CNH INDUSTRIAL CAPITAL LLC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

Amendment No. 1

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
or
☐	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: 000-55510

CNH INDUSTRIAL CAPITAL LLC

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)		39-1937630 (I.R.S. Employer Identification Number)
5729 Washington Avenue Racine, Wisconsin (Address of principal executive offices)	(262) 636-6011 (Registrant’s telephone number, including area code)	53406 (Zip code)

Securities registered pursuant to Section 12(b) of the Act: None

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. x 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). x 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 o	Accelerated filer o
Non-accelerated filer x	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. o

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

As of March 31, 2025, all of the limited liability company interests of the registrant were held by CNH Industrial America LLC, a wholly-owned subsidiary of CNH Industrial N.V.

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with certain reduced disclosures as permitted by those instructions.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Organization

CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC (“New Holland Credit”), CNH Industrial Capital America LLC (“CNH Capital America”) and CNH Industrial Capital Canada Ltd. (“CNH Capital Canada”) (collectively, “CNH Capital”, the “Company” or “we”) are each an indirect wholly owned subsidiary of CNH Industrial N.V. (“CNH N.V.” and, together with its consolidated subsidiaries, “CNH”) and is headquartered in Racine, Wisconsin. As a captive finance company, our primary business is to underwrite and manage financing products for end-use customers and dealers of CNH Industrial America LLC (“CNH America”) and CNH Industrial Canada Ltd. (“CNH Canada” and, together with CNH America, “CNH North America”) and provide other related financial products and services to support the sale of agricultural and construction equipment sold by CNH North America.

We offer a range of financial products and services to the customers and dealers of CNH North America. Retail financing products primarily include retail notes, finance leases, operating leases and revolving charge account financing to end-use customers. Wholesale financing consists primarily of dealer floorplan financing as well as financing to dealers for used equipment taken in trade, equipment utilized in dealer-owned rental yards, parts inventory, working capital and other financing needs.

Trends and Economic Conditions

The global economy is experiencing volatile disruptions due to a combination of factors, including geopolitical events, shifts in trade and economic policies, change in commodity prices, as well as change in climate conditions. These disruptions have affected the price and availability of certain products and services in the first quarter and are expected to persist through the rest of 2025. These factors also affect its customers’ profitability, impacting their ability to achieve higher returns on their output and reducing their purchasing power and demand for CNH’s products. CNH is closely monitoring global economic conditions and the impact that macroeconomic pressures, such as new and retaliatory tariffs, fluctuating currency exchange rates, interest rates and inflation, have on its business, customers, and suppliers.

Our business is closely tied to the agricultural and construction equipment industries because we offer financing products for such equipment. For the three months ended March 31, 2025, CNH’s net sales of agricultural equipment and net sales of construction equipment generated in North America were $1,049.6 million and $321.7 million, respectively, representing decreases of 27.2% and 26.7% from the same period in 2024, respectively.

In general, our receivable mix between agricultural and construction equipment financing directionally reflects the mix of equipment sales by CNH North America. As such, changes in the agricultural industry or with respect to our agricultural equipment customers may affect the majority of our portfolio.

As a finance company, we are subject to interest rate risks. Changing interest rates can reduce demand for CNH North America equipment, adversely affect our interest margins and increase our borrowing costs. Most of our retail customer receivables (as used herein, “retail customer receivables” refers primarily to retail notes and finances leases) are fixed rate, while our revolving charge accounts and wholesale receivables are a combination of fixed and floating rate. We manage interest rate risks via a match funding program and the selective use of derivatives.

Net income was $56.6 million for the three months ended March 31, 2025, compared to $54.5 million for the three months ended March 31, 2024. The increase was primarily driven favorable volumes, margin improvement and lower labor costs, partially offset by higher provisions for credit losses and lower recoveries on used equipment sales. The receivables balance greater than 30 days past due as a percentage of receivables was 1.2% at March 31, 2025, 1.1% at December 31, 2024 and 0.8% at March 31, 2024.

Macroeconomic issues for us include the uncertainty of governmental actions with respect to monetary, fiscal and legislative policies, global economic volatility, changes in demand and pricing for used equipment, capital market disruptions, trade agreements, and financial regulatory reform. Significant volatility in the price of certain commodities could also impact CNH North America’s and our results.

