CNH Industrial N.V.

Previous wording

CNH discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations from year to year.

Current wording

CNH discusses the revenue fluctuations on a constant currency basis by applying the prior year's average exchange rates to the current year’s revenues expressed in local currency, thereby eliminating the impact of year-over-year foreign exchange rate changes.

Previous wording

The global economy is experiencing volatile disruptions due to a combination of factors, including geopolitical events, shifts in trade and economic policies, including the imposition of tariffs and other retaliatory restrictions on trade, change in commodity prices, as well as change in climate conditions. These disruptions have affected the price and availability of certain products and services in the first quarter and are expected to persist through the rest of 2025. These factors also affect our customers' profitability, impacting their ability to achieve higher returns on their output, and reducing their purchasing power and demand for our products. The Company is closely monitoring global economic conditions and the impact that macroeconomic pressures, such as new and retaliatory tariffs, fluctuating currency exchange rates, interest rates and inflation, may have on its business, customers, and suppliers.

Current wording

The global economy is experiencing volatile disruptions due to a combination of factors, including geopolitical events, shifts in trade and economic policies, including the imposition of tariffs and other retaliatory restrictions on trade, change in commodity prices, as well as change in climate conditions. These disruptions have affected the price and availability of certain products and services in the first half and are expected to persist through the rest of 2025. These factors also affect our customers' profitability, impacting their ability to achieve higher returns on their output, and reducing their purchasing power and demand for our products. The Company is closely monitoring global economic conditions and the impact that macroeconomic pressures, such as new and retaliatory tariffs, fluctuating currency exchange rates, interest rates and inflation, may have on its business, customers, and suppliers.

Previous wording

We recorded revenues of $3,828 million for the three months ended March 31, 2025, a decline of 20.5% (down 17.4% on a constant currency basis) compared to the three months ended March 31, 2024. Net sales were $3,172 million in the three months ended March 31, 2025, a decrease of 23.2% (down 20.5% on a constant currency basis) compared to the three months ended March 31, 2024. This decline was mainly due to lower shipment volumes on decreased industry demand and dealer destocking.

Current wording

We recorded revenues of $4,711 million for the three months ended June 30, 2025, a decline of 14.2% (down 13.7% on a constant currency basis) compared to the three months ended June 30, 2024. Net sales were $4,021 million in the three months ended June 30, 2025, a decrease of 16.3% (down 16.2% on a constant currency basis) compared to the three months ended June 30, 2024. These declines were mainly due to lower shipment volumes on decreased industry demand and continued dealer destocking.

Previous wording

Cost of goods sold was $2,569 million for the three months ended March 31, 2025 compared with $3,195 million for the three months ended March 31, 2024. As a percentage of net sales of Industrial Activities, cost of goods sold was 81.0% in the three months ended March 31, 2025 (77.3% for the three months ended March 31, 2024), which was impacted by lower production volumes, partially offset by improved purchasing and manufacturing costs.

Current wording

Cost of goods sold was $3,192 million for the three months ended June 30, 2025 compared with $3,702 million for the three months ended June 30, 2024. As a percentage of net sales of Industrial Activities, cost of goods sold was 79.4% in the three months ended June 30, 2025 (77.1% for the three months ended June 30, 2024), which was primarily impacted by lower production volumes, partially offset by improved purchasing and manufacturing costs.

Previous wording

Interest expense was $362 million for the three months ended March 31, 2025 compared to $394 million for the three months ended March 31, 2024. The interest expense attributable to Industrial Activities for the three months ended March 31, 2025, net of interest income and eliminations, was $25 million, compared to $32 million in the three months ended March 31, 2024.

Current wording

Interest expense was $360 million for the three months ended June 30, 2025 compared to $418 million for the three months ended June 30, 2024. The interest expense attributable to Industrial Activities for the three months ended June 30, 2025, net of interest income and eliminations, was $26 million, compared to $46 million in the three months ended June 30, 2024.

