CNH Industrial N.V. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CNH Industrial N.V. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and operational status.</b>

AI Summary

CNH Industrial N.V. (CNH) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. CNH Industrial N.V. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located in London, UK. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. The SIC code for CNH Industrial N.V. is 3531 (Construction Machinery & Equip).

Why It Matters

For investors and stakeholders tracking CNH Industrial N.V., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and position of CNH Industrial N.V. for the first quarter of 2024, enabling informed investment decisions. The detailed financial statements and disclosures within the report are crucial for understanding the company's revenue, expenses, assets, and liabilities, as well as any changes from previous periods.

Risk Assessment

Risk Level: medium — CNH Industrial N.V. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to assess CNH Industrial's performance in Q1 2024 and compare it to prior periods and analyst expectations.

Key Numbers

• 2024-03-31 — Period of Report (10-Q Filing)
• 2024-01-01 — Quarter Start Date (10-Q Filing)
• 2023-03-31 — Prior Year Quarter End (Financial Data Comparison)
• 2023-12-31 — Prior Year End (Financial Data Comparison)

Key Players & Entities

• CNH Industrial N.V. (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-06 (date) — Filed as of Date
• London (location) — Business Address City
• 3531 (industry) — Standard Industrial Classification

FAQ

Industry Context

CNH Industrial N.V. operates in the construction and agricultural machinery sectors, which are cyclical and influenced by global economic conditions, commodity prices, and infrastructure spending.

Regulatory Implications

As a publicly traded company, CNH Industrial N.V. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to ensure transparency and provide timely financial information to investors.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Compare key financial metrics against the same period in 2023 to identify year-over-year changes.
3. Review any new disclosures or risk factors mentioned in the filing that could impact future performance.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 10-Q, providing updated financial information compared to the previous 10-K or prior 10-Q filings.

Filing Documents

• cnhi-20240331.htm (10-Q) — 1931KB
• q12024exhibit311.htm (EX-31.1) — 10KB
• q12024exhibit312.htm (EX-31.2) — 10KB
• q12024exhibit321.htm (EX-32.1) — 6KB
• cnhi-20240331_g1.jpg (GRAPHIC) — 77KB
• 0001628280-24-020628.txt (&nbsp;) — 10110KB
• cnhi-20240331.xsd (EX-101.SCH) — 59KB
• cnhi-20240331_cal.xml (EX-101.CAL) — 95KB
• cnhi-20240331_def.xml (EX-101.DEF) — 327KB
• cnhi-20240331_lab.xml (EX-101.LAB) — 641KB
• cnhi-20240331_pre.xml (EX-101.PRE) — 489KB
• cnhi-20240331_htm.xml (XML) — 1859KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1

Financial statements

Financial statements 1 Item 2

Management's discussion and analysis of financial condition and results of operations

Management's discussion and analysis of financial condition and results of operations 28 Item 3

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 42 Item 4

Controls and procedures

Controls and procedures 42

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1

Legal proceedings

Legal proceedings 44 Item 1A

Risk factors

Risk factors 44 Item 2 Unregistered sales of equity securities and use of proceeds 44 Item 3 Default upon senior securities 44 Item 4 Mine safety disclosures 44

Other information

Item 5 Other information 44

Exhibits

Item 6 Exhibits 45 Note: CNH Industrial N.V. qualifies as a Foreign Private Issuer, as determined by Rule 3b-4 under the Securities Exchange Act of 1934 (the "Exchange Act") and is exempt from filing quarterly reports on Form 10-Q by virtue of Rules 13a-13 and 15d-13 under the Exchange Act. CNH Industrial N.V. has voluntarily elected to file this quarterly financial report using Form 10-Q. As a Foreign Private Issuer, CNH Industrial N.V. is also exempt from the proxy solicitation rules under Section 14 of the Exchange Act and Regulation FD, and its officers, directors, and principal shareholders are not subject to the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION CNH INDUSTRIAL N.V. CONSOLIDATED BALANCE SHEETS As of March 31, 2024 and December 31, 2023 (Unaudited) (in millions of dollars) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 3,236 $ 4,322 Restricted cash 723 723 Trade receivables, net 155 133 Financing receivables, net 24,120 24,249 Financial receivables from Iveco Group N.V. 230 380 Inventories, net 6,189 5,545 Property, plant and equipment, net 1,903 1,913 Investments in unconsolidated subsidiaries and affiliates 559 563 Equipment under operating leases 1,374 1,417 Goodwill 3,603 3,614 Other intangible assets, net 1,265 1,292 Deferred tax assets 977 979 Derivative assets 103 136 Other assets 1,289 1,085 Total Assets $ 45,726 $ 46,351 Liabilities and Equity Debt $ 27,780 $ 27,326 Financial payables to Iveco Group N.V. 70 146 Trade payables 3,225 3,611 Deferred tax liabilities 39 35 Pension, postretirement and other postemployment benefits 458 476 Derivative liabilities 175 216 Other liabilities 5,967 6,307 Total Liabilities 37,714 38,117 Redeemable noncontrolling interest 57 54 Common shares, 0.01 , par value; outstanding 1,257,481,824 common shares and 370,997,621 loyalty program special voting shares at 3/31/2024; and outstanding 1,290,937,585 common shares and 371,000,610 loyalty program special voting shares at 12/31/2023 25 25 Treasury stock, at cost; 106,918,372 shares at 3/31/2024 and 73,462,611 at 12/31/2023 ( 1,276 ) ( 865 ) Additional paid in capital 1,415 1,578 Retained earnings 10,151 9,750 Accumulated other comprehensive income (loss) ( 2,423 ) ( 2,374 ) Noncontrolling interests 63 66 Total Equity 7,955 8,180 Total Liabilities and Equity $ 45,726 $ 46,351 See accompanying notes to the consolidated financial statements 1 CNH INDUSTRIAL N.V. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended March 31, 2024 and 2023 (Unaudited) Three Months Ended March 31, (in millions of dollars and sh

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION CNH Industrial N.V. ("CNH" or the "Company") is incorporated in, and under the laws of, the Netherlands. CNH is a leading company in the capital goods sector that designs, produces and sells agricultural equipment and construction equipment. In addition, CNH's Financial Services segment offers an array of financial products and services, including retail financing for the purchase or lease of new and used CNH and other manufacturers' products and other retail financing programs and wholesale financing to dealers. The consolidated financial statements of CNH Industrial N.V. and its consolidated subsidiaries have been voluntarily prepared by the Company without audit. Although prepared on a voluntary basis, the consolidated financial statements included in the report comply in all material respects with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") governing interim financial statements. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted as permitted by such rules and regulations. All adjustments, consisting only of normal recurring adjustments, have been reflected in these consolidated financial statements. Management believes that the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. These interim financial statements should be read in conjunction with the financial statements and the notes thereto appearing in the Company's annual report on Form 10-K for the year ended December 31, 2023. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. The preparation of financial statements in conformity with U.S. GAAP require

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