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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
cnhi-20220930_g1.jpg
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to
Commission File Number: 001-36085
CNH INDUSTRIAL N.V.
(Exact name of registrant as specified in its charter)

Netherlands Not Applicable
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
25 St. James’s Street, London, SW1A 1HA, United Kingdom
(Address of principal executive offices)
Registrant’s telephone number including area code: +44 2079 251964
Former name, former address and former fiscal year, if changed since last report: N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value €0.01CNHI
New York Stock Exchange 1
4.50% Notes due 2023CNHI23New York Stock Exchange
3.850% Notes due 2027CNHI27New York Stock Exchange
1 In addition to the New York Stock Exchange, CNHI common shares are listed on the Euronext Milan, the regulated market of Borsa Italiana, in Italy.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     þ Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                 þ Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No
At October 31, 2022, there were 1,344,479,873 common shares, par value €0.01 per share, and 371,073,335 special voting shares, par value €0.01 per share outstanding.



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




CNH INDUSTRIAL N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2022 and December 31, 2021
(Unaudited)
September 30, 2022December 31, 2021
(in millions)
ASSETS
Cash and cash equivalents$3,154 $5,044 
Restricted cash660 801 
Trade receivables, net200 192 
Financing receivables, net16,901 15,376 
Receivables from Iveco Group N.V.224  
Inventories, net5,362 4,216 
Property, plant and equipment, net1,405 1,475 
Investments in unconsolidated subsidiaries and affiliates327 333 
Equipment under operating leases1,539 1,738 
Goodwill, net3,233 3,210 
Other intangible assets, net1,158 1,207 
Deferred tax assets351 421 
Derivative assets280 182 
Other assets1,050 1,675 
Assets held for distribution 13,546 
Total Assets$35,844 $49,416 
LIABILITIES AND EQUITY
Debt20,922 20,897 
Payables to Iveco Group N.V.95 502 
Trade payables3,312 3,530 
Deferred tax liabilities134 125 
Pension, postretirement and other postemployment benefits522 675 
Derivative liabilities412 181 
Other liabilities4,038 4,761 
Liabilities held for distribution 11,892 
Total Liabilities$29,435 $42,563 
Redeemable noncontrolling interest52 45 
Common shares, €0.01, par value; outstanding 1,347,028,843 common shares and 371,073,335 loyalty program special voting shares at 9/30/2022; and outstanding 1,356,077,000 common shares and 371,218,250 loyalty program special voting shares at 12/31/2021
25 25 
Treasury stock, at cost; 17,371,353 common shares at 9/30/2022 and 8,323,196 common shares at 12/31/2021
(193)(84)
Additional paid in capital1,479 4,464 
Retained earnings7,307 4,818 
Accumulated other comprehensive loss(2,264)(2,445)
Noncontrolling interests3 30 
Total Equity$6,357 $6,808 
Total Liabilities and Equity$35,844 $49,416 

See accompanying notes to the condensed consolidated financial statements
1


CNH INDUSTRIAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three And Nine Months Ended September 30, 2022 and 2021
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)(in millions)
Revenues
Net sales$5,396 $4,336 $15,189 $12,808 
Finance, interest and other income485 410 1,419 1,208 
Total Revenues$5,881 $4,746 $16,608 $14,016 
Costs and Expenses
Cost of goods sold4,156 3,452 11,819 10,064 
Selling, general and administrative expenses422 349 1,224 1,023 
Research and development expenses213 157 609 453 
Restructuring expenses11 15 19 21 
Interest expense190 127 490 417 
Other, net159 124 490 422 
Total Costs and Expenses$5,151 $4,224 $14,651 $12,400 
Income (loss) from continuing operations before income taxes and equity in income of unconsolidated subsidiaries and affiliates730 522 1,957 1,616 
Income tax (expense) benefit(192)(79)(579)(347)
Equity in income of unconsolidated subsidiaries and affiliates21 17 69 68 
Net income (loss) from continuing operations559 460 1,447 1,337 
Net income (loss) from discontinued operations (131) 116 
Net income$559 $329 $1,447 $1,453 
Net income attributable to noncontrolling interests 3 6 10 32 
Net income (loss) attributable to CNH Industrial N.V.$556 $323 $1,437 $1,421 
Basic earnings (loss) per share attributable to common shareholders
Continuing operations$0.41 $0.34 $1.06 $0.98 
Discontinuing operations$ $(0.10)$ $0.07 
Basic earnings per share attributable to CNH Industrial N.V.$0.41 $0.24 $1.06 $1.05 
Diluted earnings (loss) per share attributable to common shareholders
Continuing operations$0.41 $0.34 $1.06 $0.98 
Discontinuing operations$ $(0.10)$ $0.06 
Diluted earnings per share attributable to CNH Industrial N.V.$0.41 $0.24 $1.06 $1.04 
Average shares outstanding (in millions)
Basic1,350 1,354 1,354 1,354 
Diluted1,355 1,361 1,359 1,360 
Cash dividends declared per common share$ $ $0.302 $0.132 


