What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-29 compared with 2023-02-28 · 163 added, 148 removed, 312 unchanged (50% of the section changed)

2 unchanged sentences

CNH Industrial N.V.

has voluntarily elected to file this annual financial report using Form 10-K.

has voluntarily elected to file this annual financial report using Form 10-K ("Annual Report").

As a Foreign Private Issuer, CNH Industrial N.V.

is also exempt from the proxy solicitation rules under Section 14 of the Exchange Act and Regulation FD, and its officers, directors, and principal shareholders are not subject to the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

However, beginning in 2024, CNH intends to voluntarily elect to publish a notice of meeting and proxy statement for its Annual General Meeting prepared in accordance with applicable Dutch requirements and voluntarily including the disclosure required by pursuant to Section 14A of the Exchange Act on Schedule 14A.

History and Development of the Company

4 unchanged sentences

was incorporated on November 23, 2012, as a public limited liability company ( naamloze vennootschap ) under the laws of the Netherlands.

The Company's principal office is located at 25 St.

James’s Street, London, England, United Kingdom (telephone number:

The Company's principal office is located at Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom (telephone number:

+44-207-9251-964).

Unless otherwise indicated or the context otherwise requires, as used in this annual report, the term "CNH Industrial", "we", "us", "our" or "the Company" refer to CNH Industrial together with its consolidated subsidiaries.

CNH Industrial’s agent for U.S.

federal securities law purposes is Emily Sturges, c/o CNH Industrial America LLC, 6900 Veterans Boulevard, Burr Ridge, Illinois 60527 (telephone number +1-331-256-0594).

Certain financial information in this report has been presented by geographic region.

Unless otherwise indicated or the context otherwise requires, as used in this Annual Report, the term "CNH", "we", "us", "our" or "the Company" refer to CNH Industrial N.V.

together with its consolidated subsidiaries.

CNH's agent for U.S.

federal securities law purposes is Emily Sturges, c/o CNH Industrial America LLC, 711 Jorie Boulevard, Oak Brook, Illinois 60523 (telephone number +1-331-256-0594).

Certain financial information in this Annual Report has been presented by geographic region.

Our geographic regions are:

11 unchanged sentences

Continental Asia (including the India subcontinent), Indonesia, and Oceania.

Certain industry and market share information in this Annual Report has been presented on a worldwide basis which includes all countries.

In this Annual Report, management estimates of market share information are generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various other markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers in North America, the Committee for European Construction Equipment in Europe, the Associação Nacional dos Fabricantes de Veículos Automotores in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by independent service bureaus.

Certain industry information in this Annual Report has been presented on a worldwide basis which includes all countries.

In this Annual Report, management estimates of industry information are generally based on retail unit sales data in North America, on registrations of equipment in most of Europe, Brazil, and various other markets, and on retail and shipment unit data collected by a central information bureau appointed by equipment manufacturers associations, including the Association of Equipment Manufacturers in North America, the Committee for European Construction Equipment in Europe, the Associação Nacional dos Fabricantes de Veículos Automotores in Brazil, the Japan Construction Equipment Manufacturers Association, and the Korea Construction Equipment Manufacturers Association, as well as on other shipment data collected by independent service bureaus.

Not all agricultural or construction equipment is registered, and registration data may thus underestimate, perhaps substantially, actual retail industry unit sales demand, particularly for local manufacturers in China, Southeast Asia, Eastern Europe, Russia, Turkey, Brazil, and any country where local shipments are not reported.

4 unchanged sentences

by way of a demerger under Dutch law (the "Demerger") to Iveco Group N.V.

(the "Iveco Group"), and the Iveco Group became a public listed company independent from CNH Industrial with its common shares trading on the Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A.

(the "Iveco Group"), and the Iveco Group became a public listed company independent from CNH with its common shares trading on the Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A.

In connection with the Demerger, shares of Iveco Group N.V.

1 unchanged sentence

on a pro rata basis.

The On-Highway Business' financial results for the periods prior to the Demerger have been reflected in our Condensed Consolidated Statement of Operations, retrospectively, as discontinued operations.

Additionally, the related assets and liabilities associated with the On-Highway Business are classified as discontinued operations within Assets Held for Distribution and Liabilities Held for Distribution in the prior year of the Condensed Consolidated Balance Sheet.

The On-Highway Business' financial results for 2021 have been reflected in our Consolidated Statement of Operations and Consolidated Statement of Cash Flows, retrospectively, as discontinued operations.

Pursuant to the terms of the deeds of demerger entered into between CNH Industrial N.V.

and Iveco Group N.V.

on January 1, 2022, assets related to the

On-Highway Business were transferred to, and liabilities related to the On-Highway Business were retained or assumed by, Iveco Group N.V.

on January 1, 2022, assets related to the On-Highway Business were transferred to, and liabilities related to the On-Highway Business were retained or assumed by, Iveco Group N.V.

Business Overview

CNH Industrial is a leading equipment and services company engaged in the design, production, marketing, sale, and financing of agricultural and construction equipment.

CNH is a leading equipment and services company engaged in the design, production, marketing, sale, and financing of agricultural and construction equipment.

We have industrial and financial services companies located in 32 countries and a commercial presence in approximately 164 countries.

1 unchanged sentence

Agriculture designs, manufactures and distributes a full line of farm machinery and implements, including two-wheel and four-wheel drive tractors, crawler tractors, combines, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements, and material handling equipment.

We are also a leading provider of technology dedicated to Precision Agriculture.

Agricultural equipment is sold under the New Holland Agriculture and Case IH brands.

3 unchanged sentences

Miller manufacturing application equipment.

Kongskilde providing tillage, seeding and hay & forage implements.

Further, starting in December 2021, Raven was included in the Agriculture segment bringing a leader in digital agriculture, precision technology and the development of autonomous systems to CNH Industrial.

Construction designs, manufactures and distributes a full line of construction equipment including excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, and compact track loaders.

The Raven brand supports Precision Agriculture, digital technology and the development of autonomous systems.

Hemisphere, acquired in 2023, provides high-performance satellite positioning technology for the agriculture and construction industries.

Construction equipment is sold under the CASE Construction Equipment, New Holland Construction and Eurocomach brands.

Financial Services:

Financial Services offers retail note and lease financing to end-use customers for the purchase of new and used agricultural and construction equipment and components sold through CNH Industrial brands' dealer network, as well as revolving charge account financing and other financial services.