Previous wording

Income tax expense for the three months ended March 31, 2025 was $47 million compared to $77 million for the three months ended March 31, 2024. The effective tax rate for the three months ended March 31, 2025 and 2024 was 29.0% and 19.2%, respectively. The increase in the 2025 effective tax rate was due to the impact of the Company's income mix anda smaller rate reduction from the discrete impact on period earnings from Argentina's highly-inflationary economy.

Current wording

Income tax expense for the three months ended June 30, 2025 was $76 million compared to $95 million for the three months ended June 30, 2024. The effective tax rate for the three months ended June 30, 2025 and 2024 was 27.6% and 20.9%, respectively. The increase in the 2025 effective tax rate was due to the impact of the Company's geographic income mix, lower permanent tax benefits, anda smaller rate reduction from the discrete impact on period earnings from Argentina's highly-inflationary economy.

Previous wording

Equity in income of unconsolidated subsidiaries and affiliates was $17 million for the three months ended March 31, 2025, compared to $44 million for the three months ended March 31, 2024 primarily due to lower sales in our joint venture TürkTraktör ve Ziraat Makineleri A.S.

Current wording

Equity in income of unconsolidated subsidiaries and affiliates was $18 million and $45 million for the three months ended June 30, 2025 and 2024, respectively. The decline was primarily due to lower sales in our joint venture TürkTraktör ve Ziraat Makineleri A.S.

Previous wording

Net income was $132 million for the three months ended March 31, 2025, compared to net income of $369 million for the three months ended March 31, 2024. Net income for the three months ended March 31, 2025 included restructuring expenses of $6 million, and a pre-tax gain of $6 million ($5 million after-tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Current wording

Net income was $217 million for the three months ended June 30, 2025, compared to net income of $404 million for the three months ended June 30, 2024. Net income for the three months ended June 30, 2025 included restructuring expenses of $5 million, offset by a pre-tax gain of $6 million ($4 million after tax) as a result of the amortization over four years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

Previous wording

Net sales of Industrial Activities were $3,172 million during the three months ended March 31, 2025, a decrease of 23.2% compared to the three months ended March 31, 2024 (down 20.5% on a constant currency basis) primarily due to lower shipment volumes on decreased industry demand and dealer destocking.

Current wording

Net sales of Industrial Activities were $4,021 million during the three months ended June 30, 2025, a decrease of 16.3% compared to the three months ended June 30, 2024 (down 16.2% on a constant currency basis) primarily due to lower shipment volumes on decreased industry demand and continued dealer destocking.

Previous wording

Adjusted EBIT of Industrial Activities was $101 million during the three months ended March 31, 2025, compared to adjusted EBIT of $372 million during the three months ended March 31, 2024. The decline was primarily due to lower shipment volumes on decreased industry demand, partially offset by improved purchasing and manufacturing costs, and a continued reduction in SG&A expenses.

Current wording

Adjusted EBIT of Industrial Activities was $224 million during the three months ended June 30, 2025, compared to adjusted EBIT of $502 million during the three months ended June 30, 2024. The decline was primarily due to lower shipment volumes, partially offset by favorable net price realization and lower production, warranty and SG&A expenses.

Previous wording

Agriculture's net sales totaled $2,581 million in the three months ended March 31, 2025, a decrease of 23.5% compared to the three months ended March 31, 2024 (down 20.7% on a constant currency basis) This decline was primarily due to lower shipment volumes on decreased industry demand and dealer destocking.

Current wording

Agriculture's net sales totaled $3,248 million in the three months ended June 30, 2025, a decrease of 17.0% compared to the three months ended June 30, 2024 (down 17.1% on a constant currency basis) This decline was primarily due to lower shipment volumes on decreased industry demand and dealer destocking.