Results of Operations

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Revenues

Revenues for the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	2025		2024		$ Change		% Change
Interest income on retail notes and finance leases	$	94,109	$	87,391	$	6,718	7.7	%
Rental income on operating leases		59,793		59,806		(13)	(0.0)
Interest income on revolving charge accounts		10,416		9,306		1,110	11.9
Interest income on wholesale notes		34,576		26,923		7,653	28.4
Interest and other income from affiliates		121,869		119,474		2,395	2.0
Other income		3,330		3,406		(76)	(2.2)
Total revenues	$	324,093	$	306,306	$	17,787	5.8	%

Total revenues were $324.1 million for the three months ended March 31, 2025 compared to $306.3 million for the three months ended March 31, 2024. The increase was due to a higher average portfolio coupled with a higher average yield for the total portfolio. The average yield for the total portfolio was 8.2% and 8.1% for the three months ended March 31, 2025 and 2024, respectively.

Interest income on retail notes and finance leases for the three months ended March 31, 2025 was $94.1 million, representing an increase of $6.7 million from the three months ended March 31, 2024. The increase was primarily due to a $8.8 million favorable impact from higher average earning assets, partially offset by a $2.1 million unfavorable impact from lower interest rates.

Rental income on operating leases for the three months ended March 31, 2025 was $59.8 million, flat compared to the same period in 2024.

Revolving charge accounts income for the three months ended March 31, 2025 was $10.4 million, representing an increase of $1.1 million from the three months ended March 31, 2024. The increase was primarily due to a $1.3 million favorable impact from higher average earning assets, partially offset by a $0.2 million unfavorable impact from lower interest rates.

Interest income on wholesale notes for the three months ended March 31, 2025 was $34.6 million, representing an increase of $7.7 million from the same period in 2024. The increase was primarily due to a $13.1 million favorable impact from higher average earning assets, partially offset by a $5.4 million unfavorable impact from lower interest rates.

Interest and other income from affiliates for the three months ended March 31, 2025 was $121.9 million compared to $119.5 million for the three months ended March 31, 2024. Compensation from CNH North America for retail low-rate financing programs and interest waiver programs offered to customers was $63.5 million and $49.4 million for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily due to higher volumes and the mix in pricing programs. For select operating leases, compensation from CNH North America for the difference between market rental rates and the amounts paid by customers was $9.4 million and $9.5 million for the three months ended March 31, 2025 and 2024, respectively. For revolving charge accounts, compensation from CNH North America for low-rate financing programs and interest waiver programs offered to customers was $1.1 million and $0.8 million for the three months ended March 31, 2025 and 2024, respectively. The increase was primarily due to higher volumes. For the three months ended March 31, 2025, compensation from CNH North America for wholesale marketing programs was $44.1 million, a decrease of $14.5 million from the same period in 2024. The decrease was primarily due to destocking efforts and lower base rates.

Other income represents commissions earned on insurance and equipment protection products underwritten through a third-party insurer. For the three months ended March 31, 2025, other income was $3.3 million, relatively flat compared to the same period in 2024.

Expenses

Expenses for the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	2025		2024		$ Change		% Change
Total interest expense	$	166,652	$	167,427	$	(775)	(0.5)	%
Fees charged by affiliates		12,044		13,595		(1,551)	(11.4)
Provision for credit losses		17,096		10,512		6,584	62.6
Depreciation of equipment on operating leases		46,332		43,100		3,232	7.5
Other expenses, net		6,658		596		6,062	1,017.1
Total expenses	$	248,782	$	235,230	$	13,552	5.8	%

Total interest expense was $166.7 million for the three months ended March 31, 2025 compared to $167.4 million for the same period in 2024. The decrease was primarily due to a $10.3 million favorable impact from lower average interest rates, partially offset by a $9.5 million unfavorable impact from higher average total debt. The average debt cost was 4.7% for the three months ended March 31, 2025 compared to 5.0% for the three months ended March 31, 2024.

Fees charged by affiliates was $12.0 million and $13.6 million for the three months ended March 31, 2025 and 2024, respectively, which amounts consist of payroll and other human resource services CNH America performs on behalf of the Company. The decrease was due to lower payroll costs.