Financial Services also provides wholesale financing to CNH Industrial brand dealers and distributors.

Further, Financial Services provides trade receivables factoring to CNH Industrial companies.

The European operations of CNH Industrial Financial Services are supported by the Iveco Group's Financial Services segment.

CNH Industrial Financial Services provides financial services to Iveco Group companies in the North America, South America and Asia Pacific regions.

Financial Services provides and administers financing to end-use customers for the purchase of new and used agricultural and construction equipment and components sold through CNH's dealer network, as well as revolving charge account financing and other financial services.

Financial Services also provides wholesale financing to CNH dealers and distributors primarily to finance inventories of equipment for those dealers.

Further, Financial Services provides trade receivables factoring services to CNH subsidiaries.

The European Financial Services operations are supported by the Iveco Group's Financial Services segment.

Financial Services also provides financial services to Iveco Group companies in the North America, South America and Asia Pacific regions.

Consolidated Results - 2023 Compared to 2022

Net sales for the fiscal year 2022 were $23,551 million, up 21% from FY 2021 mainly due to favorable price realization and higher sales volumes within the Agriculture and Construction segments.

2022 consolidated net income was $2,039 million, with diluted earnings per share of $1.49 (net income of $1,801 million in 2021, with diluted earnings per share from continuing operations of $1.32).

Gross profit margin of Industrial Activities of 22.0%, (20.7% in 2021) with improvement in both Agriculture and Construction.

Net sales for the fiscal year 2023 were $24,687 million, up 5% from 2022 mainly due to favorable price realization within the Agriculture and Construction segments.

2023 consolidated net income was $2,383 million, with diluted earnings per share of $1.76 (net income of $2,039 million in 2022, with diluted earnings per share of $1.49).

Gross profit margin of Industrial Activities was 23.7%, (22.0% in 2022) with increases in both Agriculture and Construction.

Industry Overview

The operators of dairy, livestock and row crop producing farms, as well as independent contractors that provide services to such farms, purchase most agricultural equipment.

Row crop farmers typically purchase tractors at the mid-to-upper end of the horsepower ("hp") range, combines and harvesting equipment and crop production equipment.

Row crop farmers typically purchase tractors at the mid-to-upper end of the horsepower ("hp") range, combine harvesters, harvesting equipment and crop production equipment.

Dairy and livestock farmers typically utilize tractors in the mid-to-lower hp range and crop preparation and crop packaging implements.

3 unchanged sentences

Weather conditions are a major determinant of crop yields and crop prices and therefore affect equipment-buying decisions.

Global organization initiatives, such as those of the World Trade Organization, also can affect the market acceptance of genetically modified organisms such as seed, feed and animals and climate change and sustainability initiatives.

Demand for agricultural equipment also varies seasonally by region and product, primarily due to differing climates and farming calendars.

Peak retail deliveries for tractors and planting, seeding, and application equipment typically occurs in March through June

in the Northern hemisphere and in September through December in the Southern hemisphere.

Dealers order equipment year-round but harvesting equipment orders in the Northern hemisphere generally increase in the late fall and winter so that the dealers can receive inventory prior to the peak retail selling season, which generally extends from March through June.

In the Southern hemisphere, dealers generally order between August and October so they can receive inventory prior to the peak retail-selling season, which extends from November through February.

Peak retail deliveries for tractors and planting, seeding, and application equipment typically occur in March through June in the Northern hemisphere and in September through December in the Southern hemisphere.

Dealers order equipment year-round but harvesting equipment orders in the Northern hemisphere generally increase in the late fall and winter so that the dealers can receive inventory before the peak retail selling season, which generally extends from March through June.

In the Southern hemisphere, dealers

generally order between August and October so they can receive inventory before the peak retail-selling season, which extends from November through February.

Agriculture's production levels are based upon estimated retail demand, which takes into account, among other things, the timing of dealer shipments, dealer and Company inventory levels, the need to retool manufacturing facilities to produce new or different models, and the efficient use of labor and facilities.

However, because production and wholesale shipments adjust throughout the year to take into account the factors described above, sales of agricultural equipment in any given period may not reflect the timing of dealer orders and retail demand for that period.

This situation has been emphasized during the recent pandemic and current post-pandemic environment where global supply chains have been disrupted for a series of reasons linked with production not able to match demand and transportation becoming congested with increases in lead times and expenses.

As production and wholesale shipments adjust throughout the year to take into account the factors described above, sales of agricultural equipment in any given period may not reflect the timing of dealer orders and retail demand for that period.

However, the Company strives to match production scheduling to retail demand, driving lean manufacturing and enabling the shortest lead time to the final customer.

Customer preferences regarding farming practices, and thus product types and features, vary by region.

5 unchanged sentences

Our position as a geographically diversified manufacturer of agricultural equipment and our broad geographic network of dealers allows us to provide customers in each significant market with equipment that meets their specific requirements.

One trend in North American and Western European agricultural industries include a reduction in number but growth in size of farms, supporting increased demand for higher capacity agricultural equipment.

In addition, we believe that the use of technology and other precision farming solutions (including the development of autonomously operated equipment) to enhance productivity, profitability and environmental impact are becoming more important in the buyers’ purchasing decision.

In South America, India and in other emerging markets, the number of farms is growing, and mechanization is replacing manual labor.

One agricultural trend in North America, Western European, and Brazil includes a reduction in number, but growth in size of farms, supporting increased demand for higher capacity agricultural equipment.

In addition, we believe that the use of technology and other precision technology and solutions (including the development of autonomously operated equipment) to enhance productivity, profitability and environmental impact are becoming more important in the buyers’ purchasing decision.

In South America (other than Brazil), India and in other emerging markets, the number of farms is growing, and mechanization is replacing manual labor.

In other markets, long-term demographic trends, increasing urbanization, and low level of farm mechanization represent the key drivers of demand for agricultural equipment.

18 unchanged sentences

This relationship will, however, be impacted by government policy and mandates as governments around the world consider ways to combat global warming and avoid potential energy resource issues in the future.

Sustainability has been a focus of CNH Industrial since 2013.

During the 2022 United Nations Climate Change Conference, COP27 event in Egypt, there was a continued emphasis on carbon reduction with significant attention on the establishment of a Loss and Damage Fund, which aims to provide financial assistance to nations most vulnerable and impacted by the effects of climate change.

With the use of a bio-digester, animal waste and food waste can be processed to produce bio-methane.

