CNH Industrial SEC Filings

6-K
CNH INDUSTRIAL N.V. filed this Form 6-K on 11/06/2017
Entire Document
 

Reconciliation of Operating Profit to Net Income (Loss)

The following table includes the reconciliation of net income, the most comparable U.S. GAAP financial measure, to our operating profit, a non-GAAP financial measure.

 

 

Three Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

Operating profit

 

$

388

 

 

$

278

 

Restructuring expenses

 

 

(53

)

 

 

(6

)

Interest expenses of Industrial Activities, net of interest income and eliminations

 

 

(145

)

 

 

(153

)

Other, net

 

 

(90

)

 

 

(61

)

Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates

 

 

100

 

 

 

58

 

Income tax (expense)

 

 

(64

)

 

 

(32

)

Equity in income of unconsolidated subsidiaries and affiliates

 

 

21

 

 

 

13

 

Net income

 

$

57

 

 

$

39

 

Nine months ended September 30, 2017 Compared to Nine months ended September 30, 2016

Consolidated Results of Operations

 

 

Nine Months Ended September 30,

 

 

 

2017

 

 

2016

 

 

 

(in millions)

 

Revenues:

 

 

 

 

 

 

 

 

Net sales

 

$

18,370

 

 

$

16,987

 

Finance and interest income

 

 

889

 

 

 

887

 

Total revenues

 

 

19,259

 

 

 

17,874

 

Costs and expenses:

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

15,166

 

 

 

14,014

 

Selling, general and administrative expenses

 

 

1,676

 

 

 

1,687

 

Research and development expenses

 

 

662

 

 

 

619

 

Restructuring expenses

 

 

77

 

 

 

31

 

Interest expense

 

 

712

 

 

 

743

 

Other, net

 

 

454

 

 

 

951

 

Total costs and expenses

 

 

18,747

 

 

 

18,045

 

Income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates

 

 

512

 

 

 

(171

)

Income tax (expense)

 

 

(225

)

 

 

(179

)

Equity in income of unconsolidated subsidiaries and affiliates

 

 

66

 

 

 

5

 

Net income (loss)

 

 

353

 

 

 

(345

)

Net income attributable to noncontrolling interests

 

 

12

 

 

 

2

 

Net income (loss) attributable to CNH Industrial N.V.

 

$

341

 

 

$

(347

)

Revenues

We recorded revenues of $19,259 million for the nine months ended September 30, 2017, up 7.7% (up 7.0% on a constant currency basis) compared to the nine months ended September 30, 2016. Net sales of Industrial Activities were $18,370 million for the nine months ended September 30, 2017, an 8.1% increase (up 7.5% on a constant currency basis) from the nine months ended September 30, 2016. Net sales of Industrial Activities increased in all segments.

 

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