The provision for credit losses was $17.1 million for the three months ended March 31, 2025 compared to $10.5 million for the same period in 2024. The increase was due to higher specific reserve needs.

Depreciation of equipment on operating leases was $46.3 million for the three months ended March 31, 2025 compared to $43.1 million for the same period in 2024. The increase was largely due to a higher average operating lease portfolio.

Other expenses, net were $6.7 million for the three months ended March 31, 2025 compared to $0.6 million for the three months ended March 31, 2024. The increase was due to lower recoveries on used equipment sales and higher general and administrative costs.

The effective tax rates for the three months ended March 31, 2025 and 2024 were 24.8% and 23.4%, respectively.

Receivables and Equipment on Operating Leases Originated and Held

Receivables and equipment on operating lease originations for the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	2025		2024		$ Change		% Change
Retail customer	$	1,090,137	$	983,778	$	106,359	10.8	%
Revolving charge accounts		205,110		210,137		(5,027)	(2.4)
Wholesale		1,909,080		2,719,604		(810,524)	(29.8)
Equipment on operating leases		157,492		102,184		55,308	54.1
Total originations	$	3,361,819	$	4,015,703	$	(653,884)	(16.3)	%

The quarter-over-quarter increase in originations for both retail customer receivables and operating leases was primarily due to improved penetration rates on new units and increased used equipment volumes partially offset by lower new equipment deliveries. Wholesale originations decreased due to lower new equipment deliveries, partially offset by higher used trade-in volumes.

Receivables and equipment on operating leases held as of March 31, 2025, December 31, 2024 and March 31, 2024 were as follows (dollars in thousands):


	March 31,		December 31,		March 31,
	2025		2024		2024
Retail customer	$	8,986,296	$	9,039,808	$	8,175,669
Revolving charge accounts		250,864		235,640		227,209
Wholesale		4,808,444		4,847,091		5,414,021
Equipment on operating leases		1,457,155		1,422,001		1,341,909
Total receivables and equipment on operating leases	$	15,502,759	$	15,544,540	$	15,158,808

The total balance of retail customer receivables greater than 30 days past due as a percentage of retail customer receivables was 1.7% at March 31, 2025, 1.5% at December 31, 2024 and 1.2% at March 31, 2024. The total wholesale receivables balance greater than 30 days past due as a percentage of the wholesale receivables was not significant at March 31, 2025, December 31, 2024 or March 31, 2024. The total revolving charge account receivables balance greater than 30 days past due as a percentage of the revolving charge account receivables was 3.7% at March 31, 2025, 5.2% at December 31, 2024 and 3.2% at March 31, 2024.

Total retail customer receivables on nonaccrual status were $88.0 million, $78.6 million and $61.0 million at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. As of March 31, 2025, December 31, 2024 and March 31, 2024, total revolving charge account receivables on nonaccrual status were immaterial. Total wholesale receivables on nonaccrual status were $21.9 million and $25.9 million at March 31, 2025 and December 31, 2024, respectively, and there were no wholesale receivables on nonaccrual status at March 31, 2024.

Total receivable charge-offs and recoveries, by product, for the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	2025		2024
Charge-offs:
Retail customer	$	15,960	$	5,853
Revolving charge accounts		1,510		1,150
Wholesale		34		—
Total charge-offs		17,504		7,003
Recoveries:
Retail customer		(273)		(275)
Revolving charge accounts		(197)		(96)
Wholesale		(2)		(13)
Total recoveries		(472)		(384)
Charge-offs, net of recoveries:
Retail customer		15,687		5,578
Revolving charge accounts		1,313		1,054
Wholesale		32		(13)
Total charge-offs, net of recoveries	$	17,032	$	6,619

Our allowance for credit losses on all receivables financed totaled $130.1 million at March 31, 2025, $130.0 million at December 31, 2024 and $118.4 million at March 31, 2024.

The allowance is subject to a quarterly evaluation based on many quantitative and qualitative factors, including historical loss experience by product category, portfolio duration, delinquency trends, forward-looking macroeconomic factors (in particular, those conditions directly affecting the profitability and financial strength of our customers), and collateral value. No single factor determines the adequacy of the allowance. Different assumptions or changes in forward-looking economic assumptions would result in changes to the allowance for credit losses and the provision for credit losses. These qualitative factors are subjective and require a degree of management judgment.

