 1,355 1,267 1,357 
Cash dividends declared per common share0.470 0.396 0.470 0.396 

These Consolidated Statements of Operations should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the Year Ended December 31, 2023 included in the Annual Report on Form 10-K. These Consolidated Statements of Operations represent the consolidation of all CNH Industrial N.V. subsidiaries.








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CNH INDUSTRIAL N.V.
Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023
(Unaudited, U.S. GAAP)

($ million)June 30, 2024December 31, 2023
Assets
Cash and cash equivalents2,002 4,322 
Restricted cash645 723 
Financing receivables, net23,868 24,249 
Financial receivables from Iveco Group N.V.230 380 
Inventories, net5,951 5,545 
Property, plant and equipment, net and equipment under operating lease3,263 3,330 
Intangible assets, net4,846 4,906 
Other receivables and assets3,154 2,896 
Total Assets43,959 46,351 
Liabilities and Equity
Debt26,808 27,326 
Financial payables to Iveco Group N.V.60 146 
Other payables and liabilities9,429 10,645 
Total Liabilities36,297 38,117 
Redeemable noncontrolling interest60 54 
Equity7,602 8,180 
Total Liabilities and Equity43,959 46,351 

These Consolidated Balance Sheets should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2023 included in the Annual Report on Form 10-K. These Consolidated Balance Sheets represent the consolidation of all CNH Industrial N.V. subsidiaries.




















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CNH INDUSTRIAL N.V.
Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2024 and 2023
(Unaudited, U.S. GAAP)

Six Months Ended June 30,
($ million)20242023
Cash Flows from Operating Activities
Net income (loss)840 1,196 
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization expense excluding assets under operating lease207 178 
Depreciation and amortization expense of assets under operating lease92 92 
(Gain) loss from disposal of assets7 20 
Undistributed (income) loss of unconsolidated subsidiaries(79)(46)
Other non-cash items130 78 
Changes in operating assets and liabilities:
Provisions105 445 
Deferred income taxes(24)(188)
Trade and financing receivables related to sales, net(136)(1,380)
Inventories, net(495)(1,379)
Trade payables(638)202 
Other assets and liabilities(524)(58)
Net cash provided (used) by operating activities(515)(840)
Cash Flows from Investing Activities
Additions to retail receivables(3,861)(3,576)
Collections of retail receivables3,287 2,995 
Proceeds from sale of assets, net of assets sold under operating leases1 1 
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease(206)(224)
Expenditures for assets under operating lease(214)(237)
Other, net64 (206)
Net cash provided (used) by investing activities(929)(1,247)
Cash Flows from Financing Activities
Net increase (decrease) in debt415 1,535 
Dividends paid(594)(529)
Other(641)(169)
Net cash provided (used) by financing activities(820)837 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(134)46 
Net increase (decrease) in cash, cash equivalents and restricted cash(2,398)(1,204)
Cash, cash equivalents and restricted cash, beginning of year5,045 5,129 
Cash, cash equivalents and restricted cash, end of period2,647 3,925 

These Consolidated Statements of Cash Flow should be read in conjunction with the Company’s Audited Consolidated Financial Statements and Notes for the year ended December 31, 2023 included in the Annual Report on Form 10-K. These Consolidated Statements of Cash Flows represent the consolidation of all CNH Industrial N.V. subsidiaries.



10
                
CNH INDUSTRIAL N.V.
Supplemental Statements of Operations for the Three Months Ended June 30, 2024 and 2023
(Unaudited, U.S. GAAP)

Three Months Ended June 30, 2024Three Months Ended June 30, 2023
($ million)
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Revenues
Net sales 4,803 — — 4,803 5,954 — — 5,954 
Finance, interest and other income29 687 (31)(2)685 47 603 (37)(2)613 
Total Revenues4,832 687 (31)5,488 6,001 603 (37)6,567 
Costs and Expenses
Cost of goods sold3,702 — — 3,702 4,463 — — 4,463 
Selling, general and administrative expenses374 87 — 461 434 51 — 485 
Research and development expenses237 — — 237 269 — — 269 
Restructuring expenses51 — — 51 2 — — 2 
Interest expense75 374 (31)(3)418 69 291 (37)(3)323 
Other, net49 116 — 165 42 145 — 187 
Total Costs and Expenses4,488 577 (31)5,034 5,279 487 (37)5,729 
Income (loss) of Consolidated Group before Income Taxes344 110 — 454 722 116 — 838 
Income tax (expense) benefit(72)(23)— (95)(166)(26)— (192)
Equity in income (loss) of unconsolidated subsidiaries and affiliates75 4 — 79 60 4 — 64 
Net Income (loss)347 91 — 438 616 94 — 710 
(1)    Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)     Elimination of Financial Services’ interest income earned from Industrial Activities.
(3)    Elimination of Industrial Activities’ interest expense to Financial Services.
11
                
CNH INDUSTRIAL N.V.
Supplemental Statements of Operations for the Six Months Ended June 30, 2024 and 2023
(Unaudited, U.S. GAAP)

