Immaterial Revision of Prior Period Financial Statements

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Immaterial Revision of Prior Period Financial Statements

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.

	Year Ended December 31, 2023
(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.

	Year Ended December 31, 2023
(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.

	December 31, 2023
(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:

	Year Ended December 31, 2023
(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