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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 June 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 June 30, 2025, 1,250,820,050 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 n otes to c onsolidated f inancial s tatements	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	56
Item 4	Controls and procedures	56

PART II – OTHER INFORMATION
Item 1	Legal proceedings	58
Item 1A	Risk factors	58
Item 2	Unregistered sales of equity securities and use of proceeds	58
Item 3	Default upon senior securities	58
Item 4	Mine safety disclosures	58
Item 5	Other information	58
Item 6	Exhibits	59

PART I - FINANCIAL INFORMATION

CNH INDUSTRIAL N.V.

CONSOLIDATED BALANCE SHEETS

As of June 30, 2025 and December 31, 2024

(Unaudited)


(in millions of dollars)	June 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	2,512	$	3,191
Restricted cash	635		675
Trade receivables, net	201		125
Financing receivables, net	23,387		23,085
Financial receivables from Iveco Group N.V.	263		168
Inventories, net	5,216		4,776
Property, plant and equipment, net	2,164		1,936
Investments in unconsolidated subsidiaries and affiliates	505		490
Equipment under operating leases	1,540		1,466
Goodwill	3,618		3,584
Other intangible assets, net	1,243		1,221
Deferred tax assets	1,040		927
Derivative assets	168		196
Other assets	1,195		1,093
Total Assets	$	43,687	$	42,933
Liabilities and Equity
Debt	$	27,408	$	26,882
Financial payables to Iveco Group N.V.	69		62
Trade payables	2,417		2,292
Deferred tax liabilities	36		28
Pension, postretirement and other postemployment benefits	407		392
Derivative liabilities	90		146
Other liabilities	5,426		5,363
Total Liabilities	35,853		35,165
Redeemable noncontrolling interest	55		55
Common shares, €0.01, par value; outstanding 1,250,820,050 common shares and 370,502,030 loyalty program special voting shares at 06/30/2025; 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; 113,580,146 shares at 06/30/2025 and 116,376,405 at 12/31/2024	(1,343)		(1,386)
Additional paid-in capital	1,378		1,415
Retained earnings	10,340		10,309
Accumulated other comprehensive income (loss)	(2,687)		(2,712)
Noncontrolling interests	66		62
Total Equity	7,779		7,713
Total Liabilities and Equity	$	43,687	$	42,933

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Six Months Ended June 30, 2025 and 2024

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions of dollars and shares, except per share amounts)	2025		2024(1)		2025		2024(1)
Revenues
Net sales	$	4,021	$	4,803	$	7,193	$	8,934
Finance, interest and other income	690		685		1,346		1,372
Total Revenues	4,711		5,488		8,539		10,306
Costs and Expenses
Cost of goods sold	3,192		3,702		5,761		6,897
Selling, general and administrative expenses	478		461		864		872
Research and development expenses	218		237		402		465
Restructuring expenses	5		51		11		82
Interest expense	360		418		722		812
Other, net	183		165		342		322
Total Costs and Expenses	4,436		5,034		8,102		9,450
Income (loss) of Consolidated Group before Income Taxes	275		454		437		856
Income tax expense	(76)		(95)		(123)		(172)
Equity in income of unconsolidated subsidiaries and affiliates	18		45		35		89
Net income (loss)	217		404		349		773
Net income (loss) attributable to noncontrolling interests	4		5		5		6
Net income (loss) attributable to CNH Industrial N.V.	$	213	$	399	$	344	$	767

Earnings per share attributable to common shareholders
Basic	$	0.17	$	0.32	$	0.28	$	0.61
Diluted	$	0.17	$	0.32	$	0.27	$	0.61
Weighted average shares outstanding
Basic	1,250		1,256		1,249		1,258
Diluted	1,253		1,260		1,253		1,267

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

(1) See "Note 20: Immaterial Revision of Prior Period Financial Statements".

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three and Six Months Ended June 30, 2025 and 2024

(Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions of dollars)	2025		2024(1)		2025		2024(1)
Net income (loss)	$	217	$	404	$	349	$	773
Other comprehensive income (loss), net of tax
Unrealized gain (loss) on cash flow hedges	16		44		9		51
Changes in retirement plans' funded status	(3)		(1)		(5)		(1)
Foreign currency translation	(59)		(170)		—		(220)
Share of other comprehensive income (loss) of entities using the equity method	18		(14)		28		(20)
Other comprehensive income (loss), net of tax	(28)		(141)		32		(190)
Comprehensive income (loss)	189		263		381		583
Less: Comprehensive income attributable to noncontrolling interests	8		5		12		6
Comprehensive income (loss) attributable to CNH Industrial N.V.	$	181	$	258	$	369	$	577

(1) See "Note 20: Immaterial Revision of Prior Period Financial Statements".