New Holland developed a Methane Powered Tractor that runs on methane produced on the farm from animal and food waste.

Moreover, in 2021 CNH Industrial has invested with a minority equity share participation into the U.K.

based technology start-up, Bennamann, which has developed an

on-site kit for small-medium size livestock farms to capture and repurpose fugitive methane from their waste and generate bio-methane which could potentially allow a successful implementation of the circular economy.

This approach also improves the sustainability of farmland management practices through minimizing artificial inputs such as manufactured fertilizer, lowering operational costs and reducing pollutants.

Sustainability has been an ongoing focus for CNH.

During the 2023 United Nations Climate Change Conference, COP28 event in the United Arab Emirates, there was an assessment of progress towards climate action and a call to accelerate carbon reduction with an establishment of a Loss and Damage Fund, which aims to provide financial assistance to nations most vulnerable and impacted by the effects of climate change.

With the use of a bio-digester, animal and food waste can be processed to produce bio-methane.

CNH has developed two New Holland brand key livestock models of methane-powered tractors (T6 and T7) that could also run on methane produced on the farm from animal and food waste.

CNH has a controlling stake in Bennamann Ltd ("Bennamann"), a U.K.-based technology company, that has developed a solution to capture fugitive emissions of methane from livestock farm waste and repurpose it into a better-than-zero-carbon biofuel.

The Company believes that this solution is suitable for small to medium size farms — enabling a farm to become energy independent, less polluting, net-zero carbon, sustainable and regenerative.

This approach also improves the sustainability of farmland management practices by minimizing artificial inputs (e.g., manufactured fertilizer), lowering operational costs and reducing pollutants.

This concept is intended to contribute to a dairy farm's decarbonization.

The developments in precision agriculture technology are designed to allow farmers to increase yield with reduced input costs in the areas of labor, fertilizer, chemicals and water.

The developments in precision technology and solutions are designed to allow farmers to increase yield with reduced input costs in the areas of labor, fertilizer, chemicals and water.

Further, with shorter planting and harvesting cycles experienced in recent years, we believe that precision agriculture technology will help drive replacement demand for new farm equipment as this technology is designed to improve farm efficiency.

1 unchanged sentence

heavy construction equipment (excluding the mining and the specialized forestry equipment markets in which we do not participate), with equipment generally weighing more than 12 metric tons, and light construction equipment, with equipment generally weighing less than 12 metric tons.

In developed markets, customers tend to prefer more sophisticated machines equipped with the latest technology and features to improve operator productivity.

In developed markets, customers tend to prefer more sophisticated machines equipped with the latest technology such as machine control, automation and features to improve operator productivity.

In developing markets, customers tend to prefer equipment that is relatively less costly and has greater perceived durability.

8 unchanged sentences

Sales of heavy construction equipment depend on the expected volume of major infrastructure construction and repair projects such as highway, tunnel, dam and harbor projects, which depend on government spending and economic growth.

Demand for aggregate mining and quarrying equipment is more closely linked to the general economy and commodity prices, while growing demand for environmental equipment is becoming less sensitive to the economic cycle.

Demand for aggregate mining and quarrying equipment is more closely linked to the general economy and commodity prices.

In North America, a portion of heavy equipment demand has historically been linked to the development of new housing subdivisions, where the entire infrastructure needs to be created, thus linking demand for both heavy and light construction equipment.

The heavy equipment industry generally follows macroeconomic cyclicality, linked to growth in gross domestic product.

The heavy equipment industry generally follows macroeconomic cyclicality, linked to growth in gross domestic product and government spending.

Light Construction

9 unchanged sentences

Compared to the U.K.

and Japan, where there is an established market for long-term equipment rentals as a result of favorable tax treatment, the rental market in North America and

Western Europe (except for the U.K.) consists mainly of short-term rentals of light construction equipment to individuals or small contractors for which the purchase of equipment is not cost effective or that need specialized equipment for specific jobs.

and Japan, where there is an established market for long-term equipment rentals as a result of favorable tax treatment, the rental market in North America and Western Europe (except for the U.K.) consists mainly of short-term rentals of light construction equipment to individuals or small contractors for which the purchase of equipment is not cost effective or that need specialized equipment for specific jobs.

In North America, the main rental product has traditionally been the backhoe loader and, in Western Europe, it has been the mini-excavator.

As the market has evolved, a greater variety of light and heavy equipment products have become available to rent.

In addition, rental companies have allowed contractors to rent machines for longer periods instead of purchasing the equipment, enabling contractors to complete specific job requirements with greater flexibility and cost control.

In addition, rental companies have allowed contractors to rent machines for longer periods instead of purchasing the equipment, enabling contractors to

complete specific job requirements with greater flexibility and cost control.

Large, national rental companies can significantly impact the construction equipment market, with purchase volumes being driven by their decisions to increase or decrease the size of their rental fleets based on rental utilization rates.

14 unchanged sentences

(i) large global full-line equipment manufacturers with a presence in every market and a broad range of products that cover most customer needs, (ii) manufacturers who are product specialists focused on particular industry segments on either a global or regional basis, (iii) regional full-line manufacturers, some of which are expanding worldwide to build a global presence, and (iv) local, low-cost manufacturers in individual markets, particularly in emerging markets such as Eastern Europe, India and China.

Our competitive strengths include well-recognized brands, a full range of competitive products and features, including software, a strong presence, distribution and customer service network.

Our competitive strengths include well-recognized brands, a full range of competitive products and features, including software, a strong presence, distribution and customer service network and a captive financing arm.

There are multiple factors that influence a buyer’s choice of industrial equipment.

1 unchanged sentence

The ability to meet or exceed applicable engine emissions standards as they take effect is also a key competitive factor, particularly in those markets where such standards are the subject of frequent legislative or regulatory scrutiny and change, such as Europe and North America.

Emission regulations are becoming a significant competitive factor at global level with new legislation in India and China.

We continually seek to improve in each of these areas but focus primarily on providing high-quality and high-value products and on supporting those products through our dealer networks.

Emission regulations are becoming a significant competitive factor at global level with new legislation in India and China, which leads to increases in product costs.

We continually seek to improve in each of these areas but focus primarily on providing high-quality and high-value products with environment protection features, and on supporting those products through our dealer networks.

Customers’ perceptions of product value in terms of productivity, reliability, digital content, resale value and dealer support are formed over many years.

