10-Q

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 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.

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Statements of Income for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	1
	Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Stockholder’s Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	6
	Condensed Notes to Consolidated Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	*
Item 4.	Controls and Procedures	34
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	*
Item 3.	Defaults Upon Senior Securities	*
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36

* This item has been omitted pursuant to the reduced disclosure format as set forth in General Instruction (H)(2) of Form 10-Q

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Dollars in thousands)

(Unaudited)

	2025		2024
REVENUES
Interest income on retail notes and finance leases	$	94,109	$	87,391
Rental income on operating leases		59,793		59,806
Revolving charge account income		10,416		9,306
Interest income on wholesale notes		34,576		26,923
Interest and other income from affiliates		121,869		119,474
Other income		3,330		3,406
Total revenues		324,093		306,306
EXPENSES
Interest expense:
Interest expense to third parties		166,417		162,803
Interest expense to affiliates		235		4,624
Total interest expense		166,652		167,427
Administrative and operating expenses:
Fees charged by affiliates		12,044		13,595
Provision for credit losses		17,096		10,512
Depreciation of equipment on operating leases		46,332		43,100
Other expenses, net		6,658		596
Total administrative and operating expenses		82,130		67,803
Total expenses		248,782		235,230
INCOME BEFORE TAXES		75,311		71,076
Income tax provision		18,689		16,603
NET INCOME	$	56,622	$	54,473

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

1

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Dollars in thousands)

(Unaudited)

	2025		2024
NET INCOME	$	56,622	$	54,473
Other comprehensive income (loss):
Foreign currency translation adjustment		731		(10,480)
Pension liability adjustment		(88)		(108)
Change in derivative financial instruments		(2,291)		1,935
Total other comprehensive income (loss)		(1,648)		(8,653)
COMPREHENSIVE INCOME	$	54,974	$	45,820

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

2

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024

(Dollars in thousands)

(Unaudited)

	March 31,		December 31,
	2025		2024
ASSETS
Cash	$	116,030	$	446,946
Restricted cash and cash equivalents		348,514		386,397
Receivables, less allowance for credit losses of $130,069 and $129,983, respectively		13,915,535		13,992,556
Affiliated accounts and notes receivable		96,843		401,285
Equipment on operating leases, net		1,457,155		1,422,001
Equipment held for sale		47,886		48,873
Goodwill		107,111		107,068
Other intangible assets, net		20,656		19,366
Other assets		114,895		102,416
TOTAL	$	16,224,625	$	16,926,908
LIABILITIES AND STOCKHOLDER’S EQUITY
Liabilities:
Short-term debt (including current maturities of long-term debt)	$	5,511,163	$	5,869,500
Accounts payable and other accrued liabilities		799,259		787,612
Affiliated debt		56,315		—
Long-term debt		8,259,813		8,666,627
Total liabilities		14,626,550		15,323,739
Commitments and contingent liabilities (Note 12)
Stockholder’s equity:
Member’s capital		—		—
Paid-in capital		918,267		918,335
Accumulated other comprehensive loss		(180,095)		(178,447)
Retained earnings		859,903		863,281
Total stockholder’s equity		1,598,075		1,603,169
TOTAL	$	16,224,625	$	16,926,908

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

3

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Continued)

AS OF MARCH 31, 2025 AND DECEMBER 31, 2024

(Dollars in thousands)

(Unaudited)

The following table presents certain assets and liabilities of consolidated variable interest entities (“VIEs”), which are included in the consolidated balance sheets. The assets in the table include those assets that can only be used to settle obligations of consolidated VIEs. The liabilities in the table include third-party liabilities of the consolidated VIEs, for which creditors do not have recourse to the general credit of CNH Industrial Capital LLC. See Note 4: Receivables for additional information on the Company’s VIEs.

	March 31,		December 31,
	2025		2024
Restricted cash and cash equivalents	$	348,514	$	386,397
Receivables, less allowance for credit losses of $57,848 and $58,094, respectively		8,350,593		8,851,145
TOTAL	$	8,699,107	$	9,237,542
Short-term debt (including current maturities of long-term debt)	$	4,005,233	$	4,169,748
Long-term debt		4,161,648		4,557,176
TOTAL	$	8,166,881	$	8,726,924

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

4

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Dollars in thousands)

(Unaudited)

	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	56,622	$	54,473
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases		46,332		43,102
Amortization of intangibles		699		771
Provision for credit losses		17,096		10,512
Deferred income tax expense (benefit)		(14,093)		11,239
Other non-cash items		10,916		13,276
Changes in components of working capital:
Change in affiliated accounts receivables		109,188		10,490
Change in other assets and equipment held for sale		(7,709)		7,900
Change in accounts payable and other accrued liabilities		23,054		(51,789)
Net cash from (used in) operating activities		242,105		99,974
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired (retail customer, revolving charge accounts and wholesale)		(3,204,327)		(3,913,519)
Collections of receivables (retail customer, revolving charge accounts and wholesale)		3,262,421		3,605,879
Change in affiliated cash pooling receivables, net		195,338		(125,062)
Purchase of equipment on operating leases		(157,492)		(102,184)
Proceeds from disposal of equipment on operating leases		80,101		85,032
Change in property, equipment and software, net		(3,489)		75
Net cash from (used in) investing activities		172,552		(449,779)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in affiliated debt, net		56,349		(132,492)
Proceeds from issuance of long-term debt		1,349,050		2,123,113
Payment of long-term debt		(989,940)		(1,556,378)
Change in committed asset-backed facilities, net		(475,499)		(213,581)
Change in short-term borrowings, net		(663,556)		(40,155)
Dividends paid to CNH Industrial America LLC		(60,000)		(60,000)
Net cash from (used in) financing activities		(783,596)		120,507
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		140		—
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS		(368,799)		(229,298)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of period		833,343		797,927
End of period	$	464,544	$	568,629
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash	$	116,030	$	163,171
Restricted cash and cash equivalents		348,514		405,458
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	$	464,544	$	568,629
CASH PAID DURING THE PERIOD FOR INTEREST	$	153,035	$	165,260
CASH PAID DURING THE PERIOD FOR TAXES	$	11,455	$	47,072

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

5

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Dollars in thousands)

(Unaudited)

					Accumulated
					Other
	Member’s		Paid-in		Comprehensive		Retained
	Capital		Capital		Income (Loss)		Earnings		Total
BALANCE - January 1, 2024	$	—	$	919,702	$	(137,308)	$	816,582	$	1,598,976
Net income		—		—		—		54,473		54,473
Dividends paid to CNH Industrial America LLC		—		—		—		(60,000)		(60,000)
Foreign currency translation adjustment		—		—		(10,480)		—		(10,480)
Stock compensation		—		(1,219)		—		—		(1,219)
Pension liability adjustment, net of tax		—		—		(108)		—		(108)
Change in derivative financial instruments, net of tax		—		—		1,935		—		1,935
BALANCE - March 31, 2024	$	—	$	918,483	$	(145,961)	$	811,055	$	1,583,577
BALANCE - January 1, 2025	$	—	$	918,335	$	(178,447)	$	863,281	$	1,603,169
Net income		—		—		—		56,622		56,622
Dividends paid to CNH Industrial America LLC		—		—		—		(60,000)		(60,000)
Foreign currency translation adjustment		—		—		731		—		731
Stock compensation		—		(68)		—		—		(68)
Pension liability adjustment, net of tax		—		—		(88)		—		(88)
Change in derivative financial instruments, net of tax		—		—		(2,291)		—		(2,291)
BALANCE - March 31, 2025	$	—	$	918,267	$	(180,095)	$	859,903	$	1,598,075

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

6

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

(Unaudited)

NOTE 1: BASIS OF PRESENTATION

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” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNH N.V.” and, together with its consolidated subsidiaries, “CNH”). CNH America and CNH Industrial Canada Ltd. (“CNH Canada” and together with CNH America, “CNH North America”) design, manufacture, and sell agricultural and construction equipment. CNH Capital provides financial services for CNH North America dealers and end-use customers primarily located in the United States and Canada.

