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 July 2006

List of Exhibits:

1.

News Release entitled, “CNH Reports Second Quarter 2006 Net Income of $147 million, up $33 million from the Second Quarter 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 Reports Second Quarter 2006 Net Income of $147 million, up $33 million from the Second Quarter 2005

	n		Strong retail demand for CNH products continues
	n		Equipment Operations gross margin up 2.7 percentage points
	n		Significant reduction in Equipment Operations net debt
	n		Full-year 2006 outlook unchanged, with an expected range of diluted EPS of $1.30 to $1.40 before restructuring

LAKE FOREST, Illinois (July 24, 2006) – CNH Global N.V. (NYSE:CNH) today reported second quarter 2006 net income of $147 million, up 29% compared to net income of $114 million in the second quarter of 2005. Results include restructuring charges, net of tax, of $7 million in the second quarter of 2006, and $4 million in the second quarter of 2005. Second quarter diluted earnings per share were $0.62, compared with $0.49 per share in 2005. Before restructuring, net of tax, second quarter diluted earnings were $0.65 per share, compared with $0.50 per share in 2005.

“CNH’s renewed focus on customers and dealers is delivering increasingly better results,” said Harold Boyanovsky, CNH president and chief executive officer. “Our Equipment Operations gross margin improvement has continued into the second quarter, up 2.7 percentage points compared with last year, and we are firmly on track to meet our targets for the year.”

Highlights for the quarter included the following:

	•		CNH’s agricultural equipment brands, Case IH and New Holland introduced five new products in the quarter, and its construction equipment brands, Case and New Holland Construction introduced six new products.
	•		Pricing was higher than all economics and currency related cost increases, resulting in another quarter of positive net recovery for both Agricultural and Construction Equipment Operations. Pricing was strongest in the Americas.

	•		Manufacturing efficiencies generated additional margin improvements by lowering production costs.
	•		Research and development spending increased 25% from the same period in 2005, reflecting CNH’s investments in product innovation and quality.
	•		Equipment Operations reduced net debt in the quarter by $484 million, to $137 million at June 30, 2006. Positive cash flow from operating activities, including a $157 million reduction in working capital, was the principal contributor to the improvement.
	•		Case IH’s logo was prominently displayed on the nose of the winning Ferrari at the Indianapolis Formula One Grand Prix race and at the Grand Prix of Canada in Montreal, to the delight of Case IH dealers and customers throughout the world.

EQUIPMENT OPERATIONS — Second Quarter Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses, were $3.5 billion for 2006, compared to $3.4 billion for the same period in 2005. Net of currency variations, net sales increased by 2% over the prior year.

Agricultural Equipment Net Sales

	•		Agricultural equipment net sales were $2.3 billion, down 1% from the prior year and down 2% excluding currency variations.
	•		Excluding currency variations, sales in Latin America were up 16%, sales in Rest-of-World markets were up 8%, and in Western Europe up 2%. Excluding currency variations, sales in North America declined by 9%, in line with the company’s actions to reduce working capital by under-producing retail unit sales of major agricultural products by 15%, to reduce inventories in a declining industry environment.
	•		Case IH introduced the new JX95 Straddle version utility tractor in North America, the Patriot 350-200 cv sprayer and the 2399 Extreme combine in Latin America.
	•		New Holland won the prestigious National Agri Marketing Association “Best of NAMA” award for its brand campaign. In North America, New Holland introduced two new models of higher horsepower Class II BoomerTM Compact Tractors (under-40 horsepower), two field sprayers and a new air hoe drill.
	•		Total retail unit sales of CNH’s agricultural tractors and combines increased by approximately 7% compared to last year. Worldwide production of agricultural tractors and combines was approximately 4% lower than retail, following the company’s normal seasonal pattern to decrease company and dealer inventories during the spring selling season.

Construction Equipment Net Sales

•

Net sales of construction equipment were approximately $1.2 billion, an increase of 12% compared to approximately $1.1 billion last year, and up 11% excluding currency variations.

