SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

CNH GLOBAL N.V.

          (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F  þ     Form 40-F  o

          (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes  o     No  þ

          (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___.)

 

 

CNH GLOBAL N.V.

Form 6-K for the month of January 2007

List of Exhibits:

1.

Press release entitled, “CNH Full Year 2006 Net Income up 79 percent from 2005”

FOR IMMEDIATE RELEASE
For more information contact:

Thomas Witom		News and Information		(847) 955-3939
Albert Trefts, Jr.		Investor Relations		(847) 955-3821

CNH Full Year 2006 Net Income up 79 percent from 2005

     n     Full Year Diluted EPS of $1.23 up 76% from 2005

     n     Equipment Operations full year gross margin up 2.1 percentage points

     n     Equipment Operations net debt declined $456 million from 2005

     n     Additional profit growth expected in 2007

LAKE FOREST, Illinois (January 24, 2007) – CNH Global N.V. (NYSE:CNH) today reported fourth quarter 2006 net income of $35 million, up compared to net income of $7 million in the fourth quarter of 2005. Results include restructuring charges, net of tax, of $58 million in the fourth quarter of 2006, and $36 million in 2005. Net income excluding restructuring charges, net of tax, was $93 million, up substantially compared to $43 million in the prior year. Fourth quarter diluted earnings per share were $0.15, compared with $0.03 per share in 2005. Before restructuring, net of tax, fourth quarter diluted earnings were $0.39 per share, compared with $0.17 per share in 2005.

Full year 2006 net income of $292 million was up 79 percent compared to net income of $163 million in 2005. Results include restructuring charges, net of tax, of $71 million in 2006, and $60 million in 2005. Net income excluding restructuring charges, net of tax, was $363 million, up 63% from $223 million in 2005. Full year diluted earnings per share were $1.23, compared with $0.70 per share in 2005. Before restructuring, net of tax, full year diluted earnings were $1.53 per share, compared with $0.95 per share in 2005.

“Our Equipment Operations gross margin improvement continued into the fourth quarter, up 1.9 percentage points compared with last year and up 2.1 percentage points for the full

year compared with last year. By refocusing our efforts on our dealers and customers, we have set the stage for continued future improvements,” said Harold Boyanovsky, CNH president and chief executive officer. “While we are pleased with the progress made in 2006, we have set even more aggressive targets to continue improving results in 2007.”

Financial highlights for the fourth quarter include the following:

	•		The company continued to improve its product value positioning with customers and was able to maintain pricing at a higher level than its total economics and currency-related cost increases, resulting in another quarter of positive net price recovery for both Agricultural and Construction Equipment operations.
	•		Restructuring costs totaling $58 million, net of taxes, were booked in the quarter, principally related to the actions announced in October, aimed at readjusting CNH’s organizational structure to evolving business needs.
	•		The company adopted the FASB’s SFAS No. 158 at year-end 2006, whereby CNH recognized the funded status of its pension and other post-retirement benefit plans on its balance sheet. The result was a reduction of CNH’s Shareholders’ Equity by $397 million, net of tax.
	•		Research and development spending increased 17% from the same period in 2005, reflecting CNH’s continued investments in product innovation and quality.

EQUIPMENT OPERATIONS – Fourth Quarter Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses, were $3.0 billion for 2006, compared to $2.8 billion for the same period in 2005. Net of currency variations, net sales increased 2%.

Agricultural Equipment Net Sales

	•		Agricultural equipment net sales increased 6% to $1.9 billion, compared with the prior year. Excluding currency variations, net sales were up 2%.
	•		Net sales, excluding currency variations, were up 48% in Latin America, 20% in Rest of World markets and 7% in Western Europe, but down 14% in North America.
	•		Sales increased due to positive effects of exchange rate changes, positive pricing and sales of new products. Unfavorable volume and mix was a partial offset, as increased unit sales of specialty harvesting and hay & forage products were offset by lower sales of tractors and combines, as the company under-produced worldwide retail sales of agricultural tractors and combines by 15% to reduce inventories.

