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

For the month of October 2005

CNH GLOBAL N.V.

(Translation of Registrant’s Name Into English)

World Trade Center
Tower B, 10^th Floor
Amsterdam Airport
The Netherlands

(Address of Principal Executive Offices)

     (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- ___.)

FOR IMMEDIATE RELEASE

For more information contact:

Ritch Anderson       External Communications     (847) 955-3953
Albert Trefts, Jr.     Investor Relations                  (847) 955-3821

CNH Reports Improved Third Quarter Net Income

n September Year-To-Date Net Income up 58% to $156 Million
n Equipment Operations Profitability Improvement Continues
n Equipment Markets Remained Generally Strong
n CNH Capital Continues Strong Performance
n Reorganization By Global Brands to Accelerate Growth

Lake Forest, Illinois (October 25, 2005) CNH Global N.V. (NYSE:CNH) today reported third quarter 2005 net income of $27 million, compared to third quarter 2004 net income of $25 million. Results include restructuring charges, net of tax, of $16 million in the third quarter of 2005, and $9 million during the same period last year. Third quarter diluted earnings per share of $.12, were up $.01 compared with the third quarter of 2004. Before restructuring charges, net of tax, third quarter 2005 diluted earnings per share were $.19, compared with $.15, for the third quarter of 2004.

During the third quarter Harold Boyanovsky was confirmed as the company’s President and Chief Executive Officer, a position he had held on an interim basis since February. Subsequently, the company announced its reorganization to global brand businesses, in order to invigorate its Case IH and New Holland agricultural brands and its Case and New Holland construction equipment brands, whose heritages and loyal dealer networks are its most powerful assets.

“For the past several years and again this quarter we have steadily improved our financial results” said Boyanovsky. “We must strengthen our position and accelerate growth in sales, margins and earnings. Driven by customer expectations for quality, service and responsiveness, global brand businesses are key for our transformation. We expect the achievement of our growth plans will follow.”

Other highlights from the quarter included the following:

	•		Compared with last year’s third quarter, increased pricing offset higher material costs and other cost increases, particularly in North America and Western Europe. Steel costs, especially for construction equipment, increased more than anticipated, and are currently not moderating as expected.
	•		Component shortages have improved since the second quarter but shipment delays continued for some products.

	•		During the third quarter, the company launched several new models of agricultural tractors and hay & forage equipment, including its first products powered by Tier 3-compliant engines. Tier 3 product launches will continue through 2006. Construction equipment launches of Tier 3-compliant products will begin in the fourth quarter.
	•		In North America, during the quarter, the Case IH ASM planter and the New Holland Speedrower ™ self propelled windrower both received “AE50” awards recognizing these products as among the top 50 innovative new products introduced in 2004, from the American Society of Agricultural and Biological Engineers.
	•		During the third quarter, CNH Capital completed its second retail asset backed securitization (“ABS”) transaction of the year in the U.S. totaling $1.15 billion.

EQUIPMENT OPERATIONS — Third Quarter Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses, were $2.8 billion for the third quarter, essentially the same as in the third quarter of 2004.

Agricultural Equipment Net Sales

•		Agricultural equipment net sales were $1.8 billion for the third quarter, down 5% from the prior year, and down 7%, excluding currency variations.
•		Excluding currency variations, our sales in North America were up 5%. Sales in Europe were down 8%. The sharp industry decline in Latin America continued in the third quarter, driving down our sales in the region by approximately 62%.
•		Third quarter 2005 production of tractors and combines was approximately 12% lower than retail unit sales in the third quarter, approximately the same level of underproduction as in the third quarter of 2004.

Construction Equipment Net Sales

•		Net sales of construction equipment increased by 9% to $950 million for the third quarter, compared to $871 million in the third quarter of 2004, and were up 7% excluding currency variations.
•		Excluding currency variations, North American sales were up 12%. However, increased sales of backhoe loaders and heavy equipment in North America were offset by a decrease in sales for the same products in Europe, where sales decreased by 10%. Sales in Latin America and Rest-of-World markets were up 27% and 31% respectively.
•		Production of CNH’s major construction equipment products was higher than retail unit sales by approximately 5%, slightly less than the overproduction in the third quarter of 2004.