	•		Excluding currency variations, sales in Latin America were up 51% and in Rest-of-World markets up 17%. Sales were up 11% in Western Europe and up 4% in North America.
	•		In North America, Case Construction Equipment introduced two new models of Compact Track Loaders, smaller-sized machines that round out the line launched in 2005. Debuting in the second half will be a new Tier 3 compliant excavator, two models of wheel loaders, three models of crawler dozers and two new articulated trucks. In Europe, during the quarter, Case launched the CX700 hydraulic excavator, a direct response to customer requests for a high-production heavy-duty machine between the existing CX460 and CX800 models.
	•		Looking to the second half of 2006, pilot control options will be available on New Holland Construction skid steer loaders and compact track loaders, and three new wheel loader models are scheduled to be launched to the public.
	•		While total retail unit sales of CNH’s major construction equipment products increased by approximately 8% compared to last year, worldwide production was substantially the same as in 2005.

Gross Margin

Equipment Operations gross margin (defined as net sales of equipment less cost of goods sold) for agricultural and construction equipment was $686 million, up 20% compared to $574 million last year. As a percent of net sales, gross margin was 19.6%, up 2.7 percentage points from 2005.

	•		Agricultural equipment gross margin increased in both dollars and as a percent of net sales compared to the prior year. The improvement was explained by positive price recovery and increased manufacturing efficiencies, which more than offset the impact of company actions to reduce dealer and company inventories.
	•		Construction equipment gross margin also increased in both dollars and as a percent of net sales. Positive price recovery, better volume and mix and manufacturing efficiencies contributed to the improvement.

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) was $324 million, or 9.3% of net sales, up 31% compared to $248 million or 7.3% of net sales in 2005. The improvement was driven by the higher gross margin, noted above. Increased investments in SG&A and in R&D to increase product innovation by brand and to improve product quality were partial offsets.

Adjusted EBITDA

Adjusted EBITDA for Equipment Operations (defined as net income excluding net interest expense, income tax provision (benefit), depreciation and amortization and restructuring) was $329 million, or 9.4% of net sales, up 20% compared to $274 million in 2005, or 8.1% of net sales. Interest coverage, on a last 12 months basis (defined as adjusted EBITDA for the past 12 months divided by net interest expense for the past 12 months) was 4.3 times for the period ended June 30, 2006, compared with 3.1 times for the similar period ended June 30, 2005.

FINANCIAL SERVICES — Second Quarter Financial Results

Financial Services operations reported net income of $49 million, up 11% compared to $44 million last year, reflecting the impact of higher balances of receivables under management. Financial Services recorded higher credit losses than in 2005, primarily related to its agricultural equipment receivables in Brazil.

CNH Year-to-Date Financial Results

CNH’s net income for the first six months was $190 million, up 47% compared to $129 million for 2005. Results include restructuring charges, net of tax, of $10 million in 2006, and $8 million in 2005. First half diluted earnings per share were up 47% to $0.81, compared to $0.55 per share in 2005. Before restructuring, net of tax, diluted earnings per share were $0.85, compared with $0.58 per share in 2005.

EQUIPMENT OPERATIONS — Year-to-Date Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses, were $6.4 billion, compared to $6.2 billion in 2005. Net of currency variations, net sales increased by 4% over the prior year.

Adjusted EBITDA for Equipment Operations was $486 million, or 7.5% of net sales, up 20% compared to $404 million in 2005, or 6.5% of net sales.

FINANCIAL SERVICES — Year-to-Date Financial Results

Financial Services operations reported first half 2006 net income of $101 million, up 9% compared to $93 million last year, reflecting the impact of higher balances of receivables under management. Financial Services recorded higher credit losses than in 2005, primarily related to its agricultural equipment receivables in Brazil.

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 $137 million at June 30, 2006, compared to $719 million at December 31, 2005 and $824 million at June 30, 2005. Net debt to net capitalization was 2.5% at June 30, 2006, down from 12.5% at December 31, 2005. As of June 30, 2006, CNH had 235.7 million common shares outstanding.

