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SUPPLEMENTAL INFORMATION | 6 Months Ended
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Jun. 30, 2019
Supplemental Information [Abstract] |
SUPPLEMENTAL INFORMATION | SUPPLEMENTAL INFORMATION The operations and key financial measures and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, management believes that certain supplemental disclosures are important in understanding the consolidated operations and financial results of CNH Industrial. This supplemental data is as follows: Industrial Activities - The financial information captioned “Industrial Activities” reflects the consolidation of all majority-owned subsidiaries except for Financial Services. Financial Services has been included using the equity method of accounting whereby the net income and net assets of Financial Services are reflected, respectively, in “Equity in income of unconsolidated subsidiaries and affiliates” in the accompanying condensed consolidated statements of operations, and in “Investment in Financial Services” in the accompanying condensed consolidated balance sheets. Financial Services - The financial information captioned “Financial Services” reflects the consolidation or combination of Financial Services business. Transactions between the “Industrial Activities” and “Financial Services” have been eliminated to arrive at the condensed consolidated financial statements.
| Statement of Operations
| Industrial Activities |  | Financial Services
| Three Months Ended June 30, |  | Three Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Revenues |  |  |  |  |  |  |
Net sales | $ | 7,068 |  |  | $ | 7,579 |  |  | $ | — |  |  | $ | — |
Finance, interest and other income | 23 |  |  | 23 |  |  | 519 |  |  | 498 |
Total Revenues | $ | 7,091 |  |  | $ | 7,602 |  |  | $ | 519 |  |  | $ | 498 |
Costs and Expenses |  |  |  |  |  |  |
Cost of goods sold | $ | 5,751 |  |  | $ | 6,188 |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 497 |  |  | 545 |  |  | 58 |  |  | 48 |
Research and development expenses | 273 |  |  | 262 |  |  | — |  |  | — |
Restructuring expenses | 26 |  |  | 5 |  |  | 2 |  |  | — |
Interest expense | 89 |  |  | 111 |  |  | 149 |  |  | 136 |
Other, net | 18 |  |  | 124 |  |  | 193 |  |  | 178 |
Total Costs and Expenses | $ | 6,654 |  |  | $ | 7,235 |  |  | $ | 402 |  |  | $ | 362 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 437 |  |  | 367 |  |  | 117 |  |  | 136 |
Income tax (expense) benefit | (104 | ) |  | (79 | ) |  | (31 | ) |  | (39 | )
Equity in income of unconsolidated subsidiaries and affiliates | 3 |  |  | 18 |  |  | 5 |  |  | 5 |
Results from intersegment investments | 91 |  |  | 102 |  |  | — |  |  | — |
Net income | $ | 427 |  |  | $ | 408 |  |  | $ | 91 |  |  | $ | 102 |
| Statement of Operations
| Industrial Activities |  | Financial Services
| Six Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions, except share data)
Revenues |  |  |  |  |  |  |
Net sales | $ | 13,074 |  |  | $ | 13,879 |  |  | $ | — |  |  | $ | — |
Finance and interest income | 53 |  |  | 50 |  |  | 993 |  |  | 1,000 |
Total Revenues | $ | 13,127 |  |  | $ | 13,929 |  |  | $ | 993 |  |  | $ | 1,000 |
Costs and Expenses |  |  |  |  |  |  |
Cost of goods sold | $ | 10,717 |  |  | $ | 11,444 |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 990 |  |  | 1,072 |  |  | 104 |  |  | 111 |
Research and development expenses | 517 |  |  | 489 |  |  | — |  |  | — |
Restructuring expenses | 34 |  |  | 8 |  |  | 2 |  |  | — |
Interest expense | 172 |  |  | 231 |  |  | 302 |  |  | 272 |
Other, net | 34 |  |  | 204 |  |  | 345 |  |  | 349 |
Total Costs and Expenses | $ | 12,464 |  |  | $ | 13,448 |  |  | $ | 753 |  |  | $ | 732 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 663 |  |  | 481 |  |  | 240 |  |  | 268 |
Income taxes | (158 | ) |  | (102 | ) |  | (67 | ) |  | (79 | )
Equity income of unconsolidated subsidiaries and affiliates | — |  |  | 26 |  |  | 13 |  |  | 16 |
Results from intersegment investments | 186 |  |  | 205 |  |  | — |  |  | — |
Net income | $ | 691 |  |  | $ | 610 |  |  | $ | 186 |  |  | $ | 205 |
| Balance Sheets
| Industrial Activities |  | Financial Services
| June 30, 2019 |  | December 31, 2018 |  | June 30, 2019 |  | December 31, 2018
| (in millions)
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,276 |  |  | $ | 4,553 |  |  | $ | 383 |  |  | $ | 478 |
Restricted cash | 54 |  |  | — |  |  | 633 |  |  | 772 |
Trade receivables, net | 471 |  |  | 398 |  |  | 31 |  |  | 34 |
Financing receivables, net | 1,639 |  |  | 1,253 |  |  | 20,961 |  |  | 20,252 |
Inventories, net | 7,949 |  |  | 6,510 |  |  | 243 |  |  | 216 |