Gross Margin

Equipment Operations gross margin (net sales of equipment less cost of goods sold) for agricultural and construction equipment represented as a percent of net sales, improved by 1.5

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percentage points to 15.7% of net sales, or $434 million, in the third quarter of 2005, compared to 14.2% of net sales, or $396 million, in the third quarter of last year.

•		Agricultural equipment gross margin improved strongly compared to the prior year’s third quarter as net price realization and manufacturing efficiencies more than offset a continued decline in volumes of higher-margin combines in Latin America and Rest-of-World markets.
•		Construction equipment gross margin improved compared to the prior year’s third quarter due to net price realization and manufacturing efficiencies.

Industrial Operating Margin

Equipment Operations industrial operating margin (defined as net sales, less cost of goods sold, SG&A and R&D costs) expressed as a percent of net sales improved by 1.3 percentage points to 4.7% of net sales, or $131 million in the third quarter of 2005, compared to 3.4% of net sales, or $94 million, in the same period of 2004. The improvement in gross margin dollars, noted above, accounted for the increase. Increased R&D expenditures, primarily for new products, were offset by lower SG&A costs, due to lower than previously anticipated incentive compensation.

Adjusted EBITDA

Adjusted EBITDA for Equipment Operations increased by 19% to $160 million for the quarter, or 5.8% of net sales, compared to $135 million in the third quarter of 2004, or 4.8% of net sales. Our interest coverage ratio for the three months ended on September 30, 2005 was 3.2 times, compared to 2.7 times for the three months ended September 30, 2004.

FINANCIAL SERVICES — Third Quarter Financial Results

Financial Services operations third quarter 2005 net income increased by 8% to $52 million, compared to $48 million net income earned in the third quarter of last year. This increase reflects continued improvements in the Financial Services receivables portfolio quality.

CNH — Year-to-Date Financial Results

CNH’s net income for the first nine months of 2005 improved by 58% to $156 million, compared to $99 million for the first nine months of 2004. Results include restructuring charges, net of tax, of $24 million in the first nine months of 2005 compared to $46 million in the same period of 2004. Diluted earnings per share were $.67, compared to $.42 in 2004. Before restructuring, year-to-date diluted earnings per share increased by 24% to $.77 compared with $.62 for the same period last year.

EQUIPMENT OPERATIONS — Year-to-Date Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses were $9.0 billion for the first nine months of 2005, compared to $8.7 billion for the same period in 2004. Net of currency variations, net sales were at approximately the same level as in the prior year.

Adjusted EBITDA for Equipment Operations increased by 8% to $564 million for 2005, or 6.3% of net sales, compared to $522 million in 2004, or 6.0% of net sales. Our interest coverage ratio

Page 3

for the nine months ended on September 30, 2005 was 3.5 times, compared to 3.0 times for the nine months ended September 30, 2004.

FINANCIAL SERVICES — Year-to-Date Financial Results

Financial Services operations net income improved by 39% to $145 million for the first nine months of 2005, compared to $104 million for the same period last year. This improvement reflects ABS transactions, improved yields on our wholesale portfolio, higher retail and wholesale ABS volumes, as well as ongoing improvements in receivables portfolio quality.

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 inter-segment receivables) was $839 million on September 30, 2005, compared to $824 million on June 30, 2005 and $1.3 billion on September 30, 2004. In the quarter, $59 million of net cash was generated by operating activities. Positive net income plus depreciation and amortization and a decrease in working capital (defined as accounts and notes receivable, excluding inter-segment notes receivable, plus inventories less accounts payable) net of currency variations of approximately $135 million, all contributed to cash generation from operating activities in the quarter. The company’s $120 million contribution to its U.S. defined benefit pension plan during the quarter was a partial offset.

At incurred currency rates, working capital on September 30, 2005 was $2.3 billion, compared to $2.7 billion on September 30, 2004.

