EXHIBIT 7.1 - RATIO OF EARNINGS TO FIXED CHARGES |
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CNH INDUSTRIAL N.V. |
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| For the Years Ended December 31, |
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| 2015 |
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| 2014 |
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| 2013 |
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| 2012 |
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| 2011 |
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Earnings: |
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Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates |
| $ | 567 |
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| $ | 1,089 |
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| $ | 1,374 |
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| $ | 1,347 |
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| $ | 1,180 |
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Add: |
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Dividends received from unconsolidated affiliates |
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| 81 |
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| 89 |
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| 81 |
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| 104 |
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| 80 |
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Fixed charges |
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| 1,150 |
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| 1,366 |
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| 1,245 |
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| 1,240 |
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| 1,375 |
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Amortization of capitalized interest |
| 18 |
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| 13 |
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| 8 |
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| 5 |
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| 4 |
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Less: |
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Interest capitalized |
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| (24 | ) |
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| (30 | ) |
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| (31 | ) |
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| (11 | ) |
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| (4 | ) |
Preference security dividend |
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| — |
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| — |
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| — |
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| — |
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| (25 | ) |
Total earnings |
| $ | 1,792 |
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| $ | 2,527 |
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| $ | 2,677 |
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| $ | 2,685 |
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| $ | 2,610 |
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Fixed charges: |
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Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness |
| $ | 1,106 |
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| $ | 1,318 |
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| $ | 1,196 |
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| $ | 1,209 |
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| $ | 1,324 |
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Interest capitalized |
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| 24 |
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| 30 |
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| 31 |
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| 11 |
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| 4 |
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Estimate of the interest component of rental expense |
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| 20 |
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| 18 |
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| 18 |
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| 20 |
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| 22 |
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Preference security dividend |
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| — |
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| — |
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| — |
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| — |
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| 25 |
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Total fixed charges |
| $ | 1,150 |
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| $ | 1,366 |
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| $ | 1,245 |
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| $ | 1,240 |
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| $ | 1,375 |
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Ratio of earnings to fixed charges |
| $ | 1.6 |
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| $ | 1.8 |
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| $ | 2.2 |
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| $ | 2.2 |
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| $ | 1.9 |
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