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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-36085

CNH INDUSTRIAL N.V.

(Exact name of registrant as specified in its charter)

Netherlands

98-1125413

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Cranes Farm Road, Basildon, Essex, SS14 3AD, United Kingdom

(Address of principal executive offices)

Registrant's telephone number including area code: +44 207 925 1964

Former name, former address and former fiscal year, if changed since last report: N/A

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value €0.01

CNH

New York Stock Exchange

3.850% Notes due 2027

CNH27

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

At September 30, 2025, 1,246,404,668 common shares, par value €0.01 per share, of the registrant were outstanding.

TABLE OF CONTENTS


		Page
PART I – FINANCIAL INFORMATION
Item 1	Financial statements and notes to consolidated financial statements	1
Item 2	Management's discussion and analysis of financial condition and results of operations	35
Item 3	Quantitative and qualitative disclosures about market risk	57
Item 4	Controls and procedures	57

PART II – OTHER INFORMATION
Item 1	Legal proceedings	59
Item 1A	Risk factors	59
Item 2	Unregistered sales of equity securities and use of proceeds	59
Item 3	Default upon senior securities	59
Item 4	Mine safety disclosures	59
Item 5	Other information	59
Item 6	Exhibits	60

PART I - FINANCIAL INFORMATION

CNH INDUSTRIAL N.V.

CONSOLIDATED BALANCE SHEETS

As of September 30, 2025 and December 31, 2024

(Unaudited)


(in millions of dollars)	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	2,303	$	3,191
Restricted cash	653		675
Trade receivables, net	196		125
Financing receivables, net	23,001		23,085
Financial receivables from Iveco Group N.V.	262		168
Inventories, net	5,353		4,776
Property, plant and equipment, net	2,183		1,936
Investments in unconsolidated subsidiaries and affiliates	508		490
Equipment under operating leases	1,549		1,466
Goodwill	3,613		3,584
Other intangible assets, net	1,187		1,221
Deferred tax assets	1,018		927
Derivative assets	155		196
Other assets	1,277		1,093
Total Assets	$	43,258	$	42,933
Liabilities and Equity
Debt	$	27,128	$	26,882
Financial payables to Iveco Group N.V.	38		62
Trade payables	2,277		2,292
Deferred tax liabilities	33		28
Pension, postretirement and other postemployment benefits	412		392
Derivative liabilities	93		146
Other liabilities	5,440		5,363
Total Liabilities	35,421		35,165
Redeemable noncontrolling interest	60		55
Common shares, €0.01, par value; outstanding 1,246,404,668 common shares and 370,457,350 loyalty program special voting shares at 09/30/2025; and outstanding 1,248,023,791 common shares and 370,994,305 loyalty program special voting shares at 12/31/2024	25		25
Treasury stock, at cost; 117,995,528 shares at 09/30/2025 and 116,376,405 at 12/31/2024	(1,392)		(1,386)
Additional paid-in capital	1,388		1,415
Retained earnings	10,420		10,309
Accumulated other comprehensive income (loss)	(2,709)		(2,712)
Noncontrolling interests	45		62
Total Equity	7,777		7,713
Total Liabilities and Equity	$	43,258	$	42,933

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Nine Months Ended September 30, 2025 and 2024

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions of dollars and shares, except per share amounts)	2025		2024		2025		2024
Revenues
Net sales	$	3,702	$	3,997	$	10,895	$	12,931
Finance, interest and other income	697		657		2,043		2,029
Total Revenues	4,399		4,654		12,938		14,960
Costs and Expenses
Cost of goods sold	2,995		3,130		8,756		10,027
Selling, general and administrative expenses	549		426		1,413		1,298
Research and development expenses	281		221		683		686
Restructuring expenses	3		12		14		94
Interest expense	378		378		1,100		1,190
Other, net	142		127		484		449
Total Costs and Expenses	4,348		4,294		12,450		13,744
Income of Consolidated Group before Income Taxes	51		360		488		1,216
Income tax expense	(1)		(75)		(124)		(247)
Equity in income of unconsolidated subsidiaries and affiliates	17		25		52		114
Net income	67		310		416		1,083
Net income (loss) attributable to noncontrolling interests	(13)		4		(8)		10
Net income attributable to CNH Industrial N.V.	$	80	$	306	$	424	$	1,073

Earnings per share attributable to common shareholders
Basic	$	0.06	$	0.24	$	0.34	$	0.85
Diluted	$	0.06	$	0.24	$	0.34	$	0.85
Weighted average shares outstanding
Basic	1,250		1,251		1,249		1,255
Diluted	1,253		1,254		1,253		1,262

Cash dividends declared per common share	$	—	$	—	$	0.250	$	0.470

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three and Nine Months Ended September 30, 2025 and 2024

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions of dollars)	2025		2024		2025		2024
Net income	$	67	$	310	$	416	$	1,083
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on cash flow hedges	(37)		21		(28)		72
Changes in retirement plans' funded status	(1)		1		(6)		—
Foreign currency translation	15		(35)		15		(255)
Share of other comprehensive income (loss) of entities using the equity method	(1)		12		27		(8)
Other comprehensive income (loss), net of tax	(24)		(1)		8		(191)
Comprehensive income (loss)	43		309		424		892
Less: Comprehensive income (loss) attributable to noncontrolling interests	(16)		8		(4)		14
Comprehensive income (loss) attributable to CNH Industrial N.V.	$	59	$	301	$	428	$	878

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2025 and 2024

(Unaudited)


	Nine Months Ended September 30,
(in millions of dollars)	2025		2024
Cash Flows from Operating Activities
Net Income (loss)	$	416	$	1,083
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization expense excluding depreciation and amortization of assets under operating leases	318		315
Depreciation and amortization expense of assets under operating leases	147		139
(Gain) loss on disposal of assets	(3)		7
Undistributed (income) loss of unconsolidated subsidiaries	2		(31)
Other non-cash items	392		276
Changes in operating assets and liabilities:
Provisions	(212)		52
Deferred income taxes	9		(31)
Trade and financing receivables related to sales, net	948		482
Inventories, net	(92)		(256)
Trade payables	(161)		(1,217)
Other assets and liabilities	(171)		(543)
Net cash provided (used) by operating activities	1,593		276
Cash Flows from Investing Activities
Additions to retail receivables	(5,605)		(5,917)
Collections of retail receivables	5,575		4,840
Proceeds from sale of assets, excluding assets under operating leases	7		1
Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases	(330)		(330)
Expenditures for assets under operating leases	(456)		(381)
Other, net	(279)		10
Net cash provided (used) by investing activities	(1,088)		(1,777)
Cash Flows from Financing Activities
Proceeds from long-term debt	10,092		13,094
Payments of long-term debt	(9,359)		(12,209)
Net increase (decrease) in other financial liabilities	(1,990)		(592)
Dividends paid	(322)		(600)
Purchase of treasury stock	(55)		(689)
Net cash provided (used) by financing activities	(1,634)		(996)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	219		(98)
Net increase (decrease) in cash, cash equivalents and restricted cash	(910)		(2,595)
Cash, cash equivalents and restricted cash, beginning of year	3,866		5,045
Cash, cash equivalents and restricted cash, end of period	$	2,956	$	2,450

Components of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	2,303	$	1,801
Restricted cash	653		649
Total cash, cash equivalents and restricted cash	$	2,956	$	2,450

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three and Nine Months Ended September 30, 2025

(Unaudited)


(in millions of dollars)	Common Shares		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total		Redeemable Noncontrolling Interest
Balance at December 31, 2024	$	25	$	(1,386)	$	1,415	$	10,309	$	(2,712)	$	62	$	7,713	$	55
Net income (loss)	—		—		—		131		—		(2)		129		3
Other comprehensive income (loss), net of tax	—		—		—		—		57		3		60		—
Dividends paid	—		—		—		—		—		—		—		(1)
Acquisition of treasury stock	—		(5)		—		—		—		—		(5)		—
Common shares issued from treasury stock and capital increase for share-based compensation	—		26		(26)		—		—		—		—		—
Share-based compensation expense	—		—		5		—		—		—		5		—
Other changes	—		—		—		—		—		—		—		—
Balance at March 31, 2025	25		(1,365)		1,394		10,440		(2,655)		63		7,902		57
Net income (loss)	—		—		—		213		—		(1)		212		5
Other comprehensive income (loss), net of tax	—		—		—		—		(32)		4		(28)		—
Dividends paid	—		—		—		(313)		—		—		(313)		(7)
Acquisition of treasury stock	—		—		—		—		—		—		—		—
Common shares issued from treasury stock and capital increase for share-based compensation	—		22		(22)		—		—		—		—		—
Share-based compensation expense	—		—		7		—		—		—		7		—
Other changes	—		—		(1)		—		—		—		(1)		—
Balance at June 30, 2025	25		(1,343)		1,378		10,340		(2,687)		66		7,779		55
Net income (loss)	—		—		—		80		—		(19)		61		6
Other comprehensive income (loss), net of tax	—		—		—		—		(22)		(2)		(24)		—
Dividends paid	—		—		—		—		—		—		—		(1)
Acquisition of treasury stock	—		(50)		—		—		—		—		(50)		—
Common shares issued from treasury stock and capital increase for share-based compensation	—		1		(1)		—		—		—		—		—
Share-based compensation expense	—		—		10		—		—		—		10		—
Other changes	—		—		1		—		—		—		1		—
Balance September 30, 2025	$	25	$	(1,392)	$	1,388	$	10,420	$	(2,709)	$	45	$	7,777	$	60

