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美國
證券交易委員會
華盛頓特區20549
CNH Corporate Logo.jpg
表格 10-Q
☑根據1934年證券交易法第13或15(d)條款的季度報告。
截至2024年6月30日季度結束 年9月30日
或
☐根據1934年證券交易法第13或15(d)條款的過渡報告
為過渡期從 到
委員會檔案編號： 001-36085
凱斯紐工業股份有限公司
（依憑章程所載的完整登記名稱）

荷蘭 98-1125413
(成立地或組織其他管轄區)（聯邦稅號）
Cranes Farm Road, Basildon, Essex, SS14 3AD, 英國
(總部辦公地址)
註冊人電話號碼（包括區號）： +44 207 925 1964
如自上次報告更改，請提供前名稱、前地址和前財政年度： N/A
根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
普通股，票面價值€0.01CNH
紐約證券交易所
到期日為2027年的3.850%票據CNH27紐約證券交易所
勾選表明申報人已在過去12個月內（或申報人需要申報此類報告的更短期間內）按照1934年證券交易法第13條或第15(d)條的要求提交了所有必須提交的報告，並且已經在過去90天內受到此類申報要求的規範。þ 是 o 無
請勾選該公司是否在過去12個月（或比該公司需要提交這些文件的更短期間）按照第405條規定已電子提交每份交互式數據文件。þ 是 o 無
請以勾選符號指示登記者是否為大幅加速進程的申報者、加速進程的申報者、非加速進程的申報者、較小的申報公司或新興增長公司。請參閱《交易所法》第120億2條中對「大幅加速進程的申報者」、「加速進程的申報者」、「較小的申報公司」和「新興增長公司」的定義。
大型加速歸檔人☑加速歸檔人☐
非加速歸檔人☐小型報告公司☐
新興成長型企業☐
如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐
請勾選是否為外殼公司(根據交易所法令120億2條所定義)。 ☐ 是的 þ 沒有
截至9月30日, 2024, 1,248,983,000 本公司的普通股，每股面值為€0.01，已發行。


目錄
頁面
Item 1
項目 2
項目 3
52
項目 4
Item 1
項目1A
項目 2
項目 3
項目 4
條款5
條款6
外國私人發行人地位
從2022年第三季度起，凱斯紐工業股份有限公司（"CNH" 或 "公司"）自願根據美國境內申報者的定期申報表報告其財務業績。 截至2024年6月30日，凱斯紐確定將不再符合根據1934年修訂的《證券交易法》定義下的外國私募發行人資格，即自2025年1月1日起。因此，自2025年1月1日起，該公司將不再有資格使用為外國私募發行人設計的規則，並將被視為美國境內發行人。該公司將繼續以10-k表提交年度報告，以10-Q表提交季度報告，並以8-k表提交當前報告。 此外，截至2025年1月1日，凱斯紐將被要求遵守，除其他事項外，根據美國代理規則（《證券交易法》下的14A和14C法規）提交代理聲明和/或信息聲明的要求，其高管、董事和「10%股東」將受到《證券交易法》第16條的受益擁有報告和短線利潤追回要求的限制。


第一部分 - 財務信息
凱斯紐工業股份有限公司
合併資產負債表
截至2024年9月30日和2023年12月31日
(未經審核)

（以百萬美元計）2024年9月30日
2023年12月31日(1)
資產
現金及現金等價物$1,801 $4,322 
限制性現金649 723 
應收交易款項，淨額212 133 
融資應收賬款淨額24,062 24,249 
凱斯紐集團N.V.的財務應收款項。274 380 
存貨淨值5,930 5,545 
不動產、廠房及設備淨值1,980 1,913 
對合併子公司和相關公司的投資532 479 
經營租賃中的設備1,406 1,417 
商譽3,615 3,614 
其他無形資產淨值1,251 1,292 
递延税款贷项957 979 
衍生金融資產159 136 
其他資產1,205 1,085 
總資產$44,033 $46,267 
負債及股東權益
債務$27,300 $27,326 
向凱斯紐集團NV支付的應付款項。48 146 
應付貿易款2,409 3,611 
递延所得税负债36 35 
退休金、離職後和其他離職福利450 476 
衍生負債145 216 
其他負債5,876 6,307 
總負債36,264 38,117 
可贖回非控制權益57 54 
普通股，€0.01，帳面價值；尚未付清的 1,248,983,000 普通股和 370,994,687 2024年9月30日的優先投票股;以及未解決的 1,290,937,585 普通股份和 371,000,610 2023年12月31日的優先投票股
25 25 
庫藏股股數，成本法； 115,417,196 2024年9月30日的股份以及 73,462,611 在2023年12月31日的股份
(1,376)(865)
額外資本贈与金1,415 1,578 
保留盈餘10,136 9,654 
其他綜合損益（損失）累積額(2,557)(2,362)
非控制權益69 66 
股東權益總額7,712 8,096 
負債及股東權益總計$44,033 $46,267 
(1) 參見附註20 對先前期間基本報表的微不重要修訂。

請參閱附帶於合併基本報表中的附註
1

凱斯紐工業股份有限公司
綜合營運狀況表
截至2024年和2023年9月30日的三個月和九個月
(未經審核)
截至9月30日三個月結束時，截至9月30日止九個月
(金額及股份以百萬美元和股數表示，每股金額除外)2024
2023(1)
2024
2023(1)
營業收入
營業淨收入$3,997 $5,332 $12,931 $16,062 
財務、利息及其他收入657 654 2,029 1,833 
總收益4,654 5,986 14,960 17,895 
成本和開支
銷貨成本3,130 4,059 10,027 12,133 
銷售、總務及管理費用426 462 1,298 1,385 
研發支出221 266 686 766 
重組費用12 5 94 8 
利息支出378 346 1,190 941 
其他，淨值127 186 449 536 
總費用及支出4,294 5,324 13,744 15,769 
綜合集團在所得稅前之收入（虧損）360 662 1,216 2,126 
所得税费用(75)(171)(247)(536)
對非合併附屬公司和聯屬公司之收益25 49 114 114 
凈利潤（虧損）310 540 1,083 1,704 
歸屬於非控股權益的淨收益（損失） 4 3 10 11 
歸屬於凱斯紐工業有限公司的淨收益（損失）$306 $537 $1,073 $1,693 
歸屬於普通股股東的每股盈利
基本$0.24 $0.40 $0.85 $1.27 
Diluted$0.24 $0.40 $0.85 $1.25 
加權平均流通股數
基本1,251 1,332 1,255 1,337 
稀釋1,254 1,351 1,262 1,355 
每股普通股宣布的現金股息$— $— $0.470 $0.396 
(1) 請參見備註20 對之前基本報表的不重要修正。









見合併財務報表附註
2

凱斯紐 N.V.
綜合收益綜合表
2024年和2023年9月30日止三個和九個月
(未經審計)
截至9月30日的三個月截至9月30日的九個月
（金額爲百萬美元）2024
2023(1)
2024
2023(1)
淨利潤（損失）$310 $540 $1,083 $1,704 
其他綜合收益（損失），稅後
現金流量套期收益(損失)21 (33)72 (59)
養老計劃資金狀況的變動1 (3)— (11)
外幣翻譯(35)(14)(255)70 
使用權益法的實體的其他綜合收益（損失）份額12 (8)(8)(11)
其他綜合損失，稅後淨額(1)(58)(191)(11)
全面收入（損失）309 482 892 1,693 
少：歸屬於非控制權益的綜合收益（損失）8 (1)14 10 
歸屬於凱斯紐N.V.的綜合收益（損失）$301 $483 $878 $1,683 
(1) 查看第20項對前期基本報表的微不足道修訂。
























有關合並財務報表的附註請參閱
3

凱斯紐 N.V.
現金流量表合併報表
截至2024年9月30日和2023年9個月的財務情況
(未經審計)
截至9月30日的九個月
（金額爲百萬美元）2024
2023(1)
經營活動產生的現金流量
淨利潤$1,083 $1,704 
調整淨利潤（虧損）以調節經營活動產生的淨現金流量：
除營運租約資產折舊及攤銷費用外的折舊及攤銷費用315 276 
營運租約資產折舊及攤銷費用139 140 
處置資產損益，淨額7 21 
未分配的非合併子公司收入(31)(63)
其他非現金項目，淨額276 136 
運營資產和負債的變化：
備用金52 618 
遞延所得稅(31)(319)
與銷售有關的交易和融資應收款淨額482 (1,602)
淨存貨(256)(1,443)
交易應付款項(1,217)(101)
其他資產和負債(543)25 
經營活動提供的淨現金（流出）276 (608)
投資活動產生的現金流量
零售應收賬款增加(5,917)(5,689)
零售應收賬款收回4,840 4,308 
資產銷售收益，不包括經營租賃資產1 1 
固定資產、無形資產支出，不包括經營租賃資產(330)(401)
經營租賃資產支出(381)(384)
其他, 淨10 123 
投資活動提供的淨現金（使用）(1,777)(2,042)
籌資活動產生的現金流量
獲得長期債務13,094 7,510 
開多期債務償還(12,209)(6,478)
其他金融負債的淨增加（減少）(592)930 
分紅派息(600)(531)
購買庫藏股和其他(689)(224)
籌資活動產生的淨現金流量(996)1,207 
外匯匯率變動對現金、現金等價物和受限制的現金的影響(98)(1)
現金，現金等價物和受限現金淨增加（減少）(2,595)(1,444)
年初現金、現金等價物和受限制現金5,045 5,129 
期末現金、現金等價物及受限制的現金$2,450 $3,685 
現金、現金等價物和受限制的現金的組成
現金及現金等價物$1,801 $2,979 
限制性現金649 706 
現金、現金等價物和受限制的現金總額$2,450 $3,685 
(1) 請參見備註20 對之前基本報表的不重要修正。
有關合並財務報表的附註請參閱
4

凱斯紐 N.V.
合併股東權益變動表
截至2024年9月30日三個月和九個月的財務信息
(未經審計)
（金額爲百萬美元）普通
股份		庫藏股附加
實繳
資本
留存收益(1)
累計其他綜合收益（損失）(1)
Noncontrolling
利息		總計可贖回
非控股
利息
2023年12月31日餘額$25 $(865)$1,578 $9,654 $(2,362)$66 $8,096 $54 
淨利潤（損失）— — — 368 — (3)365 4 
其他綜合收益（虧損），稅後淨額 — — — — (49)— (49)— 
分紅派息— — — — — — — (1)
回購公司股份— (581)— — — — (581)— 
從庫藏股票和資本增加中發行的普通股用於基於股份的補償— 173 (173)— — — — — 
基於股票的補償費用— — 10 — — — 10 — 
其他變動— (3)— — — — (3)— 
2024年3月31日餘額25 (1,276)1,415 10,022 (2,411)63 7,838 57 
淨利潤（虧損）— — — 399 — — 399 5 
其他綜合收益（損失），稅後— — — — (141)— (141)— 
分紅派息— — — (591)— — (591)(2)
購回股票— (60)— — — — (60)— 
從庫藏股和增資發售的普通股— 20 (20)— — — — — 
基於股份的補償費用— — 7 — — — 7 — 
其他變動— (1)(1)— — 1 (1)— 
2024年6月30日結餘25 (1,317)1,401 9,830 (2,552)64 7,451 60 
淨利潤（虧損）— — — 306 — — 306 4 
其他綜合收入（虧損），稅後— — — — (5)4 (1)— 
分紅派息— — — — — — — (7)
購回股票— (48)— — — — (48)— 
從庫存股和資本增資中發行的普通股用於基於股份的補償— (6)6 — — — — — 
基於股份的補償費用— — 1 — — — 1 — 
其他變動— (5)7 — — 1 3 — 
2024年9月30日的餘額$25 $(1,376)$1,415 $10,136 $(2,557)$69 $7,712 $57 
(1) 請參見備註20 對之前基本報表的不重要修正。

有關合並財務報表的附註請參閱


5

凱斯紐 N.V.
合併股東權益變動表
2023年9月30日止三個月和九個月
（未經審計）
（金額爲百萬美元）普通
股份		庫藏股附加
實繳
資本
留存收益(1)
累計其他綜合收益（損失）(1)
Noncontrolling
利息		總計可贖回
Noncontrolling
利息
2022年12月31日期末餘額$25 $(230)$1,504 $7,906 $(2,278)$— $6,927 $49 
淨利潤（損失）— — — 467 — — 467 4 
其他綜合收益（損失），稅後— — — — (26)1 (25)— 
分紅派息— — — — — — — (1)
回購公司股份— (71)— — — — (71)— 
從庫存股票和股份報酬增發的普通股份— — — — — — — — 
基於股票的補償費用— — 24 — — — 24 — 
其他變動— — — — — 74 74 — 
截至2023年3月31日的餘額25 (301)1,528 8,373 (2,304)75 7,396 52 
淨利潤（損失）— — — 689 — — 689 4 
其他全面收益（損失），淨稅後— — — — 70 2 72 — 
分紅派息— — — (527)— — (527)(1)
購回庫存股— (98)— — — — (98)— 
從庫存股和提高社區股報酬的資本增加發行的普通股— 17 (17)— — — — — 
股權報酬費用— — 25 — — — 25 — 
其他變動— — — — — (2)(2)— 
6月份結餘2023年6月30日25 (382)1,536 8,535 (2,234)75 7,555 55 
淨利潤（虧損）— — — 537 — (2)535 5 
其他綜合淨收益（虧損），稅後— — — — (54)(4)(58)— 
分紅派息— — — — — — — (2)
購入庫藏股— (55)— — — — (55)— 
從庫藏股和基於股份的薪酬的增發普通股— — — — — — — — 
股份報酬支出— — 28 — — — 28 — 
其他變動— — (1)— — 3 2 — 
2023年9月30日結餘$25 $(437)$1,563 $9,072 $(2,288)$72 $8,007 $58 
(1) 請參見備註20 對之前基本報表的不重要修正。