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2025 and 2024

(Unaudited)


	Six Months Ended June 30,
(in millions of dollars)	2025		2024(1)
Cash Flows from Operating Activities
Net Income (loss)	$	349	$	773
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	208		207
Depreciation and amortization expense of assets under operating leases	98		92
(Gain) loss on disposal of assets	—		7
Undistributed (income) loss of unconsolidated subsidiaries	11		(12)
Other non-cash items	183		130
Changes in operating assets and liabilities:
Provisions	(153)		105
Deferred income taxes	(30)		(24)
Trade and financing receivables related to sales, net	443		(136)
Inventories, net	(51)		(495)
Trade payables	(8)		(638)
Other assets and liabilities	(116)		(524)
Net cash provided (used) by operating activities	934		(515)
Cash Flows from Investing Activities
Additions to retail receivables	(3,701)		(3,861)
Collections of retail receivables	3,810		3,287
Proceeds from sale of assets, excluding assets under operating leases	—		1
Expenditures for property, plant and equipment and intangible assets, excluding assets under operating leases	(196)		(206)
Expenditures for assets under operating leases	(320)		(214)
Other, net	(215)		64
Net cash provided (used) by investing activities	(622)		(929)
Cash Flows from Financing Activities
Proceeds from long-term debt	6,268		8,754
Payments of long-term debt	(5,810)		(8,362)
Net increase (decrease) in other financial liabilities	(1,393)		23
Dividends paid	(321)		(594)
Purchase of treasury stock	(5)		(641)
Net cash provided (used) by financing activities	(1,261)		(820)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	230		(134)
Net increase (decrease) in cash, cash equivalents and restricted cash	(719)		(2,398)
Cash, cash equivalents and restricted cash, beginning of year	3,866		5,045
Cash, cash equivalents and restricted cash, end of period	$	3,147	$	2,647

Components of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	2,512	$	2,002
Restricted cash	635		645
Total cash, cash equivalents and restricted cash	$	3,147	$	2,647

(1) See "Note 20: Immaterial Revision of Prior Period Financial Statements".

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three and Six Months Ended June 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

See accompanying notes to the consolidated financial statements

CNH INDUSTRIAL N.V.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the Three and Six Months Ended June 30, 2024

(Unaudited)


(in millions of dollars)	Common Shares		Treasury Stock		Additional Paid-in Capital		Retained Earnings(1)		Accumulated Other Comprehensive Income (Loss)(1)		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

(1) See "Note 20: Immaterial Revision of Prior Period Financial Statements".

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 equipment and construction equipment. In addition, CNH's Financial Services segment offers an array of financial products and services, including retail financing for the purchase or lease of new and used CNH and other manufacturers' products and other retail financing programs and wholesale financing to dealers.

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 post-retirement 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;

•Europe, Middle East and Africa: 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.

Immaterial Revision of Prior Period Financial Statements

In connection with the preparation of our consolidated financial statements for the three months ended September 30, 2024, the Company identified an immaterial error related to the highly inflationary accounting for its unconsolidated subsidiary in Türkiye, TürkTraktör ve Ziraat Makineleri A.S. ("TürkTraktör"). The functional currency of Türkiye-based TürkTraktör is the Turkish lira, and the Türkiye economy was deemed highly inflationary in 2022. CNH has determined that its translation criteria from Turkish lira into CNH's functional currency of U.S. Dollars resulted in an overstatement of CNH's Equity in income of Unconsolidated Subsidiaries and Affiliates by $34 million and $67 million for the three and six months ended June 30, 2024, respectively. In accordance with SAB No. 99, "Materiality", and SAB No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements", CNH evaluated the error and determined that the related impact was not material to its financial statements for any prior annual or interim period, but that correcting the cumulative impact of the error would be significant to its results of operations for the three months ended September 30, 2024. For comparative purposes, the Company has made these immaterial corrections to the recognition of highly inflationary impacts, as well as the related impacts to retained earnings in the prior periods presented in this Form 10-Q. The impacts of the error and subsequent corrections are contained entirely within the Agriculture segment. A summary of revisions to our previously reported financial statements is presented in "Note 20: Immaterial Revision of Prior Period Financial Statements".

2. NEW ACCOUNTING PRONOUNCEMENTS

Not Yet Adopted

Business Combinations and Consolidations

In May 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASUs") 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 this guidance will have on the disclosures in the 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 this guidance will have on the 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 to 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 six months ended June 30, 2025 and 2024 (in millions of dollars):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Agriculture	$	3,248	$	3,913	$	5,829	$	7,286
Construction	773		890		1,364		1,648
Total Industrial Activities	4,021		4,803		7,193		8,934
Financial Services	685		687		1,336		1,372
Eliminations and other	5		(2)		10		—
Total Revenues	$	4,711	$	5,488	$	8,539	$	10,306

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues from:
Sales of goods	$	4,007	$	4,789	$	7,170	$	8,909
Rendering of services and other revenues	14		14		23		25
Revenues from sales of goods and services	4,021		4,803		7,193		8,934
Finance and interest income	531		548		1,041		1,084
Rents and other income on operating lease	159		137		305		288
Finance, interest and other income	690		685		1,346		1,372
Total Revenues	$	4,711	$	5,488	$	8,539	$	10,306

Contract liabilities recorded in "Other liabilities" were $93 million and $72 million at June 30, 2025 and December 31, 2024, respectively. Contract liabilities primarily relate to extended warranties. During the three and six months ended June 30, 2025, revenues included $6 million and $9 million, respectively, relating to contract liabilities outstanding at the beginning of each period. During the three and six months ended June 30, 2024 revenues included $4 million and $9 million, respectively, relating to contract liabilities outstanding at the beginning of each period.

