falsedesktopCNHI2019-12-31000162828020002743{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Title of Each Class\tTrading Symbol (s)\tName of Each Exchange on which Registered\nCommon Shares par value €0.01\tCNHI\tNew York Stock Exchange\n4.50% Notes due 2023\tCNHI23\tNew York Stock Exchange\n3.850% Notes due 2027\tCNHI27\tNew York Stock Exchange\n", "q10k_tbl_1": "\t\tPage\nPART I\t\t\nItem 1.\tIdentity of Directors Senior Management and Advisers\t2\nItem 2.\tOffer Statistics and Expected Timetable\t2\nItem 3.\tKey Information\t2\nItem 4.\tInformation on the Company\t14\nItem 4A.\tUnresolved Staff Comments\t30\nItem 5.\tOperating and Financial Review and Prospects\t30\nItem 6.\tDirectors Senior Management and Employees\t63\nItem 7.\tMajor Shareholders and Related Party Transactions\t94\nItem 8.\tFinancial Information\t95\nItem 9.\tThe Offer and Listing\t95\nItem 10.\tAdditional Information\t96\nItem 11.\tQuantitative and Qualitative Disclosures About Market Risk\t110\nItem 12.\tDescription of Securities Other than Equity Securities\t113\nPART II\t\t\nItem 13.\tDefaults Dividend Arrearages and Delinquencies\t114\nItem 14.\tMaterial Modifications to the Rights of Security Holders and Use of Proceeds\t114\nItem 15.\tControls and Procedures\t114\nItem 16A.\tAudit Committee Financial Expert\t117\nItem 16B.\tCode of Ethics\t117\nItem 16C.\tPrincipal Accountant Fees and Services\t117\nItem 16D.\tExemptions from the Listing Standards for Audit Committees\t117\nItem 16E.\tPurchase of Equity Securities by the Issuer and Affiliated Purchasers\t118\nItem 16F.\tChange in Registrant's Certifying Accountant\t118\nItem 16G.\tCorporate Governance\t118\nItem 16H.\tMine Safety Disclosure\t119\nPART III\t\t\nItem 17.\tFinancial Statements\tF-1\nItem 18.\tFinancial Statements\tF-1\nItem 19.\tExhibits\tF-1\nIndex to Consolidated Financial Statements\t\tF-1\n", "q10k_tbl_2": "\tFor the Years Ended December 31\t\t\t\t\n\t2019\t2018\t2017\t2016\t2015\n\t(in millions except per share data)\t\t\t\t\nConsolidated Statement of Operations Data:\t\t\t\t\t\nRevenues:\t\t\t\t\t\nNet sales\t26149\t27831\t25769\t23216\t24677\nFinance interest and other income\t1930\t1875\t1932\t1879\t1235\nTotal Revenues\t28079\t29706\t27701\t25095\t25912\nNet (loss) income\t1454\t1099\t290\t(261)\t248\nNet (loss) income attributable to CNH Industrial N.V.\t1422\t1068\t272\t(264)\t253\nEarnings per share attributable to CNH Industrial N.V.:\t\t\t\t\t\nBasic earnings per common share\t1.05\t0.79\t0.20\t(0.19)\t0.19\nDiluted earnings per common share\t1.05\t0.78\t0.20\t(0.19)\t0.19\nCash dividends declared per common share(1)\t0.203\t0.173\t0.118\t0.148\t0.214\n", "q10k_tbl_3": "\tAs of December 31\t\t\t\t\n\t2019\t2018\t2017\t2016\t2015\n\t(in millions)\t\t\t\t\nConsolidated Balance Sheet Data:\t\t\t\t\t\nTotal Assets\t47352\t46100\t48298\t45555\t46677\nShare capital\t25\t25\t25\t25\t25\nCommon shares outstanding(2)\t1350\t1354\t1364\t1362\t1362\nEquity\t6121\t5068\t4232\t4320\t4843\n", "q10k_tbl_4": "\t2019\t2018\t2017\n\t(in millions)\t\t\nRevenues:\t\t\t\nAgriculture\t10959\t11682\t10683\nConstruction\t2768\t3021\t2530\nCommercial and Specialty Vehicles\t10439\t10939\t10562\nPowertrain\t4117\t4565\t4369\nEliminations and other\t(2134)\t(2376)\t(2375)\nTotal Net sales of Industrial Activities\t26149\t27831\t25769\nFinancial Services\t2011\t1989\t2028\nEliminations and other\t(81)\t(114)\t(96)\nTotal Revenues\t28079\t29706\t27701\n", "q10k_tbl_5": "\t2019\t\t2018\t\t2017\t\n\t(in millions)\t(%)\t(in millions)\t(%)\t(in millions)\t(%)\nRevenues:\t\t\t\t\t\t\nEurope\t14203\t50.6%\t14921\t50.2%\t13429\t48.5%\nNorth America\t6806\t24.2\t6947\t23.4\t6275\t22.6\nSouth America\t2893\t10.3\t3004\t10.1\t3132\t11.3\nRest of World\t4177\t14.9\t4834\t16.3\t4865\t17.6\nTotal Revenues\t28079\t100.0%\t29706\t100.0%\t27701\t100.0%\n", "q10k_tbl_6": "Name of Subsidiary\tCountry of Incorporation\tPercentage Interest Held\nBanco CNH Industrial Capital S.A.\tBrazil\t100%\nCase Credit Holdings Limited\tUnited States (Delaware)\t100%\nCase New Holland Industrial Inc.\tUnited States (Delaware)\t100%\nCNH Industrial America LLC\tUnited States (Delaware)\t100%\nCNH Industrial U.S. Holdings Inc.\tUnited States (Delaware)\t100%\nCNH Industrial Brasil Ltda.\tBrazil\t100%\nCNH Industrial Capital Limited\tUnited Kingdom\t100%\nCNH Industrial Capital LLC\tUnited States (Delaware)\t100%\nCNH Industrial Capital America LLC\tUnited States (Delaware)\t100%\nCNH Capital Receivables LLC\tUnited States (Delaware)\t100%\nCNH Industrial Capital Canada Ltd.\tCanada\t100%\nCNH Industrial Capital Solutions S.p.A.\tItaly\t100%\nCNH Industrial Finance Europe S.A.\tLuxembourg\t100%\nCNH Industrial Finance S.p.A.\tItaly\t100%\nCNHI International S.A.\tSwitzerland\t100%\nFPT Industrial S.p.A.\tItaly\t100%\nIveco S.p.A.\tItaly\t100%\nIveco Espana S.L.\tSpain\t100%\nIveco France SAS\tFrance\t100%\n", "q10k_tbl_7": "Location\tPrimary Functions\tApproximate Covered Area (Sqm/ 000)\nItaly\t\t\nModena\tComponents (Agriculture and Construction)\t102\nS. Matteo\tR&D center (Agriculture)\t51\nJesi\tTractors\t77\nLecce\tWheel loaders compact track loaders telehandlers; graders; R&D center\t130\nPiacenza\tQuarry and construction vehicles; R&D center\t64\nBrescia\tMedium vehicles cabs chassis; R&D center\t276\nSuzzara\tLight vehicles; R&D center\t170\nBrescia\tFirefighting vehicles; R&D center\t28\nBolzano\tDefense vehicles; R&D center\t83\nTorino\tR&D center (Commercial and Specialty Vehicles)\t41\nTorino\tR&D center (Powertrain)\t28\nTorino\tEngines (marine & powertrain)\t142\nTorino\tTransmissions and axles\t239\nFoggia\tEngines; drive shafts; R&D center\t151\nPregnana Milanese\tEngines\t31\nS. Mauro\tExcavators; R&D center\t57\nUnited States\t\t\nNew Holland\tHay & Forage; R&D center\t104\nGrand Island\tTractors and combines\t128\nBenson\tSprayers cotton pickers; R&D center\t41\nBurlington\tBackhoe loaders forklift trucks; R&D center\t91\nFargo\tTractors wheeled loaders; R&D center\t88\nGoodfield\tSoil management equipment; R&D center\t39\nRacine\tTractors transmissions\t105\nMt. Joy\tR&D center (Agriculture)\t11\nWichita\tSkid steer loaders; R&D center\t46\nBurr Ridge (Hinsdale)\tR&D center (Agriculture Construction and Diesel engines)\t44\nSt. Nazianz\tSelf-propelled sprayers\t24\nMt. Vernon\tTracks\t7\nFrance\t\t\nCoex\tGrape Harvesters; R&D center\t26\nCroix\tCabins (Agriculture)\t12\n", "q10k_tbl_8": "Tracy-Le-Mont\tHydraulic cylinders (Agriculture and Construction)\t16\nAnnonay\tBuses (Coaches & City); R&D center\t114\nVenissieux\tR&D center (Commercial and Specialty Vehicles)\t18\nRorthais\tBuses (City); R&D center\t29\nFourchambault\tEngines (remanufacturing)\t29\nBourbon Lancy\tEngines; R&D center\t107\nFecamp\tEngines (power generation units)\t16\nBrazil\t\t\nBelo Horizonte\tCrawler excavators crawler dozers wheel loaders graders backhoe loaders; R&D center\t70\nCuritiba\tCombines and tractors; R&D center\t103\nPiracicaba\tSugar cane harvesters coffee harvesters sprayers; R&D center\t21\nSorocaba\tCombines and other Agriculture; R&D center\t160\nSete Lagoas\tHeavy medium and light vehicles; R&D center\t100\nSete Lagoas\tDefense vehicles\t19\nSete Lagoas\tEngines; R&D center\t14\nGermany\t\t\nUlm\tFirefighting vehicles; R&D center\t35\nUlm\tR&D center (Commercial and Specialty Vehicles)\t144\nChina\t\t\nHarbin\tCombines tractors balers; R&D center\t121\nChongqing\tEngine; R&D centers\t76\nUrumqi\tCotton pickers\t10\nArgentina\t\t\nCordoba\tEngines\t20\nCordoba\t(Medium/Heavy) Trucks and buses; R&D center\t94\nCordoba\tTractors and combines\t30\nBelgium\t\t\nAntwerp\tComponents (Agriculture)\t77\nZedelgem\tCombines forage harvesters and balers; R&D center\t154\nSpain\t\t\nMadrid\tHeavy vehicles; R&D center\t134\nValladolid\tLight vehicles heavy cab components\t81\nIndia\t\t\nPithampur\tBackhoe loaders earth compactors; R&D center\t29\nPune\tSugar cane harvesters and combines; R&D center\t77\nNoida\tTractors; R&D center\t82\nPoland\t\t\nPlock\tCombines balers and headers; R&D center\t129\nKutno\tRow crop cultivators harvesters; R&D center\t33\nAustralia\t\t\nDandenong\tTrucks (heavy); R&D center\t42\nCowra\tTillage; R&D center\t5\nOthers\t\t\nBasildon (U.K.)\tTractors; R&D center\t129\nÖverum (Sweden)\tPloughs; R&D center\t49\nSaskatoon (Canada)\tSprayers seeders; R&D center\t61\nSt. Valentin (Austria)\tTractors; R&D center\t53\n", "q10k_tbl_9": "\t2019\t2018\n\t(in millions)\t\nRevenues:\t\t\nNet sales\t26149\t27831\nFinance interest and other income\t1930\t1875\nTotal Revenues\t28079\t29706\nCosts and Expenses:\t\t\nCost of goods sold\t21832\t22958\nSelling general and administrative expenses\t2216\t2351\nResearch and development expenses\t1030\t1061\nRestructuring expenses\t109\t61\nInterest expense\t798\t812\nOther net\t924\t997\nTotal Costs and Expenses\t26909\t28240\nIncome (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates\t1170\t1466\nIncome taxes\t271\t(417)\nEquity in income of unconsolidated subsidiaries and affiliates\t13\t50\nNet income (loss)\t1454\t1099\nNet income attributable to noncontrolling interests\t32\t31\nNet income (loss) attributable to CNH Industrial N.V.\t1422\t1068\n", "q10k_tbl_10": "\t2019\t2018\n\t(in millions except percentages)\t\nIncome before income taxes and equity in income of unconsolidated subsidiaries and affiliates\t1170\t1466\nIncome taxes\t(271)\t417\nEffective tax rate\t(23.2)%\t28.4%\n", "q10k_tbl_11": "\t2019\t2018\t% Change\t% Change excl. FX\n\t(in millions except percentages)\t\t\t\nRevenues:\t\t\t\t\nAgriculture\t10959\t11682\t(6.2)%\t(3.4)%\nConstruction\t2768\t3021\t(8.4)%\t(6.4)%\nCommercial and Specialty Vehicles\t10439\t10939\t(4.6)%\t0.9%\nPowertrain\t4117\t4565\t(9.8)%\t(5.0)%\nEliminations and other\t(2134)\t(2376)\t\t\nTotal Net sales of Industrial Activities\t26149\t27831\t(6.0)%\t(2.1)%\nFinancial Services\t2011\t1989\t1.1%\t3.4%\nEliminations and other\t(81)\t(114)\t\t\nTotal Revenues\t28079\t29706\t(5.5)%\t(1.7)%\n", "q10k_tbl_12": "\t2019\t2018\t Change\t2019 Adj EBIT Margin\t2018 Adj EBIT Margin\n\t(in millions except percentages)\t\t\t\t\nAdjusted EBIT by segment:\t\t\t\t\t\nAgriculture\t897\t1036\t(139)\t8.2%\t8.9%\nConstruction\t51\t91\t(40)\t1.8%\t3.0%\nCommercial and Specialty Vehicles\t224\t299\t(75)\t2.1%\t2.7%\nPowertrain\t363\t406\t(43)\t8.8%\t8.9%\nEliminations and other\t(145)\t(247)\t102\t\t\nTotal Industrial Activities\t1390\t1585\t(195)\t5.3%\t5.7%\nFinancial Services\t490\t516\t(26)\t24.4%\t25.9%\nTotal Adjusted EBIT\t1880\t2101\t(221)\t6.7%\t7.1%\n", "q10k_tbl_13": "\t2019\t2018\t Change\t2019 Adj EBITDA Margin\t2018 Adj EBITDA Margin\n\t(in millions except percentages)\t\t\t\t\nAdjusted EBITDA by segment:\t\t\t\t\t\nAgriculture\t1178\t1339\t(161)\t10.7%\t11.5%\nConstruction\t106\t152\t(46)\t3.8%\t5.0%\nCommercial and Specialty Vehicles\t729\t890\t(161)\t7.0%\t8.1%\nPowertrain\t487\t536\t(49)\t11.8%\t11.7%\nEliminations and other\t(143)\t(246)\t103\t\t\nTotal Industrial Activities\t2357\t2671\t(314)\t9.0%\t9.6%\nFinancial Services\t738\t767\t(29)\t36.7%\t38.6%\nTotal Adjusted EBITDA\t3095\t3438\t(343)\t11.0%\t11.6%\n", "q10k_tbl_14": "($ million)\t2019\t2018\t% Change\nNorth America\t3943\t4037\t(2.3)%\nEurope\t3876\t4059\t(4.5)%\nSouth America\t1611\t1625\t(0.9)%\nRest of World\t1529\t1961\t(22.0)%\nTotal\t10959\t11682\t(6.2)%\n", "q10k_tbl_15": "($ million)\t2019\t2018\t% Change\nNorth America\t1397\t1525\t(8.4)%\nEurope\t493\t517\t(4.6)%\nSouth America\t344\t345\t(0.3)%\nRest of World\t534\t634\t(15.8)%\nTotal\t2768\t3021\t(8.4)%\n", "q10k_tbl_16": "($ million)\t2019\t2018\t% Change\nNorth America\t67\t25\tn.m.\nEurope\t8473\t8862\t(4.4)%\nSouth America\t599\t710\t(15.6)%\nRest of World\t1300\t1342\t(3.1)%\nTotal\t10439\t10939\t(4.6)%\nn.m. - not meaningful\t\t\t\n", "q10k_tbl_17": "(units in thousands)\t2019\t2018\t% Change\nFrance\t24.3\t24.9\t(2.4)%\nGermany & Switzerland\t18.8\t19.5\t(3.6)%\nU.K.\t6.3\t6.5\t(3.1)%\nItaly\t23.1\t24.0\t(3.8)%\nIberia (Spain & Portugal)\t10.8\t11.4\t(5.3)%\nRest of Europe\t28.4\t29.4\t(3.4)%\nEurope\t111.7\t115.7\t(3.5)%\nSouth America\t11.2\t12.9\t(13.2)%\nRest of World\t15.1\t16.3\t(7.4)%\nTotal Sales\t138.0\t144.9\t(4.8)%\nNaveco*\t25.5\t31.0\t(17.7)%\nTotal\t163.5\t175.9\t(7.0)%\n", "q10k_tbl_18": "(units in thousands)\t2019\t2018\t% Change\nMedium & Heavy\t34.6\t38.7\t(10.6)%\nLight\t90.6\t93.1\t(2.7)%\nBuses\t9.7\t10.3\t(5.8)%\nSpecialty vehicles**\t3.1\t2.8\t10.7%\nTotal\t138.0\t144.9\t(4.8)%\n", "q10k_tbl_19": "\t2019\t2018\t Change\n\t(in millions)\t\t\nNet income\t1454\t1099\t355\nIncome tax expense\t(271)\t417\t(688)\nInterest expenses of Industrial Activities net of interest income and eliminations\t282\t368\t(86)\nForeign exchange (gains) losses net\t56\t171\t(115)\nFinance and non-service component of Pension and other post-employment benefit costs (1)\t63\t(15)\t78\nRestructuring expenses\t109\t61\t48\nOther discrete items (2)\t187\t0\t187\nAdjusted EBIT\t1880\t2101\t(221)\nDepreciation and Amortization\t660\t703\t(43)\nDepreciation of assets under operating leases and assets sold with buy-back commitments\t555\t634\t(79)\nAdjusted EBITDA\t3095\t3438\t(343)\n", "q10k_tbl_20": "\t2018\t2017\n\t(in millions)\t\nRevenues:\t\t\nNet sales\t27831\t25769\nFinance interest and other income\t1875\t1932\nTotal Revenues\t29706\t27701\nCosts and Expenses:\t\t\nCost of goods sold\t22958\t21572\nSelling general and administrative expenses\t2351\t2315\nResearch and development expenses\t1061\t957\nRestructuring expenses\t61\t93\nInterest expense\t812\t940\nOther net\t997\t1165\nTotal Costs and Expenses\t28240\t27042\nIncome before income taxes and equity in income of unconsolidated subsidiaries and affiliates\t1466\t659\nIncome taxes\t(417)\t(457)\nEquity in income of unconsolidated subsidiaries and affiliates\t50\t88\nNet income\t1099\t290\nNet income (loss) attributable to noncontrolling interests\t31\t18\nNet income attributable to CNH Industrial N.V.