In the quarter, net debt decreased principally because of $582 million of cash generated by operating activities, including positive net income and reduced 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 $157 million in the quarter. At incurred currency rates, working capital at June 30, 2006 was $2.1 billion, substantially unchanged from December 31, 2005 and down more than $300 million from June 30, 2005.

On June 20, CNH’s wholly owned subsidiary, Case New Holland, Inc. commenced an exchange offer for its recently issued 7.125% Senior Notes due 2014, for 7.125% Senior

Notes due 2014 that have been registered under the Securities Act of 1933, as amended. The exchange offer, initially set to expire on July 21, 2006, has been extended until July 26, 2006. Any original notes not tendered prior to the expiration of the exchange offer will remain unregistered securities, subject to the conditions of the 144A market.

Financial Services Net Debt increased by approximately $973 million to $5.0 billion at June 30, 2006 from March 31, 2006, reflecting increases in the receivables portfolio, mostly in North America.

AGRICULTURAL EQUIPMENT MARKET OUTLOOK FOR FULL YEAR 2006

CNH believes that worldwide industry unit retail sales of agricultural tractors will be 5 to 10% higher than in 2005, driven by an expected 20 to 25% increase in Rest-of-World markets. Industry unit retail sales of under-40 horsepower tractors in North America are expected to be approximately the same as in 2005. Sales of over-40 horsepower tractors in North America also are expected to remain the same or slightly higher than in 2005, but with industry sales of 40 to 100 horsepower tractors up slightly and sales of over 100 horsepower tractors down. Agricultural tractor markets in Western Europe and Latin America could be down as much as 5%.

Worldwide industry unit retail sales of combine harvesters may be down 5 to 10%. North American, Western European and Rest-of-World markets could be down as much as 5%. Industry sales in Latin America are expected to be down 35 to 40%.

CONSTRUCTION EQUIPMENT MARKET OUTLOOK FOR FULL YEAR 2006

CNH believes that worldwide industry unit retail sales of construction equipment will be stronger than in 2005. Worldwide industry sales of heavy construction equipment are expected to increase about 10%, led by increases of 10% in North America and 10 to 15% in Rest-of-World markets. Industry unit sales in Western Europe and in Latin America could be up as much as 5% compared with 2005.

Worldwide industry unit retail sales of light construction equipment could be up 5 to 10%, with Western Europe up 5 to 10% and Latin American and Rest-of-World markets up 10 to 15%. In North America, industry sales are expected to be up as much as 5% compared with full year 2005.

CNH OUTLOOK FOR FULL YEAR 2006

CNH expects its net sales of equipment to increase in the range of 2 to 5%. Continuing pricing and margin improvement initiatives at Equipment Operations will drive better results. Profitability at Financial Services is expected to be up slightly. Results of CNH’s joint ventures are expected to better than in 2005. The benefit of this improvement at Equipment Operations will be partially offset by an increase in CNH’s effective tax rate, as previously stated.

CNH anticipates that 2006 diluted earnings per share, before restructuring, net of tax, should be in the range of $1.30 to $1.40, compared with $0.95 per share for 2005.

Full-year restructuring costs, net of tax, are expected to be slightly higher than in 2005, as CNH recognizes the balance of the costs related to the planned manufacturing rationalization in Europe.

The company’s previously announced $120 million contribution to its U.S. defined benefit pension plan was made in April, 2006. After considering this contribution, Equipment Operations now expects slightly better cash generation from working capital reductions during the year, and to reduce its net debt by approximately $400 million, as compared with year-end 2005 levels.

###

CNH management will hold a conference call later today to review its second quarter results. The conference call Webcast will begin at approximately 8:30 a.m. U.S. Central Time; 9:30 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.