Previous wording

Adjusted EBIT was $139 million in the three months ended March 31, 2025, compared to $388 million in the three months ended March 31, 2024. The decline was mostly driven by lower shipment volumes on decreased industry demand and unfavorable mix, partially offset by improved purchasing and manufacturing costs, and a continued reduction in SG&A expenses. R&D investments accounted for 6.3% of sales (6.0% in thethree months ended March 31, 2024). Adjusted EBIT margin was 5.4% (11.5% in thethree months ended March 31, 2024).

Current wording

Adjusted EBIT was $263 million in the three months ended June 30, 2025, compared to $502 million in the three months ended June 30, 2024. The decline was driven by lower shipment volumes, partially offset by favorable net price realization and lower production, warranty and SG&A expenses. R&D investments accounted for 6.0% of sales (5.5% in thethree months ended June 30, 2024). Adjusted EBIT margin was 8.1% (12.8% in thethree months ended June 30, 2024).

Previous wording

Construction's net sales totaled $591 million in the three months ended March 31, 2025, a decline of 22.0% compared to the three months ended March 31, 2024 (down 19.9% on a constant currency basis), due to lower shipment volumes driven by the market decline.

Current wording

Construction's net sales totaled $773 million in the three months ended June 30, 2025, a decline of 13.1% compared to the three months ended June 30, 2024 (down 12.1% on a constant currency basis), due to lower shipment volumes driven by the market decline in North America.

Previous wording

Global industry volume for construction equipment increased 2% year-over-year in the first quarter for Heavy construction equipment; Light construction equipment was down 6%. Aggregated demand decreased 11% in North America, 9% in EMEA, and 1% in South America, but increased 7% in Asia Pacific.

Current wording

Global industry volume for construction equipment increased 3% year-over-year in the second quarter for Heavy construction equipment; Light construction equipment was down 2%. Aggregated demand decreased 4% in North America and South America, but increased 1% in EMEA and 3% in Asia Pacific.

Previous wording

Adjusted EBIT was $14 million in the three months ended March 31, 2025, compared to $51 million in the three months ended March 31, 2024. The decline was primarily due to lower shipment volumes and unfavorable net price realization; partially offset by improved purchasing and manufacturing costs, and a continued reduction in SG&A expenses. Adjusted EBIT margin was 2.4% (6.7% inthe three months ended March 31, 2024).

Current wording

Adjusted EBIT was $35 million in the three months ended June 30, 2025, compared to $60 million in the three months ended June 30, 2024. The decline was primarily due to lower shipment volumes, partially offset by favorable net price realization. Adjusted EBIT margin was 4.5% (6.7% inthe three months ended June 30, 2024).

Previous wording

Revenues of Financial Services were $651 million in the three months ended March 31, 2025, down 5.0% compared to the three months ended March 31, 2024 (up 0.3% on a constant currency basis), as a result of the negative impact from currency translation, lower yields primarily in South America, and lower used equipment sales due to decreased operating lease maturities; partially offset by favorable volumes in all regions except EMEA.

Current wording

Revenues of Financial Services were $685 million in the three months ended June 30, 2025, down 0.3% compared to the three months ended June 30, 2024 (up 2.0% on a constant currency basis), as a result of the negative impact from currency translation and lower yields primarily in Brazil, partially offset by higher remarketing sales and favorable volumes in most regions.

Previous wording

At March 31, 2025, the receivables balance greater than 30 days past due as a percentage of receivable portfolio was 2.3%, (1.7% as of March 31, 2024).

Current wording

At June 30, 2025, the receivable balance greater than 30 days past due as a percentage of receivables was 3.9%, (2.5% as of June 30, 2024), mainly from higher delinquencies in Brazil.

Previous wording

Selling, general and administrative expenses were $386 million for the three months ended March 31, 2025 (10.1% of total revenues), down $25 million compared to the three months ended March 31, 2024 (8.5% of total revenues). Total expenses were lower primarily due to lower labor costs, driven by the Company's restructuring program and lower variable compensation, partially offset by higher credit risk provisions in the Financial Services segment.