CNH N.V. is incorporated in and under the laws of the Netherlands. CNH N.V. has its corporate seat in Amsterdam, the Netherlands, and its principal office in Basildon, England, United Kingdom. The common shares of CNH N.V. are listed on the New York Stock Exchange under the symbol “CNH.”

The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2024. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected.

The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments.

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates.

Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of December 31, 2024 or March 31, 2024.

7

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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.

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 its consolidated financial statements.

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges.

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2025:

	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(179,886)	$	(739)	$	2,632	$	(177,993)
Tax liability		—		186		(640)		(454)
Beginning balance, net of tax		(179,886)		(553)		1,992		(178,447)
Other comprehensive income (loss) before reclassifications		731		(126)		(2,036)		(1,431)
Amounts reclassified from accumulated other comprehensive income (loss)		—		10		(982)		(972)
Tax effects		—		28		727		755
Net current-period other comprehensive income (loss)		731		(88)		(2,291)		(1,648)
Total	$	(179,155)	$	(641)	$	(299)	$	(180,095)

8

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effect for the three month ended March 31, 2024:

	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(142,798)	$	1,559	$	5,677	$	(135,562)
Tax liability		—		(373)		(1,373)		(1,746)
Beginning balance, net of tax		(142,798)		1,186		4,304		(137,308)
Other comprehensive income (loss) before reclassifications		(10,480)		(88)		2,875		(7,693)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(54)		(217)		(271)
Tax effects		—		34		(723)		(689)
Net current-period other comprehensive income (loss)		(10,480)		(108)		1,935		(8,653)
Total	$	(153,278)	$	1,078	$	6,239	$	(145,961)

The reclassifications out of AOCI were immaterial for the three months ended March 31, 2025 and 2024.

NOTE 4: RECEIVABLES

A summary of receivables included in the consolidated balance sheets as of March 31, 2025 and December 31, 2024 is as follows:

	March 31,		December 31,
	2025		2024
Retail notes	$	1,875,991	$	1,180,540
Revolving charge accounts		250,864		235,640
Finance leases		228,264		233,621
Wholesale		1,465,821		1,507,176
Restricted receivables		10,224,664		10,965,562
Gross receivables		14,045,604		14,122,539
Less: Allowance for credit losses		(130,069)		(129,983)
Total receivables, net	$	13,915,535	$	13,992,556

Restricted Receivables and Securitization

As part of its overall funding strategy, the Company periodically transfers certain receivables into bankruptcy-remote special purpose entities (“SPEs”) as part of its asset-backed securitization programs.

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.

9

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of March 31, 2025 and December 31, 2024:

	March 31,		December 31,
	2025		2024
Retail notes	$	6,882,041	$	7,625,647
Wholesale		3,342,623		3,339,915
Total restricted receivables	$	10,224,664	$	10,965,562

Within the U.S. retail notes securitization programs, qualifying retail notes are sold to bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts, which are VIEs, to either transfer receivables in exchange for proceeds from asset-backed securities issued by the trusts, or pledge the receivables as collateral in exchange for proceeds from a committed asset-backed facility. In Canada, qualifying retail notes are transferred directly to trusts, which are also VIEs. 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.

With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Capital has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Capital has consolidated these wholesale trusts.

Allowance for Credit Losses

The allowance for credit losses is the Company’s estimate of the lifetime expected credit losses inherent in the receivables. Retail customer receivables primarily include retail notes and finance leases to end-use customers. Revolving charge accounts represent financing for customers to purchase parts, service, rentals, implements and attachments from CNH North America dealers. Wholesale receivables include dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk.

Retail customer receivables that share the same risk characteristics, such as collateralization levels, geography, product type and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for credit losses on retail customer receivables is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as GDP and Net Farm Income. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

10

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Wholesale receivables that share the same risk characteristics, such as collateralization levels, term, geography and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for wholesale credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as industry sales volumes. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

Retail customer receivables and wholesale receivables that do not have similar risk characteristics are individually reviewed based on, among other items, amounts outstanding, days past due and prior collection history. Expected credit losses are measured by considering: the probability-weighted estimates of cash flows and collateral value; the time value of money; current conditions and forecasts of future economic conditions. Expected credit losses are measured as the probability-weighted present value of all cash shortfalls (including the value of the collateral, if appropriate) over the expected life of each financial asset.

Charge-offs of principal amounts of retail customer receivables and wholesale receivables outstanding are deducted from the allowance at the point when it is estimated that amounts due are deemed uncollectible. Revolving charge accounts are generally deemed to be uncollectible and charged off to the allowance for credit losses when delinquency reaches 120 days.

Allowance for credit losses activity for the three months ended March 31, 2025 is as follows:

			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	114,935	$	7,603	$	7,445	$	129,983
Charge-offs		(15,960)		(1,510)		(34)		(17,504)
Recoveries		273		197		2		472
Provision		15,231		1,873		(8)		17,096
Foreign currency translation and other		19		1		2		22
Ending balance	$	114,498	$	8,164	$	7,407	$	130,069
Gross receivables:
Ending balance	$	8,986,296	$	250,864	$	4,808,444	$	14,045,604

11

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Allowance for credit losses activity for the three months ended March 31, 2024 is as follows:

			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	101,649	$	7,594	$	5,502	$	114,745
Charge-offs		(5,853)		(1,150)		—		(7,003)
Recoveries		275		96		13		384
Provision		8,413		1,868		231		10,512
Foreign currency translation and other		(240)		(12)		(21)		(273)
Ending balance	$	104,244	$	8,396	$	5,725	$	118,365
Gross receivables:
Ending balance	$	8,175,669	$	227,209	$	5,414,021	$	13,816,899

The allowance for credit losses increased in the first three months of 2025, primarily due to higher specific reserve needs.

The Company assesses and monitors the credit quality of its receivables based on delinquency status. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. As the terms for the retail customer receivables are greater than one year, the past due information is presented by year of origination.