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

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 on our debt 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), 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
		'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	%			(7	)%			50	%
Combine Harvesters			(9	)%			9	%			(8	)%			(37	)%			13	%
Total Tractors and Combines			20	%			5	%			2	%			(11	)%			49	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			5	%			(1	)%			(15	)%			21	%			23	%
Skid Steer Loaders			6	%			2	%			3	%			67	%			23	%
Other Light Equipment			22	%			48	%			14	%			78	%			19	%
Total Light Equipment			15	%			15	%			10	%			33	%			20	%
Total Heavy Equipment			20	%			25	%			4	%			28	%			25	%
Total Light & Heavy Equipment			17	%			18	%			8	%			31	%			23	%
Second Quarter 2006 Industry Unit Sales Preliminary 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				(3	)%			n/a				n/a				n/a
Total Tractors			10	%			(3	)%			(3	)%			(7	)%			37	%
Combine Harvesters			(3	)%			(2	)%			(2	)%			(46	)%			8	%
Total Tractors and Combines			10	%			(3	)%			(3	)%			(9	)%			36	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			(2	)%			(16	)%			(15	)%			43	%			17	%
Skid Steer Loaders			(5	)%			(10	)%			3	%			5	%			10	%
Other Light Equipment			15	%			23	%			9	%			23	%			18	%
Total Light Equipment			6	%			(1	)%			6	%			31	%			16	%
Total Heavy Equipment			6	%			(1	)%			4	%			6	%			13	%
Total Light & Heavy Equipment			6	%			(1	)%			5	%			17	%			14	%
2nd Half 2006 Industry Unit Sales Forecast Compared with 2nd Half 2005 Actual
Agricultural Equipment:
Agricultural Tractors			0-5	%			0-5	%			(0-5	)%			0-5	%			5-10	%
Combine Harvesters			(10-15	)%			(5-10	)%			(0-5	)%			~(35	)%			(20-25	)%
Construction Equipment:
Total Light Equipment			~5	%			0-5	%			5-10	%			(0-5	)%			5-10	%
Total Heavy Equipment			5-10	%			10-15	%			~5	%			~(10	)%			5-10	%
Full Year 2006 Industry Unit Sales Forecast Compared with Full Year 2005 Estimated Actual
Agricultural Equipment:
Agricultural Tractors			5-10	%		FLAT					(0-5	)%			(0-5	)%			20-25	%
Combine Harvesters			(5-10	)%			(0-5	)%			(0-5	)%			(35-40	)%			(0-5	)%
Construction Equipment:
Total Light Equipment			5-10	%			0-5	%			5-10	%			10-15	%			10-15	%
Total Heavy Equipment			~10	%			~10	%			0-5	%			0-5	%			10-15	%

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

		Three Months Ended												Six Months Ended
		June 30,												June 30,
										%												%
		2006				2005				Change				2006				2005				Change
		(In Millions)
Revenues:
Net sales
Agricultural equipment		$	2,275			$	2,301				(1	%)		$	4,210			$	4,232				(1	%)
Construction equipment			1,222				1,093				12	%			2,237				1,985				13	%
Total net sales			3,497				3,394				3	%			6,447				6,217				4	%
Financial services			229				184				24	%			452				371				22	%
Eliminations and other			(22	)			(7	)							(34	)			(14	)
Total revenues		$	3,704			$	3,571				4	%		$	6,865			$	6,574				4	%
Net sales:
North America		$	1,642			$	1,690				(3	%)		$	3,076			$	2,990				3	%
Western Europe			1,081				1,043				4	%			1,914				1,967				(3	%)
Latin America			249				177				41	%			478				377				27	%
Rest of World			525				484				8	%			979				883				11	%
Total net sales		$	3,497			$	3,394				3	%		$	6,447			$	6,217				4	%