As of June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $93 million (approximately $72 million at December 31, 2024). CNH expects to recognize revenue on approximately 30% and 90% 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).


	June 30, 2025		December 31, 2024
Restricted cash	$	538	$	585
Financing receivables	10,436		10,831
Total Assets	$	10,974	$	11,416
Debt	$	10,114	$	10,577
Total Liabilities	$	10,114	$	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 June 30,				Six Months Ended June 30,
	2025		2024(1)		2025		2024(1)
Basic EPS attributable to common shareholders
Net income (loss) attributable to CNH Industrial N.V.	$	213	$	399	$	344	$	767
Weighted average common shares outstanding—basic	1,250		1,256		1,249		1,258
Basic earnings (loss) per share	$	0.17	$	0.32	$	0.28	$	0.61
Diluted EPS attributable to common shareholders
Weighted average common shares outstanding—basic	1,250		1,256		1,249		1,258
Dilutive effect of stock compensation plans(2)	3		4		4		9
Weighted average common shares outstanding—diluted	1,253		1,260		1,253		1,267
Diluted earnings (loss) per share	$	0.17	$	0.32	$	0.27	$	0.61

(1)See "Note 20: Immaterial Revision of Prior Period Financial Statements".

(2)For the three and six months ended June 30, 2025, no shares were excluded from the computation of diluted earnings per share as all shares were dilutive. For the three and six months ended June 30, 2024, 22,000 and 312,000 shares 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 six months ended June 30, 2025 and 2024 (in millions of dollars):


	Pension				Healthcare				Other
	Three Months Ended June 30,				Three Months Ended June 30,				Three Months Ended June 30,
	2025		2024		2025		2024		2025		2024
Service cost	$	2	$	3	$	—	$	—	$	1	$	1
Interest cost	14		13		3		2		—		1
Expected return on assets	(13)		(14)		(1)		—		—		—
Amortization of:
Prior service credit	1		—		(5)		(6)		—		—
Actuarial loss (gain)	5		6		—		—		—		(1)
Net periodic benefit cost	$	9	$	8	$	(3)	$	(4)	$	1	$	1


	Pension				Healthcare				Other
	Six Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024		2025		2024
Service cost	$	4	$	5	$	1	$	1	$	2	$	2
Interest cost	27		26		5		4		1		2
Expected return on assets	(25)		(27)		(2)		(1)		—		—
Amortization of:
Prior service credit	1		—		(10)		(12)		—		—
Actuarial loss (gain)	10		11		1		—		(1)		(1)
Net periodic benefit cost	$	17	$	15	$	(5)	$	(8)	$	2	$	3

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 six months ended June 30, 2025 and 2024, $6 million and $12 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 June 30, 2025 and 2024 was 27.6% and 20.9%, respectively. The increase in the 2025 effective tax rate was due to the impact of the Company's geographic income mix, lower permanent tax benefits, and a smaller rate reduction from the discrete impact on period earnings from Argentina's highly-inflationary economy.

The effective tax rate for the six months ended June 30, 2025 and 2024 was 28.1% and 20.1%, respectively. The increase in the 2025 effective tax rate was due to the impact of the Company's 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 was reduced by the impact of discrete items, 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. Key income tax related provisions of the OBBBA include the repeal of mandatory capitalization of research and development expenditures under the Internal Revenue Code ("IRC") Section 174, reinstating full expensing beginning in 2025, extension of bonus depreciation, and revisions to U.S. international tax rules. The Company is evaluating the financial implications of the OBBBA and will begin reflecting its effects in the third quarter of 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 post-employment 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 upon 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 six months ended June 30, 2025 and 2024 (in millions of dollars):


	Three Months Ended June 30, 2025
	Agriculture		Construction		Financial Services(1)		Total
Net sales	$	3,248	$	773	$	—
Finance, interest income	—		—		685
Total Revenues	3,248		773		685
Cost of goods sold	(2,540)		(652)		—
Selling, general and administrative expenses(2)	(265)		(62)		(114)
Research and development expenses	(194)		(24)		—
Interest expense (Financial Services)	—		—		(329)

Other, net (Financial Services)	—		—		(134)
Equity in income of joint ventures	14		—		4
Adjusted EBIT [A]	263		35		n/a
Income before income taxes [B]	n/a		n/a		112
Segment Profit/(loss) [C=A+B]							$	410
Interest income/(expenses), net (excluding Financial Services)							$	(26)
Restructuring expenses (Industrial Activities)							(5)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(9)
Finance and non-service component of Pension and other post employment benefit costs (Agriculture & Construction)(3)							(3)
Unallocated amounts(4)							(74)

