INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025


		2025			2024			2023
Current income tax expense:
Domestic		$	111,112		$	75,235		$	98,358
State			12,180			10,436			11,404
Foreign			22,611			16,294			17,626
Total current income tax expense			145,903			101,965			127,388
Deferred income tax benefit:
Domestic			(56,018)			(23,485)			(52,890)
State			(2,406)			(4,957)			(6,161)
Foreign			(7,521)			(5,899)			(6,381)
Total deferred income tax benefit			(65,945)			(34,341)			(65,432)
Total tax provision		$	79,958		$	67,624		$	61,956


	Amount		Percent
Income before income taxes	$	316,809

Federal statutory rate	$	66,530	21.0	%
State and local income taxes:
United States		7,770	2.4
Foreign tax effects:
Canada
Statutory tax rate difference		(3,759)	(1.2)
State and local income taxes		7,035	2.2
Other		(2,005)	(0.6)
Canada total		1,271	0.4
Other jurisdictions		13	0.0
Total foreign tax effects		1,284	0.4
Effect of cross-border tax laws		2,544	0.8
Nontaxable or nondeductible items		(159)	(0.1)
Change in unrecognized tax benefits		804	0.3
Other adjustments		1,185	0.4
Total	$	79,958	25.2	%


		2024		2023
Tax provision at statutory rate		21.0	%	21.0	%
State taxes		3.4		3.7
Foreign taxes		(1.0)		(1.3)
Tax contingencies		—		—
Tax credits and incentives		(1.6)		(0.8)
Other		(0.3)		(0.2)
Total tax provision effective rate		21.5	%	22.4	%


		2025			2024
Deferred tax assets:
Pension, postretirement and post-employment benefits		$	1,226		$	1,569
Marketing and sales incentive programs			108,943			94,283
Allowance for credit losses			30,039			25,513
Other accrued liabilities			62,643			43,210
Tax loss and tax credit carry forwards			1,725			1,702
Total deferred tax assets		$	204,576		$	166,277
Deferred tax liability:
Equipment on operating lease			220,024			249,765
Net deferred tax liabilities		$	(15,448)		$	(83,488)


	2025			2024
Deferred tax assets	$	31,000		$	22,160
Deferred tax liabilities		(46,448)			(105,648)
Net deferred tax liabilities	$	(15,448)		$	(83,488)


		2025
Balance, beginning of year		$	—
Additions based on tax positions related to the current year			—
Additions for tax positions for prior years			531
Settlements			—
Balance, end of year		$	531

CNH Industrial Capital LLC 10-K