This dependency poses a risk if CNH Industrial faces supply chain issues or changes in its dealer agreements. Geopolitical Risks: The company's international operations in Europe and Australia expose it to geopolitical risks, such as the Russian-Ukraine conflict, which has already disrupted operations in Ukraine. Economic Conditions: The company faces significant risks related to economic conditions affecting customer demand, such as net farm income and construction industry cycles. Competitive Landscape: The competitive landscape is challenging, with aggressive pricing and innovative products from competitors potentially impacting market share. The recent 'right to repair' agreements could negatively affect the repair services business. International Operations: International operations are exposed to risks from geopolitical instability, currency fluctuations, and differing regulatory environments.