CNH Industrial NV
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Revenue
Note 3: Revenue
The following table summarize revenues for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions of dollars) | 2024 | 2023 | 2022 |
| Agriculture | $14,007 | $18,148 | $17,969 |
| Construction | 3,053 | 3,932 | 3,572 |
| Total Industrial Activities | 17,060 | 22,080 | 21,541 |
| Financial Services | 2,774 | 2,573 | 1,996 |
| Eliminations and other | 2 | 34 | 14 |
| Total Revenues | $19,836 | $24,687 | $23,551 |
The following table disaggregates revenues by major source for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions of dollars) | 2024 | 2023 | 2022 |
| Revenues from: | |||
| Sales of goods | $17,009 | $22,036 | $21,506 |
| Rendering of services and other revenues | 51 | 44 | 35 |
| Revenues from sales of goods and services | 17,060 | 22,080 | 21,541 |
| Finance and interest income | 2,170 | 1,882 | 1,169 |
| Rents and other income on operating lease | 606 | 725 | 841 |
| Finance, interest and other income | 2,776 | 2,607 | 2,010 |
| Total Revenues | $19,836 | $24,687 | $23,551 |
Contract liabilities recorded in "Other liabilities" were $72 million, $50 million and $33 million at December 31, 2024, 2023 and 2022, respectively. Contract liabilities primarily relate to extended warranties. During the year ended December 31, 2024, 2023 and 2022, revenues included $18 million, $11 million and $6 million, respectively, relating to contract liabilities outstanding at the beginning of each period.
As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $72 million (approximately $48 million at December 31, 2023). CNH expects to recognize revenue on approximately 30% and 90% of the remaining performance obligations over the next 12 and 36 months, respectively (approximately 32% and 95% as of December 31, 2023, respectively).
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