Construction Equipment Net Sales

	•		Construction equipment net sales increased 6% to $1.1 billion, compared to the prior year. Net sales were up 2% excluding currency variations.
	•		Net sales increased 18% in Western Europe in a strong industry environment, 31% in Latin America and 36% in Rest-of-World markets, excluding currency

			variations. Net sales in North America declined 15%, excluding currency variations, in a weaker industry environment.
	•		Net sales increased due to positive effects of exchange rate changes and positive pricing. Unfavorable volume and mix was a partial offset, as increased unit sales of light construction equipment products, including backhoe loaders and compact track loaders were offset by lower sales of heavy construction equipment, as the company under-produced worldwide retail sales of construction equipment by 4%.

Gross Margin

Equipment Operations gross margin (defined as net sales of equipment less cost of goods sold) for agricultural and construction equipment increased by 18% to $538 million, compared to the fourth quarter of 2005. As a percent of net sales, gross margin increased 1.9 percentage points to 18.0%.

	•		Agricultural equipment gross margin increased in both dollars and as a percent of net sales compared to the prior year. Positive net price recovery and new products more than offset the impact of the company’s actions to reduce inventories.
	•		Construction equipment gross margin also increased both in dollars and as a percent of net sales. Positive net price recovery and improved product mix more than offset the impact of the company’s actions to reduce inventories.

Industrial Operating Margin

Equipment Operations industrial operating margin (defined as net sales of equipment, less cost of goods sold, SG&A and R&D costs) increased 29% to $164 million, or 5.5% of net sales, compared to $127 million or 4.5% of net sales in the fourth quarter of 2005. The higher gross margin noted above drove the improvement, while increased SG&A costs and investments in R&D to enhance product innovation and improve product quality were a partial offset.

FINANCIAL SERVICES – Fourth Quarter Financial Results

Financial Services operations reported a 7% increase in net income, to $59 million, reflecting portfolio growth and higher gains on asset backed securitizations partially offset by the impact of higher funding costs.

CNH Full Year 2006 Financial Results

CNH’s net income before restructuring, net of tax, for the full year rose 63% to $363 million, compared to $223 million for 2005. Before restructuring, net of tax, diluted earnings per share were $1.53, compared with $0.95 per share in 2005.

CNH Full Year Highlights:

•

The company’s improved product value positioning with customers allowed it to maintain pricing at a higher level than its total economics and currency-related cost increases, resulting in positive net price recovery for both Agricultural and Construction Equipment Operations.

•		Research and development spending increased 21% from 2005, reflecting CNH’s continued investments in product innovation and quality.
•		Restructuring costs totaling $71 million, net of taxes, were booked in the year, principally related to the actions announced in October.
•		Inventory levels at the end of 2006 of 4.0 forward months of supply, were slightly lower than at the end of 2005.

EQUIPMENT OPERATIONS – Full Year 2006 Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses, were $12.1 billion, up 3% compared to $11.8 billion in 2005. Net of currency variations, net sales increased 2%.

	•		Agricultural equipment net sales of $7.8 billion were essentially the same as in 2005. Excluding currency variations, net sales were down 1%. Net sales increased for positive pricing, favorable effects of exchange rate changes and sales of new products. Unfavorable volume and mix was the offset, from weaker combine industry sales in the company’s major markets and the impact of the company’s actions to under-produce retail unit sales of its major agricultural equipment products. Net sales, excluding currency variations, were up 10% in Rest of World markets, 14% in Latin America and 1% in Western Europe, but down 10% in North America.
	•		Construction equipment net sales increased 9% to $4.3 billion, compared to the prior year. Net sales increased for positive pricing, sales of new products, favorable volume and mix and favorable effects of exchange rate changes. Net sales were up 8% excluding currency variations. Net sales increased 12% in Western Europe, 37% in Latin America and 24% in Rest-of-World markets, excluding currency variations. Net sales in North America declined 3%, excluding currency variations, in a weaker industry environment. The company’s production of total heavy and light construction equipment was equal to retail unit sales, for the full year.