Income tax expense							(76)
Net income (loss)							$	217


	Three Months Ended June 30, 2024
	Agriculture(5)		Construction		Financial Services(1)		Total
Net sales	$	3,913	$	890	$	—
Finance, interest income	—		—		687
Total Revenues	3,913		890		687
Cost of goods sold	(2,959)		(743)		—
Selling, general and administrative expenses(2)	(279)		(64)		(87)
Research and development expenses	(214)		(23)		—
Interest expense (Financial Services)	—		—		(374)
Restructuring expenses (Financial Services)	—		—		—
Other, net (Financial Services)	—		—		(116)
Equity in income of joint ventures	41		—		4
Adjusted EBIT [A]	502		60		n/a
Income before income taxes [B]	n/a		n/a		114
Segment Profit/(loss) [C=A+B]							$	676
Interest income/(expenses), net (excluding Financial Services)							$	(46)
Restructuring expenses (Industrial Activities)							(51)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(4)
Finance and non-service component of Pension and other post employment benefit costs (Agriculture & Construction)(3)							(1)
Unallocated amounts(4)							(60)
Discrete items excluded from Segments(6)							(15)
Income tax expense							(95)
Net income (loss)							$	404


	Six Months Ended June 30, 2025
	Agriculture		Construction		Financial Services(1)		Total
Net sales	$	5,829	$	1,364	$	—
Finance, interest income	—		—		1,336
Total Revenues	5,829		1,364		1,336
Cost of goods sold	(4,606)		(1,155)		—
Selling, general and administrative expenses(2)	(490)		(115)		(195)
Research and development expenses	(357)		(45)		—
Interest expense (Financial Services)	—		—		(661)
Restructuring expenses (Financial Services)	—		—		—
Other, net (Financial Services)	—		—		(259)
Equity in income of joint ventures	26		—		9
Adjusted EBIT [A]	402		49		n/a
Income before income taxes [B]	n/a		n/a		230
Segment Profit/(loss) [C=A+B]							$	681
Interest income/(expenses), net (excluding Financial Services)							$	(51)
Restructuring expenses (Industrial Activities)							(11)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(14)
Finance and non-service component of Pension and other post employment benefit costs (Agriculture & Construction)(3)							(7)
Unallocated amounts(4)							(126)
Discrete items excluded from Segments							—
Income tax expense							(123)
Net income (loss)							$	349


	Six Months Ended June 30, 2024
	Agriculture(5)		Construction		Financial Services(1)		Total
Net sales	$	7,286	$	1,648	$	—
Finance, interest income	—		—		1,372
Total Revenues	7,286		1,648		1,372
Cost of goods sold	(5,528)		(1,369)		—
Selling, general and administrative expenses(2)	(530)		(121)		(156)
Research and development expenses	(418)		(47)		—
Interest expense (Financial Services)	—		—		(734)
Restructuring expenses (Financial Services)	—		—		(1)
Other, net (Financial Services)	—		—		(239)
Equity in income of joint ventures	80		—		9
Adjusted EBIT [A]	890		111		n/a
Income before income taxes [B]	n/a		n/a		251
Segment Profit/(loss) [C=A+B]							$	1,252
Interest income/(expenses), net (excluding Financial Services)							$	(78)
Restructuring expenses (Industrial Activities)							(81)
Foreign exchange (gains) losses, net (Agriculture & Construction)							(4)
Finance and non-service component of Pension and other post employment benefit costs (Agriculture & Construction)(3)							(2)
Unallocated amounts(4)							(127)
Discrete items excluded from Segments(6)							(15)
Income tax expense							(172)
Net income (loss)							$	773

(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 $81 million and $131 million for the three and six months ended June 30, 2025, respectively, and $55 million and $92 million for the three and six months ended June 30, 2024.

(3)For the three and six months ended June 30, 2025 and 2024, this item included the pre-tax gain of $6 million and $12 million, respectively, as a result of the amortization over the 4 years 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)See "Note 20: Immaterial Revision of Prior Period Financial Statements".

(6)In the three and six months ended June 30, 2024, this item includes a loss of $15 million 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenues
Agriculture	$	3,248	$	3,913	$	5,829	$	7,286
Construction	773		890		1,364		1,648
Net sales	4,021		4,803		7,193		8,934
Financial Services	685		687		1,336		1,372
Eliminations and other	5		(2)		10		—
Total Revenues	$	4,711	$	5,488	$	8,539	$	10,306
Depreciation and amortization(1)
Agriculture	$	92	$	92	$	180	$	182
Construction	12		11		25		22
Other activities and adjustments	1		—		1		1
Depreciation and amortization of Industrial Activities	105		103		206		205
Financial Services	1		1		2		2
Total Depreciation and amortization	$	106	$	104	$	208	$	207
Expenditures for long-lived assets(2)
Agriculture	$	73	$	96	$	165	$	179
Construction	15		14		26		26
Other activities	—		—		—		1
Expenditures for long-lived assets of Industrial Activities	88		110		191		206
Financial Services	2		—		5		—
Total Expenditures for long-lived assets	$	90	$	110	$	196	$	206

(1)Excluding equipment on operating leases.