In the quarter, CNH became an eligible borrower under Fiat S.p.A.’s 1 billion Euro credit facility agreement. Under the new facility, CNH was allocated exclusive rights to 300 million Euros of the syndicated credit line, plus the opportunity to access the remainder of any unutilized capacity. In addition, Fiat has renewed its $1 billion credit line revolver with CNH through January 31, 2007. As of September 30, 2005, CNH had approximately $3.9 billion available under $6.3 billion total lines of credit and asset-backed facilities.

During the quarter, the company modified its cash management operations, to pool the North American cash balances of Equipment Operations and Financial Services rather than to have each separately pooling with the Fiat cash management system. The result of this action is a decline in debt with Fiat Affiliates at Financial Services, a decline in deposits in Fiat Affiliates cash management pools by Equipment Operations and an increase in inter-segment funding. These actions, amongst others, are reflected in the $836 million reduction in Financial Services debt with Fiat Affiliates in the quarter, to a debt balance of $285 million on September 30, 2005. In the same period, Equipment Operations reduced its deposits in Fiat Affiliates cash management pools by $839 million to $580 million. This reduction in deposits also funded repayment of $218 million of Case Corporation bonds that matured in August and a $170 million increase in cash and cash equivalents deposited with third parties.

Financial Services net debt decreased approximately $238 million to $3.8 billion on September 30, 2005 from $4.0 billion on June 30, 2005, primarily reflecting the completion of its $1.15 billion U.S. retail ABS transaction during the third quarter 2005.

Page 4

AGRICULTURAL EQUIPMENT MARKET OUTLOOK FOR 2005

CNH continues to believe that for the full year 2005, industry retail unit sales of agricultural equipment will be at about the same level as last year, although with regional differences not previously anticipated. CNH expects worldwide tractor industry unit retail sales will be up slightly with industry sales of combines down about 19%. Industry sales of under 40 horsepower tractors in North America are now anticipated to be lower than previously forecast, but industry sales of over 40 horsepower tractors are expected to be better than last year by 5%-10%. In Western Europe, industry unit sales of tractors could be down about 6% although combine sales should be up about 6%. In Latin America, CNH continues to expect that full-year tractor industry volumes will be about 25% below last year and sales of combines will be down 60%-65%. Industry sales in Rest-of-World markets now should be up strongly for tractors and up slightly for combines.

CONSTRUCTION EQUIPMENT MARKET OUTLOOK FOR 2005

CNH now expects that full year construction equipment industry retail unit sales will be stronger than previously anticipated in all regions of the world, except for North America which remains unchanged from the previous forecast. Worldwide industry unit sales of light and heavy construction equipment should be up approximately 10% compared with full year 2004. Industry sales in North America should be the strongest, up approximately 12% for light equipment and up about 15% for heavy construction equipment.

CNH’s estimates of major agricultural and construction equipment industry retail unit sales by major market area are included in the supplemental information provided at the end of the release.

CNH OUTLOOK FOR 2005

CNH expects that its net sales of equipment for the full year 2005 will increase by up to 5%. Margin improvements at Equipment Operations and higher profitability at Financial Services and the company’s joint ventures are expected to more than offset the impact of selected investments being done to better support CNH’s dealers, improve product quality, enhance global sourcing initiatives, and strengthen European logistics operations, thus leading to an improvement of approximately 35% in Equipment Operations profit before taxes, minority interest and restructuring costs. The full benefit of these expected improvements will be partially offset by an increase in our effective tax rate when compared to 2004. As a result, we anticipate net income before restructuring, net of tax, compared with the full year of 2004 will improve by approximately 15%.

In addition, net of tax, restructuring costs for the full year are expected to be approximately $65 million. The company expects Equipment Operations to generate approximately $250 million of cash flow during the year, after its third-quarter contribution to its U.S. defined benefit pension plan of $120 million. CNH expects to use that cash to further reduce Equipment Operations net debt, as compared with year-end 2004 levels.

Based on data through the first nine months of 2005, including our on-going contributions to plan assets, asset returns less than our assumptions and the current discount rate environment, CNH

Page 5

expects an increase in its minimum pension liability of about $100 million at year end 2005. This would result in a non-cash charge to shareholders’ equity of about $65 million, net of tax.