12

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

The aging of receivables by vintage as of March 31, 2025 are as follows:

														S
					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2025	$	427	$	—	$	—	$	427	$	729,826	$	730,253	$	—
2024		17,855		11,290		9,905		39,050		3,075,339		3,114,389		1,281
2023		15,975		6,294		12,208		34,477		1,663,587		1,698,064		6,515
2022		8,946		4,633		8,723		22,302		1,088,176		1,110,478		2,550
2021		4,730		2,722		5,146		12,598		521,575		534,173		997
Prior to 2021		1,848		1,191		36,168		39,207		186,775		225,982		3,541
Total	$	49,781	$	26,130	$	72,150	$	148,061	$	7,265,278	$	7,413,339	$	14,884
Canada
2025	$	—	$	—	$	—	$	—	$	214,254	$	214,254	$	—
2024		2,247		411		48		2,706		733,746		736,452		350
2023		956		622		168		1,746		235,230		236,976		597
2022		1,259		149		343		1,751		196,082		197,833		(14)
2021		461		157		421		1,039		138,108		139,147		150
Prior to 2021		204		49		343		596		47,699		48,295		(7)
Total	$	5,127	$	1,388	$	1,323	$	7,838	$	1,565,119	$	1,572,957	$	1,076
Revolving charge accounts
United States	$	5,278	$	1,703	$	1,470	$	8,451	$	226,345	$	234,796	$	1,365
Canada	$	337	$	222	$	146	$	705	$	15,363	$	16,068	$	145
Wholesale
United States	$	37	$	6	$	116	$	159	$	3,703,303	$	3,703,462	$	34
Canada	$	—	$	—	$	64	$	64	$	1,104,918	$	1,104,982	$	—
Total
Retail customer	$	54,908	$	27,518	$	73,473	$	155,899	$	8,830,397	$	8,986,296	$	15,960
Revolving charge accounts	$	5,615	$	1,925	$	1,616	$	9,156	$	241,708	$	250,864	$	1,510
Wholesale	$	37	$	6	$	180	$	223	$	4,808,221	$	4,808,444	$	34

13

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

The aging of receivables by vintage as of December 31, 2024 is as follows:

					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2024	$	11,150	$	2,177	$	2,530	$	15,857	$	3,396,385	$	3,412,242	$	1,168
2023		14,713		5,758		11,439		31,910		1,899,459		1,931,369		9,538
2022		10,027		3,499		9,858		23,384		1,200,888		1,224,272		7,902
2021		6,764		1,679		4,865		13,308		610,425		623,733		4,107
2020		3,037		657		30,779		34,473		202,608		237,081		2,552
Prior to 2020		925		430		3,916		5,271		47,538		52,809		2,250
Total	$	46,616	$	14,200	$	63,387	$	124,203	$	7,357,303	$	7,481,506	$	27,517
Canada
2024	$	4,929	$	520	$	74	$	5,523	$	821,811	$	827,334	$	130
2023		1,326		—		835		2,161		281,729		283,890		1,241
2022		1,755		731		673		3,159		222,266		225,425		1,054
2021		912		123		653		1,688		158,451		160,139		797
2020		410		68		248		726		49,125		49,851		505
Prior to 2020		23		2		33		58		11,605		11,663		674
Total	$	9,355	$	1,444	$	2,516	$	13,315	$	1,544,987	$	1,558,302	$	4,401
Revolving charge accounts
United States	$	6,303	$	2,447	$	1,360	$	10,110	$	209,241	$	219,351	$	4,993
Canada	$	1,478	$	555	$	183	$	2,216	$	14,073	$	16,289	$	306
Wholesale
United States	$	22	$	—	$	225	$	247	$	3,858,213	$	3,858,460	$	—
Canada	$	—	$	—	$	—	$	—	$	988,631	$	988,631	$	—
Total
Retail customer	$	55,971	$	15,644	$	65,903	$	137,518	$	8,902,290	$	9,039,808	$	31,918
Revolving charge accounts	$	7,781	$	3,002	$	1,543	$	12,326	$	223,314	$	235,640	$	5,299
Wholesale	$	22	$	—	$	225	$	247	$	4,846,844	$	4,847,091	$	—

Included in the receivables balance at March 31, 2025 and December 31, 2024 is accrued interest of $94,957 and $100,325, respectively. The Company does not include accrued interest in its allowance for credit losses.

Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 90 days past due, whichever occurs first. Accrued interest is charged-off to interest income. Interest income charged-off was not material for the three months ended March 31, 2025 and 2024. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time.

The retail customer receivables on nonaccrual status as of March 31, 2025 and December 31, 2024 are as follows:

	March 31,		December 31,
	2025		2024
United States	$	86,033	$	74,795
Canada	$	1,920	$	3,818

14

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

As of March 31, 2025 and December 31, 2024, total revolving charge account receivables on nonaccrual status were immaterial. As of March 31, 2025 and December 31, 2024, wholesale receivables on nonaccrual status in the United States were $21,912 and $25,916, respectively. There were no wholesale receivables on nonaccrual status in Canada as of March 31, 2025 and December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the three months ended March 31, 2025 and 2024 was immaterial.

Modifications

CNH Capital periodically modifies the terms of their 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 Capital has recourse to the financed assets on default. The Company continues to monitor the credit quality of these modified receivables. CNH Capital’s allowance for credit losses incorporates historical loss information, including the effects of the modified receivables. Therefore, additional adjustments to the allowance are generally not recorded upon modification of the receivable.

As of March 31, 2025 and 2024, modifications of CNH Capital’s retail customer receivables and wholesale receivables for customers experiencing financial difficulties were immaterial. Defaults and subsequent write-offs of receivables modified were not significant during the previous twelve months ended March 31, 2025 and 2024.

NOTE 5: EQUIPMENT ON OPERATING LEASES

Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $88,692) as of March 31, 2025 are as follows:

2025	$	147,061
2026		154,251
2027		84,915
2028		32,098
2029 and thereafter		11,336
Total lease payments	$	429,661

NOTE 6: CREDIT FACILITIES AND DEBT

On March 19, 2025, the Company, through a bankruptcy-remote trust, issued $850,760 of amortizing asset-backed notes secured by U.S. retail receivables.

On March 21, 2025, CNH Industrial Capital LLC completed an offering of $500,000 in aggregate principal amount of its 4.750% unsecured notes due 2028, with an issue price of 99.658%.

15

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Repurchase Agreement

The Company is 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 $739,065, 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. The Company had no commercial paper outstanding as of March 31, 2025.

NOTE 7: INCOME TAXES

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

NOTE 8: FINANCIAL INSTRUMENTS

The Company 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. The Company 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.

16

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

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 sections describe 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

The Company 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 designed as a hedge at the inception of the derivative contract. The Company 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.

Interest Rate Derivatives

The Company has entered into interest rate derivatives 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 the Company recognizes interest expense on the related debt. As of March 31, 2025, the maximum length of time over which the Company is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 58 months. As of March 31, 2025, the after-tax gains deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately ($1,939).

The Company also enters into offsetting interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three months ended March 31, 2025 and 2024.

All of the Company’s interest rate derivatives as of March 31, 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 the Company’s interest rate derivatives was $4,715,206 and $4,749,748 at March 31, 2025 and December 31, 2024, respectively. The four-month average notional amounts for the three months ended March 31, 2025 and 2024 were $4,786,285 and $4,015,569, respectively.

Foreign Exchange Contracts

The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in “Other expenses, net” and are expected to offset the foreign exchange gains or losses on the exposures being managed.

17

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

All of the Company’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.