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


	June 30, 2025		December 31, 2024
Inventory
Agriculture	$	4,092	$	3,730
Construction	1,063		983
Financial Services	61		63
Total Inventory	$	5,216	$	4,776
Equity Method Investments
Agriculture	$	269	$	284
Financial Services	145		119
Total Equity Method Investments	$	414	$	403

9. RECEIVABLES

Financing Receivables, net

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


	June 30, 2025		December 31, 2024
Retail	$	14,640	$	14,297
Wholesale	8,699		8,749
Other	48		39
Total	$	23,387	$	23,085

Included in the financing receivables balance at June 30, 2025 and December 31, 2024 is unearned finance income and unamortized deferred fees and costs of $568 million and $533 million, respectively, and allowance for credit losses of $540 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 June 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 June 30, 2025 and December 31, 2024, the carrying amount of such restricted assets included in financing receivables are the following (in millions of dollars):


	June 30, 2025		December 31, 2024
Retail	$	8,107	$	8,692
Wholesale	5,336		5,246
Total	$	13,443	$	13,938

Allowance for Credit Losses

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


	Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
	Retail		Wholesale		Retail		Wholesale
Balance at beginning of period	$	420	$	49	$	376	$	48
Provision	81		—		131		—
Charge-offs	(31)		(1)		(60)		(1)
Recoveries	4		1		7		1
Foreign currency translation and other	15		2		35		3
Balance at end of period	$	489	$	51	$	489	$	51


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	Retail		Wholesale		Retail		Wholesale
Balance at beginning of period	$	330	$	50	$	310	$	53
Provision	52		3		90		2
Charge-offs	(42)		—		(53)		(1)
Recoveries	2		—		1		—
Foreign currency translation and other	(20)		(2)		(26)		(3)
Balance at end of period	$	322	$	51	$	322	$	51

As of June 30, 2025, the allowance for credit losses included an increase in retail reserves of 152 million for Brazil as compared to June 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 SG&A 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 six months ended June 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 as of June 30, 2025 is as follows (in millions of dollars, net of allowance for credit losses):


	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									$	2,319	$	3	$	2,322	$	2
2024									3,341		8		3,349		5
2023									1,725		7		1,732		13
2022									1,168		3		1,171		5
2021									571		2		573		2
Prior to 2021									179		1		180		5
Total	77		6		83		9,220		9,303		24		9,327		32
South America
2025									561		1		562		—
2024									1,307		20		1,327		2
2023									1,131		36		1,167		15
2022									457		30		487		7
2021									229		9		238		1
Prior to 2021									115		3		118		1
Total	358		2		360		3,440		3,800		99		3,899		26
Asia Pacific
2025									316		—		316		—
2024									477		—		477		—
2023									315		1		316		—
2022									190		1		191		1
2021									76		1		77		—
Prior to 2021									19		—		19		1
Total	8		4		12		1,381		1,393		3		1,396		2
Europe, Middle East, Africa	—		—		—		7		7		11		18		—
Total Retail	$	443	$	12	$	455	$	14,048	$	14,503	$	137	$	14,640	$	60
Wholesale
North America	$	—	$	—	$	—	$	4,649	$	4,649	$	13	$	4,662	$	—
South America	—		—		—		952		952		1		953		—
Asia Pacific	3		1		4		812		816		—		816		1
Europe, Middle East, Africa	5		—		5		2,263		2,268		—		2,268		—
Total Wholesale	$	8	$	1	$	9	$	8,676	$	8,685	$	14	$	8,699	$	1

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


	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
Europe, Middle East, Africa	—		—		—		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
Europe, Middle East, Africa	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 June 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 June 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, and generally the customers are not considered to be in financial difficulty. To qualify, customers must make partial payments on their outstanding installments. CNH takes these refinancings into account when provisioning for credit losses. As of June 30, 2025, $101 million of installments were refinanced relating to $435 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.

10. INVENTORIES

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


	June 30, 2025		December 31, 2024
Raw materials	$	1,483	$	1,372
Work-in-process	516		384
Finished goods	3,217		3,020
Total inventories	$	5,216	$	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 nil and $3 million in the three months ended June 30, 2025 and 2024, respectively and $1 million and $4 million in the six months ended June 30, 2025 and 2024.

For long-term leases recorded on the balance sheet, the Company incurred operating lease expenses of $27 million and $25 million in the three months ended June 30, 2025 and 2024, respectively and $52 million and $51 million in the six months ended June 30, 2025 and 2024.

At June 30, 2025, the Company has recorded approximately $279 million of right-of-use assets and $286 million of related lease liability included in "Other assets" and "Other liabilities", respectively. At June 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 4.8 years and 4.5%, respectively. At June 30, 2024, the Company has recorded approximately $291 million of right-of-use assets and $297 million of related lease liability included in "Other assets" and "Other liabilities", respectively. At June 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 5.4 years and 4.6%, respectively.