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three and Nine Months Ended September 30, 2024

(Unaudited)


(in millions of dollars)	Common Shares		Treasury Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total		Redeemable Noncontrolling Interest
Balance at December 31, 2023	$	25	$	(865)	$	1,578	$	9,654	$	(2,362)	$	66	$	8,096	$	54
Net income (loss)	—		—		—		368		—		(3)		365		4
Other comprehensive income (loss), net of tax	—		—		—		—		(49)		—		(49)		—
Dividends paid	—		—		—		—		—		—		—		(1)
Acquisition of treasury stock	—		(581)		—		—		—		—		(581)		—
Common shares issued from treasury stock and capital increase for share-based compensation	—		173		(173)		—		—		—		—		—
Share-based compensation expense	—		—		10		—		—		—		10		—
Other changes	—		(3)		—		—		—		—		(3)		—
Balance at March 31, 2024	25		(1,276)		1,415		10,022		(2,411)		63		7,838		57
Net income (loss)	—		—		—		399		—		—		399		5
Other comprehensive income (loss), net of tax	—		—		—		—		(141)		—		(141)		—
Dividends paid	—		—		—		(591)		—		—		(591)		(2)
Acquisition of treasury stock	—		(60)		—		—		—		—		(60)		—
Common shares issued from treasury stock and capital increase for share-based compensation	—		20		(20)		—		—		—		—		—
Share-based compensation expense	—		—		7		—		—		—		7		—
Other changes	—		(1)		(1)		—		—		1		(1)		—
Balance at June 30, 2024	25		(1,317)		1,401		9,830		(2,552)		64		7,451		60
Net income (loss)	—		—		—		306		—		—		306		4
Other comprehensive income (loss), net of tax	—		—		—		—		(5)		4		(1)		—
Dividends paid	—		—		—		—		—		—		—		(7)
Acquisition of treasury stock	—		(48)		—		—		—		—		(48)		—
Common shares issued from treasury stock and capital increase for share-based compensation	—		(6)		6		—		—		—		—		—
Share-based compensation expense	—		—		1		—		—		—		1		—
Other changes	—		(5)		7		—		—		1		3		—
Balance September 30, 2024	$	25	$	(1,376)	$	1,415	$	10,136	$	(2,557)	$	69	$	7,712	$	57

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. BASIS OF PRESENTATION

CNH Industrial N.V. ("CNH" or the "Company") is incorporated in, and under the laws of, the Netherlands. CNH is a leading company in the capital goods sector that designs, produces and sells agricultural and construction equipment. In addition, CNH's Financial Services segment offers an array of financial products and services. In addition, CNH's Financial Services segment offers a range of financial products and services, including retail financing for the purchase or lease of new and used equipment from CNH and other manufacturers. The segment also offers additional retail financing programs and wholesale financing options to support its dealer network.

CNH has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The consolidated financial statements include CNH Industrial N.V. and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars and unless otherwise indicated, all financial data set forth in these consolidated financial statements are expressed in U.S. dollars. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by such rules and regulations. All adjustments, consisting only of normal recurring adjustments, have been reflected in these consolidated financial statements. Management believes that the disclosures are adequate to present fairly the financial position, results of operations, and cash flows at the dates and for the periods presented. These interim financial statements should be read in conjunction with the financial statements and the notes thereto appearing in the Company's annual report on Form 10-K for the year ended December 31, 2024. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and related accompanying notes and disclosures. Significant uncertainties, including persistent inflation, increased tariffs and other trade restrictions and other geopolitical events may impact the Company's business, which may cause actual results to differ materially from the estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived impairment tests, determination of discount rates and other assumptions for pension and other postretirement benefit expense and income taxes. Changes in estimates are recorded in results of operations in the period during which the events or circumstances giving rise to such changes occur.

Certain financial information in this report has been presented by geographic region. Our geographic regions are: (1) North America; (2) Europe, Middle East and Africa ("EMEA"); (3) South America and (4) Asia Pacific. The geographic designations have the following meanings:

•North America: United States, Canada and Mexico;

•EMEA: member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine and Balkans, Russia, Türkiye, Uzbekistan, Pakistan, the African continent, and the Middle East;

•South America: Central and South America, and the Caribbean Islands; and

•Asia Pacific: Continental Asia (including the India subcontinent), Indonesia and Oceania.

2. NEW ACCOUNTING PRONOUNCEMENTS

Not Yet Adopted

Accounting for Internal-Use Software

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software, which simplifies the capitalization guidance by removing all references to software development project stages. Under this standard, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. This update is effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient for estimating expected credit losses on current accounts receivable and contract assets. The expedient allows an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset. This update is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments in this update should be applied prospectively. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Business Combinations and Consolidations

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topics 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("VIE"). This standard clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The amendments in this update are effective for interim reporting periods and fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted, and the amendments in this update should be applied prospectively to acquisitions after the adoption date. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.

Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve the disclosures about a public business entity's expenses and provide more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the impact of this guidance on its disclosures in the consolidated financial statements.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company expects to adopt the new disclosures as required on Form 10-K for the year ended December 31, 2025.

Disclosure Improvements

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within the ASC. These amendments align the requirements in the ASC with the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited. The Company does not anticipate that the ASU will have a material effect on its financial statements and related disclosures.

3. REVENUE

The following table summarizes revenues for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Agriculture	$	2,963	$	3,310	$	8,792	$	10,596
Construction	739		687		2,103		2,335
Total Industrial Activities	3,702		3,997		10,895		12,931
Financial Services	684		659		2,020		2,031
Eliminations and other	13		(2)		23		(2)
Total Revenues	$	4,399	$	4,654	$	12,938	$	14,960

The following table disaggregates revenues by major source for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues from:
Sales of goods	$	3,687	$	3,986	$	10,857	$	12,895
Rendering of services and other revenues	15		11		38		36
Revenues from sales of goods and services	3,702		3,997		10,895		12,931
Finance and interest income	555		519		1,596		1,603
Rents and other income on operating lease	142		138		447		426
Finance, interest and other income	697		657		2,043		2,029
Total Revenues	$	4,399	$	4,654	$	12,938	$	14,960

Contract liabilities recorded in "Other liabilities" were $112 million and $72 million at September 30, 2025 and December 31, 2024, respectively. Contract liabilities primarily relate to extended warranties. During the three and nine months ended September 30, 2025, revenues included $5 million and $14 million, respectively, relating to contract liabilities outstanding at the beginning of each period. During the three and nine months ended September 30, 2024 revenues included $4 million and $13 million, respectively, relating to contract liabilities outstanding at the beginning of each period.

As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $112 million (approximately $72 million at December 31, 2024). CNH expects to recognize revenue on approximately 30% and 85% of the remaining performance obligations over the next 12 and 36 months, respectively (approximately 30% and 90% as of December 31, 2024, respectively).

4. VARIABLE INTEREST ENTITIES

The Company consolidates various securitization trusts and facilities that have been determined to be VIEs and of which the Company is a primary beneficiary. The Company has both the power to direct the activities of the VIEs that most significantly impact the VIEs' economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. For further information regarding VIEs, please see "Note 9: Receivables."

The following table presents certain assets and liabilities of consolidated VIEs, which are included in the consolidated balance sheets included in this report. The assets in the table below include those assets that can only be used to settle obligations of the consolidated VIEs. The liabilities in the table below include third-party liabilities of the consolidated VIEs for which creditors do not have recourse to the general credit of the Company (in millions of dollars).


	September 30, 2025		December 31, 2024
Restricted cash	$	541	$	585
Financing receivables	10,696		10,831
Total Assets	$	11,237	$	11,416
Debt	$	10,286	$	10,577
Total Liabilities	$	10,286	$	10,577

5. EARNINGS PER SHARE

The Company's basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding during the period.

Diluted EPS reflects the potential dilution that could occur if dilutive securities were exercised into common stock. Stock options, restricted stock units and performance stock units are considered dilutive securities.