有關合並財務報表的附註請參閱
6

凱斯紐 N.V.
基本報表附註
（未經審計）
1. 提供的基礎
凱斯紐工業公司(CNH或「公司」)成立並依照荷蘭法律設立。CNH是一家領先的資本貨物板塊公司，設計、生產和銷售農業設備和施工設備。此外，CNH的金融服務板塊提供金融產品和服務，包括爲購買或租賃新舊CNH和其他製造商產品以及其他零售融資計劃提供零售融資，以及向經銷商提供批發融資。
CNH及其合併子公司的合併基本報表已由公司自願編制，未經審計。儘管是自願編制，報告中包含的合併基本報表在所有重大方面符合美國證券交易委員會（「SEC」）關於中期基本報表的規則和法規。根據一般接受的會計原則，美國（「U.S. GAAP」）準備的年度基本報表中通常包含的某些信息和附註披露已被壓縮或省略，符合相關規則和法規的允許。所有調整僅包含正常的經常性調整，已反映在這些合併基本報表中。管理層認爲，披露足以公正地呈現財務狀況、經營結果和現金流量。應結合公司截至2023年12月31日的年度報告中出現在Form 10-k的基本報表及其附註閱讀這些中期基本報表。中期的結果不一定預示着財年的預期結果。按照U.S. GAAP編制基本報表要求管理層做出影響報告金額及相關附隨附註和披露的估計和假設。包括通貨膨脹上升和地緣政治事件在內的重大不確定性可能影響公司的業務，這可能導致實際結果與準備基本報表時使用的估計和假設有實質性差異，包括但不限於與商譽、無限期無形資產、有期無形資產、長期資產減值測試、折現率的確定及其他養老金和其他退休後福利支出及所得稅假設相關的未來現金流。估計的變化在發生導致該變化的事件或情況的期間內記錄在經營結果中。
本報告中的某些財務信息是按地域板塊呈現的。我們的地域板塊包括：(1) 北美洲; (2) 歐洲、中東、非洲 ("EMEA"); (3) 南美洲和 (4) 亞太地區。這些地域板塊的指示具有以下含義:
•北美美國，加拿大和墨西哥；
•歐洲、中東和非洲歐洲聯盟成員國、歐洲自由貿易聯盟、英國、烏克蘭和巴爾幹、俄羅斯、土耳其、烏茲別克斯坦、巴基斯坦、非洲大陸和中東;
•南美洲南美洲、中美洲和加勒比群島；以及
•亞太地區大陸亞洲（包括印度次大陸）、印度尼西亞和大洋洲。
業務組合
自2023年10月12日起，CNH完成對Hemisphere的收購，Hemisphere是一家全球衛星導航科技領袖，收購總價爲$181百萬。收購Hemisphere鞏固了我們的指導和連接能力，以推進CNH內部的精準、自動化和自主科技，適用於農業和施工行業。在2023年12月31日，CNH記錄了截止收購日期的資產公允價值和假定負債的初步估計，包括$111百萬和$51百萬的初步商譽和無形資產。 收購的資產公允價值和假定負債的評估尚未在 2024年9月30日. 因此，與收購相關的商譽在計量期間內可能會進行調整。在截至2024年9月30日的九個月內進行了計量期間調整，減少商譽$3百萬，並增加了其他無形資產$6 百萬，抵消了遞延稅款債務的增加以及其他資產和股本的減少。未呈現經調整的運營結果，因爲半球收購的影響對公司的合併經營結果並不重要。此外，半球收購後的業績也並不重要。
2023 年 3 月 15 日，CNH 收購了 Bennamann LTD（「Bennamann」）的控股權（以下簡稱 「Bennamann」）的所有權 50.0085%) 通過額外購買 34.4通過現金對價獲得的利息百分比約爲 $51百萬。截至2023年3月31日，CNH記錄了截至收購之日收購資產和承擔的負債的公允價值的初步估計，包括美元118百萬和美元46初始商譽和無形資產分別爲百萬美元。
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2023年第二季度和第三季度進行了測量期調整，將商譽減少了$3百萬，主要抵消了由於某些估值的更新而導致無形資產的增加。收購的資產估值和負債承擔的估值定於2024年3月完成。未呈現經形式的運營結果，因爲Bennamann收購的影響對公司的合併運營結果不是重要的。此外，Bennamann的發帖收購結果也不重要。
2023年3月13日，CNH收購了Augmenta Holding SAS（「Augmenta」）。該公司收購了其餘部分 89.5它沒有擁有的Augmenta的百分比，現金對價約爲美元80百萬美元和延期付款 $10百萬。截至2023年3月31日，CNH記錄了截至收購之日收購資產和承擔的負債的公允價值的初步估計，包括美元76百萬和美元35初始商譽和無形資產分別爲百萬美元。2023年第二和第三季度記錄了計量期調整，使商譽減少了美元14百萬美元主要被某些估值更新導致的無形資產的增加所抵消。收購資產和承擔的負債的估值已於2024年3月完成。由於收購Augmenta的影響對公司的合併經營業績沒有實質性影響，因此尚未公佈預計的經營業績。此外，Augmenta的收購後業績並不重要。
無實質性修訂以往期間的基本報表
在編制截至2024年9月30日的三個月的合併財務報表時，公司發現了一個非重大錯誤，該錯誤與其在土耳其的未合併子公司TürkTraktör ve Ziraat Makineleri A.S.（「TürkTraktör」）在2023財年的季度和年度期以及2024財年第一和第二季度的高度通貨膨脹會計有關。總部位於土耳其的TürkTraktör的本位貨幣是土耳其里拉，土耳其經濟在2022年被認爲是高度通貨膨脹的。CNH已確定，其從土耳其里拉轉換爲CNH的美元本位貨幣的折算標準導致CNH的未合併子公司和關聯公司的權益收益多報了美元962023 年達到百萬美元，上漲美元672024 年上半年達到百萬人。根據SaB第99號 「重要性」 和SaB第108號 「在量化本年度財務報表中的錯誤陳述時考慮去年錯誤陳述的影響」，CNH對錯誤進行了評估，並確定相關影響對其之前任何年度或中期的財務報表都不重要，但糾正錯誤的累積影響將對其截至2024年9月30日的三個月的經營業績產生重大影響。出於比較目的，公司對確認高度通貨膨脹的影響以及本10-Q表中列出的前期對資產和留存收益的相關影響做出了這些非實質性的更正。該錯誤和後續更正的影響完全包含在農業板塊中。我們先前報告的財務報表的修訂摘要載於附註20。如果適用，我們還將在公司未來的申報中更正先前報告的財務信息，以防出現這種非重大錯誤。
2. 新的會計聲明
在2024年被採用
共同控制下實體之間的租賃
在2023年三月，FASB發佈了ASU 2023-01（第842主題）：共同控制安排（"ASU 2023-01"）。ASU 2023-01要求，與共同控制租賃相關的租賃改善必須由承租人在共同控制組的租賃改善壽命期間攤銷（無論租期長短），只要承租人控制基礎資產的使用。此外，租賃改善要受到第360主題的減值指引的影響。 租賃 (Topic 842): Common Control Arrangements ("ASU 2023-01"). ASU 2023-01要求，與共同控制租賃相關的租賃改良應由承租方按照租賃改良的有用生命週期攤銷給共同控制集團（無論租賃期多長），只要承租方控制底層資產的使用。此外，租賃改良還需符合《基本報表》第360主題的減值指導。 物業、廠房和設備該採納對我們的合併基本報表沒有重大影響。
尚未採用
費用分解披露
2024年11月，FASB發佈了ASU 2024-03， 損益表—報告綜合收益—費用細分披露（子課題220-40） 爲提高對上市業務實體支出的披露，並提供更詳細的信息，說明合併財務報表中某些費用項目中包括的費用類型。本更新中的修訂適用於2026年12月15日後開始的年度報告期間，以及2027年12月15日後開始的中期報告期間。允許提前採納，並且本更新中的修訂應被應用於在該更新生效日期之後的年度報告期間發佈的財務報表，或以總括的方式應用於在財務報表中呈現的任何或所有先前期間。公司正在評估這一指導對合並財務報表中披露的影響。
收入稅披露的改進
2023年12月，FASB發佈了ASU 2023-09，所得稅披露改進爲了增強與所得稅披露相關的透明度和決策效用，主要涉及稅率協調和所得
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已繳稅信息。本次更新的修訂適用於2024年12月15日之後開始的財年。允許提前採用。公司正在評估這一指引對我們所得稅披露的影響。
報告的部門披露的改進
2023年11月，FASB發佈了ASU 2023-07，報告業務板塊披露的改進爲了改善有關公開實體報告部門的披露，並滿足投資者對報告部門費用的額外、更詳細信息的要求，本更新中的修訂內容將於2023年12月15日後開始的財政年度生效，並於2024年12月15日後開始的財政年度內的中期報告中生效。允許提前採納。在2024年12月31日結束的年度公司10-k表中採用ASU 2023-07將需要額外的部門費用披露，並在此後的定期報告中採用。
信息披露改進
2023年10月，FASB發佈了ASU 2023-06，以修訂會計準則規範（「ASC」）中各種話題的某些披露和呈現要求。這些修訂使得ASC中的要求與SEC公佈的某些披露要求從Regulation S-X和Regulation S-k中移除的要求相一致。 ASC中每個修改過的主題的生效日期即爲SEC從Regulation S-X或Regulation S-k中移除相關披露要求的生效日期。不允許提前採用。公司不預計ASU將對其財務報表和相關披露產生重大影響。 信息披露改進：爲響應美國證券交易委員會披露更新和簡化計劃的規範修改根據會計準則規範（"ASC"）中各種話題的披露和展示要求進行修改。這些修改使ASC中的要求與SEC宣佈的撤銷《S-X法規》和《S-k法規》中的某些披露要求保持一致。ASC中每個修改後的話題的生效日期是SEC從《S-X法規》或《S-k法規》中刪除相關披露要求的生效日期。禁止提前採用。公司預計該ASU不會對其基本報表和相關披露產生重大影響。
3. 收入
下表總結了截至2024年和2023年9月30日的三個月和九個月的收入（以百萬美元計）:
截至9月30日的三個月截至9月30日的九個月
2024202320242023
農業$3,310 $4,384 $10,596 $13,201 
施工687 948 2,335 2,861 
全部的工業活動3,997 5,332 12,931 16,062 
金融服務。659 653 2,031 1,805 
消除與其他(2)1 (2)28 
總收入$4,654 $5,986 $14,960 $17,895 
以下表格按主要來源分類列出了截至2024年和2023年9月30日三個月和九個月的收入（單位：百萬美元）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
收入來自：
貨物銷售$3,986 $5,322 $12,895 $16,031 
提供服務和其他收入11 10 36 31 
商品和服務銷售收入3,997 5,332 12,931 16,062 
財務和利息收入519 491 1,603 1,342 
租金和其他營業租賃收入138 163 426 491 
財務、利息和其他收入657 654 2,029 1,833 
總收入$4,654 $5,986 $14,960 $17,895 
其他負債中記錄的合同責任金額爲$66百萬和$50萬美元分別爲2024年9月30日和2023年12月31日。合同責任主要與延長保修有關。在截至2024年9月30日的三個和九個月期間，營收中包括$4萬美元和$13萬美元，分別與每個期間開始時未解決的合同責任相關。在截至2023年9月30日的三個和九個月期間，營收中包括$3萬美元和$8萬美元，分別與每個期間開始時未解決的合同責任相關。
截至2024年9月30日，分配給剩餘履約承諾的交易價格總額約爲$66 萬元（約爲$48在2023年12月31日約爲百萬美元）。CNH預計將分別在約 32％和 95%12 和 36 個月內認定營業收入（約 32%和 95截至2023年12月31日爲止，分別爲%。
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4. 變量利益實體
公司合併了各種被確認爲可變利益實體（「VIEs」）的證券化信託和設施，其中公司是主要受益方。 公司既有權指導最顯著影響VIEs經濟績效的活動，又有責任吸收損失或有權獲得對VIEs可能具有重要意義的益處。 有關VIEs的更多信息，請參閱「注9：應收賬款」。
下表列出了被納入本報告中的合併VIEs的部分資產和負債。下表中的資產包括那些只能用於清償合併VIEs債務的資產。下表中的負債包括合併VIEs的第三方負債，債權人無法追索公司的普通信貸（單位：百萬美元）。
2024 年 9 月 30 日2023 年 12 月 31 日
受限制的現金$551 $626 
融資應收賬款10,812 10,365 
總資產$11,363 $10,991 
債務$10,474 $10,033 
負債總額$10,474 $10,033 
5. 每股收益
公司的每股收益（「EPS」）是通過將淨利潤除以期間內流通的普通股加權平均數來計算的。
攤薄後每股收益反映了潛在的攤薄效應，即如果攤薄性證券行使爲普通股，可能發生的情況。期權、受限股票單位和績效股票單位都被視爲攤薄性證券。
基本和攤薄後每股收益的調和如下（以百萬美元和股數爲單位，除每股金額外）：
截至9月30日的三個月截至9月30日的九個月
2024
2023(1)
2024
2023(1)
歸屬普通股股東的基本每股收益
淨利潤（虧損）歸屬凱斯紐工業有限公司$306 $537 $1,073 $1,693 
基本股東權益的加權平均股數1,251 1,332 1,255 1,337 
每股基本盈利（虧損）$0.24 $0.40 $0.85 $1.27 
歸屬普通股股東的攤薄後每股收益
基本攤薄後加權平均普通股份1,251 1,332 1,255 1,337 
股票報酬計劃的攤薄效應 (2)
3 19 7 18 
攤薄每股普通股數量加權平均值1,254 1,351 1,262 1,355 
每股稀釋盈利（虧損）$0.24 $0.40 $0.85 $1.25 
(1) 查看第20項對前期基本報表的微不足道修訂。
(2) 截至2024年9月30日，共三個月和九個月，由於具有抵消稀釋效應，股票被排除在稀釋每股收益計算之外。 118,000 和 26,000 共三個月 和九個月截至2023年9月30日，由於具有抵消稀釋影響，股票被排除在稀釋每股收益計算之外。 無 作爲所有板塊都具有稀釋性，因此截至2023年9月30日，獲得了計算稀釋每股收益的股份數被排除。
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6. 員工福利計劃和退休後福利
下表總結了CNH的確定收益養老金計劃和退休後健康及人壽保險計劃的淨定期福利成本的元件，數據爲截至2024年和2023年9月30日的三個月及九個月（以百萬美元計）：
養老金 醫療保健其他
截至9月30日的三個月截至9月30日的三個月截至9月30日的三個月
202420232024202320242023
服務成本$2 $3 $1 $1 $2 $2 
利息成本13 14 2 3 1 1 
預期資產回報率(13)(12)(2)(2)— — 
攤銷：
往期服務貸款— — (7)(9)— — 
精算虧損（收益）6 4 1 — — (1)
淨週期福利成本$8 $9 $(5)$(7)$3 $2 
養老金 醫療保健其他
截至9月30日的九個月截至9月30日的九個月截至9月30日的九個月
202420232024202320242023
服務成本$7 $7 $2 $2 $4 $4 
利息成本39 41 6 7 3 3 
預期資產回報率(40)(34)(3)(3)— — 
攤銷：
往期服務貸款— — (19)(27)— — 
精算虧損（收益）17 13 1 — (1)(1)
淨週期福利成本$23 $27 $(13)$(21)$6 $6 
在2021年，CNH 通報了美國退休人員醫療計劃的計劃變更。這些計劃變更導致計劃負債減少了 $100百萬美元。這筆金額將從其他綜合收益中攤銷到損益表，攤銷期約爲 4 年，這代表着達到在職參與者的資格條件的平均服務期。截止2024年和2023年9月30日的三個月和九個月，$6萬美元和$18百萬美元的攤銷作爲稅前收益分別記錄在其他，淨額。
7. 所得稅
2024年9月30日結束的三個月的有效稅率分別爲 20.8%和 25.8%。2024年有效稅率的下降是由於公司收入結構的影響，包括積分和其他永久利益存在，以及通過離散項目，包括高通脹會計和阿根廷相關稅收通貨膨脹調整的影響以及英國專利盒稅收抵免的一次性影響。
2024年9月30日結束的九個月的有效稅率分別爲2024年和2023年 20.3%和 25.2上述百分比。2024年有效稅率的降低是由於離散項目的影響，其中包括阿根廷高通貨膨脹會計和稅收通貨膨脹調整的影響。 2023年的有效稅率受凱斯紐工業俄羅斯銷售相關的稅收優惠降低，儘管這些優惠部分被與先前時期相關的離散稅務支出抵銷。
經濟合作與發展組織（「OECD」）提出了一項全球最低稅率，稅率爲報告利潤的15%（「第二支柱」），這一提議已得到140多個國家的原則性同意。公司已確定，在其運營的一個或多個司法管轄區內已頒佈了第二支柱立法，並且公司屬於該立法的適用範圍。公司評估了已頒佈的第二支柱立法及相關的過渡性安全港條款， concluded that the tax impacts of the legislation are not material to the Company’s financial results.
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8. 板塊信息
公司管理其運營的業務部門是基於公司首席運營決策者（「CODM」）用於評估績效和做出資源分配決策的內部報告。該部門是根據公司提供的產品和服務進行組織的。
CNH擁有 三名 運營部門:
農業 設計、製造和分銷全系列農業機械和實施工具，包括兩輪和四輪驅動拖拉機、履帶拖拉機、聯合收割機、葡萄和甘蔗收割機、乾草和飼料設備、播種和播種設備、土壤準備和耕作實施工具、以及物料處理設備。我們也是專注於精準農業的科技領域的領先提供者。農業設備以New Holland Agriculture和Case IH品牌銷售。區域品牌包括：STEYR，專門提供農業拖拉機；Flexi-Coil，專注於耕作和播種系統；Miller，製造應用設備。Raven品牌支持精準農業、數字科技和自主系統的發展。Hemisphere，於2023年收購，爲農業和施工行業提供高性能衛星定位技術。
施工 設計、製造和銷售一整套包括挖掘機、履帶推土機、平地機、輪式裝載機、挖掘裝載機、小型裝載機和緊湊型履帶裝載機在內的施工設備，以及各種各樣的附件。施工設備以CASE施工設備、New Holland施工和Eurocomach品牌銷售。
金融服務 提供並管理融資，以供終端客戶購買通過CNH經銷商網絡出售的新舊農產品和施工設備及元件，以及循環信用帳戶融資和其他金融服務。金融服務還爲CNH經銷商和分銷商提供批發融資，主要用於爲這些經銷商的設備庫存提供資金。此外，金融服務爲CNH子公司提供應收賬款保理服務。歐洲金融服務業務由Iveco集團的金融服務部門支持。金融服務還爲Iveco集團在北美、南美和亞洲太平洋地區的公司提供金融服務。
每個報告部門的收入是直接由該部門的業務活動所產生或歸屬於該部門的，包括與第三方的交易收入以及與其他部門的交易所產生的收入，按正常市場價格確認。部門費用代表每個部門業務活動所產生的費用，既與第三方和其他經營部門之間的，也可能直接歸屬於它的費用。與其他部門的業務活動所產生的費用按正常市場價格確認。
根據農業和施工部門的情況，CODm評估部門績效並基於調整後的EBIT做出資源分配決策。公司認爲調整後的EBIT更全面地反映了農業和施工部門的盈利能力。農業和施工部門的調整後EBIT被定義爲稅前淨利潤（虧損）、金融服務的結果、工業活動部門的利息費用（淨額）、匯率期貨的收益/虧損、養老金和其他退休福利費用的財務及非服務組成部分、重組費用以及某些非經常性項目。特別是，非經常性項目是管理層認爲是稀有或離散事件並且不反映日常運營活動的特定披露項目。
就金融服務而言，CODm根據按照美國通用會計準則準備的淨利潤評估該部門的表現並做出資源分配決策。
12