\t1068\t272\n", "q10k_tbl_21": "\t2018\t2017\n\t(in millions except percentages)\t\nIncome before income taxes and equity in income of unconsolidated subsidiaries and affiliates\t1466\t659\nIncome taxes\t417\t457\nEffective tax rate\t28.4%\t69.3%\n", "q10k_tbl_22": "\t2018\t2017\t% Change\t% Change excl. FX\n\t(in millions except percentages)\t\t\t\nRevenues:\t\t\t\t\nAgriculture\t11682\t10683\t9.4%\t10.4%\nConstruction\t3021\t2530\t19.4%\t20.2%\nCommercial and Specialty Vehicles\t10939\t10562\t3.6%\t1.3%\nPowertrain\t4565\t4369\t4.5%\t1.4%\nEliminations and other\t(2376)\t(2375)\t\t\nTotal Net sales of Industrial Activities\t27831\t25769\t8.0%\t7.3%\nFinancial Services\t1989\t2028\t(1.9)%\t(0.5)%\nEliminations and other\t(114)\t(96)\t\t\nTotal Revenues\t29706\t27701\t7.2%\t6.7%\n", "q10k_tbl_23": "\t2018\t2017\t Change\t2018 Adj EBIT Margin\t2017 Adj EBIT Margin\n\t(in millions except percentages)\t\t\t\t\nAdjusted EBIT by segment:\t\t\t\t\t\nAgriculture\t1036\t791\t245\t8.9%\t7.4%\nConstruction\t91\t(16)\t107\t3.0%\t(0.6)%\nCommercial and Specialty Vehicles\t299\t195\t104\t2.7%\t1.8%\nPowertrain\t406\t360\t46\t8.9%\t8.2%\nEliminations and other\t(247)\t(187)\t(60)\t\t\nTotal Industrial Activities\t1585\t1143\t442\t5.7%\t4.4%\nFinancial Services\t516\t497\t19\t25.9%\t24.5%\nTotal Adjusted EBIT\t2101\t1640\t461\t7.1%\t5.9%\n", "q10k_tbl_24": "\t2018\t2017\t Change\t2018 Adj EBITDA Margin\t2017 Adj EBITDA Margin\n\t(in millions except percentages)\t\t\t\t\nAdjusted EBITDA by segment:\t\t\t\t\t\nAgriculture\t1339\t1106\t233\t11.5%\t10.4%\nConstruction\t152\t49\t103\t5.0%\t1.9%\nCommercial and Specialty Vehicles\t890\t735\t155\t8.1%\t7.0%\nPowertrain\t536\t488\t48\t11.7%\t11.2%\nEliminations and other\t(246)\t(187)\t(59)\t\t\nTotal Industrial Activities\t2671\t2191\t480\t9.6%\t8.5%\nFinancial Services\t767\t799\t(32)\t38.6%\t39.4%\nTotal Adjusted EBITDA\t3438\t2990\t448\t11.6%\t10.8%\n", "q10k_tbl_25": "($ million)\t2018\t2017\t% Change\nNorth America\t4037\t3568\t13.1%\nEurope\t4059\t3595\t12.9%\nSouth America\t1625\t1657\t(1.9)%\nRest of World\t1961\t1863\t5.3%\nTotal\t11682\t10683\t9.4%\n", "q10k_tbl_26": "($ million)\t2018\t2017\t% Change\nNorth America\t1525\t1307\t16.7%\nEurope\t517\t434\t19.1%\nSouth America\t345\t300\t15.0%\nRest of World\t634\t489\t29.7%\nTotal\t3021\t2530\t19.4%\n", "q10k_tbl_27": "($ million)\t2018\t2017\t% Change\nNorth America\t25\t20\tn.m.\nEurope\t8862\t8039\t10.2%\nSouth America\t710\t837\t(15.2)%\nRest of World\t1342\t1666\t(19.4)%\nTotal\t10939\t10562\t3.6%\n", "q10k_tbl_28": "(units in thousands)\t2018\t2017\t% Change\nFrance\t24.9\t22.9\t8.7%\nGermany & Switzerland\t19.5\t20.7\t(5.8)%\nU.K.\t6.5\t7.2\t(9.7)%\nItaly\t24.0\t23.9\t0.4%\nIberia (Spain & Portugal)\t11.4\t14.2\t(19.7)%\nRest of Europe\t29.4\t38.2\t(23.0)%\nEurope\t115.7\t127.1\t(9.0)%\nSouth America\t12.9\t13.8\t(6.5)%\nRest of World\t16.3\t11.5\t41.7%\nTotal Sales\t144.9\t152.4\t(4.9)%\nNaveco*\t31.0\t31.3\t(1.0)%\nTotal\t175.9\t183.7\t(4.2)%\n", "q10k_tbl_29": "(units in thousands)\t2018\t2017\t% Change\nMedium & Heavy\t38.7\t48.4\t(20.0)%\nLight\t93.1\t91.0\t2.3%\nBuses\t10.3\t10.3\t0.0%\nSpecialty vehicles**\t2.8\t2.7\t3.7%\nTotal\t144.9\t152.4\t(4.9)%\n", "q10k_tbl_30": "\t2018\t2017\t Change\n\t(in millions)\t\t\nNet income\t1099\t290\t809\nIncome tax expense\t417\t457\t(40)\nInterest expenses of Industrial Activities net of interest income and eliminations\t368\t482\t(114)\nForeign exchange (gains) losses net\t171\t124\t47\nFinance and non-service component of Pension and other post-employment benefit costs (1)\t(15)\t102\t(117)\nRestructuring expenses\t61\t93\t(32)\nVenezuelan re-measurement and impairment of assets and 2017 year-end deconsolidation of Venezuelan operations\t0\t92\t(92)\nAdjusted EBIT\t2101\t1640\t461\nDepreciation and Amortization\t703\t725\t(22)\nDepreciation of assets under operating leases and assets sold with buy-back commitments\t634\t625\t9\nAdjusted EBITDA\t3438\t2990\t448\n", "q10k_tbl_31": "\t2020 Benefit Cost\t\tYear End Benefit Obligation\t\n\tOne Percentage-Point Increase\tOne Percentage-Point Decrease\tOne Percentage-Point Increase\tOne Percentage-Point Decrease\n\t(in millions)\t\t\t\nPension benefits\t\t\t\t\nAssumed discount rate\t(8)\t11\t(360)\t453\nExpected long-term rate of return on plan assets\t(21)\t21\t0\t0\nHealthcare benefits:\t\t\t\t\nAssumed discount rate\t1\t2\t(32)\t37\nAssumed health care cost trend rate (initial and ultimate)\t4\t(2)\t22\t(19)\nOther benefits:\t\t\t\t\nAssumed discount rate\t1\t(1)\t(38)\t45\n", "q10k_tbl_32": "\t2019\t2018\t2017\n\t(in millions)\t\t\nCash provided by (used in):\t\t\t\nOperating activities\t1826\t2554\t2865\nInvesting activities\t(1987)\t(1920)\t(1869)\nFinancing activities\t206\t(723)\t(1045)\nTranslation exchange differences\t(75)\t(308)\t395\nNet increase (decrease) in cash and cash equivalents\t(30)\t(397)\t346\n", "q10k_tbl_33": "\t2019\t2018\t2017\n\t(in millions)\t\t\nAgriculture\t164\t148\t156\nConstruction\t32\t24\t25\nCommercial and Specialty Vehicles\t226\t170\t132\nPowertrain\t90\t85\t86\nTotal Industrial Activities investments in tangible assets\t512\t427\t399\nIndustrial Activities investments in intangible assets\t121\t123\t89\nTotal Industrial Activities capital expenditures\t633\t550\t488\nFinancial Services investments in tangible assets\t0\t0\t1\nFinancial Services investments in intangible assets\t4\t8\t3\nTotal Capital expenditures\t637\t558\t492\n", "q10k_tbl_34": "\tConsolidated\t\tIndustrial Activities\t\tFinancial Services\t\n\t2019\t2018\t2019\t2018\t2019\t2018\n\t(in millions)\t\t\t\t\t\nTotal Debt\t24854\t24445\t6558\t6347\t20748\t20436\n", "q10k_tbl_35": "\tConsolidated\t\tIndustrial Activities\t\tFinancial Services\t\n\t2019*\t2018*\t2019*\t2018*\t2019*\t2018*\n\t(in millions)\t\t\t\t\t\nThird party debt\t24854\t24445\t5226\t5211\t19628\t19234\nIntersegment notes payable **\t0\t0\t1332\t1136\t1120\t1202\nTotal Debt ***\t24854\t24445\t6558\t6347\t20748\t20436\nLess:\t\t\t\t\t\t\nCash and cash equivalents\t4875\t5031\t4407\t4553\t468\t478\nRestricted cash\t898\t772\t120\t0\t778\t772\nIntersegment notes receivables **\t0\t0\t1120\t1202\t1332\t1136\nOther current financial assets\t58\t1\t58\t1\t0\t0\nDerivatives hedging debt\t(1)\t(8)\t(1)\t(8)\t0\t0\nNet Debt (Cash)\t19024\t18649\t854\t599\t18170\t18050\n", "q10k_tbl_36": "($ million)\t2019(*)\t2018(*)\nNet Debt of Industrial Activities at beginning of year\t(599)\t(903)\nAdjusted EBITDA of Industrial Activities\t2357\t2671\nCash interest and taxes\t(388)\t(613)\nChanges in provisions and similar**\t(436)\t(406)\nChange in working capital\t(753)\t(496)\nOperating cash flow of Industrial Activities\t780\t1156\nInvestments in property plant and equipment and intangible assets***\t(633)\t(550)\nOther changes\t(126)\t(54)\nFree Cash Flow of Industrial Activities\t21\t552\nCapital increases and dividends****\t(340)\t(399)\nCurrency translation differences and other*****\t64\t151\nChange in Net Debt of Industrial Activities\t(255)\t304\nNet Debt of Industrial Activities at end of year\t(854)\t(599)\n", "q10k_tbl_37": "(in millions)\t2019(*)\t2018(*)\nNet cash provided by (used in) Operating Activities\t1826\t2554\nNet cash (provided by) used in Operating Activities of Financial Services\t(869)\t(1035)\nIntersegment eliminations\t384\t264\nNet cash (provided by) used in Operating Activities of Industrial Activities\t1341\t1783\nChange in derivatives hedging debt of Industrial Activities\t7\t(2)\nInvestments in assets sold under buy-back commitments and operating lease assets of Industrial Activities\t(568)\t(625)\nOperating cash flow of Industrial Activities\t780\t1156\nInvestments in property plant and equipment and intangible assets of Industrial Activities\t(633)\t(550)\nOther changes (1)\t(126)\t(54)\nFree Cash Flow of Industrial Activities\t21\t552\n", "q10k_tbl_38": "\tTotal\tLess than 1 Year\t1-3 Years\t3-5 Years\tAfter 5 Years\n\t(in millions)\t\t\t\t\nContractual Obligations\t\t\t\t\t\nDebt obligations(1)\t\t\t\t\t\nBonds\t7710\t571\t2375\t1512\t3252\nBorrowings from banks\t4050\t2368\t1162\t404\t116\nAsset-backed financing\t11757\t6572\t4227\t893\t65\nOther debt\t1337\t962\t250\t121\t4\nOperating lease obligations\t508\t126\t166\t91\t125\nPurchase obligations\t1590\t747\t653\t181\t9\nTotal\t26952\t11346\t8833\t3202\t3571\n", "q10k_tbl_39": "Agriculture\tConstruction\n▪ Case IH and New Holland Agriculture received a total of four ‘Machine of the Year' titles at SIMA 2019 in Paris. ▪ New Holland Agriculture obtained the gold medal at the SITEVI Innovation Awards 2019 for its two all-inclusive solutions Plug-and-Play and Multipurpose-on-Demand. ▪ At Agritechnica in Hanover New Holland was crowned with two coveted titles: ‘Tractor of the Year 2020' in the Best of Specialized category for its Specialty Tractor T4 V/N/F models and the new ‘Sustainable Tractor of the Year 2020' award for the T6 Methane Power the world's first production methane tractor. Our aftermarket brand and start-up incubator AGXTEND was also awarded a silver medal for its ISOMAX concept. Additionally Case IH New Holland and STEYR earned ‘Machine of the Year 2020' titles in different categories for their innovative machinery and technology.\t▪ The CASE Compact Track Loader received the award for \"Contractors\" Top 50 New Products of 2019' from Equipment Today and the ‘2019 Editor's Choice Award' from Green Industry Pros. ▪ CASE Construction also secured important orders selling its first Stage V excavator in the Nordics and completing the sale of 12 excavators to Ruttle Plant Hire a major U.S. supplier to the construction industry. ▪ Four of CASE's new products earned spots on ‘Construction Equipment's 2019 Top 100 New Products' list. ▪ The CASE 1110EX soil compactor won ‘Best design - Safety Award' from the Equipment Times Yellow Dot Awards 2019 ▪ In Italy over 100 CASE Construction Equipment crawler excavators and wheel loaders were used to upgrade the runway at Milan Linate Airport.\nCommercial and Specialty Vehicles\tPowertrain\n▪ IVECO bus won the ‘Sustainable Bus of the Year 2020' award for its Crossway Natural Power bus. ▪ Significant product orders were secured including that of IVECO Bus for 217 city and intercity Crossway buses in Norway 200 Crossway and 50 Crealis Natural Power buses for the Abidjan Transport Company and 409 Urbanway Natural Power buses for the Paris Transport Authority. ▪ Our Heuliez Bus brand leveraged its expertise in alternative propulsion to win an order for 49 electric city buses for a Dutch public transportation company and 50 fully electric buses in Paris. ▪ IVECO Defence Vehicles also signed a major contract to supply the Dutch Ministry of Defence with 1275 medium multirole protected vehicles.\t▪ FPT Industrial introduced several new engines during 2019 among them the N67 Natural Gas engine specifically developed for off-road applications. ▪ As part of its continuous approach to sustainability our brand presented the Cursor 13 NG prototype the most powerful 100% Natural Gas engine on the market for industrial vehicles. ▪ FPT also began its participation in VISION-xEV a project funded by the European Commission as part of the European Green Vehicles Initiative which contributes to the advancement of future electrified powertrain systems.\n", "q10k_tbl_40": "Remuneration Element\tDescription\t2019 Implementation\nBase Salary\tFixed cash compensation set competitively to appropriate peer group\tThe Executive Directors' base salary set upon their respective appointments in 2018 remained competitive with no change in 2019\nShort-Term Variable\tSubject to the achievement of annually pre-established challenging financial and other designated performance objectives\tNew metrics were selected to align with business priorities establishing an over trigger achievement of at least 70% of Consolidated Adjusted EBIT Margin % target for any payout to add additional focus on profitability during a slowdown in key markets.\n\tCEO:\n\t■ Target payout is 125% of the base salary and maximum payout is 200% target payout\tPay for performance alignment was reflected in the payout under the 2019 Company Bonus Plan where challenging market and economic forces suppressed full goal attainment and the resulting overall payout was below target.\n\t■ No discretion applies\n\tChairperson: Does not participate in the annual bonus program\t\nLong-Term Variable\tTo align Executive Directors to strategic goals and reward for sustained long-term growth\tThe 2017-2019 LTI performance cycle:\nTwo components: ■ 75% based on Company performance awards (Performance Shares Units or PSUs) ■ 25% retention based awards (Restricted Share Units or RSUs) subject to favorable individual performance and demonstration of Company values\t■ Company performance-based awards were tied to TSR performance relative to industry peers and maintaining investment grade credit rating. CNH Industrial's relative TSR ranking did not meet the threshold for payout. No discretion was applied\n\tThe Company performance component is subject to the achievement of predetermined challenging performance and market objectives covering a 3-year performance period\t■ Retention-based RSU awards under the first installment vested in 2019 The Compensation Committee determined an overall assessment of individual performance and leadership values met the vesting conditions.\n\tHolding period of five years from grant aligns with Dutch Corporate Governance Code (\"DCGC\")\tIn 2019 a portion of the RSUs connected to the next LTI performance cycle 2020-2022 was granted with vesting in 2021 for continuity of an annual award opportunity while replenishing retention value for the Company.\nPost Employment Benefits\tCEO: ■ Company sponsored retirement savings programs available to all salaried employees ■ Severance protection of 12 months' base salary consistent with Dutch Corporate Governance Code best practice ■ Prorated equity award vesting in the event of death disability or involuntary termination by the Company not for cause. ■ Retiree healthcare benefits\tCurrent benefits in-line with the Remuneration Policy did not change in 2019\n\tChairperson: ■ Prorated equity award vesting in the event of death or disability. Board discretion in the event of end of mandate. ■ No other post mandate benefits provided\t\nOther Benefits\tCEO: ■ Typical benefits such as a company car medical insurance accident insurance relocation and tax assistance ■ Tax equalization for any non U.S. sourced employment income\tCurrent benefits in-line with the Remuneration Policy did not change in 2019\n\tChairperson: No benefits provided\t\n", "q10k_tbl_41": "Base Salary\t1100000(1)\t\n2019 STI:\t367000\t(33% of base salary which is 27% of target achieved)\n2019 LTI(2)\t983946\t(97300 share @ $10.1125/share (FMV at grant))\nTotal:\t2450946\t\n", "q10k_tbl_42": "Base Salary:\t250000(1)\t\n2019 STI:\tNA\t(no annual bonus eligibility)\n2019 LTI(2):\t0\t\nTotal:\t250000\t\n", "q10k_tbl_43": "\t2019(1)\t2018(2)\t2017(3)\t2016(4)\t2015(5)\t5-year trend\nCEO compensation ($000s)\t6632\t8738\t7066\t3943\t2759\t140%\nAverage Employee compensation (6) ($000s)\t60.5\t64.3\t62.1\t57.6\t56.8\t6.6%\nCEO Pay Ratio\t110\t136\t114\t68\t49\t125%\n", "q10k_tbl_44": "Selected Performance Data (1)\t2019\t2018\t2017(2)\t2016(2)\t2015(2)\t5-year trend\nConsolidated Adjusted EBIT Margin %\t6.7%\t7.1%\t5.9%\t5.8%\t6.3%(3)\t6.3%\nAdjusted Net Income ($ million)\t1178\t1117\t651\t471\t474(4)\t148%\nAdjusted Diluted Earnings/(Loss) per share ($)\t0.84\t0.80\t0.46\t0.34\t0.35(4)\t140%\nAbsolute Total Shareholder Return - Indexed from 2014(5)\t159\t141\t169\t116\t90\t59%\n", "q10k_tbl_45": "KPIs\t\tPerformance Level and Payout\tThreshold\tTarget\tMaximum\tKPI Definition\nConsolidated Revenue Growth @ Constant Currency (CC)\t30%\tperformance level\t2.0%\t2.2%\t2.9%\tCurrent Year (CY) vs. Prior Year (PY) Consolidated Revenue @ Constant Currency (CC)\n% of target pay-out\t30%\t100%\t200%\nConsolidated Adjusted EBIT Margin %\t50%\tperformance level\t6.5%\t7.2%\t8.6%\tResulting ratio (in %) of Consolidated Adjusted EBIT (numerator) over Consolidated Net Revenue (denominator) for the full year\n% of target pay-out\t30%\t100%\t200%\nCash Conversion Ratio %\t20%\tperformance level\t55.2%\t61.3%\t79.7%\tNet Industrial Cash Flow / Adjusted Net Income\n% of target pay-out\t30%\t100%\t200%\n", "q10k_tbl_46": "Corporate Measures\t\tWeight\tThreshold\tTarget\tMaximum\tAchievement Results vs. Targets\tPerformance Factor\tOverall\nConsolidated Revenue Growth (@CC)\ta)\t30%\t2.0%\t2.2%\t2.9%\t(1.7)% (75.0)%\t-%\t-%\nb)\t\t123750\t412500\t825000\t\t\t0\nConsolidated Adjusted EBIT Margin %\ta)\t50%\t6.5%\t7.2%\t8.6%\t6.7% 93.0%\t53.3%\t26.7%\nb)\t\t206250\t687500\t1375000\t\t\t 367000\nCash Conversion Ratio %\ta)\t20%\t55.2%\t61.3%\t79.7%\t0.8% 1.0%\t-%\t-%\nb)\t\t82500\t275000\t550000\t\t\t0\nOverall Award\ta)\t100%\t\t\t\t\t\t26.7%\nb)\t\t412500\t1375000\t2750000\t\t\t 367000\n", "q10k_tbl_47": "\t2017 Actual\t2018 Actual\t2019 Target\t2019 Actual\nConsolidated Revenue Growth @CC\t8.1%\t6.7%\t2.2%\t-1.7%\nConsolidated Adjusted EBIT Margin %\t5.9%\t7.1%\t7.2%\t6.7%\nCash Conversion Ratio %\t198.2%\t49.8%\t61.3%\t0.8%\n", "q10k_tbl_48": "Non-Executive Director Compensation\tTotal\nAnnual Cash Retainer\t125000\nAdditional retainer for Audit Committee member\t25000\nAdditional retainer for Audit Committee Chairperson\t35000\nAdditional retainer for member of other Board committees\t20000\nAdditional retainer for Chairperson of other Board committees\t25000\n", "q10k_tbl_49": "Board of Directors\tPosition\tYear\tFixed Remuneration\tVariable Remuneration\tExtra-ordinary Items(4)\tPension & Similar Benefits(5)\tTotal Remuneration\tProportion of fixed to variable remuneration(6)\nBase Salary or Fees\tFringe Benefits (1)\tOne-year Variable(2)\tMulti-year Variable(3)\nMÜHLHÄUSER Hubertus\tCEO\t2019\t1102242\t211050 367000\t4423674 3100417\t238449\t9442832\t18%\n2018(7)\t317308\t4164\t553000\t1346145 1303568\t7961 3532146\t10%\nHEYWOOD Suzanne\tChairperson\t2019\t272917 (8)--\t\t436892-47365\t\t757174\t68%\nDirector\t2018(9)\t170000--\t\t---\t\t170000\t100%\nGEROWIN Mina\tDirector\t2019\t72500--\t\t--8424\t\t80924\t100%\n2018\t145000--\t\t\t--17242\t162242\t100%\nHOULE Léo W.