Six Months Ended June 30, 2024Six Months Ended June 30, 2023
($ million)
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Revenues
Net sales 8,934 — — 8,934 10,730 — — 10,730 
Finance, interest and other income71 1,372 (71)(2)1,372 104 1,152 (77)(2)1,179 
Total Revenues9,005 1,372 (71)10,306 10,834 1,152 (77)11,909 
Costs and Expenses
Cost of goods sold6,897 — — 6,897 8,074 — — 8,074 
Selling, general and administrative expenses716 156 — 872 821 102 — 923 
Research and development expenses465 — — 465 500 — — 500 
Restructuring expenses81 1 — 82 3 — — 3 
Interest expense149 734 (71)(3)812 130 542 (77)(3)595 
Other, net83 239 — 322 62 288 — 350 
Total Costs and Expenses8,391 1,130 (71)9,450 9,590 932 (77)10,445 
Income (loss) of Consolidated Group before Income Taxes614 242 — 856 1,244 220 — 1,464 
Income tax (expense) benefit(130)(42)— (172)(310)(55)— (365)
Equity in income (loss) of unconsolidated subsidiaries and affiliates147 9 — 156 90 7 — 97 
Net Income (loss)631 209 — 840 1,024 172 — 1,196 
(1)    Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)     Elimination of Financial Services’ interest income earned from Industrial Activities.
(3)    Elimination of Industrial Activities’ interest expense to Financial Services.
























12
                
CNH INDUSTRIAL N.V.
Supplemental Balance Sheets as of June 30, 2024 and December 31, 2023
(Unaudited, U.S. GAAP)

June 30, 2024December 31, 2023
($ million)
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Assets
Cash and cash equivalents1,619 383 — 2,002 3,532 790 — 4,322 
Restricted cash95 550 — 645 96 627 — 723 
Financing receivables, net226 24,178 (536)(2)23,868 393 24,539 (683)(2)24,249 
Financial receivables from Iveco Group N.V.149 81 — 230 302 78 — 380 
Inventories, net5,918 33 — 5,951 5,522 23 — 5,545 
Property, plant and equipment, net and equipment on operating lease1,942 1,321 — 3,263 1,951 1,379 — 3,330 
Intangible assets, net4,684 162 — 4,846 4,739 167 — 4,906 
Other receivables and assets2,995 522 (363)(3)3,154 2,706 536 (346)(3)2,896 
Total Assets17,628 27,230 (899)43,959 19,241 28,139 (1,029)46,351 
Liabilities and Equity
Debt4,463 23,017 (672)(2)26,808 4,433 23,721 (828)(2)27,326 
Financial Payables to Iveco Group N.V.4 56 — 60 6 140 — 146 
Other payables and liabilities8,342 1,314 (227)(3)9,429 9,357 1,489 (201)(3)10,645 
Total Liabilities12,809 24,387 (899)36,297 13,796 25,350 (1,029)38,117 
Redeemable noncontrolling interest60 — — 60 54 — — 54 
Equity4,759 2,843 — 7,602 5,391 2,789 — 8,180 
Total Liabilities and Equity17,628 27,230 (899)43,959 19,241 28,139 (1,029)46,351 
(1)    Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)     This item includes the elimination of receivables/payables between Industrial Activities and Financial Services.
(3)    This item primarily represents the reclassification of deferred tax assets/liabilities in the same taxing jurisdiction and elimination of intercompany activity between Industrial Activities and Financial Services.































13
                
CNH INDUSTRIAL N.V.
Supplemental Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023
(Unaudited, U.S. GAAP)
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
($ million)
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Cash Flows from Operating Activities
Net income (loss)631 209 — 840 1,024 172 — 1,196 
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization expense excluding assets under operating lease205 2 — 207 176 2 — 178 
Depreciation and amortization expense of assets under operating lease4 88 — 92 3 89 — 92 
(Gain) loss from disposal of assets, net7 — — 7 20 — — 20 
Undistributed (income) loss of unconsolidated subsidiaries10 (9)(80)(2)(79)(35)(7)(4)(2)(46)
Other non-cash items, net38 92 — 130 43 35 — 78 
Changes in operating assets and liabilities:
Provisions104 1 — 105 445 — — 445 
Deferred income taxes25 (49)— (24)(179)(9)— (188)
Trade and financing receivables related to sales, net(118)(14)(4)(3)(136)(19)(1,367)6 (3)(1,380)
Inventories, net(642)147 — (495)(1,567)188 — (1,379)
Trade payables(586)(56)4 (3)(638)273 (66)(5)(3)202 
Other assets and liabilities(515)(9)— (524)(134)77 (1)(3)(58)
Net cash provided (used) by operating activities(837)402 (80)(515)50 (886)(4)(840)
Cash Flows from Investing Activities
Additions to retail receivables— (3,861)— (3,861)— (3,576)— (3,576)
Collections of retail receivables— 3,287 — 3,287 — 2,995 — 2,995 
Proceeds from sale of assets excluding assets sold under operating leases1 — — 1 1 — — 1 
Expenditures for property, plant and equipment and intangible assets excluding assets under operating lease(206)— — (206)(221)(3)— (224)
Expenditures for assets under operating lease(11)(203)— (214)(9)(228)— (237)
Other, net317 (252)(1)64 137 (422)79 (206)
Net cash provided (used) by investing activities101 (1,029)(1)(929)(92)(1,234)79 (1,247)
Cash Flows from Financing Activities
Net increase (decrease) in debt153 262 — 415 (361)1,896 — 1,535 
Dividends paid(594)(80)80 (2)(594)(529)(4)4 (2)(529)
Other(641)(1)1 (641)(169)79 (79)(169)
Net cash provided (used) by financing activities(1,082)181 81 (820)(1,059)1,971 (75)837 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(96)(38)— (134)37 9 — 46 
Net increase (decrease) in cash and cash equivalents(1,914)(484)— (2,398)(1,064)(140)— (1,204)
Cash and cash equivalents, beginning of year3,628 1,417 — 5,045 3,960 1,169 — 5,129 
Cash and cash equivalents, end of period1,714 933 — 2,647 2,896 1,029 — 3,925 
(1)    Industrial Activities represents the enterprise without Financial Services. Industrial Activities includes the Company’s Agriculture and Construction segments, and other corporate assets, liabilities, revenues and expenses not reflected within Financial Services.
(2)     This item includes the elimination of dividends from Financial Services to Industrial Activities, which are included in Industrial Activities net cash used in operating activities.
(3)     This item includes the elimination of certain minor activities between Industrial Activities and Financial Services.
14
                