We believe our allowance is sufficient to provide for losses in our receivable portfolio as of March 31, 2025.

Liquidity and Capital Resources

The following discussion of liquidity and capital resources principally focuses on our statements of cash flows, balance sheets and capitalization. CNH Capital’s current funding strategy is to maintain sufficient liquidity and flexible access to a wide variety of financial instruments and funding options.

In the past, securitization has been one of our most economical sources of funding and, therefore, the majority of our originated receivables are securitized, with the cash generated from such receivables utilized to repay the related debt or purchase new receivables.

In addition, we have secured and unsecured facilities, a repurchase agreement, commercial paper, unsecured bonds, affiliate borrowings and cash to fund our liquidity needs.

Cash Flows

For the three months ended March 31, 2025 and 2024, our cash flows were as follows (dollars in thousands):


	2025		2024
Cash flows from (used in):
Operating activities	$	242,105	$	99,974
Investing activities		172,552		(449,779)
Financing activities		(783,596)		120,507
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		140		—
Net cash decrease	$	(368,799)	$	(229,298)

The increase in net cash from operating activities during the three months of 2025 compared to the same period in 2024 was primarily due to changes in components of working capital and increases in provision for credit losses, and net income, partially offset by a higher deferred income tax benefit. The increase in net cash from investing activities for the three months ended March 31, 2025 was primarily due to the decreases in net expenditures for receivables and affiliated cash pooling receivables of $365.7 million and $320.4 million, respectively, partially offset by the increases in net expenditures for equipment on operating leases of $60.2 million and net expenditures for property, equipment and software of $3.6 million. The increase in net cash used in financing activities for the three months ended March 31, 2025 was primarily due to increases in net cash paid on external borrowings of $1.1 billion, partially offset by a decrease in net cash paid on affiliated debt of $188.8 million.

Securitization

CNH Capital and its predecessor entities have been securitizing receivables since 1992. CNH Capital had approximately $5.6 billion of public and private asset-backed securities outstanding in the U.S. and Canada as of March 31, 2025. Our securitizations are treated as financing arrangements for accounting purposes.

Committed Asset-Backed Facilities

CNH Capital has committed asset-backed facilities with several banks or through their commercial paper conduit programs. Committed asset-backed facilities for the U.S. and Canada totaled $3.4 billion as of March 31, 2025, with original borrowing maturities of up to two years. The unused availability under the facilities varies during the year, depending on origination volume and the refinancing of receivables with term securitization transactions and/or other financing. At March 31, 2025, there was approximately $0.7 billion of funding available under these facilities.

Repurchase Agreement

We are a party to a Global Master Repurchase Agreement which expires in September 2025. As of March 31, 2025, the Company had no Canadian receivables sold under the repurchase agreement. The repurchase agreement is treated as a financing arrangement for accounting purposes.

Unsecured Facilities and Debt

As of March 31, 2025, committed and uncommitted unsecured facilities with banks totaled $739.1 million, with no funds drawn as of that date. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. The available credit commitments are maintained primarily to provide backup liquidity for commercial paper borrowings. We had no commercial paper outstanding as of March 31, 2025.

As of March 31, 2025, our unsecured senior notes were as follows (dollars in thousands):


Issued by CNH Industrial Capital LLC (the “U.S. Senior Notes”):⁽¹⁾
3.950% notes, due 2025	$	500,000
5.450% notes, due 2025		400,000
1.875% notes, due 2026		500,000
1.450% notes, due 2026		600,000
4.500% notes, due 2027		500,000
4.750% notes, due 2028		500,000
4.550% notes, due 2028		600,000
5.500% notes, due 2029		500,000
5.100% notes, due 2029		600,000
Hedging, discounts and unamortized issuance costs		(22,874)
		4,677,126
Issued by CNH Industrial Capital Canada (the “Canadian Senior Notes”):⁽²⁾
5.500% notes, due 2026		278,504
4.800% notes, due 2027		278,504
4.000% notes, due 2028		208,878
Discounts and unamortized issuance costs		(3,279)
		762,607
Total	$	5,439,733

(1)

These notes, which are senior unsecured obligations of CNH Industrial Capital LLC, are guaranteed by CNH Capital America and New Holland Credit.