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
		June 30,								June 30,								June 30,
		2006				2005				2006				2005				2006				2005
		(In Millions, except per share data)
Revenues
Net sales		$	3,497			$	3,394			$	3,497			$	3,394			$	—			$	—
Finance and interest income			207				177				45				32				229				184
Total			3,704				3,571				3,542				3,426				229				184
Costs and Expenses
Cost of goods sold			2,811				2,820				2,811				2,820				—				—
Selling, general and administrative			325				300				266				249				59				52
Research and development			96				77				96				77				—				—
Restructuring			7				6				7				6				—				—
Interest expense			156				135				92				86				87				62
Interest compensation to Financial Services			—				—				66				41				—				—
Other, net			86				68				53				45				10				8
Total			3,481				3,406				3,391				3,324				156				122
Income before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			223				165				151				102				73				62
Income tax provision			92				57				66				36				26				20
Minority interest			7				8				8				8				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			2				2				49				44				2				2
Equipment Operations			21				12				21				12				—				—
Net income		$	147			$	114			$	147			$	114			$	49			$	44
Weighted average shares outstanding:
Basic			235.6				134.1
Diluted			235.7				234.3
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	0.65			$	0.60
EPS		$	0.62			$	0.58
Diluted:
EPS before restructuring, net of tax		$	0.65			$	0.50
EPS		$	0.62			$	0.49
Dividends per share		$	0.25			$	0.25

See Notes to Condensed Consolidated Financial Statements.

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

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Six Months Ended								Six Months Ended								Six Months Ended
		June 30,								June 30,								June 30,
		2006				2005				2006				2005				2006				2005
		(In Millions, except per share data)
Revenues
Net sales		$	6,447			$	6,217			$	6,447			$	6,217			$	—			$	—
Finance and interest income			418				357				85				58				452				371
Total			6,865				6,574				6,532				6,275				452				371
Costs and Expenses
Cost of goods sold			5,273				5,234				5,273				5,234				—				—
Selling, general and administrative			632				590				516				490				116				100
Research and development			180				146				180				146				—				—
Restructuring			11				11				11				11				—				—
Interest expense			295				266				173				170				164				121
Interest compensation to Financial Services			—				—				116				73				—				—
Other, net			183				139				119				95				25				18
Total			6,574				6,386				6,388				6,219				305				239
Income before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			291				188				144				56				147				132
Income tax provision			122				70				72				27				50				43
Minority interest			14				12				14				12				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			4				4				101				93				4				4
Equipment Operations			31				19				31				19				—				—
Net income		$	190			$	129			$	190			$	129			$	101			$	93
Weighted average shares outstanding:
Basic			190.6				134.0
Diluted			235.6				234.2
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	1.05			$	0.67
EPS		$	1.00			$	0.64
Diluted:
EPS before restructuring, net of tax		$	0.85			$	0.58
EPS		$	0.81			$	0.55
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
		June 30,				December 31,				June 30,				December 31,				June 30,				December 31,
		2006				2005				2006				2005				2006				2005
		(In Millions)
Assets
Cash and cash equivalents		$	1,094			$	1,245			$	752			$	858			$	342			$	387
Deposits in Fiat affiliates cash management pools			617				580				614				578				3				2
Accounts, notes receivable and other — net			7,186				5,841				1,400				1,243				5,830				4,670
Intersegment notes receivable			—				—				1,752				1,067				—				—
Inventories			2,657				2,466				2,657				2,466				—				—
Property, plant and equipment — net			1,308				1,311				1,300				1,303				8				8
Equipment on operating leases — net			197				180				—				—				197				180
Investment in Financial Services			—				—				1,676				1,587				—				—
Investments in unconsolidated affiliates			439				449				344				353				95				96
Goodwill and intangibles			3,149				3,163				3,003				3,018				146				145
Other assets			2,130				2,083				1,507				1,486				623				597
Total Assets		$	18,777			$	17,318			$	15,005			$	13,959			$	7,244			$	6,085
Liabilities and Equity
Short-term debt		$	1,638			$	1,522			$	722			$	826			$	916			$	696
Intersegment short-term debt			—				—				—				—				1,752				1,067
Accounts payable			1,997				1,609				1,990				1,641				41				32
Long-term debt			5,163				4,765				2,533				2,396				2,630				2,369
Intersegment long-term debt			—				—				—				—				—				—
Accrued and other liabilities			4,643				4,370				4,424				4,044				229				334
Total Liabilities			13,441				12,266				9,669				8,907				5,568				4,498
Equity			5,336				5,052				5,336				5,052				1,676				1,587
Total Liabilities and Equity		$	18,777			$	17,318			$	15,005			$	13,959			$	7,244			$	6,085
Total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables (“Net Debt”)		$	5,090			$	4,462			$	137			$	719			$	4,953			$	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
		Six Months Ended								Six Months Ended								Six Months Ended
		June 30,								June 30,								June 30,
		2006				2005				2006				2005				2006				2005
										(In Millions)
Operating Activities:
Net income		$	190			$	129			$	190			$	129			$	101			$	93
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			148				150				125				125				23				25
Intersegment activity			—				—				(52	)			(2	)			52				2
Changes in operating assets and liabilities			(92	)			(396	)			508				372				(600	)			(768	)
Other, net			(40	)			(3	)			(67	)			1				(14	)			(37	)
Net cash from operating activities			206				(120	)			704				625				(438	)			(685	)
Investing Activities:
Expenditures for property, plant and equipment			(58	)			(48	)			(56	)			(47	)			(2	)			(1	)
Expenditures for equipment on operating leases			(66	)			(44	)			—				—				(66	)			(44	)
Net (additions) collections from retail receivables and related securitizations			(463	)			334				—				—				(463	)			334
Net (deposits in) withdrawals from Fiat affiliates cash management pools			(4	)			(331	)			(3	)			(341	)			(1	)			10
Other, net			35				11				6				(10	)			29				21
Net cash from investing activities			(556	)			(78	)			(53	)			(398	)			(503	)			320
Financing Activities:
Intersegment activity			—				—				(685	)			45				685				(45	)
Net increase (decrease) in indebtedness			229				141				(10	)			(399	)			239				540
Dividends paid			(59	)			(34	)			(59	)			(34	)			(60	)			(60	)
Other, net			(9	)			—				(9	)			—				—				—
Net cash from financing activities			161				107				(763	)			(388	)			864				435
Other, net			38				3				6				(5	)			32				8
Increase (decrease) in cash and cash equivalents			(151	)			(88	)			(106	)			(166	)			(45	)			78
Cash and cash equivalents, beginning of period			1,245				931				858				637				387				294
Cash and cash equivalents, end of period		$	1,094			$	843			$	752			$	471			$	342			$	372