Other Supplemental Financial Information
(Unaudited)

Adjusted EBIT of Industrial Activities by Segment
Three Months Ended June 30,Six Months Ended June 30,
($ million)2024202320242023
Industrial Activities segments
Agriculture536 821 957 1,391 
Construction60 72 111 116 
Unallocated items, eliminations and other(60)(71)(127)(130)
Total Adjusted EBIT of Industrial Activities536 822 941 1,377 

Reconciliation of Consolidated Net Income under U.S. GAAP to Adjusted EBIT of Industrial Activities
Three Months Ended June 30,Six Months Ended June 30,
($ million)2024202320242023
Net Income438 710 840 1,196 
Less: Consolidated income tax expense(95)(192)(172)(365)
Consolidated income before taxes533 902 1,012 1,561 
Less: Financial Services
Financial Services Net Income91 94 209 172 
Financial Services Income Taxes23 26 42 55 
Add back of the following Industrial Activities items:
Interest expense of Industrial Activities, net of Interest income and eliminations46 22 78 26 
Foreign exchange (gains) losses, net of Industrial Activities4 — 4 6 
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities (1)
1 (1)2 (2)
Adjustments for the following Industrial Activities items:
Restructuring expenses51 2 81 3 
Other discrete items(2)
15 17 15 10 
Total Adjusted EBIT of Industrial Activities536 822 941 1,377 
(1) In the three and six months ended June 30, 2024 and 2023, this item includes the pre-tax gain of $6 million and $12 million, respectively, as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.
(2) In the three and six months ended June 30, 2024 this item includes a loss of $15 million on the sale of certain non-core product lines. In the three months ended June 30, 2023 this item included a loss of $17 million related to the sale of CNH Industrial Russia. In the six months ended June 30, 2023 this item included a gain of $13 million in relation to the fair value remeasurement of Augmenta and Bennamann, offset by a $23 million loss on the sale of CNH Industrial Russia and CNH Capital Russia.
15
                
Other Supplemental Financial Information
(Unaudited)

Reconciliation of Total (Debt) to Net Cash (Debt) under U.S. GAAP
ConsolidatedIndustrial ActivitiesFinancial Services
($ million)June 30, 2024December 31, 2023June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Third party (debt)(26,808)(27,326)(4,143)(4,132)(22,665)(23,194)
Intersegment notes payable— — (320)(301)(352)(527)
Financial payables to Iveco Group N.V.(60)(146)(4)(6)(56)(140)
Total (Debt)(1)
(26,868)(27,472)(4,467)(4,439)(23,073)(23,861)
Cash and cash equivalents 2,002 4,322 1,619 3,532 383 790 
Restricted cash 645 723 95 96 550 627 
Intersegment notes receivable— — 352 527 320 301 
Financial receivables from Iveco Group N.V.230 380 149 302 81 78 
Derivatives hedging debt(58)(41)(35)(34)(23)(7)
Net Cash (Debt)(2)
(24,049)(22,088)(2,287)(16)(21,762)(22,072)
(1)    Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $320 million and $301 million as of June 30, 2024 and December 31, 2023, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $352 million and $527 million as of June 30, 2024 and December 31, 2023, respectively.
(2)    The net intersegment receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $(32) million and $(226) million as of June 30, 2024 and December 31, 2023, respectively.

Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities under U.S. GAAP
Six Months Ended June 30,Three Months Ended June 30,
20242023($ million)20242023
(515)(840)Net cash provided (used) by Operating Activities379 (139)
(322)890 Cash flows from Operating Activities of Financial Services, net of eliminations(124)732 
(1)4 Change in derivatives hedging debt of Industrial Activities and other(1)(3)
(11)(9)Investments in assets sold under operating lease assets of Industrial Activities(7)(5)
(206)(221)Investments in property, plant and equipment, and intangible assets of Industrial Activities(110)(131)
(14)(111)
Other changes(1)
3 (68)
(1,069)(287)Free cash flow of Industrial Activities140 386 
(1)     This item primarily includes capital increases in intersegment investments and change in financial receivables.













