CNH Industrial NV
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Immaterial Revision of Prior Period Financial Statements
Note 23. Immaterial Revision of Prior Period Financial Statements
In the third quarter of the year ended December 31, 2024, the Company corrected the accounting treatment for highly inflationary accounting related to its unconsolidated subsidiary in Türkiye, TürkTraktör. Refer to Note 1 for additional information. While the prior period amounts have been revised, as set forth below for comparability, the impact of the correction in these prior periods is not material to the consolidated financial statements of the Company in any of the impacted periods.
The prior period impacts on the Company’s Consolidated Statements of Operations were as shown below.
| (in millions of dollars and shares, except per share amounts) | Previously Reported | Revision Impacts | As Revised |
|---|---|---|---|
| Income (loss) of Consolidated Group before Income Taxes | $2,703 | $— | $2,703 |
| Income tax expense | (594) | — | (594) |
| Equity in income of unconsolidated subsidiaries and affiliates | 274 | (96) | 178 |
| Net income (loss) | 2,383 | (96) | 2,287 |
| Net income (loss) attributable to noncontrolling interests | 12 | — | 12 |
| Net income (loss) attributable to CNH Industrial N.V. | $2,371 | $(96) | $2,275 |
| Earnings per share attributable to common shareholders | |||
| Basic | $1.78 | $(0.07) | $1.71 |
| Diluted | $1.76 | $(0.07) | $1.69 |
| Weighted average shares outstanding | |||
| Basic | 1,332 | — | 1,332 |
| Diluted | 1,350 | — | 1,350 |
The prior period impacts to the Company's Consolidated Statements of Comprehensive income were as shown below.
| (in millions of dollars) | Previously Reported | Revision Impacts | As Revised |
|---|---|---|---|
| Net income (loss) | $2,383 | $(96) | $2,287 |
| Other comprehensive income (loss), net of tax | |||
| Share of other comprehensive income (loss) of entities using the equity method | (11) | 12 | 1 |
| Other comprehensive loss, net of tax | (93) | 12 | (81) |
| Comprehensive income (loss) | 2,290 | (84) | 2,206 |
| Less: Comprehensive income (loss) attributable to noncontrolling interests | 15 | — | 15 |
| Comprehensive income (loss) attributable to CNH Industrial N.V. | $2,275 | $(84) | $2,191 |
The prior period impacts to the Company's Consolidated Balance Sheet were as shown below.
| (in millions of dollars) | Previously Reported | Revision Impacts | As Revised |
|---|---|---|---|
| Assets | |||
| Investments in unconsolidated subsidiaries and affiliates | 563 | (84) | 479 |
| Total Assets | $46,351 | $(84) | $46,267 |
| Liabilities and Equity | |||
| Total Liabilities | 38,117 | — | 38,117 |
| Redeemable equity | 54 | — | 54 |
| Retained earnings | 9,750 | (96) | 9,654 |
| Accumulated other comprehensive income (loss) | (2,374) | 12 | (2,362) |
| Total Equity | 8,180 | (84) | 8,096 |
| Total Liabilities and Equity | $46,351 | $(84) | $46,267 |
The prior period impacts to the Company's Consolidated Statement of Cash Flows were as follows:
| (in millions of dollars) | Previously Reported | Revision Impacts | As Revised |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Net Income (loss) | $2,383 | $(96) | $2,287 |
| Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
| Undistributed income of unconsolidated subsidiaries | (211) | 96 | (115) |
| Net cash provided (used) by operating activities | 907 | — | 907 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.