See accompanying notes to the condensed consolidated financial statements
2


CNH INDUSTRIAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
For the Three And Nine Months Ended September 30, 2022 and 2021
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in millions)(in millions)
Net income$559 $329 $1,447 $1,453 
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on cash flow hedges(10)40 (89)(33)
Changes in retirement plans’ funded status(14)13 (64)(21)
Foreign currency translation96 (34)427 172 
Share of other comprehensive income (loss) of entities using the equity method(13)(46)(42)(67)
Other comprehensive income (loss), net of tax59 (27)232 51 
Comprehensive income618 302 1,679 1,504 
Less: Comprehensive income attributable to noncontrolling interests3 7 9 35 
Comprehensive income (loss) attributable to CNH Industrial N.V.$615 $295 $1,670 $1,469 






















See accompanying notes to the condensed consolidated financial statements
3


CNH INDUSTRIAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2022 and 2021
(Unaudited)
Nine Months Ended September 30,
20222021
(in millions)
Operating activities:
Net income$1,447 $1,453 
Less: Net income (loss) from discontinued operations 116 
Net income (loss) of continuing operations1,447 1,337 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense, net of depreciation and amortization of assets under operating leases252 219 
Depreciation and amortization expense of assets under operating leases155 182 
(Gain) loss on disposal of assets22  
Loss on repurchase of notes 8 
Undistributed loss of unconsolidated subsidiaries(36)(7)
Other non-cash items130 74 
Changes in operating assets and liabilities:
Provisions(21)57 
Deferred income taxes83 (7)
Trade and financing receivables related to sales, net(1,279)3 
Inventories, net(1,121)(838)
Trade payables(120)334 
Other assets and liabilities(398)112 
Cash flow from operating activities discontinued operation 418 
Net cash provided by (used in) operating activities$(886)$1,892 
Investing activities:
Additions to retail receivables(4,179)(3,680)
Collections of retail receivables3,342 3,297 
Proceeds from the sale of assets, net of assets under operating leases25 15 
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases(245)(197)
Expenditures for assets under operating leases(368)(352)
Other(165)(803)
Cash flow from investing activities discontinued operation 134 
Net cash used in investing activities$(1,590)$(1,586)
Financing activities:
Proceeds from long-term debt7,727 6,392 
Payments of long-term debt(6,733)(7,128)
Net increase (decrease) in other financial liabilities340 (322)
Dividends paid(416)(184)
Other(116) 
Cash flow from financing activities discontinued operation (450)
Net cash provided by (used in) financing activities$802 $(1,692)
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash(357)(329)
Increase (decrease) in cash and cash equivalents and restricted cash(2,031)(1,715)
Cash and cash equivalents and restricted cash, beginning of year5,845 9,629 
Cash and cash equivalents and restricted cash, end of period$3,814 $7,914 
Cash and cash equivalents and restricted cash, end of period (discontinued operation) 720 
Cash and cash equivalents and restricted cash, end of period (continuing operations)$3,814 $7,194 
4