Buyers tend to favor brands based on experience with the product and the dealer.

Buyers tend to favor brands based on experience with the product, the dealer, and the service network.

The efficiency of our manufacturing, logistics and scheduling systems are dependent on forecasts of industry volumes and our anticipated share of industry sales, which is predicated on our ability to compete successfully with others in the marketplace.

We compete based on product performance, customer service, quality, innovation and price.

We compete based on product performance, customer service, quality, precision technology and other innovations and price.

The environment is by nature competitive from a pricing standpoint, but we have been able to counter inflationary cost increases with positive price realization.

1 unchanged sentence

The ability of our supply chain and manufacturing system to timely deliver finished goods is also critical to meeting customer expectations.

Failure to do so might imply losses of market share and competitiveness.

Failure to do so might imply losses of competitiveness.

Our main competitors in the agricultural equipment market are Deere & Company, AGCO Corporation, Claas Group, Kubota Tractor Corporation, Argo Tractors S.p.A., and the Same Deutz Fahr Group.

Our principal competitors in the construction equipment market are Caterpillar Inc., Komatsu Ltd., J C Bamford Excavators Ltd., Hitachi Construction Machinery Co, Ltd., Volvo Group, Liebherr Group, Doosan Group, Kubota Tractor Corporation, and Deere & Company.

Our principal competitors in the construction equipment market are Caterpillar Inc., Komatsu Ltd., J C Bamford Excavators Ltd., Hitachi Construction Machinery Co, Ltd., Volvo Group, Liebherr Group, Develon, Bobcat, Kubota Tractor Corporation, SANY Heavy Industry Co., Ltd and Deere & Company.

Products and Markets

1 unchanged sentence

Raven primarily operates in North America, Australia, South America and Europe.

Certain agricultural equipment products are also sold under Överum (a sub-brand of Kongskilde), K-Line and JF brands.

Certain agricultural equipment products are also sold under the K-Line brand.

We believe that these brands enjoy high levels of brand identification and loyalty among both customers and dealers.

4 unchanged sentences

Our agricultural equipment is sold with a limited warranty that typically runs from one to three years.

Case IH and New Holland Agriculture brands enable their customers to visualize and share in-depth real-time machine and farm operation data within the respective AFS-PLM Farm solution and offer data sharing to a vast number of third party providers at full control of the customer.

Agriculture launched AGXTEND TM , focused exclusively on aftermarket precision farming technology solutions.

AGXTEND TM is designed to provide our dealers and customers access to innovative and more sustainable productivity enhancing precision farming technologies.

CNH Industrial acquired AgDNA an industry leading Farm Management Information System (FMIS) that automatically collects and analyzes data from equipment manufactured by CNH Industrial and third-party manufacturers.

The cloud-based platform analyzes equipment, agronomic and environmental data to deliver actionable insights directly to customers' smartphones and tablets to help them maximize the agronomic performance of their CNH Industrial and other equipment to increase farm profitability.

Raven Industries, Inc., ("Raven") formerly a long-term strategic supplier, was acquired in order to expand our portfolio of precision agriculture technology offerings and to accelerate the development of advanced machine automation and autonomous agriculture technology.

With Raven as part of the Agriculture product portfolio, we now design, manufacture, sell, and service innovative precision agriculture products, autonomous solutions, and information management tools, which are collectively referred to as precision agriculture equipment.

Our Precision Agriculture suite of solutions encompass connected platforms, automation solutions and autonomous capabilities.

Our technology stack includes satellite guided positioning, telemetric connectivity, automation software, ruggedized sensors and cross validation/machine learning aided by edge and cloud computing.

Our connected platforms link farmers to their equipment, dealers, input providers, partners and other advisors enabling real time monitoring of their operations and logistics management capabilities.

Our Raven brand offers retrofit solutions to upgrade farmer's existing equipment, resulting in increased productivity and reduced cost across the full fleet of equipment.

CNH is committed to advancing technology in agriculture and is investing in integrated solutions and precision technologies across the equipment portfolio.

Our technology stack spans digital web and mobile platforms, core technologies such as global navigation satellite system (GNSS) positioning, connectivity and displays, automation covering product control and guidance, and capabilities like autonomy.

In the digital space, Case IH and New Holland Agriculture brands enable customers to visualize and share in-depth real-time machine and farm operation data within the respective AFS-PLM Farm solution and offer data sharing to a third-party providers at full control of the customer.

Our digital capabilities were bolstered in 2019 by our acquisition of AgDNA, an industry-leading Farm Management Information System (FMIS) that automatically collects and analyzes data from equipment manufactured by CNH and third-party manufacturers.

Our AFS-PLM digital platforms connect farmers to their equipment, dealers, input providers, partners, and advisors.

By analyzing machine, agronomic, and environmental data, these platforms deliver insights, empowering customers to optimize their operational performance and enhance farm profitability.

CNH’s core technologies, inclusive of GNSS positioning, connectivity, and displays, were augmented by the acquisition of Raven Industries, Inc., (“Raven”) in 2021 and Hemisphere GNSS (“Hemisphere”) in 2023.

With Raven as part of the agriculture product portfolio, we now design, manufacture, sell, and service a suite of core technology products both as factory-installed and in the aftermarket.

The acquisition of Hemisphere, a company that specializes in high-performance satellite positioning technologies, gives us in-house control of our precision and navigation technologies.

Hemisphere’s proprietary GNSS solutions provide pinpoint accuracy for agriculture and construction industries and will drive precise and improved job execution for our customers.

Our automation and autonomous capabilities are propelled by guidance technology and product controls.

The Raven integration has strengthened our portfolio with a wide range of innovative guidance offerings and has helped to accelerate the development of advanced machine automation and autonomous agriculture technology.

In 2023, we acquired Augmenta Holding SAS ("Augmenta"), a machine vision company that automates and optimizes farming operations.

Augmenta has built a real-time, multi-spectral sensor that can perceive canopy health, objects, and patterns.

Their technology utilizes edge computing, computer vision, and machine learning and translates images into agronomic insights.

Augmenta’s solution is designed to ease the burden on farmers and growers so that they can simply and efficiently achieve their goals.

CNH supports our customers throughout the entire equipment lifecycle.

We offer a suite of aftermarket solutions spanning guidance, automated steering systems, application control products, and correction services to ensure customers have technology options wherever they are in their precision tech adoption journey.

Construction’s product lines are sold primarily under the CASE Construction Equipment and New Holland Construction brands.