Gross Margin

Equipment Operations gross margin for agricultural and construction equipment increased by 17% to $2.2 billion, compared to 2005. As a percent of net sales, gross margin increased 2.1 percentage points to 18.0%.

	•		Agricultural equipment gross margin increased both in dollars and as a percent of net sales compared to the prior year. Positive net price recovery and manufacturing efficiencies, more than offset the impact of company actions to reduce inventories and weaker combine industry volumes.
	•		Construction equipment gross margin also increased both in dollars and as a percent of net sales. Positive net price recovery, higher volumes and manufacturing efficiencies contributed to the improvement.

Industrial Operating Margin

Equipment Operations industrial operating margin increased 32% to $800 million, or 6.6% of net sales, compared to $605 million or 5.1% of net sales in 2005. The higher

gross margin noted above drove the improvement, while R&D rose to 3% of net sales, with increased investments in product innovation and quality; SG&A also increased but remains slightly below our full year target of 8.5% of net sales.

FINANCIAL SERVICES – Full Year 2006 Financial Results

Financial Services operations reported 11% higher net income of $222 million, compared to $200 million last year, reflecting portfolio growth in North America and Brazil and higher gains on asset backed securitizations partially offset by higher funding costs, higher SG&A, including increased provisions for credit losses on the Brazilian agricultural portfolio as a result of government sponsored renegotiation programs, and higher other expense.

NET DEBT AND OPERATING CASH FLOW

Equipment Operations Net Debt (defined as total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables) was $263 million on December 31, 2006, compared to $378 million at September 30, 2006 and $719 million at December 31, 2005. Net debt to net capitalization was 4.9% at December 31, 2006, down from 12.5% at December 31, 2005. As of December 31, 2006, CNH had 236.2 million common shares outstanding.

In the quarter, net debt decreased by $115 million. $191 million of cash was generated by operating activities, primarily from earnings and decreased working capital. Working capital (defined as accounts and notes receivable, excluding inter-segment notes receivable, plus inventories less accounts payables), net of currency variations, decreased by approximately $160 million in the quarter, as receivables and inventories declined. Capital expenditures, in the quarter, were $99 million.

For the year, net debt decreased by $456 million. $715 million of cash was generated by operating activities, primarily from earnings. Working capital, net of currency variations, decreased by approximately $58 million in the year. Capital expenditures, for the year, were $213 million.

At incurred currency rates, working capital at December 31, 2006 was $2,110 million, up $42 million from $2,068 million at December 31, 2005.

In the first quarter of 2006, CNH’s wholly owned subsidiary, Case New Holland, Inc. issued $500 million of 7.125% Senior Notes due 2014 in a private offering, to repay debt to Fiat and debt guaranteed by Fiat. In July, Case New Holland, Inc. exchanged 100% of these notes for 7.125% Senior Notes due 2014 that were registered under the Securities Act of 1933, as amended.

Financial Services Net Debt increased by $725 million to $4.5 billion at December 31, 2006 from December 31, 2005, driven primarily by retail portfolio growth in North America and Brazil.

NEW PRODUCT LAUNCHES

2006

	•		The Case IH Axial-Flow 2388 combine and its edible bean kit were the gold medal winners of the “Outstanding” Category in Brazil’s 2006 Gerdau Melhores da Terra contest.
	•		Bolstered by launches of the CR and CSX combines in Europe, New Holland again confirmed its leading position in the combine market.
	•		Case Construction launched new Tier 3 wheel loaders and dozers featuring more spacious cabs and improved operating systems boosting productivity and fuel efficiency.
	•		Case’s new Tier 3 articulated trucks offered improved reliability and durability, better controls and ease of maintenance.
	•		New Holland Construction launched pilot controls on skid steer loaders and compact track loaders in North America to enhance ease of operation and maneuverability.
	•		New Holland Construction’s new Tier 3 wheel loaders, launched in North America and Europe, offer new cabs with greater top visibility during loading operations.
	•		Construction Equipment Magazine’s “Top 100 Products for 2006” included New Holland Construction’s E215-ME excavator and its entire backhoe product line.
	•		In November, CNH Capital America, LLC. and Maserati North America, Inc. formed Maserati Financial Services, becoming the preferred financing source for Maserati dealers throughout the U.S., with innovative lease and finance solutions designed exclusively for Maserati customers.