###

CNH management will hold a conference call later today to review its third quarter results. The conference call webcast will begin at approximately 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.

CNH is the power behind leading agricultural and construction equipment brands of the Case and New Holland brand families. Supported by more than 11,400 dealers in 160 countries, CNH brings together the knowledge and heritage of its brands with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. More information about CNH and its products can be found on line 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,” “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, 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 dual 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, 2004.

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.

Page 6

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

		Three Months Ended												Nine Months Ended
		September 30,												September 30,
										%												%
		2005				2004				Change				2005				2004				Change
		(In Millions)
Revenues:
Net sales
Agricultural equipment		$	1,818			$	1,918				(5	%)		$	6,050			$	6,131				(1	%)
Construction equipment			950				871				9	%			2,935				2,583				14	%
Total net sales			2,768				2,789				(1	%)			8,985				8,714				3	%
Financial services			204				198				3	%			575				496				16	%
Eliminations and other			(10	)			(14	)							(24	)			(32	)
Total revenues		$	2,962			$	2,973				—			$	9,536			$	9,178				4	%
Net sales:
North America		$	1,366			$	1,264				8	%		$	4,356			$	4,004				9	%
Western Europe			785				865				(9	%)			2,751				2,840				(3	%)
Latin America			191				256				(25	%)			569				705				(19	%)
Rest of World			426				404				5	%			1,309				1,165				12	%
Total net sales		$	2,768			$	2,789				(1	%)		$	8,985			$	8,714				3	%

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

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Three Months Ended								Three Months Ended								Three Months Ended
		September 30,								September 30,								September 30,
		2005				2004				2005				2004				2005				2004
		(In Millions, except per share data)
Revenues
Net sales		$	2,768			$	2,789			$	2,768			$	2,789			$	—			$	—
Finance and interest income			194				184				32				19				204				198
Total			2,962				2,973				2,800				2,808				204				198
Costs and Expenses
Cost of goods sold			2,334				2,393				2,334				2,393				—				—
Selling, general and administrative			283				295				230				237				53				58
Research and development			73				65				73				65				—				—
Restructuring			19				14				19				14				—				—
Interest expense			136				123				82				69				69				53
Interest compensation to Financial Services			—				—				42				30				—				—
Other, net			69				50				43				39				11				15
Total			2,914				2,940				2,823				2,847				133				126
Income before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			48				33				(23	)			(39	)			71				72
Income tax provision (benefit)			25				11				3				(15	)			22				26
Minority interest			7				8				7				8				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			3				2				52				48				3				2
Equipment Operations			8				9				8				9				—				—
Net income		$	27			$	25			$	27			$	25			$	52			$	48
Weighted average shares outstanding:
Basic			134.4				133.4
Diluted			234.6				233.6
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	0.19			$	0.25
EPS		$	0.12			$	0.19
Diluted:
EPS before restructuring, net of tax		$	0.19			$	0.15
EPS		$	0.12			$	0.11
Dividends per share		$	0.00			$	0.00

See Notes to Condensed Financial Statements.

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

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Three Months Ended								Three Months Ended								Three Months Ended
		September 30,								September 30,								September 30,
		2005				2004				2005				2004				2005				2004
		(In Millions, except per share data)
Revenues
Net sales		$	2,768			$	2,789			$	2,768			$	2,789			$	—			$	—
Finance and interest income			194				184				32				19				204				198
Total			2,962				2,973				2,800				2,808				204				198
Costs and Expenses
Cost of goods sold			2,334				2,393				2,334				2,393				—				—
Selling, general and administrative			283				295				230				237				53				58
Research and development			73				65				73				65				—				—
Restructuring			19				14				19				14				—				—
Interest expense			136				123				82				69				69				53
Interest compensation to Financial Services			—				—				42				30				—				—
Other, net			69				50				43				39				11				15
Total			2,914				2,940				2,823				2,847				133				126
Income before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			48				33				(23	)			(39	)			71				72
Income tax provision (benefit)			25				11				3				(15	)			22				26
Minority interest			7				8				7				8				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			3				2				52				48				3				2
Equipment Operations			8				9				8				9				—				—
Net income		$	27			$	25			$	27			$	25			$	52			$	48
Weighted average shares outstanding:
Basic			134.4				133.4
Diluted			234.6				233.6
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	0.19			$	0.25
EPS		$	0.12			$	0.19
Diluted:
EPS before restructuring, net of tax		$	0.19			$	0.15
EPS		$	0.12			$	0.11
Dividends per share		$	0.00			$	0.00