\tSenior Non-Executive Director\t2019\t171750--\t\t---\t\t171750\t100%\n2018\t170000--\t\t\t---\t170000\t100%\nKALANTZIS Peter\tDirector\t2019\t85000--\t\t---\t\t85000\t100%\n2018\t170000--\t\t\t---\t170000\t100%\nLANAWAY John\tDirector\t2019\t150000--\t\t---\t\t150000\t100%\n2018\t150000--\t\t\t---\t150000\t100%\nNASI Alessandro\tDirector\t2019\t85000--\t\t---\t\t85000\t100%\nSCHEIBER Silke\tDirector\t2019\t150000--\t\t--31482\t\t181482\t100%\n2018\t150000--\t\t\t--17932\t167932\t100%\nSIMONELLI Lorenzo\tDirector\t2019\t75000--\t\t---\t\t75000\t100%\nTABELLINI Guido\tDirector\t2019\t72500--\t\t---\t\t72500\t100%\n2018\t145000--\t\t\t---\t145000\t100%\nTAMMENOMS BAKKER Jacqueline\tDirector\t2019\t155000--\t\t--32345\t\t187345\t100%\n2018\t145000--\t\t\t--17242\t162242\t100%\nTHEURILLAT Jacques\tDirector\t2019\t160000--\t\t--19177\t\t179177\t100%\n2018\t160000--\t\t\t--19312\t179312\t100%\n", "q10k_tbl_50": "Board of Directors\tPosition\tYear\tFixed Remuneration\tVariable Remuneration\tExtra-ordinary Items Pension & Similar Benefits(3)\tTotal Remuneration\tProportion of fixed to variable remuneration\nFees(1)\tFringe Benefits\tOne-year Variable\tMulti-year Variable (2)\nNASI Alessandro\tChairman IVECO Defence S.p.A\t2019\t126383--\t564359-26407\t\t717149\t27%\n", "q10k_tbl_51": "Board of Directors\tPosition\t2019 vs 2018\t2018 vs 2017\t2017 vs 2016\t2016 vs 2015\nMÜHLHÄUSER Hubertus(1)\tCEO\t5911\t3532\t0\t0\nTOBIN Richard(1)\tCEO)\t(508\t(6558)\t3123\t1184\nHEYWOOD Suzanne(1)\tChairperson\t757\t0\t0\t0\nMARCHIONNE Sergio(1)\tChairman)\t(2840\t(2311)\t2422\t(166)\nELKANN John(2)\tSenior Non-Executive Director\t0\t0\t(44)\t(131)\nGEROWIN Mina(3)\tDirector)\t(81\t(1)\t(1)\t6\nGRIECO Maria Patrizia(2)\tDirector\t0\t0\t(36)\t(109)\nHEYWOOD Suzanne(1)\tDirector)\t(170\t0\t43\t128\nHOULE Léo W.\tDirector\t2\t(2)\t8\t19\nKALANTZIS Peter(3)\tDirector)\t(85\t0\t0\t0\nLANAWAY John\tDirector\t0\t0\t0\t0\nNASI Alessandro(4)\tDirector\t85\t0\t0\t0\nSCHEIBER Silke(5)\tDirector\t14\t(1)\t42\t128\nSIMONELLI Lorenzo(4)\tDirector\t75\t0\t0\t0\nTABELLINI Guido(3)\tDirector)\t(73\t0\t5\t15\nTAMMENOMS BAKKER Jacqueline(6)\tDirector\t25\t(1)\t(1)\t(5)\nTHEURILLAT Jacques\tDirector\t0\t(1)\t0\t(2)\n", "q10k_tbl_52": "(number)\tCommon Shares (1)\nCNH Industrial Directors owning CNH Industrial Common Shares at February 28 2020\t\nSuzanne Heywood\t114824\nLéo W. Houle2\t57259\nJohn Lanaway\t37286\nHubertus Mühlhäuser\t233213\nAlessandro Nasi\t333286\nLorenzo Simonelli\t14327\nJacques Theurillat\t18422\nCNH Industrial Global Executive Committee owning CNH Industrial Common Shares at February 28 2020\t\nLuc Billiet\t57530\nMassimiliano Chiara\t129626\nVilmar Fistarol\t95993\nOddone Incisa\t41257\nDerek Neilson\t245257\nStefano Pampalone\t45016\nAnnalisa Stupenengo\t50540\nTom Verbaeten\t61649\nAndreas Weishaar\t55313\n", "q10k_tbl_53": "\t\t\t\t\t\tInformation regarding the reported financial year\t\t\nThe main conditions of share option plans\t\t\t\t\t\tOpening Balance\tDuring the year\tEnding Balance\nName of Director position\tPlan Name\tAward Date\tVesting Date\tExpiration Date\tStrike price of the share\tShare options awarded at the beginning of the period\tShare options exercised FMV at Exercise $/option\tShare options forfeited Share options outstanding at the end of the period\nGEROWIN Mina former Director\tDirector SO\t12/28/2013\t12/28/2013\t10/12/2019\t11.33\t6402--\t\t6402 -\nDirector SO\t3/28/2014\t3/28/2014\t10/12/2019\t11.26\t6442--\t\t6442\t0\nDirector SO\t6/26/2014\t6/26/2014\t10/12/2019\t10.25\t7073\t7073\t10.305--\t\nDirector SO\t9/24/2014\t9/24/2014\t10/12/2019\t7.82\t9271\t9271\t10.305--\t\nDirector SO\t12/23/2014\t12/23/2014\t10/12/2019\t8.26\t8777\t8777\t10.305--\t\nDirector SO\t4/14/2015\t4/14/2015\t10/12/2019\t8.25\t4394\t4394\t10.305--\t\nDirector SO\t7/13/2015\t7/13/2015\t10/12/2019\t9.52\t3808\t3808\t10.305--\t\n\t\t\t\t\tTotal:\t46167\t33323\t12844 -\n", "q10k_tbl_54": "\t\t\tInformation regarding the reported financial year\t\t\t\t\t\t\t\nThe main conditions of share unit plans\t\t\tOpening Balance\tDuring the Year\t\t\tClosing Balance\t\t\tAccounting Expense (6)\nName of Director Position Award Name\tPerformance Period Award Date\tVesting Date End of Holding Period\tShares Awarded at the Beginning of the Period\tShares Awarded\tShares Forfeited\tShares Vested\tShare Subject to a Performance Condition\tShares Unvested\tShares Subject to a Holding Period (5)\t\nFMV at Grant (US$000s)\tFMV at Vest (US$000s)\tUS$000s\nMÜHLHÄUSER Hubertus CEO 2017-2019 PSU(1)\t01/01/17 - 12/31/19 9/17/18\t2/28/20 9/17/23\t492700\t0\t492700\t0\t0\t0\t0\t\n\t\t\t0\t\t\t\t2888\n2017-2019 RSU(2) 09/17/18 - 06/30/20\t9/17/18 6/30/20\t9/17/23 164300\t0\t0\t82150\t0\t82150\t82150\t\t\n\t\t\t843\t\t\t\t1133\n2018 Make Whole RSU(3) 09/17/18 - 09/17/19\t9/17/18 9/17/19\t9/17/23 339100\t0\t0\t339100\t0\t0\t339100\t\t\n\t\t\t3722\t\t\t\t2811\n2019 RSU(4) 01/30/19 - 02/01/21\t1/30/19 2/1/21\t1/30/24\t97300\t0\t0\t0\t97300\t0\t\t\n\t984\t\t\t\t\t\t403\nHEYWOOD Suzanne Chairperson 2017-2019 PSU(1)(7)\t01/01/17 - 12/31/19 11/29/18\t2/28/20 11/29/23\t61000\t0\t61000\t0\t0\t0\t0\t\n\t\t\t0\t\t\t\t271\n2017-2019 RSU(2)(7) 11/29/18 - 06/30/20\t11/29/18 6/30/20\t11/29/23 20300\t0\t0\t10150\t0\t10150\t10150\t\t\n\t\t\t104\t\t\t\t166\nNASI Alessandro former CNHI Executive Officer 2017-2019 PSU(4)\t01/01/17 - 12/31/19 12/22/17\t2/28/20 2/28/20\t122667\t0\t122667\t0\t0\t0\t0\t\n\t\t\t0\t\t\t\t374\n2017-2019 RSU(4) 12/22/17 - 06/30/20\t12/22/17 6/30/20\t6/30/20 61334\t0\t0\t30667\t0\t30667\t0\t\t\n\t\t\t294\t\t\t\t187\n2016 RSU(4) 06/09/2016 - 06/09/2019\t6/9/16 6/9/20\t6/9/20 6267\t0\t0\t6267\t0\t0\t0\t\t\n\t\t\t57\t\t\t\t3\n\t\tTotal Shares:\t1267668\t97300\t676367\t468334\t0\t220267\t431400\t\n\t\tTotal FMV ($000s)\t\t984\t\t5020\t\t\t\t8236\n", "q10k_tbl_55": "Board Member\tHeywood\tHoule\tLanaway\tMühlhäuser\tNasi\tScheiber\tSimonelli\tTammenoms Bakker\tTheurillat\nAttendance:\t100%\t100%\t100%\t100%\t100%\t80%\t75%\t90%\t80%\n", "q10k_tbl_56": "(number)\t2019\t2018\t2017\nAgriculture\t25163\t25711\t25007\nConstruction\t5318\t5424\t5240\nCommercial and Specialty Vehicles\t23692\t23933\t23843\nPowertrain\t8064\t8265\t8050\nFinancial Services\t1128\t1149\t1071\nOther activities\t134\t143\t145\nTotal\t63499\t64625\t63356\n(number)\t2019\t2018\t2017\nEurope\t41499\t41982\t40979\nNorth America\t8447\t8856\t8691\nSouth America\t7997\t8001\t8150\nRest of World\t5556\t5786\t5536\nTotal\t63499\t64625\t63356\n", "q10k_tbl_57": "Name of Beneficial Owner\tNumber of Common Shares Owned\tPercent of Common Shares (c)\nEXOR N.V. (a)\t366927900\t27.2%\nHarris Associates L.P. (b)\t185027203\t13.7%\n", "q10k_tbl_58": "\t2019\t2018\nAudit fees\t12295000\t12375000\nAudit-related fees\t1009000\t1754000\nOther fees\t34000\t30000\nTotal\t13338000\t14159000\n", "q10k_tbl_59": "Period\tTotal Number of Shares Purchased\tAverage Price Paid per Share (€)\t\tAverage Price Paid per Share ($)(3)\tTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs\tApproximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs ($)\nJan 1 to Jan 31 2019(1)\t0\t€\t0\t0\t0\t634486722\nFeb 1 to Feb 28 2019\t0\t€\t0\t0\t0\t634486722\nMarch 1 to March 31 2019\t0\t€\t0\t0\t0\t634486722\nApril 1 to April 30 2019\t0\t€\t0\t0\t0\t634486722\nMay 1 to May 31 2019\t2744122\t€\t7.8090\t8.7158\t2744122\t610569503\nJune 1 to June 30 2019\t2306140\t€\t8.2590\t9.3092\t2306140\t589101185\nJuly 1 to July 31 2019\t0\t€\t0\t0\t0\t589101185\nAug 1 to Aug 31 2019\t0\t€\t0\t0\t0\t589101185\nSep 1 to Sep 30 2019\t0\t€\t0\t0\t0\t589101185\nOct 1 to Oct 31 2019\t1218330\t€\t8.9186\t9.7661\t1218330\t577202852\nNov 1 to Nov 30 2019(2)\t0\t€\t0\t0\t0\t700000000\nDec 1 to Dec 31 2019\t0\t€\t0\t0\t0\t700000000\nTotal\t6268592\t\t\t\t6268592\t700000000\n", "q10k_tbl_60": "Report of Independent Registered Public Accounting Firm\tF-2\nConsolidated statements of operations for the years ended December 31 2019 2018 and 2017\tF-4\nConsolidated statements of comprehensive income for the years ended December 31 2019 2018 and 2017\tF-5\nConsolidated balance sheets as of December 31 2019 and 2018\tF-6\nConsolidated statements of cash flows for the years ended December 31 2019 2018 and 2017\tF-8\nConsolidated statements of changes in equity for the years ended December 31 2019 2018 and 2017\tF-9\nNotes to consolidated financial statements\tF-10\n", "q10k_tbl_61": "\tIncome Taxes - Valuation Allowances and Realizability of Deferred Tax Assets\nDescription of the Matter\tAs more fully described in Note 11 the Company had deferred tax assets of $1.65 billion (net of valuation allowances of $1.0 billion primarily attributable to its operations in Brazil Germany and the U.K.) as of December 31 2019. Additionally during 2019 the Company assessed and weighed all positive and negative evidence and concluded it was more likely than not that a portion of the Company's Italian deferred tax assets will be realized. Accordingly the Company reduced its valuation allowance against its Italian deferred tax assets by approximately $539 million. Deferred tax assets are reduced by a valuation allowance if based upon the weight of all available evidence it is more likely than not that some portion or all of the deferred tax assets will not be realized. Auditing management's analysis of the realizability of its deferred tax assets and related valuation allowances was significant to our audit because the amounts are material to the financial statements and the assessment process by jurisdiction is complex. This assessment involves significant judgment including the weighting of all available evidence and includes assumptions that may be affected by future market or economic conditions in foreign jurisdictions that can include multiple entities from the Company's various segments.\n", "q10k_tbl_62": "\t2019\t2018\t2017\n\t(in millions)\t\t\nRevenues\t\t\t\nNet sales\t26149\t27831\t25769\nFinance interest and other income\t1930\t1875\t1932\nTotal Revenues\t28079\t29706\t27701\nCosts and Expenses\t\t\t\nCost of goods sold\t21832\t22958\t21572\nSelling general and administrative expenses\t2216\t2351\t2315\nResearch and development expenses\t1030\t1061\t957\nRestructuring expenses\t109\t61\t93\nInterest expense\t798\t812\t940\nOther net\t924\t997\t1165\nTotal Costs and Expenses\t26909\t28240\t27042\nIncome before income taxes and equity in income of unconsolidated subsidiaries and affiliates\t1170\t1466\t659\nIncome tax (expense)\t271\t(417)\t(457)\nEquity in income of unconsolidated subsidiaries and affiliates\t13\t50\t88\nNet income\t1454\t1099\t290\nNet income attributable to noncontrolling interests\t32\t31\t18\nNet income attributable to CNH Industrial N.V.\t1422\t1068\t272\nEarnings per share attributable to common shareholders\t\t\t\nBasic\t1.05\t0.79\t0.20\nDiluted\t1.05\t0.78\t0.20\nCash dividends declared per common share\t0.203\t0.173\t0.118\n", "q10k_tbl_63": "\t2019\t2018\t2017\n\t(in millions)\t\t\nNet income\t1454\t1099\t290\nOther comprehensive income (loss) net of tax\t\t\t\nUnrealized gain (loss) on cash flow hedges\t(32)\t(23)\t89\nChanges in retirement plans' funded status\t(112)\t477\t86\nForeign currency translation\t71\t(317)\t(414)\nShare of other comprehensive income (loss) of entities using the equity method\t(8)\t(35)\t32\nOther comprehensive income (loss) net of tax\t(81)\t102\t(207)\nComprehensive income\t1373\t1201\t83\nLess: Comprehensive income attributable to noncontrolling interests\t29\t25\t16\nComprehensive income attributable to CNH Industrial N.V.