2007

	•		Case IH North America will launch its revolutionary new “Module Express” cotton picker, which will reduce labor and machinery expense for cotton growers by providing a cotton gin friendly on-board module builder.
	•		New Holland will launch two of its most important tractor lines in the 100 to 213 horsepower range, the T6000 and T7000.
	•		In Latin America, New Holland will launch a new line of narrow tractors and other product upgrades with new mechanical transmissions and re-powered engines.
	•		Case Construction will launch a new Tier 3 backhoe, celebrating its 50th Anniversary of loader backhoe leadership.
	•		Case Construction’s new Tier 3 hydraulic excavators will offer a step change improvement in fuel efficiency and productivity, with an industry leading operator environment.

•

New Holland Construction will launch important new features and models of compact track loaders, skid steer loaders, telehandlers, hydraulic excavators, wheel loaders and dozers to address the needs of landscapers and contractors.

AGRICULTURAL EQUIPMENT MARKET OUTLOOK

U.S. farm income will improve 5% in 2007. U.S. farm cash receipts are expected to increase modestly driven by higher commodity prices. The increase of ethanol production is expected to drive corn and soybean prices higher. Corn acreage is expected to increase 7-10%.

Outside of North America, the European agricultural markets are expected to remain at 2006 levels. Latin American markets will continue to improve driven by higher commodity prices for sugar and cash grains.

On this basis, we expect the agricultural equipment market to be modestly up in 2007.

CONSTRUCTION EQUIPMENT MARKET OUTLOOK

North American construction spending is expected to be down due to the decline in housing starts. Growth is expected to resume in 2008 and 2009.

Outside of North America, construction activity is expected to continue its growth. In this environment, the worldwide construction equipment industry should generally remain strong for both heavy and light equipment.

CNH OUTLOOK FOR FULL YEAR 2007

Based on the agricultural and construction equipment market outlooks and the initiatives undertaken in the last two years designed to properly position our four main brands, CNH confirms its 2007 outlook as presented at Fiat’s Investor and Analyst Meeting on November 8, 2006 in Turin, Italy.

-     Net sales of equipment: approximately $13 billion

-     Industrial operating margin: between 7.6 and 8.4%

Restructuring costs, net of tax, in 2007 are expected to be about one-half of the amount in 2006. CNH expects to recognize the balance of the costs related to the actions announced in October, 2006, to readjust the organizational structure to evolving business needs.

###

CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by more than 11,000 dealers in 160 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its

worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed at the New York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary of Fiat S.p.A. (FIA.MI; NYSE:FIA). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.

###

CNH management will hold a conference call later today to review its fourth quarter and full year 2006 results. The conference call Webcast will begin at approximately 9:00 a.m. U.S. Central Time; 10:00 a.m. U.S. Eastern Time. This call can be accessed through the investor information section of the company’s Web site at www.cnh.com and is being carried by CCBN.

Forward-looking statements. This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements regarding our competitive strengths, business strategy, future financial position, budgets, projected costs and plans and objectives of management, are forward-looking statements. These statements may include terminology such as “may,” “will,” “expect,”, “could”, “should,” “intend,” “estimate,” “anticipate,” “believe,” “outlook,” “continue,” “remain,” “on track,” “goal,” or similar terminology.