A reconciliation of basic and diluted earnings per share is as follows (in millions of dollars and shares, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic EPS attributable to common shareholders
Net income (loss) attributable to CNH Industrial N.V.	$	80	$	306	$	424	$	1,073
Weighted average common shares outstanding—basic	1,250		1,251		1,249		1,255
Basic earnings (loss) per share	$	0.06	$	0.24	$	0.34	$	0.85
Diluted EPS attributable to common shareholders
Weighted average common shares outstanding—basic	1,250		1,251		1,249		1,255
Dilutive effect of stock compensation plans(1)	3		3		4		7
Weighted average common shares outstanding—diluted	1,253		1,254		1,253		1,262
Diluted earnings (loss) per share	$	0.06	$	0.24	$	0.34	$	0.85

(1)For the three and nine months ended September 30, 2025, no shares were excluded from the computation of diluted earnings per share as all shares were dilutive. For the three and nine months ended September 30, 2024, 118,000 and 26,000 shares, respectively, were excluded from the computation of diluted earnings per share due to an anti-dilutive impact.

6. EMPLOYEE BENEFIT PLANS AND POSTRETIREMENT BENEFITS

The following table summarizes the components of net periodic benefit cost of CNH's defined benefit pension plans and postretirement health and life insurance plans for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):


	Pension				Healthcare				Other
	Three Months Ended September 30,				Three Months Ended September 30,				Three Months Ended September 30,
	2025		2024		2025		2024		2025		2024
Service cost	$	2	$	2	$	1	$	1	$	1	$	2
Interest cost	13		13		2		2		1		1
Expected return on assets	(12)		(13)		(1)		(2)		—		—
Amortization of:
Prior service credit	—		—		(5)		(7)		—		—
Actuarial loss (gain)	5		6		1		1		—		—
Net periodic benefit cost	$	8	$	8	$	(2)	$	(5)	$	2	$	3


	Pension				Healthcare				Other
	Nine Months Ended September 30,				Nine Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024		2025		2024
Service cost	$	6	$	7	$	2	$	2	$	3	$	4
Interest cost	40		39		7		6		2		3
Expected return on assets	(37)		(40)		(3)		(3)		—		—
Amortization of:
Prior service credit	1		—		(15)		(19)		—		—
Actuarial loss (gain)	15		17		2		1		(1)		(1)
Net periodic benefit cost	$	25	$	23	$	(7)	$	(13)	$	4	$	6

In 2021, CNH communicated plan changes for the U.S. retiree medical plan. The plan changes resulted in a reduction of the plan liability of $101 million. This amount will be amortized from other comprehensive income to the income statement over approximately 4 years, which represents the average service period to attain eligibility conditions for active participants. For the three and nine months ended September 30, 2025 and 2024, $6 million and $18 million of amortization was recorded as a pre-tax gain in "Other, net", respectively.

7. INCOME TAXES

The effective tax rate for the three months ended September 30, 2025 and 2024 was 2.0% and 20.8%, respectively. The decrease in the 2025 effective tax rate was primarily due to geographic income mix and discrete items, including favorable provision-to-return adjustments and other one-time items.

The effective tax rate for the nine months ended September 30, 2025 and 2024 was 25.4% and 20.3%, respectively. The increase in the 2025 effective tax rate was due to geographic income mix and a smaller rate reduction from the discrete impact on period earnings from Argentina's highly inflationary economy. The 2024 effective tax rate declined due to discrete tax benefits, including the impact of highly inflationary accounting and tax-related inflation adjustments in Argentina.

The Organization for Economic Cooperation and Development (the "OECD") has proposed a global minimum tax of 15% of reported profits ("Pillar Two") that has been agreed upon in principle by over 140 countries. Pillar Two legislation has been enacted in one or more jurisdictions in which the Company operates and the Company has determined that it falls within the scope of the legislation. The Company has assessed the impact of the Pillar Two legislation and related transitional safe harbor provisions and does not expect the tax impacts of the legislation to have a material impact on the Company's financial results during 2025.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into U.S. law. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provision of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the OBBBA enacted during the quarter and does not expect the tax impacts of the legislation to have a material impact on the Company’s financial results during 2025.

8. SEGMENT REPORTING

The operating segments through which the Company manages its operations are reflected in the internal reporting used by the Company's Chief Operating Decision Maker ("CODM") to assess performance and make decisions about resource allocation. The CODM has been identified as the Chief Executive Officer ("CEO"). The CEO is charged with the management of CNH, reviews operating performance of the segments and makes decisions on certain operational matters. The CEO, supported by the Global Leadership Team ("GLT"), presents to the Board of Directors the Company's operating results, updated strategic business plans, and long-term value creation strategies as well as top short-term and mid-term operational and strategic risks. The presentations to the Board of Directors allow management to articulate their strategies for the achievement of their business objectives and mitigation of risks and permit the Board of Directors to give feedback on management's plans.

The segments are organized based on products and services provided by the Company. CNH has three operating segments that meet the criteria of reportable segments:

Agriculture designs, manufactures and distributes a full line of farm machinery and implements, including two-wheel and four-wheel drive tractors, crawler tractors, combines, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements, and material handling equipment. Agricultural equipment is sold under the New Holland Agriculture and Case IH brands. Regionally focused brands include: STEYR, for agricultural tractors; Flexi-Coil, specializing in tillage and seeding systems; and Miller, for manufacturing application equipment. The Raven brand supports Precision Agriculture, digital technology and the development of autonomous systems. Hemisphere, acquired in 2023, provides high-performance satellite positioning technology for the agriculture and construction industries.

Construction designs, manufactures and distributes a full line of construction equipment including excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, and compact track loaders along with a wide variety of attachments. Construction equipment is sold under the CASE Construction Equipment, New Holland Construction and Eurocomach brands.

Financial Services provides and administers financing to end-use customers for the purchase of new and used agricultural and construction equipment and components sold through CNH's dealer network, as well as revolving charge account financing and other financial services. Financial Services also provides wholesale financing to CNH dealers and distributors primarily to finance inventories of equipment. Furthermore, Financial Services provides trade receivables factoring services to CNH subsidiaries. The European Financial Services operations are supported by the Iveco Group's Financial Services segment. Financial Services also provides financial products and services to dealers and end customers of Iveco Group companies in the North America, South America and Asia Pacific regions. The segment is referred to commercially as CNH Capital - the captive financial provider for the CNH family of brands, specializing in agricultural and construction equipment. In Brazil, it operates under the brand of Banco CNH.

Revenues for each reported segment are those directly generated by or attributable to the segment as a result of the respective business activities and include revenues from transactions with third parties as well as those deriving from transactions with other segments, recognized at normal market prices. Segment expenses represent costs arising from each segment's business activities with both third parties and other operating segments. These expenses are either directly attributable to the segment or allocated to it using recognized allocation bases, reflecting the amount of expenses that would be required if the segment operated autonomously from the larger group. Allocations are necessary to report segment data due to the integrated nature of our operations as well as the use of shared administrative functions and common support services. Expenses deriving from business activities with other segments are recognized at normal market prices.

With reference to the Agriculture and Construction segments, the CODM assesses segment performance and makes decisions about resource allocation based upon Adjusted EBIT. The Company believes Adjusted EBIT more fully reflects the Agriculture and Construction segments' profitability. Adjusted EBIT of the Agriculture and Construction segments is defined as net income (loss) before income taxes, Financial Services' results, Industrial Activities' segments interest expenses (net), foreign exchange gains/losses, finance and non-service component of pension and other postemployment benefit costs, restructuring expenses, and certain non-recurring and unallocated items. In particular, non-

recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of ongoing operational activities.

With reference to Financial Services, the CODM assesses segment performance and makes decisions about resource allocation based on Income before income taxes.

The CODM uses both Adjusted EBIT of Agriculture and Construction and Income before income taxes of Financial Services predominantly in the annual budget and forecasting process. The CODM considers actual-to-budget and actual-to-forecast variances on a monthly basis for both measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses Adjusted EBIT for Agriculture and Construction and Income before income taxes of Financial Services to evaluate any pricing strategy, to assess and compare the performance of each segment and to determine compensation of certain employees.