下表包含了2024年和2023年截至9月30日的工業活動部門調整後EBIT與淨利潤的調節，淨利潤是最可比的美國公認會計原則財務指標（單位：百萬美元）：
截至9月30日的三個月截至9月30日的九個月
2024
2023(1)
2024
2023(1)
農業$336 $642 $1,226 $2,001 
施工40 60 151 176 
未分配項目、消除及其他(40)(75)(167)(205)
金融服務淨利潤78 86 287 258 
金融服務所得稅13 34 55 89 
工業活動的利息支出，淨利息收入及消除(36)(10)(114)(36)
匯率期貨（收益）損失，工業活動淨額(8)(21)(12)(27)
養老金及其他發帖工業活動的財務及非服務成分(2)
— — (2)2 
工業活動的重組費用(12)(5)(93)(8)
工業活動的其他離散項目(3)
14 — (1)(10)
稅前收入（虧損）385 711 1,330 2,240 
所得稅益（費用）(75)(171)(247)(536)
淨利潤$310 $540 $1,083 $1,704 
(1) 查看第20項對前期基本報表的微不足道修訂。
(2) 截至2024年和2023年九個月的財政年度，本項目包括1,000萬美元的稅前收益6百萬美元和$18，分別由於對1,000萬美元的分期攤銷 4 產生的影響101以及從2021年美國醫療保健計劃修改中獲得的1,000萬美元正面影響。
(3) 截至2024年9月30日三個月的時間裏 此款項包括 一項涉及對非綜合子公司投資的公允價值調整，盈利$14百萬美元。. 截至2024年9月30日九個月的時間裏，包括虧損 $15百萬 關於某些非核心產品線的銷售，以及一項涉及對非綜合子公司投資的公允價值調整，盈利$14百萬美元。截至2023年9月30日三個月的時間裏，此款項不包括任何離散項目。截至2023年9月30日九個月的時間裏包括了一項$23俄羅斯凱斯紐工業銷售虧損部分抵消了一筆13與Augmenta和Bennamann的公允價值重新計量相關的一筆美元
9. 應收賬款
融資應收款，淨額
截至2024年9月30日和2023年12月31日，融資應收款項摘要如下（以百萬美元計）：
2024年9月30日2023年12月31日
零售$14,368 $13,868 
批發9,657 10,334 
其他37 47 
總計$24,062 $24,249 
CNH向最終用途客戶提供和管理零售票據和租賃融資，用於購買通過其經銷商網絡出售的新舊設備和組件，以及循環借記帳戶融資。零售票據和融資租賃的條款通常包括 二 到 七年，利率根據現行市場利率以及代表工業活動提供並由工業活動維持的某些激勵計劃而有所不同。循環借記帳戶的利率通常高於公司的其他零售融資產品，需要最低每月還款額，並且沒有預先確定的到期日。
批發應收款主要來源於經銷商庫存融資，較少部分來自經銷商經營融資。根據批發應收款協議的標準條款，這些應收款通常有高達"無利息"期限 十二個月 ，並且最長期限可達 二十四個月，待經銷商出售基礎設備後，還款即加速。金融服務部門會根據市場利率對工業活動提供的"無利息"期進行補償。任何"無利息"期限屆滿後
13

有關部門將根據所售設備類型和銷售時間確定"免息"期限，並要求經銷商在收到全額付款之前結清所有未結餘額。公司會定期評估經銷商的信用情況，可能會在經銷商的合同取消或終止後，例如所有權變更、業務清算或違約等原因，有義務回購經銷商的設備。 無 截至2024年和2023年9月30日三個月結束時，由於經銷商合同終止，公司出現了重大損失。
金融資產的轉移
作爲其整體資金策略的一部分，CNH定期將某些應收賬款轉移至特殊目的實體（「SPE」）作爲其資產支持證券化（"ABS"）計劃的一部分，或轉移至保理交易中。
在證券化項目中使用的特殊目的實體(SPEs)與公司合併基本報表中包含的其他實體不同，因爲它們持有的資產在法律上與公司的資產隔離。出於破產分析的目的，公司已將應收款以真實銷售的方式出售給SPEs，而SPEs是單獨的法律實體。在將應收款轉移給SPEs後，應收款及其產生的某些現金流在使用上受到限制，以滿足SPEs債權人的義務。SPEs擁有的現金餘額也對SPEs的投資者有使用限制。公司在SPEs應收款中的權益優先於第三方投資者的權益。在這些交易中直接或間接出售或轉讓的任何應收款在SPE的所有義務完成或應收款從SPE中移除之前，均不可用於支付公司的債權人。
某些證券化信託也是VIE，因此，由於公司擁有指揮對VIE經濟表現影響最大的活動的權力，並且承擔吸收損失或享有可能對VIE產生重大影響的收益的權利，VIE被合併。
公司可能會保留特殊目的機構(SPEs)中所有或部分次級利益。儘管不存在允許信託基金髮行的資產支持證券持有人將這些證券退回公司的追索規定，但公司提供了慣例的陳述與保證，可能會產生從信託基金回購任何因陳述與保證違約而產生應收賬款的義務。此外，公司不擔保信託基金髮行的任何證券。這些信託基金有限存在期，並通常在向投資者分配的款項最終分配或公司以服務提供方身份行使清償權利的情況下終止。
保理交易可能是有追索權的，也可能是無追索權的；某些無追索權的轉讓包括遞延付款條款（即，保理商支付部分購買價格取決於從應收賬款收取的總金額），需要優先損失承保，意味着轉讓方在損失中優先參與，或者要求保留與轉讓應收賬款產生的現金流量有重大關聯的顯著暴露。這類交易不符合資產攤銷的條件，因爲與收取相關的風險和回報並未實質性轉移，因此，CNH繼續在彙編的資產負債表中承認這種方式轉讓的應收賬款，並承認同等金額的資產擔保融資下的財務負債。
與轉讓應收款項相關的擔保借款是隨着應收款項的收回而應付的債務。 截至2024年9月30日和2023年12月31日，融資應收賬款中包括的受限資產的賬面價值如下（以百萬美元計）：
2024年9月30日2023年12月31日
零售$8,533 $7,707 
批發5,945 6,381 
總計$14,478 $14,088 
14

信用損失準備
2024年9月30日和2023年三個月及九個月的信貸損失準備金情況如下（單位：百萬美元）：
2024年9月30日止三個月2024年9月30日結束的九個月
零售批發零售批發
期初餘額$322 $51 $310 $53 
預付款83 (2)173 — 
覈銷(14)(5)(67)(6)
恢復5 3 6 3 
外匯翻譯及其他4 2 (22)(1)
期末餘額$400 $49 $400 $49 
2023年9月30日止三個月2023年9月30日結束的三個月中，我們的營業收入爲205.51億美元，比2022年9月30日結束的三個月的194.24億美元增加了1.127億美元，增長了5.8%。按恒定匯率計算，營業收入增長了4.8%。2023年9月30日結束的三個月中，我們約有41.7%，47.5%和10.8%的營業收入來自於美國，歐洲和其他地區。在2023年9月30日結束的三個月中，我們的營業收入中有26.7%或527.3億美元來自於前五大客戶。不斷有新的客戶帳戶加入我們的大型製藥客戶、中型製藥客戶和生物技術客戶組合中。這次營業收入增長是由於公司市場的持續有機增長所致。
零售批發零售批發
期初餘額$280 $60 $270 $64 
預付款31 (3)67 (6)
覈銷(4)(1)(25)(1)
恢復— — 1 — 
外匯翻譯及其他(6)— (12)(1)
期末餘額$301 $56 $301 $56 
截至2024年9月30日，信用損失準備包括由於特定儲備需求增加而導致的零售儲備增加，主要是在南美，原因與巴西市場狀況有關，主要與當前的作物價格、洪水和乾旱事件相關。截止2023年9月30日，信用損失準備包括由於特定儲備需求增加而導致的準備金增加，主要在南美，部分被由於出售CNH資本俄羅斯而減少的準備金抵消， $15百萬 CNH將根據需要在未來期間更新宏觀經濟因素。信用損失準備計入銷售、管理和行政費用。
CNH根據逾期狀態評估和監控其融資應收款項的信用質量。如果截至應收款項到期日時，尚未收到所需的本金和利息支付，該應收款項將被視爲逾期。逾期情況適用於逾期 30 天及天內未還款的融資應收款項。不良融資應收款項指的是CNH已停止計提融資收入的應收款項。這些應收款項一般爲 90 天以上的逾期款項。應計利息已覈銷至利息收入。截至三個月和九個月結束時，覈銷的利息收入金額不重大。 2024年9月30日.
如果應收賬款變得合同當期，並具有可能性進行收款，利息會重新累積。在那時，之前暫停的收入被確認。由於零售融資應收賬款的期限超過一年，執行/未執行信息按照起始年份分別針對北美、南美和亞太地區進行呈現。

15

2024年9月30日的融資應收賬款老化和賬面覈銷情況如下（以百萬美元淨額扣除信用損失準備）：
31-60天
逾期貸款		61-90天
逾期		過去總數
到期		當前總計
執行中		非-
執行中		總計總損失
零售
北美
2024$3,326 $4 $3,330 $3 
20232,582 8 2,590 8 
20221,653 4 1,657 5 
2021929 2 931 4 
2020335 1 336 2 
2020年以前107 1 108 2 
總計63 — 63 8,869 8,932 20 8,952 24 
南美洲
20241,165 4 1,169 — 
20231,432 46 1,478 2 
2022616 49 665 21 
2021354 15 369 11 
2020158 6 164 3 
2020年之前79 3 82 3 
總計49 1 50 3,754 3,804 123 3,927 40 
亞太地區
2024434 — 434 — 
2023478 1 479 — 
2022333 1 334 1 
2021162 — 162 1 
202055 — 55 1 
2020年之前6 — 6 — 
總計5 5 10 1,458 1,468 2 1,470 3 
歐洲，中東，非洲— — — 10 10 9 19 — 
零售總計$117 $6 $123 $14,091 $14,214 $154 $14,368 $67 
批發
北美$— $— $— $5,661 $5,661 $23 $5,684 $— 
南美— — — 870 870 1 871 — 
亞太2 3 5 989 994 — 994 1 
歐洲、中東、非洲11 4 15 2,093 2,108 — 2,108 5 
批發總計$13 $7 $20 $9,613 $9,633 $24 $9,657 $6 
16

截至2023年12月31日，按年份分類的融資應收賬款老化和核銷情況如下（以百萬美元爲單位，淨額扣除信用損失準備）：
31-60天
逾期貸款		61-90天
逾期		過去總數
到期		當前總計
執行中		非-
執行中		總計總減值
零售
北美
2023$3,976 $4 $3,980 $1 
20222,133 4 2,137 10 
20211,323 3 1,326 4 
2020561 2 563 3 
2019208 1 209 3 
2019年之前66 1 67 3 
總計44 3 47 8,220 8,267 15 8,282 24 
南美洲
20231,986 9 1,995 — 
2022955 32 987 — 
2021573 13 586 2 
2020294 4 298 7 
2019123 2 125 1 
2019年前107 1 108 1 
總計22 — 22 4,016 4,038 61 4,099 11 
亞太地區
2023609 — 609 — 
2022453 1 454 1 
2021255 1 256 1 
2020115 1 116 2 
201931 1 32 2 
2019年前3 — 3 1 
總計5 6 11 1,455 1,466 4 1,470 7 
歐洲，中東，非洲— — — 6 6 11 17 — 
零售總計$71 $9 $80 $13,697 $13,777 $91 $13,868 $42 
批發
北美$— $— $— $5,154 $5,154 $— $5,154 $— 
南美— — — 1,404 1,404 2 1,406 4 
亞太4 2 6 870 876 — 876 1 
歐洲、中東、非洲5 — 5 2,893 2,898 — 2,898 — 
批發總計$9 $2 $11 $10,321 $10,332 $2 $10,334 $5 
債務困擾重組
當貸方向遭遇財務困難的借款人提供其不會考慮的讓步時，應收款的重組構成困境債務重組（「TDR」）。TDR通常導致延期付款、擴展合同到期、修改合同利率或免除利息和本金。作爲一個基於擔保的貸方，CNH在違約時有權追索融資資產。因此，對於零售應收款，讓步通常是根據破產法院的程序提供的。
截至2024年和2023年9月30日，CNH的零售和批發TDR規模不大。
鑑於巴西市場的現狀，主要與當前作物價格、洪澇和乾旱事件有關，CNH一直在向南美客戶提供支付再融資，認爲這些客戶並未陷入財務困境。要求客戶對再融資的分期付款進行部分支付，CNH在這種修改時予以考慮。
17