2 unchanged sentences

In 2021, we completed the acquisition of Sampierana S.p.A., which provides Construction direct control over technology and manufacturing of Mini and Midi Excavators.

In 2023, we developed and launched our first range of mini track loaders under our Eurocomach brand.

Construction's products often share common components to achieve economies of scale in manufacturing, purchasing, and development.

1 unchanged sentence

Heavy construction equipment product lines include general construction equipment such as large excavators and wheel loaders, and road building and site preparation equipment such as compactors, graders and dozers.

Light construction equipment is also known as compact and service equipment, and its product lines include backhoe loaders, skid steer and tracked loaders, mini- and midi-

excavators, and compact wheel loaders.

Light construction equipment is also known as compact and service equipment, and its product lines include backhoe loaders, skid steer and tracked loaders, mini- and midi- excavators, and compact wheel loaders.

The brands each offer parts and support services for all of their product lines.

Our construction equipment is generally sold with a limited warranty that typically runs from one to two years.

Beginning in 2023, we have produced and distributed battery-powered compact construction equipment, including electric mini excavators and small articulated loaders.

We plan to continue to deliver battery-powered compact construction equipment solutions to help our customers reduce tailpipe emissions.

We continue to evaluate our Construction business with a view toward increasing efficiencies and profitability as well as evaluating its strategic alliances to improve its position in key markets.

Sales and Distribution

Agriculture and Construction

Agriculture sells and distributes products through dealers that sell either Case IH products, New Holland products or both brands.

Case IH has 898 dealers worldwide with more than 2,500 point of sale locations and New Holland has more than 1,800 dealers worldwide and more than 3,700 point of sale locations.

Overall in Agriculture, the CNH dealer network includes more than 2,600 dealer owners and more than 6,200 locations/points of sale.

Construction sells and distributes products through approximately 406 full-line dealers and distributors with over 1,518 points of sale.

Agriculture’s and Construction’s dealers are almost all independently owned and operated.

Agriculture and Construction dealers are almost all independently owned and operated.

Some Agriculture dealers also sell construction equipment.

In the United States, Canada, Mexico, most of Western Europe, Brazil, Argentina, India, China, Thailand, Australia, and South Africa products are generally distributed directly through the independent dealer network.

In the rest of the world, products are either sold to independent distributors who then resell to dealers, or to importers who have their own branches to sell product to retail customers.

Consistent with our brand promotion program, we generally seek to have dealers sell a full range of our products.

Typically, a dealer is appointed to sell one brand in a specific territory, but depending on market potential, history, capabilities and commitment of the dealer operator, a multi-brand approach is also pursued in some territories.

In each region, we seek to optimize our distribution strategy to maximize customer satisfaction and sales while reducing structural costs.

This results in two far-reaching networks representing two strong brands with unique identities and strengths to compete against all non-CNH Industrial brands in any given territory.

In larger markets, a trade-in of used equipment typically accompanies the sale of new equipment to end-users.

We often provide marketing assistance to our dealers to support the sale of used, trade-in equipment through subsidized financing incentives, inventory carrying cost defrayment, or other methods.

Exclusive, dedicated dealers generally provide a higher level of market penetration.

Some dealers may sell complementary products manufactured by other suppliers to complete their product offerings or to satisfy local demand for a particular specialty application or segment.

A strong dealer network with wide geographic coverage is a critical element in the success of Agriculture and Construction.

We work to enhance our dealer network through the expansion of our product lines and customer services, including enhanced financial services offerings, and an increased focus on dealer support.

To assist dealers in building rewarding relationships with their customers, focused customer satisfaction programs have been introduced and they are expected to incorporate customer input into the relevant product development and service delivery processes.

In the rest of the world, products are either sold to independent distributors who then resell to dealers, or to importers who have their own branches to sell products to retail customers.

As the equipment rental business becomes a more significant factor in both the agricultural and construction equipment markets, Agriculture and Construction are facilitating sales of equipment to the local, regional and national rental companies through their dealers as well as by encouraging dealers to develop their own rental activities.

A strong dealer service network is required to maintain the rental equipment, and to help ensure that the equipment remains at peak performance levels both during its life as rental equipment and afterward when resold into the used equipment market.

Agriculture and Construction have launched several programs to support their dealer service and rental operations, including training, improved dealer standards, financing, and advertising.

As the rental market is a capital-intensive sector and sensitive to cyclical variations, we expand such activities gradually, with special attention to managing the resale of rental units into the used equipment market by our dealers, who can utilize this opportunity to improve their customer base and generate additional parts and service business.

We believe that it is generally more cost-effective to distribute our agricultural and construction equipment products through independent dealers, although as of December 31, 2022, we operated two Agriculture and Construction dealerships in North America and six company-owned Agriculture and Construction dealerships in Europe.

We also operate with a network of owned dealers for Case IH and the Construction segment in South Africa.

We believe that it is generally more cost-effective to distribute our agricultural and construction equipment products through independent dealers, although as of December 31, 2023, we operate a network of owned dealers for Case IH and the Construction segment in South Africa.

We promote a selective dealer development program, in territories with growth potential but underdeveloped representation by our agricultural and construction equipment brands, the program typically involves a transfer of ownership to a qualified operator through a buy-out or private investment after a few years.

Precision Agriculture technology is offered factory fit with our new equipment as well as offered as parts and service for retrofit solutions through our dealer network.

The Raven brand is leveraging and expanding their sales through the CNH Industrial dealer network in all the regions but is also distributing through independent dealers and directly to other OEM as factory fit solutions or their parts and service offering.

Precision technology is integrated with our Agriculture equipment as well as offered as aftermarket parts for retrofit solutions through our dealer network.

The Raven brand is distributed through the CNH dealer network in all the regions and through dealer/distributor networks, some of which are affiliated with strategic and industry partners.

Raven products and services are also sold to other companies.

In recent years, CNH has increased its investments in its technical stack and reduced reliance on third-party suppliers.

Pricing and Promotion

4 unchanged sentences

We regularly advertise our products to the community of farmers, builders, and agricultural and construction contractors, as well as to distributors and dealers in each of our major markets.

To reach our target audience, we use a combination of general media, specialized design and trade magazines, the Internet and direct mail.

To reach our target audience, we use a combination of general media, specialized design and trade magazines, the Internet, social media and direct mail.

We also regularly participate in major international and national trade shows and engage in co-operative advertising programs with distributors and dealers.