Current wording

Selling, general and administrative expenses were $864 million for the six months ended June 30, 2025 (10.1% of total revenues), down $8 million compared to the six months ended June 30, 2024 (8.5% of total revenues). Total expenses were lower primarily due to a decrease in labor costs, driven by the Company's restructuring program and lower variable compensation, partially offset by higher credit risk provisions in the Financial Services segment.

Previous wording

In North America, industry volume was down 12% year-over-year in the first quarter for tractors under 140 HP and was down 24% for tractors over 140 HP; combines were down 51%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 23% and 34%, respectively. South America tractor and combine demand was up 10% and 1%, respectively, inverting the negative trend of previous quarters. Asia Pacific tractor demand was up 12%, while combine demand was down 12%.

Current wording

For the six months ended June 30, 2025 in North America, industry volume was down 8% year-over-year for tractors under 140 HP and down 30% for tractors over 140 HP; combines were down 25%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 16% and 21%, respectively. South America tractor demand was up 6% and combine demand was down 2%. Asia Pacific tractor demand was up 5% while combine demand was down 27% in the region as a whole.

Previous wording

Net income of Financial Services was $90 million in the three months ended March 31, 2025, a decrease of $28 million compared to the three months ended March 31, 2024, primarily due to increased risk costs in South America and North America, higher effective tax rate due to prior year Argentina inflation adjustment, and lower recoveries on used equipment sales; partially offset by favorable volumes and interest margin improvements in most regions.

Current wording

Net income of Financial Services was $177 million in the six months ended June 30, 2025, a decrease of $32 million compared to the six months ended June 30, 2024, primarily due to increased risk costs in Brazil and North America, a higher effective tax rate due to a prior year Argentina inflation adjustment and lower recoveries on used equipment sales. This was partially offset by interest margin improvements and favorable volumes in most regions.

Previous wording

In the three months ended March 31, 2025, retail loan originations, including unconsolidated joint ventures, were $2.4 billion, down $0.1 billion compared to 2024 (even on a constant currency basis.) The managed portfolio (including unconsolidated joint ventures) was $28.0 billion as of March 31, 2025 (of which retail was 69% and wholesale was 31%), down $0.7 billion compared to March 31, 2024 (up $0.3 billion on a constant currency basis).

Current wording

In the six months ended June 30, 2025, retail loan originations, including unconsolidated joint ventures, were $5.1 billion, down $0.3 billion compared to 2024 (down $0.1 billion on a constant currency basis). The managed portfolio, including unconsolidated joint ventures, was $28.7 billion as of June 30, 2025 (of which retail was 69% and wholesale 31%), up $0.2 billion compared to June 30, 2024 (down $0.3 billion on a constant currency basis).

Previous wording

At March 31, 2025, Cash and cash equivalents and Restricted cash were $2,398 million, a decrease of $1,468 million from $3,866 million at December 31, 2024, primarily due to seasonal Free Cash Flow absorption of Industrial Activities and a reduction in financial debt of Financial Services due to lower portfolio receivables.

Current wording

At June 30, 2025, Cash and cash equivalents and Restricted cash were $3,147 million, a decrease of $719 million from $3,866 million at December 31, 2024. The decline was primarily driven by a decrease in Financial Services debt mainly attributable to lower portfolio receivables, investments in fixed assets, and dividend payments, partially offset by changes in working capital.

Previous wording

At March 31, 2025, Cash and cash equivalents were $1,695 million ($3,191 million at December 31, 2024) and Restricted cash was $703 million ($675 million at December 31, 2024), respectively. Undrawn medium-term unsecured committed facilities were $6,156 million ($5,493 million at December 31, 2024). At March 31, 2025, the aggregate of Cash and cash equivalents, Restricted cash, undrawn medium-term unsecured committed facilities, and net financial receivables from Iveco Group which we consider to constitute our principal liquid assets (or "available liquidity"), totaled $8,650 million ($9,465 million at December 31, 2024). At March 31, 2025, this amount also included $96 million net financial receivables from Iveco Group ($106 million net financial receivables at December 31, 2024), consisting of net financial receivables mainly towards Financial Services of Iveco Group.