截至2024年9月30日，爲信用損失提供撥備$103百萬美元的分期付款已重融，涉及到$393百萬美元的零售農產品應收款在南美洲已進行重融。
10. 存貨
2024年9月30日和2023年12月31日的庫存包括以下內容（單位：百萬美元）：
2024年9月30日2023年12月31日
原材料$1,697 $1,891 
在製品490 443 
成品3,743 3,211 
總存貨$5,930 $5,545 
11. 租賃
承租人
公司的租約主要是針對建築物、工廠和機械、車輛、資訊科技("IT")設備及機械的經營租約合同。
租期不足12個月的租約不會紀錄在資產負債表上。對於這些租約，公司會按照直線法在租期內確認租賃費用為$1 百萬和$1 2014年9月30日和2013年分別在三個月內，公司確認的租金費用分別為$4 和$百萬，在截至2014年9月30日和2013年的九個月內分別為$4 和$百萬。.
該公司在截至2024年9月30日的三個月及2023年9月30日的三個月內，產生了$的經營租賃費用。27 百萬和$25 在2024年及2023年的三個月內，分別為百萬 $。78 在截至2024年9月30日及2023年9月30日的九個月內，為$百萬，64 $百萬。
截至2024年9月30日，公司記錄了約$ million的使用權資產295 和$ million 的相關租賃負債，分別納入其他資產和其他負債中。302 截至2024年9月30日，經營租賃的加權平均剩餘租賃期限（基於每項租賃的剩餘租賃期限和租賃負債餘額計算）和加權平均折扣率分別爲%. 5.2年和4.6截至2023年9月30日，公司記錄了約$ million 的使用權資產237和$ million 的相關租賃負債，分別納入其他資產和其他負債中。241截至2023年9月30日，經營租賃的加權平均剩餘租賃期限（基於每項租賃的剩餘租賃期限和租賃負債餘額計算）和加權平均折扣率分別爲%。 5.3年和4.3，分別。
截至2024年9月30日和2023年9月30日的九個月期間，因經營租賃義務獲得的租賃資產分別爲$66 million and $77 百萬。包括在經營租賃義務計量中的現金流出爲$75 百萬和$61 百萬美元。
出租人
該公司主要通過其金融服務部門，以經營租賃的方式向零售客戶出租設備。我們的租賃通常具有期限 3 至 5 年，承租人可選擇在租賃期限到期時購買設備。非租賃元件的營業收入單獨覈算。
12. 對未合併子公司和關聯公司的投資
截至2024年9月30日和2023年12月31日，對合並外子公司和關聯企業的投資摘要如下（單位：百萬美元）：
2024年9月30日
2023年12月31日(1)
權益法$444 $425 
其他投資，按賬面價值計量88 54 
總計$532 $479 
(1) 查看第20項對前期基本報表的微不足道修訂。
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13. 商譽和其他無形資產
截至2024年9月30日的九個月內，商譽的賬面金額變化如下（以百萬美元計）：
農業施工金融
服務		總計
2024 年 1 月 1 日的餘額$3,426 $47 $141 $3,614 
外幣折算等1 1 (1)1 
截至 2024 年 9 月 30 日的餘額
$3,427 $48 $140 $3,615 
商譽和其他無限期可持續無形資產每年進行一次或更頻繁的減值測試，如果發生了會觸發事件，表明報告單位的公允價值可能低於賬面價值，則會更可能出現減值。 CNH截至2023年12月31日進行了最近的年度減值審查，並得出結論：對於任何報告實體，商譽未受到減值影響。
2023年第四季度收購半球公司導致農業部門的商譽增加$111百分之九百的商譽與收購相關，計算方法是超過承諾轉讓的表彰價值減去已確認的淨資產，並代表未能單獨識別和分別確認的其他資產帶來的未來經濟利益。2024年第一季度和第二季度期間，進行了計量期調整，導致商譽減少$3截至2024年9月30日，尚未最終確定資產和負債的估值。因此，與此次收購相關的商譽在計量期間可能會受到調整。
2023年第一季度收購Augmenta和Bennamann導致農業領域商譽的增加，經過所有計量期調整後，爲$62百萬美元和$115百萬。與收購相關的商譽是計算得出的，作爲轉移對價與確認的淨資產之間的差額，代表來自於其他資產的未來經濟利益，這些資產無法單獨識別和單獨確認。所獲取的資產和承擔的負債的估值已於2024年3月最終確定。
截至2024年9月30日和2023年12月31日，公司其他無形資產及相關累計攤銷包括以下內容（以百萬美元計）：
2024年9月30日2023年12月31日
加權
平均壽命		毛累計
攤銷		淨毛累計
攤銷		淨
其他可攤銷無形資產：
經銷商網絡
20-25
$219 $202 $17 $246 $223 $23 
專利、特許權、許可證及其他
5-25
944 566 378 928 523 405 
    資本化的軟件
2-5
1,190 918 272 1,070 810 260 
2,353 1,686 667 2,244 1,556 688 
其他無形資產不適用
攤銷：
研發中的項目215 — 215 213 — 213 
在開發中的軟件96 — 96 119 — 119 
商標273 — 273 272 — 272 
總其他無形資產$2,937 $1,686 $1,251 $2,848 $1,556 $1,292 
2023年第四季度，公司根據Hemisphere的初步估值記錄了資產$51百萬的無形資產。在2024年第一和第二季度，記錄了一個計量期調整，將無形資產增加了$6截至2021年3月27日，未償還本金總額爲$。截至2024年9月30日，所收購資產和負債的評估尚未最終確定。 因此，與收購相關的無形資產在計量期內可能會有調整。
2023年第一季度，收購Augmenta和Bennamann導致無形資產增加，所有測量期調整後的數字爲$47百萬美元和$51分別是1000萬美元。收購資產和承擔責任的估值已於2024年3月最終確定。
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CNH recorded amortization expense of $48 million and $43 million for the three months ended September 30, 2024 and 2023, respectively, and $139 million and $119 million for the nine months ended September 30, 2024 and 2023, respectively.
14. SUPPLY CHAIN FINANCE PROGRAMS
Under the supply chain finance ("SCF") programs, administered by a third party, our suppliers are given the opportunity to sell receivables from us to participating financial institutions at their sole discretion. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution. The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program. No guarantees are provided by the Company under the SCF program.
As of September 30, 2024 and December 31, 2023, $112 million and $148 million of obligations remain outstanding that we have confirmed as valid to the administrators of the SCF programs. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions as it relates to the SCF program. These balances are included within “Accounts payable” in our consolidated balance sheets and are reflected as cash flows from operating activities in our consolidated statements of cash flows when settled.
15. OTHER LIABILITIES
A summary of "Other liabilities" as of September 30, 2024 and December 31, 2023 is as follows (in millions of dollars):
2024年9月30日2023年12月31日
保修和推廣計劃$637 $610 
市場營銷和銷售激勵計劃2,408 2,409 
應交稅費254 704 
應計費用和遞延收入954 946 
應計員工福利443 524 
租賃負債302 300 
法定準備金和其他準備金391 342 
合同準備金21 24 
合同負債
66 50 
重組儲備33 43 
其他367 355 
總計$5,876 $6,307 
保修和促銷計劃
CNH承擔基本保修和其他服務行動的費用。 截至2024年和2023年9月30日的三個月和九個月所記錄活動的摘要如下（單位：百萬美元）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
期初餘額$637 $588 $610 $544 
當前年份的增加130 131 455 396 
索賠付款(143)(143)(423)(370)
貨幣翻譯調整和其他13 (10)(5)(4)
期末餘額$637 $566 $637 $566 
2022年11月23日，公司制定了一項計劃，減少公司規模（下稱「2022計劃」），作爲由於宏觀經濟風險而實施的費用控制措施的一部分。2023年第一季度，由於繼續探索費用控制措施，公司決定進一步減少其許多職能的人員，同時承諾按照其更廣泛的混合工作策略調整其房地產規模，以再次降低成本。在2023年6月30日結束的三個和六個月裏，公司分別發生了$
公司在截至2024年9月30日的九個月內發生了重組費用$12 million and $5 ，分別在截至2024年和2023年9月30日的三個月內認定爲$百萬和$百萬94 百萬美元和百萬美元，主要是由於員工分離成本。公司於2023年11月宣佈的重組計劃旨在減少勞動力和非勞動力銷售及行政費用。該公司在此計劃下從推出到2024年9月30日已累計發生了總計$8 百萬美元124 在此計劃下截至2024年9月30日已累計發生了總計百萬美元.
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16. 承諾和 contingencies
作爲一家全球公司，CNH擁有多元化的業務組合，公司在業務過程中面臨衆多法律風險，包括但不限於經銷商和供應商訴訟、知識產權糾紛、產品保修和產品瑕疵索賠、產品性能、石棉、人身傷害、排放和/或燃油經濟法規和合同問題、競爭法及其他調查以及環保索賠。其中最重要的問題如下所述。
目前或將來的任何訴訟、索賠或調查的結果都無法確定地預測。在這些訴訟、索賠或調查中，若出現不利判決，可能會要求CNH支付巨額賠償金或罰款，或採取服務行動、召回活動或其他高成本行動。因此，法律判決可能導致未被承保或未完全承保的費用，這可能會影響CNH的財務狀況和業績。當預計已發生此類損失且金額可以合理估計時，這些金額會在公司的損益表中列出，並在合併資產負債表的「其他負債」中記錄相關的計提。
儘管無法預測針對CNH及其子公司未決法律事務的最終結果，但CNH認爲未解決的這些法律事務可能發生的損失區間，加上已計提金額，不會對其基本報表產生重大影響。
Environmental
根據1980年美國《綜合環境應對、補償和責任法》（「CERCLA」），該法規定了嚴格的、在某些情況下是連帶賠償責任和自然資源損害責任，以及其他規定類似責任的聯邦和州法律，CNH已收到有關其潛在責任的信息或通知 66 據稱由CNH生產的受管制材料被釋放或處置的美國非自有場地（「廢物場地」）。在廢物場地中， 16 已列入根據CERCLA頒佈的國家優先事項清單（「NPL」）。對於 60 在廢棄場地中，公司責任的金額或範圍要麼已經解決，要麼未被指定爲潛在責任方（「PRP」），要麼可能承擔責任 最低限度.
因為修復成本的估計是根據更多有關修復規模和成本的資訊不斷修訂，並且根據特定情況可以重新開放解決協議，公司與廢棄物場地相關的修復成本的潛在負債可能發生變化。 66 此外，由於根據CERCLA和類似法律的責任可能是聯席和相互負擔的，CNH可能需要支付超過其修復成本份額的金額。然而，在適當情況下，已考慮其他負責任方的財務實力以確定公司的潛在負債。CNH認為與廢棄物場地相關的成本不會對公司的業務、財務狀況或營運結果產生重大影響。 按比例 積極合理地在決定公司潛在負債時，已考慮到其他負責任方的財務實力。CNH相信與廢棄物場地相關的成本不會對公司的業務、財務狀況或營運結果產生重大影響。
本公司正在對某些目前或曾經擁有及/或經營的物業，或者正在進行退役的物業進行環保母基調查或補救活動。公司相信這些活動的結果不會對其業務、財務狀況或運營結果產生重大不利影響。
環保母基事務的實際成本可能與目前預期的成本有重大差異，這是由於製造業和相關業務對危險物質的歷史處理和處置方式的性質、目前未知情況的發現、更積極執法機構的執法以及現行法律法規的變化所致。與過去一樣，CNH計劃繼續從營運現金流中資助其環境合規成本。
調查、分析和環保母基地點的整治是一項耗時的活動。公司預期這些成本將在一段延長時間內產生並解決，可能會超過數年。 30 截至2024年9月30日和2023年12月31日，分別設立了約$百萬的環保母基，以應對這些特定估計潛在負債。這些儲備款並未貼現，也不包括從保險公司預期的賠償金額。在考慮了這些儲備後，管理層認為這些事項的結果將不會對公司的財務狀況或營運成果產生重大不利影響。22百萬和$20調查、分析和環保母基地點的整治是一項耗時的活動。公司預期這些成本將在一段延長時間內產生並解決，可能會超過些年。
其他訴訟和調查
依維可後續損害賠償索賠: 在2011年，依維可S.p.A.（「依維可」）在分拆後，現在是依維可集團N.V.的一部分，與其在歐盟的競爭對手遭到歐洲委員會（「委員會」）的調查，調查涉及在1997年至2011年間與中型和重型卡車相關的某些業務慣例。2016年7月19日，委員會宣布與依維可達成和解（「決定」）。根據該決定，公司、依維可和依維可馬基魯斯AG（「IMAG」）已被列為全歐洲法律程序中的被告。完成分拆後，CNH不會被排除在當前和未來的後續索賠之外。
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根據歐盟競爭法，一家公司無法利用公司重組來規避對私人損害賠償的責任，故此訴訟始於這個決定。如果有一個或多個這些司法訴訟的結果是針對CNH做出決定，要求其對因該決定涉及的行為導致的索賠人進行賠償，而Iveco和IMAG不遵守該等決定，因為各種公司內部安排的結果，那麼CNH最終將對Iveco和IMAG追索已支付給該等索賠人的損害賠償款。目前無法預測這些索賠的程度和結果。公司認為Iveco或IMAG或Iveco集團違約支付因此跟進損害索賠而產生的潛在付款義務的風險微乎其微。
FpT 排放調查： 2020 年 7 月 22 日，由德國美因法蘭克福和意大利都靈的檢察官要求協助，就由 FPT Industrial S.p.A.（Iveco Group N.V.）生產的兩種發動機型的指稱不符合規範，該公司在歐洲（分割前）辦事處獲訪。意大利刑事調查於 2023 年被撤銷。由於 FpT Industrial 與調查當局進行的全面合作和持續討論，所有德國刑事調查都在 2023 年 12 月完成。在某些情況下，CNH 和其他第三方也收到德國和奧地利客戶的各種賠償要求，包括因購買合同終止而導致的損害要求，或是由於被指稱不遵守其他排放的批准規定而導致其車輛的殘留價值的申請表示降低。在某些情況下，其他客戶根據相同的法律和事實基礎提出司法索賠。雖然本公司在此類發動機型和車輛的設計和銷售方面沒有任何作用，但本公司目前無法預測這些要求以及直接或間接相關法律程序的範圍和結果，包括客戶索賠或涉嫌排放不符合規範的潛在集體訴訟。本公司認為，FpT 工業或伊維科集團 N.V. 違反因此程序所產生的潛在付款義務的風險是很微的。
美國證券交易委員會傳票：本公司一直在回應美國證券交易委員會發出的傳票，請求提供有關我們的營業收入認定和銷售實踐的信息和文件。本公司正在配合證交會的調查，並持續提供相關的文件和信息。本公司無法確定未來證交會或其他政府機構可能因這些請求採取何種行動。
保證
截至2023年12月31日及2024年9月30日，CNH對第三方的債務或承諾提供了擔保，以及對非合併關聯公司的履約擔保，總計為 $33百萬 與 $37分別為。
17. 金融工具
CNH可以選擇以公允價值衡量金融工具和某些其他項目。此公允價值選項將以逐項工具的方式應用，公允價值變動將在損益表中報告。在購入符合資格的金融資產、金融負債或確定的承諾時，或者在發生某些指定的重新考慮事件時，可以進行選擇。一旦選擇了公允價值衡量選項，即不得撤銷。CNH尚未為符合條件的項目選擇公允價值衡量選項。
公允價值分類
金融工具的估值技術層級是基於這些估值技術的輸入是可觀察還是不可觀察。可觀察的輸入反映了從獨立來源獲得的市場數據，而不可觀察的輸入則反映了公司的市場假設。這兩種類型的輸入創造了以下的公允價值層級：
一級 - 在活躍市場中報價的金融工具。 identical 一級 - 在活躍市場中報價的金融工具。
第二級 - 活躍市場中所報價的價格；在不活躍市場中對於相同或類似工具的報價；以及模型衍生的評價，其中所有重要的輸入和重要的價值驅動因素皆可在活躍市場中觀察。 相似的
第 3 級 - 從估值技術中得出的估值，其中一個或多個重要的輸入或重要的價值驅動因素是 不可觀察。
此層次結構需在可用時使用可觀市場數據。
公允價值的確定
當市場可得時，公司使用報價市場價格來判斷公允價值，並將此類項目歸類為第1級。在某些市場價格不可用的情況下，公司將使用可觀察的基於市場的輸入來計算公允價值，此時這些項目被歸類為第2級。
22

如果報價或可觀察的市場價格不可用，公允價值將基於內部開發的估值技術，並在可能的情況下使用當前基於市場或獨立來源的市場參數，例如利率期貨、货币匯率或收益率曲線。使用這些內部生成的估值技術估值的項目根據對估值有重要影響的最低層次輸入或價值驅動因素進行分類。因此，即使存在一些可輕易觀察的重要輸入，項目仍可能被歸類為第3層級。
以下部分描述公司用來評估各種金融工具公平價值的評估方法，包括每個工具通常分類在公平價值層級中的指示。在適當情況下，描述中包括估值模型的細節，以及這些模型的主要輸入，以及任何重要假設。
Derivatives
CNH utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. CNH designates derivatives that are effective at reducing the risk associated with the exposure being hedged as accounting hedges at the inception of the contract and does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows.
Foreign Exchange Derivatives
CNH has entered into foreign exchange forward contracts and swaps in order to manage and preserve the economic value of cash flows in a currency different from the functional currency of the relevant legal entity. CNH conducts its business on a global basis in a wide variety of foreign currencies and hedges foreign currency exposures arising from various receivables, liabilities, and expected inventory purchases and sales. Derivative instruments utilized to hedge the foreign currency risk associated with anticipated inventory purchases and sales in foreign currencies are designated as cash flow hedges. Gains and losses on these instruments are deferred in accumulated other comprehensive income/(loss) and recognized in earnings when the related transaction occurs. If a derivative instrument is terminated because the hedge relationship is no longer effective or because the hedged item is a forecasted transaction that is no longer determined to be probable, the cumulative amount recorded in accumulated other comprehensive income (loss) is recognized immediately in earnings. Such amounts were insignificant in all periods presented.
CNH also uses forwards and swaps to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and not designated as hedging instruments. The changes in the fair values of these instruments are recognized directly in income in “Other, net” and are expected to offset the foreign exchange gains or losses on the exposures being managed.
All of CNH’s foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of CNH’s foreign exchange derivatives was $7.3 billion and $6.1 billion at September 30, 2024 and December 31, 2023, respectively.
Interest Rate Derivatives
CNH has entered into interest rate derivatives (swaps and caps) in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are being used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which CNH recognizes interest expense on the related debt.
Interest rate derivatives that have been designated as fair value hedge relationships have been used by CNH to mitigate the volatility in the fair value of existing fixed rate bonds and medium-term notes due to changes in floating interest rate benchmarks. Gains and losses on these instruments are recorded in “Interest expense” in the period in which they occur and an offsetting gain or loss is also reflected in “Interest expense” based on changes in the fair value of the debt instrument being hedged due to changes in floating interest rate benchmarks.
CNH also enters into offsetting interest rate derivatives with substantially similar terms that are not designated as hedging instruments to mitigate interest rate risk related to CNH’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income. Net gains and losses on these instruments were insignificant for the three and nine months ended September 30, 2024 and 2023.
All of CNH’s interest rate derivatives outstanding as of September 30, 2024 and December 31, 2023 are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of CNH’s interest rate derivatives was approximately $9.2 billion and $9.0 billion at September 30, 2024 and December 31, 2023, respectively.
23

As a result of the reform and replacement of specific benchmark interest rates, in the second quarter of 2023, the Company elected to make the replacement using the optional expedient under ASC 848, which allows the change in critical terms without de-designation and the Company also elected the optional expedient to apply a spread adjustment to hedged items cash flows that resulted in no change to the cumulative basis adjustment reflected in earnings.
Financial Statement Impact of Derivatives
The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges recognized in accumulated other comprehensive income (loss) and net income (loss) during the three and nine months ended September 30, 2024 and 2023 (in millions of dollars):
Recognized in Net Income
For the Three Months Ended September 30,Gain (Loss) Recognized in Accumulated Other Comprehensive IncomeClassification of Gain (Loss)Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2024
Foreign exchange contracts$16 
Net sales(2)
Cost of goods sold(8)
Other, net(8)
Interest rate contracts(13)Interest expense(8)
Total$3 $(26)
2023
Foreign exchange contracts$(33)
Net sales(3)
Cost of goods sold13 
Other, net(15)
Interest rate contracts(12)Interest expense2 
Total$(45)$(3)
Recognized in Net Income
For the Nine Months Ended September 30,Gain (Loss) Recognized in Accumulated Other Comprehensive IncomeClassification of Gain (Loss)Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2024
Foreign exchange contracts$(3)
Net sales(5)
Cost of goods sold(26)
Other, net(11)
Interest rate contracts45 Interest expense(20)
Total$42 $(62)
2023
Foreign exchange contracts$(44)
Net sales(7)
Cost of goods sold(19)
Other, net10 
Interest rate contracts(46)Interest expense10 
Total$(90)$(6)