16
                
Other Supplemental Financial Information
(Unaudited)

Reconciliation of Adjusted Net Income and Adjusted Income Tax (Expense) Benefit to Net Income (Loss) and Income Tax (Expense) Benefit and Calculation of Adjusted Diluted EPS and Adjusted ETR under U.S. GAAP
Six Months Ended
June 30,		Three Months Ended
June 30,
20242023($ million)20242023
840 1,196 Net income (loss) 438 710 
85 1 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)60 13 
(19)(11)Adjustments impacting Income tax (expense) benefit (b)(13)(12)
906 1,186 Adjusted net income (loss)485 711 
900 1,178 Adjusted net income (loss) attributable to CNH Industrial N.V.480 707 
1,267 1,357 Weighted average shares outstanding – diluted (million)1,260 1,355 
0.71 0.87 Adjusted diluted EPS ($)0.38 0.52 
856 1,464 Income (loss) of Consolidated Group before income tax (expense) benefit 454 838 
85 1 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a)60 13 
941 1,465 Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (A)514 851 
(172)(365)Income tax (expense) benefit(95)(192)
(19)(11)Adjustments impacting Income tax (expense) benefit (b)(13)(12)
(191)(376)Adjusted income tax (expense) benefit (B)(108)(204)
20.3 %25.7 %Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A)21.0 %24.0 %
a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates
82 3 Restructuring expenses51 2 
(12)(12)Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S.(6)(6)
— 17 Loss on sale of Industrial Activities, Russia Operations— 17 
— 6 Loss on sale of Financial Services, Russia Operations— — 
15 — Sale of certain non-core product lines15 — 
— (13)Investment fair value adjustments— — 
85 1 Total 60 13 
b) Adjustments impacting Income tax (expense) benefit
(19)(11)Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates(13)(12)
— — Adjustment to valuation allowances on deferred tax assets— — 
(19)(11)Total(13)(12)

17
Q2 2024 RESULTS REVIEW July 31, 2024 Exhibit 99.2

 
Q2 2024 results review | July 31, 20242 SAFE HARBOR STATEMENT AND DISCLOSURES All statements other than statements of historical fact contained in this presentation including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward-looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficiency of our operations; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are included in this presentation, which is available on our website at www.cnh.com. Forward-looking statements are based upon assumptions relating to the factors described in this presentation, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH’s control. CNH expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH, including factors that potentially could materially affect its financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”). All future written and oral forward-looking statements by CNH or persons acting on the behalf of CNH are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

 
Q2 2024 results review | July 31, 20243 GERRIT MARX REJOINS CNH AS CEO: FIRST 30 DAYS Meeting employees, touring manufacturing & R&D facilities, visiting dealers & end customers Raven, Sioux Falls, USDealer, Bavaria, Germany New Holland, Noida, IndiaSTEYR, St. Valentin, AustriaCase IH, Racine, US Case IH, Grand Island, US New Holland, Zedelgem, BelgiumCase IH & CASE, Fargo, US

 
Q2 2024 results review | July 31, 20244 Q2 2024 | MAIN ACHIEVEMENTS Actively addressing market dynamics with disciplined cost reduction efforts Diligent execution of upgraded iron and precision tech Global Leadership Team with streamlined governance1 (1) Details included in a press release available at www.cnh.com

 
Q2 2024 results review | July 31, 20245 Q2 2024 | RESULTS (1) Non-GAAP measures (definition and reconciliation in appendix) Consolidated Revenues $5.5B (16)% Adj. EBIT1 Industrial Activities $536M (35)% Net Income $438M (38)% Diluted EPS $0.34 ($0.18) Net Sales Industrial Activities $4.8B (19)% (260) bps (32)% ($0.14) Adj. EBIT%1 Industrial Activities 11.2% Adjusted Net Income1 $485M Adjusted Diluted EPS1 $0.38 YoY vs Q2 2023

 
6 Q2 2024 results review | July 31, 2024 Further weakness in market demand and sentiment Ag production hours 30% lower year-over-year Production cost improvements partially offset lower volume impact Focus on product quality improvements SG&A restructuring program proceeding to plan Q2 2024 | BUSINESS HIGHLIGHTS

 
Q2 2024 results review | July 31, 20247 Q2 2024 | FINANCIAL HIGHLIGHTS (1) Non-GAAP measure (definition and reconciliation in appendix) ($M) $0.52 $0.38 Q2 2023 Q2 2024 386 140 Q2 2023 Q2 2024 711 485 Q2 2023 Q2 2024 5,954 4,803 Q2 2023 Q2 2024 Net Sales Industrial Activities Free Cash Flow1 Industrial Activities Adjusted Diluted EPS1 Adjusted Net Income1 (19)% (32)% ($0.14) (246) Δ YoY

 
Q2 2024 results review | July 31, 20248 Q2 2024 | AGRICULTURE (1) Gross Margin calculated as Gross Profit divided by Net Sales, as shown in the Appendix Note: numbers may not add due to rounding 4,890 3,913 Q2 2023 Q2 2024 Net Sales ($M) Gross Margin1 Adjusted EBIT Q2 2023 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q2 2024 13.7% 16.8% (20)% (260) bps Δ YoY 27.0% 24.4% Q2 2023 Q2 2024