See Notes to Condensed Financial Statements.

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

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		September 30,				December 31,				September 30,				December 31,				September 30,				December 31,
		2005				2004				2005				2004				2005				2004
		(In Millions)
Assets
Cash and cash equivalents		$	960			$	931			$	641			$	637			$	319			$	294
Deposits in Fiat affiliates cash management pools			587				1,151				580				1,136				7				15
Accounts, notes receivable and other — net			5,918				5,895				1,337				1,596				4,628				4,393
Intersegment notes receivable			—				—				1,490				1,114				—				24
Inventories			2,610				2,515				2,610				2,515				—				—
Property, plant and equipment — net			1,336				1,478				1,329				1,470				7				8
Equipment on operating leases — net			175				215				—				—				175				215
Investment in Financial Services			—				—				1,532				1,419				—				—
Investments in unconsolidated affiliates			448				457				354				373				94				84
Goodwill and intangibles			3,199				3,236				3,053				3,090				146				146
Other assets			2,308				2,202				1,753				1,644				595				599
Total Assets		$	17,541			$	18,080			$	14,679			$	14,994			$	5,971			$	5,778
Liabilities and Equity
Short-term debt		$	1,372			$	2,057			$	782			$	1,064			$	590			$	993
Intersegment short-term debt			—				—				—				24				1,490				414
Accounts payable			1,634				1,657				1,650				1,679				24				66
Long-term debt			4,799				4,906				2,768				3,084				2,031				1,822
Intersegment long-term debt			—				—				—				—				—				700
Accrued and other liabilities			4,681				4,431				4,424				4,114				304				364
Total Liabilities			12,486				13,051				9,624				9,965				4,439				4,359
Equity			5,055				5,029				5,055				5,029				1,532				1,419
Total Liabilities and Equity		$	17,541			$	18,080			$	14,679			$	14,994			$	5,971			$	5,778
Total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables (“Net Debt”)		$	4,624			$	4,881			$	839			$	1,285			$	3,785			$	3,596

See Notes to Condensed Financial Statements.

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

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Nine Months Ended								Nine Months Ended								Nine Months Ended
		September 30,								September 30,								September 30,
		2005				2004				2005				2004				2005				2004
		(In Millions)
Operating Activities:
Net income		$	156			$	99			$	156			$	99			$	145			$	104
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			222				246				186				194				36				52
Intersegment activity			—				—				23				(108	)			(23	)			108
Changes in operating assets and liabilities			(124	)			286				283				474				(407	)			(188	)
Other, net			113				51				36				46				(8	)			(3	)
Net cash from operating activities			367				682				684				705				(257	)			73
Investing Activities:
Expenditures for property, plant and equipment			(83	)			(101	)			(81	)			(100	)			(2	)			(1	)
Expenditures for equipment on operating leases			(71	)			(50	)			—				—				(71	)			(50	)
Net (additions) collections from retail receivables and related securitizations			241				(407	)			—				—				241				(407	)
Net (deposits in) withdrawals from Fiat affiliates cash management pools			521				(568	)			514				(183	)			7				(385	)
Other, net (primarily acquisitions and divestitures)			69				146				(9	)			5				78				109
Net cash from investing activities			677				(980	)			424				(278	)			253				(734	)
Financing Activities:
Intersegment activity			—				—				(400	)			(137	)			400				137
Net increase (decrease) in indebtedness			(1,004	)			241				(665	)			(401	)			(339	)			642
Dividends paid			(34	)			(37	)			(34	)			(37	)			(60	)			(96	)
Other, net			—				(1	)			—				(1	)			—				32
Net cash from financing activities			(1,038	)			203				(1,099	)			(576	)			1				715
Other, net			23				—				(5	)			(1	)			28				1
Increase (decrease) in cash and cash equivalents			29				(95	)			4				(150	)			25				55
Cash and cash equivalents, beginning of period			931				619				637				486				294				133
Cash and cash equivalents, end of period		$	960			$	524			$	641			$	336			$	319			$	188

See Notes to Condensed Financial Statements.