Financial Statement Impact of the Company’s Derivatives

The fair values of the Company’s derivatives as of March 31, 2025 and December 31, 2024 in the consolidated balance sheets are recorded as follows:

	March 31,		December 31,
	2025		2024
Derivatives Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	24,652	$	12,862
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	15,309	$	21,087
Derivatives Not Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	13,736	$	21,522
Foreign exchange contracts		3,821		2,996
Total	$	17,557	$	24,518
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	13,736	$	21,522

Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three months ended March 31, 2025 and 2024 are recorded in the following accounts:

	2025		2024
Cash Flow Hedges
Recognized in accumulated other comprehensive income (loss):
Interest rate derivatives	$	(2,036)	$	2,875
Reclassified from accumulated other comprehensive income (loss):
Interest rate derivatives—Interest expense to third parties	$	982	$	217
Not Designated as Hedges
Foreign exchange contracts—Other expenses, net	$	(159)	$	(904)

18

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

Items Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, all of which are measured as Level 2:

	March 31,		December 31,
	2025		2024
Assets
Interest rate derivatives	$	38,388	$	34,384
Foreign exchange contracts		3,821		2,996
Total assets	$	42,209	$	37,380
Liabilities
Interest rate derivatives	$	29,045	$	42,609

There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented.

Fair Value of Other Financial Instruments

The carrying amount of cash, restricted cash and cash equivalents, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and restricted cash and cash equivalents are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2.

Financial Instruments Not Carried at Fair Value

The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value *		Amount		Fair Value *
Receivables	$	13,915,535	$	13,892,877	$	13,992,556	$	14,040,507
Long-term debt	$	8,259,813	$	8,306,000	$	8,666,627	$	8,654,374

______________

* Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

Receivables

The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk.

Long-term debt

The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

19

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 9: SEGMENT INFORMATION

CNH Capital operates in a single reportable segment as a captive financial services company that underwrites, services and manages financing products for end use customers and dealers of CNH North America. CNH Capital’s revenue is primarily generated through the income of its portfolio and the income generated through marketing programs with CNH North America. The Company has identified CNH’s President of North America Financial Services as its Chief Operating Decision Maker (“CODM”). The CODM evaluates the performance of the Company and allocates resources based on net income that also is reported on the consolidated statements of income as net income. The measure of segment assets is reported on the consolidated balance sheets as total assets. Therefore, no additional segment information is presented.

A summary of the Company’s segment net income is as follows:

	Three Months Ended
	March 31,
	2025		2024
REVENUES
Revenues and other income from third parties	$	202,224	$	186,832
Interest and other income from affiliates		121,869		119,474
Total revenues		324,093		306,306
EXPENSES
Interest expense to third parties		166,417		162,803
Interest expense to affiliates		235		4,624
Fees charged by affiliates		12,044		13,595
Provision for credit losses		17,096		10,512
Depreciation of equipment on operating leases		46,332		43,100
Losses (gains) on sale of used equipment		163		(2,769)
Other general and administrative		6,495		3,365
Income tax provision		18,689		16,603
Total expenses		267,471		251,833
SEGMENT NET INCOME		56,622		54,473
Adjustments and reconciling items		—		—
NET INCOME	$	56,622	$	54,473

20

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 10: GEOGRAPHICAL INFORMATION

A summary of the Company’s geographical information is as follows:

	Three Months Ended
	March 31,
	2025		2024
Revenues
United States	$	263,359	$	245,677
Canada		63,228		60,844
Eliminations		(2,494)		(215)
Total	$	324,093	$	306,306
Interest expense
United States	$	138,672	$	137,084
Canada		30,474		30,558
Eliminations		(2,494)		(215)
Total	$	166,652	$	167,427
Net income
United States	$	44,036	$	43,618
Canada		12,586		10,855
Total	$	56,622	$	54,473
Depreciation and amortization
United States	$	33,596	$	30,182
Canada		13,435		13,691
Total	$	47,031	$	43,873
Expenditures for equipment on operating leases
United States	$	131,349	$	79,922
Canada		26,143		22,262
Total	$	157,492	$	102,184
Provision for credit losses
United States	$	17,063	$	10,017
Canada		33		495
Total	$	17,096	$	10,512

	As of		As of
	March 31,		December 31,
	2025		2024
Total assets
United States	$	13,597,807	$	13,987,559
Canada		3,269,819		3,180,759
Eliminations		(643,001)		(241,410)
Total	$	16,224,625	$	16,926,908
Gross receivables
United States	$	11,351,597	$	11,559,317
Canada		2,694,007		2,563,222
Total	$	14,045,604	$	14,122,539

21

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: RELATED-PARTY TRANSACTIONS

The Company receives compensation from CNH North America for retail customer, wholesale and operating lease sales programs offered by CNH North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH North America based on the Company’s estimated costs and a targeted return on equity. The Company is also compensated for lending funds to CNH North America.

The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income for the three months ended March 31, 2025 and 2024 is as follows:

	2025		2024
Subsidy from CNH North America
Retail customer	$	63,491	$	49,407
Operating lease		9,423		9,450
Revolving charge accounts		1,140		839
Wholesale		44,102		58,645
Income from affiliated receivables
CNH North America		2,942		—
Banco CNH Industrial Capital Brazil		533		716
Other affiliates		238		417
Total interest and other income from affiliates	$	121,869	$	119,474

Interest expense to affiliates was $235 and $4,624 for the three months ended March 31, 2025 and 2024, respectively. Fees charged by affiliates were $12,044 and $13,595 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.

As of March 31, 2025 and December 31, 2024, the Company had various accounts and notes receivable and debt with the following affiliates:

	March 31,		December 31,
	2025		2024
Affiliated receivables
CNH America	$	47,527	$	317,587
CNH Canada		—		35,006
Banco CNH Industrial Capital Brazil		36,714		36,182
Other affiliates		12,602		12,510
Total affiliated receivables	$	96,843	$	401,285
Affiliated debt
CNH Canada	$	56,315	$	—
Total affiliated debt	$	56,315	$	—

Accounts payable and other accrued liabilities, including tax payables, of $139,145 and $50,915 were payable to related parties as of March 31, 2025 and December 31, 2024, respectively.

22

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 12: COMMITMENTS AND CONTINGENCIES

Legal Matters

The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations.

Guarantees

The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNH N.V. for approximately $50,400. The guarantees are in effect for the term of the underlying funding facilities.

Commitments

As of March 31, 2025, the Company had various agreements, on an uncommitted basis, to extend credit for the following portfolios:

	Total
	Credit Limit		Utilized		Not Utilized
Wholesale and dealer financing	$	7,662,794	$	4,717,472	$	2,945,322
Revolving charge accounts	$	2,739,687	$	254,704	$	2,484,983

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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.

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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.

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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	$	—	$	983,778	$	(983,778)	(100.0)	%
Revolving charge accounts		—		210,137		(210,137)	(100.0)
Wholesale		(31,346)		2,719,604		(2,750,950)	(101.2)
Equipment on operating leases		157,492		102,184		55,308	54.1
Total originations	$	126,146	$	4,015,703	$	(3,889,557)	(96.9)	%

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.

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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.

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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.

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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.

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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.

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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

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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

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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.

33

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).

Item 4.  Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our President and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934. Based on this evaluation of our disclosure controls and procedures as of March 31, 2025, our disclosure controls and procedures were effective as of March 31, 2025.

34

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the three months ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

CNH Capital is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on CNH Capital’s financial position or results of operations.

