1 unchanged sentence
Listing Information
−Removed: As of January 2, 2024, CNH Industrial N.V .
−Removed: common stock is single listed on the New York Stock Exchange (“NYSE”) under the symbol "CNHI".
−Removed: Prior to January 2, 2024, CNH Industrial N.V.
+Added: As of May 20, 2024, CNH Industrial N.V .
+Added: common stock is single listed on the New York Stock Exchange ("NYSE") under the symbol "CNH".
+Added: Prior to May 20, 2024, CNH Industrial N.V .
+Added: common stock was single listed on the NYSE under the symbol "CNHI" and prior to January 2, 2024, CNH Industrial N.V.
common stock also had a secondary listing on Euronext Milan in Italy.
Number of Shareholders
−Removed: At January 31, 2024, there were 403 registered holders of our common stock in the U.S., including 123 shareholders that hold special voting shares associated with their common shares.
−Removed: This number does not include stockholders who hold their stock through brokers, banks and other nominees or hold their shares outside of the United States.
+Added: At January 31, 2025, there were 407 registered holders of our common stock, including 154 shareholders that hold special voting shares associated with their common shares.
+Added: This number does not include stockholders who hold their stock through brokers, banks and other nominees.
Stock Performance Graph
−Removed: The following graph compares the cumulative total shareholder return on our Common Stock with the total return on the S&P 500 Index and the S&P 500 Industrials Index for the five-year period ended December 31, 2023.
+Added: The following graph compares the cumulative total shareholder return on our Common Stock with the total return on the S&P Midcap 400 Index and the S&P Midcap 400 Industrials Index for the five-year period ended December 31, 2024.
It shows the growth of a $100 investment on December 31, 2019, including the reinvestment of all dividends.
+Added: CNH was added to the S&P Midcap 400 in 2024.
+Added: The S&P 500 and S&P 500 Industrials indexes were used in prior years and so are presented in the year of transition.
Base Period Years Ending
1 unchanged sentence
CNH $100 $117 $178 $173 $135 $130
+Added: S&P Midcap 400 $100 $114 $142 $123 $144 $164
+Added: S&P Midcap 400 Industrials $100 $116 $150 $132 $174 $198
S&P 500 $100 $118 $152 $125 $158 $197
S&P 500 Industrials $100 $111 $135 $127 $150 $176
−Removed: CNH's dividend policy permits annual dividends of between 25-35% of its consolidated net income in any one year.
+Added: CNH's dividend policy allows for annual dividends of between 25-35% of its consolidated net income in any one year.
While the Company currently expects a cash dividend to be paid in the future, future dividend payments will depend on the Company's earnings, capital requirements, financial condition, and other factors considered relevant by the Company's Board of Directors.
2 unchanged sentences
Issuer Purchases of Equity Securities
−Removed: On November 7, 2023 CNH announced its $1 billion share buyback program that expires on March 1, 2024, with the first tranche of up to 400 million euros to be executed in the Euronext Milan and the remainder to be executed on the NYSE.
−Removed: The Company’s purchases of its common shares under the buyback program during the three months ended December 31, 2023, were as follows:
−Removed: Period Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share (€)
−Removed: Average Price Paid per Share (1) ($ )
−Removed: Approximate USD Value of Shares that May Yet Be Purchased under the Plans or Programs ($)
−Removed: 10/1/2023 - 10/31/2023 1,878,078 10.84 11.46 7,426,310
+Added: In February 2024, the Company’s Board of Directors authorized a $500 million share buyback program, which became effective March 1, 2024, under which the Company may repurchase its common shares in the open market or through privately negotiated or other transactions, including at the Company’s election trading plans under Rule 10b5-1 under the Securities Exchange Act of 1934 depending on share price, market conditions and other factors.
+Added: The Company’s purchases of its common shares under the buyback programs during the fourth quarter of 2024, were as follows:
+Added: Period Total Number of Shares Purchased Average Price Paid per Share ($ )
+Added: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate USD Value of Shares that May Yet Be Purchased under the Plans or Programs ($)
10/1/2024 - 10/31/2024 692,299 11.01 692,299 354,699,515
2 unchanged sentences
Total 1,168,114 1,168,114 349,694,750
−Removed: 1) Share repurchases are made on Euronext Milan and have been translated from Euros at the exchange rate reported by the European Central Bank on the respective transaction dates.
−Removed: 2) The Company completed the sixth and final tranche of its $300 million buyback program on November 6, 2023 and on November 7, 2023, launched its $1 billion share buyback program.
Nothing within this section should be considered or relied upon as tax advice.
61 unchanged sentences
Tax matters are complex, and the tax consequences to a particular holder of CNH common shares and, if applicable, CNH special voting shares, will depend in part on such holder’s circumstances.
−Removed: Shareholders and any potential inventor should consult their own tax advisors regarding the Dutch tax consequences of acquiring, owning and disposing of CNH common shares and, if applicable, CNH special voting shares in their particular circumstances.
+Added: Shareholders and any potential investor should consult their own tax advisors regarding the Dutch tax consequences of acquiring, owning and disposing of CNH common shares and, if applicable, CNH special voting shares in their particular circumstances.
Where in this summary English terms and expressions are used to refer to Dutch concepts, the meaning to be attributed to such terms and expressions shall be the meaning to be attributed to the equivalent Dutch concepts under Dutch tax law.
31 unchanged sentences
Gift and Inheritance Taxes
−Removed: No Dutch gift or inheritance taxes will arise with respect to an acquisition or deemed acquisition of CNH common shares and, if applicable, CNH special voting shares by way of a gift by, or upon the death of, a holder of CNH common shares, and, if applicable, special voting shares, who is neither resident nor deemed to be resident in the Netherlands for purposes of Dutch gift tax or Dutch inheritance tax except if, in the event of a gift whilst not being a resident nor being a deemed resident in the Netherlands for purposes of Dutch gift tax or Dutch inheritance tax, a holder of CNH common shares and, if applicable, a holder of CNH special voting shares becomes a resident or a deemed resident in the Netherlands and dies within 180 days after the date of the gift.
+Added: No Dutch gift or inheritance taxes will arise with respect to an acquisition or deemed acquisition of CNH common shares and, if applicable, CNH special voting shares by way of a gift by, or upon the death of, a holder of CNH common shares, and, if applicable, special voting shares, who is neither resident nor deemed to be resident in the Netherlands for purposes of Dutch gift tax or Dutch
+Added: inheritance tax except if, in the event of a gift whilst not being a resident nor being a deemed resident in the Netherlands for purposes of Dutch gift tax or Dutch inheritance tax, a holder of CNH common shares and, if applicable, a holder of CNH special voting shares becomes a resident or a deemed resident in the Netherlands and dies within 180 days after the date of the gift.
For purposes of Dutch gift and inheritance taxes, a gift of CNH common shares and, if applicable, CNH special voting shares made under a condition precedent is deemed to be made at the time the condition precedent is satisfied.
2 unchanged sentences
Management's Discussion and Analysis of Financial Condition and Results of Operations
−Removed: See the information under the caption “ Management’s Discussion and Analysis .”
+Added: See the information under the caption “ Management’s Discussion and Analysis ,” which is incorporated by reference herein.
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.