The following tables include reported segment revenue and income, significant segment expenses and other significant items considered in the calculation of Adjusted EBIT for Industrial Activities and Income before income taxes for Financial Services, for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):


	Three Months Ended September 30, 2025
	Agriculture		Construction		Financial Services(1)		Total
Net sales	$	2,963	$	739	$	—
Finance, interest and other income	—		—		684
Total Revenues	2,963		739		684
Cost of goods sold	(2,352)		(632)		—
Selling, general and administrative expenses(2)	(280)		(66)		(168)
Research and development expenses	(205)		(27)		—
Interest expense (Financial Services)	—		—		(339)
Restructuring Expenses (Financial Services)	—		—		1
Other, net (Financial Services)	—		—		(122)
Equity in income of joint ventures	11		—		6
Adjusted EBIT [A]	137		14		n/a
Income before income taxes [B]	n/a		n/a		62
Segment Profit/(loss) [C=A+B]							$	213
Interest income/(expenses), net (excluding Financial Services)							$	(26)
Restructuring expenses (Industrial Activities)							(4)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(5)
Finance and non-service component of Pension and other postemployment benefit costs (Agriculture & Construction)(3)							(4)
Unallocated amounts(4)							(47)
Discrete items excluded from Segments(5)							(59)
Income tax expense							(1)
Net income (loss)							$	67


	Three Months Ended September 30, 2024
	Agriculture		Construction		Financial Services(1)		Total
Net sales	$	3,310	$	687	$	—
Finance, interest and other income	—		—		659
Total Revenues	3,310		687		659
Cost of goods sold	(2,558)		(573)		—
Selling, general and administrative expenses(2)	(237)		(52)		(113)
Research and development expenses	(199)		(22)		—
Interest expense (Financial Services)	—		—		(344)
Restructuring expenses (Financial Services)	—		—		—
Other, net (Financial Services)	—		—		(116)
Equity in income of joint ventures	20		—		5
Adjusted EBIT [A]	336		40		n/a
Income before income taxes [B]	n/a		n/a		91
Segment Profit/(loss) [C=A+B]							$	467
Interest income/(expenses), net (excluding Financial Services)							$	(36)
Restructuring expenses (Industrial Activities)							(12)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(8)
Finance and non-service component of Pension and other postemployment benefit costs (Agriculture & Construction)(3)							—
Unallocated amounts(4)							(40)
Discrete items excluded from Segments(5)							14
Income tax expense							(75)
Net income (loss)							$	310


	Nine Months Ended September 30, 2025
	Agriculture		Construction		Financial Services(1)		Total
Net sales	$	8,792	$	2,103	$	—
Finance, interest and other income	—		—		2,020
Total Revenues	8,792		2,103		2,020
Cost of goods sold	(6,958)		(1,787)		—
Selling, general and administrative expenses(2)	(770)		(181)		(363)
Research and development expenses	(562)		(72)		—
Interest expense (Financial Services)	—		—		(1,000)
Restructuring expenses (Financial Services)	—		—		1
Other, net (Financial Services)	—		—		(381)
Equity in income of joint ventures	37		—		15
Adjusted EBIT [A]	539		63		n/a
Income before income taxes [B]	n/a		n/a		292
Segment Profit/(loss) [C=A+B]							$	894
Interest income/(expenses), net (excluding Financial Services)							$	(77)
Restructuring expenses (Industrial Activities)							(15)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(19)
Finance and non-service component of Pension and other postemployment benefit costs (Agriculture & Construction)(3)							(11)
Unallocated amounts(4)							(173)
Discrete items excluded from Segments(5)							(59)
Income tax expense							(124)
Net income (loss)							$	416


	Nine Months Ended September 30, 2024
	Agriculture		Construction		Financial Services(1)		Total
Net sales	$	10,596	$	2,335	$	—
Finance, interest and other income	—		—		2,031
Total Revenues	10,596		2,335		2,031
Cost of goods sold	(8,086)		(1,942)		—
Selling, general and administrative expenses(2)	(767)		(173)		(269)
Research and development expenses	(617)		(69)		—
Interest expense (Financial Services)	—		—		(1,078)
Restructuring expenses (Financial Services)	—		—		(1)
Other, net (Financial Services)	—		—		(355)
Equity in income of joint ventures	100		—		14
Adjusted EBIT [A]	1,226		151		n/a
Income before income taxes [B]	n/a		n/a		342
Segment Profit/(loss) [C=A+B]							$	1,719
Interest income/(expenses), net (excluding Financial Services)							$	(114)
Restructuring expenses (Industrial Activities)							(93)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(12)
Finance and non-service component of Pension and other postemployment benefit costs (Agriculture & Construction)(3)							(2)
Unallocated amounts(4)							(167)
Discrete items excluded from Segments(5)							(1)
Income tax expense							(247)
Net income (loss)							$	1,083

(1)For Financial Services, the CODM uses Income before income taxes as the measure to allocate resources and assess segment performance.

(2)This item included risk costs for the Financial Services segment of $132 million and $263 million for the three and nine months ended September 30, 2025, respectively, and $81 million and $173 million for the three and nine months ended September 30, 2024.

(3)For the three and nine months ended September 30, 2025 and 2024, this item included a pre-tax gain of $6 million and $18 million, respectively, resulting from the four-year amortization of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

(4)Unallocated amounts include certain corporate costs and other operating expenses and incomes not allocated to segments' results.

(5)For the three and nine months ended September 30, 2025, this item includes a $49 million impairment charge related to Bennamann in-process research and development ("IPR&D") and a $10 million inventory write-down for the New Holland T6.180 Methane Power Tractor. In the three and nine months ended September 30, 2024, this item includes a $14 million gain for a fair value adjustment related to an investment in unconsolidated subsidiary. For the nine months ended September 30, 2024 this was offset by a $15 million loss on the sale of certain non-core product lines.

There are no segment assets reported to the CODM for assessing performance and allocating resources. However, the CODM reviews expenditures for long-lived assets by operating segment, therefore, this information is presented below as well.

The following tables summarize additional operating segment information (in millions of dollars):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues
Agriculture	$	2,963	$	3,310	$	8,792	$	10,596
Construction	739		687		2,103		2,335
Net sales	3,702		3,997		10,895		12,931
Financial Services	684		659		2,020		2,031
Eliminations and other	13		(2)		23		(2)
Total Revenues	$	4,399	$	4,654	$	12,938	$	14,960
Depreciation and amortization(1)
Agriculture	$	94	$	94	$	274	$	276
Construction	14		12		39		34
Other activities and adjustments	—		1		1		2
Depreciation and amortization of Industrial Activities	108		107		314		312
Financial Services	2		1		4		3
Total Depreciation and amortization	$	110	$	108	$	318	$	315
Expenditures for long-lived assets(2)
Agriculture	$	114	$	108	$	279	$	287
Construction	16		14		42		40
Other activities	—		1		—		2
Expenditures for long-lived assets of Industrial Activities	130		123		321		329
Financial Services	4		1		9		1
Total Expenditures for long-lived assets	$	134	$	124	$	330	$	330

(1)Excluding equipment on operating leases.

(2)Excluding equipment on operating leases and right-of-use assets.


	September 30, 2025		December 31, 2024
Inventory
Agriculture	$	4,178	$	3,730
Construction	1,095		983
Financial Services	80		63
Total Inventory	$	5,353	$	4,776
Equity Method Investments
Agriculture	$	266	$	284
Financial Services	151		119
Total Equity Method Investments	$	417	$	403

9. RECEIVABLES

Financing Receivables, net

A summary of financing receivables as of September 30, 2025 and December 31, 2024 is as follows (in millions of dollars):


	September 30, 2025		December 31, 2024
Retail	$	14,744	$	14,297
Wholesale	8,207		8,749
Other	50		39
Total	$	23,001	$	23,085

Included in the financing receivables balance at September 30, 2025 and December 31, 2024 is unearned finance income and unamortized deferred fees and costs of $573 million and $533 million, respectively, and allowance for credit losses of $628 million and $424 million, respectively.

CNH provides and administers retail note and lease financing to end-use customers for the purchase of new and used equipment and components sold through its dealer network, as well as revolving charge account financing. The terms of retail notes and finance leases generally range from two to seven years, and interest rates vary depending on the prevailing market interest rates and certain incentive programs offered on behalf of and sustained by Industrial Activities. Revolving charge accounts are generally accompanied by higher interest rates than the Company's other retail financing products, require minimum monthly payments and do not have pre-determined maturity dates.

Wholesale receivables arise primarily from dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these receivables typically have "interest-free" periods of up to twelve months and stated original maturities of up to twenty-four months, with repayment accelerated upon the sale of the underlying equipment by the dealer. Financial Services is compensated by Industrial Activities for providing the "interest-free" period based on market interest rates. After the expiration of any "interest-free" period, interest is charged to dealers on outstanding balances until CNH receives payment in full. The "interest-free" periods are determined based on the type of equipment sold and the time of year of the sale. The Company evaluates and assesses dealers on an ongoing basis as to their creditworthiness. CNH may be obligated to repurchase the dealer's equipment upon cancellation or termination of the dealer's contract for such causes as change in ownership, closeout of the business, or default. There were no significant losses in the three or six months ended September 30, 2025 and 2024 relating to the termination of dealer contracts.

Transfers of Financial Assets

As part of its overall funding strategy, CNH periodically transfers certain receivables into bankruptcy-remote special purpose entities ("SPEs") as part of its asset-backed securitization ("ABS") programs or into factoring transactions.

