Correspondence 0001193125-22-282424 from CNH Industrial N.V. (CNH) (CIK 0001567094) (CNH)
CNH Industrial N.V. (CNH) (CIK 0001567094)
Date: Nov. 10, 2022 · CIK: 0001567094 · Accession: 0001193125-22-282424
AI Filing Summary & Sentiment
File numbers found in text: 001-36085
Referenced dates: October 20, 2022
Letter
Corporate Office
St. James’s Street
London, SW1A 1HA
United Kingdom
November 10, 2022
Via EDGAR
Division of Corporation Finance
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Attention:
Brittany Ebbertt, Senior Staff Accountant
Chris Diets, Senior Staff Accountant
Re:
CNH Industrial N.V.
Form 20-F for the Fiscal Year Ended December 31, 2021
Filed March 1, 2022
File No. 001-36085
Ladies and Gentlemen:
Set forth below is the response of CNH Industrial N.V. (the “Company”, “CNH Industrial”, “we” or “our”) to the comment of the Staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the “Staff”) set forth in its letter dated October 20, 2022, regarding its review of CNH Industrial’s filing noted above and our response letter submitted on October 12, 2022. For your convenience, we have restated in bold font the Staff’s comment followed by our response.
Form 20-F for the Fiscal Year Ended December 31, 2021
Operating Review and Prospects
B. Liquidity and Capital Resources
Consolidated Debt, page 55
1. Comment: We note the proposed disclosures provided in response to prior comment 2. Please revise to clearly indicate whether the transfer of control occurs upon delivery or upon shipment.
2 | Page
Response:
In response to the Staff’s comment, in future filings, we will revise our revenue recognition accounting disclosure to clarify when the transfer of control occurs. Our proposed revised disclosure is as follows. Changes from the previous disclosure are noted by the underlines:
The Company recognizes revenue at a point in time when control has transferred to the customer at a sales price that the Company expects to receive. Transfer of control occurs when title and risk of ownership have transferred to the customer, which generally occurs based upon delivery the terms specified in the contract. which is primarily. In most of the jurisdictions where the Company operates, and subject to specific exceptions, transfer of control occurs upon shipment.
Thank you again for your time. Please feel free to contact me at +39 335 828 3371 or by email (oddone.incisa@cnhind.com) or our external counsel, Scott D. Miller of Sullivan & Cromwell LLP at (212) 558-3109 or by email (millersc@sullcrom.com) with any questions you may have.
Sincerely,
/s/ Oddone Incisa
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CORRESP 1 filename1.htm CORRESP Corporate Office 25 St. James’s Street London, SW1A 1HA United Kingdom November 10, 2022 Via EDGAR Division of Corporation Finance Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Attention: Brittany Ebbertt, Senior Staff Accountant Chris Diets, Senior Staff Accountant Re: CNH Industrial N.V. Form 20-F for the Fiscal Year Ended December 31, 2021 Filed March 1, 2022 File No. 001-36085 Ladies and Gentlemen: Set forth below is the response of CNH Industrial N.V. (the “Company”, “CNH Industrial”, “we” or “our”) to the comment of the Staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (the “Staff”) set forth in its letter dated October 20, 2022, regarding its review of CNH Industrial’s filing noted above and our response letter submitted on October 12, 2022. For your convenience, we have restated in bold font the Staff’s comment followed by our response. Form 20-F for the Fiscal Year Ended December 31, 2021 Operating Review and Prospects B. Liquidity and Capital Resources Consolidated Debt, page 55 1. Comment: We note the proposed disclosures provided in response to prior comment 2. Please revise to clearly indicate whether the transfer of control occurs upon delivery or upon shipment. 2 | Page Response: In response to the Staff’s comment, in future filings, we will revise our revenue recognition accounting disclosure to clarify when the transfer of control occurs. Our proposed revised disclosure is as follows. Changes from the previous disclosure are noted by the underlines: The Company recognizes revenue at a point in time when control has transferred to the customer at a sales price that the Company expects to receive. Transfer of control occurs when title and risk of ownership have transferred to the customer, which generally occurs based upon delivery the terms specified in the contract. which is primarily. In most of the jurisdictions where the Company operates, and subject to specific exceptions, transfer of control occurs upon shipment. Thank you again for your time. Please feel free to contact me at +39 335 828 3371 or by email (oddone.incisa@cnhind.com) or our external counsel, Scott D. Miller of Sullivan & Cromwell LLP at (212) 558-3109 or by email (millersc@sullcrom.com) with any questions you may have. Sincerely, /s/ Oddone Incisa Oddone Incisa Chief Financial Officer CNH Industrial N.V. cc: Roberto Russo Robert Keating (CNH Industrial N.V.) Scott Miller (Sullivan & Cromwell LLP)