Item 1A.  Risk Factors

This section supplements certain of the information found under Part I, Item 1A. “Risk Factors” of our 2024 Annual Report on Form 10-K based on information currently known to us and recent developments since the date of the 2024 Annual Report. The matters discussed below should be read in conjunction with the risk factors set forth in the 2024 Annual Report. However, the risks described in our 2024 Annual Report, in the "Cautionary Note on Forward Looking Statements" within this report and below are not the only risks faced by us. Additional risks and uncertainties not currently known, or that are currently judged to be immaterial, may also materially affect our business, financial condition or operating results.

International trade developments or changes in national laws and policies can affect demand for CNH North America’s products and reduce the opportunities for us to finance equipment.

Government laws and policies on international trade and investment such as sanctions, import quotas, capital controls, tariffs or other retaliatory measures imposed in response to tariffs, whether adopted by non-governmental bodies, individual governments or addressed by regional trade blocks, may affect the demand for CNH North America’s products, technology and services,  or prevent CNH North America from being able to sell products to certain customers or in certain countries, which may reduce the opportunities for us to finance equipment . The U.S. has announced and/or implemented significant new tariffs, including but not limited to tariffs on imported steel and aluminum products, tariffs on imports from China, and baseline tariffs on most imports from most other countries. These measures have resulted in (or may cause in the future) retaliatory tariffs by other countries. Furthermore, restrictions in trade resulting from such measures could have an adverse effect on CNH North America’s business, adversely impact the availability to CNH North America of certain products in certain countries and disrupt its supply chains, with related impacts to CNH North America’s operations; and could exacerbate inflation, diminish investment and result in broader negative impacts, including economic instability that may adversely impact demand for CNH North America’s products and reduce the opportunities for us to finance equipment.  

Item 4.  Mine Safety Disclosures

Not applicable.

Item 5.  Other Information

None.

35

Item 6.  Exhibits

Exhibit	Description
22		Issuer and Guarantors of Guaranteed Securities
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.
32.1†		Certification required by Exchange Act Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).
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.

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CNH INDUSTRIAL CAPITAL LLC
Date: May 6, 2025	/s/ Douglas MacLeod
	Douglas MacLeod, Chairman and President
	(Principal Executive Officer)

Date: May 6, 2025	/s/ Daniel Willems Van Dijk
	Daniel Willems Van Dijk, Chief Financial Officer and Assistant Treasurer
	(Principal Financial Officer)

37

EX-22

EXHIBIT 22

ISSUER AND GUARANTORS OF GUARANTEED SECURITIES

The following subsidiaries of CNH Industrial Capital LLC (the "Company") are guarantors with respect to the Company’s 3.950% Senior Notes due 2025, 5.450% Senior Notes due 2025, 1.875% Senior Notes due 2026, 1.450% Senior Notes due 2026, 4.500% Senior Notes due 2027, 4.750% Senior Notes due 2028, 4.550% Senior Notes due 2028, 5.500% Senior Notes due 2029 and 5.100% Senior Notes due 2029:

NAME OF GUARANTOR	JURISDICTION OF FORMATION
CNH Industrial Capital America LLC	Delaware
New Holland Credit Company, LLC	Delaware

The following entities are guarantors with respect to CNH Industrial Capital Canada Ltd.’s 5.500% Senior Notes due 2026, 4.800% Senior Notes due 2027 and 4.000% Senior Notes due 2028:

NAME OF GUARANTOR	JURISDICTION OF FORMATION
CNH Industrial Capital LLC	Delaware
CNH Industrial Capital America LLC	Delaware
New Holland Credit Company, LLC	Delaware

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Douglas MacLeod, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CNH Industrial Capital LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2025	/s/ Douglas MacLeod
	Douglas MacLeod, Chairman and President
	(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Daniel Willems Van Dijk, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CNH Industrial Capital LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2025	/s/ Daniel Willems Van Dijk
	Daniel Willems Van Dijk, Chief Financial Officer and Assistant Treasurer
	(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of CNH Industrial Capital LLC (the “Company”) does hereby certify, to such officer’s knowledge, that:

The Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 of the Company (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 6, 2025	/s/ Douglas MacLeod
	Douglas MacLeod, Chairman and President
	(Principal Executive Officer)
May 6, 2025	/s/ Daniel Willems Van Dijk
	Daniel Willems Van Dijk, Chief Financial Officer and Assistant Treasurer
	(Principal Financial Officer)

A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C §1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2025 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2025
Entity File Number	000-55510
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1937630
Entity Address, Address Line One	5729 Washington Avenue
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53406
City Area Code	262
Local Phone Number	636-6011
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0
Entity Central Index Key	0001552493
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
REVENUES
Interest income on retail notes and finance leases	$ 94,109	$ 87,391
Rental income on operating leases	59,793	59,806
Revolving charge account income	10,416	9,306
Interest income on wholesale notes	34,576	26,923
Interest and other income from affiliates	121,869	119,474
Other income	3,330	3,406
Total revenues	324,093	306,306
Interest expense:
Interest expense to third parties	166,417	162,803
Total interest expense	166,652	167,427
Administrative and operating expenses:
Provision for credit losses	17,096	10,512
Depreciation of equipment on operating leases	46,332	43,100
Other expenses, net	6,658	596
Total administrative and operating expenses	82,130	67,803
Total expenses	248,782	235,230
INCOME BEFORE TAXES	75,311	71,076
Income tax provision	18,689	16,603
NET INCOME	56,622	54,473
Related Party
Interest expense:
Interest expense to affiliates	235	4,624
Total interest expense	235	4,624
Administrative and operating expenses:
Fees charged by affiliates	$ 12,044	$ 13,595

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 56,622	$ 54,473
Other comprehensive income (loss):
Foreign currency translation adjustment	731	(10,480)
Pension liability adjustment	(88)	(108)
Change in derivative financial instruments	(2,291)	1,935
Total other comprehensive income (loss)	(1,648)	(8,653)
COMPREHENSIVE INCOME	$ 54,974	$ 45,820

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash	$ 116,030	$ 446,946
Restricted cash and cash equivalents	348,514	386,397
Receivables, less allowance for credit losses of $130,069 and $129,983, respectively	13,915,535	13,992,556
Equipment on operating leases, net	1,457,155	1,422,001
Equipment held for sale	47,886	48,873
Goodwill	107,111	107,068
Other intangible assets, net	20,656	19,366
Other assets	114,895	102,416
TOTAL	16,224,625	16,926,908
Liabilities:
Short-term debt (including current maturities of long-term debt)	5,511,163	5,869,500
Accounts payable and other accrued liabilities	799,259	787,612
Long-term debt	8,259,813	8,666,627
Total liabilities	14,626,550	15,323,739
Commitments and contingent liabilities (Note 12)
Stockholder's equity:
Member's capital
Paid-in capital	918,267	918,335
Accumulated other comprehensive loss	(180,095)	(178,447)
Retained earnings	859,903	863,281
Total stockholder's equity	1,598,075	1,603,169
TOTAL	16,224,625	16,926,908
Related Party
ASSETS
Affiliated accounts and notes receivable	96,843	$ 401,285
Liabilities:
Affiliated debt	$ 56,315