(2)

These notes, which are senior unsecured obligations of CNH Capital Canada, are guaranteed by CNH Industrial Capital LLC, CNH Capital America and New Holland Credit.

On March 21, 2025, CNH Industrial Capital LLC completed an offering of $500.0 million in aggregate principal amount of 4.750% unsecured notes due 2028, with an issue price of 99.658%.

Credit Ratings

Our ability to obtain funding is affected by credit ratings of our debt, which are closely related to the outlook for and the financial condition of CNH N.V., and the nature and availability of our support agreement with CNH N.V.

To access public debt capital markets, we rely on credit rating agencies to assign short-term and long-term credit ratings to our securities as an indicator of credit quality for fixed income investors. A credit rating agency may change or withdraw our ratings based on its assessment of our current and future ability to meet interest and principal repayment obligations. Each agency’s rating should be evaluated independently of any other rating. Lower credit ratings generally result in higher borrowing costs, including costs of derivative transactions, and reduced access to debt capital markets.

Our current credit ratings are as follows:


	Senior Long-Term	Short-Term	Outlook
S&P Global Ratings	BBB+	A-2	Negative
Fitch Ratings	BBB+	F2	Negative
Moody's Investors Service	Baa2	-	Stable

Affiliate Sources

CNH Capital borrows, as needed, from CNH. This source of funding is primarily used to finance various assets and provides additional flexibility when evaluating market conditions and potential third-party financing options. We had $56.3 million of affiliated debt as of March 31, 2025 and no affiliated debt as of December 31, 2024.

Equity Position

Our equity position also supports our ability to access various funding sources. Our stockholder’s equity at both March 31, 2025 and December 31, 2024 was $1.6 billion.

Liquidity

While we expect securitization to continue to represent a material portion of our capital structure and affiliated borrowings to remain a marginal source of funding, we will continue to diversify our funding sources and expand our investor base to support our investment grade credit ratings. These diversified funding sources include committed asset-backed facilities, a repurchase agreement, unsecured notes, bank facilities and a commercial paper program.

The liquidity available for use varies due to: (a) changes in origination volumes, reflecting the financing needs of our customers, and is influenced by the timing of any refinancing of underlying receivables; and (b) the execution of our funding strategy of maintaining a sufficient level of liquidity and flexible access to a wide variety of financial instruments.

Guarantor Statements

CNH Capital America and New Holland Credit, which are 100%-owned subsidiaries of CNH Industrial Capital LLC, guarantee the U.S. Senior Notes (the “U.S. Notes Guarantees”). CNH Industrial Capital LLC, CNH Capital America and New Holland Credit (the “Guarantor Entities”) guarantee the Canadian Senior Notes (the “Canadian Notes Guarantees” and, together with the U.S. Notes Guarantees, the “Guarantees”). The Guarantees are full, unconditional, and joint and several.

The Guarantees are general unsecured obligations of the applicable Guarantor Entities and rank senior in right of payment to all future obligations of such Guarantor Entities that are, by their terms, expressly subordinated in right of payment to such Guarantees and pari passu in right of payment with all existing and future unsecured indebtedness of such Guarantor Entities that are not so subordinated.

The Guarantor Entities’ obligations under their applicable Guarantees are limited as necessary to prevent the Guarantees from constituting a fraudulent conveyance under applicable law. If the Guarantees were rendered voidable, they could be subordinated by a court to all other indebtedness (including guarantees and other contingent liabilities) of the applicable Guarantor Entities and, depending on the amount of the indebtedness, such Guarantor Entities’ liability on the Guarantees to which they are parties could be reduced to zero.

The Guarantees of the Guarantor Entities will be automatically released:

(1)

in connection with any sale or other disposition of all of the capital stock of the applicable Guarantor Entities to a person other than, for purposes of the U.S. Notes Guarantees, CNH Industrial Capital LLC or any subsidiary of CNH Industrial Capital LLC, or, for purposes of the Canadian Notes Guarantees, CNH N.V. or any subsidiary of CNH N.V.;

(2)

in connection with the sale or other disposition of all or substantially all of the assets or properties of the applicable Guarantor Entities, including by way of merger, consolidation or otherwise, to a person other than, for purposes of the U.S. Notes Guarantees, CNH Industrial Capital LLC or any subsidiary of CNH Industrial Capital LLC or, for purposes of the Canadian Notes Guarantees, CNH N.V. or any subsidiary of CNH N.V.; or

(3)

in certain other circumstances.