\t1344\t1176\t67\n", "q10k_tbl_64": "\tDecember 31 2019\tDecember 31 2018\n\t(in millions)\t\nASSETS\t\t\nCash and cash equivalents\t4875\t5031\nRestricted cash\t898\t772\nTrade receivables net\t416\t399\nFinancing receivables net\t19428\t19167\nInventories net\t7082\t6726\nProperty plant and equipment net\t5269\t5901\nInvestments in unconsolidated subsidiaries and affiliates\t631\t526\nEquipment under operating leases\t1857\t1774\nGoodwill\t2538\t2453\nOther intangible assets net\t806\t788\nDeferred tax assets\t1134\t591\nDerivative assets\t73\t98\nOther assets\t2345\t1874\nTotal Assets\t47352\t46100\nLIABILITIES AND EQUITY\t\t\nDebt\t24854\t24445\nTrade payables\t5632\t5889\nDeferred tax liabilities\t172\t114\nPension postretirement and other postemployment benefits\t1578\t1488\nDerivative liabilities\t121\t108\nOther liabilities\t8839\t8958\nTotal Liabilities\t41196\t41002\nRedeemable noncontrolling interest\t35\t30\nCommon shares € 0.01 par value; outstanding 1350132117 common shares and 387951166 loyalty program special voting shares in 2019; and outstanding 1353831958 common shares and 388725624 loyalty program special voting shares in 2018\t25\t25\nTreasury stock at cost - 14268079 shares in 2019 and 10568238 shares in 2018\t(154)\t(128)\nAdditional paid in capital\t4404\t4409\nRetained earnings\t3808\t2596\nAccumulated other comprehensive loss\t(2002)\t(1859)\nNoncontrolling interests\t40\t25\nTotal Equity\t6121\t5068\nTotal Liabilities and Equity\t47352\t46100\n", "q10k_tbl_65": "\tDecember 31 2019\tDecember 31 2018\n\t(in millions)\t\nRestricted cash\t739\t732\nFinancing receivables\t9026\t9732\nTotal Assets\t9765\t10464\nDebt\t9011\t9692\nTotal Liabilities\t9011\t9692\n", "q10k_tbl_66": "\t2019\t2018\t2017\n\t(in millions)\t\t\nOperating activities:\t\t\t\nNet income (loss)\t1454\t1099\t290\nAdjustments to reconcile net income to net cash provided (used) by operating activities:\t\t\t\nDepreciation and amortization expense net of assets under operating lease and assets sold under buy-back commitments\t660\t703\t725\nDepreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments\t555\t634\t625\n(Gain) loss from disposal of assets\t(20)\t2\t0\nLoss on repurchase of Notes\t27\t22\t64\nUndistributed income (loss) of unconsolidated subsidiaries\t2\t(3)\t(39)\nOther non-cash items\t209\t158\t275\nChanges in operating assets and liabilities:\t\t\t\nProvisions\t(93)\t(48)\t218\nDeferred income taxes\t(472)\t48\t124\nTrade and financing receivables related to sales net\t(460)\t(180)\t(659)\nInventories net\t440\t112\t682\nTrade payables\t(179)\t280\t344\nOther assets and liabilities\t(297)\t(273)\t216\nNet cash provided by operating activities\t1826\t2554\t2865\nInvesting activities:\t\t\t\nAdditions to retail receivables\t(4145)\t(4269)\t(4078)\nCollections of retail receivables\t4219\t4016\t4384\nProceeds from the sale of assets net of assets under operating leases and assets sold under buy-back commitments\t61\t7\t17\nExpenditures for property plant and equipment and intangible assets net of assets under operating lease and assets sold under buy-back commitments\t(637)\t(558)\t(492)\nExpenditures for assets under operating leases and assets sold under buy-back commitments\t(1325)\t(1344)\t(1743)\nOther\t(160)\t228\t43\nNet cash used in investing activities\t(1987)\t(1920)\t(1869)\nFinancing activities:\t\t\t\nProceeds from long-term debt\t13197\t16211\t15896\nPayments of long-term debt\t(12925)\t(16921)\t(16802)\nNet increase (decrease) in other financial liabilities\t274\t386\t54\nDividends paid\t(283)\t(243)\t(168)\nOther\t(57)\t(156)\t(25)\nNet cash provided by (used in) financing activities\t206\t(723)\t(1045)\nEffect of foreign exchange rate changes on cash and cash equivalents\t(75)\t(308)\t395\nIncrease (decrease) in cash and cash equivalents\t(30)\t(397)\t346\nCash and cash equivalents beginning of year\t5803\t6200\t5854\nCash and cash equivalents end of year\t5773\t5803\t6200\n", "q10k_tbl_67": "\tCommon Shares\tTreasury Stock\tAdditional Paid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Income (Loss)\tNoncontrolling Interests\tTotal\tRedeemable Noncontrolling Interest\n\t(in millions)\t\t\t\t\t\t\t\nBalance January 1 2017\t25\t(9)\t4408\t1652\t(1762)\t6\t4320\t21\nNet income\t0\t0\t0\t272\t0\t8\t280\t10\nOther Comprehensive income (loss) net of tax\t0\t0\t0\t0\t(204)\t(3)\t(207)\t0\nDividends paid\t0\t0\t0\t(161)\t0\t(1)\t(162)\t(6)\nAcquisition of treasury stock\t0\t(38)\t0\t0\t0\t0\t(38)\t0\nCommon shares issued from treasury stock and capital increase for share-based compensation\t0\t37\t(8)\t0\t0\t0\t29\t0\nShare-based compensation expense\t0\t0\t19\t0\t0\t0\t19\t0\nOther changes\t0\t0\t(7)\t0\t0\t(2)\t(9)\t0\nBalance December 31 2017\t25\t(10)\t4412\t1763\t(1966)\t8\t4232\t25\nNet income\t0\t0\t0\t1068\t0\t19\t1087\t12\nOther Comprehensive income (loss) net of tax\t0\t0\t0\t0\t107\t(5)\t102\t0\nDividends paid\t0\t0\t0\t(235)\t0\t(1)\t(236)\t(7)\nAcquisition of treasury stock\t0\t(156)\t0\t0\t0\t0\t(156)\t0\nCommon shares issued from treasury stock and capital increase for share-based compensation\t0\t38\t(35)\t0\t0\t0\t3\t0\nShare-based compensation expense\t0\t0\t35\t0\t0\t0\t35\t0\nOther changes\t0\t0\t(3)\t0\t0\t4\t1\t0\nBalance December 31 2018\t25\t(128)\t4409\t2596\t(1859)\t25\t5068\t30\nNet income\t0\t0\t0\t1422\t0\t20\t1442\t12\nOther Comprehensive income (loss) net of tax\t0\t0\t0\t0\t(78)\t(3)\t(81)\t0\nReclassification of certain tax effects\t0\t0\t0\t65\t(65)\t0\t0\t0\nDividends paid\t0\t0\t0\t(275)\t0\t(1)\t(276)\t(7)\nAcquisition of treasury stock\t0\t(57)\t0\t0\t0\t0\t(57)\t0\nCommon shares issued from treasury stock and capital increase for share-based compensation\t0\t31\t(34)\t0\t0\t0\t(3)\t0\nShare-based compensation expense\t0\t0\t33\t0\t0\t0\t33\t0\nOther changes\t0\t0\t(4)\t0\t0\t(1)\t(5)\t0\nBalance December 31 2019\t25\t(154)\t4404\t3808\t(2002)\t40\t6121\t35\n", "q10k_tbl_68": "\tYear Ended December 31\t\t\n\t2019\t2018\t2017\n\t(in millions)\t\t\nAgriculture\t10959\t11682\t10683\nConstruction\t2768\t3021\t2530\nCommercial and Specialty Vehicles\t10439\t10939\t10562\nPowertrain\t4117\t4565\t4369\nEliminations and Other\t(2134)\t(2376)\t(2375)\nTotal Industrial Activities\t26149\t27831\t25769\nFinancial Services\t2011\t1989\t2028\nEliminations and Other\t(81)\t(114)\t(96)\nTotal Revenues\t28079\t29706\t27701\n", "q10k_tbl_69": "\tYear Ended December 31\t\t\n\t2019\t2018\t2017\n\t(in millions)\t\t\nRevenues from:\t\t\t\nSales of goods\t25103\t26838\t24987\nRendering of services and other revenues\t660\t527\t438\nRents on assets sold with a buy-back commitment\t386\t466\t344\nRevenues from sales of goods and services\t26149\t27831\t25769\nFinance and interest income\t1164\t1115\t1185\nRents and other income on operating lease\t766\t760\t747\nFinance interest and other income\t1930\t1875\t1932\nTotal Revenues\t28079\t29706\t27701\n", "q10k_tbl_70": "\t2019\t2018\n\t(in millions)\t\nRetail\t9218\t9350\nWholesale\t10081\t9749\nOther\t129\t68\nTotal\t19428\t19167\n", "q10k_tbl_71": "\tAmount\n\t(in millions)\n2020\t12608\n2021\t2247\n2022\t1918\n2023\t1410\n2024\t1019\n2025 and thereafter\t226\nTotal\t19428\n", "q10k_tbl_72": "\t2019\t\t\t\t\t\t\t\n\t31-60 Days Past Due\t61-90 Days Past Due\tGreater Than 90 Days\tTotal Past Due\tCurrent\tTotal Performing\tNon Performing\tTotal\nRetail\t\t\t\t\t\t\t\t\nNorth America\t24\t4\t0\t28\t6123\t6151\t16\t6167\nEurope\t0\t0\t0\t0\t136\t136\t0\t136\nSouth America\t9\t2\t6\t17\t1974\t1991\t18\t2009\nRest of World\t3\t1\t2\t6\t900\t906\t0\t906\nTotal Retail\t36\t7\t8\t51\t9133\t9184\t34\t9218\nWholesale\t\t\t\t\t\t\t\t\nNorth America\t0\t0\t0\t0\t3641\t3641\t26\t3667\nEurope\t24\t9\t7\t40\t4857\t4897\t0\t4897\nSouth America\t2\t0\t1\t3\t829\t832\t55\t887\nRest of World\t5\t3\t6\t14\t616\t630\t0\t630\nTotal Wholesale\t31\t12\t14\t57\t9943\t10000\t81\t10081\n", "q10k_tbl_73": "\t2018\t\t\t\t\t\t\t\n\t31-60 Days Past Due\t61-90 Days Past Due\tGreater Than 90 Days\tTotal Past Due\tCurrent\tTotal Performing\tNon Performing\tTotal\nRetail\t\t\t\t\t\t\t\t\nNorth America\t21\t5\t0\t26\t6285\t6311\t12\t6323\nEurope\t1\t0\t10\t11\t164\t175\t40\t215\nSouth America\t11\t9\t7\t27\t1885\t1912\t83\t1995\nRest of World\t2\t1\t0\t3\t814\t817\t0\t817\nTotal Retail\t35\t15\t17\t67\t9148\t9215\t135\t9350\nWholesale\t\t\t\t\t\t\t\t\nNorth America\t0\t0\t0\t0\t3613\t3613\t18\t3631\nEurope\t20\t9\t0\t29\t4727\t4756\t0\t4756\nSouth America\t0\t0\t0\t0\t656\t656\t0\t656\nRest of World\t7\t3\t0\t10\t696\t706\t0\t706\nTotal Wholesale\t27\t12\t0\t39\t9692\t9731\t18\t9749\n", "q10k_tbl_74": "\tDecember 31 2019\t\n\tRetail\tWholesale\nOpening balance\t326\t164\nProvision\t44\t12\nCharge-offs net of recoveries\t(51)\t(18)\nForeign currency translation and other\t(20)\t1\nEnding balance\t299\t159\nEnding balance: Individually evaluated for impairment\t194\t125\nEnding balance: Collectively evaluated for impairment\t105\t34\nReceivables:\t\t\nEnding balance\t9218\t10081\nEnding balance: Individually evaluated for impairment\t326\t278\nEnding balance: Collectively evaluated for impairment\t8892\t9803\n", "q10k_tbl_75": "\tDecember 31 2018\t\n\tRetail\tWholesale\nOpening balance\t383\t200\nProvision\t53\t(5)\nCharge-offs net of recoveries\t(85)\t(15)\nForeign currency translation and other\t(25)\t(16)\nEnding balance\t326\t164\nEnding balance: Individually evaluated for impairment\t204\t135\nEnding balance: Collectively evaluated for impairment\t122\t29\nReceivables:\t\t\nEnding balance\t9350\t9749\nEnding balance: Individually evaluated for impairment\t359\t314\nEnding balance: Collectively evaluated for impairment\t8991\t9435\n", "q10k_tbl_76": "\tDecember 31 2017\t\n\tRetail\tWholesale\nOpening balance\t374\t200\nProvision\t72\t11\nCharge-offs net of recoveries\t(103)\t(15)\nForeign currency translation and other\t40\t4\nEnding balance\t383\t200\nEnding balance: Individually evaluated for impairment\t212\t164\nEnding balance: Collectively evaluated for impairment\t171\t36\nReceivables:\t\t\nEnding balance\t9725\t10001\nEnding balance: Individually evaluated for impairment\t347\t540\nEnding balance: Collectively evaluated for impairment\t9378\t9461\n", "q10k_tbl_77": "\t2019\t\t\t\t2018\t\t\t\n\tRecorded Investment\tUnpaid Principal Balance\tRelated Allowance\tAverage Investment\tRecorded Investment\tUnpaid Principal Balance\tRelated Allowance\tAverage Investment\n\t(in millions)\t\t\t\t\t\t\t\nWith an allowance recorded\t\t\t\t\t\t\t\t\nRetail\t\t\t\t\t\t\t\t\nNorth America\t40\t38\t21\t41\t31\t30\t16\t33\nEurope\t199\t199\t148\t214\t234\t234\t167\t249\nSouth America\t80\t80\t22\t86\t91\t91\t20\t88\nRest of World\t7\t7\t3\t4\t3\t3\t1\t4\nWholesale\t\t\t\t\t\t\t\t\nNorth America\t29\t29\t3\t37\t25\t23\t5\t27\nEurope\t226\t226\t94\t224\t256\t256\t107\t260\nSouth America\t19\t11\t16\t22\t23\t14\t16\t26\nRest of World\t4\t4\t12\t7\t10\t10\t7\t9\nTotal\t\t\t\t\t\t\t\t\nRetail\t326\t324\t194\t345\t359\t358\t204\t374\nWholesale\t278\t270\t125\t290\t314\t303\t135\t322\n", "q10k_tbl_78": "\t2019\t2018\nRetail note and finance lease receivables\t6340\t6371\nWholesale receivables\t7266\t7052\nTotal\t13606\t13423\n", "q10k_tbl_79": "\t2019\t2018\n\t(in millions)\t\nRaw materials\t1332\t1293\nWork-in-process\t612\t576\nFinished goods\t5138\t4857\nTotal Inventories\t7082\t6726\n", "q10k_tbl_80": "\t2019\t2018\n\t(in millions)\t\nLand and industrial buildings\t3279\t3332\nPlant machinery and equipment\t8621\t8417\nAssets sold with buy-back commitment\t2649\t3100\nConstruction in progress\t164\t162\nOther\t793\t815\nGross property plant and equipment\t15506\t15826\nAccumulated depreciation\t(10237)\t(9925)\nNet property plant and equipment\t5269\t5901\n", "q10k_tbl_81": "\t2019\t2018\n\t(in millions)\t\nEquity method\t513\t523\nCost method\t118\t3\nTotal\t631\t526\n", "q10k_tbl_82": "\tFor The Years Ended December 31\t\t\n\t2019\t2018\t2017\n\t(in millions)\t\t\nNet revenue\t2480\t2875\t3273\nIncome before taxes\t71\t150\t265\nNet income\t29\t109\t198\n", "q10k_tbl_83": "\tAs of December 31\t\n\t2019\t2018\n\t(in millions)\t\nTotal Assets\t7709\t7789\nTotal Liabilities\t6611\t6662\nTotal Equity\t1098\t1127\n", "q10k_tbl_84": "Operating Leases\t($ million)\n2020\t126\n2021\t96\n2022\t70\n2023\t53\n2024\t38\n2025 and thereafter\t125\nTotal future minimum lease payments\t508\nLess: Interest\t(59)\nTotal\t449\n", "q10k_tbl_85": "\t2019\t2018\n\t(in millions)\t\nEquipment on operating leases\t2212\t2139\nAccumulated depreciation\t(355)\t(365)\nNet equipment on operating leases\t1857\t1774\n", "q10k_tbl_86": "\tAmount\n\t(in millions)\n2020\t200\n2021\t149\n2022\t82\n2023\t30\n2024\t8\n2025 and thereafter\t3\nTotal undiscounted lease payments\t472\n", "q10k_tbl_87": "\tAmount\n\t(in millions)\n2020\t74\n2021\t60\n2022\t45\n2023\t42\n2024\t14\n2025 and thereafter\t22\nTotal undiscounted lease payments\t257\nUnearned Finance Income\t(18)\nPresent Value of Future minimum lease payments\t239\n", "q10k_tbl_88": "\tAgriculture\tConstruction\tCommercial & Specialty Vehicles\tPowertrain\tFinancial Services\tTotal\n\t(in millions)\t\t\t\t\t\nBalance at January 1 2018\t1654\t593\t64\t5\t156\t2472\nImpact of foreign exchange and other\t(8)\t(6)\t(2)\t0\t(3)\t(19)\nBalance at December 31 2018\t1646\t587\t62\t5\t153\t2453\nImpact of foreign exchange and other\t6\t0\t(3)\t0\t2\t5\nAcquisitions\t80\t0\t0\t0\t0\t80\nBalance at December 31 2019\t1732\t587\t59\t5\t155\t2538\n", "q10k_tbl_89": "\t\t2019\t\t\t2018\t\t\n\tWeighted Avg. Life\tGross\tAccumulated Amortization\tNet\tGross\tAccumulated Amortization\tNet\n\t\t(in millions)\t\t\t\t\t\nOther intangible assets subject to amortization:\t\t\t\t\t\t\t\nDealer networks\t15\t320\t224\t96\t320\t207\t113\nPatents concessions and licenses and other\t5-25\t1965\t1528\t437\t1879\t1477\t402\n\t\t2285\t1752\t533\t2199\t1684\t515\nOther intangible assets not subject to amortization:\t\t\t\t\t\t\t\nTrademarks\t\t273\t0\t273\t273\t0\t273\nTotal Other intangible assets\t\t2558\t1752\t806\t2472\t1684\t788\n", "q10k_tbl_90": "\tCurrency\tFace value of outstanding bonds (in millions)\tCoupon\tMaturity\tOutstanding amount ($ millions)\nIndustrial Activities\t\t\t\t\t\nEuro Medium Term Notes:\t\t\t\t\t\nCNH Industrial Finance Europe S.A. (1)\tEUR\t367\t2.875%\tSeptember 27 2021\t413\nCNH Industrial Finance Europe S.A. (1)\tEUR\t75\t1.625%\tMarch 29 2022\t84\nCNH Industrial Finance Europe S.A. (1)\tEUR\t316\t1.375%\tMay 23 2022\t355\nCNH Industrial Finance Europe S.A. (1)\tEUR\t369\t2.875%\tMay 17 2023\t414\nCNH Industrial Finance Europe S.A. (1)\tEUR\t650\t1.750%\tSeptember 12 2025\t730\nCNH Industrial Finance Europe S.A. (1)\tEUR\t100\t3.500%\tNovember 12 2025\t112\nCNH Industrial Finance Europe S.A. (1)\tEUR\t500\t1.875%\tJanuary 19 2026\t562\nCNH Industrial Finance Europe S.A. (1)\tEUR\t600\t1.750%\tMarch 25 2027\t674\nCNH Industrial Finance Europe S.A. (1)\tEUR\t50\t3.875%\tApril 21 2028\t56\nCNH Industrial Finance Europe S.A. (1)\tEUR\t500\t1.625%\tJuly 3 2029\t562\nCNH Industrial Finance Europe S.A. (1)\tEUR\t50\t2.200%\tJuly 15 2039\t56\nOther Bonds:\t\t\t\t\t\nCNH Industrial N.V. (2)\tUSD\t600\t4.500%\tAugust 15 2023\t600\nCNH Industrial N.V. (2)\tUSD\t500\t3.850%\tNovember 15 2027\t500\nHedging effects bond premium/discount and unamortized issuance costs\t\t\t\t\t(57)\nTotal Industrial Activities\t\t\t\t\t5061\nFinancial Services\t\t\t\t\t\nCNH Industrial Capital LLC\tUSD\t600\t4.375%\tNovember 6 2020\t600\nCNH Industrial Capital LLC\tUSD\t500\t4.875%\tApril 1 2021\t500\nCNH Industrial Capital LLC\tUSD\t400\t3.875%\tOctober 15 2021\t400\nCNH Industrial Capital LLC\tUSD\t500\t4.375%\tApril 5 2022\t500\nCNH Industrial Capital Australia Pty Ltd.