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The following table summarizes the activity in accumulated other comprehensive income related to the derivatives held by the Company during the nine months ended September 30, 2024 and 2023 (in millions of dollars):
Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net losses as of December 31, 2023$(19)$9 $(10)
Net changes in fair value of derivatives42 (30)12 
Net losses reclassified from accumulated other comprehensive income into income62 (2)60 
Accumulated derivative net losses as of September 30, 2024$85 $(23)$62 
Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net losses as of December 31, 2022$71 $(27)$44 
Net changes in fair value of derivatives(90)30 (60)
Net losses reclassified from accumulated other comprehensive income into income6 (3)3 
Accumulated derivative net losses as of September 30, 2023$(13)$— $(13)
The following tables summarize the impact related to changes in the fair value of fair value hedges and derivatives not designated as hedges during the nine months ended September 30, 2024 and 2023 (in millions of dollars):
For the Three Months Ended September 30,
Classification of Gain (Loss)20242023
Fair Value Hedges
Interest rate derivativesInterest expense$56 $(3)
Not Designated as Hedges
Foreign exchange contractsOther, Net$(10)$(10)
For the Nine Months Ended September 30,
Classification of Gain (Loss)20242023
Fair Value Hedges
Interest rate derivativesInterest expense$53 $(2)
Not Designated as Hedges
Foreign exchange contractsOther, Net$(54)$(44)
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The fair values of CNH’s derivatives as of September 30, 2024 and December 31, 2023 in the consolidated balance sheets are recorded as follows (in millions of dollars):
September 30, 2024December 31, 2023
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments
Foreign currency contractsDerivative assets$42 Derivative assets$31 
Interest rate contractsDerivative assets91 Derivative assets60 
Total derivative assets $133 $91 
Foreign currency contractsDerivative liabilities$42 Derivative liabilities$49 
Interest rate contractsDerivative liabilities63 Derivative liabilities117 
Total derivative liabilities $105 $166 
Derivatives not designated as hedging instruments
Foreign currency contractsDerivative assets$14 Derivative assets$14 
Interest rate contractsDerivative assets12 Derivative assets31 
Total derivative assets $26 $45 
Foreign currency contractsDerivative liabilities$27 Derivative liabilities$20 
Interest rate contractsDerivative liabilities13 Derivative liabilities30 
Total derivative liabilities$40 $50 
Items Measured at Fair Value on a Recurring Basis
The following tables present for each of the fair value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 (in millions of dollars):
Level 1Level 2Total
September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Assets
Foreign exchange derivatives$— $— $56 $46 $56 $46 
Interest rate derivatives— — 103 90 103 90 
Total Assets$— $— $159 $136 $159 $136 
Liabilities
Foreign exchange derivatives$— $— $69 $69 $69 $69 
Interest rate derivatives— — 76 147 76 147 
Total Liabilities$— $— $145 $216 $145 $216 
Fair Value of Other Financial Instruments
The carrying value of cash and cash equivalents, restricted cash, trade accounts receivable and accounts payable included in the consolidated balance sheets approximates its fair value.
Financial Instruments Not Carried at Fair Value
The estimated fair market values of financial instruments not carried at fair value in the consolidated balance sheets as of September 30, 2024, and December 31, 2023, were as follows (in millions of dollars):
September 30, 2024December 31, 2023
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financing receivables$24,062 $23,902 $24,249 $24,129 
Debt$27,300 $27,787 $27,326 $27,624 
26

Financing Receivables
The fair value of financing receivables is based on the discounted values of their related cash flows at current market interest rates and they are classified as a Level 3 fair value measurement.
Debt
All debt is classified as a Level 2 fair value measurement with the exception of bonds issued by CNH Industrial Finance Europe S.A. and bonds issued by CNH Industrial N.V. that are classified as a Level 1 fair value measurement.
18. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The Company’s share of other comprehensive income (loss) includes net income plus other comprehensive income, which includes changes in fair value of certain derivatives designated as cash flow hedges, certain changes in pension and other retirement benefit plans, foreign currency translations gains and losses, changes in the fair value of available-for-sale securities, the Company’s share of other comprehensive income (loss) of entities accounted for using the equity method, and reclassifications for amounts included in net income (loss) less net income (loss) and other comprehensive income (loss) attributable to the non-controlling interest. For more information on derivative instruments, see “Note 17: Financial Instruments”. For more information on pensions and retirement benefit obligations, see “Note 6: Employee Benefit Plans and Postretirement Benefits”. The Company’s other comprehensive income (loss) amounts are aggregated within accumulated other comprehensive income (loss). The tax effect for each component of other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 consisted of the following (in millions of dollars):
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
Gross
Amount		Income
Taxes		Net
Amount		Gross
Amount		Income
Taxes		Net
Amount
Unrealized gain (loss) on cash flow hedges$29 $(8)$21 $104 $(32)$72 
Changes in retirement plans’ funded status— 1 1 (2)2 — 
Foreign currency translation(35)— (35)(255)— (255)
Share of other comprehensive income (loss) of entities using the equity method12 — 12 (8)— (8)
Other comprehensive income (loss)$6 $(7)$(1)$(161)$(30)$(191)

Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
Gross
Amount		Income
Taxes		Net
Amount		Gross
Amount		Income
Taxes		Net
Amount
Unrealized gain (loss) on cash flow hedges$(42)$9 $(33)$(84)$25 $(59)
Changes in retirement plans’ funded status(5)2 (3)(16)5 (11)
Foreign currency translation(14)— (14)70 — 70 
Share of other comprehensive income (loss) of entities using the equity method(1)
(8)— (8)(11)— (11)
Other comprehensive income (loss)$(69)$11 $(58)$(41)$30 $(11)
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
27

The changes, net of tax, in each component of accumulated other comprehensive income (loss) in the nine months ended September 30, 2024 and 2023 consisted of the following (in millions of dollars):
Unrealized
Gain (Loss) on
Cash Flow
Hedges		Change in
Retirement Plans’
Funded Status		Foreign Currency
Translation		Share of Other
Comprehensive
Income (Loss) of
Entities Using
the Equity
Method		Total
Balance January 1, 2024$(10)$(351)$(1,763)$(238)$(2,362)
Other comprehensive income (loss), before reclassifications12 — (259)(8)(255)
Amounts reclassified from other comprehensive income60 — — — 60 
Other comprehensive income (loss)*72 — (259)(8)(195)
Balance September 30, 2024$62 $(351)$(2,022)$(246)$(2,557)
Balance January 1, 2023$46 $(285)$(1,800)$(239)$(2,278)
Other comprehensive income (loss), before reclassifications(1)
(62)(1)71 (11)(3)
Amounts reclassified from other comprehensive income3 (10)— — (7)
Other comprehensive income (loss)*(59)(11)71 (11)(10)
Balance September 30, 2023$(13)$(296)$(1,729)$(250)$(2,288)
(*)Excluded from the table above is other comprehensive income (loss) allocated to non-controlling interests of $4 and $(1) million for the nine months ended September 30, 2024 and 2023, respectively.
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in the three and nine months ended September 30, 2024 and 2023 consisted of the following (in millions of dollars):
Amounts Reclassified from Other
Comprehensive Income (Loss)		Consolidated Statement
of Operations Line
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cash flow hedges$2 $3 $5 $7 Net sales
8 (13)26 19 Cost of goods sold
8 15 11 (10)Other, net
8 (2)20 (10)Interest expense
— — (2)(3)Income taxes
26 3 60 3 
Change in retirement plans’ funded status:
Amortization of actuarial losses7 3 17 12 *
Amortization of prior service cost(7)(9)(19)(27)*
1 3 2 5 Income taxes
1 (3)— (10)
Total reclassifications, net of tax$27 $— $60 $(7)
(*) These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 6: Employee Benefit Plans and Postretirement Benefits” for additional information.
19. RELATED PARTY INFORMATION
As of September 30, 2024, CNH’s related parties were primarily EXOR N.V. and the companies that EXOR N.V. controlled or had a significant influence over, including Stellantis N.V., Ferrari N.V. and Iveco Group N.V., which effective January 1,
28

2022 separated from CNH by way of a demerger under Dutch law and became a public listed company independent from CNH.
As of September 30, 2024, EXOR N.V. held 45.3% of CNH’s voting power and had the ability to significantly influence the decisions submitted to a vote of CNH’s shareholders, including approval of annual dividends, the election and removal of directors, mergers or other business combinations, the acquisition or disposition of assets and issuances of equity and the incurrence of indebtedness. The percentage above has been calculated as the ratio of (i) the aggregate number of common shares and special voting shares owned by EXOR N.V. to (ii) the aggregate number of outstanding common shares and special voting shares of CNH as of September 30, 2024. In addition, CNH engages in transactions with its unconsolidated subsidiaries and affiliates over which CNH has a significant influence or joint control.
The Company’s Audit Committee reviews and, if appropriate, approves all significant related party transactions.
Transactions with EXOR N.V. and its Subsidiaries and Affiliates
EXOR N.V. is an investment holding company. As of September 30, 2024 and December 31, 2023, among other things, EXOR N.V. managed a portfolio that includes investments in CNH, Stellantis, Iveco Group and Ferrari. CNH did not enter into any significant transactions with EXOR N.V. during the nine months ended September 30, 2024 and 2023.
Transactions with Iveco Group post-Demerger
CNH and Iveco Group post-Demerger entered into transactions consisting of the sale of engines from Iveco Group to CNH. Additionally, concurrent with the Demerger, the Companies entered into services contracts in relation to general administrative and specific technical matters, provided by either CNH to Iveco Group and vice versa as follows:
Master Service Agreements: CNH and Iveco Group entered into a two-year Master Services Agreement (“MSA”) starting in 2022, with a two-year extension implemented, whereby each Party (and its subsidiaries) may provide services to the other (and its subsidiaries). Services provided under the MSA relate mainly to lease of premises and depots and IT services.
Engine Supply Agreement: in relation to the design and supply of off-road engines from Iveco Group to CNH post-Demerger, Iveco Group and CNH entered into a ten-year Engine Supply Agreement (“ESA”), whereby Iveco Group will sell to CNH post-Demerger diesel, CNG and LNG engines and provide post-sale services.
Financial Service Agreement: in relation to certain financial services activities carried out by either CNH to Iveco Group or vice versa, in connection with the execution of the Demerger Deed, CNH and Iveco Group entered into a three-year Master Services Agreement (“FS MSA”) starting in 2022, with a three-year extension implemented, whereby each Party (and its subsidiaries) may provide services and/or financial services activities to the other (and its subsidiaries). Services provided under the FS MSA relate mainly to wholesale and retail financing activities to suppliers, distribution network and customers.
The transactions with Iveco Group post-Demerger are reflected in the consolidated financial statements as follows (in millions of dollars):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net sales$31 $68 $102 $125 
Purchases$168 $274 $598 $808 
September 30, 2024December 31, 2023
Trade receivables$17 $25 
Financial receivables from Iveco Group N.V.$274 $380 
Trade payables$129 $335 
Financial payables to Iveco Group N.V.$48 $146 
29

Transactions with Unconsolidated Subsidiaries and Affiliates
CNH sells agricultural and construction equipment and provides technical services to unconsolidated subsidiaries and affiliates such as CNH de Mexico SA de CV, Turk Traktor ve Ziraat Makineleri A.S. and New Holland HFT Japan Inc. CNH also purchases equipment from unconsolidated subsidiaries and affiliates, such as Turk Traktor ve Ziraat Makineleri A.S.
The following table sets forth the related party transactions entered into for the time period presented:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net sales$111 $137 $399 $430 
Purchases$88 $171 $347 $497 
September 30, 2024December 31, 2023
Trade receivables$4 $2 
Trade payables$55 $54 
At September 30, 2024 and December 31, 2023, CNH had provided guarantees totaling $33 million and $37 million, respectively, on certain commitments of its unconsolidated affiliate CNH Industrial Capital Europe S.a.S.
20. IMMATERIAL REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS
In the three months ended September 30, 2024, the Company corrected the accounting treatment for highly inflationary accounting related to its unconsolidated subsidiary in Turkey, TürkTraktör ve Ziraat Makineleri A.S. Refer to Note 1 for additional information. While the prior period amounts have been revised, as set forth below for comparability, the impact of the correction in these prior periods is not material to the consolidated financial statements of the Company in any of the impacted periods.
The prior period impacts to the Company’s Consolidated Statements of Operations were as shown below. In addition, Net income (loss) attributable to CNH Industrial N.V. decreased $33 million from $401 million to $368 million for the three months ended March 31, 2024 and decreased $34 million from $433 million to $399 million for the three months ended June 30, 2024.
Three Months Ended
September 30, 2023		Nine Months Ended
September 30, 2023
(in millions of dollars and shares, except per share amounts)Previously ReportedRevision ImpactsAs
Revised		Previously ReportedRevision ImpactsAs
Revised
Income (loss) of Consolidated Group before Income Taxes$662 $— $662 $2,126 $— $2,126 
Income tax expense(171)— (171)(536)— (536)
Equity in income of unconsolidated subsidiaries and affiliates79 (30)49 176 (62)114 
Net income (loss)570 (30)540 1,766 (62)1,704 
Net income (loss) attributable to noncontrolling interests 3 — 3 11 — 11 
Net income (loss) attributable to CNH Industrial N.V.$567 $(30)$537 $1,755 $(62)$1,693 
Earnings per share attributable to common shareholders
Basic$0.43 $(0.03)$0.40 $1.31 $(0.04)$1.27 
Diluted$0.42 $(0.02)$0.40 $1.30 $(0.05)$1.25 
Weighted average shares outstanding
Basic1,332 — 1,332 1,337 — 1,337 
Diluted1,351 — 1,351 1,355 — 1,355 
30

The prior period impacts to the Company's Consolidated Statements of Comprehensive income were as shown below.
Three Months Ended
September 30, 2023		Nine Months Ended
September 30, 2023
(in millions of dollars)Previously ReportedRevision ImpactsAs
Revised		Previously ReportedRevision ImpactsAs
Revised
Net income (loss)$570 $(30)$540 $1,766 $(62)$1,704 
Other comprehensive income (loss), net of tax
Share of other comprehensive income (loss) of entities using the equity method(8)— (8)(23)12 (11)
Other comprehensive loss, net of tax(58)— (58)(23)12 (11)
Comprehensive income (loss)512 (30)482 1,743 (50)1,693 
Less: Comprehensive income (loss) attributable to noncontrolling interests(1)— (1)10 — 10 
Comprehensive income (loss) attributable to CNH Industrial N.V.$513 $(30)$483 $1,733 $(50)$1,683 
The prior period impacts to the Company's Consolidated Balance Sheet were as shown below.
December 31, 2023
(in millions of dollars)Previously ReportedRevision ImpactsAs
Revised
Assets
Investments in unconsolidated subsidiaries and affiliates563 (84)479 
Total Assets$46,351 $(84)$46,267 
Liabilities and Equity
Total Liabilities38,117 — 38,117 
Redeemable equity54 — 54 
Retained earnings9,750 (96)9,654 
Accumulated other comprehensive income (loss)(2,374)12 (2,362)
Total Equity8,180 (84)8,096 
Total Liabilities and Equity$46,351 $(84)$46,267 
The prior period impacts to the Company's Consolidated Statement of Cash Flows were as follows:
Nine Months Ended
September 30, 2023
(in millions of dollars)Previously ReportedRevision ImpactsAs
Revised
Cash Flows from Operating Activities
Net Income (loss)$1,766 $(62)$1,704 
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Undistributed income of unconsolidated subsidiaries(125)62 (63)
Net cash provided (used) by operating activities(608)— (608)
21. SUBSEQUENT EVENTS
On October 10, 2024, CNH Industrial Capital Canada Ltd. completed its notes offering of CAD300 million in aggregate principal amount of 4.000% notes due April 11, 2028, with an issue price of 99.964%.
On October 9, 2024, CNH Industrial Capital LLC completed its notes offering of $500 million in aggregate principal amount of 4.500% notes due 2027, with an issue price of 99.809%.
31


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
CNH Industrial N.V. (“CNH” or the “Company”) is incorporated in, and under the laws of the Netherlands. CNH has its corporate seat in Amsterdam, the Netherlands, and its principal office in Basildon, England, United Kingdom. Unless otherwise indicated or the context otherwise requires, the terms “CNH” and the “Company” refer to CNH and its consolidated subsidiaries.
The Company has three reportable segments reflecting the three businesses directly managed by CNH Industrial N.V., consisting of: (i) Agriculture, which designs, produces and sells agricultural equipment (ii) Construction, which designs, produces and sells construction equipment, and (iii) Financial Services, which provides financial services to customers acquiring our products. The Company’s worldwide Agriculture and Construction operations, as well as corporate functions, are collectively referred to as “Industrial Activities.”
The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and the notes to our unaudited consolidated financial statements in this report, as well as our annual report on Form 10-K for the year ended December 31, 2023 ("2023 Annual Report") filed with the U.S. Securities and Exchange Commission (“SEC”). Results for the interim periods presented are not necessarily indicative of the results to be expected for the full fiscal year due to seasonal and other factors.
Certain financial information in this report has been presented by geographic region. Our geographic regions are: (1) North America; (2) Europe, Middle East and Africa ("EMEA"); (3) South America and (4) Asia Pacific. The geographic designations have the following meanings:
•North America: United States, Canada and Mexico;
•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;
•South America: Central and South America, and the Caribbean Islands; and
•Asia Pacific: Continental Asia (including the India subcontinent), Indonesia and Oceania.
Non-GAAP Financial Measures
CNH monitors its operations through the use of 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 to 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.
Our primary non-GAAP financial measures are defined as follows:
Adjusted EBIT of Industrial Activities
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. Such non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of ongoing operational activities.
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.
32

