EX-7.1 2 cnhi-exhibit71q42019.htm EXHIBIT 7.1 Exhibit


EXHIBIT 7.1 - RATIO OF EARNINGS TO FIXED CHARGES
CNH INDUSTRIAL N.V.

 
 
For the Years Ended December 31,
 
 
2019
 
2018
 
2017
 
2016
 
2015
Earnings:
 
 

 
 

 
 

 
 

 
 

Income before taxes and equity income
 
$
1,170

 
$
1,466

 
$
659

 
$
(22
)
 
$
567

Add:
 
 
 
 

 
 

 
 

 
 

Dividends received from unconsolidated affiliates
 
15

 
47

 
49

 
63

 
81

Fixed Charges
 
857

 
873

 
968

 
1,052

 
1,150

Amortization of capitalized interest
 
15

 
13

 
15

 
20

 
18

Less:
 
 

 
 

 
 

 
 

 
 

Interest capitalized
 
(5
)
 
(6
)
 
(7
)
 
(7
)
 
(24
)
Total earnings
 
$
2,052

 
$
2,393

 
$
1,684

 
$
1,106

 
$
1,792

 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 

 
 

 
 

 
 

 
 

Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness
 
$
798

 
$
812

 
$
940

 
$
1,026

 
$
1,106

Interest capitalized
 
5

 
6

 
7

 
7

 
24

Estimate of the interest component of rental expense
 
54

 
55

 
21

 
19

 
20

Total fixed charges
 
$
857

 
$
873

 
$
968

 
$
1,052

 
$
1,150

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
2.39

 
2.74

 
1.74

 
1.05

 
1.56