The following tables present summarized financial information for the obligor groups of the U.S. Senior Notes and the Canadian Senior Notes. The obligor group consists of the issuer and guarantors for the applicable senior notes. Intercompany balances and transactions between the issuer and guarantors have been eliminated. The investments in, and equity in income from, non-guarantor subsidiaries has been excluded.

For the three months ended March 31, 2025 and 2024, the summarized statement of income information for the obligor group of the U.S. Senior Notes was as follows (dollars in thousands):


	2025		2024
Revenues	$	101,494	$	163,507
Interest expense		31,625		107,290
Administrative and operating expenses		51,429		48,525
Income tax provision (benefit)		4,136		169
Net income	$	14,304	$	7,523

For the U.S. Senior Notes, affiliated interest amounts recorded from and to the non-guarantor subsidiaries of CNH Industrial Capital LLC for the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	2025		2024
Interest and other income from affiliates	$	16,722	$	16,731
Interest expense to affiliates		37,528		49,959

As of March 31, 2025 and December 31, 2024, the summarized balance sheet information for the obligor group of the U.S. Senior Notes was as follows (dollars in thousands):


	March 31,		December 31,
	2025		2024
Cash	$	92,367	$	308,593
Restricted cash and cash equivalents		—		—
Receivables, less allowance for credit losses of $41,110 and $40,218		3,444,019		3,213,029
Equipment on operating leases, net		1,025,290		988,028
Short-term debt, including current maturities of long-term debt		1,505,983		1,386,998
Accounts payable and other accrued liabilities		609,317		649,261
Long-term debt		3,335,544		3,348,690

For the U.S. Senior Notes, the obligors’ amounts due from and due to the non-guarantor subsidiaries of CNH Industrial Capital LLC as of March 31, 2025 and December 31, 2024 were as follows (dollars in thousands):


	March 31,		December 31,
	2025		2024
Affiliated accounts and notes receivable	$	3,623,866	$	3,307,088
Accounts payable and other accrued liabilities		4,194,248		4,145,280

For the three months ended March 31, 2025 and 2024, the summarized statement of income information for the obligor group of the Canadian Senior Notes was as follows (dollars in thousands):


	2025		2024
Revenues	$	222,762	$	224,135
Interest expense		120,140		137,633
Administrative and operating expenses		68,260		65,683
Income tax provision		7,493		3,092
Net income	$	26,869	$	17,727

For the Canadian Senior Notes, affiliated interest amounts recorded from and to the non-guarantor subsidiaries of CNH Industrial Capital LLC for the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):


	2025		2024
Interest and other income from affiliates	$	14,228	$	16,516
Interest expense to affiliates		37,528		49,959

As of March 31, 2025 and December 31, 2024, the summarized balance sheet information for the obligor group of the Canadian Senior Notes was as follows (dollars in thousands):


	March 31,		December 31,
	2025		2024
Cash	$	108,424	$	327,928
Restricted cash and cash equivalents		52,367		56,164
Receivables, less allowance for credit losses of $50,706 and $50,935		6,128,429		5,765,534
Equipment on operating leases, net		1,457,155		1,422,001
Short-term debt, including current maturities of long-term debt		2,169,722		2,368,449
Accounts payable and other accrued liabilities		705,346		767,320
Long-term debt		4,748,968		4,821,053

For the Canadian Senior Notes, the obligors’ amounts due from and due to the non-guarantor subsidiaries of CNH Industrial Capital LLC as of March 31, 2025 and December 31, 2024 were as follows (dollars in thousands):


	March 31,		December 31,
	2025		2024
Affiliated accounts and notes receivable	$	3,051,334	$	3,136,147
Accounts payable and other accrued liabilities		4,216,112		4,167,105

Other Data


	As of or for the
	Three Months Ended March 31,
	2025			2024

	(Dollars in thousands)
Gross receivables	$	14,045,604		$	13,816,899
Equipment on operating leases, net		1,457,155			1,341,909
Total portfolio	$	15,502,759		$	15,158,808
Delinquency ⁽¹⁾		1.18	%		0.78	%
Average gross receivables balance	$	14,272,624		$	12,587,085
Net credit loss ⁽²⁾		0.30	%		0.15	%
Profitability: ⁽³⁾
Return on average portfolio ⁽⁴⁾		1.47	%		1.47	%
Asset Quality:
Allowance for credit losses / gross receivables		0.93	%		0.87	%

(1)

Delinquency is reported on gross receivables greater than 30 days past due, expressed as a percentage of the gross receivables as of the end of the respective period.