Revenues on a Constant Currency Basis
We discuss the fluctuations in revenues on a constant currency basis by applying the prior-year average exchange rates to current year’s revenue expressed in local currency in order to eliminate the impact of foreign exchange (“FX”) rate fluctuations.
A. OPERATING RESULTS
The operations and key financial measures and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, management believes that certain supplemental disclosures are important in understanding our consolidated operations and financial results. For further information, see “Supplemental Information” within this section, where we present supplemental consolidating data split by Industrial Activities and Financial Services. Transactions between Industrial Activities and Financial Services have been eliminated to arrive at the consolidated data.
Global Business Conditions
In combination with the downturn in our industry cycle, lower commodity prices, changes in government policies, higher interest rates and repercussions from geopolitical events, the global economy continues to experience events affecting our suppliers, customers and business operations. As a consequence of the industry downturn, and the resulting increase in dealer inventories of our products, the Company expects production volumes to decline for the rest of 2024 due to lower demand. Given these conditions, we expect manufacturing inefficiencies and lower fixed cost absorption.
For a discussion of the Company’s risks and uncertainties, see Part 1, Item 1A: Risk Factors in the Company’s Form 10-K for the year ended December 31, 2023 and Part II, Item 1A: Risk Factors within this Form 10-Q.
Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023
Consolidated Results of Operations
Three Months Ended September 30,
(in millions of dollars)2024
2023(1)
Revenues
Net sales$3,997 $5,332 
Finance, interest and other income657 654 
Total Revenues4,654 5,986 
Costs and Expenses
Cost of goods sold3,130 4,059 
Selling, general and administrative expenses426 462 
Research and development expenses221 266 
Restructuring expenses12 5 
Interest expense378 346 
Other, net127 186 
Total Costs and Expenses4,294 5,324 
Income of Consolidated Group before Income Taxes360 662 
Income tax expense(75)(171)
Equity in income of unconsolidated subsidiaries and affiliates25 49 
Net income (loss)310 540 
Net income (loss) attributable to noncontrolling interests4 3 
Net income (loss) attributable to CNH Industrial N.V.$306 $537 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
Revenues
We recorded revenues of $4,654 million for the three months ended September 30, 2024, a decline of 22.3% (down 20.9% on a constant currency basis) compared to the three months ended September 30, 2023. Net sales were $3,997 million in the three months ended September 30, 2024, a decrease of 25.0% (down 24.0% on a constant currency basis) compared to the three months ended September 30, 2023. This decline was primarily due to lower shipment volumes on decreased industry demand and reduced dealer inventory requirements.
33

Cost of Goods Sold
Cost of goods sold was $3,130 million for the three months ended September 30, 2024 compared with $4,059 million for the three months ended September 30, 2023. As a percentage of net sales of Industrial Activities, cost of goods sold was 78.3% in the three months ended September 30, 2024 (76.1% for the three months ended September 30, 2023), which was impacted by lower production volume and unfavorable mix, partially offset by improved purchasing and manufacturing costs.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were $426 million for the three months ended September 30, 2024 (9.2% of total revenues), down $36 million compared to the three months ended September 30, 2023 (7.7% of total revenues). Total expenses were lower primarily due to a decrease in labor costs, driven by the Company's restructuring program, partially offset by higher credit risk provisions in the Financial Services segment.
Research and Development Expenses
Research and development expenses were $221 million and $266 million for the three months ended September 30, 2024 and 2023, respectively.
Restructuring Expenses
Restructuring expenses were $12 million and $5 million for the three months ended September 30, 2024 and 2023, respectively. The Company’s restructuring program announced in November 2023 targets both labor and non-labor SG&A expenses. The Company has incurred a total of $124 million from launch to September 30, 2024 under this program which is substantially complete.
Interest Expense
Interest expense was $378 million for the three months ended September 30, 2024 compared to $346 million for the three months ended September 30, 2023. The interest expense attributable to Industrial Activities for the three months ended September 30, 2024, net of interest income and eliminations, was $36 million, compared to $10 million in the three months ended September 30, 2023.
Other, net
Other, net expenses were $127 million for the three months ended September 30, 2024 and included a gain of $14 million for a fair value adjustment related to an investment in unconsolidated subsidiary and a pre-tax gain of $6 million ($5 million after-tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.
Other, net expenses were $186 million for the three months ended September 30, 2023 and included a pre-tax gain of $6 million ($5 million after-tax) as a result of the amortization over 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.
Income Taxes
Three Months Ended September 30,
(in millions of dollars, except percentages)2024
2023(1)
Income of Consolidated Group before Income Taxes$360 $662 
Income tax (expense) benefit$(75)$(171)
Effective tax rate20.8 %25.8 %
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
Income tax expense for the three months ended September 30, 2024 was $75 million compared to $171 million for the three months ended September 30, 2023. The effective tax rate for the three months ended September 30, 2024 and 2023 was 20.8% and 25.8%, respectively. The reduction in the 2024 effective tax rate was due to the impact of the company's income mix, including the existence of credits and other permanent benefits, as well as by discrete items, including the impact of highly-inflationary accounting and tax-related inflation adjustments in Argentina and the one-time impact of a patent box tax deduction in the UK.
Equity in Income of Unconsolidated Subsidiaries and Affiliates
Equity in income of unconsolidated subsidiaries and affiliates was $25 million and $49 million for the three months ended September 30, 2024 and 2023, respectively.

34

Net Income
Net income was $310 million for the three months ended September 30, 2024, compared to net income of $540 million for the three months ended September 30, 2023. Net income for the three months ended September 30, 2024 included a gain of $14 million for a fair value adjustment related to an investment in unconsolidated subsidiary and a pre-tax gain of $6 million ($5 million after-tax) as a result of the amortization over 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification, partially offset by restructuring expenses of $12 million.
Net income for the three months ended September 30, 2023 included a pre-tax gain of $6 million ($5 million after-tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification, partially offset by restructuring expenses of $5 million.
Industrial Activities and Business Segments
The following tables show revenues and Adjusted EBIT by segment. We have also included a discussion of our results by Industrial Activities and each of our business segments:
Three Months Ended September 30,
(in millions of dollars, except percentages)20242023% Change% Change Excl. FX
Revenues:
Agriculture$3,310 $4,384 (24.5)%(23.6)%
Construction687 948 (27.5)%(26.0)%
Eliminations and other— — 
Total Net sales of Industrial Activities3,997 5,332 (25.0)%(24.0)%
Financial Services659 653 0.9 %4.6 %
Eliminations and other(2)1 
Total Revenues$4,654 $5,986 (22.3)%(20.9)%
Three Months Ended September 30,
(in millions of dollars, except percentages)2024
2023(1)
$ Change2024 Adj EBIT Margin2023 Adj EBIT Margin
Adjusted EBIT by segment:
Agriculture$336 $642 $(306)10.2 %14.6 %
Construction40 60 (20)5.8 %6.3 %
Unallocated items, eliminations and other(40)(75)35 
Total Adjusted EBIT of Industrial Activities$336 $627 $(291)8.4 %11.8 %
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
Net sales of Industrial Activities were $3,997 million during the three months ended September 30, 2024, a decrease of 25.0% compared to the three months ended September 30, 2023 (down 24.0% on a constant currency basis). This decline was primarily due to lower shipment volumes on decreased industry demand, reduced dealer inventory unit requirements across all regions and unfavorable net price realization due to enhanced retail actions.

Adjusted EBIT of Industrial Activities was $336 million during the three months ended September 30, 2024, compared to an adjusted EBIT of $627 million during the three months ended September 30, 2023. The decline was primarily due to lower industry volumes; partially offset by improved purchasing and manufacturing costs, and a continued reduction in SG&A expenses.
Segment Performance
Agriculture
Net Sales
The following table shows Agriculture net sales by geographic region for the three months ended September 30, 2024 compared to the three months ended September 30, 2023:
35

Agriculture Sales—by geographic region
Three Months Ended September 30,
(in millions of dollars, except percentages)20242023% Change
North America$1,402 $1,807 (22.4)%
Europe, Middle East and Africa905 1,202 (24.7)%
South America582 830 (29.9)%
Asia Pacific421 545 (22.8)%
Total$3,310 $4,384 (24.5)%
Agriculture's net sales totaled $3,310 million in the three months ended September 30, 2024, a decrease of 24.5% compared to the three months ended September 30, 2023 (down 23.6% on a constant currency basis) This decline was primarily due to lower shipment volumes on decreased industry demand, dealer inventory unit requirements across all regions and unfavorable net price realization due to enhanced retail actions.
In North America, industry volume was down 18% year-over-year in the third quarter for tractors under 140 HP and was down 17% for tractors over 140 HP; combines were down 29%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 20% and 50%, respectively. South America tractor and combine demand was down 12% and 32%, respectively, continuing the negative trend of previous quarters. Asia Pacific tractor demand was up 1%, while combine demand was down 33%.
Adjusted EBIT
Adjusted EBIT was $336 million in the three months ended September 30, 2024, compared to $642 million in the three months ended September 30, 2023. The decrease was 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 6.0% of sales (5.5% in the three months ended September 30, 2023). Adjusted EBIT margin was 10.2% (14.6% in the three months ended September 30, 2023).
Construction
Net Sales
The following table shows Construction net sales by geographic region for the three months ended September 30, 2024 compared to the three months ended September 30, 2023:
Construction Sales—by geographic region
Three Months Ended September 30,
(in millions of dollars, except percentages)20242023% Change
North America$358 $544 (34.2)%
Europe, Middle East and Africa151 200 (24.5)%
South America136 147 (7.5)%
Asia Pacific42 57 (26.3)%
Total$687 $948 (27.5)%
Construction's net sales totaled $687 million in the three months ended September 30, 2024, a decline of 27.5% compared to the three months ended September 30, 2023 (down 26.0% on a constant currency basis), due to lower volumes driven mainly by a decrease in market demand across all regions.
Global industry volume for construction equipment increased 1% year-over-year in the third quarter for Heavy construction equipment; Light construction equipment was down 9%. Aggregated demand decreased 16% in EMEA and 7% in North America, but increased 11% in South America and 3% in Asia Pacific.
Adjusted EBIT
Adjusted EBIT was $40 million in the three months ended September 30, 2024, compared to $60 million in the three months ended September 30, 2023 as a result of lower volumes and unfavorable net price realization; partially offset by improved product costs, better plant efficiencies and lower SG&A expenses. Adjusted EBIT margin was 5.8% (6.3% in the three months ended September 30, 2023).
36

Financial Services Performance
Finance, Interest and Other Income
Revenues of Financial Services were $659 million in the three months ended September 30, 2024, up 0.9% compared to the three months ended September 30, 2023 (up 4.6% on a constant currency basis), due to favorable volumes in all regions except EMEA and higher yields in North America; partially offset by decreased yields in South America due to product mix, and lower used equipment sales due to decreased operating lease maturities.
Net Income
Net income of Financial Services was $78 million in the three months ended September 30, 2024, a decrease of $8 million compared to the three months ended September 30, 2023, primarily due to increased risk costs driven by higher delinquencies in South America, partially offset by higher volumes and interest margin improvements in most regions.
In the three months ended September 30, 2024, retail loan originations, including unconsolidated joint ventures, were $2.8 billion, down $0.2 billion compared to 2023 (down $0.2 billion on a constant currency basis.) The managed portfolio (including unconsolidated joint ventures) was $29.0 billion as of September 30, 2024 (of which retail was 67% and wholesale was 33%), up $2.2 billion compared to September 30, 2023 (up $2.2 billion on a constant currency basis).
At September 30, 2024, the receivables balance greater than 30 days past due as a percentage of receivables was down sequentially to 2.2%, however was elevated from prior year (1.6% as of September 30, 2023) due to economic and environmental factors, specifically in South America.
Reconciliation of Net Income (Loss) to Adjusted EBIT
The following table includes the reconciliation of Adjusted EBIT, a non-GAAP financial measure, to net income, the most comparable U.S. GAAP financial measure:
Three Months Ended September 30,
(in millions of dollars)2024
2023(1)
Agriculture$336 $642 
Construction
40 60 
Unallocated items, eliminations and other(40)(75)
Total Adjusted EBIT of Industrial Activities336 627 
Financial Services Net income (loss)78 86 
Financial Services Income Taxes13 34 
Interest expense of Industrial Activities, net of interest income and eliminations(36)(10)
Foreign exchange gains (losses), net of Industrial Activities(8)(21)
Finance and non-service component of Pension and other post-employment benefit cost of Industrial Activities(2)
— — 
Restructuring expense of Industrial Activities(12)(5)
Other discrete items(3)
14 — 
Income (loss) before taxes385 711 
Income tax (expense) benefit(75)(171)
Net income (loss)$310 $540 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
(2) In the three months ended September 30, 2024 and 2023, this item includes the pre-tax gain of $6 million as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.
(3) In the three months ended September 30, 2024, this item includes a gain of $14 million for a fair value adjustment related to an investment in unconsolidated subsidiary. In the three months ended September 30, 2023, this item did not include any discrete items.

37

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023
Consolidated Results of Operations
Nine Months Ended September 30,
(in millions of dollars)
2024(1)
2023(1)
Revenues
Net sales$12,931 $16,062 
Finance, interest and other income2,029 1,833 
Total Revenues14,960 17,895 
Costs and Expenses
Cost of goods sold10,027 12,133 
Selling, general and administrative expenses1,298 1,385 
Research and development expenses686 766 
Restructuring expenses94 8 
Interest expense1,190 941 
Other, net449 536 
Total Costs and Expenses13,744 15,769 
Income of Consolidated Group before Income Taxes1,216 2,126 
Income tax expense(247)(536)
Equity in income of unconsolidated subsidiaries and affiliates114 114 
Net income (loss)1,083 1,704 
Net income (loss) attributable to noncontrolling interests10 11 
Net income (loss) attributable to CNH Industrial N.V.$1,073 $1,693 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
Revenues
We recorded revenues of $14,960 million for the nine months ended September 30, 2024, a decline of 16.4% (down 15.8% on a constant currency basis) compared to the nine months ended September 30, 2023. Net sales were $12,931 million in the nine months ended September 30, 2024, a decline of 19.5% (down 19.0% on a constant currency basis) compared to the nine months ended September 30, 2024. This decline was mainly due to lower shipment volumes on decreased industry demand and reduced dealer inventory unit requirements.
Cost of Goods Sold
Cost of goods sold was $10,027 million for the nine months ended September 30, 2024 compared with $12,133 million for the nine months ended September 30, 2023. As a percentage of net sales of Industrial Activities, cost of goods sold was 77.5% in the nine months ended September 30, 2024 (75.5% for the nine months ended September 30, 2023), which was impacted by lower production volumes and unfavorable mix, partially offset by improved purchasing and manufacturing costs.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were $1,298 million for the nine months ended September 30, 2024 (8.7% of total revenues), down $87 million compared to the nine months ended September 30, 2023 (7.7% of total revenues). Total expenses were lower primarily due to a decrease in labor costs, driven by the Company's restructuring program, partially offset by higher credit risk provisions in the Financial Services segment.
Research and Development Expenses
Research and development expenses were $686 million and $766 million for the nine months ended September 30, 2024 and 2023, respectively.
Restructuring Expenses
Restructuring expenses were $94 million and $8 million for the nine months ended September 30, 2024 and 2023, respectively. The Company’s restructuring program announced in November 2023 targets both labor and non-labor SG&A expenses. The Company has incurred a total of $124 million from launch to September 30, 2024 under this program which is substantially complete.
38


Interest Expense
Interest expense was $1,190 million for the nine months ended September 30, 2024 compared to $941 million for the nine months ended September 30, 2023. The interest expense attributable to Industrial Activities for the three months ended September 30, 2024, net of interest income and eliminations, was $114 million, compared to $36 million in the nine months ended September 30, 2023.
Other, net
Other, net expenses were $449 million for the nine months ended September 30, 2024 and included a loss on the sale of non-core product lines of $15 million, offset by a pre-tax gain of $18 million ($14 million after-tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification and a gain of $14 million for a fair value adjustment related to an investment in unconsolidated subsidiary.
Other, net expenses were $536 million for the nine months ended September 30, 2023 and includes a loss of $23 million on the sale of CNH Industrial Russia and CNH Capital Russia, offset by a pre-tax gain of $18 million ($14 million after-tax) as a result of the amortization over 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification and a gain of $13 million in relation to the fair value remeasurement of previously held investments in Augmenta and Bennamann.
Income Taxes
Nine Months Ended September 30,
(in millions of dollars, except percentages)2024
2023(1)
Income of Consolidated Group before Income Taxes$1,216 $2,126 
Income tax (expense) benefit$(247)$(536)
Effective tax rate20.3 %25.2 %
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
Income tax expense for the nine months ended September 30, 2024 was $247 million compared to $536 million for the nine months ended September 30, 2023. The effective tax rate for the nine months ended September 30, 2024 and 2023 was 20.3% and 25.2%, respectively. The reduction in the effective tax rate for the nine months ended September 30, 2024 was due to discrete items that reduced the rate in 2024, including the impact of highly-inflationary accounting and tax-related inflation adjustments in Argentina. The 2023 effective tax rate was reduced by the impact related to the sale of CNH Industrial Russia, although this tax reduction was partially offset by discrete tax expenses associated with prior periods.
Equity in Income of Unconsolidated Subsidiaries and Affiliates
Equity in income of unconsolidated subsidiaries and affiliates was $114 million and $114 million for the nine months ended September 30, 2024 and 2023, respectively.
Net Income
Net income was $1,083 million for the nine months ended September 30, 2024, compared to net income of $1,704 million for the nine months ended September 30, 2023. Net income for the nine months ended September 30, 2024 included restructuring expenses of $94 million and a loss of $15 million on the sale of certain non-core product lines, partially offset by a pre-tax gain of $18 million ($14 million after-tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification and a gain of $14 million for a fair value adjustment related to an investment in unconsolidated subsidiary.
Net income for the nine months ended September 30, 2023 included a loss of $17 million related to the sale of CNH Industrial Russia, a loss of $6 million related to CNH Capital Russia, and restructuring expenses of $8 million, offset by a pre-tax gain of $18 million ($14 million after-tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification and a gain of $13 million in relation to the fair value remeasurement of previously held investments in Augmenta and Bennamann.