5 unchanged sentences

Many of our products can have economically productive lives of up to 20 years when properly maintained, and each unit has the potential to produce a long-term parts and services revenue stream for us and our dealers.

The technology has allowed us to connect machines with our cloud-based Control Rooms and our dealer service shops get results of analytics blended with the professional knowledge of our products experts.

We are increasing the number of connected units supported proactively by Dealer Control Room that leverage service alarms, operators’ insights, predictive repairs and maintenance that enrich a suite of machine and farm data’s.

To further support the productive life of the equipment, connected technology within our machines have allowed us with our cloud-based control rooms and our dealer service shops to obtain results through analytics blended with the professional knowledge of our products experts.

We are increasing the number of connected units supported proactively by control rooms that leverage service alarms, operators’ insights, predictive repairs and maintenance that enrich a suite of machine and farm data.

As of December 31, 2023 we operated and administered 30 parts depots worldwide which support both Agriculture and Construction, either directly, through a joint venture, or through arrangements with warehouse service providers.

This network includes 10 parts depots in North America, 7 in Europe, 3 in South America, and 14 in other regions.

The network includes 33 parts depots that support Agriculture and 30 that support Construction.

This network includes 8 parts depots in North America, 10 in EMEA, 3 in South America, and 9 in other regions.

These depots supply parts to dealers and distributors, which are responsible for sales to retail customers.

Our parts depots and parts delivery systems provide customers with access to substantially all the parts required to support our products.

Our parts depots and parts delivery systems provide customers with timely access to substantially all the parts required to support our products.

Research and Development, Patents and Licenses, etc.

6 unchanged sentences

Certain trademarks contribute to our identity and the recognition of our products and services and are an integral part of our business, and their loss could have a material adverse effect on us.

Agriculture —We are marketing the New Holland, Case IH, STEYR, Raven and Miller brands and logos as the primary brand names for our agriculture products.

Construction —For construction equipment under New Holland, we are marketing the New Holland Construction brand name and trademark.

For construction equipment under CASE, we are promoting the CASE Construction brand name and trademark.

Joint Ventures

9 unchanged sentences

We purchase materials, parts, components and services from third party suppliers.

Our focus on quality improvement, cost reduction, product innovation and production flexibility requires us to rely upon suppliers with a focus on quality, reliability and the ability to provide cost reductions.

We view our relationships with suppliers as critical to our operational effectiveness, and in recent years, we have established closer ties with a significantly reduced number of suppliers, selecting those that enjoy a leading position in the relevant markets.

1 unchanged sentence

The sudden or unexpected interruption in the availability of certain of our suppliers’ raw materials, parts, and components could result in delays in, or increases in the costs of production.

CNH Industrial is committed to growing together with our suppliers to maintain a strong and resilient supply chain;

therefore, the company is embarking on a multi-year supply chain transformation under our new strategic sourcing program.

The strategic sourcing program is designed to leverage CNH Industrial's long-term relationships with its suppliers to reduce costs and improve overall performance of the supply chain.

CNH has embarked on a multi-year supply chain transformation under a strategic sourcing program.

The strategic sourcing program is designed to leverage CNH's long-term relationships with its current suppliers and the establishment of long-term relationships with new suppliers to reduce costs and improve overall performance of the supply chain.

Financial Services

Financial Services offers a range of financial products and services to dealers and customers in the various regions in which it operates.

Retail financing products primarily include retail notes, finance leases and operating leases to end use customers and revolving charge account financing to purchase parts, service, rentals, implements and attachments from CNH Industrial brand dealers.

Wholesale financing consists primarily of dealer floorplan financing as well as the management and purchase of trade receivables from CNH Industrial companies.

Wholesale financing consists primarily of dealer floorplan financing as well as the management and purchase of trade receivables from CNH subsidiaries.

Dealer floorplan financing gives dealers the ability to maintain a representative inventory of products.

5 unchanged sentences

Financed third party equipment include used equipment taken in trade by our dealers or equipment used in conjunction with or attached to our products.

In North America, retail customer and dealer financing activities, which support the sales of Agriculture and Construction, are managed through our wholly-owned financial services companies.

In Europe, the Middle East and Africa, CNH Industrial Capital Europe S.a.S., which is 24.95% owned by CNH Industrial N.V.

In North America, retail customer and dealer financing activities, which support the sales of Agriculture and Construction, are managed through our wholly-owned financial services subsidiaries.

In Europe, Middle East and Africa, CNH Industrial Capital Europe S.a.S., which is 24.95% owned by CNH Industrial N.V.

and accounted for under the equity method, provides retail financing to customers of Agriculture and Construction.

Additionally, there are vendor programs with banking partners that provide customer financing to our industrial segments in certain countries.

In Europe, IC Financial Services S.A., a French specialized credit institution, wholly-owned by Iveco Group, manages CNH Industrial dealer financing through a dedicated securitization.

In Europe, companies of Iveco Group’s Financial Services segment manage and service CNH dealer financing receivables that are funded through a dedicated securitization.

CNH Industrial Capital Solutions S.p.A.

retains the securitization program's junior notes, and therefore retains substantially all the risks and the benefits of the underlying wholesale receivables.

For South America, retail customer and dealer financing activities are managed through our wholly-owned financial services company, which support the sales of Agriculture and Construction.

For South America, retail customer and dealer financing activities are managed through our wholly-owned financial services subsidiary which supports the sales of Agriculture and Construction.

For retail customer financing in Brazil, Banco CNH Industrial Capital S.A.

serves as a lender for funding provided by BNDES, a federally-owned financial institution linked to the Brazilian

Ministry of Development, Industry and Foreign Trade.

also serves as a lender for funding provided by BNDES, a federally-owned financial institution linked to the Brazilian Ministry of Development, Industry and Foreign Trade.

In Argentina, vendor programs with banking partners are also utilized.

CNH Industrial Financial Services serves as a lender for Iveco Group and services the sales of Iveco Group.

In Asia Pacific, CNH Industrial Financial Services supports the sales of Agriculture and Construction by providing retail customer and dealer financing activities in Australia, New Zealand and India, managed through wholly-owned financial services companies.

CNH Financial Services serves as a lender for Iveco Group dealers and end customers.

In Asia Pacific, CNH Financial Services supports the sales of Agriculture and Construction by providing retail customer and dealer financing activities in Australia, New Zealand and India, managed through wholly-owned financial services companies.