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Allowance for credit losses	$ 130,069	$ 129,983
Restricted cash and cash equivalents	348,514	386,397
Receivables, less allowance for credit losses of $57,848 and $58,094, respectively	13,915,535	13,992,556
TOTAL	16,224,625	16,926,908
Short-term debt (including current maturities of long-term debt)	5,511,163	5,869,500
Long-term debt	8,259,813	8,666,627
Total liabilities	14,626,550	15,323,739
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	57,848	58,094
Restricted cash and cash equivalents	348,514	386,397
Receivables, less allowance for credit losses of $57,848 and $58,094, respectively	8,350,593	8,851,145
TOTAL	8,699,107	9,237,542
Short-term debt (including current maturities of long-term debt)	4,005,233	4,169,748
Long-term debt	4,161,648	4,557,176
Total liabilities	$ 8,166,881	$ 8,726,924

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 56,622	$ 54,473
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	46,332	43,102
Amortization of intangibles	699	771
Provision for credit losses	17,096	10,512
Deferred income tax expense (benefit)	(14,093)	11,239
Other non-cash items	10,916	13,276
Changes in components of working capital:
Change in affiliated accounts receivables	109,188	10,490
Change in other assets and equipment held for sale	(7,709)	7,900
Change in accounts payable and other accrued liabilities	23,054	(51,789)
Net cash from (used in) operating activities	242,105	99,974
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired (retail customer, revolving charge accounts and wholesale)	(3,204,327)	(3,913,519)
Collections of receivables (retail customer, revolving charge accounts and wholesale)	3,262,421	3,605,879
Change in affiliated cash pooling receivables, net	195,338	(125,062)
Purchase of equipment on operating leases	(157,492)	(102,184)
Proceeds from disposal of equipment on operating leases	80,101	85,032
Change in property, equipment and software, net	(3,489)	75
Net cash from (used in) investing activities	172,552	(449,779)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in affiliated debt, net	56,349	(132,492)
Proceeds from issuance of long-term debt	1,349,050	2,123,113
Payment of long-term debt	(989,940)	(1,556,378)
Change in committed asset-backed facilities, net	(475,499)	(213,581)
Change in short-term borrowings, net	(663,556)	(40,155)
Dividends paid to CNH Industrial America LLC	(60,000)	(60,000)
Net cash from (used in) financing activities	(783,596)	120,507
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	140
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	(368,799)	(229,298)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of period	833,343	797,927
End of period	464,544	568,629
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash	116,030	163,171
Restricted cash and cash equivalents	348,514	405,458
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	464,544	568,629
CASH PAID DURING THE PERIOD FOR INTEREST	153,035	165,260
CASH PAID DURING THE PERIOD FOR TAXES	$ 11,455	$ 47,072

XML

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
BALANCE at Dec. 31, 2023	$ 919,702	$ (137,308)	$ 816,582	$ 1,598,976
Increase (Decrease) in Stockholder's Equity
Net income			54,473	54,473
Dividends paid to CNH Industrial America LLC			(60,000)	(60,000)
Foreign currency translation adjustment		(10,480)		(10,480)
Stock compensation	(1,219)			(1,219)
Pension liability adjustment, net of tax		(108)		(108)
Change in derivative financial instruments, net of tax		1,935		1,935
BALANCE at Mar. 31, 2024	918,483	(145,961)	811,055	1,583,577
BALANCE at Dec. 31, 2024	918,335	(178,447)	863,281	1,603,169
Increase (Decrease) in Stockholder's Equity
Net income			56,622	56,622
Dividends paid to CNH Industrial America LLC			(60,000)	(60,000)
Foreign currency translation adjustment		731		731
Stock compensation	(68)			(68)
Pension liability adjustment, net of tax		(88)		(88)
Change in derivative financial instruments, net of tax		(2,291)		(2,291)
BALANCE at Mar. 31, 2025	$ 918,267	$ (180,095)	$ 859,903	$ 1,598,075

XML

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2025

NATURE OF OPERATIONS

BASIS OF PRESENTATION

NOTE 1: BASIS OF PRESENTATION

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” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNH N.V.” and, together with its consolidated subsidiaries, “CNH”). CNH America and CNH Industrial Canada Ltd. (“CNH Canada” and together with CNH America, “CNH North America”) design, manufacture, and sell agricultural and construction equipment. CNH Capital provides financial services for CNH North America dealers and end-use customers primarily located in the United States and Canada.

CNH N.V. is incorporated in and under the laws of the Netherlands. CNH N.V. has its corporate seat in Amsterdam, the Netherlands, and its principal office in Basildon, England, United Kingdom. The common shares of CNH N.V. are listed on the New York Stock Exchange under the symbol “CNH.”

The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2024. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected.

The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments.

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates.

Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of December 31, 2024 or March 31, 2024.

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NEW ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2025

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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.

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 its consolidated financial statements.

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ACCUMULATED OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2025

ACCUMULATED OTHER COMPREHENSIVE INCOME

ACCUMULATED OTHER COMPREHENSIVE INCOME

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges.

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2025:

	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(179,886)	$	(739)	$	2,632	$	(177,993)
Tax liability		—		186		(640)		(454)
Beginning balance, net of tax		(179,886)		(553)		1,992		(178,447)
Other comprehensive income (loss) before reclassifications		731		(126)		(2,036)		(1,431)
Amounts reclassified from accumulated other comprehensive income (loss)		—		10		(982)		(972)
Tax effects		—		28		727		755
Net current-period other comprehensive income (loss)		731		(88)		(2,291)		(1,648)
Total	$	(179,155)	$	(641)	$	(299)	$	(180,095)

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effect for the three month ended March 31, 2024:

	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(142,798)	$	1,559	$	5,677	$	(135,562)
Tax liability		—		(373)		(1,373)		(1,746)
Beginning balance, net of tax		(142,798)		1,186		4,304		(137,308)
Other comprehensive income (loss) before reclassifications		(10,480)		(88)		2,875		(7,693)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(54)		(217)		(271)
Tax effects		—		34		(723)		(689)
Net current-period other comprehensive income (loss)		(10,480)		(108)		1,935		(8,653)
Total	$	(153,278)	$	1,078	$	6,239	$	(145,961)

The reclassifications out of AOCI were immaterial for the three months ended March 31, 2025 and 2024.

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RECEIVABLES

3 Months Ended

Mar. 31, 2025

RECEIVABLES

RECEIVABLES

NOTE 4: RECEIVABLES

A summary of receivables included in the consolidated balance sheets as of March 31, 2025 and December 31, 2024 is as follows:

	March 31,		December 31,
	2025		2024
Retail notes	$	1,875,991	$	1,180,540
Revolving charge accounts		250,864		235,640
Finance leases		228,264		233,621
Wholesale		1,465,821		1,507,176
Restricted receivables		10,224,664		10,965,562
Gross receivables		14,045,604		14,122,539
Less: Allowance for credit losses		(130,069)		(129,983)
Total receivables, net	$	13,915,535	$	13,992,556

Restricted Receivables and Securitization

As part of its overall funding strategy, the Company periodically transfers certain receivables into bankruptcy-remote special purpose entities (“SPEs”) as part of its asset-backed securitization programs.

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.