Current wording

At June 30, 2025, Cash and cash equivalents were $2,512 million ($3,191 million at December 31, 2024) and Restricted cash was $635 million ($675 million at December 31, 2024), respectively. Undrawn medium-term unsecured committed facilities were $5,925 million ($5,493 million at December 31, 2024). At June 30, 2025, the aggregate of Cash and cash equivalents, Restricted cash, undrawn medium-term unsecured committed facilities, and net financial receivables from Iveco Group which we consider to constitute our principal liquid assets (or "available liquidity"), totaled $9,266 million ($9,465 million at December 31, 2024). At June 30, 2025, this amount also included $194 million net financial receivables from Iveco Group ($106 million net financial receivables at December 31, 2024), consisting of net financial receivables mainly towards Financial Services of Iveco Group.

Previous wording

Cash provided by operating activities in the three months ended March 31, 2025 totaled $162 million and primarily comprised the following elements:

Current wording

Cash provided by operating activities in the six months ended June 30, 2025 totaled $934 million and primarily comprised the following elements:

Previous wording

▪plus $150 million in non-cash charges for depreciation and amortization ($102 million excluding equipment on operating leases);

Current wording

▪plus $306 million in non-cash charges for depreciation and amortization ($208 million excluding equipment on operating leases);

Previous wording

▪less change in working capital of $14 million.

Current wording

▪plus change in working capital of $268 million;

Previous wording

▪plus $78 million in Other non-cash items;

Current wording

▪plus $183 million in Other non-cash items;

Previous wording

▪less change in provisions of $149 million;

Current wording

▪less change in provisions of $153 million;

Previous wording

▪less change in deferred income taxes of $18 million;

Current wording

▪less change in deferred income taxes of $30 million.

Previous wording

In the three months ended March 31, 2024, net cash used in operating activities was $894 million primarily as a result of $148 million in non-cash charges for depreciation and amortization, $39 million change in provisions, $18 million change in deferred income taxes, and $1,367 million change in working capital, partially offset by $369 million in net income.

Current wording

In the six months ended June 30, 2024, net cash used in operating activities was $515 million primarily as a result of $1,793 million change in working capital and $24 million change in deferred income taxes, partially offset by $773 million in net income, $299 million in non-cash charges for depreciation and amortization and $105 million change in provisions.

Previous wording

Net cash used in investing activities was $280 million in the three months ended March 31, 2025 and was primarily due to expenditures for assets under operating leases ($158 million) and expenditures for property, plant and equipment and intangible assets, excluding assets under operating lease ($106 million).

Current wording

Net cash used in investing activities was $622 million in the six months ended June 30, 2025 and was primarily due to expenditures for assets under operating leases ($320 million) and expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases ($196 million).

Previous wording

Net cash used in investing activities was $419 million in the three months ended March 31, 2024 and was primarily due to additions to retail receivables ($293 million), expenditures for assets under operating leases ($106 million), expenditures for property, plant and equipment and intangible assets, excluding assets under operating lease ($96 million).

Current wording

Net cash used in investing activities was $929 million in the six months ended June 30, 2024 and was primarily due to net additions to retail receivables ($574 million), expenditures for assets under operating leases ($214 million), and expenditures for property, plant and equipment and intangible assets, excluding assets under operating lease ($206 million).

Previous wording

Net cash used in financing activities was $1,422 million in the three months ended March 31, 2025 and was primarily due to a decrease to our Financial Services debt.

Current wording

Net cash used in financing activities was $1,261 million in the six months ended June 30, 2025 and was primarily due to a decrease to our Financial Services debt and dividend payments.

Previous wording

Net cash provided by financing activities was $319 million in the three months ended March 31, 2024 and was primarily due to an increase in external borrowings to support working capital requirements and an increase to our Financial Services portfolio, partially offset by the shares buyback program.