Our outlook is predominantly based on our interpretation of what we consider key economic assumptions and involves risks and uncertainties that could cause actual results to differ. Crop production and commodity prices are strongly affected by weather and can fluctuate significantly. Housing starts and other construction activity are sensitive to interest rates and government spending. Some of the other significant factors for us include general economic and capital market conditions, the cyclical nature of our business, customer buying patterns and preferences, foreign currency exchange rate movements, our hedging practices, our and our customers’ access to credit, actions by rating agencies concerning the ratings of our debt securities and asset backed securities and the ratings of Fiat S.p.A., risks related to our relationship with Fiat S.p.A., political uncertainty and civil unrest or war in various areas of the world, pricing, product initiatives and other actions taken by competitors, disruptions in production capacity, excess inventory levels, the effect of changes in laws and regulations (including government subsidies and international trade regulations), the results of legal proceedings, technological difficulties, results of our research and development activities, changes in environmental laws, employee and labor relations, pension and health care costs, relations with and the financial strength of dealers, the cost and availability of supplies from our suppliers, raw material costs and availability, energy prices, real estate values, animal diseases, crop pests, harvest yields, government farm programs and consumer confidence, housing starts and construction activity, concerns related to modified organisms and fuel and fertilizer costs. Additionally, our achievement of the anticipated benefits of our profit improvement initiatives depends upon, among other things, industry volumes as well as our ability to effectively rationalize our operations and to execute our brand strategy. Further information concerning factors that could significantly affect expected results is included in our Form 20-F for the year ended December 31, 2005.

We can give no assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. We undertake no obligation to update or revise publicly any forward-looking statements.

CNH Global N.V.
Estimates of Worldwide Retail Industry Unit Sales Performance⁽¹⁾

		Worldwide				N.A.				W.E.				L.A.				ROW
		’07 B(W)				’07 B(W)				’07 B(W)				’07 B(W)				’07 B(W)
Full Year 2007 Industry Unit Sales Forecast Compared with Full Year 2006 Estimated Actual
Agricultural Equipment:
Agricultural Tractors			0-2	%		FLAT				FLAT					0-3	%			5-10	%
Combine Harvesters			(0-2	)%			(2-5	)%		FLAT					5-10	%			(0-5	)%
Construction Equipment:
Total Light Equipment			1-4	%			(0-5	)%			5-8	%			(4-8	)%			0-3	%
Total Heavy Equipment			2-5	%		FLAT					3-5	%			(10-15	)%			2-5	%

CNH Global N.V.
Estimates of Worldwide Retail Industry Unit Sales Performance⁽¹⁾

		Worldwide				N.A.				W.E.				L.A.				ROW
		’06 B(W)				’06 B(W)				’06 B(W)				’06 B(W)				’06 B(W)
First Quarter 2006 Industry Unit Sales Revised Estimate Compared with First Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower			n/a				6	%			n/a				n/a				n/a
- Over 40 horsepower			n/a				4	%			n/a				n/a				n/a
Total Tractors			21	%			5	%			2	%			(11	)%			51	%
Combine Harvesters			(8	)%			8	%			(9	)%			(36	)%			15	%
Total Tractors and Combines			20	%			5	%			2	%			(14	)%			50	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			5	%			0	%			(15	)%			17	%			23	%
Skid Steer Loaders			6	%			2	%			3	%			67	%			22	%
Other Light Equipment			23	%			48	%			14	%			70	%			20	%
Total Light Equipment			15	%			15	%			9	%			30	%			21	%
Total Heavy Equipment			20	%			25	%			4	%			28	%			25	%
Total Light & Heavy Equipment			17	%			18	%			8	%			29	%			23	%
Second Quarter 2006 Industry Unit Sales Revised Estimate Compared with Second Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower			n/a				(2	)%			n/a				n/a				n/a
- Over 40 horsepower			n/a				(4	)%			n/a				n/a				n/a
Total Tractors			11	%			(2	)%			(2	)%			(3	)%			39	%
Combine Harvesters			(4	)%			(2	)%			(4	)%			(47	)%			7	%
Total Tractors and Combines			11	%			(2	)%			(2	)%			(5	)%			38	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			3	%			(16	)%			(10	)%			59	%			28	%
Skid Steer Loaders			(4	)%			(10	)%			7	%			4	%			16	%
Other Light Equipment			18	%			26	%			11	%			38	%			23	%
Total Light Equipment			9	%			0	%			8	%			42	%			23	%
Total Heavy Equipment			8	%			(1	)%			8	%			13	%			17	%
Total Light & Heavy Equipment			9	%			0	%			8	%			26	%			20	%
Third Quarter 2006 Industry Unit Sales Revised Estimate Compared with Third Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower			n/a				(8	)%			n/a				n/a				n/a
- Over 40 horsepower			n/a				(8	)%			n/a				n/a				n/a
Total Tractors			2	%			(8	)%			0	%			3	%			9	%
Combine Harvesters			(14	)%			(18	)%			(14	)%			(40	)%			10	%
Total Tractors and Combines			1	%			(8	)%			0	%			0	%			9	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			9	%			(15	)%			7	%			37	%			35	%
Skid Steer Loaders			(11	)%			(18	)%			(3	)%			25	%			7	%
Other Light Equipment			18	%			8	%			24	%			21	%			17	%
Total Light Equipment			9	%			(9	)%			19	%			32	%			20	%
Total Heavy Equipment			13	%			(2	)%			18	%			28	%			20	%
Total Light & Heavy Equipment			10	%			(6	)%			19	%			30	%			20	%