During the six months ended June 30, 2025 and 2024, leased assets obtained in exchange for operating lease obligations were $38 million and $45 million, respectively. The operating cash outflow for amounts included in the measurement of operating lease obligations was $52 million and $49 million as of June 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 June 30, 2025 and December 31, 2024 is as follows (in millions of dollars):


	June 30, 2025		December 31, 2024
Equity method	$	414	$	403
Other investments, at carrying value	91		87
Total	$	505	$	490

13. GOODWILL AND OTHER INTANGIBLES

Changes in the carrying amount of goodwill for the six months ended June 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	26		6		2		34

Balance at June 30, 2025	$	3,428	$	50	$	140	$	3,618

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


		June 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	$	230	$	204	$	26	$	218	$	203	$	15
Patents, concessions, licenses and other	5-25	957		600		357		938		573		365
Capitalized software	2-5	1,280		1,022		258		1,159		910		249
		2,467		1,826		641		2,315		1,686		629
Other intangible assets not subject to amortization:
In-process research and development		204		—		204		198		—		198
Software in-progress		125		—		125		121		—		121
Trademarks		273		—		273		273		—		273
Total other intangible assets		$	3,069	$	1,826	$	1,243	$	2,907	$	1,686	$	1,221

CNH recorded amortization expense of $42 million and $46 million for the three months ended June 30, 2025 and 2024, respectively, and $84 million and $91 million for the six months ended June 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 June 30, 2025 and December 31, 2024, $110 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 June 30, 2025 and December 31, 2024 is as follows (in millions of dollars):


	June 30, 2025		December 31, 2024
Warranty and campaign programs	$	668	$	633
Marketing and sales incentive programs	2,023		2,075
Tax payables	274		243
Accrued expenses and deferred income	871		917
Accrued employee benefits	399		376
Lease liabilities	286		282
Legal reserves and other provisions	407		390

Contract liabilities	93		72
Restructuring reserve	26		30
Other	379		345
Total	$	5,426	$	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 six months ended June 30, 2025 and 2024, for the basic warranty and accruals for campaign programs are as follows (in millions of dollars):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Balance at beginning of period	$	666	$	601	$	633	$	610
Current year additions	125		183		278		325
Claims paid	(146)		(138)		(279)		(280)
Currency translation adjustment and other	23		(9)		36		(18)
Balance at end of period	$	668	$	637	$	668	$	637

Restructuring Expenses

The Company incurred restructuring expenses of $5 million and $51 million during the three months ended June 30, 2025 and 2024, respectively, and $11 million and $82 million during the six months ended June 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 June 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 intercompany 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 has been responding to subpoenas issued by the Securities and Exchange Commission requesting information and documents relating to our revenue recognition and sales practices. The Company has been cooperating 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 June 30, 2025 and December 31, 2024 totaling $73 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 six months ended June 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 $4.0 billion and $4.2 billion at June 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 six months ended June 30, 2025 and 2024.

All of CNH's interest rate derivatives outstanding as of June 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 $9.1 billion at June 30, 2025 and December 31, 2024.

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 six months ended June 30, 2025 and 2024 (in millions of dollars):


			Recognized in Net Income
For the Three Months Ended June 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	$	46
			Net sales	(2)
			Cost of goods sold	5
			Other, net	—
Interest rate contracts	(22)		Interest expense	7
Total	$	24		$	10
2024
Foreign exchange contracts	$	(15)
			Net sales	(2)
			Cost of goods sold	(14)
			Other, net	(9)
Interest rate contracts	47		Interest expense	(7)
Total	$	32		$	(32)


			Recognized in Net Income
For the Six Months Ended June 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	$	37
			Net sales	(4)
			Cost of goods sold	(3)
			Other, net	(4)
Interest rate contracts	(35)		Interest expense	10
Total	$	2		$	(1)
2024
Foreign exchange contracts	$	(19)
			Net sales	(3)
			Cost of goods sold	(18)
			Other, net	(3)
Interest rate contracts	58		Interest expense	(12)
Total	$	39		$	(36)

The following table summarizes the activity in accumulated other comprehensive income related to the derivatives held by the Company during the six months ended June 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	3		6		9
Net income reclassified from accumulated other comprehensive income into income	1		—		1
Accumulated derivative net losses at June 30, 2025	$	119	$	(37)	$	82

Accumulated derivative net losses at December 31, 2023	$	(19)	$	9	$	(10)
Net changes in fair value of derivatives	39		(22)		17
Net income reclassified from accumulated other comprehensive income into income	36		(2)		34
Accumulated derivative net losses at June 30, 2024	$	56	$	(15)	$	41

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 six months ended June 30, 2025 and 2024 (in millions of dollars):


		For the Three Months Ended June 30,
	Classification of Gain (Loss)	2025		2024
Fair Value Hedges
Interest rate derivatives	Interest expense	$	9	$	1

Not Designated as Hedges
Foreign exchange contracts	Other, Net	$	11	$	(34)


		For the Six Months Ended June 30,
	Classification of Gain (Loss)	2025		2024
Fair Value Hedges
Interest rate derivatives	Interest expense	$	35	$	(3)

Not Designated as Hedges
Foreign exchange contracts	Other, Net	$	22	$	(44)