In China, Agriculture dealer financing activities are provided by and managed through a wholly-owned financial services company.

CNH Industrial Financial Services serves as a lender for Iveco Group and services the sale of Iveco Group in Australia and New Zealand.

CNH Financial Services serves as a lender for Iveco Group and services the sale of Iveco Group in Australia and New Zealand.

Customer Financing

15 unchanged sentences

A wholesale underwriting group reviews dealer financial information and payment performance to establish credit lines for each dealer.

In setting these credit lines, Financial Services seeks to meet the reasonable requirements of each dealer while managing its exposure to any one dealer.

In setting these credit lines, Financial Services seeks to meet the reasonable requirements of each dealer while managing its

own exposure to any one dealer.

All risk is underwritten and supported by Financial Services.

4 unchanged sentences

Financial Services also provides intragroup factoring of trade and other receivables.

This activity involves the purchase, without recourse, of receivables of CNH Industrial companies, originating from the Industrial Activities segments, and due from third or related parties.

This activity involves the purchase, without recourse, of receivables of CNH subsidiaries, originating from the Industrial Activities segments, and due from third or related parties.

Sources of Funding

11 unchanged sentences

Human Capital

All CNH Industrial employees contribute to company performance at different levels and are key to the achievement of business targets and results.

All CNH employees contribute to company performance at different levels and are key to the achievement of business targets and results.

The conviction that people are the company’s greatest asset is the baseline principle of the Human Capital Management Guidelines which aim to increase organizational effectiveness.

The Company has identified 5 key cultural behaviors which have been cascaded to the entire organization through specific trainings during 2022:

The Company has identified 5 key cultural behaviors which have been cascaded to the entire organization through recent trainings:

Customer First, One Team, Grow Together, Make it Simple, Be the Best.

Specific tools have been developed to implement the cultural behaviors which include focus recognitions, story telling and focus feedback.

Specific tools have been developed to implement the cultural behaviors which include focused recognitions, story telling and focused feedback.

We strongly believe that sharing a common culture will help to retain and attract talent and ultimately allow the Company to be more competitive.

The ability to attract, retain, and further develop qualified employees is crucial to the success of CNH Industrial’s businesses and its ability to create value over the long-term.

CNH Industrial’s business is, by its nature, labor intensive and this is reflected in the high number of Group hourly employees.

As of December 31, 2022, CNH Industrial had 40,070 employees including 11,769 employees in the U.S.

CNH Industrial also retains consultants, independent contractors, and temporary and part-time workers.

The ability to attract, retain, and further develop qualified employees is crucial to the success of CNH’s businesses and its ability to create value over the long term.

CNH’s business is, by its nature, labor intensive and this is reflected in the high number of hourly employees.

As of December 31, 2023, CNH had 40,220 employees including 11,891 employees in the U.S.

CNH also retains consultants, independent contractors, and temporary and part-time workers.

Approximately 700 hourly production employees in the United States were covered by a collective bargaining agreement with the United Automobile, Aerospace, and Agricultural Implement Workers of America with an expiration date of May 2, 2026.

1 unchanged sentence

production employees are covered by a collective bargaining agreement with International Association of Machinists with an expiration date of April 28, 2024.

In Canada, a small number of employees are covered by a collective bargaining agreement with the United Steelworkers Local Union No.

In Canada, a small number of employees are covered by a collective bargaining agreement between with the United Steelworkers Local Union No.

5917, that expires on April 15, 2026.

In Europe, most employees are covered by collective labor agreements (“CLAs”) stipulated either by a CNH Industrial subsidiary or by the employer association for the specific industry to which the CNH Industrial subsidiary belongs.

Outside North America and Europe, the Company enters into employment contracts and agreements in those countries in which such relationships are mandatory or customary.

In Europe, most employees are covered by collective labor agreements (“CLAs”) stipulated either by a CNH subsidiary or by the employer association for the specific industry to which the CNH subsidiary belongs.

Outside North America and Europe, CNH enters into employment contracts and agreements in those countries in which such relationships are mandatory or customary.

In 2024, our collective bargaining agreements with the International Association of Machinists in the United States will expire, which will require negotiation of new agreements.

Refer to Part I, Item 1A.

Risk Factors for a discussion of the risks associated with our employment relationships.

Diversity and Inclusion

Our Company is committed to creating a diverse and inclusive environment where all employees feel empowered, engaged, and valued.

To progress towards our company’s diversity and inclusion ("D&I") goals, we are carrying out dedicated initiatives around the globe, such as D&I training employee resource groups (ERGs), online forum panel series "Let's Talk";

and partnerships with the Society of Women ENgineers and others.

CNH’s Board of Directors is committed to diversity and inclusion (“D&I”) and adopted a Policy on Diversity and Inclusion in 2023.

This policy applies to all CNH employees globally and provides that CNH rejects all forms of discrimination that is based on race, ethnicity, gender, sexual orientation, personal or social status, health, physical condition, disability, age, nationality, religious or personal beliefs, political opinion or against any other protected group.

CNH’s Global Leadership Team ("GLT") is committed to creating a diverse and inclusive workplace where everyone benefits from equal opportunities based on their abilities and skills.

Offering career and advancement opportunities free from discrimination while encouraging and respecting diversity are among the commitments emphasized in CNH’s Human Capital Management Guidelines and Human Rights Policy, available on the Company’s website and Intranet portal.

Further, the Global Leadership demonstrated its commitment to diversity and inclusion by preparing and adopting a statement, which confirms the Company's commitment to rejecting any form of discrimination and creating an environment where everyone benefits from equal opportunities based on their abilities and skills.

Code of Conduct

CNH Industrial’s Code of Conduct is one of the pillars of the CNH Industrial corporate governance system, which regulates the decision-making processes and the approach used by the Company and its employees in interacting with all stakeholders.

CNH’s Code of Conduct is one of the pillars of the CNH corporate governance system, which regulates the decision-making processes and the approach used by the Company and its employees in interacting with all stakeholders.

The Code of Conduct summarizes the values the Company recognizes, adheres to, and fosters, in the belief that integrity and fairness are important drivers of long-term value creation and social and economic development.

Employee Health and Safety

CNH Industrial’s approach to occupational health and safety is based on effective preventive and protective measures, implemented both collectively and individually, aimed at minimizing the risk of injury in the workplace.

The Company endeavors to ensure optimal working conditions, applying principles of industrial hygiene and ergonomics to processes at organizational and operational level.