39

Industrial Activities and Business Segments
The following tables show revenues and Adjusted EBIT by segment. We have also included a discussion of our results by Industrial Activities and each of our business segments:
截至9月30日的九個月
(以百萬美元計算，不包括百分比)20242023% 更改% 變動（不包括外匯期貨）
營業收入：
農業$10,596 $13,201 (19.7)%(19.3)%
施工2,335 2,861 (18.4)%(17.8)%
消除與其他— — 
工業活動的總淨銷售額12,931 16,062 (19.5)%(19.0)%
金融服務2,031 1,805 12.5 %14.1 %
消除與其他(2)28 
總收入$14,960 $17,895 (16.4)%(15.8)%
截至9月30日的九個月
(以百萬美元計，百分比除外)
2024(1)
2023(1)
金額變化2024年調整後的EBIT利潤率2023年調整後的EBIT利潤率
按部門調整的EBIT：
農業$1,226 $2,001 $(775)11.6 %15.2 %
施工151 176 (25)6.5 %6.2 %
未分配項目，清理和其他項目(167)(205)38 
工業活動的總調整EBIT$1,210 $1,972 $(762)9.4 %12.3 %
(1) 查看第20項對前期基本報表的微不足道修訂。
截至2024年9月30日的九個月內，工業活動的淨銷售額爲1293100萬美元，較2023年9月30日的九個月下降了19.5%（按不變貨幣計算下降了19.0%）。這一下降主要是由於減少的行業需求和經銷商庫存單位要求導致的裝運量減少。
截至2024年9月30日的九個月內，工業活動的調整後EBIT爲121000萬美元，而截至2023年9月30日的九個月內調整後EBIT爲197200萬美元。下降主要是由於因行業需求減少導致的成交量下降以及農產品行業的不利組合；部分被採購和製造成本的改善所抵消，以及SG&A費用的持續降低。
各業務表現
農業
淨銷售額
下表顯示了截至2024年9月30日的九個月和截至2023年9月30日的九個月的農業淨銷售額按地域板塊分類的情況：
農業銷售—按地域板塊
截至9月30日的九個月
(以百萬美元爲單位，除百分比外)20242023% 更改
北美$4,583 $5,167 (11.3)%
歐洲、中東和非洲3,214 4,225 (23.9)%
南美洲1,623 2,410 (32.7)%
亞太地區1,176 1,399 (15.9)%
總計$10,596 $13,201 (19.7)%
40

截至2024年9月30日的九個月裏，農業的淨銷售額總計爲1059600萬美元，比2023年9月30日的九個月下降了19.7%（在固定貨幣基礎上下降了19.3%），主要由於各地區行業需求減少和經銷商庫存單位要求降低，導致出貨量下降。
For the nine months ended September 30, 2024 in North America, industry volume was down 14% year-over-year for tractors under 140 HP and down 6% for tractors over 140 HP; combines were down 19%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 14% and down 42%, respectively. South America tractor demand was down 12% and combine demand was down 34% continuing the negative trend of the second half of 2023. Asia Pacific tractor demand was down 4% while combine demand was up 12% in the region as a whole.
Adjusted EBIT
Adjusted EBIT was $1,226 million in the nine months ended September 30, 2024, compared to $2,001 million in the nine months ended September 30, 2023. The decrease was driven by lower volumes and unfavorable mix, partially offset by improved purchasing and manufacturing costs, along with a continued reduction in SG&A expenses. R&D investments accounted for 5.8% of sales (5.2% in the nine months ended September 30, 2023). Adjusted EBIT margin was 11.6%.
Construction
Net Sales
The following table shows Construction net sales by geographic region for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023:
Construction Sales—by geographic region
Nine Months Ended September 30,
(in millions of dollars, except percentages)20242023% Change
North America$1,300 $1,594 (18.4)%
Europe, Middle East and Africa479 650 (26.3)%
South America394 425 (7.3)%
Asia Pacific162 192 (15.6)%
Total$2,335 $2,861 (18.4)%
Construction's net sales totaled $2,335 million in the nine months ended September 30, 2024, a decline of 18.4% compared to the nine months ended September 30, 2023 (down 17.8% on a constant currency basis), due to lower volume across all regions driven mainly by lower market demand.
In the nine months ended September 30, 2024 global industry volume for construction equipment decreased 1% year-over-year for Heavy construction equipment; Light construction equipment was down 7%. Aggregated demand decreased 14% in EMEA and decreased 6% in North America, but increased 12% in South America and increased 1% in Asia Pacific.
Adjusted EBIT
Adjusted EBIT was $151 million in the nine months ended September 30, 2024, compared to $176 million in the nine months ended September 30, 2023 as a result of lower volumes, mostly offset by improved purchasing and manufacturing costs, along with lower SG&A expenses. Adjusted EBIT margin was 6.5%.
Financial Services Performance
Finance, Interest and Other Income
Revenues of Financial Services were $2,031 million in the nine months ended September 30, 2024, up 12.5% compared to the nine months ended September 30, 2023 (up 14.1% on a constant currency basis), due to favorable volumes in all regions except EMEA and higher yields in all regions, except South America, partially offset by lower used equipment sales due to decreased operating lease maturities.
Net Income
Net income of Financial Services was $287 million in the nine months ended September 30, 2024, an increase of $29 million compared to the nine months ended September 30, 2023, primarily due to favorable volumes in all regions except EMEA, margin improvement in all regions except Asia Pacific, and a favorable effective tax rate due to Argentina inflation adjustment in the current year; partially offset by increased risk costs due to higher aged delinquencies in South America, increased specific reserve needs in North America and lower used equipment sales from less operating lease maturities.
41

In the nine months ended September 30, 2024, retail loan originations, including unconsolidated joint ventures, were $8.2 billion, up $0.1 billion compared to 2023 (up $0.2 billion on a constant currency basis). The managed portfolio, including unconsolidated joint ventures, was $29.0 billion as of September 30, 2024 (of which retail was 67% and wholesale 33%), up $2.2 billion compared to September 30, 2023 (up $2.2 billion on a constant currency basis).
At September 30, 2024, the receivables balance greater than 30 days past due as a percentage of receivables was down sequentially to 2.2%, however was elevated from prior year (1.6% as of September 30, 2023) due to economic and environmental factors, specifically in South America.
Reconciliation of Net Income (Loss) to Adjusted EBIT
The following table includes the reconciliation of Adjusted EBIT, a non-GAAP financial measure, to net income, the most comparable U.S. GAAP financial measure:
Nine Months Ended September 30,
(in millions of dollars)
2024(1)
2023(1)
Agriculture$1,226 $2,001 
Construction
151 176 
Unallocated items, eliminations and other(167)(205)
Total Adjusted EBIT of Industrial Activities1,210 1,972 
Financial Services Net income (loss)287 258 
Financial Services Income Taxes55 89 
Interest expense of Industrial Activities, net of interest income and eliminations(114)(36)
Foreign exchange gains (losses), net of Industrial Activities(12)(27)
Finance and non-service component of Pension and other post-employment benefit cost of Industrial Activities(2)
(2)2 
Restructuring expense of Industrial Activities(93)(8)
Other discrete items(3)
(1)(10)
Income (loss) before taxes1,330 2,240 
Income tax (expense) benefit(247)(536)
Net income (loss)$1,083 $1,704 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
(2) In the nine months ended September 30, 2024 and 2023, this item includes the pre-tax gain of $18 million as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.
(3) In the nine months ended September 30, 2024, this item includes a gain of $14 million for a fair value adjustment related to an investment in unconsolidated subsidiary. offset by a loss of $15 million on the sale of certain non-core product lines. In the nine months ended September 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.

42

Supplemental Information
The operations, key financial measures, and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, management believes that certain supplemental disclosures are important in understanding the consolidated operations and financial results of CNH. This supplemental information does not purport to represent the operations of each group as if each group were to operate on a standalone basis. This supplemental data includes:
Industrial Activities—The financial information captioned “Industrial Activities” reflects the consolidation of all majority-owned subsidiaries except for the Financial Services business.
Financial Services—The financial information captioned “Financial Services” reflects the consolidation or combination of the Financial Services business.
Statement of Operations
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
(in millions of dollars)
Industrial Activities(2)
Financial ServicesEliminationsConsolidated
Industrial Activities(1)(2)
Financial ServicesEliminationsConsolidated
Revenues
Net sales$3,997 $— $— $3,997 $5,332 $— $— $5,332 
Finance, interest and other income27 659 (29)(3)657 49 653 (48)(3)654 
Total Revenues4,024 659 (29)4,654 5,381 653 (48)5,986 
Costs and Expenses
Cost of goods sold3,130 — — 3,130 4,059 — — 4,059 
Selling, general & administrative expenses313 113 — 426 398 64 — 462 
Research and development expenses221 — — 221 266 — — 266 
Restructuring expenses12 — — 12 5 — — 5 
Interest expense63 344 (29)(4)378 59 335 (48)(4)346 
Other, net11 116 — 127 47 139 — 186 
Total Costs and Expenses3,750 573 (29)4,294 4,834 538 (48)5,324 
Income of Consolidated Group before Income Taxes274 86 — 360 547 115 — 662 
Income tax expense(62)(13)— (75)(137)(34)— (171)
Equity in income of unconsolidated subsidiaries and affiliates
20 5 — 25 44 5 — 49 
Net income (loss)$232 $78 $— $310 $454 $86 $— $540 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
(2) 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.
(3) Eliminations of Financial Services' interest income earned from Industrial Activities.
(4) Eliminations of Industrial Activities' interest expense to Financial Services.
43

Statement of Operations
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in millions of dollars)
Industrial Activities(2)
Financial ServicesEliminationsConsolidated
Industrial Activities(1) (2)
Financial ServicesEliminationsConsolidated
Revenues
Net sales$12,931 $— $— $12,931 $16,062 $— $— $16,062 
Finance, interest and other income98 2,031 (100)(3)2,029 153 1,805 (125)(3)1,833 
Total Revenues13,029 2,031 (100)14,960 16,215 1,805 (125)17,895 
Costs and Expenses
Cost of goods sold10,027 — — 10,027 12,133 — — 12,133 
Selling, general & administrative expenses1,029 269 — 1,298 1,219 166 — 1,385 
Research and development expenses686 — — 686 766 — — 766 
Restructuring expenses93 1 — 94 8 — — 8 
Interest expense212 1,078 (100)(4)1,190 189 877 (125)(4)941 
Other, net94 355 — 449 109 427 — 536 
Total Costs and Expenses12,141 1,703 (100)13,744 14,424 1,470 (125)15,769 
Income of Consolidated Group before Income Taxes888 328 — 1,216 1,791 335 — 2,126 
Income tax expense(192)(55)— (247)(447)(89)— (536)
Equity in income of unconsolidated subsidiaries and affiliates
100 14 — 114 102 12 — 114 
Net income (loss)$796 $287 $— $1,083 $1,446 $258 $— $1,704 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
(2) 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.
(3) Eliminations of Financial Services' interest income earned from Industrial Activities.
(4) Eliminations of Industrial Activities' interest expense to Financial Services.



44

Balance Sheets
September 30, 2024December 31, 2023
(in millions of dollars)
Industrial Activities(1)
Financial ServicesEliminationsConsolidated
Industrial Activities(1) (2)
Financial ServicesEliminationsConsolidated
Assets
Cash and cash equivalents$1,358 $443 $— $1,801 $3,532 $790 $— $4,322 
Restricted cash98 551 — 649 96 627 — 723 
Trade receivables, net215 6 (9)(3)212 136 9 (12)(3)133 
Financing receivables, net267 24,316 (521)(4)24,062 393 24,539 (683)(4)24,249 
Financial receivables from Iveco Group N.V.164 110 — 274 302 78 — 380 
Inventories, net5,886 44 — 5,930 5,522 23 — 5,545 
Property, plant and equipment, net1,979 1 — 1,980 1,912 1 — 1,913 
Investments in unconsolidated subsidiaries and affiliates394 138 — 532 356 123 — 479 
Equipment under operating leases48 1,358 — 1,406 39 1,378 — 1,417 
Goodwill, net3,475 140 — 3,615 3,473 141 — 3,614 
Other intangible assets, net1,228 23 — 1,251 1,266 26 — 1,292 
Deferred tax assets904 165 (112)(5)957 933 181 (135)(5)979 
Derivative assets61 112 (14)(6)159 48 104 (16)(6)136 
Other assets1,265 125 (185)(3)1,205 1,149 119 (183)(3)1,085 
Total Assets$17,342 $27,532 $(841)$44,033 $19,157 $28,139 $(1,029)$46,267 
Liabilities and Equity
Debt$4,675 $23,281 $(656)(4)$27,300 $4,433 $23,721 $(828)(4)$27,326 
Financial payables from Iveco Group N.V.3 45 — 48 6 140 — 146 
Trade payables2,288 130 (9)(3)2,409 3,424 198 (11)(3)3,611 
Deferred tax liabilities36 112 (112)(5)36 35 135 (135)(5)35 
Pension, postretirement and other postemployment benefits444 6 — 450 471 5 — 476 
Derivative liabilities100 59 (14)(6)145 116 116 (16)(6)216 
Other liabilities4,959 967 (50)(3)5,876 5,311 1,035 (39)(3)6,307 
Total Liabilities12,505 24,600 (841)36,264 13,796 25,350 (1,029)38,117 
Redeemable noncontrolling interest57 — — 57 54 — — 54 
Equity4,780 2,932 — 7,712 5,307 2,789 — 8,096 
Total Liabilities and Equity$17,342 $27,532 $(841)$44,033 $19,157 $28,139 $(1,029)$46,267 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
(2) 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.
(3) Eliminations of primarily receivables/payables between Industrial Activities and Financial Services.
(4) Eliminations of financing receivables/payables between Industrial Activities and Financial Services.
(5) Reclassification of deferred tax assets/liabilities in the same jurisdiction and reclassification needed for appropriate consolidated presentation.
(6) Elimination of derivative assets/liabilities between Industrial Activities and Financial Services.