CNH Global N.V.
Estimates of Worldwide Retail Industry Unit Sales Performance⁽¹⁾

		Worldwide				N.A.				W.E.				L.A.				ROW
		’06 B(W)				’06 B(W)				’06 B(W)				’06 B(W)				’06 B(W)
First Quarter 2006 Industry Unit Sales Revised Estimate Compared with First Quarter 2005 Actual
Fourth Quarter 2006 Industry Unit Sales Estimated Actual Compared with Fourth Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors
- Under 40 horsepower			n/a				(4	)%			n/a				n/a				n/a
- Over 40 horsepower			n/a				(3	)%			n/a				n/a				n/a
Total Tractors			4	%			(4	)%			11	%			14	%			6	%
Combine Harvesters			(4	)%			0	%			2	%			(26	)%			13	%
Total Tractors and Combines			4	%			(3	)%			10	%			9	%			6	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			9	%			(20	)%			12	%			32	%			43	%
Skid Steer Loaders			(12	)%			(23	)%			3	%			45	%			33	%
Other Light Equipment			15	%			(7	)%			24	%			39	%			18	%
Total Light Equipment			7	%			(18	)%			20	%			36	%			24	%
Total Heavy Equipment			16	%			(5	)%			24	%			29	%			31	%
Total Light & Heavy Equipment			10	%			(13	)%			21	%			32	%			27	%
Full Year 2006 Industry Unit Sales Estimated Actual Compared with Full Year 2005 Actual
Agricultural Equipment:
Agricultural Tractors
- Under 40 horsepower			n/a				(3	)%			n/a				n/a				n/a
- Over 40 horsepower			n/a				(3	)%			n/a				n/a				n/a
Total Tractors			9	%			(3	)%			3	%			1	%			25	%
Combine Harvesters			(7	)%			(7	)%			(6	)%			(36	)%			10	%
Total Tractors and Combines			9	%			(3	)%			2	%			(3	)%			25	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			7	%			(13	)%			(2	)%			37	%			33	%
Skid Steer Loaders			(5	)%			(13	)%			3	%			30	%			19	%
Other Light Equipment			18	%			17	%			17	%			39	%			19	%
Total Light Equipment			10	%			(3	)%			14	%			35	%			22	%
Total Heavy Equipment			14	%			3	%			13	%			24	%			23	%
Total Light & Heavy Equipment			11	%			(1	)%			14	%			29	%			23	%

CNH Global N.V.
Revenues and Net Sales
(Unaudited)