CNH GLOBAL N.V.
Notes to Unaudited Condensed Consolidated Financial Statements

1.		Principles of Consolidation and Basis of Presentation — The accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the consolidated results of CNH Global N.V. and its consolidated subsidiaries (“CNH” or the “Company”) in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”); however, because of their condensed nature, they do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. These financial statements should therefore be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2004 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on April 29, 2005 and any subsequently filed Annual Reports on Form 20-F of the Company.
		CNH is controlled by Fiat Netherlands Holding N.V., a wholly owned subsidiary of Fiat S.p.A. (“Fiat”). As of the date of these statements, Fiat owned over 83% of CNH’s outstanding common shares and all of the issued and outstanding Series A Preference Shares (“Series A Preferred Stock”).
		The condensed consolidated financial statements include the accounts of CNH’s majority-owned and controlled subsidiaries and reflect the interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. The operations and key financial measures and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, management believes that certain supplemental disclosures are important in understanding the consolidated operations and financial results of CNH. The supplemental financial information captioned “Equipment Operations” includes the results of operations of CNH’s agricultural and construction equipment operations, with the Company’s financial services businesses reflected on the equity method basis. The supplemental financial information captioned “Financial Services” reflects the combination of CNH’s financial services businesses.
		Reclassification of cash flows related to retail receivables, change in accounting policy for Deposits with Fiat and other reclassifications
		Reclassification of cash flows related to retail receivables - CNH has made certain reclassifications of items in its condensed consolidated cash flow statement which it believes improves the presentation of the items that were reclassified. The accompanying 2004 condensed cash flows have been reclassified to conform to the 2005 classification.
		During 2004, the staff of the SEC expressed its views regarding the classifications of certain cash flows by companies with captive finance subsidiaries. As a result of these public comments, management decided to make reclassifications to the condensed consolidated statements of cash flows with respect to certain of its receivables. Previously, CNH recognized activity related to all receivables as part of the cash flows from operating activities within the condensed consolidated statements of cash flows, including cash flows arising from the origination of retail receivables, the securitization of retail receivables, and cash collections related to certificated retained interests.
		CNH made a reclassification to move the activity related to the investment in retail receivables from the operating activity section to the investing activity section of the condensed consolidated statements of cash flows. The reclassification classifies cash receipts from the sale of inventory as operating activities and classifies cash flows from investing in retail receivables as investing activities. The disclosures added to the investing activity section in this condensed presentation are included in “Net (addition) collections from retail receivables and related securitization.”
		Change in accounting policy for Deposits with Fiat - In connection with the aforementioned reclassification, CNH reviewed its presentation of cash flows and cash and cash equivalent balances on its balance sheet. As a result of this review, it was determined that CNH would change its accounting policy defining cash equivalents and correspondingly reclassify its

CNH GLOBAL N.V.
Notes to Unaudited Condensed Consolidated Financial Statements

		balance sheet and cash flow presentation. The new policy classifies “Cash with Fiat Affiliates,” which was previously included in cash equivalents, as “Deposits in Fiat affiliates cash management pools” and reflects cash flows arising from deposits in and withdrawals from such cash pools as cash flows from investing activities. Although none of the agreements or conditions governing these deposits has materially changed since the inception of the cash management arrangements, CNH changed its presentation of such deposits in its 2004 Form 20-F to show them as a separate investment and not as a component of cash and cash equivalents. CNH continues to have the contractual right to withdraw these funds on demand or terminate these cash management arrangements upon a seven-day prior notice, and CNH continues to access funds deposited in these accounts on a daily basis.
		The condensed statements of cash flows for the nine months ended September 30, 2004 have been reclassified to conform to this presentation.
		A summary of the effects of these reclassifications is as follows:

		2004
						Retail				Change in
		As previously				receivables				accounting				As currently
		reported				reclassification				policy				reported
		(in Millions)
Condensed consolidated statement of cash flows
Net cash from operating activities		$	275			$	407			$	—			$	682
Net cash from investing activities			(5	)			(407	)			(568	)			(980	)
Other, net			(6	)			—				6				—
Equipment Operations statement of cash flows
Net cash from operating activities			705				—				—				705
Net cash from investing activities			(95	)			—				(183	)			(278	)
Other, net			(7	)			—				6				(1	)
Financial Services statement of cash flows
Net cash from operating activities			(334	)			407				—				73
Net cash from investing activities			58				(407	)			(385	)			(734	)
Other, net			1				—				—				1

		Other - In addition, certain other reclassifications of prior year amounts have been made in order to conform to the current year presentation.
2.		Stock-Based Compensation Plans — CNH has stock-based employee compensation plans which are more fully described in Note 18, “Option and Incentive Plans,” to our 2004 Form 20-F. In December 2004, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards (“SFAS”) No. 123 Revised “Share Based Payment” (“SFAS No. 123 Revised”) which is effective July 1, 2005. SFAS No. 123 Revised requires the use of a fair value based method of accounting for stock-based employee compensation. The statement will be applied using a Modified Prospective Method under which compensation cost is recognized beginning on the effective date and continuing until participants are fully vested. In April 2005, the SEC announced the adoption of a new rule that amends the compliance dates for SFAS No. 123 Revised. The SEC’s new rule allows companies to implement SFAS No. 123 Revised at the beginning of their next fiscal year, instead of the next reporting period, that begins after June 15, 2005. The Company has not yet determined the impact of adopting SFAS No. 123 Revised.
		In 2003, CNH adopted the fair value based method of accounting for stock-based compensation using the Prospective Method. Additionally, compensation expense is reflected in net income for stock options granted with an exercise price less than the quoted market price of CNH common shares on the date of grant.

CNH GLOBAL N.V.
Notes to Unaudited Condensed Consolidated Financial Statements

The following table illustrates the effect on net income and earnings per share if the Company had applied the fair value recognition provisions of SFAS No. 123 “Share Based Payment” to all stock-based compensation for the three and nine months ended September 30, 2005 and 2004:

						Three Months						Nine Months
						Ended						Ended
						September 30,						September 30,
						2005		2004				2005				2004
						(in Millions, except per share data)
Net income, as reported						$27		$	25			$	156			$	99
Add:		Stock-based employee compensation expense included in reported net income, net of tax							—								—
Deduct:		Total stock-based employee compensation expense determined under fair value based methods, net of tax				(1	)		(1	)			(3	)			(3	)
Pro forma net income						26			24				153				96
Dividend to common shares						—			—				(34	)			—
Earnings allocated to Series A Preferred Stock						(11	)		—				(49	)			—
Pro forma earnings available to common shareholders						15			24				70				96
Dividend to common shares						—			—				34				—
Pro forma net income available to common shareholders						$15		$	24			$	104			$	96
Weighted average shares:
		Basic				134.4			133.4				134.2				133.2
		Diluted				234.6			233.6				234.3				233.4
Earnings per share (“EPS”):
As reported:
		Basic				$0.12		$	0.19			$	0.79			$	0.74
		Diluted				$0.12		$	0.11			$	0.67			$	0.42
Pro forma:
		Basic				$0.11		$	0.18			$	0.77			$	0.72
		Diluted				$0.11		$	0.10			$	0.65			$	0.41

