CNH Industrial N.V. Files Q2 2024 10-Q Report

TL;DR

CNH Industrial's Q2 2024 10-Q is in. Financials and operations detailed.

AI Summary

CNH Industrial N.V. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and segment performance are presented, reflecting the company's ongoing business activities in the construction and agricultural machinery sectors.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of CNH Industrial, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details and market conditions discussed within can present varying levels of risk.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240802 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• CNH Industrial N.V. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date of the report
• 0001567094 (company) — Central Index Key for CNH Industrial N.V.

FAQ

Filing Documents

• cnhi-20240630.htm (10-Q) — 2468KB
• q22024exhibit311.htm (EX-31.1) — 10KB
• q22024exhibit312.htm (EX-31.2) — 10KB
• q22024exhibit321.htm (EX-32.1) — 6KB
• cnhi-20240630_g1.jpg (GRAPHIC) — 77KB
• 0001628280-24-034347.txt ( ) — 11568KB
• cnhi-20240630.xsd (EX-101.SCH) — 57KB
• cnhi-20240630_cal.xml (EX-101.CAL) — 95KB
• cnhi-20240630_def.xml (EX-101.DEF) — 313KB
• cnhi-20240630_lab.xml (EX-101.LAB) — 630KB
• cnhi-20240630_pre.xml (EX-101.PRE) — 478KB
• cnhi-20240630_htm.xml (XML) — 2310KB

– 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 30 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 51

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1

Legal proceedings

Legal proceedings 53 Item 1A

Risk factors

Risk factors 53 Item 2 Unregistered sales of equity securities and use of proceeds 53 Item 3 Default upon senior securities 53 Item 4 Mine safety disclosures 53

Other information

Item 5 Other information 53

Exhibits

Item 6 Exhibits 54 Foreign private issuer status As of June 30, 2024, CNH Industrial N.V. ("CNH" or the "Company") 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 rules and Regulation FD, and its officers, directors and 10% shareholders 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.

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION CNH INDUSTRIAL N.V. CONSOLIDATED BALANCE SHEETS As of June 30, 2024 and December 31, 2023 (Unaudited) (in millions of dollars) June 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 2,002 $ 4,322 Restricted cash 645 723 Trade receivables, net 246 133 Financing receivables, net 23,868 24,249 Financial receivables from Iveco Group N.V. 230 380 Inventories, net 5,951 5,545 Property, plant and equipment, net 1,909 1,913 Investments in unconsolidated subsidiaries and affiliates 615 563 Equipment under operating leases 1,354 1,417 Goodwill 3,599 3,614 Other intangible assets, net 1,247 1,292 Deferred tax assets 942 979 Derivative assets 133 136 Other assets 1,218 1,085 Total Assets $ 43,959 $ 46,351 Liabilities and Equity Debt $ 26,808 $ 27,326 Financial payables to Iveco Group N.V. 60 146 Trade payables 2,911 3,611 Deferred tax liabilities 44 35 Pension, postretirement and other postemployment benefits 443 476 Derivative liabilities 178 216 Other liabilities 5,853 6,307 Total Liabilities 36,297 38,117 Redeemable noncontrolling interest 60 54 Common shares, 0.01 , par value; outstanding 1,253,775,140 common shares and 370,995,605 loyalty program special voting shares at 6/30/2024; 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; 110,625,056 shares at 6/30/2024 and 73,462,611 at 12/31/2023 ( 1,317 ) ( 865 ) Additional paid in capital 1,401 1,578 Retained earnings 9,993 9,750 Accumulated other comprehensive income (loss) ( 2,564 ) ( 2,374 ) Noncontrolling interests 64 66 Total Equity 7,602 8,180 Total Liabilities and Equity $ 43,959 $ 46,351 See accompanying notes to the consolidated financial statements 1 CNH INDUSTRIAL N.V. CONSOLIDATED STATEMENTS OF OPERATIONS For the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (

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 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 requires management

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