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


	June 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	$	49	Derivative assets	$	44
Interest rate contracts	Derivative assets	96		Derivative assets	103
Total derivative assets		$	145		$	147
Foreign currency contracts	Derivative liabilities	$	18	Derivative liabilities	$	51
Interest rate contracts	Derivative liabilities	53		Derivative liabilities	58
Total derivative liabilities		$	71		$	109

Derivatives not designated as hedging instruments
Foreign currency contracts	Derivative assets	$	12	Derivative assets	$	27
Interest rate contracts	Derivative assets	11		Derivative assets	22
Total derivative assets		$	23		$	49
Foreign currency contracts	Derivative liabilities	$	8	Derivative liabilities	$	15
Interest rate contracts	Derivative liabilities	11		Derivative liabilities	22
Total derivative liabilities		$	19		$	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 June 30, 2025 and December 31, 2024 (in millions of dollars):


	Level 1				Level 2				Total
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Assets
Foreign exchange derivatives	$	—	$	—	$	61	$	71	$	61	$	71
Interest rate derivatives	—		—		107		125		107		125
Total Assets	$	—	$	—	$	168	$	196	$	168	$	196
Liabilities
Foreign exchange derivatives	$	—	$	—	$	26	$	66	$	26	$	66
Interest rate derivatives	—		—		64		80		64		80
Total Liabilities	$	—	$	—	$	90	$	146	$	90	$	146

Fair Value of Other Financial Instruments

The carrying value of cash and cash equivalents, restricted cash, trade accounts receivable and accounts payable 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 June 30, 2025, and December 31, 2024, were as follows (in millions of dollars):


	June 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financing receivables	$	23,387	$	23,264	$	23,085	$	22,920
Debt	$	27,408	$	27,858	$	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 six months ended June 30, 2025 and 2024 consisted of the following (in millions of dollars):


	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Gross Amount		Income Taxes		Net Amount		Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	15	$	1	$	16	$	4	$	5	$	9
Changes in retirement plans' funded status	(3)		—		(3)		(6)		1		(5)
Foreign currency translation	(59)		—		(59)		—		—		—
Share of other comprehensive income (loss) of entities using the equity method	18		—		18		28		—		28
Other comprehensive income (loss)	$	(29)	$	1	$	(28)	$	26	$	6	$	32


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	Gross Amount		Income Taxes		Net Amount		Gross Amount		Income Taxes		Net Amount
Unrealized gain (loss) on cash flow hedges	$	65	$	(21)	$	44	$	75	$	(24)	$	51
Changes in retirement plans' funded status	(1)		—		(1)		(2)		1		(1)
Foreign currency translation	(170)		—		(170)		(220)		—		(220)
Share of other comprehensive income (loss) of entities using the equity method	(14)		—		(14)		(20)		—		(20)
Other comprehensive income (loss)	$	(120)	$	(21)	$	(141)	$	(167)	$	(23)	$	(190)

The changes, net of tax, in each component of accumulated other comprehensive income (loss) in the six months ended June 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	9		(5)		(8)		28		24
Amounts reclassified from other comprehensive income	1		—		—		—		1
Other comprehensive income (loss)(1)	10		(5)		(8)		28		25
Balance at June 30, 2025	$	82	$	(353)	$	(2,178)	$	(238)	$	(2,687)

Balance at December 31, 2023	$	(10)	$	(351)	$	(1,763)	$	(238)	$	(2,362)
Other comprehensive income (loss), before reclassifications(2)	17		—		(220)		(20)		(223)
Amounts reclassified from other comprehensive income	34		(1)		—		—		33
Other comprehensive income (loss)(1)	51		(1)		(220)		(20)		(190)
Balance at June 30, 2024	$	41	$	(352)	$	(1,983)	$	(258)	$	(2,552)

(1)Excluded from the table above is other comprehensive income (loss) allocated to noncontrolling interests of $7 million and nil for the six months ended June 30, 2025 and 2024, respectively.

(2)See "Note 20: Immaterial Revision of Prior Period Financial Statements".

Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in the three and six months ended June 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cash flow hedges	$	2	$	2	$	4	$	3	Net sales
	(5)		14		3		18		Cost of goods sold
	—		9		4		3		Other, net
	(7)		7		(10)		12		Interest expense
	1		(1)		—		(2)		Income taxes
	(9)		31		1		34
Change in retirement plans' funded status:
Amortization of actuarial losses	5		5		10		10		(1)
Amortization of prior service cost	(4)		(6)		(9)		(12)		(1)
	(1)		—		(1)		1		Income taxes
	—		(1)		—		(1)
Total reclassifications, net of tax	$	(9)	$	30	$	1	$	33

(1)These amounts are included in net periodic pension and other postretirement benefit cost. See "Note 6: Employee Benefit Plans and Postretirement Benefits" for additional information.

19. RELATED PARTY INFORMATION

As of June 30, 2025, CNH's related parties were primarily EXOR N.V. and the companies that EXOR N.V. controlled or had a significant influence over, including Stellantis N.V., Ferrari N.V. and Iveco Group N.V., which effective January 1, 2022 separated from CNH by way of a demerger under Dutch law and became a publicly listed company independent from CNH.

