v3.25.4
Investments in Unconsolidated Affiliates
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates
A summary of investments in unconsolidated affiliates as of December 31, 2025 and 2024 is as follows (in millions of dollars):
As of December 31,
20252024
Equity method$401 $403 
Other investments, at carrying value36 87 
Total$437 $490 
At December 31, 2025, the Company recognized a $62 million non-cash impairment on our investment in Monarch Tractors and other minority holdings within Other investments, at carrying value.
A summary of the combined results of operations and financial position as reported by the investees that CNH accounts for using the equity method is as follows (in millions of dollars, unaudited):
Years Ended December 31,
202520242023
Net revenue$2,015 $2,621 $2,748 
Income before taxes$278 $481 $632 
Net income$198 $380 $477 
As of December 31,
20252024
Total assets$8,498 $7,558 
Total liabilities$7,335 $6,430 
Total equity$1,163 $1,128 
The investees included in these tables primarily consist of TürkTraktör ve Ziraat Makineleri A.S. (37.5% ownership), New Holland HFT Japan Inc. (50.0% ownership), CNH de Mexico S.A. de C.V. (50.0% ownership), Al Ghazi Tractors Ltd. (43.2% ownership) and CIFINS S.p.a (50.0% ownership)