Current wording

Net cash used in financing activities was $820 million in the six months ended June 30, 2024 and was primarily due to the share buyback program and dividends paid, partially offset by the $415 million increase in external borrowings to support working capital requirements and an increase to our Financial Services portfolio.

Previous wording

(1)Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $221 million and $456 million as of March 31, 2025 and December 31, 2024, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $416 million and $334 million as of March 31, 2025 and December 31, 2024, respectively.

Current wording

(1)Total (Debt) of Industrial Activities includes Intersegment notes payable to Financial Services of $241 million and $456 million as of June 30, 2025 and December 31, 2024, respectively. Total (Debt) of Financial Services includes Intersegment notes payable to Industrial Activities of $325 million and $334 million as of June 30, 2025 and December 31, 2024, respectively.

Previous wording

(2)The net intersegment receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $(195) million and $122 million as of March 31, 2025 and December 31, 2024, respectively.

Current wording

(2)The net intersegment receivable/(payable) balance recorded by Financial Services relating to Industrial Activities was $(84) million and $122 million as of June 30, 2025 and December 31, 2024, respectively.

Previous wording

Excluding negative exchange rate differences of $483 million, Net (Debt) at March 31, 2025 increased by $96 million compared to December 31, 2024, mainly due to seasonal Free Cash Flow absorption of Industrial Activities, partially offset by lower portfolio of Financial Services.

Current wording

Excluding negative exchange rate differences of $1,292 million, Net (Debt) at June 30, 2025 decreased by $170 million compared to December 31, 2024, mainly due to a decrease in Financial Services debt, attributable to lower portfolio receivables.

Previous wording

Available committed unsecured facilities expiring after twelve months amounted to approximately $6.2 billion at March 31, 2025 ($5.5 billion at December 31, 2024). Total committed asset-backed facilities expiring after twelve months amounted to approximately $3.2 billion at March 31, 2025 ($3.7 billion at December 31, 2024), of which $2.4 billion was utilized at March 31, 2025 ($3.1 billion at December 31, 2024 was utilized).

Current wording

Available committed unsecured facilities expiring after twelve months amounted to approximately $5.9 billion at June 30, 2025 ($5.5 billion at December 31, 2024). Total committed asset-backed facilities expiring after twelve months amounted to approximately $3.4 billion at June 30, 2025 ($3.7 billion at December 31, 2024), of which $3.2 billion was utilized at June 30, 2025 ($3.1 billion at December 31, 2024 was utilized).

Previous wording

The Company has been responding to subpoenas issued by the Securities and Exchange Commission (the “SEC”) requesting information and documents relating to our revenue recognition and sales practices. The Company is cooperating with the SEC’s inquiry and continues to provide responsive documents and information. The Company is unable to predict with certainty what action, if any, might be taken in the future by the SEC or any other governmental authority as a result of these requests.

Current wording

The Company has been responding to subpoenas issued by the Securities and Exchange Commission (the "SEC") requesting information and documents relating to our revenue recognition and sales practices. The Company has been cooperating with the SEC's inquiry and provided responsive documents and information. On July 25, 2025, the Company was notified by the SEC Staff that it had concluded its inquiry and did not intend to recommend any enforcement action to the Commission.

Previous wording

Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods related issues such as agriculture, the environment, debt relief and subsidy program policies, trade, commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs and other protective measures issued to promote national interests or address foreign competition, which in turn result or may result in retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs and other retaliatory restrictions on trade, as well as the related impact on costs and prices, which could consequently affect demand of our products, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structur…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of our markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods related products, changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods related issues such as agriculture, the environment, debt relief and subsidy program policies, trade, commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls, tariffs and other protective measures issued to promote national interests or address foreign competition, which in turn result or may result in retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs and other protective measures and the related impact on cost and prices, which could consequently affect demand of our products, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic), terrorist attacks in Europe and elsewhere; the remediation of a material weakness; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; including targeted restructuring actions to optimize our cost structure and improve the efficien…

Excerpt shortened here; the source contains the full paragraph.