CNH Industrial NV
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Revenue
Note 3: Revenue
The following table summarize revenues for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions of dollars) | 2023 | 2022 | 2021 |
| Agriculture | $18,148 | $17,969 | $14,721 |
| Construction | 3,932 | 3,572 | 3,081 |
| Eliminations and other | — | — | — |
| Total Industrial Activities | 22,080 | 21,541 | 17,802 |
| Financial Services | 2,573 | 1,996 | 1,672 |
| Eliminations and other | 34 | 14 | 22 |
| Total Revenues | $24,687 | $23,551 | $19,496 |
The following table disaggregates revenues by major source for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions of dollars) | 2023 | 2022 | 2021 |
| Revenues from: | |||
| Sales of goods | $22,036 | $21,506 | $17,783 |
| Rendering of services and other revenues | 44 | 35 | 19 |
| Revenues from sales of goods and services | 22,080 | 21,541 | 17,802 |
| Finance and interest income | 1,882 | 1,169 | 912 |
| Rents and other income on operating lease | 725 | 841 | 782 |
| Finance, interest and other income | 2,607 | 2,010 | 1,694 |
| Total Revenues | $24,687 | $23,551 | $19,496 |
Contract liabilities recorded in Other liabilities were $50 million, $33 million and $20 million at December 31, 2023, 2022 and 2021, respectively. Contract liabilities primarily relate to extended warranties. During the year ended December 31, 2023, 2022 and 2021, revenues included $11 million, $6 million and $1 million, respectively, relating to contract liabilities outstanding at the beginning of each period.
As of December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $48 million (approximately $33 million at December 31, 2022). CNH expects to recognize revenue on approximately 32% and 95% of the remaining performance obligations over the next 12 and 36 months, respectively (approximately 30% and 91% as of December 31, 2022, respectively).
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.