 
Q2 2024 results review | July 31, 20249 Q2 2024 | CONSTRUCTION (1) Gross Margin calculated as Gross Profit divided by Net Sales, as shown in the Appendix Note: numbers may not add due to rounding 1,064 890 Q2 2023 Q2 2024 Net Sales ($M) Gross Margin1 Adjusted EBIT Q2 2023 Vol. & Mix Pricing, Net Prod. Cost SG&A R&D FX & Other Q2 2024 6.7% 6.8% (16)% +50 bps Δ YoY 16.0% 16.5% Q2 2023 Q2 2024

 
Q2 2024 results review | July 31, 202410 Q2 2024 | FINANCIAL SERVICES (1) Return on Assets defined as: EBIT / average managed assets annualized (2) Including unconsolidated JVs (3) At constant currency Q2 retail originations $2.9B, +$0.1B YoY Managed portfolio $28.5B, +$2.5B YoY (+$3.3B @ CC3) ($M) Managed Portfolio2 & Retail Originations2 Net Income Portfolio at June 30, 2024 Retail Wholesale Operating Lease 60% 35% 5% 94 91 Q2 2023 Q2 2024 Delinquencies on Book (>30 Days) Profitability Ratios Gross Margin / Average Assets on Book RoA1 3.8% 3.1% 3.1% 2.6% 1.9% 1.6% 1.0% 2.0% 3.0% 4.0% Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 1.5% 1.8% 2.5% 1.0% 1.4% 1.8% 2.2% 2.6% 3.0% Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24

 
Q2 2024 results review | July 31, 202411 COST REDUCTION ACTIONS Ongoing focus on both COGS and SG&A of Industrial Activities COGS SG&A Impact by Quarter1 ($M)H1 Actions H2 Actions ✓ Logistics costs ✓ Manufacturing efficiencies ✓ Material cost control ✓ Restructuring program progressed as planned ✓ ~13% lower expenses YoY in H1 • Lean manufacturing • Kaizen events • Strategic Sourcing Program • New leadership structure to maintain spending discipline • Driving efficiency throughout the organization (1) Cumulative gross savings related to cost initiatives; excludes inflation or FX impacts Q1 Q2 Q3 Q4 128 Q1 Q2 Q3 Q4 105 ~300-335 ~160-180 range reflects 10-15% savings estimate range reflects production volumes 25 45

 
Q2 2024 results review | July 31, 202412 CAPITAL ALLOCATION PRIORITIES ORGANIC GROWTH Support future growth through operating cash flow reinvestments BALANCE SHEET & CREDIT RATING Sustain healthy liquidity levels and investment grade credit rating SHAREHOLDER RETURNS Maintain a dedicated and consistent dividend and share repurchase policy INORGANIC GROWTH Retain option for disciplined and well-structured M&A

 
Q2 2024 results review | July 31, 202413 2024 OUTLOOK – AGRICULTURE (1) Regional split definition in the slide “Geographic information” (2) Reflects full-year €/$ exchange rate average of 1.09 North America EMEA South America APAC LHP Tractors (15)% – (10)% (15)% – (10)% (15)% – (10)% (5)% – flat HHP Tractors (15)% – (10)% Combines (20)% – (15)% (25)% – (20)% (30)% – (25)% ~flat Total Industry Unit Performance1 CNH Agriculture – Main Assumptions 18.1 2023 A 2024 E (20)-(15)% YoY Net Sales2: $B & Δ% YoY 15.1%2023 A 2024 E Adj. EBIT Margin 13.0-14.0% Total Industry Volume % change FY 2024 vs. FY 2023 reflecting the aggregate for key markets where the Company competes.

 
Q2 2024 results review | July 31, 202414 2024 OUTLOOK – CONSTRUCTION (1) Regional split definition in the slide “Geographic information” (2) Reflects full-year €/$ exchange rate average of 1.09 North America EMEA South America APAC Light (10)% – (5)% (20)% – (15)% (5)% – flat (10)% – (5)% Heavy (10)% – (5)% (10)% – (5)% flat – 5% (5)% – flat Total Industry Unit Performance1 CNH Construction – Main Assumptions 3.9 2023 A 2024 E (20)-(15)% YoY 6.1%2023 A 2024 E Adj. EBIT Margin 5.0-6.0% Total Industry Volume % change FY 2024 vs. FY 2023 reflecting the aggregate for key markets where the Company competes. Net Sales2: $B & Δ% YoY

 
Q2 2024 results review | July 31, 202415 2024 OUTLOOK – FINANCIAL TARGETS (1) Non-GAAP measure (definition in appendix) Industrial Activities previous current Net Sales (14)-(10)% YoY (20)-(15)% YoY Adj. EBIT margin1 10.5% - 11.5% 10.0% - 11.0% Free Cash Flow1 $1.1B - $1.3B $0.7B - $0.9B Company previous current Adj. Diluted EPS1 $1.45 - $1.55 $1.30 - $1.40

 
Q2 2024 results review | July 31, 202416 Focus on delivering results in a challenging environment with an empowered team Establish Agriculture as our core business with improved commercial and brand effectiveness Manage Construction as distinct business with its own governance for greater agility and optionality while preserving synergies Accelerate innovation and the convergence of iron and precision into a seamless user experience Plan for Investor Day in early 2025 PRIORITIES FOR NEXT 90 DAYS

