EX-7.1 2 cnhi-exhibit71q42020.htm EX-7.1
EXHIBIT 7.1 - RATIO OF EARNINGS TO FIXED CHARGES
CNH INDUSTRIAL N.V.

|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016
Earnings: |  |  |  |  |  |  |  |  |  |
Income before taxes and equity income |  | $ | (505) |  |  | $ | 1,170 |  |  | $ | 1,466 |  |  | $ | 659 |  |  | $ | (22) |
Add: |  |  |  |  |  |  |  |  |  |
Dividends received from unconsolidated affiliates |  | 32 |  |  | 15 |  |  | 47 |  |  | 49 |  |  | 63 |
Fixed Charges |  | 734 |  |  | 857 |  |  | 873 |  |  | 968 |  |  | 1,052 |
Amortization of capitalized interest |  | 14 |  |  | 15 |  |  | 13 |  |  | 15 |  |  | 20 |
Less: |  |  |  |  |  |  |  |  |  |
Interest capitalized |  | (7) |  |  | (5) |  |  | (6) |  |  | (7) |  |  | (7) |
Total earnings |  | $ | 268 |  |  | $ | 2,052 |  |  | $ | 2,393 |  |  | $ | 1,684 |  |  | $ | 1,106 |
Fixed charges: |  |  |  |  |  |  |  |  |  |
Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness |  | $ | 678 |  |  | $ | 798 |  |  | $ | 812 |  |  | $ | 940 |  |  | $ | 1,026 |
Interest capitalized |  | 7 |  |  | 5 |  |  | 6 |  |  | 7 |  |  | 7 |
Estimate of the interest component of rental expense |  | 49 |  |  | 54 |  |  | 55 |  |  | 21 |  |  | 19 |
Total fixed charges |  | $ | 734 |  |  | $ | 857 |  |  | $ | 873 |  |  | $ | 968 |  |  | $ | 1,052 |
Ratio of earnings to fixed charges |  | 0.37 |  |  | 2.39 |  |  | 2.74 |  |  | 1.74 |  |  | 1.05 |