\tAUD\t175\t2.100%\tDecember 12 2022\t123\nCNH Industrial Capital LLC\tUSD\t500\t4.200%\tJanuary 15 2024\t500\nHedging effects bond premium/discount and unamortized issuance costs\t\t\t\t\t26\nTotal Financial Services\t\t\t\t\t2649\n", "q10k_tbl_91": "\t2019\t\t\t2018\t\t\n\tIndustrial Activities\tFinancial Services\tTotal\tIndustrial Activities\tFinancial Services\tTotal\n\t(in millions)\t\t\t\t\t\nTotal Bonds\t5061\t2649\t7710\t4888\t2990\t7878\nAsset-backed debt\t0\t11757\t11757\t0\t11268\t11268\nOther debt\t165\t5222\t5387\t323\t4976\t5299\nIntersegment debt\t1332\t1120\t0\t1136\t1202\t0\nTotal Debt\t6558\t20748\t24854\t6347\t20436\t24445\n", "q10k_tbl_92": "\tIndustrial Activities\tFinancial Services\tConsolidated\n\t(in millions)\t\t\n2020\t34\t10439\t10473\n2021\t427\t4757\t5184\n2022\t458\t2372\t2830\n2023\t1034\t905\t1939\n2024\t4\t987\t991\n2025 and thereafter\t3269\t168\t3437\nIntersegment\t1332\t1120\t0\nTotal\t6558\t20748\t24854\n", "q10k_tbl_93": "\t2019\t2018\t2017\n\t(in millions)\t\t\nParent country source\t(3)\t(6)\t(211)\nForeign sources\t1173\t1472\t870\nIncome (loss) before taxes and equity in income of unconsolidated subsidiaries and affiliates\t1170\t1466\t659\n", "q10k_tbl_94": "\t2019\t2018\t2017\n\t(in millions)\t\t\nCurrent income taxes\t203\t353\t354\nDeferred income taxes\t(474)\t64\t103\nTotal income tax provision (benefit)\t(271)\t417\t457\n", "q10k_tbl_95": "\t2019\t2018\t2017\n\t(in millions)\t\t\nTax provision at the parent statutory rate\t222\t278\t127\nForeign income taxed at different rates\t79\t102\t94\nChange in valuation allowance\t(502)\t31\t166\nItalian IRAP taxes\t14\t21\t17\nTax contingencies\t7\t29\t18\nTax credits and incentives\t(88)\t(66)\t(48)\nVenezuela remeasurement and impairment and deconsolidation charges\t0\t0\t18\nChange in tax rate or law\t(5)\t(8)\t46\nWithholding taxes\t2\t7\t6\nOther\t0\t23\t13\nTotal income tax provision (benefit)\t(271)\t417\t457\n", "q10k_tbl_96": "\t2019\t2018\n\t(in millions)\t\nDeferred tax assets:\t\t\nInventories\t66\t104\nWarranty and campaigns\t170\t192\nAllowance for credit losses\t155\t163\nMarketing and sales incentive programs\t285\t268\nOther risk and future charges reserve\t265\t273\nPension postretirement and postemployment benefits\t253\t237\nLeasing liabilities\t114\t0\nResearch and development costs\t311\t420\nOther reserves\t347\t393\nTax credits and loss carry forwards\t677\t616\nLess: Valuation allowances\t(993)\t(1626)\nTotal deferred tax assets\t1650\t1040\nDeferred tax liabilities:\t\t\nProperty plant and equipment\t523\t357\nOther\t165\t206\nTotal deferred tax liabilities\t688\t563\nNet deferred tax assets\t962\t477\n", "q10k_tbl_97": "\t2019\t2018\n\t(in millions)\t\nDeferred tax assets\t1134\t591\nDeferred tax liabilities\t(172)\t(114)\nNet deferred tax assets\t962\t477\n", "q10k_tbl_98": "\t2019\t2018\n\t(in millions)\t\nBalance beginning of year\t268\t320\nAdditions based on tax positions related to the current year\t26\t22\nAdditions for tax positions of prior years\t32\t46\nReductions for tax positions of prior years\t(32)\t(60)\nReductions for tax positions as a result of lapse of statute\t(14)\t(24)\nSettlements\t(25)\t(36)\nBalance end of year\t255\t268\n", "q10k_tbl_99": "\tPension\t\tHealthcare (1)\t\tOther (1)\t\n\t2019\t2018\t2019\t2018\t2019\t2018\n\t(in millions)\t\t\t\t\t\nChange in benefit obligations:\t\t\t\t\t\t\nBeginning benefit obligation\t3029\t3365\t434\t1120\t422\t470\nService cost\t23\t25\t5\t6\t13\t15\nInterest cost\t74\t71\t14\t24\t3\t3\nPlan participants' contributions\t3\t3\t10\t9\t0\t0\nActuarial loss (gain)\t377\t(140)\t45\t(129)\t37\t(8)\nGross benefits paid\t(156)\t(207)\t(42)\t(63)\t(37)\t(37)\nPlan amendments\t(2)\t22\t(47)\t(530)\t0\t0\nCurrency translation adjustments and other (2)\t(410)\t(110)\t(7)\t(3)\t(7)\t(21)\nEnding benefit obligation\t2938\t3029\t412\t434\t431\t422\nChange in the fair value of plan assets:\t\t\t\t\t\t\nBeginning plan assets\t2281\t2517\t141\t184\t0\t0\nActual return on plan assets\t305\t(46)\t27\t(6)\t0\t0\nEmployer contributions\t53\t55\t0\t0\t0\t0\nPlan participants' contributions\t3\t3\t0\t0\t0\t0\nGross benefits paid\t(130)\t(179)\t(16)\t(37)\t0\t0\nCurrency translation adjustments and other (2)\t(416)\t(69)\t0\t0\t0\t0\nEnding plan assets\t2096\t2281\t152\t141\t0\t0\nFunded status:\t(842)\t(748)\t(260)\t(293)\t(431)\t(422)\n", "q10k_tbl_100": "\tU.S.\t\tU.K\t\tGermany (1)\t\tOther Countries (1)\t\n\t2019\t2018\t2019\t2018\t2019\t2018\t2019\t2018\n\t(in millions)\t\t\t\t\t\t\t\nChange in benefit obligations:\t\t\t\t\t\t\t\t\nBeginning benefit obligation\t1015\t1173\t1290\t1409\t409\t453\t315\t330\nService cost\t3\t4\t4\t4\t3\t4\t13\t13\nInterest cost\t36\t35\t30\t29\t4\t4\t4\t3\nPlan participants' contributions\t0\t0\t0\t0\t0\t0\t3\t3\nActuarial loss (gain)\t132\t(85)\t166\t(39)\t39\t(4)\t40\t(10)\nGross benefits paid\t(70)\t(112)\t(47)\t(56)\t(25)\t(28)\t(14)\t(11)\nPlan amendments\t0\t0\t0\t21\t0\t0\t(2)\t0\nCurrency translation adjustments and other (2)\t(450)\t0\t45\t(78)\t(6)\t(20)\t1\t(13)\nEnding benefit obligation\t666\t1015\t1488\t1290\t424\t409\t360\t315\nChange in the fair value of plan assets:\t\t\t\t\t\t\t\t\nBeginning plan assets\t1030\t1207\t951\t1005\t5\t5\t295\t300\nActual return on plan assets\t190\t(65)\t88\t14\t0\t0\t27\t3\nEmployer contributions\t0\t0\t42\t44\t0\t0\t11\t11\nPlan participants' contributions\t0\t0\t0\t0\t0\t0\t3\t3\nGross benefits paid\t(69)\t(112)\t(47)\t(56)\t0\t0\t(14)\t(11)\nCurrency translation adjustments and other (2)\t(451)\t0\t33\t(56)\t0\t0\t2\t(11)\nEnding plan assets\t700\t1030\t1067\t951\t5\t5\t324\t295\nFunded status:\t34\t15\t(421)\t(339)\t(419)\t(404)\t(36)\t(20)\n", "q10k_tbl_101": "\tPension\t\tHealthcare\t\tOther\t\n\t2019\t2018\t2019\t2018\t2019\t2018\n\t(in millions)\t\t\t\t\t\nOther assets\t45\t25\t0\t0\t0\t0\nPension postretirement and other postemployment benefits\t(887)\t(773)\t(260)\t(293)\t(431)\t(422)\nNet liability recognized at end of year\t(842)\t(748)\t(260)\t(293)\t(431)\t(422)\n", "q10k_tbl_102": "\tPension\tHealthcare\tOther\n\t(in millions)\t\t\nUnrecognized actuarial losses\t859\t50\t103\nUnrecognized prior service credit\t1\t(374)\t(5)\nAccumulated other comprehensive loss\t860\t(324)\t98\n", "q10k_tbl_103": "\tPension\t\n\t2019\t2018\n\t(in millions)\t\nAccumulated benefit obligation\t2108\t1753\nFair value of plan assets\t1240\t991\n", "q10k_tbl_104": "\tPension\t\tHealthcare\t\tOther\t\n\t2019\t2018\t2019\t2018\t2019\t2018\n\t(in millions)\t\t\t\t\t\nProjected benefit obligation\t2219\t1951\t412\t434\t431\t422\nFair value of plan assets\t1332\t1178\t152\t141\t0\t0\n", "q10k_tbl_105": "\tPension\t\t\tHealthcare\t\t\tOther\t\t\n\t2019\t2018\t2017\t2019\t2018\t2017\t2019\t2018\t2017\n\t(in millions)\t\t\t\t\t\t\t\t\nService cost\t23\t25\t30\t5\t6\t6\t13\t15\t15\nInterest cost\t74\t71\t74\t14\t24\t36\t3\t3\t3\nExpected return on assets\t(99)\t(112)\t(111)\t(7)\t(7)\t(7)\t0\t0\t0\nAmortization of:\t\t\t\t\t\t\t\t\t\nPrior service cost (credit)\t1\t(1)\t(1)\t(125)\t(82)\t(2)\t1\t1\t1\nActuarial loss (gain)\t67\t74\t90\t(2)\t7\t6\t14\t4\t5\nSettlement loss and other\t125\t1\t4\t0\t0\t0\t2\t1\t2\nNet periodic benefit cost\t191\t58\t86\t(115)\t(52)\t39\t33\t24\t26\n", "q10k_tbl_106": "\tPension\tHealthcare\tOther\n\t(in millions)\t\t\nNet periodic benefit cost\t191\t(115)\t33\nBenefit adjustments included in other comprehensive (income) loss:\t\t\t\nNet actuarial losses (gains)\t55\t25\t35\nAmortization of actuarial losses\t(67)\t2\t(14)\nAmortization of prior service (cost) credit\t(2)\t125\t(1)\nCurrency translation adjustments and other\t13\t(55)\t0\nTotal recognized in other comprehensive (income) loss\t(1)\t97\t20\nTotal recognized in comprehensive loss\t190\t(18)\t53\n", "q10k_tbl_107": "\tPension plans\t\t\tHealthcare plans\t\t\tOther\t\t\n(in %)\t2019\t2018\t2017\t2019\t2018\t2017\t2019\t2018\t2017\nAssumptions used to determine funded status at December 31\t\t\t\t\t\t\t\t\t\nWeighted-average discount rate\t1.88\t2.91\t2.57\t2.99\t4.12\t3.53\t0.69\t1.62\t1.47\nWeighted-average rate of compensation increase\t2.99\t3.00\t3.01\tn/a\tn/a\tn/a\t1.91\t1.41\t1.11\nWeighted-average initial healthcare cost trend rate\tn/a\tn/a\tn/a\t4.68\t6.17\t6.46\tn/a\tn/a\tn/a\nWeighted-average ultimate healthcare cost trend rate(*)\tn/a\tn/a\tn/a\t4.20\t5.00\t5.00\tn/a\tn/a\tn/a\nAssumptions used to determine expense\t\t\t\t\t\t\t\t\t\nWeighted-average discount rates - service cost\t1.97\t1.79\t2.15\t4.03\t3.58\t3.96\t1.76\t1.64\t1.67\nWeighted-average discount rates - interest cost\t2.58\t2.20\t2.33\t3.53\t3.19\t3.39\t1.50\t1.34\t1.40\nWeighted-average rate of compensation increase\t3.00\t3.01\t2.95\tn/a\tn/a\tn/a\t1.41\t1.11\t1.19\nWeighted-average long-term rates of return on plan assets\t4.68\t4.58\t4.74\t5.50\t4.50\t6.25\tn/a\tn/a\tn/a\nWeighted-average initial healthcare cost trend rate\tn/a\tn/a\tn/a\t6.17\t6.46\t6.72\tn/a\tn/a\tn/a\nWeighted-average ultimate healthcare cost trend rate(*)\tn/a\tn/a\tn/a\t5.00\t5.00\t5.00\tn/a\tn/a\tn/a\n", "q10k_tbl_108": "\tTotal\tLevel 1\tLevel 2\tLevel 3\n\t(in millions)\t\t\t\nEquity securities:\t\t\t\t\nU.S. equities\t0\t0\t0\t0\nNon-U.S. equities\t0\t0\t0\t0\nTotal Equity securities\t0\t0\t0\t0\nFixed income securities:\t\t\t\t\nU.S. government bonds\t124\t122\t2\t0\nU.S. corporate bonds\t34\t5\t29\t0\nNon-U.S. government bonds\t47\t9\t38\t0\nNon-U.S. corporate bonds\t25\t0\t25\t0\nMortgage backed securities\t0\t0\t0\t0\nOther fixed income\t0\t0\t0\t0\nTotal Fixed income securities\t230\t136\t94\t0\nOther types of investments:\t\t\t\t\nMutual funds (A)\t1802\t20\t1782\t0\nInsurance contracts\t171\t0\t0\t171\nDerivatives-credit contracts\t0\t0\t0\t0\nReal estate\t0\t0\t0\t0\nTotal Other types of investments\t1973\t20\t1782\t171\nCash:\t45\t17\t28\t0\nTotal\t2248\t173\t1904\t171\n", "q10k_tbl_109": "\tInsurance Contracts (in millions)\nBalance at December 31 2018\t152\nActual return on plan assets relating to assets still held at reporting date\t12\nPurchases\t8\nSettlements\t(3)\nTransfers in and/or out of level 3\t0\nCurrency impact\t2\nBalance at December 31 2019\t171\n", "q10k_tbl_110": "\tTotal\tLevel 1\tLevel 2\tLevel 3\n\t(in millions)\t\t\t\nEquity securities:\t\t\t\t\nU.S. equities\t288\t16\t272\t0\nNon-U.S. equities\t0\t0\t0\t0\nTotal Equity securities\t288\t16\t272\t0\nFixed income securities:\t\t\t\t\nU.S. government bonds\t356\t349\t7\t0\nU.S. corporate bonds\t421\t0\t421\t0\nNon-U.S. government bonds\t47\t9\t38\t0\nNon-U.S. corporate bonds\t73\t0\t73\t0\nMortgage backed securities\t0\t0\t0\t0\nOther fixed income\t11\t0\t11\t0\nTotal Fixed income securities\t908\t358\t550\t0\nOther types of investments:\t\t\t\t\nMutual funds(A)\t990\t0\t990\t0\nInsurance contracts\t152\t0\t0\t152\nDerivatives-credit contracts\t0\t0\t0\t0\nReal estate\t0\t0\t0\t0\nTotal Other types of investments\t1142\t0\t990\t152\nCash:\t84\t46\t38\t0\nTotal\t2422\t420\t1850\t152\n", "q10k_tbl_111": "\tInsurance Contracts (in millions)\nBalance at December 31 2017\t149\nActual return on plan assets relating to assets still held at reporting date\t3\nPurchases\t8\nSettlements\t(4)\nTransfers in and/or out of Level 3\t0\nCurrency impact\t(4)\nBalance at December 31 2018\t152\n", "q10k_tbl_112": "\tPension Plans\tHealthcare\tMedicare Part D Reimbursement\tOther\n(in millions)\t\t\t\t\n2020\t136\t33\t0\t31\n2021\t135\t32\t0\t27\n2022\t138\t30\t0\t30\n2023\t142\t30\t0\t28\n2024\t138\t29\t0\t28\n2025 - 2029\t713\t139\t(1)\t137\nTotal\t1402\t293\t(1)\t281\n", "q10k_tbl_113": "\t2019\t2018\n\t(in millions)\t\nAdvances on buy-back agreements\t1472\t1870\nWarranty and campaign programs\t919\t925\nMarketing and sales incentive programs\t1279\t1329\nTax payables\t696\t685\nAccrued expenses and deferred income\t639\t609\nAccrued employee benefits\t562\t680\nLease liabilities\t449\t0\nLegal reserves and other provisions\t299\t368\nContract reserve\t319\t262\nContract liabilities\t1236\t1368\nRestructuring reserve\t103\t71\nOther\t866\t791\nTotal\t8839\t8958\n", "q10k_tbl_114": "\t2019\t2018\n\t(in millions)\t\nBalance beginning of year\t925\t932\nCurrent year additions\t801\t826\nClaims paid\t(749)\t(724)\nCurrency translation adjustment and other\t(58)\t(109)\nBalance end of year\t919\t925\n", "q10k_tbl_115": "\tSeverance and Other Employee Costs\tFacility Related Costs\tOther Restructuring\tTotal\n\t(in millions)\t\t\t\nBalance at January 1 2017\t23\t7\t0\t30\nRestructuring charges\t76\t17\t0\t93\nReserves utilized: cash\t(53)\t(1)\t0\t(54)\nReserves utilized: non-cash\t(2)\t(13)\t0\t(15)\nCurrency translation adjustments\t4\t2\t0\t6\nBalance at December 31 2017\t48\t12\t0\t60\nRestructuring charges\t39\t17\t5\t61\nReserves utilized: cash\t(36)\t0\t(2)\t(38)\nReserves utilized: non-cash\t(9)\t1\t0\t(8)\nCurrency translation adjustments\t(2)\t0\t(2)\t(4)\nBalance at December 31 2018\t40\t30\t1\t71\nRestructuring charges\t98\t(2)\t13\t109\nReserves utilized: cash\t(77)\t25\t(4)\t(56)\nReserves utilized: non-cash\t3\t(16)\t(7)\t(20)\nCurrency translation adjustments\t(2)\t1\t0\t(1)\nBalance at December 31 2019\t62\t38\t3\t103\n", "q10k_tbl_116": "\t\tRecognized in Net Income\t\nFor the Year Ended December 31\tGain (Loss) Recognized in Accumulated Other Comprehensive Income\tClassification of Gain (Loss)\tGain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income\n2019\t\t\t\nForeign exchange contracts\t(113)\tNet sales\t0\n\t\tCost of goods sold\t(69)\n\t\tOther net\t(16)\n\t\tInterest expense net\t(8)\nInterest rate contracts\t(22)\t\t\nTotal\t(135)\t\t(93)\n2018\t\t\t\nForeign currency contracts\t2\tNet sales\t(7)\n\t\tCost of goods sold\t15\n\t\tOther net\t20\n\t\tInterest expense net\t(4)\nInterest rate contracts\t1\t\t\nTotal\t3\t\t24\n2017\t\t\t\nForeign currency contracts\t48\tNet sales\t6\n\t\tCost of goods sold\t(47)\n\t\tOther net\t10\n\t\tInterest expense net\t0\nInterest rate contracts\t5\t\t\nTotal\t53\t\t(31)\n", "q10k_tbl_117": "(in millions)\tBefore-Tax Amount\tIncome Tax\tAfter-Tax Amount\nAccumulated derivative net losses as of December 31 2018\t(20)\t(2)\t(22)\nNet changes in fair value of derivatives\t(135)\t24\t(111)\nNet losses reclassified from accumulated other comprehensive income into income\t93\t(14)\t79\nAccumulated derivative net losses as of December 31 2019\t(62)\t8\t(54)\n", "q10k_tbl_118": "(in millions)\tBefore-Tax Amount\tIncome Tax\tAfter-Tax Amount\nAccumulated derivative net losses as of December 31 2017\t1\t0\t1\nNet changes in fair value of derivatives\t3\t(4)\t(1)\nNet losses reclassified from accumulated other comprehensive income into income\t(24)\t2\t(22)\nAccumulated derivative net losses as of December 31 2018\t(20)\t(2)\t(22)\n", "q10k_tbl_119": "(in millions)\tBefore-Tax Amount\tIncome Tax\tAfter-Tax Amount\nAccumulated derivative net losses as of December 31 2016\t(83)\t(5)\t(88)\nNet changes in fair value of derivatives\t53\t3\t56\nNet losses reclassified from accumulated other comprehensive income into income\t31\t2\t33\nAccumulated derivative net losses as of December 31 2017\t1\t0\t1\n", "q10k_tbl_120": "\t\tFor the Year Ended December 31\t\t\n(in millions)\tClassification of Gain\t2019\t2018\t2017\nFair Value Hedges\t\t\t\t\nInterest rate derivatives\tInterest expense\t31\t9\t(12)\nNot Designated as Hedges\t\t\t\t\nForeign exchange contracts\tOther Net\t(73)\t68\t(3)\n", "q10k_tbl_121": "\tDecember 31 2019\t\tDecember 31 2018\t\n(in millions)\tBalance Sheet Location\tFair Value\tBalance Sheet Location\tFair Value\nDerivatives designated as hedging instruments under Subtopic 815-20\t\t\t\t\nInterest rate contracts\tDerivative assets\t44\tDerivative assets\t21\nForeign currency contracts\tDerivative assets\t17\tDerivative