45

Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in millions of dollars)
Industrial Activities(2)
Financial ServicesEliminationsConsolidated
Industrial Activities(1)(2)
Financial ServicesEliminationsConsolidated
Cash Flows from Operating Activities
Net income (loss)$796 $287 $— $1,083 $1,446 $258 $— $1,704 
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization expense excluding assets under operating lease312 3 — 315 273 3 — 276 
Depreciation and amortization expense of assets under operating lease6 133 — 139 6 134 — 140 
(Gain) loss from disposal of assets, net7 — — 7 21 — — 21 
Undistributed income of unconsolidated subsidiaries88 (14)(105)(3)(31)(47)(12)(4)(3)(63)
Other non-cash items, net45 231 — 276 73 63 — 136 
Changes in operating assets and liabilities:
Provisions54 (2)— 52 617 1 — 618 
Deferred income taxes17 (48)— (31)(271)(48)— (319)
Trade and financing receivables related to sales, net
(81)565 (2)(4)482 (25)(1,582)5 (4)(1,602)
Inventories, net(468)212 — (256)(1,722)279 — (1,443)
Trade payables(1,154)(65)2 (4)(1,217)(56)(40)(5)(4)(101)
Other assets and liabilities(507)(36)— (543)(174)199 — 25 
Net cash provided (used) by operating activities(885)1,266 (105)276 141 (745)(4)(608)
Cash Flows from Investing Activities
Additions to retail receivables— (5,917)— (5,917)— (5,689)— (5,689)
Collections of retail receivables— 4,840 — 4,840 — 4,308 — 4,308 
Proceeds from sale of asset, excluding assets sold under operating leases1 — — 1 1 — — 1 
Expenditures for property, plant and equipment and intangible assets, excluding assets under operating lease(329)(1)— (330)(397)(4)— (401)
Expenditures for assets under operating lease(27)(354)— (381)(26)(358)— (384)
Other, net206 (195)(1)10 460 (441)104 123 
Net cash provided (used) by investing activities(149)(1,627)(1)(1,777)38 (2,184)104 (2,042)
Cash Flows from Financing Activities
Proceeds from long-term debt1,916 11,178 — 13,094 — 7,510 — 7,510 
Payments of long-term debt(1,855)(10,354)— (12,209)(1,002)(5,476)— (6,478)
Net increase (decrease) in other financial liabilities165 (757)— (592)225 705 — 930 
Dividends paid(600)(105)105 (3)(600)(531)(4)4 (3)(531)
Purchase of treasury stock and other(689)(1)1 (689)(224)104 (104)(224)
Net cash provided (used) by financing activities(1,063)(39)106 (996)(1,532)2,839 (100)1,207 
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash
(75)(23)— (98)1 (2)— (1)
Net increase (decrease) in cash and cash equivalents(2,172)(423)— (2,595)(1,352)(92)— (1,444)
Cash and cash equivalents, beginning of year3,628 1,417 — 5,045 3,960 1,169 — 5,129 
Cash and cash equivalents, end of period$1,456 $994 $— $2,450 $2,608 $1,077 $— $3,685 
(1) See Note 20 Immaterial Revision of Prior Period Financial Statements.
(2) 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.
(3) 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.
(4) This item includes the elimination of certain minor activities between Industrial Activities and Financial Services.
46

B. CRITICAL ACCOUNTING ESTIMATES
See our critical accounting estimates discussed in Part II, Item 7. Management's Discussion and Analysis of Financial Condition—Critical Accounting Estimates of our 2023 Annual Report. There have been no material changes to these estimates.
C. LIQUIDITY AND CAPITAL RESOURCES
The following discussion of liquidity and capital resources principally focuses on our consolidated statement of cash flows and our consolidated statement of financial position. Our operations are capital intensive and subject to seasonal variations in financing requirements for dealer receivables and dealer and company inventories. Whenever necessary, funds from operating activities are supplemented from external sources. CNH focuses on cash preservation and leveraging its good access to funding in order to maintain solid financial strength and liquidity.
Cash Flow Analysis
At September 30, 2024, Cash and cash equivalents and Restricted cash were $2,450 million, a decrease of $2,595 million from $5,045 million at December 31, 2023, primarily due to operating activity cash absorption, the share buyback program, dividends paid, receivable portfolio absorption, and investments in fixed assets, partially offset by an increase in external borrowing to support working capital requirements.
At September 30, 2024, Cash and cash equivalents were $1,801 million ($4,322 million at December 31, 2023) and Restricted cash was $649 million ($723 million at December 31, 2023), respectively. Undrawn medium-term unsecured committed facilities were $5,215 million ($5,945 million at December 31, 2023). At September 30, 2024, the aggregate of Cash and cash equivalents, Restricted cash, undrawn medium-term unsecured committed facilities, and net financial receivables from Iveco Group which we consider to constitute our principal liquid assets (or "available liquidity"), totaled $7,891 million ($11,224 million at December 31, 2023). At September 30, 2024, this amount also included $226 million net financial receivables from Iveco Group ($234 million net financial receivables at December 31, 2023) consisting of net financial receivables mainly towards Financial Services of Iveco Group.
Net Cash from Operating Activities
Cash provided by operating activities in the nine months ended September 30, 2024 totaled $276 million and primarily comprised the following elements:
▪$1,083 million net income;
▪plus $454 million in non-cash charges for depreciation and amortization ($315 million excluding equipment on operating leases);
▪less change in working capital of $1,534 million.
In the nine months ended September 30, 2023, net cash used in operating activities was $608 million primarily as a result of $3,121 million change in working capital and $319 million change in deferred income taxes, partially offset by $1,704 million in net income, $618 million change in provisions, $416 million in non-cash charges for depreciation and amortization.
Net Cash from Investing Activities
Net cash used in investing activities was $1,777 million in the nine months ended September 30, 2024 and was primarily due to net additions to retail receivables ($1,077 million), expenditures for assets under operating leases ($381 million), and expenditures for property, plant and equipment and intangible assets, excluding assets under operating lease ($330 million).
Net cash used in investing activities was $2,042 million in the nine months ended September 30, 2023 and was primarily due to additions to retail receivables ($1,381 million), expenditures for assets under operating leases ($384 million), expenditures for property, plant and equipment and intangible assets, net of assets under operating lease ($401 million).
Net Cash from Financing Activities
Net cash used in financing activities was $996 million in the nine months ended September 30, 2024 and was primarily due to the shares buyback program and dividends paid, partially offset by $293 million increase in external borrowings to support working capital requirements.
Net cash provided by financing activities was $1,207 million in the nine months ended September 30, 2023 and was primarily due to an increase in external borrowings to support working capital requirements and an increase to our Financial Services portfolio, partially offset by dividends paid.
A summary of total debt as of September 30, 2024 and December 31, 2023 is as follows (in millions of dollars):
47

September 30, 2024December 31, 2023
Industrial ActivitiesFinancial ServicesTotalIndustrial ActivitiesFinancial ServicesTotal
Total bonds$4,033 $5,703 $9,736 $3,986 $5,170 $9,156 
Asset-backed debt— 12,009 12,009 — 11,716 11,716 
Other debt379 5,176 5,555 146 6,308 6,454 
Intersegment debt263 393 — 301 527 — 
Total Debt4,675 23,281 27,300 4,433 23,721 27,326 
Financial payables to Iveco Group3 45 48 6 140 146 
Total Debt (including Financial payables to Iveco Group)$4,678 $23,326 $27,348 $4,439 $23,861 $27,472 























48

A summary of issued bonds outstanding as of September 30, 2024 is as follows (in millions of dollars, except percentages):
CurrencyFace value of outstanding bondsCouponMaturityOutstanding amount
Industrial Activities
Euro Medium Term Notes:
CNH Industrial Finance Europe S.A. (1)
EUR650 1.750 %September 12, 2025727 
CNH Industrial Finance Europe S.A. (1)
EUR100 3.500 %November 12, 2025112 
CNH Industrial Finance Europe S.A. (1)
EUR500 1.875 %January 19, 2026560 
CNH Industrial Finance Europe S.A. (1)
EUR600 1.750 %March 25, 2027672 
CNH Industrial Finance Europe S.A. (1)
EUR50 3.875 %April 21, 202856 
CNH Industrial Finance Europe S.A. (1)
EUR500 1.625 %July 3, 2029560 
CNH Industrial Finance Europe S.A. (1)
EUR50 2.200 %July 15, 203956 
CNH Industrial N.V. (1)
EUR7503.750 %June 11, 2031840
Other Bonds:
CNH Industrial N.V. (2)
USD500 3.850 %November 15, 2027500 
Hedging effects, bond premium/discount, and unamortized issuance costs(50)
Total Industrial Activities $4,033 
Financial Services
CNH Industrial Capital LLCUSD500 3.950 %May 23, 2025500 
CNH Industrial Capital LLCUSD400 5.450 %October 14, 2025400 
CNH Industrial Capital LLCUSD500 1.875 %January 15, 2026500 
CNH Industrial Capital LLCUSD600 1.450 %July 15, 2026600 
CNH Industrial Capital LLCUSD600 4.550 %April 10, 2028600 
CNH Industrial Capital LLCUSD500 5.500 %January 12, 2029500 
CNH Industrial Capital LLCUSD600 5.100 %April 20, 2029600 
CNH Industrial Capital Australia Pty Ltd.AUD500 5.400%
5.800%		2026/2027346 
CNH Industrial Capital Canada LtdCAD300 1.500 %October 1, 2024222 
CNH Industrial Capital Canada LtdCAD400 5.500 %August 11, 2026296 
CNH Industrial Capital Canada LtdCAD400 4.800 %March 25, 2027296 
CNH Industrial Capital Argentina SAUSD107 0.000%
7.500%		2025/2026107 
Banco CNH Industrial Capital S.A.BRL4,065 11.260%
12.850%		2024/2028750 
Hedging effects, bond premium/discount, and unamortized issuance costs(14)
Total Financial Services$5,703 
(1)    Bond listed on the Irish Stock Exchange.
(2)    Bond listed on the New York Stock Exchange.

The calculation of Net Debt as of September 30, 2024 and December 31, 2023 and the reconciliation of Total Debt, the U.S. GAAP financial measure that we believe to be most directly comparable to Net Debt are shown below (in millions of dollars):
49

ConsolidatedIndustrial ActivitiesFinancial Services
September 30, 2024December 31, 2023September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Third party (debt)$(27,300)$(27,326)$(4,412)$(4,132)$(22,888)$(23,194)
Intersegment notes payable — — (263)(301)(393)(527)
Financial payables to Iveco Group N.V.(48)(146)(3)(6)(45)(140)
Total Debt(1)
(27,348)(27,472)(4,678)(4,439)(23,326)(23,861)
Cash and cash equivalents1,801 4,322 1,358 3,532 443 790 
Restricted cash649 723 98 96 551 627 
Intersegment notes receivable— — 393 527 263 301 
Financial receivables from Iveco Group N.V.274 380 164 302 110 78 
Other current financial assets(2)
— — — — — — 
Derivatives hedging debt(2)(41)(22)(34)20 (7)
Net Cash/(Debt)(3)
$(24,626)$(22,088)$(2,687)$(16)$(21,939)$(22,072)
(1)    Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $263 million and $301 million as of September 30, 2024 and December 31, 2023, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $393 million and $527 million as of September 30, 2024 and December 31, 2023, respectively.
(2)    This item includes short-term deposits and investments towards high-credit rating counterparties.
(3)    The net intersegment receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $(130) million and $(226) million as of September 30, 2024 and December 31, 2023, respectively.
Excluding positive exchange rate differences of $302 million, Net Debt at September 30, 2024 increased by $2,840 million compared to December 31, 2023, mainly reflected by net operating cash flow from Industrial Activities of $(885) million, investments in property, plant, & equipment, intangibles, and operating lease assets from industrial activities of $(356) million, the increase in portfolio receivables of Financial Services of $340 million, and the cash out of $1,289 million related to the share buyback program and dividends paid.
Available committed unsecured facilities expiring after twelve months amounted to approximately $5.2 billion at September 30, 2024 ($5.9 billion at December 31, 2023). Total committed secured facilities expiring after twelve months amounted to approximately $3.6 billion at September 30, 2024 ($3.7 billion at December 31, 2023), of which $1.3 billion was available at September 30, 2024 ($3.7 billion at December 31, 2023 was utilized).
With the liquidity position at the end of September 2024 and the demonstrated access to the financial markets, CNH believes that its cash and cash equivalents, access to credit facilities and cash flows from future operations will be adequate to fund its known cash needs.
In April 2024, the Company terminated its five-year committed revolving credit facility dated March 18, 2019 (as amended and restated on December 10, 2021) and entered into a new five-year committed revolving credit facility for €3.25 billion, with a Company option to increase the principal amount by up to an additional €500 million on the terms set forth in the credit facility. The credit facility is due to mature in 2029 or such later date as may be extended pursuant to the two extension options of 1-year each which are available to the Company on the terms set forth in the credit facility.

The credit facility contains customary covenants (including a negative pledge, a status (or pari passu) covenant and restrictions on the incurrence of indebtedness by certain subsidiaries) and customary events of default, some of which are subject to minimum thresholds and customary mitigants (including cross acceleration provisions, failure to pay amounts due or to comply with certain provisions under the loan agreement and the occurrence of certain bankruptcy-related events) and mandatory prepayment obligations upon a change in control of the Company.

In June 2024, CNH Industrial N.V. issued Euro 750 million of 3.75% notes due June 11, 2031 with an issue price of 99.168% of their principal amount.

Please refer to “Note 10: Debt” in our 2023 Form 10-K for more information related to our debt and credit facilities.
50

Contingencies
As a global company with a diverse business portfolio, CNH is exposed to numerous legal risks, including legal proceedings, claims and governmental investigations, particularly in the areas of product liability (including asbestos-related liability), product performance, emissions and fuel economy, retail and wholesale credit, competition and antitrust law, intellectual property matters (including patent infringement), disputes with dealers and suppliers and service providers, environmental risks, and tax and employment matters. For more information, please refer to the information presented in “Note 16: Commitments and Contingencies” to our consolidated financial statements.
The Company has been responding to subpoenas issued by the Securities and Exchange Commission (the “SEC”) requesting information and documents relating to our revenue recognition and sales practices. The Company is cooperating with the SEC’s inquiry and continues to provide responsive documents and information. The Company is unable to predict with certainty what action, if any, might be taken in the future by the SEC or any other governmental authority as a result of these requests.
SAFE HARBOR STATEMENT
This Quarterly Report includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact contained in this filing, 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 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 filing, 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.
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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).

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See Part II, Item 7A of our 2023 Annual Report. There has been no material change in this information.

ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and our principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a‑15(e) and 15d‑15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on the evaluation of our disclosure controls and procedures as of September 30, 2024, our disclosure controls and procedures were effective as of September 30, 2024.
Previously Identified Material Weakness in Internal Control over Financial Reporting
As previously disclosed in our 2023 Annual Report. management identified control deficiencies related to the design and implementation of information technology (IT) general controls in the areas of user access limits and segregation of duties related to multiple enterprise resource planning (ERP) applications that resulted in a material weakness.

Management's Remediation of the Previously Identified Material Weakness

In response to the identified material weakness, we, with the oversight of the Audit Committee of the Board of Directors, took actions to remediate the material weakness in internal control over financial reporting. Such remediation actions included the design, implementation, and testing of the following new and updated controls, processes and procedures:

1.We enhanced our IT general controls framework that addresses risks associated with user access and security, application change management and IT operations.
a.Management performed review of all users with privileged access, validated as appropriate and corrected user access when inappropriate.
b.Management performed look-back review of actions taken by users identified with inappropriate access to assure no actions were taken by the user that would be deemed inappropriate.
c.Designed a new control to review privileged access as a continuous monitoring procedure.
d.Management has redesigned and enhanced controls around the usage and monitoring of the firecall accounts.

2.We implemented compensating controls and provided focused training for control owners to help sustain effective control operations relating to segregation of duties to strengthen user access controls and security.

As a result of the remediation activities and implementation of the new controls described above, we have remediated the material weakness as of September 30, 2024.

Changes in Internal Control over Financial Reporting

As described above, the Company has taken steps to remediate the material weakness noted above. Other than in connection with these remediation steps, there have been no changes in our internal control over financial reporting during the three months ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Disclosure Controls and Procedures and Internal Control over Financial Reporting
Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to
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the costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.
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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS
See “Note 16: Commitments and Contingencies” to our consolidated financial statements.
ITEM 1A. RISK FACTORS
There have been no material changes from the risk factors previously disclosed in our 2023 Annual Report on Form 10-K (Part I, Item 1A). The risks described in our 2023 Annual Report, and in the "Safe Harbor Statement" within this report are not the only risks faced by us. Additional risks and uncertainties not currently known, or that are currently judged to be immaterial, may also materially affect our business, financial condition or operating results.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
In February 2024, the Company’s Board of Directors authorized a $500 million share buyback program under which the Company may repurchase its common shares in the open market or through privately negotiated or other transactions, including at the Company’s election trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 depending on share price, market conditions and other factors.
The Company’s purchases of its common shares under its buyback programs during the three months ended September 30, 2024, were as follows:
PeriodTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsAverage Price Paid per Share ($)Approximate USD Value of Shares that May Yet Be Purchased under the Plans or Programs ($)
7/1/2024 - 7/31/20242,722,134 9.83383,295,571 
8/1/2024 - 8/31/2024845,469 9.98374,859,506 
9/1/2024 - 9/30/2024
1,233,269 10.17362,319,506 
Total4,800,872 362,319,506 
ITEM 3. DEFAULT UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.

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ITEM 6. EXHIBITS
Exhibit
Number		Description
3.1
31.1
31.2
32.1
101.INSInstance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHInline XBRL Taxonomy Extension Schema
101.CALInline XBRL Taxonomy Extension Calculation Linkbase
101.DEFInline XBRL Taxonomy Extension Definition Linkbase
101.LABInline XBRL Taxonomy Extension Label Linkbase
101.PREInline XBRL Taxonomy Extension Presentation Linkbase
104Cover page Interactive Data File is formatted in Inline XBRL and is contained in Exhibits 101


The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosures other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular any warranties or representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt have not been filed. The registrant will furnish copies thereof to the SEC upon request.

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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.
/s/ GERRIT MARX
Gerrit Marx
Chief Executive Officer
/s/ ODDONE INCISA
Oddone Incisa
Chief Financial Officer
November 12, 2024
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