SPEs utilized in the securitization programs differ from other entities included in the Company's consolidated financial statements because the assets they hold are legally isolated from the Company's assets. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs' creditors. The SPEs are consolidated since the Company has both the power to direct the activities that most significantly impact the SPEs' economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the SPEs. Therefore, the SPEs do not meet the accounting criteria for deconsolidation. As a result, they are accounted for as a secured borrowing.

Certain securitization vehicles are also VIEs and consequently, the VIEs are consolidated since the Company has both the power to direct the activities that most significantly impact the VIEs' economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs.

The Company may retain all or a portion of the subordinated interests in the SPEs. No recourse provisions exist that allow holders of the asset-backed securities issued by the trusts to put those securities back to the Company, although the Company provides customary representations and warranties that could give rise to an obligation to repurchase from the trusts any receivables for which there is a breach of the representations and warranties. Moreover, the Company does not guarantee any securities issued by the trusts. The trusts have a limited life and generally terminate upon final distribution of amounts owed to investors or upon exercise of a cleanup-call option by the Company, in its role as servicer.

Factoring transactions may be either with recourse or without recourse; certain without recourse transfers include deferred payment clauses (e.g., when the payment by the factor of a minor part of the purchase price is dependent on the total amount collected from the receivables), requiring first loss cover, meaning that the transferor takes priority participation in

the losses, or requires a significant exposure to the cash flows arising from the transferred receivables to be retained. These types of transactions do not qualify for the derecognition of the assets, since the risks and rewards connected with collection are not substantially transferred and, accordingly, CNH continues to recognize the receivables transferred by this means in its consolidated balance sheet and a financial liability of the same amount under asset-backed financing.

The secured borrowings related to the transferred receivables are obligations that are payable as the receivables are collected. At September 30, 2025 and December 31, 2024, the carrying amount of such restricted assets included in financing receivables are the following (in millions of dollars):


	September 30, 2025		December 31, 2024
Retail	$	8,429	$	8,692
Wholesale	4,835		5,246
Total	$	13,264	$	13,938

Allowance for Credit Losses

Allowance for credit losses for the three and nine months ended September 30, 2025 and 2024 is as follows (in millions of dollars):


	Three Months Ended September 30, 2025				Nine Months Ended September 30, 2025
	Retail		Wholesale		Retail		Wholesale
Balance at beginning of period	$	489	$	51	$	376	$	48
Provision	129		3		260		3
Charge-offs	(70)		(1)		(130)		(2)
Recoveries	14		—		21		1
Foreign currency translation and other	12		1		47		4
Balance at end of period	$	574	$	54	$	574	$	54


	Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
	Retail		Wholesale		Retail		Wholesale
Balance at beginning of period	$	322	$	51	$	310	$	53
Provision	83		(2)		173		—
Charge-offs	(14)		(5)		(67)		(6)
Recoveries	5		3		6		3
Foreign currency translation and other	4		2		(22)		(1)
Balance at end of period	$	400	$	49	$	400	$	49

As of September 30, 2025, the allowance for credit losses included an increase in retail reserves of $154 million for Brazil as compared to September 30, 2024. This increase reflects Brazilian market conditions, primarily related to current crop prices, flooding and drought events. CNH plans to continue updating the macroeconomic factors in future periods, as warranted. The allowance for credit losses is included in "Selling, general and administrative" expenses.

CNH assesses and monitors the credit quality of its financing receivables based on delinquency status. Receivables are considered past due if the required principal and interest payments have not yet been received as of the date such payments were due. Delinquency is reported on financing receivables greater than 30 days past due. Non-performing financing receivables represent receivables for which CNH has ceased accruing finance income. These receivables are generally 90 days past due. Accrued interest is charged off to interest income. Interest income charged-off was not material for the three and nine months ended September 30, 2025.

Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. As the terms for retail financing receivables are greater than one year, the performing/nonperforming information is presented by year of origination for North America, South America and Asia Pacific.

The aging of financing receivables and charge-offs by vintage, net of allowance for credit losses, as of September 30, 2025 is as follows (in millions of dollars):


	31-60 Days Past Due		61-90 Days Past Due		Total Past Due		Current		Total Performing		Non- Performing		Total		Gross Charge-offs
Retail
North America
2025									$	3,456	$	6	$	3,462	$	5
2024									2,963		10		2,973		11
2023									1,541		7		1,548		17
2022									842		3		845		8
2021									480		3		483		3
Prior to 2021									124		2		126		5
Total	52		2		54		9,352		9,406		31		9,437		49
South America
2025									832		2		834		—
2024									1,194		42		1,236		2
2023									964		79		1,043		21
2022									386		46		432		39
2021									192		13		205		12
Prior to 2021									86		6		92		5
Total	72		46		118		3,536		3,654		188		3,842		79
Asia Pacific
2025									412		—		412		—
2024									454		1		455		—
2023									303		2		305		—
2022									184		1		185		—
2021									72		—		72		1
Prior to 2021									18		—		18		1
Total	6		4		10		1,433		1,443		4		1,447		2
EMEA	—		—		—		7		7		11		18		—
Total Retail	$	130	$	52	$	182	$	14,328	$	14,510	$	234	$	14,744	$	130
Wholesale
North America	$	—	$	—	$	—	$	4,365	$	4,365	$	24	$	4,389	$	—
South America	2		—		2		993		995		1		996		—
Asia Pacific	2		2		4		894		898		—		898		2
EMEA	3		—		3		1,921		1,924		—		1,924		—
Total Wholesale	$	7	$	2	$	9	$	8,173	$	8,182	$	25	$	8,207	$	2

The aging of financing receivables and charge-offs by vintage, net of allowance for credit losses, as of December 31, 2024 is as follows (in millions of dollars):


	31-60 Days Past Due		61-90 Days Past Due		Total Past Due		Current		Total Performing		Non- Performing		Total		Gross Charge-offs
Retail
North America
2024									$	4,485	$	5	$	4,490	$	5
2023									2,145		6		2,151		12
2022									1,421		4		1,425		9
2021									766		2		768		5
2020									249		1		250		3
Prior to 2020									58		1		59		3
Total	64		4		68		9,056		9,124		19		9,143		37
South America
2024									1,400		5		1,405		—
2023									1,255		26		1,281		2
2022									518		26		544		24
2021									287		8		295		12
2020									127		2		129		4
Prior to 2020									65		1		66		3
Total	29		1		30		3,622		3,652		68		3,720		45
Asia Pacific
2024									563		—		563		—
2023									402		1		403		1
2022									276		1		277		1
2021									129		—		129		1
2020									41		—		41		2
Prior to 2020									3		—		3		2
Total	4		3		7		1,407		1,414		2		1,416		7
EMEA	—		—		—		11		11		7		18		—
Total Retail	$	97	$	8	$	105	$	14,096	$	14,201	$	96	$	14,297	$	89
Wholesale
North America	$	—	$	—	$	—	$	4,817	$	4,817	$	23	$	4,840	$	—
South America	—		—		—		1,048		1,048		—		1,048		—
Asia Pacific	2		1		3		883		886		1		887		2
EMEA	7		—		7		1,967		1,974		—		1,974		5
Total Wholesale	$	9	$	1	$	10	$	8,715	$	8,725	$	24	$	8,749	$	7

Modifications

CNH periodically modifies the terms of finance receivable agreements with customers experiencing financial difficulties. Typically, the types of modifications granted are payment deferrals, extended contract maturities, modification of a contractual interest rate or waiving of interest and principal. As a collateral-based lender, CNH has recourse to the financed assets on default. The Company continues to monitor the credit quality of these modified financing receivables. CNH's allowance for credit losses incorporates historical loss information, including the effects of the modified financing receivables. Therefore, additional adjustments to the allowance are generally not recorded upon modification of the financing receivable.

As of September 30, 2025 and December 31, 2024, modifications of CNH's retail and wholesale receivables for customers experiencing financial difficulties were immaterial. Defaults and subsequent write-offs of receivables modified in the prior twelve months ended September 30, 2025 and December 31, 2024 were not significant.

Due to conditions in the Brazilian market, including crop prices and extreme weather events like flooding and drought, CNH has offered payment refinancing to certain South American customers. These refinancings are not deemed to be modifications as they are insignificant adjustments to the contract. To qualify, customers must make partial payments on their outstanding installments. As of September 30, 2025, $110 million of installments were refinanced relating to $480 million of retail Agricultural receivables in South America. As of December 31, 2024, $95 million of installments were refinanced relating to $380 million of retail Agricultural receivables in South America. As of September 30, 2025, these refinancings demonstrated a higher delinquency rate, specifically those greater than 90 days past due, compared to non-refinanced receivables within the portfolio. CNH has taken this into account when provisioning for credit losses.