assets\t52\nTotal derivative assets designated as hedging instruments\t\t61\t\t73\nInterest rate contracts\tDerivative liabilities\t29\tDerivative liabilities\t29\nForeign currency contracts\tDerivative liabilities\t69\tDerivative liabilities\t41\nTotal derivative liabilities designated as hedging instruments\t\t98\t\t70\nDerivatives not designated as hedging instruments under Subtopic 815-20\t\t\t\t\nInterest rate contracts\tDerivative assets\t0\tDerivative assets\t1\nForeign currency contracts\tDerivative assets\t12\tDerivative assets\t24\nTotal derivative assets not designated as hedging instruments\t\t12\t\t25\nInterest rate contracts\tDerivative liabilities\t0\tDerivative liabilities\t0\nForeign currency contracts\tDerivative liabilities\t23\tDerivative liabilities\t38\nTotal derivative liabilities not designated as hedging instruments\t\t23\t\t38\n", "q10k_tbl_122": "\tLevel 1\t\tLevel 2\t\tTotal\t\n\tDecember 31 2019\tDecember 31 2018\tDecember 31 2019\tDecember 31 2018\tDecember 31 2019\tDecember 31 2018\n\t(in millions)\t\t\t\t\t\nAssets\t\t\t\t\t\t\nForeign exchange derivatives\t0\t0\t29\t76\t29\t76\nInterest rate derivatives\t0\t0\t44\t22\t44\t22\nInvestments\t1\t1\t0\t0\t1\t1\nTotal Assets\t1\t1\t73\t98\t74\t99\nLiabilities\t\t\t\t\t\t\nForeign exchange derivatives\t0\t0\t(92)\t(79)\t(92)\t(79)\nInterest rate derivatives\t0\t0\t(29)\t(29)\t(29)\t(29)\nTotal Liabilities\t0\t0\t(121)\t(108)\t(121)\t(108)\n", "q10k_tbl_123": "\tDecember 31 2019\t\tDecember 31 2018\t\n\tCarrying Amount\tFair Value\tCarrying Amount\tFair Value\n\t(in millions)\t\t\t\nFinancing receivables\t19428\t19375\t19167\t19017\nDebt\t24854\t25249\t24445\t24841\n", "q10k_tbl_124": "(number of shares)\tCNH Industrial N.V. Common Shares\tCNH Industrial N.V. Loyalty Program Special Voting Shares\tTotal CNH Industrial N.V. Shares\nTotal CNH Industrial N.V. shares at December 31 2016\t1361630903\t412268203\t1773899106\nCapital increase\t5271344\t0\t5271344\nCommon Stock Repurchase\t(3309741)\t0\t(3309741)\nRetirement of special voting shares\t0\t(23361513)\t(23361513)\nTotal CNH Industrial N.V. shares at December 31 2017\t1363592506\t388906690\t1752499196\nCapital increase\t2741322\t0\t2741322\nCommon stock repurchases\t(12501870)\t0\t(12501870)\nRetirement of special voting shares\t0\t(181066)\t(181066)\nTotal CNH Industrial N.V. shares at December 31 2018\t1353831958\t388725624\t1742557582\nCapital increase\t2568751\t0\t2568751\nCommon stock repurchases\t(6268592)\t0\t(6268592)\nRetirement of special voting shares\t0\t(774458)\t(774458)\nTotal CNH Industrial N.V. shares at December 31 2019\t1350132117\t387951166\t1738083283\n", "q10k_tbl_125": "\t2019\t\n\tPerformance Shares\tWeighted Average Grant-Date Fair Value\nNonvested at beginning of year\t5308740\t7.92\nGranted\t447105\t5.19\nForfeited/Cancelled\t(872366)\t9.54\nVested\t0\t0\nNonvested at end of year\t4883479\t7.82\n", "q10k_tbl_126": "\t2019\t\n\tRestricted Shares\tWeighted Average Grant-Date Fair Value\nNonvested at beginning of year\t3364447\t11.88\nGranted\t832105\t9.95\nForfeited\t(320993)\t12.28\nVested\t(2032892)\t11.19\nNonvested at end of year\t1842667\t11.69\n", "q10k_tbl_127": "\t2019\t2018\t2017\n\t(in millions)\t\t\nTotal intrinsic value of options exercised and shares vested\t21\t27\t23\nFair value of shares vested\t23\t26\t17\nCash received from share award exercises\t0\t2\t28\nTax benefit of options exercised and shares vested\t0\t0\t0\n", "q10k_tbl_128": "\t2019\t2018\t2017\n\t(in millions except per share data)\t\t\nBasic:\t\t\t\nNet income (loss) attributable to CNH Industrial\t1422\t1068\t272\nWeighted average common shares outstanding-basic\t1352\t1357\t1364\nBasic earnings per share\t1.05\t0.79\t0.20\nDiluted:\t\t\t\nNet income (loss) attributable to CNH Industrial\t1422\t1068\t272\nWeighted average common shares outstanding-basic\t1352\t1357\t1364\nEffect of dilutive securities (when dilutive):\t\t\t\nStock compensation plans\t2\t4\t3\nWeighted average common shares outstanding-diluted (A)\t1354\t1361\t1367\nDiluted earnings per share\t1.05\t0.78\t0.20\n", "q10k_tbl_129": "\tYear Ended December 31 2019\t\t\n(in millions)\tGross Amount\tIncome Taxes\tNet Amount\nUnrealized gain (loss) on cash flow hedges\t(42)\t10\t(32)\nChanges in retirement plans' funded status\t(115)\t3\t(112)\nForeign currency translation\t71\t0\t71\nShare of other comprehensive loss of entities using the equity method\t(8)\t0\t(8)\nOther comprehensive loss\t(94)\t13\t(81)\n", "q10k_tbl_130": "\tYear Ended December 31 2018\t\t\n(in millions)\tGross Amount\tIncome Taxes\tNet Amount\nUnrealized gain (loss) on cash flow hedges\t(21)\t(2)\t(23)\nChanges in retirement plans' funded status\t620\t(143)\t477\nForeign currency translation\t(317)\t0\t(317)\nShare of other comprehensive loss of entities using the equity method\t(35)\t0\t(35)\nOther comprehensive income\t247\t(145)\t102\n", "q10k_tbl_131": "\tYear Ended December 31 2017\t\t\n(in millions)\tGross Amount\tIncome Taxes\tNet Amount\nUnrealized gain (loss) on cash flow hedges\t84\t5\t89\nChanges in retirement plans' funded status\t116\t(30)\t86\nForeign currency translation\t(414)\t0\t(414)\nShare of other comprehensive loss of entities using the equity method\t32\t0\t32\nOther comprehensive loss\t(182)\t(25)\t(207)\n", "q10k_tbl_132": "(in millions)\tUnrealized Gain (Loss) on Cash Flow Hedges\tChange in Retirement Plans' Funded Status\tForeign Currency Translation\tShare of Other Comprehensive Income of Entities Using the Equity Method\tTotal\nBalance December 31 2016\t(88)\t(1036)\t(485)\t(153)\t(1762)\nOther comprehensive income (loss) before reclassifications\t56\t13\t(414)\t35\t(310)\nAmounts reclassified from other comprehensive income\t33\t73\t0\t0\t106\nOther comprehensive income (loss)1\t89\t86\t(414)\t35\t(204)\nBalance December 31 2017\t1\t(950)\t(899)\t(118)\t(1966)\nOther comprehensive income (loss) before reclassifications\t(1)\t473\t(317)\t(30)\t125\nAmounts reclassified from other comprehensive income (loss)\t(22)\t4\t0\t0\t(18)\nOther comprehensive income (loss)1\t(23)\t477\t(317)\t(30)\t107\nBalance December 31 2018\t(22)\t(473)\t(1216)\t(148)\t(1859)\nOther comprehensive income (loss) before reclassifications\t(111)\t(68)\t71\t(5)\t(113)\nAmounts reclassified from other comprehensive income\t79\t(44)\t0\t0\t35\nOther comprehensive income (loss)1\t(32)\t(112)\t71\t(5)\t(78)\nReclassification of certain tax effects\t0\t(65)\t0\t0\t(65)\nBalance December 31 2019\t(54)\t(650)\t(1145)\t(153)\t(2002)\n", "q10k_tbl_133": "\tAmount Reclassified from Other Comprehensive Income (Loss)\t\tConsolidated Statement of Operations line\n\t2019\t2018\t\n\t(in millions)\t\t\nCash flow hedges\t0\t7\tNet sales\n\t69\t(15)\tCost of goods sold\n\t16\t(20)\tOther net\n\t8\t4\tInterest expense\n\t(14)\t2\tIncome taxes\n\t79\t(22)\t\nChange in retirement plans' funded status:\t\t\t\nAmortization of actuarial losses\t79\t85\t*\nAmortization of prior service cost\t(123)\t(82)\t*\n\t0\t1\tIncome taxes\n\t(44)\t4\t\nTotal reclassifications net of tax\t35\t(18)\t\n", "q10k_tbl_134": "\tYears Ended December 31\t\t\n\t2019\t2018\t2017\n\t(in millions)\t\t\nNet income\t1454\t1099\t290\nIncome tax (expense)\t(271)\t417\t457\nInterest expenses of Industrial Activities net of interest income and eliminations\t282\t368\t482\nForeign exchange (gains) losses net\t56\t171\t124\nFinance and non-service component of Pension and other post-employment benefit costs\t63\t(15)\t102\nRestructuring expenses\t109\t61\t93\nOther discrete items\t187\t0\t0\nVenezuelan re-measurement and impairment of assets and 2017 year-end deconsolidation of Venezuelan operations\t0\t0\t92\nAdjusted EBIT\t1880\t2101\t1640\nDepreciation and Amortization\t660\t703\t725\nDepreciation of assets under operating leases and assets sold with buy-back commitments\t555\t634\t625\nAdjusted EBITDA\t3095\t3438\t2990\n", "q10k_tbl_135": "\tYears Ended December 31\t\t\n\t2019\t2018\t2017\n\t(in millions)\t\t\nAgriculture\t897\t1036\t791\nConstruction\t51\t91\t(16)\nCommercial and Specialty Vehicles\t224\t299\t195\nPowertrain\t363\t406\t360\nUnallocated items eliminations and other\t(145)\t(247)\t(187)\nTotal Industrial Activities\t1390\t1585\t1143\nFinancial Services\t490\t516\t497\nAdjusted EBIT\t1880\t2101\t1640\n", "q10k_tbl_136": "\tYears Ended December 31\t\t\n\t2019\t2018\t2017\n\t(in millions)\t\t\nAgriculture\t1178\t1339\t1106\nConstruction\t106\t152\t49\nCommercial and Specialty Vehicles\t729\t890\t735\nPowertrain\t487\t536\t488\nUnallocated items eliminations and other\t(143)\t(246)\t(187)\nTotal Industrial Activities\t2357\t2671\t2191\nFinancial Services\t738\t767\t799\nAdjusted EBITDA\t3095\t3438\t2990\n", "q10k_tbl_137": "\tYears Ended December 31\t\t\n\t2019\t2018\t2017\n\t(in millions)\t\t\nRevenues:\t\t\t\nAgriculture\t10959\t11682\t10683\nConstruction\t2768\t3021\t2530\nCommercial and Specialty Vehicles\t10439\t10939\t10562\nPowertrain\t4117\t4565\t4369\nEliminations and other\t(2134)\t(2376)\t(2375)\nNet sales of Industrial Activities\t26149\t27831\t25769\nFinancial Services\t2011\t1989\t2028\nEliminations and other\t(81)\t(114)\t(96)\nTotal Revenues\t28079\t29706\t27701\nDepreciation and Amortization (*):\t\t\t\nAgriculture\t281\t301\t315\nConstruction\t55\t61\t65\nCommercial and Specialty Vehicles\t195\t206\t212\nPowertrain\t124\t130\t128\nOther activities and adjustments\t2\t1\t0\nDepreciation and amortization of Industrial Activities\t657\t699\t720\nFinancial Services\t3\t4\t5\nDepreciation and amortization\t660\t703\t725\nExpenditures for long-lived assets (**):\t\t\t\nAgriculture\t232\t224\t208\nConstruction\t46\t40\t36\nCommercial and Specialty Vehicles\t258\t195\t152\nPowertrain\t96\t91\t90\nOther activities\t1\t0\t2\nExpenditures for long-lived assets of Industrial Activities\t633\t550\t488\nFinancial Services\t4\t8\t4\nExpenditures for long-lived assets\t637\t558\t492\n", "q10k_tbl_138": "\t2019\t2018\t2017\n\t(in millions)\t\t\nUnited States\t5610\t5719\t5014\nItaly\t3253\t3383\t3021\nFrance\t3030\t2994\t2658\nBrazil\t2105\t2093\t1789\nGermany\t1875\t2062\t1833\nCanada\t1087\t1124\t1182\nAustralia\t739\t929\t1063\nSpain\t987\t1084\t1016\nArgentina\t509\t524\t984\nPoland\t604\t658\t507\nOther\t7392\t8130\t7770\nTotal Revenues from external customers in the rest of world\t27191\t28700\t26837\n", "q10k_tbl_139": "\tAt December 31\t\n\t2019\t2018\n\t(in millions)\t\nUnited States\t4823\t5311\nItaly\t1398\t1531\nFrance\t723\t830\nGermany\t573\t671\nSpain\t643\t626\nCanada\t557\t240\nBrazil\t294\t308\nChina\t219\t534\nOther\t1062\t648\nTotal Long-lived assets in the rest of the world\t10292\t10699\n", "q10k_tbl_140": "\t2019\t2018\t2017\n\t(in millions)\t\t\nNet sales\t719\t748\t699\nCost of goods sold\t319\t433\t555\nSelling general and administrative expenses\t147\t151\t155\n", "q10k_tbl_141": "\tDecember 31 2019\tDecember 31 2018\n\t(in millions)\t\nTrade receivables\t4\t10\nTrade payables\t83\t118\n", "q10k_tbl_142": "\t2019\t2018\t2017\n\t(in millions)\t\t\nNet sales\t911\t1068\t1028\nCost of goods sold\t514\t522\t446\n", "q10k_tbl_143": "\tDecember 31 2019\tDecember 31 2018\n\t(in millions)\t\nTrade receivables\t121\t107\nTrade payables\t70\t103\n", "q10k_tbl_144": "\tStatement of Operations\t\t\t\t\t\n\tIndustrial Activities\t\t\tFinancial Services\t\t\n\t2019\t2018\t2017\t2019\t2018\t2017\n\t(in millions)\t\t\t\t\t\nRevenues\t\t\t\t\t\t\nNet sales\t26149\t27831\t25769\t0\t0\t0\nFinance interest and other income\t98\t100\t122\t2011\t1989\t2028\nTotal Revenues\t26247\t27931\t25891\t2011\t1989\t2028\nCosts and Expenses\t\t\t\t\t\t\nCost of goods sold\t21832\t22958\t21572\t0\t0\t0\nSelling general & administrative expenses\t1998\t2136\t2056\t218\t215\t259\nResearch and development expenses\t1030\t1061\t957\t0\t0\t0\nRestructuring expenses\t105\t61\t90\t4\t0\t3\nInterest expense\t380\t468\t604\t597\t558\t555\nOther net\t187\t267\t420\t737\t730\t744\nTotal Costs and Expenses\t25532\t26951\t25699\t1556\t1503\t1561\nIncome (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates\t715\t980\t192\t455\t486\t467\nIncome tax (expense)\t391\t(286)\t(415)\t(120)\t(131)\t(42)\nEquity income of unconsolidated subsidiaries and affiliates\t(13)\t20\t61\t26\t30\t27\nResults from intersegment investments\t361\t385\t452\t0\t0\t0\nNet income (loss)\t1454\t1099\t290\t361\t385\t452\n", "q10k_tbl_145": "\tBalance Sheets\t\t\t\n\tIndustrial Activities\t\tFinancial Services\t\n\t2019\t2018\t2019\t2018\n\t(in millions)\t\t\t\nASSETS\t\t\t\t\nCash and cash equivalents\t4407\t4553\t468\t478\nRestricted cash\t120\t0\t778\t772\nTrade receivables net\t416\t398\t28\t34\nFinancing receivables net\t1223\t1253\t20657\t20252\nInventories net\t6907\t6510\t175\t216\nProperty plant and equipment net\t5268\t5899\t1\t2\nInvestments in unconsolidated subsidiaries and affiliates\t3213\t3126\t237\t219\nEquipment under operating leases\t51\t34\t1806\t1740\nGoodwill\t2383\t2301\t155\t152\nOther intangible assets net\t790\t774\t16\t14\nDeferred tax assets\t1090\t635\t178\t175\nDerivative assets\t34\t81\t47\t24\nOther assets\t2148\t1707\t319\t323\nTOTAL ASSETS\t28050\t27271\t24865\t24401\nLIABILITIES AND EQUITY\t\t\t\t\nDebt\t6558\t6347\t20748\t20436\nTrade payables\t5490\t5771\t191\t173\nDeferred tax liabilities\t19\t83\t286\t250\nPension postretirement and other postemployment benefits\t1558\t1470\t20\t18\nDerivative liability\t97\t89\t32\t26\nOther liabilities\t8172\t8413\t771\t681\nTOTAL LIABILITIES\t21894\t22173\t22048\t21584\nEquity\t6121\t5068\t2817\t2817\nRedeemable noncontrolling interest\t35\t30\t0\t0\nTOTAL LIABILITIES AND EQUITY\t28050\t27271\t24865\t24401\n", "q10k_tbl_146": "\tCash Flow Statements\t\t\t\t\t\n\tIndustrial Activities\t\t\tFinancial Services\t\t\n\t2019\t2018\t2017\t2019\t2018\t2017\n\t(in millions)\t\t\t\t\t\nOperating activities:\t\t\t\t\t\t\nNet income (loss)\t1454\t1099\t290\t361\t385\t452\nAdjustments to reconcile net income to net cash provided (used) by operating activities:\t\t\t\t\t\t\nDepreciation and amortization expense net of assets under operating lease and assets sold under buy-back commitments\t657\t699\t720\t3\t4\t5\nDepreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments\t310\t387\t328\t245\t247\t297\n(Gain) loss from disposal of assets\t(20)\t2\t0\t0\t0\t0\nLoss on repurchase of Notes\t27\t22\t56\t0\t0\t8\nUndistributed income (loss) of unconsolidated subsidiaries\t51\t(93)\t(107)\t(26)\t(31)\t(27)\nOther non-cash items\t151\t111\t188\t58\t47\t87\nChanges in operating assets and liabilities:\t\t\t\t\t\t\nProvisions\t(85)\t(54)\t224\t(8)\t6\t(6)\nDeferred income taxes\t(507)\t10\t219\t35\t38\t(95)\nTrade and financing receivables related to sales net\t(41)\t35\t147\t(414)\t(207)\t(823)\nInventories net\t(65)\t(396)\t207\t505\t508\t475\nTrade payables\t(200)\t280\t359\t18\t(8)\t8\nOther assets and liabilities\t(391)\t(319)\t160\t92\t46\t50\nNet cash provided by operating activities\t1341\t1783\t2791\t869\t1035\t431\nInvesting activities:\t\t\t\t\t\t\nAdditions to retail receivables\t0\t0\t0\t(4145)\t(4269)\t(4078)\nCollections of retail receivables\t0\t0\t0\t4219\t4016\t4384\nProceeds from sale of assets net of assets sold under operating leases and assets sold under buy-back commitments\t61\t7\t17\t0\t0\t0\nExpenditures for property plant and equipment and intangible assets net of assets under operating lease and sold under buy-back commitments\t(633)\t(550)\t(488)\t(4)\t(8)\t(4)\nExpenditures for assets under operating lease and assets sold under buy-back commitments\t(568)\t(625)\t(1079)\t(757)\t(719)\t(664)\nOther\t123\t720\t(275)\t(303)\t(532)\t272\nNet cash used in investing activities\t(1017)\t(448)\t(1825)\t(990)\t(1512)\t(90)\nFinancing activities:\t\t\t\t\t\t\nProceeds from long-term debt\t1315\t629\t2006\t11882\t15582\t13890\nPayments of long-term debt\t(1204)\t(1684)\t(2580)\t(11721)\t(15237)\t(14222)\nNet increase (decrease) in other financial liabilities\t(44)\t27\t(308)\t318\t359\t362\nDividends paid\t(283)\t(243)\t(168)\t(384)\t(264)\t(357)\nOther\t(57)\t(156)\t(25)\t20\t40\t46\nNet cash provided by (used in) financing activities\t(273)\t(1427)\t(1075)\t115\t480\t(281)\nEffect of foreign exchange rate changes on cash and cash equivalents\t(77)\t(256)\t361\t2\t(52)\t34\nIncrease (decrease) in cash and cash equivalents\t(26)\t(348)\t252\t(4)\t(49)\t94\nCash and cash equivalents beginning of year\t4553\t4901\t4649\t1250\t1299\t1205\nCash and cash equivalents end of year\t4527\t4553\t4901\t1246\t1250\t1299\n", "q10k_tbl_147": "Exhibit\tDescription\n1.1\tArticles of Association of CNH Industrial N.V. dated September 29 2013 (Previously filed as Exhibit 1.1 to the Annual Report on Form 20-F of the registrant for the year ended December 31 2014 (File No. 001-36085) and incorporated herein by reference).