EX-7.1 2 cnhi-exhibit71q42020.htm EX-7.1

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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