(2)

Net credit losses on the receivables means charge-offs, net of recoveries, for the preceding 12 months expressed as a percentage of the respective average balance of gross receivables.

(3)

Three months ended March 31, 2025 and 2024 annualized.

(4)

Net income for the period expressed as a percentage of the average portfolio.

Critical Accounting Policies and Estimates

See our critical accounting policies and estimates discussed in our annual report for the year ended December 31, 2024 under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 2 to our audited consolidated financial statements included in such annual report. There were no material changes to these policies or estimates during the three months ended March 31, 2025.

Cautionary Note on Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact contained in this filing, including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations, products and services, are forward-looking statements. Forward-looking statements also include statements regarding the future performance of CNH and its subsidiaries on a stand-alone basis. These statements may include terminology such as “may,” “will,” “expect,” “could,” “should,” “intend,” “estimate,” “anticipate,” “believe,” “outlook,” “continue,” “remain,” “on track,” “design,” “target,” “objective,” “goal,” “forecast,” “projection,” “prospects,” “plan,” or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements.

Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: economic conditions in each of CNH’s markets, including the significant uncertainty caused by geopolitical events; production and supply chain disruptions, including industry capacity constraints, material availability, and global logistics delays and constraints; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; and other protective measures issued to promote national interests or address foreign competition, which in turn result or may result in retaliatory tariffs or other measures enacted by affected trade partners; volatility in international trade caused by the imposition of tariffs, including the necessity to implement surcharges and price increases, which could consequently affect demand for CNH’s products; sanctions, embargoes, and trade wars; actions of competitors in the various industries in which CNH North America competes; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of CNH’s products; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities and material price increases; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; restrictive covenants in our debt agreements; actions by rating agencies concerning the ratings on our debt and asset-backed securities and the credit rating of CNH N.V.; price pressure on new and used equipment; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of the Company and CNH North America dealers; security breaches with respect to CNH’s products; political and civil unrest; volatility and deterioration of capital and financial markets, including pandemics (such as the COVID-19 pandemic); terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of CNH’s strategic plan including targeted restructuring actions to optimize CNH’s cost structure and improve the efficiency of its operations; CNH’s failure to realize, or a delay in realizing, all of the anticipated benefits of its acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our and CNH’s success in managing the risks involved in the foregoing.

Forward-looking statements are based upon assumptions relating to the factors described in this filing, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside of our control. CNH Capital expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this document to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based.

Further information concerning CNH Capital, including factors that potentially could materially affect its financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”).

All future written and oral forward-looking statements by CNH Capital or persons acting on the behalf of CNH Capital are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Additional factors could cause actual results to differ from those expressed or implied by the forward-looking statements included in the Company’s filings with the SEC (including, but not limited to, the factors discussed in our 2024 Annual Report and subsequent quarterly reports).

PART II. OTHER INFORMATION

Item 6. Exhibits


Exhibit	Description
22		Issuer and Guarantors of Guaranteed Securities (Previously filed as Exhibit 22 to the quarterly report on Form 10-Q of the registrant for the quarter ended March 31, 2025 (File No. 000-55510) and incorporated herein by reference).
31.1		Certifications of President Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certifications of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are imbedded within the Inline XBRL document)
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover page Interactive Data File is formatted in Inline XBRL and included in Exhibits 101

†	These certifications are deemed not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section; nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act.

Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt have not been filed. The registrant will furnish copies thereof to the SEC upon request.


	CNH INDUSTRIAL CAPITAL LLC
Date: May 12, 2025	/s/ Douglas MacLeod
	Douglas MacLeod, Chairman and President
	(Principal Executive Officer)


Date: May 12, 2025	/s/ Daniel Willems Van Dijk
	Daniel Willems Van Dijk, Chief Financial Officer and Assistant Treasurer
	(Principal Financial Officer)