		Three Months Ended												Years Ended
		December 31,												December 31,
										%												%
		2006				2005				Change				2006				2005				Change
		(In Millions)
Revenues:
Net sales
Agricultural equipment		$	1,904			$	1,793				6	%		$	7,809			$	7,843				—
Construction equipment			1,085				1,028				6	%			4,306				3,963				9	%
Total net sales			2,989				2,821				6	%			12,115				11,806				3	%
Financial services			247				226				9	%			952				801				19	%
Eliminations and other			(25	)			(8	)							(69	)			(32	)
Total revenues		$	3,211			$	3,039				6	%		$	12,998			$	12,575				3	%
Net sales:
North America		$	1,157			$	1,343				(14	%)		$	5,354			$	5,699				(6	%)
Western Europe			1,045				892				17	%			3,843				3,643				5	%
Latin America			286				197				45	%			1,001				766				31	%
Rest of World			501				389				29	%			1,917				1,698				13	%
Total net sales		$	2,989			$	2,821				6	%		$	12,115			$	11,806				3	%

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED INCOME STATEMENTS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Three Months Ended								Three Months Ended								Three Months Ended
		December 31,								December 31,								December 31,
		2006				2005				2006				2005				2006				2005
		(In Millions, except per share data)
Revenues
Net sales		$	2,989			$	2,821			$	2,989			$	2,821			$	—			$	—
Finance and interest income			222				218				41				39				247				226
Total			3,211				3,039				3,030				2,860				247				226
Costs and Expenses
Cost of goods sold			2,451				2,366				2,451				2,366				—				—
Selling, general and administrative			337				306				278				246				59				60
Research and development			96				82				96				82				—				—
Restructuring			81				43				79				41				2				2
Interest expense			130				149				66				89				82				77
Interest compensation to Financial Services			—				—				64				44				—				—
Other, net			87				72				55				50				15				7
Total			3,182				3,018				3,089				2,918				158				146
Income (loss) before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			29				21				(59	)			(58	)			89				80
Income tax provision (benefit)			4				21				(27	)			(6	)			32				27
Minority interest			(1	)			7				(1	)			8				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			2				2				59				55				2				2
Equipment Operations			7				12				7				12				—				—
Net income		$	35			$	7			$	35			$	7			$	59			$	55
Weighted average shares outstanding:
Basic			236.1				134.7
Diluted			237.7				234.8
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	0.39			$	0.17
EPS		$	0.15			$	0.03
Diluted:
EPS before restructuring, net of tax		$	0.39			$	0.17
EPS		$	0.15			$	0.03
Dividends per share		$	—			$	—

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED INCOME STATEMENTS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Years Ended								Years Ended								Years Ended
		December 31,								December 31,								December 31,
		2006				2005				2006				2005				2006				2005
		(In Millions, except per share data)
Revenues
Net sales		$	12,115			$	11,806			$	12,115			$	11,806			$	—			$	—
Finance and interest income			883				769				177				129				952				801
Total			12,998				12,575				12,292				11,935				952				801
Costs and Expenses
Cost of goods sold			9,933				9,934				9,933				9,934				—				—
Selling, general and administrative			1,248				1,177				1,015				964				233				213
Research and development			367				303				367				303				—				—
Restructuring			96				73				94				71				2				2
Interest expense			578				551				321				341				340				267
Interest compensation to Financial Services			—				—				235				159				—				—
Other, net			359				280				233				188				54				36
Total			12,581				12,318				12,198				11,960				629				518
Income (loss) before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			417				257				94				(25	)			323				283
Income tax provision			165				116				56				24				109				92
Minority interest			16				26				16				27				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			8				9				222				200				8				9
Equipment Operations			48				39				48				39				—				—
Net income		$	292			$	163			$	292			$	163			$	222			$	200
Weighted average shares outstanding:
Basic			213.4				134.3
Diluted			236.8				234.4
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	1.70			$	1.01
EPS		$	1.37			$	0.77
Diluted:
EPS before restructuring, net of tax		$	1.53			$	0.95
EPS		$	1.23			$	0.70
Dividends per share		$	0.25			$	0.25