Property, plant and equipment, net | 5,553 |  |  | 5,899 |  |  | 1 |  |  | 2 |
Investments in unconsolidated subsidiaries and affiliates | 3,209 |  |  | 3,126 |  |  | 227 |  |  | 219 |
Equipment under operating leases | 34 |  |  | 34 |  |  | 1,754 |  |  | 1,740 |
Goodwill | 2,305 |  |  | 2,301 |  |  | 154 |  |  | 152 |
Other intangible assets, net | 755 |  |  | 774 |  |  | 15 |  |  | 14 |
Deferred tax assets | 573 |  |  | 635 |  |  | 164 |  |  | 175 |
Derivative assets | 58 |  |  | 81 |  |  | 59 |  |  | 24 |
Other assets | 2,210 |  |  | 1,707 |  |  | 300 |  |  | 323 |
Total Assets | $ | 28,086 |  |  | $ | 27,271 |  |  | $ | 24,925 |  |  | $ | 24,401 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Debt | $ | 6,444 |  |  | $ | 6,347 |  |  | $ | 20,791 |  |  | $ | 20,436 |
Trade payables | 6,049 |  |  | 5,771 |  |  | 126 |  |  | 173 |
Deferred tax liabilities | 14 |  |  | 83 |  |  | 275 |  |  | 250 |
Pension, postretirement and other postemployment benefits | 1,427 |  |  | 1,470 |  |  | 18 |  |  | 18 |
Derivative liabilities | 87 |  |  | 89 |  |  | 45 |  |  | 26 |
Other liabilities | 8,543 |  |  | 8,413 |  |  | 759 |  |  | 681 |
Total Liabilities | $ | 22,564 |  |  | $ | 22,173 |  |  | $ | 22,014 |  |  | $ | 21,584 |
Equity | 5,489 |  |  | 5,068 |  |  | 2,911 |  |  | 2,817 |
Redeemable noncontrolling interest | 33 |  |  | 30 |  |  | — |  |  | — |
Total Liabilities and Equity | $ | 28,086 |  |  | $ | 27,271 |  |  | $ | 24,925 |  |  | $ | 24,401 |
| Statements of Cash Flows
| Industrial Activities |  | Financial Services
| Six Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Operating activities: |  |  |  |  |  |  |
Net income | $ | 691 |  |  | $ | 610 |  |  | $ | 186 |  |  | $ | 205 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization expense, net of assets under operating leases and assets sold under buy-back commitments | 330 |  |  | 361 |  |  | 2 |  |  | 3 |
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments | 158 |  |  | 197 |  |  | 124 |  |  | 126 |
Loss on disposal of assets | 1 |  |  | — |  |  | — |  |  | — |
Undistributed loss of unconsolidated subsidiaries | (41 | ) |  | (94 | ) |  | (13 | ) |  | (16 | )
Other non-cash items | 50 |  |  | 83 |  |  | 24 |  |  | 27 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Provisions | (55 | ) |  | (52 | ) |  | (11 | ) |  | (4 | )
Deferred income taxes | 1 |  |  | (51 | ) |  | 41 |  |  | (27 | )
Trade and financing receivables related to sales, net | (74 | ) |  | (99 | ) |  | (822 | ) |  | (122 | )
Inventories, net | (1,246 | ) |  | (988 | ) |  | 214 |  |  | 223 |
Trade payables | 294 |  |  | 608 |  |  | (48 | ) |  | (31 | )
Other assets and liabilities | (270 | ) |  | (182 | ) |  | 93 |  |  | 41 |
Net cash provided by (used in) operating activities | $ | (161 | ) |  | $ | 393 |  |  | $ | (210 | ) |  | $ | 425 |
Investing activities: |  |  |  |  |  |  |
Additions to retail receivables | — |  |  | — |  |  | (1,987 | ) |  | (1,999 | )
Collections of retail receivables | — |  |  | — |  |  | 2,314 |  |  | 2,151 |
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments | 2 |  |  | 1 |  |  | — |  |  | — |
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and sold under buy-back commitments | (180 | ) |  | (158 | ) |  | (2 | ) |  | (3 | )
Expenditures for assets under operating leases and assets sold under buy-back commitments | (261 | ) |  | (334 | ) |  | (364 | ) |  | (257 | )
Other | (264 | ) |  | 643 |  |  | 252 |  |  | (473 | )
Net cash provided by (used in) investing activities | $ | (703 | ) |  | $ | 152 |  |  | $ | 213 |  |  | $ | (581 | )
Financing activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 694 |  |  | 1 |  |  | 6,682 |  |  | 7,257 |
Payments of long-term debt | (726 | ) |  | (1,175 | ) |  | (6,687 | ) |  | (7,672 | )
Net increase (decrease) in other financial liabilities | 20 |  |  | 298 |  |  | (125 | ) |  | 567 |
Dividends paid | (278 | ) |  | (238 | ) |  | (132 | ) |  | (91 | )
Other | (45 | ) |  | (134 | ) |  | 20 |  |  | 39 |
Net cash provided by (used in) financing activities | $ | (335 | ) |  | $ | (1,248 | ) |  | $ | (242 | ) |  | $ | 100 |
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | (24 | ) |  | (172 | ) |  | 5 |  |  | (52 | )
Decrease in cash and cash equivalents and restricted cash | (1,223 | ) |  | (875 | ) |  | (234 | ) |  | (108 | )
Cash and cash equivalents and restricted cash, beginning of year | 4,553 |  |  | 4,901 |  |  | 1,250 |  |  | 1,299 |
Cash and cash equivalents and restricted cash, end of period | $ | 3,330 |  |  | $ | 4,026 |  |  | $ | 1,016 |  |  | $ | 1,191 |

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