10. INVENTORIES

Inventories as of September 30, 2025 and December 31, 2024 consist of the following (in millions of dollars):


	September 30, 2025		December 31, 2024
Raw materials	$	1,453	$	1,372
Work-in-process	570		384
Finished goods	3,330		3,020
Total inventories	$	5,353	$	4,776

11. LEASES

Lessee

The Company's leases are primarily operating lease contracts for buildings, plant and machinery, vehicles, information technology ("IT") equipment and machinery.

Leases with a term of 12 months or less are not recorded in the balance sheet. For these leases the Company recognized, on a straight-line basis over the lease term, lease expenses of $2 million and $1 million in the three months ended September 30, 2025 and 2024, respectively and $3 million and $4 million in the nine months ended September 30, 2025 and 2024.

For long-term leases recorded on the balance sheet, the Company incurred operating lease expenses of $29 million and $27 million in the three months ended September 30, 2025 and 2024, respectively and $81 million and $78 million in the nine months ended September 30, 2025 and 2024.

At September 30, 2025, the Company has recorded approximately $280 million of right-of-use assets and $287 million of related lease liability included in "Other assets" and "Other liabilities", respectively. At September 30, 2025, the weighted average remaining lease term (calculated on the basis of the remaining lease term and the lease liability balance for each lease) and the weighted average discount rate for operating leases were 4.7 years and 4.6%, respectively. At September 30, 2024, the Company has recorded approximately $295 million of right-of-use assets and $302 million of related lease liability included in "Other assets" and "Other liabilities", respectively. At September 30, 2024, the weighted average remaining lease term (calculated on the basis of the remaining lease term and the lease liability balance for each lease) and the weighted average discount rate for operating leases were 5.2 years and 4.6%, respectively.

During the nine months ended September 30, 2025 and 2024, leased assets obtained in exchange for operating lease obligations were $64 million and $66 million, respectively. The operating cash outflow for amounts included in the measurement of operating lease obligations was $80 million and $75 million as of September 30, 2025 and 2024, respectively.

Lessor

The Company, primarily through its Financial Services segment, leases equipment to retail customers under operating leases. Our leases typically have terms of 3 to 5 years with options available for the lessee to purchase the equipment at the lease term date. Revenue for non-lease components is accounted for separately.

12. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES

A summary of investments in unconsolidated subsidiaries and affiliates as of September 30, 2025 and December 31, 2024 is as follows (in millions of dollars):


	September 30, 2025		December 31, 2024
Equity method	$	417	$	403
Other investments, at carrying value	91		87
Total	$	508	$	490

13. GOODWILL AND OTHER INTANGIBLES

Changes in the carrying amount of goodwill for the nine months ended September 30, 2025 were as follows (in millions of dollars):


	Agriculture		Construction		Financial Services		Total
Balance at December 31, 2024	$	3,402	$	44	$	138	$	3,584
Foreign currency translation and other	22		6		1		29

Balance at September 30, 2025	$	3,424	$	50	$	139	$	3,613

Goodwill and other indefinite-lived intangible assets are tested for impairment annually or more frequently if a triggering event occurs that would indicate it is more likely than not that the fair value of a reporting unit is less than book value. CNH performed its most recent annual impairment review as of December 31, 2024 and concluded that there was no impairment to goodwill for any of the reporting entities.

As of September 30, 2025 and December 31, 2024, the Company's other intangible assets and related accumulated amortization consisted of the following (in millions of dollars):


		September 30, 2025						December 31, 2024
	Weighted Avg. Life	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Other intangible assets subject to amortization:
Dealer networks	20-25	$	218	$	204	$	14	$	218	$	203	$	15
Patents, concessions, licenses and other	5-25	936		589		347		938		573		365
Capitalized software	2-5	1,324		1,079		245		1,159		910		249
		2,478		1,872		606		2,315		1,686		629
Other intangible assets not subject to amortization:
In-process research and development		154		—		154		198		—		198
Software in-progress		155		—		155		121		—		121
Trademarks		272		—		272		273		—		273
Total other intangible assets		$	3,059	$	1,872	$	1,187	$	2,907	$	1,686	$	1,221

During the third quarter of 2025, the Company recorded a $48 million impairment charge related to IPR&D assets from the 2023 Bennamann acquisition. These assets relate to technologies that capture methane emissions from livestock waste and convert them into better-than-zero-carbon biofuel. The impairment charge was primarily due to reduced projected cash flows following a narrowing of strategic focus to the cleaning and upgrading of methane waste. Fair value was determined using the Income Approach, based on a discounted cash flow analysis incorporating revised management projections. Following the impairment, the carrying value of the Bennamann IPR&D asset was $6.7 million. The impairment charge is included in "Research and development expenses" in the Consolidated Statement of Operations. In the Consolidated Statement of Cash Flows the impairment charge is included in "Other non-cash items" within Operating Activities.

CNH recorded amortization expense of $43 million and $48 million for the three months ended September 30, 2025 and 2024, respectively, and $127 million and $139 million for the nine months ended September 30, 2025 and 2024.

14. SUPPLY CHAIN FINANCE PROGRAMS

Under the supply chain finance ("SCF") programs, administered by a third party, our suppliers are given the opportunity to sell receivables from us to participating financial institutions at their sole discretion. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution. The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program. No guarantees are provided by the Company under the SCF programs.

As of September 30, 2025 and December 31, 2024, $115 million and $79 million of obligations remain outstanding that we have confirmed as valid to the administrators of the SCF programs. We have no economic interest in a supplier's decision to participate in the SCF program, and we have no direct financial relationship with the financial institutions, as it relates to the SCF programs. These balances are included within "Trade payables" in our consolidated balance sheets and are reflected as cash flows from operating activities in our consolidated statements of cash flows when settled.

15. OTHER LIABILITIES

A summary of "Other liabilities" as of September 30, 2025 and December 31, 2024 is as follows (in millions of dollars):


	September 30, 2025		December 31, 2024
Warranty and campaign programs	$	659	$	633
Marketing and sales incentive programs	1,973		2,075
Tax payables	228		243
Accrued expenses and deferred income	932		917
Accrued employee benefits	444		376
Lease liabilities	287		282
Legal reserves and other provisions	411		390

Contract liabilities	112		72
Restructuring reserve	27		30
Other	367		345
Total	$	5,440	$	5,363

Warranty and Campaign Programs

CNH pays for basic warranty and other service action costs. A summary of recorded activity for the three and nine months ended September 30, 2025 and 2024, for the basic warranty and accruals for campaign programs are as follows (in millions of dollars):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Balance at beginning of period	$	668	$	637	$	633	$	610
Current year additions	133		130		411		455
Claims paid	(142)		(143)		(421)		(423)
Currency translation adjustment and other	—		13		36		(5)
Balance at end of period	$	659	$	637	$	659	$	637

Restructuring Expenses

The Company incurred restructuring expenses of $3 million and $12 million during the three months ended September 30, 2025 and 2024, respectively, and $14 million and $94 million during the nine months ended September 30, 2025 and 2024 primarily due to employee separation costs.

16. COMMITMENTS AND CONTINGENCIES

As a global company with a diverse business portfolio, CNH in the ordinary course of business is exposed to numerous legal risks, including, without limitation, dealer and supplier litigation, intellectual property right disputes, product liability,

asbestos, personal injury, emissions and/or fuel economy regulatory, competition law and other regulatory investigations and environmental claims. The most significant of these matters are described below.

The outcome of any current or future proceedings, claims, or investigations cannot be predicted with certainty. Adverse decisions in one or more of these proceedings, claims or investigations could require CNH to pay substantial damages or fines or undertake service actions, recall campaigns or other costly actions. It is therefore possible that legal judgments could give rise to expenses that are not covered, or not fully covered, by insurance and could affect CNH's financial position and results. When it is probable that such a loss has been incurred and the amount can be reasonably estimated, such amounts are provided for in the Company's consolidated statements of operations and the related accrual is recorded in "Other liabilities" on the consolidated balance sheets.

Although the ultimate outcome of legal matters pending against CNH and its subsidiaries cannot be predicted, the Company believes the reasonable possible range of losses for these unresolved legal matters in addition to the amounts accrued would not have a material effect on its consolidated financial statements.

Environmental

Pursuant to the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), which imposes strict and, under certain circumstances, joint and several liability for remediation and liability for natural resource damages, and other federal and state laws that impose similar liabilities, CNH has received inquiries for information or notices of its potential liability regarding 66 non-owned U.S. sites at which regulated materials allegedly generated by CNH were released or disposed ("Waste Sites"). Of the Waste Sites, 16 are on the National Priority List ("NPL") promulgated pursuant to CERCLA. For 60 of the Waste Sites, the monetary amount or extent of the Company's liability has either been resolved, it has not been named as a potentially responsible party ("PRP"), or its liability is likely de minimis.