3.		Accounts and Notes Receivable — In CNH’s receivable asset securitization programs, retail finance receivables are sold to limited purpose, bankruptcy remote, consolidated subsidiaries of CNH. In turn, these subsidiaries establish separate trusts to which they transfer the receivables in exchange for the proceeds from asset-backed securities sold by the trusts. Due to the nature of the assets held by the trusts and the limited nature of each trust’s activities, they are each classified as a qualifying special purpose entity (“QSPE”) under SFAS No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities” (“SFAS No. 140”). In accordance with SFAS No. 140, assets and liabilities of the QSPEs are not consolidated in the Company’s consolidated balance sheets. The amounts outstanding under these programs were $4.6 billion and $4.5 billion at September 30, 2005 and December 31, 2004, respectively. In addition to the retail securitization programs, certain subsidiaries of CNH securitized or discounted wholesale receivables without recourse. As of September 30, 2005 and December 31, 2004, $3.1 billion and $2.5 billion, respectively, remained outstanding under these programs.
		Included in the securitized or discounted wholesale receivables without recourse amount noted above is a wholesale securitization program in Europe under which Equipment Operations entities sell receivables while a Financial Services subsidiary subscribes to notes representing undivided retained interests. In June 2005, this program was expanded to include Equipment Operation entities in Italy and Belgium. The expansion of this program resulted in receivable sales totaling approximately $216 million in June 2005. The proceeds from these sales were principally used to

CNH GLOBAL N.V.
Notes to Unaudited Condensed Consolidated Financial Statements

		repay Equipment Operations debt. In September 2005, the one entity in this program previously not qualifying for off book treatment, met the requirements and is now accounted for off book. This resulted in a reduction of Equipment Operations receivables and debt of approximately $64 million in the third quarter of 2005. At September 30, 2005, the balance of Equipment Operation receivables sold into this program in 2005 as a result of its expansion totaled $174 million. At September 30, 2005 and December 31, 2004, the amounts outstanding under this program were $632 million and $466 million, respectively and Financial Services had an undivided retained interest of $209 million and $225 million, respectively.
		In addition, during the second quarter of 2005, certain Equipment Operations entities in North America expanded their sale of receivables by selling additional receivables to Financial Services, principally from national accounts and from the addition of a consolidated joint venture to the program. At September 30, 2005, the balance of receivables sold to Financial Services as a result of these additional actions was approximately $65 million.
4.		Inventories — Inventories as of September 30, 2005 and December 31, 2004 consist of the following:

		September 30,				December 31,
		2005				2004
		(in Millions)
Raw materials		$	533			$	501
Work-in-process			248				212
Finished goods and parts			1,829				1,802
Total Inventories		$	2,610			$	2,515

5.

Goodwill and Intangibles — The following table sets forth changes in goodwill and intangibles for the nine months ended September 30, 2005:

										Foreign
		Balance at								Currency				Balance at
		January 1,								Translation				September 30,
		2005				Amortization				and Other				2005
		(in Millions)
Goodwill by reporting unit:
Agricultural Equipment		$	1,677			$	—			$	(1	)		$	1,676
Construction Equipment			581				—				(1	)			580
Financial Services			144				—				1				145
Total			2,402				—				(1	)			2,401
Intangibles			834				(33	)			(3	)			798
Total Goodwill and Intangibles		$	3,236			$	(33	)		$	(4	)		$	3,199

CNH GLOBAL N.V.
Notes to Unaudited Condensed Consolidated Financial Statements

As of September 30, 2005 and December 31, 2004, the Company’s intangible assets and related accumulated amortization consisted of the following:

						September 30, 2005												December 31, 2004
		Weighted
		Average								Accumulated												Accumulated
		Life				Gross				Amortization				Net				Gross				Amortization				Net
		(in Millions)
Intangible assets subject to amortization:
Engineering drawing			20			$	335			$	94			$	241			$	335			$	86			$	249
Dealer Network			25				216				50				166				216				44				172
Software			5				50				34				16				53				27				26
Other			10-30				114				49				65				123				46				77
							715				227				488				727				203				524
Intangible assets not subject to amortization:
Trademarks							273				—				273				273				—				273
Pension							37				—				37				37				—				37
						$	1,025			$	227			$	798			$	1,037			$	203			$	834