 
APPENDIX

 
Q2 2024 results review | July 31, 202418 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q2 2024 | UNIT PERFORMANCE VS. Q2 2023 Note: Total Industry Volume % YoY change reflecting the aggregate for key markets where the Company competes (1) Regional split definition in the slide “Geographic information” NORTH AMERICA1 EMEA1 SOUTH AMERICA1 APAC1 0-140 HP – Small Tractors (11)% (10)% (10)% 1% 140+ HP – Large Tractors 2% Combines (5)% (36)% (26)% 4% Light flat (19)% 32% flat Heavy flat (8)% 28% (11)% T o ta l I n d u s tr y C o m p a n y Tractors Combines Light Heavy Company Inventory Dealer Inventory Retail Production

 
Q2 2024 results review | July 31, 202419 Q2 2023 Q2 2024 Δ YoY H1 2023 H1 2024 Δ YoY U.S. GAAP Revenues 6,567 5,488 (16)% 11,909 10,306 (13)% Net Sales | Industrial Activities 5,954 4,803 (19)% 10,730 8,934 (17)% Net Income 710 438 (38)% 1,196 840 (30)% Diluted EPS - $ $0.52 $0.34 ($0.18) $0.88 $0.66 ($0.22) Non – GAAP1 Net Sales | Industrial Activities @CC2 5,954 4,846 (19)% 10,730 8,954 (17)% Adjusted EBIT | Industrial Activities 822 536 (35)% 1,377 941 (32)% Adjusted EBIT Margin | Industrial Activities 13.8% 11.2% (260) bps 12.8% 10.5% (230) bps Adjusted Effective Tax Rate 24% 21% (3) pp 26% 20% (6) pp Adjusted Net Income 711 485 (32)% 1,186 906 (24)% Weighted average shares outstanding - diluted – million 1,355 1,260 (7)% 1,357 1,267 (7)% Adjusted Diluted EPS $0.52 $0.38 ($0.14) $0.87 $0.71 ($0.16) Free Cash Flow | Industrial Activities 386 140 (246) (287) (1,069) (782) Q2 / H1 2024 | FINANCIAL SUMMARY (1) Non-GAAP measures: definitions in the slide “Non-GAAP Financial Measures”; reconciliations in “Reconciliations” section (2) @CC means at constant currency Note: numbers may not add due to rounding ($M)

 
Q2 2024 results review | July 31, 202420 Q2 2024 | INDUSTRIAL ACTIVITIES NET SALES (1) Net Sales | Excluding Other Activities, Unallocated Items and Adjustment & Eliminations (2) Δ YoY @CC means at constant currency Note: numbers may not add due to rounding Agriculture Construction Industrial Activities1 $3,913M $890M $4,803M (20)% YoY (19)% @CC2 (16)% YoY (16)% @CC2 (19)% YoY (19)% @CC2 By Region as reported By Region as reported By Region as reported 44% 30% 14% 11% 57% 20% 17% 7% 47% 28% 15% 10% 38% 34% 18% 10% 55% 22% 16% 7% 41% 32% 17% 9% By Product as reported By Product as reported By Segment as reported 59% 19% 22% 39% 61% 0% 81% 19% 52% 25% 23% 35% 63% 2% 82% 18% Q2 2023 Q2 2024 Agric. Constr. NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC Q2 2024 mix Q2 2023 mix Q2 2024 mix Q2 2023 mix

 
Q2 2024 results review | July 31, 202421 H1 2024 | INDUSTRIAL ACTIVITIES NET SALES (1) Net Sales | Excluding Other Activities, Unallocated Items and Adjustment & Eliminations (2) Δ YoY @CC means at constant currency Note: numbers may not add due to rounding Agriculture Construction Industrial Activities1 $7,286M $1,648M $8,934M (17)% YoY (17)% @CC2 (14)% YoY (14)% @CC2 (17)% YoY (17)% @CC2 By Region as reported By Region as reported By Region as reported 44% 32% 14% 10% 57% 20% 16% 7% 46% 29% 15% 10% 38% 34% 18% 10% 55% 24% 14% 7% 41% 33% 17% 9% By Product as reported By Product as reported By Segment as reported 58% 18% 24% 40% 59% 1% 82% 18% 53% 24% 23% 35% 63% 2% 82% 18% H1 2023 H1 2024 Agric. Constr. NA EMEA SA APAC Tractors Combines Others Heavy Light Others NA EMEA SA APAC NA EMEA SA APAC H1 2024 mix H1 2023 mix H1 2024 mix H1 2023 mix