Its safety management system directly involves employees in identifying and reporting work related hazards and potentially unsafe situations.

CNH’s approach to occupational health and safety is based on preventive and protective measures, implemented both collectively and individually, aimed at minimizing the risk of injury in the workplace.

The Company endeavors to ensure optimal working conditions, applying principles of industrial hygiene and ergonomics to processes.

Its safety management system includes the involvement of employees in identifying and reporting work related hazards and potentially unsafe situations.

This approach is intended to promote common, ethical occupational health and safety principles, and enables the achievement of improvement targets using various tools, including training and awareness campaigns.

2 unchanged sentences

The Company is committed to providing a base pay that, in compliance with local regulations, is competitive with the local market, affordable from a business perspective, and in line with the Company’s achieve and earn philosophy.

CNH Industrial has defined a compensation approach that comprises a number of different components.

CNH has defined a compensation approach that comprises several different components.

This comprehensive package rewards employees for their contribution to the Company’s results and allows them to share in the business success they help to create.

5 unchanged sentences

Employee welfare and well-being initiatives are an important part of the Company’s employee engagement.

CNH Industrial offers well-being initiatives in addition to traditional benefits (such as health care), going beyond its legal obligations in the countries where it operates.

CNH offers well-being initiatives in addition to traditional benefits (such as health care), going beyond its legal obligations in the countries where it operates.

The aim is to help employees balance their personal commitments through time and money saving initiatives and flexible working arrangements, while cultivating motivation, pride, and a sense of belonging at work through family activities, engagement with the community, and involvement in Company life.

Training and Development

CNH Industrial believes that employee training is key to skill management and development.

CNH believes that employee training is key to skill management and development.

Training allows sharing operational and business know-how, as well as the Company’s strategy and values.

6 unchanged sentences

• shared tools, languages, soft skills, legal aspects and compliance, ethics, etc.

CNH Industrial manages the overall training process through an Internet-based global learning management system.

CNH manages the overall training process through an Internet-based global learning management system.

The Company builds upon segment-specific training programs, believing that the most effective solutions are specifically tailored to individual needs.

1 unchanged sentence

Training effectiveness and efficiency are monitored and measured based on the participants’ satisfaction with the initiatives delivered and improvements in their knowledge/skills;

in some cases, depending on the learning path, structured followups are provided.

in some cases, depending on the learning path, structured follow-ups are provided.

Environmental and Other Regulatory Matters

5 unchanged sentences

Our operations and the activities of our employees, contractors and agents around the world are also subject to the laws and regulations of numerous countries, including the United States.

These laws and regulations include data privacy requirements, labor relations laws, tax laws, antitrust regulations, prohibitions on payments to governmental officials and others, federal and state

environmental regulations, import and trade restrictions and export requirements.

These laws and regulations include data privacy requirements, labor relations laws, tax laws, antitrust regulations, prohibitions on payments to governmental officials and others, federal and state environmental regulations, import and trade restrictions and export requirements.

Any violations of such law or regulation could also result in prohibitions on our ability to offer our products and services in one or more countries and could have a material adverse effect on our business, results of operations and financial condition.

6 unchanged sentences

Available Information

Our internet address is www.cnhindustrial.com .

Beginning with its October 31, 2022 financial statements, the Company elected to voluntarily file its US GAAP financial statements on Form 10-Q and Form 10-K.

We make the following reports filed by us available, free of charge, on our website under the heading “Investor Relation;

Regulatory Filings;

Our internet address is www.cnh.com .

Beginning with its quarterly report for the period ended September 30, 2022, the Company elected to comply with its ongoing reporting obligations under the Exchange Act by voluntarily filing its periodic reports including its U.S.

GAAP financial statements on the reporting forms for domestic issuers, including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K.

We make the following reports filed by us available, free of charge, on our website under the heading “Investor Relations;

Financial Information;

SEC Filings".

2 unchanged sentences

• current reports on Form 8-K and Form 6-K;

• agenda and meeting notes for the annual meetings of stockholders.

• proxy statement, and annual meeting materials for the annual meetings of stockholders.

These reports are made available on our website as soon as practicable after they are filed with the Securities and Exchange Commission (“SEC”).

2 unchanged sentences

None of these materials, including the other materials available on our website, are incorporated by reference into this Annual Report on Form 10-K unless expressly provided.

Information about our Executive Officers

The names of our executive officers, their ages, and positions as of February 27, 2024 are as set forth below.

Our executive officers serve at the discretion of our Board of Directors.

Name Current Position with CNH Other Principal Positions Held During Past 5 Years

Wine (56) Executive Director, Chief Executive Officer CEO of Polaris, Inc.

(2008 - 2021)

Oddone Incisa (51) Chief Financial Officer President of Financial Services at CNH (2013 - 2023)

Marc Kermisch (50) Chief Information and Digital Officer Interim Chief Technology Officer at CNH (2021 - 2023), Senior Vice President and Chief Technology Officer of OptumRx (2020-2021) and Executive Vice President and Chief Information Officer of Blue Stem Brands Inc.(2019-2020)

Derek Neilson (53) President, Agriculture Chief Operating Officer for EMEA region and President of the Commercial Vehicles Segment (2015-2019)

Stefano Pampalone (56) President, Construction Chief Operating Officer for the Asia Pacific region (2013-2019)

Roberto Russo (64) Chief Legal and Compliance Officer General Counsel at CNH (2013-2020)

Friedrich Eichl er (64)

Chief Technology Officer Executive Vice President and Head of Technical Development and Advanced Driver Assistance Systems at Volkswagen Group (VW) (2017-2023)

Scott Moran (59)

Chief Quality and Business System Officer Principal with NEXT LEVEL Partners, LLC (NLP) (2021- 2023) and Vice President in Aerospace and Energy markets at NLP (2013-2020)

Tom Verbaeten (54) Chief Supply Chain Officer Chief Manufacturing Officer at CNH (2015-2018)

Kelly Manley (49)

Chief Human Resources Officer Chief Diversity & Inclusion, Sustainability and Transformation Officer at CNH (2021-2023) and Vice President of Global Talent, Leadership & Learning for Fiat Chrysler Automobiles group (2005-2020)

Kevin Barr (64)

Senior Leadership Advisor Chief Human Resources Officer at CNH (2021-2023) and Chief Human Resources Officer for Terex Corporation (2000-2019)

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business