\n1.2\tRegulations of the Board of Directors of CNH Industrial N.V. dated September 9 2013 (Previously filed as Exhibit 1.2 to the Annual Report on Form 20-F of the registrant for the year ended December 31 2014 (File No. 001-36085) and incorporated herein by reference).\n2.1\tIndenture dated as of August 18 2016 by and between CNH Industrial N.V. as issuer and U.S. Bank National Association as trustee relating to the CNH Industrial N.V. debt securities. (Previously filed as Exhibit 4.1 to the report on Form 6-K of the registrant (File No. 001-36085) and incorporated herein by reference).\n2.2\tOfficers' Certificate dated as of August 18 2016 (including Form of 4.50% Note due 2023 included therein). (Previously filed as Exhibit 4.2 to Form 6‑K of the registrant on August 18 2016 (File No. 001-36085) and incorporated herein by reference).\n2.3\tOfficers' Certificate dated as of November 14 2017 (including Form of 3.850% Note due 2027 included therein). (Previously filed as Exhibit 4.1 to Form 6‑K of the registrant on November 14 2017 (File No. 001-36085) and incorporated herein by reference).\n\tThere have not been filed as exhibits to this Form 20-F certain long-term debt instruments none of which relates to indebtedness that exceeds 10% of the consolidated assets of CNH Industrial N.V. CNH Industrial N.V. agrees to furnish the Securities and Exchange Commission upon its request a copy of any instrument defining the rights of holders of long-term debt of CNH Industrial N.V. and its consolidated subsidiaries.\n4.1\tCNH Global N.V. Equity Incentive Plan (Previously filed as Exhibit 4.2 to the Registration Statement on Form S-8 of the registrant on October 1 2013 (File No. 333-191477) and incorporated herein by reference).\n4.2\tFiat Industrial S.p.A. Long-Term Incentive Plan (Previously filed as Exhibit 4.3 to the Registration Statement on Form S-8 of the registrant on October 1 2013 (File No. 333-191477) and incorporated herein by reference).\n4.3\tCNH Global N.V. Directors' Compensation Plan (Previously filed as Exhibit 4.4 to the Registration Statement on Form S-8 of the registrant on October 1 2013 (File No. 333-191477) and incorporated herein by reference).\n4.4\tCNH Industrial N.V. Directors' Compensation Plan (Previously filed as Exhibit 4.5 to the Registration Statement on Form S-8 of the registrant on October 1 2013 (File No. 333-191477) incorporated herein by reference).\n4.5\tCase New Holland Industrial Inc. 2005 Deferred Compensation Plan restated effective January 1 2012 (Previously filed as Exhibit 4.9 to the Annual Report on Form 20-F of the registrant for the year ended December 31 2014 (File No. 001-36085) and incorporated herein by reference).\n4.6\tCNH Industrial N.V. Equity Incentive Plan (Previously filed as Exhibit 4.2 to the Registration Statement on Form S-8 of the registrant on June 6 2014 (File No. 333-196574) incorporated herein by reference).\n7.1\tStatement regarding computation of ratio of earnings to fixed charges.\n8.1\tList of subsidiaries of the registrant.\n12.1\tCertification Pursuant to the Securities Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n12.2\tCertification Pursuant to the Securities Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n13.0\tCertification required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).\n15.0\tConsent of Ernst & Young LLP.\n101.SCH\tInline XBRL Taxonomy Extension Schema Document\n101.CLA\tInline XBRL Taxonomy Extension Calculation Linkbase Document\n101DEF\tInline XBRL Taxonomy Extension Definition Linkbase Document\n101.LAB\tInline XBRL Taxonomy Extension Label Linkbase Document\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document\n"}{"bs": "q10k_tbl_64", "is": "q10k_tbl_20", "cf": "q10k_tbl_66"}None
(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol (s)
Name of Each Exchange on which Registered
Common Shares, par value €0.01
CNHI
New York Stock Exchange
4.50% Notes due 2023
CNHI23
New York Stock Exchange
3.850% Notes due 2027
CNHI27
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
_______________________________________
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:1,350,132,117 common shares, par value €0.01 per share, and 387,951,116 loyalty program special voting shares, par value €0.01 per share.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☑ No ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Act of 1934. Yes ☐No☑
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. Yes☑ 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). Yes☑ No ☐
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Emerging Growth Company
☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP☑ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ Other ☐
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ or Item 18 ☐.
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐
CNH Industrial 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. Unless otherwise indicated or the context otherwise requires, as used in this annual report, the terms “CNH Industrial”, “we”, “us”, “our” or “the Company” refer to CNH Industrial, together with its consolidated subsidiaries.
Presentation of Financial and Certain Other Information
We have prepared our annual consolidated financial statements presented in this Annual Report in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our consolidated financial statements are expressed in U.S. dollars and, unless otherwise indicated, all financial data set forth in this annual report are expressed in U.S. dollars.
2017 figures included in the following sections have been recast following the retrospective adoption, on January 1, 2018, of the updated accounting standard for revenue recognition (ASC 606), retirement benefit accounting (ASU 2017-07) and statement of cash flows - restricted cash (ASU 2016-18).
Certain financial information in this report has been presented by geographic area. Our geographic regions are: (1) North America; (2) Europe; (3) South America and (4) Rest of World. The geographic designations have the following meanings:
•
North America (formerly NAFTA): United States, Canada and Mexico;
•
Europe: member countries of the European Union, European Free Trade Association, Ukraine and Balkans, formerly included in EMEA;
•
South America (formerly LATAM): Central and South America, and the Caribbean Islands; and
•
Rest of World: Continental Asia (including Turkey and Russia), Oceania and member countries of the Commonwealth of Independent States (excluding Ukraine), formerly included in APAC, and African continent and Middle East, formerly included in EMEA.
Certain industry and market share information in this Annual Report has been presented on a worldwide basis which includes all countries. In this Annual Report, management estimates of market share information are generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various Rest of World markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers in North America, the Committee for European Construction Equipment in Europe, the Associação Nacional dos Fabricantes de Veículos Automotores (“ANFAVEA”) in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by independent service bureaus. Not all agricultural or construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Turkey, Brazil, and any country where local shipments are not reported. For Commercial Vehicles, regions are defined as: Europe (the 27 countries where our Commercial Vehicles business competes, excluding United Kingdom and Ireland, for market share and total industry volume (“TIV”) reporting purposes), South America (Brazil, Argentina and Venezuela) and Rest of World (Russia, Turkey, South East Asia, Australia and New Zealand). In addition, there may be a period of time between the shipment, delivery, sale and/or registration of a unit, which must be estimated, in making any adjustments to the shipment, delivery, sale, or registration data to determine our estimates of retail unit data in any period.
1
PART I
Item 1.
Identity of Directors, Senior Management and Advisers
Not applicable.
Item 2.
Offer Statistics and Expected Timetable
Not applicable.
Item 3.
Key Information
A. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with our consolidated financial statements and the related notes included in “Item 18. Financial Statements” and the information contained in “Item 5. Operating and Financial Review and Prospects.”
The following table contains our selected historical financial data as of and for each of the five years ended December 31, 2019, 2018, 2017, 2016 and 2015.
For the Years Ended December 31,
2019
2018
2017
2016
2015
(in millions, except per share data)
Consolidated Statement of Operations Data:
Revenues:
Net sales
$
26,149
$
27,831
$
25,769
$
23,216
$
24,677
Finance, interest and other income
1,930
1,875
1,932
1,879
1,235
Total Revenues
28,079
29,706
27,701
25,095
25,912
Net (loss) income
$
1,454
$
1,099
$
290
$
(261
)
$
248
Net (loss) income attributable to CNH Industrial N.V.
$
1,422
$
1,068
$
272
$
(264
)
$
253
Earnings per share attributable to CNH Industrial N.V.:
Basic earnings per common share
$
1.05
$
0.79
$
0.20
$
(0.19
)
$
0.19
Diluted earnings per common share
$
1.05
$
0.78
$
0.20
$
(0.19
)
$
0.19
Cash dividends declared per common share(1)
$
0.203
$
0.173
$
0.118
$
0.148
$
0.214
As of December 31,
2019
2018
2017
2016
2015
(in millions)
Consolidated Balance Sheet Data:
Total Assets
$
47,352
$
46,100
$
48,298
$
45,555
$
46,677
Share capital
$
25
$
25
$
25
$
25
$
25
Common shares outstanding(2)
1,350
1,354
1,364
1,362
1,362
Equity
$
6,121
$
5,068
$
4,232
$
4,320
$
4,843
(1)
On March 3, 2020, the Board of Directors recommended to the Company’s shareholders a dividend of €0.18 per common share, totaling approximately €243 million (equivalent to approximately $267 million, translated at the exchange rate reported by the European Central Bank on February 28, 2020). The recommended dividend is subject to the approval of the Company’s shareholders at the Annual General Meeting of shareholders to be held on April 16, 2020. For 2019, CNH Industrial declared and paid a dividend of €0.18 per common share. For 2018, CNH Industrial declared and paid a dividend of €0.14 per common share. For 2017, CNH Industrial declared and paid a dividend of €0.11 per common share. For 2016, CNH Industrial declared and paid a dividend of €0.13 per common share. For 2015, CNH Industrial declared and paid a dividend of €0.20. The cash dividends for 2019, 2018, 2017, 2016, and 2015 were paid on May 2, 2019, May 2, 2018, May 2, 2017, May 3, 2016, and April 29, 2015, respectively, and shareholders who held common shares on the record date traded on the NYSE received the dividend in U.S. dollars at the USD/EUR exchange rate reported by the European Central Bank on April 17, 2019 ($0.2034), April 19, 2018 ($0.1722) April 20, 2017 ($0.1182), April 21, 2016 ($0.1476), and April 16, 2015 ($0.2142), respectively.
(2)
Excludes loyalty program special voting shares at December 31, 2019, 2018, 2017, 2016, and 2015 of 388 million, 389 million, 389 million, 412 million and 413 million, respectively.
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B. Capitalization and Indebtedness
Not applicable.
C. Reasons for the Offer and Use of Proceeds
Not applicable.
D. Risk Factors
The following risks should be considered in conjunction with “Item 5. Operating and Financial Review and Prospects” beginning on page 30, the other risks described in the Safe Harbor Statement beginning on page 61 and notes to the consolidated financial statements beginning on page F-10. These risks may affect our operating results and, individually or in the aggregate, could cause our actual results to differ materially from past and projected future results. Some of these risks and uncertainties could affect particular lines of business, while others could affect all of our businesses. Although risks are discussed separately, many are interrelated. The following discussion of risks may contain forward-looking statements that are intended to be covered by the Safe Harbor Statement beginning on page 61. Except as may be required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. It is impossible to predict or identify all risk factors and, consequently, you should not consider the following factors to be a complete discussion of risks and uncertainties that may affect us. We invite you to consult any further related disclosures we make from time to time in materials filed with or furnished to the United States Securities and Exchange Commission (“SEC”).
Risks Related to Our Business, Strategy and Operations
Global economic conditions impact our businesses.Our results of operations and financial position are and will continue to be influenced by macroeconomic factors – including changes in gross domestic product, the level of consumer and business confidence, changes in interest rates, the availability of credit, inflation and deflation, energy prices, and the cost of commodities or other raw materials – which exist in the countries and regions in which we operate. Such macroeconomic factors vary from time to time and their effect on our results of operations and financial position cannot be specifically and singularly assessed and/or isolated.
