v3.25.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Gross impact of changes in fair value of derivatives designated as cash flow hedges on AOCI and net income
The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges on "Accumulated other comprehensive loss" and "Net income" during the year ended December 31, 2025, 2024 and 2023 (in millions of dollars):
Recognized in Net Income
For the Years Ended December 31,
(Gains) Loss Recognized in Accumulated Other Comprehensive Loss
Classification of Gain (Loss)
(Gains) Loss Reclassified from Accumulated Other Comprehensive Loss into Income
2025
Foreign exchange contracts$(3)Net sales$(4)
Cost of goods sold19 
Other, net(4)
Interest expense, net28 
Interest rate contracts(29)
Total$(32)$39 
2024
Foreign exchange contracts$(17)Net sales$(9)
Cost of goods sold(18)
Other, net4 
Interest expense, net(25)
Interest rate contracts103 
Total$86 $(48)
2023
Foreign exchange contracts$(35)Net sales$(7)
Cost of goods sold(33)
Other, net7 
Interest expense, net6 
Interest rate contracts(82)
Total$(117)$(27)
Significant amounts reclassified out of each component of "Accumulated other comprehensive income (loss)" at December 31, 2025 and 2024 consisted of the following (in millions of dollars):
Amount Reclassified from Other
Comprehensive Income (Loss)
Consolidated Statement
of Operations line
Year Ended December 31, 2025Year Ended December 31, 2024
Cash flow hedges$4 $9 Net sales
(19)18 Cost of goods sold
4 (4)Other, net
(28)25 Interest expense
11 (3)Income taxes
(28)45 
Change in retirement plans' funded status:
Amortization of actuarial losses20 19 
(1)
Amortization of prior service credit
(27)(24)
(1)
Curtailment of prior service credit
(6)0 
(1)
1 1 Income taxes
(12)(4)
Total reclassifications, net of tax$(40)$41 
 
(1)These amounts are included in net periodic pension and other postretirement benefit cost. See "Note 13: Employee Benefit Plans and Postretirement Benefits" for additional information.
Schedule of impact of changes in fair value of fair value hedges and derivatives not designated as hedging instruments on earnings
The following table summarizes the activity in "Accumulated other comprehensive income (loss)" related to the derivatives held by the Company during the years ended December 31, 2025, 2024 and 2023 (in millions of dollars):
Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net income as of December 31, 2022$71 $(27)$44 
Net changes in fair value of derivatives(117)39 (78)
Net income reclassified from accumulated other comprehensive income into income27 (3)24 
Accumulated derivative net losses as of December 31, 2023(19)9 (10)
Net changes in fair value of derivatives86 (49)37 
Net income reclassified from accumulated other comprehensive income into income48 (3)45 
Accumulated derivative net income as of December 31, 2024115 (43)72 
Net changes in fair value of derivatives(32)15 (17)
Net loss reclassified from accumulated other comprehensive income into income
(39)11 (28)
Accumulated derivative net income as of December 31, 2025$44 $(17)$27 
The following tables summarize the impact of the changes in the fair value of fair value hedges and derivatives not designated as hedging instruments had on earnings for the year ended December 31, 2025, 2024 and 2023 (in millions of dollars):
Years Ended December 31,
Classification of Gain202520242022
Fair Value Hedges
Interest rate derivativesInterest expense$40 $19 $(42)
Not Designated as Hedges
Foreign exchange contractsOther, Net$(3)$(49)$(67)
Schedule of fair value of derivatives
The fair values of CNH's derivatives as of December 31, 2025 and 2024 in the Consolidated Balance Sheets are recorded as follows (in millions of dollars):
As of December 31, 2025As of December 31, 2024
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments
Foreign currency contractsDerivative assets$23 Derivative assets$44 
Interest rate contractsDerivative assets101 Derivative assets103 
Total derivative assets $124 $147 
Foreign currency contractsDerivative liabilities$30 Derivative liabilities$51 
Interest rate contractsDerivative liabilities42 Derivative liabilities58 
Total derivative liabilities $72 $109 
Derivatives not designated as hedging instruments
Foreign currency contractsDerivative assets$7 Derivative assets$27 
Interest rate contractsDerivative assets11 Derivative assets22 
Total derivative assets $18 $49 
Foreign currency contractsDerivative liabilities$14 Derivative liabilities$15 
Interest rate contractsDerivative liabilities11 Derivative liabilities22 
Total derivative liabilities $25 $37 
Schedule of fair value hierarchy levels
The following tables present for each of the fair-value hierarchy levels the Company's assets and liabilities that are measured at fair value on a recurring basis at December 31, 2025 and 2024 (in millions of dollars):
Level 1Level 2Total
As of December 31, 2025As of December 31, 2024As of December 31, 2025As of December 31, 2024As of December 31, 2025As of December 31, 2024
Assets
Foreign exchange derivatives$— $— $30 $71 $30 $71 
Interest rate derivatives— — 112 125 112 125 
Total Assets$— $— $142 $196 $142 $196 
Liabilities
Foreign exchange derivatives$— $— $44 $66 $44 $66 
Interest rate derivatives— — 53 80 53 80 
Total Liabilities$— $— $97 $146 $97 $146 
Schedule of investments measured on nonrecurring basis
The following tables present fair value for nonrecurring Level 3 measurements from impairments as of December 31, 2025 and 2024 (in millions of dollars):
Fair ValueLosses
As of December 31, 2025As of December 31, 2024As of December 31, 2025As of December 31, 2024
Other intangible assets$64 $173 $172 $11 
Schedule of estimated fair market values
The estimated fair market values of financial instruments not carried at fair value in the Consolidated Balance Sheets as of December 31, 2025 and 2024 are as follows (in millions of dollars):
As of December 31, 2025As of December 31, 2024
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financing receivables$23,105 $23,073 $23,085 $22,920 
Debt$26,762 $27,339 $26,882 $27,222