CNH INDUSTRIAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three And Nine Months Ended September 30, 2022
(Unaudited)
Common
Shares
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other Comprehensive Income (Loss)Noncontrolling
Interests
TotalRedeemable
Noncontrolling
Interest
(in millions)
Balance, December 31, 2021, as previously reported$25 $(84)$4,464 $4,818 $(2,445)$30 $6,808 $45 
Demerger of Iveco Group— — (3,044)1,464 (52)(22)(1,654)— 
Balance, January 1, 202225 (84)1,420 6,282 (2,497)8 5,154 45 
Net income— — — 333 — — 333 3 
Other comprehensive income (loss), net of tax— — — — 130 — 130 — 
Dividends paid— — — — — — — (1)
Acquisition of treasury stock— (21)— — — — (21)— 
Common shares issued from treasury stock and capital increase for share-based compensation— — — — — — — — 
Share-based compensation expense— — 18 — — — 18 — 
Other changes— — (4)— — (1)(5)— 
Balance, March 31, 2022$25 $(105)$1,434 $6,615 $(2,367)$7 $5,609 $47 
Net income— — — 548 — — 548 4 
Other comprehensive income (loss), net of tax— — — — 44 (1)43 — 
Dividends paid— — — (412)— — (412)(2)
Acquisition of treasury stock— (19)— — — — (19)— 
Common shares issued from treasury stock and capital increase for share-based compensation— 3 (3)— — —  — 
Share-based compensation expense— — 21 — — — 21 — 
Other changes— — 4 — — — 4 — 
Balance, June 30, 2022$25 $(121)$1,456 $6,751 $(2,323)$6 $5,794 $49 
Net income— — — 556 — (2)554 5 
Other comprehensive income (loss), net of tax— — — — 59  59 — 
Dividends paid— — —  — —  (1)
Acquisition of treasury stock— (76)— — — — (76)— 
Common shares issued from treasury stock and capital increase for share-based compensation— 4 (4)— — —  — 
Share-based compensation expense— — 23 — — — 23 — 
Other changes— — 4 — — (1)3 (1)
Balance, September 30, 2022$25 $(193)$1,479 $7,307 $(2,264)$3 $6,357 $52 


5


CNH INDUSTRIAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three And Nine Months Ended September 30, 2021
(Unaudited)
Common
Shares
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other Comprehensive Income (Loss)Noncontrolling
Interests
TotalRedeemable
Noncontrolling
Interest
(in millions)
Balance, January 1, 2021$25 $(109)$4,388 $3,279 $(2,676)$82 $4,989 $40 
Net income— — — 408 — 15 423 2 
Other comprehensive income (loss), net of tax— — — — 38 2 40 — 
Dividends paid— — — — — — — (1)
Common shares issued from treasury stock and capital increase for share-based compensation— 4 (4)— — —  — 
Share-based compensation expense— — 15 — — — 15 — 
Other changes— — (2)— — — (2)— 
Balance, March 31, 2021$25 $(105)$4,397 $3,687 $(2,638)$99 $5,465 $41 
Net income— — — 690 — 5 695 4 
Other comprehensive income (loss), net of tax— — — — 38 — 38 — 
Dividends paid— — — (180)— (1)(181)(1)
Share-based compensation expense— — 15 — — — 15 — 
Other changes— — (1)— — (1)(2)— 
Balance, June 30, 2021$25 $(105)$4,411 $4,197 $(2,600)$102 $6,030 $44 
Net income (loss)— — — 323 — 2 325 4 
Other comprehensive income (loss), net of tax— — — — (28)1 (27)— 
Dividends paid— — —  — (90)(90)(1)
Share-based compensation expense— — 16 — — — 16 — 
Other changes— —  (6)— (3)(9)— 
Balance, September 30, 2021$25 $(105)$4,427 $4,514 $(2,628)$12 $6,245 $47 
See accompanying notes to the condensed consolidated financial statements
6