Economic conditions vary across regions and countries, and demand for our products and services generally increases in those regions and countries experiencing economic growth and investment. Slower economic growth or a change in global mix of regions and countries experiencing economic growth and investment could have an adverse impact on our business, results of operations and financial condition. In a weaker economic environment, some dealers and customers may delay or cancel plans to purchase our products and services and may not be able to fulfill their obligations to us in a timely fashion. Our suppliers may also be impacted by economic pressures, which may adversely affect their ability to fulfill their obligations to us. These factors could result in product delays, increased accounts receivable, defaults and inventory challenges. In addition, demand for our products and services can be significantly impacted by concerns regarding the diverse economic and political circumstances in the European Union, the debt burden of several countries in the European Union, the risk that one or more European Union countries could come under increasing pressure to leave the European Union and the long-term stability of the euro as a single common currency. These concerns, along with the significant fiscal adjustments carried out in several countries, intended to manage actual or perceived sovereign credit risk, have led to further pressure on economic growth and may lead to new periods of economic volatility and recession in the European Union. Similarly, in Brazil and Argentina, macroeconomic conditions remain volatile. If there is significant deterioration in the global economy or the economies of key countries or regions, the demand for our products and services would likely decrease and our results of operations, financial position and cash flows could be materially and adversely affected.
We are exposed to political, economic, trade and other risks beyond our control as a result of operating a global business.We manufacture and sell products and offer services in several continents and numerous countries around the worldincluding those experiencing varying degrees of political and economic instability. Given the global nature of our activities, we are exposed to risks associated with international business activities that may increase our costs, impact our ability to manufacture and sell our products and require significant management attention. These risks include:
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changes in laws, regulations and policies that affect, among other things:
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import and export duties and quotas;
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currency restrictions;
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the design, manufacture and sale of our products, including, for example, engine emissions regulations;
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interest rates and the availability of credit to our dealers and customers;
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property, contract rights and intellectual property;
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where, to whom, and what type of products may be sold, including new or additional trade or economic sanctions imposed by the U.S., EU or other governmental authorities and supranational organizations (e.g., the United Nations); and
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taxes;
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regulations from changing world organization initiatives and agreements;
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changes in the dynamics of the industries and markets in which we operate;
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labor disruptions;
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disruption in the supply of raw materials and components (e.g. as a consequence of epidemics and pandemics), including rare materials (the latter might be more easily the target of sudden increases due to a variety of factors, including speculative measures or unforeseen political changes);
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changes in governmental debt relief and subsidy program policies in certain significant markets such as Argentina and Brazil, including the Brazilian government discontinuing programs subsidizing interest rates on equipment loans;
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withdrawal from or changes to trade agreements or trade terms, negotiation of new trade agreements and the imposition of new (and retaliatory) tariffs on certain countries or covering certain products or raw materials, including developments in U.S.-China trade relations; and
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war, civil unrest and terrorism.
In recent years, terrorist attacks have occurred around the world, leading to personal safety anxieties and political instability in many countries and, ultimately, an impact on consumers’ confidence. More recently, growing populist political movements in several major developed countries, changes in or uncertainty surrounding global trade policies and other unanticipated changes to the previous geopolitical order may have negative effects on the global economy. The recent outbreak of Coronavirus, a virus causing potentially deadly respiratory tract infections originating in China, may negatively affect economic conditions regionally as well as globally, disrupt supply chains and otherwise impact operations. Governments in affected countries are imposing travel bans, quarantines and other emergency public safety measures. Those measures, though temporary in nature, may continue and increase depending on developments in the virus’ outbreak. The ultimate severity of the Coronavirus outbreak is uncertain at this time and therefore we cannot predict the impact it may have on our end markets and our operations; however, the effect on our results may be material and adverse.
There can be no guarantee that we will be able to quickly and completely adapt our business model to changes that could result from the foregoing, and any such changes may have an adverse effect on our business, results of operations and financial condition.
Reduced demand for equipment would reduce our sales and profitability. The agricultural equipment market is influenced by factors such as:
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the price of agricultural commodities and the ability to competitively export agricultural commodities;
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the profitability of agricultural enterprises, farmers’ income and their capitalization;
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the demand for food products; and
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agricultural policies, including aid and subsidies to agricultural enterprises provided by governments and/or supranational organizations, policies impacting commodity prices or limiting the export or import of commodities, and alternative fuel mandates.
In addition, droughts and other unfavorable climatic conditions, especially during the spring, a particularly important period for generating sales orders, could have a negative impact on decisions to buy agricultural equipment and, consequently, on our revenues.
The construction equipment market is influenced by factors such as:
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public infrastructure spending; and
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new residential and non-residential construction; and
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capital spending in oil and gas and, to a lesser extent, in mining.
The commercial vehicles market is influenced by factors such as:
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changes in global market conditions, including interest rates;
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changes in business investment, including timing of fleet renewals; and
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public infrastructure spending.
The above factors can significantly influence the demand for agricultural and construction equipment, as well as for commercial vehicles, and consequently, our financial results. Additionally, if demand for our products is less than we expect, we may experience excess
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inventories and be forced to incur additional charges and our profitability will suffer, including higher fixed costs associated with lower production levels at our plants. Our business may be negatively impacted if we experience excess inventories or we are unable to adjust our production schedules or our purchases from suppliers to reflect changes in customer demand and market fluctuations on a timely basis.
We depend on suppliers for raw materials, parts and components.We rely upon many suppliers for raw materials, parts and components that we require to manufacture our products. We cannot guarantee that we will be able to maintain access to raw materials, parts and components, and in some cases, this access may be affected by factors outside of our control and the control of our suppliers. Certain components and parts used in our products are available from a single supplier and cannot be quickly sourced from other suppliers. Increasing demand for certain products has resulted in challenges in obtaining parts and components due to supplier constraints. Supply chain disruptions, including those due to supplier financial distress, capacity constraints, labor shortages, business continuity, delivery or disruptions due to weather-related, natural disaster, pandemics or other unforeseen events, could negatively impact our business, results of operations and financial condition. Supply chain disruptions, including those due to supplier financial distress, capacity constraints, labor shortages, business continuity, delivery or disruptions due to weather-related, natural disaster, epidemics and pandemics (like the recent Coronavirus outbreak) or other unforeseen events, could negatively impact our business, results of operations and financial condition
We use a variety of raw materials in our businesses, including steel, aluminum, lead, resin and copper, and precious metals such as platinum, palladium and rhodium. The availability and price of these raw materials fluctuate, particularly during times of economic volatility or regulatory instability or in response to changes in tariffs, and while we seek to manage this exposure, we may not be successful in mitigating these risks. Further, increases in the prices for raw materials can significantly increase our costs of production, which could have a material adverse effect on our business, results of operations and financial condition, particularly if we are unable to offset the increased costs through an increase in product pricing.
Competitive activity, or failure by us to respond to actions by our competitors, could adversely affect our results of operations.We operate in highly competitive global and regional markets. Depending on the particular country and product, we compete with other international, regional and local manufacturers and distributors of agricultural and construction equipment, commercial vehicles, and powertrains. Certain of our global competitors have substantial resources and may be able to provide products and services at little or no profit or even at a loss to compete with certain of our product offerings. We compete primarily on the basis of product performance, innovation, quality, distribution, customer service, and price. Aggressive pricing or other strategies pursued by competitors, unanticipated product or manufacturing delays, quality issues, or our failure to price our products competitively could adversely affect our business, results of operations and financial position. Additionally, there has been a trend toward consolidation in the truck and construction equipment industries that has resulted in larger and potentially stronger competitors in those industries. The markets in which we compete are highly competitive in terms of product quality, innovation, pricing, fuel economy, reliability, safety, customer service and financial services offered. Competition, particularly on pricing, has increased significantly in the markets in which we compete in recent years. Should we be unable to adapt effectively to market conditions, this could have an adverse effect on our business, results of operations and financial condition.
Costs of ongoing compliance with, or failure to comply with, increasingly stringent environmental, health and safety laws could have an adverse effect on our results of operations.We are subject to comprehensive and constantly evolving laws, regulations and policies in numerous jurisdictions around the world. We expect the extent of legal requirements affecting our businesses and our costs of compliance to continue to increase in the future. Such laws govern, among other things, products – with requirements on emissions of polluting gases and particulate matter, increased fuel efficiency and safety becoming increasingly strict – and industrial plants – with requirements for reduced air emissions, treatment of waste and water, and prohibitions on soil contamination also becoming increasingly strict. To comply with such laws, we make significant investments in research and development and capital expenditures and expect to continue to incur substantial costs in the future. Failure to comply with such laws could limit or prohibit our ability to sell our products in a particular jurisdiction, expose us to penalties or clean-up costs, civil or criminal liability and sanctions on certain of our activities, as well as damage to property or natural resources. Liabilities, sanctions, damages and remediation efforts related to any non-compliance with such laws, including those that may be adopted or imposed in the future, could negatively impact our ability to conduct our operations and our results of operations and financial condition. In addition, there can be no assurance that we will not be adversely affected by costs, liabilities or claims with respect to any subsequently acquired operations.
Further, environmental, health and safety regulations change from time to time, as may related interpretations and other guidance. For example, changes in environmental and climate change laws, including laws relating to engine and vehicle emissions, safety regulations, fuel requirements, restricted substances, or greenhouse gas emissions, could lead to new or additional investments in product designs and could increase environmental compliance expenditures. If these laws are either changed or adopted and impose significant operational restrictions and compliance requirements on our products or operations, they could result in higher capital expenditures and negatively impact our business, results of operations, financial position and competitive position. Finally, recent public opinion backlash against diesel engine emissions might trigger the adoption of policies severely restricting the use of diesel engines.
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Changes in government monetary or fiscal policies may negatively impact our results.Most countries where our products and services are sold have established central banks to regulate monetary systems and influence economic activities, generally by adjusting interest rates. Some governments may implement measures designed to slow economic growth in those countries (e.g. higher interest rates, reduced bank lending and other anti-inflation measures). Rising interest rates could have a dampening effect on the overall economic activity and/or the financial condition of our customers, either or both of which could negatively affect demand for our products and our customers’ ability to repay obligations to us. Central banks and other policy arms of many countries may take further actions to vary the amount of liquidity and credit available in an economy. The impact from a change in liquidity and credit policies could negatively affect the customers and markets we serve or our suppliers, which could adversely impact our business, results of operations and financial condition. Government initiatives that are intended to stimulate demand for products sold by us, such as changes in tax treatment or purchase incentives for new equipment, can significantly influence the timing and level of our revenues. The terms, size and duration of such government actions are unpredictable and outside of our control. Any adverse change in government policy relating to those initiatives could have a material adverse effect on our business, results of operations and financial condition.
Our future performance depends on our ability to innovate and on market acceptance of new or existing products.Our success depends on our ability to maintain or increase our market share in existing markets and to expand into new markets through the development of innovative, high-quality products that provide adequate profitability. In September 2019, we announced our five-year Strategic Business Plan. This Plan includes investments in innovation designed to further develop existing, and create new, product offerings responsive to customer needs, thereby producing sales growth in existing markets and expansion into new markets. Achievement of these objectives is dependent on a number of factors, including our ability to maintain key dealer relationships, our ability to produce products that meet the quality, performance and price expectations of our customers, and our ability to develop effective sales, dealer training and marketing programs. Failure to develop and offer innovative products that compare favorably to those of our principal competitors in terms of price, quality, functionality, features, mobility and connected services, vehicle electrification, fuel cell technology and autonomy, or delays in bringing strategic new products to market, or the inability to adequately protect our intellectual property rights or supply products that meet regulatory requirements, including engine emissions requirements, could result in reduced market share, which could have a material adverse effect on our business, results of operations and financial condition.
Our existing operations and expansion plans in emerging markets could entail significant risks.Our ability to grow our businesses depends to an increasing degree on our ability to increase market share and operate profitably worldwide, and in particular, in emerging market countries, such as Brazil, Russia, India, China, Argentina, Turkey, and South Africa. In addition, we could increase our use of suppliers located in such countries. Our implementation of these strategies will involve a significant investment of capital and other resources and exposes us to multiple and potentially conflicting cultural practices, business practices and legal requirements that are subject to change, including those related to tariffs, trade barriers, investments, property ownership rights, taxation and sanction and export control requirements. For example, we may encounter difficulties in obtaining necessary governmental approvals in a timely manner. In addition, we may experience delays and incur significant costs in constructing facilities, establishing supply channels, and commencing manufacturing operations. Further, customers in these markets may not readily accept our products as compared with products manufactured and commercialized by our competitors. The emerging market countries may also be subject to a greater degree of economic and political volatility that could adversely affect our financial position, results of operations and cash flows. Many emerging market economies have experienced slower growth, volatility, and other economic challenges in recent periods and may be subject to a further slowdown in gross domestic product expansion and/or be impacted by domestic political or currency volatility, potential hyperinflationary conditions and/or increase of public debt.
We may not realize all of the anticipated benefits from our business simplification initiatives, the spin-off of our On-Highway business and cost management initiativesAs part of our Strategic Business Plan, we are actively engaged in a number of initiatives to simplify our business and increase our productivity, efficiency and cash flow, which we expect to have a positive long-term effect on our business, results of operations and financial condition. These initiatives include the announced spin-off of our On-Highway business and the 80/20 simplification process related to our product portfolio. There can be no assurance that these initiatives or others will be beneficial to the extent anticipated, or that the estimated efficiency improvements or cash flow improvements will be realized as anticipated or at all. If these initiatives are not implemented successfully, they could have an adverse effect on our operations.We also expect to take targeted restructuring actions as we continue to optimize our cost structure and improve the efficiency of our operations. In order to complete these actions, we will incur charges. Failure to realize anticipated savings or benefits from our cost reduction actions could have a material adverse effect on our business, prospects, financial condition, liquidity, results of operations and cash flows.
We are subject to extensive anti-corruption and antitrust laws and regulations.Due to the global scope of our operations, we are subject to many laws and regulations that apply to our operations around the world, including the U.S. Foreign Corrupt Practices Act, and the U.K. Bribery Act, as well as a range of national anti-corruption and antitrust or competition laws that apply to conduct in a particular jurisdiction. These anti-corruption laws prohibit improper payments in cash or anything of value to improperly influence third parties to obtain or retain business or gain a business advantage. These laws tend to apply regardless of whether those practices are legal or culturally acceptable in a particular jurisdiction. Over the past several years there has been an increase in the enforcement of anti-
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corruption and antitrust or competition laws both globally and in particular jurisdictions and we have from time to time been subject to investigations and charges claiming violations of anti-corruption or antitrust or competition laws, including our settlement of the EU antitrust investigation announced on July 19, 2016. Following this settlement, the Company has been named as defendant in current private litigation commenced in various European jurisdictions and Israel that remains at an early stage. The Company expects to face further claims in various jurisdictions, the extent and outcome of which cannot be predicted at this time. We are committed to operating in compliance with all applicable laws, in particular, anti-corruption and antitrust or competition laws. We have implemented a program to promote compliance with these laws and to reduce the likelihood of potential violations. Our compliance program, however, may not in every instance protect us from acts committed by our employees, agents, contractors, or collaborators that may violate the applicable laws or regulations of the jurisdictions in which we operate. Such improper actions could subject us to civil or criminal investigations and monetary, injunctive and other penalties as well as damage claims. Investigations of alleged violations of these laws tend to be expensive and require significant management time and attention, and these investigations of purported violations, as well as any publicity regarding potential violations, could harm our reputation and have a material adverse effect on our business, results of operations and financial position. For further information see "Note 14: Commitments and Contingencies” to the consolidated financial statements at December 31, 2019.
We may be adversely affected by the U.K. vote to leave the European Union (Brexit).In a June 23, 2016 referendum, the United Kingdom (“U.K.”) voted to terminate the U.K.’s membership in the European Union (“Brexit”). The U.K. withdrew from the European Union on January 31, 2020. Following its departure, the U.K. entered a transition period until December 31, 2020. Negotiations during the transition period will determine the terms of the U.K.’s future relationship with the European Union and its member states, including the terms of trade. Any effect of Brexit is expected to depend on the agreements, if any, negotiated between the U.K. and the EU with respect to reciprocal market access and other matters, either during a transitional period or more permanently. The terms of the withdrawal, including terms of trade, are subject to ongoing negotiations that have created significant uncertainty about the future relationship between the U.K. and the EU. Brexit may also lead to legal uncertainty and potentially divergent national laws and regulations as the U.K. determines which EU laws to replace or replicate. Any of these effects of Brexit, among others, could adversely affect our business, results of operations and financial condition.
Brexit could adversely affect U.K., European or worldwide economic and market conditions more broadly and could contribute to instability in global financial markets. We have operations in the U.K., but do not believe that our global operations would be affected materially by Brexit. However, any adverse effect of Brexit on us or on global or regional economic or market conditions could adversely affect our business, results of operations, and financial condition as customers may reduce or delay spending decisions with respect to our products. Any uncertainty related to Brexit could also affect trading in our shares.
We are organized as a Dutch company, but we are considered resident in the U.K. for U.K. tax purposes. This determination is based on the U.K. as the location of management and control which has been confirmed through a mutual agreement procedure with the relevant tax authorities (as to which see “Other Risks - CNH Industrial operates and will continue to operate, as a company that is resident in the U.K. for tax purposes; other tax authorities may treat CNH Industrial as being tax resident elsewhere”). We do not expect the U.K.’s exit from the European Union to affect our tax residency in the U.K.; however, we are unable to predict with certainty whether any measures implemented in connection with the U.K.'s exit from the European Union or arrangements relating to the future relationship between the European Union and the U.K. will ultimately have any such impact.
Dealer equipment sourcing and inventory management decisions could adversely affect our sales. We sell our products primarily through independent dealers and are subject to risks relating to their inventory management decisions and operating and sourcing practices. Our dealers carry inventories of finished products and parts as part of ongoing operations and adjust those inventories based on their assessment of future sales opportunities and market conditions, including the level of used equipment inventory. If our dealers’ inventory levels are higher than they desire, they may postpone product purchases from us, which could cause our sales to be lower than the end-user demand for our products and negatively impact our results. Similarly, our sales could be negatively impacted through the loss of time-sensitive sales if our dealers do not maintain inventory sufficient to meet customer demand. Further, dealers who carry other products that compete with our products may focus their inventory purchases and sales efforts on goods provided by other suppliers due to industry demand or profitability. Such inventory adjustments and sourcing decisions can adversely impact our sales, results of operations and financial condition.
We may not be able to realize anticipated benefits from any acquisitions and, further, challenges associated with strategic alliances may have an adverse impact on our results of operations