 
Q2 2024 results review | July 31, 202422 Q2 / H1 2024 | FINANCIALS BY SEGMENT (1) Non-GAAP measure: definition in the slide “Non-GAAP Financial Measures”; reconciliation in “Reconciliations” section Note: numbers may not add due to rounding Revenues & Net Sales Gross Profit Gross Margin Adj. EBIT1 Adj. EBIT Margin1 Q2 23 Q2 24 Q2 23 Q2 24 Q2 23 Q2 24 Q2 23 Q2 24 Q2 23 Q2 24 Agriculture 4,890 3,913 1,321 954 27.0% 24.4% 821 536 16.8% 13.7% Construction 1,064 890 170 147 16.0% 16.5% 72 60 6.8% 6.7% Elimination & Other - - - - - - (71) (60) - - Industrial Activities 5,954 4,803 1,491 1,101 25.0% 22.9% 822 536 13.8% 11.2% Financial Services 603 687 Elimination & Other 10 (2) CNH Industrial 6,567 5,488 ($M) H1 23 H1 24 H1 23 H1 24 H1 23 H1 24 H1 23 H1 24 H1 23 H1 24 Agriculture 8,817 7,286 2,351 1,758 26.7% 24.1% 1,391 957 15.8% 13.1% Construction 1,913 1,648 305 279 15.9% 16.9% 116 111 6.1% 6.7% Elimination & Other - - - - - - (130) (127) - - Industrial Activities 10,730 8,934 2,656 2,037 24.8% 22.8% 1,377 941 12.8% 10.5% Financial Services 1,152 1,372 Elimination & Other 27 - CNH Industrial 11,909 10,306

 
Q2 2024 results review | July 31, 202423 Q2 2023 Q2 2024 H1 2023 H1 2024 Investments in property, plant and equipment, and intangible assets 131 110 221 206 Breakdown by Category New Product & Technology 34% 48% 39% 47% Maintenance & Other 58% 45% 52% 47% Industrial Capacity Expansion & LT Investments 8% 7% 9% 6% Breakdown by Segment Agriculture 85% 87% 87% 87% Construction 15% 13% 13% 13% Research and Development 269 237 500 465 Total spending (CapEx + R&D) in new products 217 204 401 391 Breakdown by Trend Digital 36% 43% 38% 44% Electric Vehicles and CNG-LNG 12% 6% 11% 7% Other New Program 52% 51% 51% 49% ($M) Q2 / H1 2024 | CAPEX AND R&D Note: numbers may not add due to rounding

 
Q2 2024 results review | July 31, 202424 ($B) Outstanding Jun. 30, 2024 2024 2025 2026 2027 2028 Beyond 3.0 Bank Debt 1.0 0.3 0.5 0.3 0.2 0.6 11.4 Capital Market 1.2 2.7 2.3 1.7 0.8 2.6 0.1 Other Debt 0.1 - - - - - 14.5 Cash Portion of Debt Maturities 2.3 3.0 2.8 2.1 1.0 3.2 of which Industrial Activities 0.2 0.8 0.5 1.1 0.1 1.4 of which Financial Services 2.1 2.2 2.3 1.0 1.0 1.8 2.6 Cash & Cash Equivalents 0.6 of which restricted cash 0.2 Net Receivables / (Payables) with Iveco Group 4.9 Undrawn Committed credit lines 7.7 Total Available Liquidity DEBT MATURITY SCHEDULE | BREAKDOWN Note: numbers may not add due to rounding

 
RECONCILIATIONS

 
Q2 2024 results review | July 31, 202426 Q2 2023 Q2 2024 H1 2023 H1 2024 Net Income 710 438 1,196 840 Less: Consolidated income tax expense (192) (95) (365) (172) Consolidated income before taxes 902 533 1,561 1,012 Less: Financial Services Financial Services Net Income 94 91 172 209 Financial Services Income Taxes 26 23 55 42 Add back of the following Industrial Activities items: Interest expense of Industrial Activities, net of Interest income and elimin. 22 46 26 78 Foreign exchange (gains) losses, net of Industrial Activities - 4 6 4 Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1) (1) 1 (2) 2 Adjustments for the following Industrial Activities items: Restructuring expenses 2 51 3 81 Other discrete items(2) 17 15 10 15 Total Adjusted EBIT of Industrial Activities 822 536 1,377 941 RECONCILIATION OF NET INCOME TO ADJ. EBIT OF INDUSTRIAL ACTIVITIES (1) In the three and six months ended June 30, 2024 and 2023, this item includes the pre-tax gain of $6M and $12M, respectively, as a result of the amortization over the 4 years of the $101M positive impact from the 2021 U.S. healthcare plan modification. (2) In Q2’24 and H1’24 this item includes a loss of $15M on the sale of certain non-core product lines. In Q2’23 this item included a loss of $17M related to the sale of CNH Industrial Russia. In H1’23 this item included a gain of $13M in relation to the fair value remeasurement of Augmenta and Bennamann, offset by a $23M loss on the sale of CNH Industrial Russia and CNH Capital Russia. ($M)

 
Q2 2024 results review | July 31, 202427 Q2 2023 Q2 2024 H1 2023 H1 2024 Net cash provided by (used in) Operating Activities (139) 379 (840) (515) Cash flows from Operating Activities of Financial Services net of eliminations 732 (124) 890 (322) Change in derivatives hedging debt of Industrial Activities and other (3) (1) 4 (1) Investments in assets sold under operating lease assets of Industrial Activities (5) (7) (9) (11) Investments in property, plant & equipment, and intangible assets of Ind. Act. (131) (110) (221) (206) Other changes(1) (68) 3 (111) (14) Free cash flow of Industrial Activities 386 140 (287) (1,069) RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW OF IND. ACTIVITIES UNDER U.S. GAAP (1) This item primarily includes change in intersegment financial receivables and capital increases in intersegment investments. ($M)