Because estimates of remediation costs are subject to revision as more information becomes available about the extent and cost of remediation and settlement agreements can be reopened under certain circumstances, the Company's potential liability for remediation costs associated with the 66 Waste Sites could change. Moreover, because liability under CERCLA and similar laws can be joint and several, CNH could be required to pay amounts in excess of its pro rata share of remediation costs. However, when appropriate, the financial strength of other PRPs has been considered in the determination of the Company's potential liability. CNH believes that the costs associated with the Waste Sites will not have a material effect on the Company's business, financial position, or results of operations.

The Company is conducting environmental investigatory or remedial activities at certain properties that are currently or were formerly owned and/or operated or that are being decommissioned. The Company believes that the outcome of these activities will not have a material adverse effect on its business, financial position, or results of operations.

The actual costs for environmental matters could differ materially from those costs currently anticipated due to the nature of historical handling and disposal of hazardous substances typical of manufacturing and related operations, the discovery of currently unknown conditions and as a result of more aggressive enforcement by regulatory authorities and changes in existing laws and regulations. As in the past, CNH plans to continue funding its costs of environmental compliance from operating cash flows.

Investigation, analysis and remediation of environmental sites is a time-consuming activity. The Company expects such costs to be incurred and claims to be resolved over an extended period that could exceed 30 years for some sites. As of September 30, 2025 and December 31, 2024, environmental reserves of approximately $24 million and $21 million, respectively, were established to address these specific estimated potential liabilities. Such reserves are undiscounted and do not include anticipated recoveries, if any, from insurance companies. After considering these reserves, management is of the opinion that the outcome of these matters will not have a material adverse effect on the Company's financial position or results of operations.

Other Litigation and Investigations

Follow-up on Damages Claims: In 2011 Iveco S.p.A. ("Iveco"), a subsidiary of Iveco Group N.V., and its competitors in the European Union were subject to an investigation by the European Commission (the "Commission") into certain business practices in the European Union (in the period 1997-2011) in relation to Medium and Heavy trucks. On July 19, 2016, the Commission announced a settlement with Iveco (the "Decision"). Following the Decision, the Company, Iveco and Iveco Magirus AG ("IMAG") have been named as defendants in proceedings across Europe. Following the Demerger, CNH cannot be excluded from current and future follow-on proceedings originating from the Decision because under EU competition law a company cannot use corporate reorganizations to avoid liability for private damage claims. At this time, CNH is unable to predict the outcome of these proceedings or reasonably estimate any potential losses. In the event one or more of these judicial proceedings would result in a decision against CNH ordering it to compensate such claimants as a result of the conduct that was the subject matter of the Decision, then CNH, as a result of various arrangements, will

ultimately have recourse against Iveco and IMAG for the reimbursement of any damages paid by CNH to such claimants. However, if Iveco or IMAG do not comply with their obligations with respect to any such decisions or fail to fulfill their obligations to CNH, then CNH could experience financial losses. The Company believes that the risk of Iveco, IMAG or Iveco Group defaulting on potential payment obligations arising from such follow-up on damage claims is remote and at this time, is unable to reasonably estimate any potential losses.

FPT Emissions Investigation: On July 22, 2020, a number of the Company's (pre-Demerger) offices in Europe were visited by investigators in the context of a request for assistance by the public prosecutors of Frankfurt am Main, Germany and Turin, Italy in relation to alleged noncompliance of two engine models produced by FPT Industrial S.p.A. ("FPT Industrial"), which is a wholly-controlled subsidiary of Iveco Group N.V. The Italian criminal investigation was dismissed in 2023. As a result of FPT Industrial's full cooperation with the investigative authorities, all German criminal investigations were concluded in December 2023. FPT is defending individual civil claims alleging emissions' non-compliance in Germany and Austria. While the Company had no role in the design and sale of such engine models and vehicles, the Company cannot predict the likelihood of these outcomes or reasonably estimate any potential losses. The Company believes that the risk of either FPT Industrial or Iveco Group N.V. defaulting on potential payment obligations arising from such proceedings is remote.

SEC Subpoenas: The Company responded to subpoenas issued by the SEC requesting information and documents relating to our revenue recognition and sales practices. The Company cooperated with the SEC's inquiry and provided responsive documents and information. On July 25, 2025, the Company was notified by the SEC Staff that it had concluded its inquiry and did not intend to recommend any enforcement action to the Commission.

Guarantees

CNH provided guarantees on the debt or commitments of third parties and performance guarantees in the interest of non-consolidated affiliates as of September 30, 2025 and December 31, 2024 totaling $113 million and $54 million, respectively.

17. FINANCIAL INSTRUMENTS

CNH may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability or firm commitment or, when certain specified reconsideration events occur. The fair value election may not be revoked once made. CNH has not elected the fair value measurement option for eligible items.

Fair Value Hierarchy

The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs have created the following fair value hierarchy:

•Level 1 - Quoted prices for identical instruments in active markets.

•Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

•Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

This hierarchy requires the use of observable market data when available.

Determination of Fair Value

When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will use observable market-based inputs to calculate fair value, in which case the items are classified in Level 2.

If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.

The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models, and the key inputs to those models, as well as any significant assumptions.

Derivatives

CNH utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. CNH does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows.

Foreign Exchange Derivatives

CNH has entered into foreign exchange forward contracts and swaps in order to manage and preserve the economic value of cash flows in a currency different from the functional currency of the relevant legal entity. CNH conducts its business on a global basis in a wide variety of foreign currencies and hedges foreign currency exposures arising from various receivables, liabilities, and expected inventory purchases and sales. Derivative instruments utilized to hedge the foreign currency risk associated with anticipated inventory purchases and sales in foreign currencies are designated as cash flow hedges. Gains and losses on these instruments are deferred in accumulated other comprehensive income/(loss) and recognized in earnings when the related transaction occurs. If a derivative instrument is terminated because the hedge relationship is no longer effective or because the hedged item is a forecasted transaction that is no longer determined to be probable, the cumulative amount recorded in accumulated other comprehensive income (loss) is recognized immediately in earnings. Such amounts were insignificant for the three and nine months ended September 30, 2025 and 2024.

CNH also uses forwards and swaps to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and not designated as hedging instruments. The changes in the fair values of these instruments are recognized directly in income in "Other, net" and are expected to offset the foreign exchange gains or losses on the exposures being managed.

All of CNH's foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of CNH's foreign exchange derivatives was $4.3 billion and $4.2 billion at September 30, 2025 and December 31, 2024, respectively.

Interest Rate Derivatives

CNH has entered into interest rate derivatives (swaps and caps) in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are being used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments are deferred in "Accumulated other comprehensive income (loss)" and recognized in "Interest expense" over the period in which CNH recognizes interest expense on the related debt.

Interest rate derivatives that have been designated as fair value hedge relationships have been used by CNH to mitigate the volatility in the fair value of existing fixed-rate bonds and medium-term notes due to changes in floating interest rate benchmarks. Gains and losses on these instruments are recorded in "Interest expense" in the period in which they occur and an offsetting gain or loss is also reflected in "Interest expense" based on changes in the fair value of the debt instrument being hedged due to changes in floating interest rate benchmarks.

CNH also enters into offsetting interest rate derivatives with substantially similar terms that are not designated as hedging instruments to mitigate interest rate risk related to CNH's committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income. Net gains and losses on these instruments were insignificant for the three and nine months ended September 30, 2025 and 2024.

All of CNH's interest rate derivatives outstanding as of September 30, 2025 and December 31, 2024 are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of CNH's interest rate derivatives was approximately $9.4 billion at September 30, 2025 and $9.1 million at December 31, 2024, respectively.

As a result of the reform and replacement of specific benchmark interest rates, the Company elected to make the replacement using the optional expedient under ASC 848, which allows the change in critical terms without de-designation

and the Company also elected the optional expedient to apply a spread adjustment to hedged items cash flows that resulted in no change to the cumulative basis adjustment reflected in earnings.