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		December 31,				December 31,				December 31,				December 31,				December 31,				December 31,
		2006				2005				2006				2005				2006				2005
		(In Millions)
Assets
Cash and cash equivalents		$	1,174			$	1,245			$	703			$	858			$	471			$	387
Deposits in Fiat affiliates cash management pools			497				580				496				578				1				2
Accounts, notes receivable and other — net			6,549				5,841				1,314				1,243				5,344				4,670
Intersegment notes receivable			—				—				1,445				1,067				—				—
Inventories			2,735				2,466				2,735				2,466				—				—
Property, plant and equipment — net			1,378				1,311				1,366				1,303				12				8
Equipment on operating leases — net			254				180				—				—				254				180
Investment in Financial Services			—				—				1,788				1,587				—				—
Investments in unconsolidated affiliates			457				449				354				353				103				96
Goodwill and intangibles			3,073				3,163				2,927				3,018				146				145
Other assets			2,157				2,083				1,386				1,486				771				597
Total Assets		$	18,274			$	17,318			$	14,514			$	13,959			$	7,102			$	6,085
Liabilities and Equity
Short-term debt		$	1,270			$	1,522			$	488			$	826			$	782			$	696
Intersegment short-term debt			—				—				—				—				1,348				1,067
Accounts payable			1,881				1,609				1,939				1,641				42				32
Long-term debt, including current maturities			5,132				4,765				2,419				2,396				2,713				2,369
Intersegment long-term debt			—				—				—				—				97				—
Accrued and other liabilities			4,871				4,370				4,548				4,044				332				334
Total Liabilities			13,154				12,266				9,394				8,907				5,314				4,498
Shareholders’ equity			5,120				5,052				5,120				5,052				1,788				1,587
Total Liabilities and Equity		$	18,274			$	17,318			$	14,514			$	13,959			$	7,102			$	6,085
Total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables (“Net Debt”)		$	4,731			$	4,462			$	263			$	719			$	4,468			$	3,743

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Years Ended								Years Ended								Years Ended
		December 31,								December 31,								December 31,
		2006				2005				2006				2005				2006				2005
		(In Millions)
Operating Activities:
Net income		$	292			$	163			$	292			$	163			$	222			$	200
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			316				309				273				263				43				46
Intersegment activity			—				—				29				56				(29	)			(56	)
Changes in operating assets and liabilities			46				(88	)			274				292				(228	)			(380	)
Other, net			(47	)			165				(153	)			75				(47	)			(50	)
Net cash from operating activities			607				549				715				849				(39	)			(240	)
Investing Activities:
Expenditures for property, plant and equipment			(218	)			(155	)			(213	)			(152	)			(5	)			(3	)
Expenditures for equipment on operating leases			(173	)			(111	)			—				—				(173	)			(111	)
Net (additions) collections from retail receivables and related securitizations			(227	)			171				—				—				(227	)			171
Net (deposits in) withdrawals from Fiat affiliates cash management pools			128				506				127				493				1				13
Other, net			56				105				(2	)			(10	)			58				102
Net cash from investing activities			(434	)			516				(88	)			331				(346	)			172
Financing Activities:
Intersegment activity			—				—				(378	)			23				378				(23	)
Net increase (decrease) in indebtedness			(208	)			(739	)			(346	)			(941	)			138				202
Dividends paid			(59	)			(34	)			(59	)			(34	)			(74	)			(60	)
Other, net			(9	)			—				(9	)			—				5				13
Net cash from financing activities			(276	)			(773	)			(792	)			(952	)			447				132
Other, net			32				22				10				(7	)			22				29
Increase (decrease) in cash and cash equivalents			(71	)			314				(155	)			221				84				93
Cash and cash equivalents, beginning of year			1,245				931				858				637				387				294
Cash and cash equivalents, end of year		$	1,174			$	1,245			$	703			$	858			$	471			$	387