 
Q2 2024 results review | July 31, 202428 Q2 2023 Q2 2024 H1 2023 H1 2024 Net income (loss) 710 438 1,196 840 Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (a) 13 60 1 85 Adjustments impacting Income tax (expense) benefit (b) (12) (13) (11) (19) Adjusted net income (loss) 711 485 1,186 906 Adjusted net income (loss) attributable to CNH Industrial N.V. 707 480 1,178 900 Weighted average shares outstanding – diluted (million) 1,355 1,260 1,357 1,267 Adjusted diluted EPS $0.52 $0.38 $0.87 $0.71 Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 838 454 1,464 856 (a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 13 60 1 85 (A) Adjusted income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 851 514 1,465 941 Income tax (expense) benefit (192) (95) (365) (172) (b) Adjustments impacting Income tax (expense) benefit (12) (13) (11) (19) (B) Adjusted income tax (expense) benefit (204) (108) (376) (191) Adjusted Effective Tax Rate (Adjusted ETR) (C=B/A) 24% 21% 26% 20% (a) Adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates 13 60 1 85 Restructuring expenses 2 51 3 82 Pre-tax gain related to the 2021 modification of a healthcare plan in the U.S. (6) (6) (12) (12) Loss on sale of Industrial Activities / Financial Services, Russia Operations 17 - 23 - Sale of certain non-core product lines - 15 - 15 Investment fair value adjustments - - (13) - (b) Adjustments impacting Income tax (expense) benefit (12) (13) (11) (19) Tax effect of adjustments impacting Income (loss) before income tax (expense) benefit and equity in income of unconsolidated subsidiaries and affiliates (12) (13) (11) (19) Adjustment to valuation allowances on deferred tax assets - - - - ($M) RECONCILIATION OF ADJ. NET INCOME AND ADJ. INCOME TAX (EXPENSE) BENEFIT TO NET INCOME (LOSS) AND INCOME TAX (EXPENSE) BENEFIT AND CALCULATION OF ADJ. DILUTED EPS AND ADJ. ETR UNDER U.S. GAAP

 
Q2 2024 results review | July 31, 202429 The composition of our regions part of the geographic information is as follows: ▪ North America: United States, Canada, and Mexico ▪ Europe, Middle East, and Africa (EMEA): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Russia, Turkey, Uzbekistan, Pakistan, the African continent, and the Middle East ▪ South America: Central and South America, and the Caribbean Islands ▪ Asia Pacific (APAC): Continental Asia (including the Indian subcontinent), Indonesia and Oceania Industry Data ▪ In this presentation, industry information is generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various Rest of the World markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers’ in North America, the Committee for European Construction Equipment in Europe, the ANFAVEA in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by an independent service bureau. ▪ Not all Agricultural or Construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Turkey, Brazil, and any country where local shipments are not reported. ▪ In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be estimated, in making any adjustments to the shipment, delivery, sale, or registration data to determine our estimates of retail unit data in any period. GEOGRAPHIC INFORMATION

 
Q2 2024 results review | July 31, 202430 CNH monitors its operations through the use of several non-GAAP financial measures. CNH’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP. CNH’s non-GAAP financial measures used in this presentation are defined as follows: Adjusted EBIT of Industrial Activities is defined as net income (loss) before income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non- recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities. Adjusted EBIT Margin of Industrial Activities is computed by dividing Adjusted EBIT of Industrial Activities by Net Sales of Industrial Activities. Adjusted Net Income (Loss) is defined as net income (loss), less restructuring charges and non-recurring items, after tax. Adjusted Diluted EPS is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Adjusted Income Tax (Expense) Benefit is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits. Adjusted Effective Tax Rate (Adjusted ETR) is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items. Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow) refers to Industrial Activities only and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations. For forecasted information, the Company is unable to provide a reconciliation of this measure without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Change excluding FX or Constant Currency refers to the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations. NON-GAAP FINANCIAL MEASURES

 
INVESTOR RELATIONS CONTACTS investor.relations@cnh.com Jason Omerza +1 (630) 740 8079 | jason.omerza@cnh.com Federico Pavesi +39 (345) 605 6218 | federico.pavesi@cnh.com www.cnh.com

 
v3.24.2
Cover
Jul. 31, 2024
Entity Information [Line Items]  
Document Type 8-K
Entity Central Index Key 0001567094
Document Period End Date Jul. 31, 2024
Entity Registrant Name CNH INDUSTRIAL N.V.
Entity Incorporation, State or Country Code P7
Entity File Number 001-36085
Entity Tax Identification Number 98-1125413
Entity Address, Address Line One Cranes Farm Road
Entity Address, City or Town Basildon, Essex
Entity Address, Postal Zip Code SS14 3AD
Entity Address, Country GB
City Area Code 2079
Local Phone Number 251964
Amendment Flag false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Shares, par value €0.01
Trading Symbol CNH
Security Exchange Name NYSE
3.850% Notes due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 3.850% Notes due 2027
Trading Symbol CNH27
Security Exchange Name NYSE
CNH Industrial NV (NYSE:CNHI)
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