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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
[1]
Revenues        
Net sales $ 7,579 $ 6,525 $ 13,879 $ 11,815
Finance, interest and other income 466 478 939 973
Total Revenues 8,045 7,003 14,818 12,788
Costs and Expenses        
Cost of goods sold 6,188 5,393 11,444 9,875
Selling, general and administrative expenses 593 571 1,183 1,110
Research and development expenses 262 228 489 419
Restructuring expenses 5 12 8 24
Interest expense 192 233 392 452
Other, net 302 247 553 510
Total Costs and Expenses 7,542 6,684 14,069 12,390
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates 503 319 749 398
Income tax (expense) (118) (110) (181) (161)
Equity in income of unconsolidated subsidiaries and affiliates 23 27 42 45
Net income [2] 408 236 [1] 610 282 [3]
Net income attributable to noncontrolling interests 12 5 18 8
Net income attributable to CNH Industrial N.V. $ 396 $ 231 $ 592 $ 274
Earnings per share attributable to common shareholders        
Basic $ 0.29 $ 0.17 $ 0.43 $ 0.20
Diluted 0.29 0.17 0.43 0.20
Cash dividends declared per common share $ 0.173 $ 0.118 $ 0.173 $ 0.118
[1] 2017 figures have been recast following the retrospective adoption on January 1, 2018, of the updated accounting standards for revenue recognition (ASC 606) and retirement benefits accounting (ASU 2017-07).
[2] For Industrial Activities, net income net of “Results from intersegment investments”. This item includes the pre-tax gain of $20 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of certain healthcare benefits in the U.S.
[3] 2017 figures have been recast following the retrospective adoption on January 1, 2018, of the updated accounting standards for revenue recognition (ASC 606) and cash flow presentation (ASU 2016-18).