CNH INDUSTRIAL N.V.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
CNH Industrial N.V. (“CNH Industrial” or the “Company”) is incorporated in, and under the laws of the Netherlands. CNH Industrial has its corporate seat in Amsterdam, the Netherlands, and its principal office in London, England, United Kingdom. The Company was formed on September 29, 2013 as a result of the business combination transaction between Fiat Industrial S.p.A. (“Fiat Industrial”) and its majority owned subsidiary CNH Global N.V. (“CNH Global”). Unless otherwise indicated or the context otherwise requires, the terms “CNH Industrial” and the “Company” refer to CNH Industrial and its subsidiaries.
The condensed consolidated financial statements of CNH Industrial N.V. and its consolidated subsidiaries have been voluntarily prepared by the Company without audit. Although prepared on a voluntary basis, the condensed consolidated financial statements included in the report comply in all material respects with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) governing interim financial statements. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted as permitted by such rules and regulations. All adjustments, consisting only of normal recurring adjustments, have been reflected in these condensed consolidated financial statements. Management believes that the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. These interim financial statements should be read in conjunction with the financial statements and the notes thereto appearing in the Company’s annual report on Form 20-F for the year ended December 31, 2021. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and related accompanying notes and disclosures. Significant uncertainties, including rising inflation, geopolitical instability and the war in the Ukraine may impact the Company's business, which may cause actual results to differ materially from the estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived impairment tests, determination of discount rates and other assumptions for pension and other post-retirement benefit expense and income taxes. Changes in estimates are recorded in results of operations in the period during which the events or circumstances giving rise to such changes occur.
Certain financial information in this report has been presented by geographic area. Beginning January 1, 2022, our geographical regions are: (1) North America; (2) Europe, Middle East and Africa; (3) South America and (4) Asia Pacific. Prior amounts have been conformed to these regions. 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, Balkans, Russia, Turkey, the African continent, and the Middle East;
South America: Central and South America, and the Caribbean Islands; and
Asia Pacific: Continental Asia (including the Indian subcontinent) and Oceania
Discontinued Operations
Until December 31, 2021, CNH Industrial N.V. owned and controlled the Commercial and Specialty Vehicles business, the Powertrain business, and the related Financial Services business (together the “Iveco Group Business” or the “On-Highway Business”), as well as the Agriculture business, the Construction business, and the related Financial Services business (collectively, the “Off-Highway Business”). Effective January 1, 2022, the Iveco Group Business was separated from CNH Industrial N.V. by way of a demerger under Dutch law (the "Demerger") to Iveco Group N.V. (the "Iveco Group"), and the Iveco Group became a public listed company independent from CNH Industrial with its common shares trading on the Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A. In connection with the Demerger, shares of Iveco Group N.V. were distributed to shareholders in CNH Industrial N.V. on a pro rata basis. The On-Highway Business' financial results for the periods prior to the Demerger have been reflected in our Condensed Consolidated Statement of Operations, retrospectively, as discontinued operations. Additionally, the related assets and liabilities associated with the On-Highway Business are classified as discontinued operations within Assets Held for Distribution and Liabilities Held for Distribution in the prior year of the Condensed Consolidated Balance Sheet. Pursuant to the terms of the deeds of demerger entered into between CNH Industrial N.V. and Iveco Group N.V. on January 1, 2022, assets related to the On-Highway Business were transferred to, and liabilities related to the On-Highway Business were retained or assumed by, Iveco Group N.V.
7


In order to present the financial effects of a Discontinued Operation, revenues and expenses arising from intercompany transactions were eliminated. Eliminations from transactions between Continuing and Discontinued Operations are allocated in full to Discontinued Operations. However, no profit or loss is recognized for intercompany transactions within the Condensed Consolidated Statement of Operations. The amounts of income statement items included in Discontinued Operations is detailed in the following sections.
Intercompany transactions between Continuing and Discontinued Operations have been eliminated in the consolidated statement of financial position. The net balance between Assets held for distribution and Liabilities held for distribution represents the net equity of the Discontinued Operations. This amount corresponds to the reduction in the total equity of CNH Industrial due to the Demerger that occurred on January 1, 2022.
All cash flows from Discontinued Operations are reported in the appropriate items for operating activities, investing activities and financing activities in the Statement of Cash Flows. The cash flows represent those arising from transactions with third parties.
The following table presents the assets and liabilities of the Iveco Group Business classified as Assets Held for Distribution and Liabilities Held for Distribution:
December 31, 2021
(in millions)
ASSETS HELD FOR DISTRIBUTION
Cash and cash equivalents$961 
Restricted cash55 
Trade receivables, net165 
Financing receivables, net3,284 
Inventories, net3,005 
Property, plant and equipment, net