Financial Statement Impact of Derivatives

The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges recognized in "Accumulated other comprehensive income (loss)" and "Net income (loss)" during the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):


			Recognized in Net Income
For the Three Months Ended September 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2025
Foreign exchange contracts	$	(27)
			Net sales	1
			Cost of goods sold	16
			Other, net	—
Interest rate contracts	2		Interest expense	9
Total	$	(25)		$	26
2024
Foreign exchange contracts	$	16
			Net sales	(2)
			Cost of goods sold	(8)
			Other, net	(8)
Interest rate contracts	(13)		Interest expense	(8)
Total	$	3		$	(26)


			Recognized in Net Income
For the Nine Months Ended September 30,	Gain (Loss) Recognized in Accumulated Other Comprehensive Income		Classification of Gain (Loss)	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2025
Foreign exchange contracts	$	10
			Net sales	(3)
			Cost of goods sold	13
			Other, net	(4)
Interest rate contracts	(33)		Interest expense	19
Total	$	(23)		$	25
2024
Foreign exchange contracts	$	(3)
			Net sales	(5)
			Cost of goods sold	(26)
			Other, net	(11)
Interest rate contracts	45		Interest expense	(20)
Total	$	42		$	(62)

The following table summarizes the activity in "Accumulated other comprehensive income (loss)" related to the derivatives held by the Company during the nine months ended September 30, 2025 and 2024 (in millions of dollars):


	Before-Tax Amount		Income Tax		After-Tax Amount
Accumulated derivative net income at December 31, 2024	$	115	$	(43)	$	72
Net changes in fair value of derivatives	(23)		20		(3)
Net income reclassified from accumulated other comprehensive income into income	(25)		—		(25)
Accumulated derivative net income at September 30, 2025	$	67	$	(23)	$	44

Accumulated derivative net losses at December 31, 2023	$	(19)	$	9	$	(10)
Net changes in fair value of derivatives	42		(30)		12
Net income reclassified from accumulated other comprehensive income into income	62		(2)		60
Accumulated derivative net income at September 30, 2024	$	85	$	(23)	$	62

The following tables summarize the impact related to changes in the fair value of fair value hedges and derivatives not designated as hedges during the three and nine months ended September 30, 2025 and 2024 (in millions of dollars):


		For the Three Months Ended September 30,
	Classification of Gain (Loss)	2025		2024
Fair Value Hedges
Interest rate derivatives	Interest expense	$	11	$	56

Not Designated as Hedges
Foreign exchange contracts	Other, net	$	(12)	$	(10)


		For the Nine Months Ended September 30,
	Classification of Gain (Loss)	2025		2024
Fair Value Hedges
Interest rate derivatives	Interest expense	$	46	$	53

Not Designated as Hedges
Foreign exchange contracts	Other, net	$	10	$	(54)

The fair values of CNH's derivatives as of September 30, 2025 and December 31, 2024 in the consolidated balance sheets are recorded as follows (in millions of dollars):


	September 30, 2025			December 31, 2024
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments
Foreign currency contracts	Derivative assets	$	33	Derivative assets	$	44
Interest rate contracts	Derivative assets	101		Derivative assets	103
Total derivative assets		$	134		$	147
Foreign currency contracts	Derivative liabilities	$	31	Derivative liabilities	$	51
Interest rate contracts	Derivative liabilities	41		Derivative liabilities	58
Total derivative liabilities		$	72		$	109

Derivatives not designated as hedging instruments
Foreign currency contracts	Derivative assets	$	10	Derivative assets	$	27
Interest rate contracts	Derivative assets	11		Derivative assets	22
Total derivative assets		$	21		$	49
Foreign currency contracts	Derivative liabilities	$	10	Derivative liabilities	$	15
Interest rate contracts	Derivative liabilities	11		Derivative liabilities	22
Total derivative liabilities		$	21		$	37

Items Measured at Fair Value on a Recurring Basis

The following tables present for each of the fair value hierarchy levels the Company's assets and liabilities that are measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024 (in millions of dollars):


	Level 1				Level 2				Total
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Assets
Foreign exchange derivatives	$	—	$	—	$	43	$	71	$	43	$	71
Interest rate derivatives	—		—		112		125		112		125
Total Assets	$	—	$	—	$	155	$	196	$	155	$	196
Liabilities
Foreign exchange derivatives	$	—	$	—	$	41	$	66	$	41	$	66
Interest rate derivatives	—		—		52		80		52		80
Total Liabilities	$	—	$	—	$	93	$	146	$	93	$	146

Fair Value of Other Financial Instruments

The carrying value of "Cash and cash equivalents", "Restricted cash", "Trade receivables, net" and "Trade payables" included in the consolidated balance sheets approximates its fair value.

Financial Instruments Not Carried at Fair Value

The estimated fair market values of financial instruments not carried at fair value in the consolidated balance sheets as of September 30, 2025, and December 31, 2024, were as follows (in millions of dollars):


	September 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financing receivables	$	23,001	$	22,976	$	23,085	$	22,920
Debt	$	27,128	$	27,666	$	26,882	$	27,222

Financing Receivables

The fair value of financing receivables is based on the discounted values of their related cash flows at current market interest rates and they are classified as a Level 3 fair value measurement.

Debt

All debt is classified as a Level 2 fair value measurement with the exception of bonds issued by CNH Industrial Finance Europe S.A. and bonds issued by CNH Industrial N.V. that are classified as a Level 1 fair value measurement.

18. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The Company's share of other comprehensive income (loss) includes net income plus other comprehensive income, which includes changes in fair value of certain derivatives designated as cash flow hedges, certain changes in pension and other retirement benefit plans, foreign currency translations gains and losses, changes in the fair value of available-for-sale securities, the Company's share of other comprehensive income (loss) of entities accounted for using the equity method, and reclassifications for amounts included in net income (loss) less net income (loss) and other comprehensive income (loss) attributable to the noncontrolling interest. For more information on derivative instruments, see "Note 17: Financial Instruments". For more information on pensions and retirement benefit obligations, see "Note 6: Employee Benefit Plans and Postretirement Benefits". The Company's other comprehensive income (loss) amounts are aggregated within accumulated other comprehensive income (loss). The tax effect for each component of other comprehensive income (loss) for the three and nine months ended September 30, 2025 and 2024 consisted of the following (in millions of dollars):


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Gross Amount		Income Taxes		Net Amount		Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	(52)	$	15	$	(37)	$	(48)	$	20	$	(28)
Changes in retirement plans' funded status	(2)		1		(1)		(8)		2		(6)
Foreign currency translation	15		—		15		15		—		15
Share of other comprehensive income (loss) of entities using the equity method	(1)		—		(1)		27		—		27
Other comprehensive income (loss)	$	(40)	$	16	$	(24)	$	(14)	$	22	$	8


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Gross Amount		Income Taxes		Net Amount		Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	29	$	(8)	$	21	$	104	$	(32)	$	72
Changes in retirement plans' funded status	—		1		1		(2)		2		—
Foreign currency translation	(35)		—		(35)		(255)		—		(255)
Share of other comprehensive income (loss) of entities using the equity method	12		—		12		(8)		—		(8)
Other comprehensive income (loss)	$	6	$	(7)	$	(1)	$	(161)	$	(30)	$	(191)

The changes, net of tax, in each component of "Accumulated other comprehensive income (loss)" in the nine months ended September 30, 2025 and 2024 consisted of the following (in millions of dollars):


	Unrealized Gain (Loss) on Cash Flow Hedges		Change in Retirement Plans' Funded Status		Foreign Currency Translation		Share of Other Comprehensive Income (Loss) of Entities Using the Equity Method		Total
Balance at December 31, 2024	$	72	$	(348)	$	(2,170)	$	(266)	$	(2,712)
Other comprehensive income (loss), before reclassifications	(3)		(6)		10		27		28
Amounts reclassified from other comprehensive income	(25)		—		—		—		(25)
Other comprehensive income (loss)(1)	(28)		(6)		10		27		3
Balance at September 30, 2025	$	44	$	(354)	$	(2,160)	$	(239)	$	(2,709)

Balance at December 31, 2023	$	(10)	$	(351)	$	(1,763)	$	(238)	$	(2,362)
Other comprehensive income (loss), before reclassifications	12		—		(259)		(8)		(255)
Amounts reclassified from other comprehensive income	60		—		—		—		60
Other comprehensive income (loss)(1)	72		—		(259)		(8)		(195)
Balance at September 30, 2024	$	62	$	(351)	$	(2,022)	$	(246)	$	(2,557)

(1)Excluded from the table above is other comprehensive income (loss) allocated to noncontrolling interests of $5 million and $4 million for the nine months ended September 30, 2025 and 2024, respectively.

Significant amounts reclassified out of each component of "Accumulated other comprehensive income (loss)" in the three and nine months ended September 30, 2025 and 2024 consisted of the following (in millions of dollars):


	Amounts Reclassified from Other Comprehensive Income (Loss)								Consolidated Statement of Operations Line
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash flow hedges	$	(1)	$	2	$	3	$	5	Net sales
	(16)		8		(13)		26		Cost of goods sold
	—		8		4		11		Other, net
	(9)		8		(19)		20		Interest expense
	—		—		—		(2)		Income taxes
	(26)		26		(25)		60
Change in retirement plans' funded status:
Amortization of actuarial losses	6		7		16		17		(1)
Amortization of prior service cost	(5)		(7)		(14)		(19)		(1)
	(2)		1

CNH Industrial N.V. 10-Q