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.
CONSOLIDATED SELECTED FINANCIAL DATA
(Millions, except per share data)
(Unaudited)

		June 30,				December 31,
		2006				2005
BALANCE SHEETS
Total assets		$	18,777			$	17,318
Short-term debt		$	1,638			$	1,522
Long-term debt, including current maturities		$	5,163			$	4,765
Total liabilities		$	13,441			$	12,266
Shareholders’ equity		$	5,336			$	5,052

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2006				2005				2006				2005
INCOME STATEMENTS
Revenues:
Net sales		$	3,497			$	3,394			$	6,447			$	6,217
Finance and interest income and other			207				177				418				357
Total		$	3,704			$	3,571			$	6,865			$	6,574
Net income		$	147			$	114			$	190			$	129
Per share data:
Basic earnings per share		$	0.62			$	0.58			$	1.00			$	0.64
Diluted earnings per share		$	0.62			$	0.49			$	0.81			$	0.55
Dividends per share		$	0.25			$	0.25			$	0.25			$	0.25
STATEMENTS OF CASH FLOWS
Net cash from operating activities										$	206			$	(120	)
Net cash from investing activities											(556	)			(78	)
Net cash from financing activities											161				107
Other, net											38				3
Increase (decrease) in cash and cash equivalents											(151	)			(88	)
Cash and cash equivalents, beginning of period											1,245				931
Cash and cash equivalents, end of period										$	1,094			$	843

Note:

For a complete set of CNH’s condensed consolidated financial statements, please go to www.cnh.com.