As of June 30, 2025, EXOR N.V. held 45.3% of CNH's voting power and had the ability to significantly influence the decisions submitted to a vote of CNH's shareholders, including approval of annual dividends, the election and removal of directors, mergers or other business combinations, the acquisition or disposition of assets and issuances of equity and the incurrence of indebtedness. The percentage above has been calculated as the ratio of (i) the aggregate number of common shares and special voting shares owned by EXOR N.V. to (ii) the aggregate number of outstanding common shares and special voting shares of CNH as of June 30, 2025. In addition, CNH engages in transactions with its unconsolidated subsidiaries and affiliates over which CNH has a significant influence or joint control.

The Company's Audit Committee reviews and, if appropriate, approves all significant related party transactions.

Transactions with EXOR N.V. and its Subsidiaries and Affiliates

EXOR N.V. is an investment holding company in Europe. As of June 30, 2025 and December 31, 2024, among other things, EXOR N.V. managed a portfolio that includes investments in CNH, Stellantis, Iveco Group and Ferrari. CNH did not enter into any significant transactions with EXOR N.V. during the six months ended June 30, 2025 or 2024.

Transactions with Iveco Group post-Demerger

CNH and Iveco Group post-Demerger entered into transactions consisting of the sale of engines from Iveco Group to CNH. Additionally, concurrent with the Demerger, the Companies entered into arms-length services contracts in relation to general administrative and specific technical matters, provided by either CNH to Iveco Group and vice versa as follows:

Master Service Agreements: CNH and Iveco Group entered into a two-year Master Services Agreement ("MSA") starting in 2022, with a two-year extension implemented, whereby each Party (and its subsidiaries) may provide services to the other (and its subsidiaries). Services provided under the MSA relate mainly to lease of premises and depots and IT services. Revenues from services provided under the MSA are presented as "Finance, interest, and other income" on the Statement of Operations.

Engine Supply Agreement: In relation to the design and supply of off-road engines from Iveco Group to CNH post-Demerger, Iveco Group and CNH entered into a ten-year Engine Supply Agreement ("ESA"), whereby Iveco Group will sell to CNH post-Demerger diesel, CNG and LNG engines and provide post-sale services. Costs related to engines purchased through this agreement are presented as "Cost of goods sold" on the Statement of Operations.

Financial Service Agreement: In relation to certain financial services activities carried out by either CNH to Iveco Group post-Demerger or vice versa, in connection with the execution of the Demerger Deed, CNH and Iveco Group entered into a three-year Master Services Agreement ("FS MSA") starting in 2022, with a three-year extension implemented, whereby each Party (and its subsidiaries) may provide services and/or financial services activities to the other (and its subsidiaries). Services provided under the FS MSA relate mainly to wholesale and retail financing activities to suppliers, distribution network and customers. Revenues from services provided under the FS MSA are presented as "Finance, interest and other income" on the Statement of Operations.

The transactions with Iveco Group post-Demerger are reflected in the consolidated financial statements as follows (in millions of dollars):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net revenues	$	27	$	33	$	54	$	71
Purchases	$	172	$	219	$	319	$	430


	June 30, 2025		December 31, 2024
Trade receivables	$	22	$	24
Financial receivables from Iveco Group N.V.	$	263	$	168
Trade payables	$	144	$	205
Financial payables to Iveco Group N.V.	$	69	$	62

Transactions with Unconsolidated Subsidiaries and Affiliates

CNH sells agricultural and construction equipment and provides technical services to unconsolidated subsidiaries and affiliates such as CNH de Mexico S.A. de C.V., TürkTraktör ve Ziraat Makineleri A.S. and New Holland HFT Japan Inc. CNH also purchases equipment from unconsolidated subsidiaries and affiliates, such as TürkTraktör ve Ziraat Makineleri A.S.

The transactions with related parties are reflected in the consolidated financial statements as follows (in millions of dollars):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net sales	$	98	$	130	$	174	$	288
Purchases	$	102	$	117	$	192	$	259


	June 30, 2025		December 31, 2024
Trade receivables	$	6	$	3
Trade payables	$	59	$	53

At June 30, 2025 and December 31, 2024, CNH had pledged guarantees and commitments on the debt or commitments of third parties and performance guarantees in the interest of its associated company for the amount of $72 million and $53 million, respectively, related to its unconsolidated affiliate CNH Industrial Capital Europe S.a.S.

20. IMMATERIAL REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

In the three months ended September 30, 2024, the Company corrected the accounting treatment for highly inflationary accounting related to its unconsolidated subsidiary in Türkiye, TürkTraktör ve Ziraat Makineleri A.S. Refer to "Note 1: Basis for Presentation" for additional information. While the prior period amounts have been revised, as set forth below for comparability, the impact of the correction in these prior periods is not material to the consolidated financial statements of the Company in any of the impacted periods.

The prior period impacts to the Company's consolidated statements of operations were as shown below (in millions of dollars and shares, except per share amounts):

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

Previously Reported

Revision Impacts

As
Revised

Previously Reported

Revision Impacts

As
Revised

Income (loss) of Consolidated Group before Income Taxes

454

CNH Industrial N.V. 10-Q