The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of March 31, 2025 and December 31, 2024:

	March 31,		December 31,
	2025		2024
Retail notes	$	6,882,041	$	7,625,647
Wholesale		3,342,623		3,339,915
Total restricted receivables	$	10,224,664	$	10,965,562

Within the U.S. retail notes securitization programs, qualifying retail notes are sold to bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts, which are VIEs, to either transfer receivables in exchange for proceeds from asset-backed securities issued by the trusts, or pledge the receivables as collateral in exchange for proceeds from a committed asset-backed facility. In Canada, qualifying retail notes are transferred directly to trusts, which are also VIEs. 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.

With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Capital has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Capital has consolidated these wholesale trusts.

Allowance for Credit Losses

The allowance for credit losses is the Company’s estimate of the lifetime expected credit losses inherent in the receivables. Retail customer receivables primarily include retail notes and finance leases to end-use customers. Revolving charge accounts represent financing for customers to purchase parts, service, rentals, implements and attachments from CNH North America dealers. Wholesale receivables include dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk.

Retail customer receivables that share the same risk characteristics, such as collateralization levels, geography, product type and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for credit losses on retail customer receivables is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as GDP and Net Farm Income. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

Wholesale receivables that share the same risk characteristics, such as collateralization levels, term, geography and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for wholesale credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as industry sales volumes. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment.

Retail customer receivables and wholesale receivables that do not have similar risk characteristics are individually reviewed based on, among other items, amounts outstanding, days past due and prior collection history. Expected credit losses are measured by considering: the probability-weighted estimates of cash flows and collateral value; the time value of money; current conditions and forecasts of future economic conditions. Expected credit losses are measured as the probability-weighted present value of all cash shortfalls (including the value of the collateral, if appropriate) over the expected life of each financial asset.

Charge-offs of principal amounts of retail customer receivables and wholesale receivables outstanding are deducted from the allowance at the point when it is estimated that amounts due are deemed uncollectible. Revolving charge accounts are generally deemed to be uncollectible and charged off to the allowance for credit losses when delinquency reaches 120 days.

Allowance for credit losses activity for the three months ended March 31, 2025 is as follows:

			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	114,935	$	7,603	$	7,445	$	129,983
Charge-offs		(15,960)		(1,510)		(34)		(17,504)
Recoveries		273		197		2		472
Provision		15,231		1,873		(8)		17,096
Foreign currency translation and other		19		1		2		22
Ending balance	$	114,498	$	8,164	$	7,407	$	130,069
Gross receivables:
Ending balance	$	8,986,296	$	250,864	$	4,808,444	$	14,045,604

Allowance for credit losses activity for the three months ended March 31, 2024 is as follows:

			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	101,649	$	7,594	$	5,502	$	114,745
Charge-offs		(5,853)		(1,150)		—		(7,003)
Recoveries		275		96		13		384
Provision		8,413		1,868		231		10,512
Foreign currency translation and other		(240)		(12)		(21)		(273)
Ending balance	$	104,244	$	8,396	$	5,725	$	118,365
Gross receivables:
Ending balance	$	8,175,669	$	227,209	$	5,414,021	$	13,816,899

The allowance for credit losses increased in the first three months of 2025, primarily due to higher specific reserve needs.

The Company assesses and monitors the credit quality of its receivables based on delinquency status. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. As the terms for the retail customer receivables are greater than one year, the past due information is presented by year of origination.

The aging of receivables by vintage as of March 31, 2025 are as follows:

														S
					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2025	$	427	$	—	$	—	$	427	$	729,826	$	730,253	$	—
2024		17,855		11,290		9,905		39,050		3,075,339		3,114,389		1,281
2023		15,975		6,294		12,208		34,477		1,663,587		1,698,064		6,515
2022		8,946		4,633		8,723		22,302		1,088,176		1,110,478		2,550
2021		4,730		2,722		5,146		12,598		521,575		534,173		997
Prior to 2021		1,848		1,191		36,168		39,207		186,775		225,982		3,541
Total	$	49,781	$	26,130	$	72,150	$	148,061	$	7,265,278	$	7,413,339	$	14,884
Canada
2025	$	—	$	—	$	—	$	—	$	214,254	$	214,254	$	—
2024		2,247		411		48		2,706		733,746		736,452		350
2023		956		622		168		1,746		235,230		236,976		597
2022		1,259		149		343		1,751		196,082		197,833		(14)
2021		461		157		421		1,039		138,108		139,147		150
Prior to 2021		204		49		343		596		47,699		48,295		(7)
Total	$	5,127	$	1,388	$	1,323	$	7,838	$	1,565,119	$	1,572,957	$	1,076
Revolving charge accounts
United States	$	5,278	$	1,703	$	1,470	$	8,451	$	226,345	$	234,796	$	1,365
Canada	$	337	$	222	$	146	$	705	$	15,363	$	16,068	$	145
Wholesale
United States	$	37	$	6	$	116	$	159	$	3,703,303	$	3,703,462	$	34
Canada	$	—	$	—	$	64	$	64	$	1,104,918	$	1,104,982	$	—
Total
Retail customer	$	54,908	$	27,518	$	73,473	$	155,899	$	8,830,397	$	8,986,296	$	15,960
Revolving charge accounts	$	5,615	$	1,925	$	1,616	$	9,156	$	241,708	$	250,864	$	1,510
Wholesale	$	37	$	6	$	180	$	223	$	4,808,221	$	4,808,444	$	34

The aging of receivables by vintage as of December 31, 2024 is as follows:

					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2024	$	11,150	$	2,177	$	2,530	$	15,857	$	3,396,385	$	3,412,242	$	1,168
2023		14,713		5,758		11,439		31,910		1,899,459		1,931,369		9,538
2022		10,027		3,499		9,858		23,384		1,200,888		1,224,272		7,902
2021		6,764		1,679		4,865		13,308		610,425		623,733		4,107
2020		3,037		657		30,779		34,473		202,608		237,081		2,552
Prior to 2020		925		430		3,916		5,271		47,538		52,809		2,250
Total	$	46,616	$	14,200	$	63,387	$	124,203	$	7,357,303	$	7,481,506	$	27,517
Canada
2024	$	4,929	$	520	$	74	$	5,523	$	821,811	$	827,334	$	130
2023		1,326		—		835		2,161		281,729		283,890		1,241
2022		1,755		731		673		3,159		222,266		225,425		1,054
2021		912		123		653		1,688		158,451		160,139		797
2020		410		68		248		726		49,125		49,851		505
Prior to 2020		23		2		33		58		11,605		11,663		674
Total	$	9,355	$	1,444	$	2,516	$	13,315	$	1,544,987	$	1,558,302	$	4,401
Revolving charge accounts
United States	$	6,303	$	2,447	$	1,360	$	10,110	$	209,241	$	219,351	$	4,993
Canada	$	1,478	$	555	$	183	$	2,216	$	14,073	$	16,289	$	306
Wholesale
United States	$	22	$	—	$	225	$	247	$	3,858,213	$	3,858,460	$	—
Canada	$	—	$	—	$	—	$	—	$	988,631	$	988,631	$	—
Total
Retail customer	$	55,971	$	15,644	$	65,903	$	137,518	$	8,902,290	$	9,039,808	$	31,918
Revolving charge accounts	$	7,781	$	3,002	$	1,543	$	12,326	$	223,314	$	235,640	$	5,299
Wholesale	$	22	$	—	$	225	$	247	$	4,846,844	$	4,847,091	$	—

Included in the receivables balance at March 31, 2025 and December 31, 2024 is accrued interest of $94,957 and $100,325, respectively. The Company does not include accrued interest in its allowance for credit losses.

Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 90 days past due, whichever occurs first. Accrued interest is charged-off to interest income. Interest income charged-off was not material for the three months ended March 31, 2025 and 2024. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time.

The retail customer receivables on nonaccrual status as of March 31, 2025 and December 31, 2024 are as follows:

	March 31,		December 31,
	2025		2024
United States	$	86,033	$	74,795
Canada	$	1,920	$	3,818

As of March 31, 2025 and December 31, 2024, total revolving charge account receivables on nonaccrual status were immaterial. As of March 31, 2025 and December 31, 2024, wholesale receivables on nonaccrual status in the United States were $21,912 and $25,916, respectively. There were no wholesale receivables on nonaccrual status in Canada as of March 31, 2025 and December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the three months ended March 31, 2025 and 2024 was immaterial.

Modifications

CNH Capital periodically modifies the terms of their 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 Capital has recourse to the financed assets on default. The Company continues to monitor the credit quality of these modified receivables. CNH Capital’s allowance for credit losses incorporates historical loss information, including the effects of the modified receivables. Therefore, additional adjustments to the allowance are generally not recorded upon modification of the receivable.

As of March 31, 2025 and 2024, modifications of CNH Capital’s retail customer receivables and wholesale receivables for customers experiencing financial difficulties were immaterial. Defaults and subsequent write-offs of receivables modified were not significant during the previous twelve months ended March 31, 2025 and 2024.

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EQUIPMENT ON OPERATING LEASES

3 Months Ended

Mar. 31, 2025

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES

NOTE 5: EQUIPMENT ON OPERATING LEASES

Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $88,692) as of March 31, 2025 are as follows:

2025	$	147,061
2026		154,251
2027		84,915
2028		32,098
2029 and thereafter		11,336
Total lease payments	$	429,661

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CREDIT FACILITIES AND DEBT

3 Months Ended

Mar. 31, 2025

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT

NOTE 6: CREDIT FACILITIES AND DEBT

On March 19, 2025, the Company, through a bankruptcy-remote trust, issued $850,760 of amortizing asset-backed notes secured by U.S. retail receivables.

On March 21, 2025, CNH Industrial Capital LLC completed an offering of $500,000 in aggregate principal amount of its 4.750% unsecured notes due 2028, with an issue price of 99.658%.

Repurchase Agreement

The Company is 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 $739,065, 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. The Company had no commercial paper outstanding as of March 31, 2025.

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INCOME TAXES

3 Months Ended

Mar. 31, 2025

INCOME TAXES

INCOME TAXES

NOTE 7: INCOME TAXES

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

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FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2025

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

NOTE 8: FINANCIAL INSTRUMENTS

The Company 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. The Company 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 sections describe 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

The Company 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 designed as a hedge at the inception of the derivative contract. The Company 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.

Interest Rate Derivatives

The Company has entered into interest rate derivatives 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 the Company recognizes interest expense on the related debt. As of March 31, 2025, the maximum length of time over which the Company is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 58 months. As of March 31, 2025, the after-tax gains deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately ($1,939).

The Company also enters into offsetting interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three months ended March 31, 2025 and 2024.

All of the Company’s interest rate derivatives as of March 31, 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 the Company’s interest rate derivatives was $4,715,206 and $4,749,748 at March 31, 2025 and December 31, 2024, respectively. The four-month average notional amounts for the three months ended March 31, 2025 and 2024 were $4,786,285 and $4,015,569, respectively.

Foreign Exchange Contracts

The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in “Other expenses, net” and are expected to offset the foreign exchange gains or losses on the exposures being managed.

All of the Company’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.

Financial Statement Impact of the Company’s Derivatives

The fair values of the Company’s derivatives as of March 31, 2025 and December 31, 2024 in the consolidated balance sheets are recorded as follows:

	March 31,		December 31,
	2025		2024
Derivatives Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	24,652	$	12,862
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	15,309	$	21,087
Derivatives Not Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	13,736	$	21,522
Foreign exchange contracts		3,821		2,996
Total	$	17,557	$	24,518
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	13,736	$	21,522

Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three months ended March 31, 2025 and 2024 are recorded in the following accounts:

	2025		2024
Cash Flow Hedges
Recognized in accumulated other comprehensive income (loss):
Interest rate derivatives	$	(2,036)	$	2,875
Reclassified from accumulated other comprehensive income (loss):
Interest rate derivatives—Interest expense to third parties	$	982	$	217
Not Designated as Hedges
Foreign exchange contracts—Other expenses, net	$	(159)	$	(904)

Items Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024, all of which are measured as Level 2:

	March 31,		December 31,
	2025		2024
Assets
Interest rate derivatives	$	38,388	$	34,384
Foreign exchange contracts		3,821		2,996
Total assets	$	42,209	$	37,380
Liabilities
Interest rate derivatives	$	29,045	$	42,609

There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented.

Fair Value of Other Financial Instruments

The carrying amount of cash, restricted cash and cash equivalents, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and restricted cash and cash equivalents are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2.

Financial Instruments Not Carried at Fair Value

The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of March 31, 2025 and December 31, 2024 are as follows:

	March 31, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value *		Amount		Fair Value *
Receivables	$	13,915,535	$	13,892,877	$	13,992,556	$	14,040,507
Long-term debt	$	8,259,813	$	8,306,000	$	8,666,627	$	8,654,374

______________

* Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

Receivables

The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk.

Long-term debt

The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 9: SEGMENT INFORMATION

CNH Capital operates in a single reportable segment as a captive financial services company that underwrites, services and manages financing products for end use customers and dealers of CNH North America. CNH Capital’s revenue is primarily generated through the income of its portfolio and the income generated through marketing programs with CNH North America. The Company has identified CNH’s President of North America Financial Services as its Chief Operating Decision Maker (“CODM”). The CODM evaluates the performance of the Company and allocates resources based on net income that also is reported on the consolidated statements of income as net income. The measure of segment assets is reported on the consolidated balance sheets as total assets. Therefore, no additional segment information is presented.

A summary of the Company’s segment net income is as follows:

	Three Months Ended
	March 31,
	2025		2024
REVENUES
Revenues and other income from third parties	$	202,224	$	186,832
Interest and other income from affiliates		121,869		119,474
Total revenues		324,093		306,306
EXPENSES
Interest expense to third parties		166,417		162,803
Interest expense to affiliates		235		4,624
Fees charged by affiliates		12,044		13,595
Provision for credit losses		17,096		10,512
Depreciation of equipment on operating leases		46,332		43,100
Losses (gains) on sale of used equipment		163		(2,769)
Other general and administrative		6,495		3,365
Income tax provision		18,689		16,603
Total expenses		267,471		251,833
SEGMENT NET INCOME		56,622		54,473
Adjustments and reconciling items		—		—
NET INCOME	$	56,622	$	54,473

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GEOGRAPHICAL INFORMATION

3 Months Ended

Mar. 31, 2025

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION

NOTE 10: GEOGRAPHICAL INFORMATION

A summary of the Company’s geographical information is as follows:

	Three Months Ended
	March 31,
	2025		2024
Revenues
United States	$	263,359	$	245,677
Canada		63,228		60,844
Eliminations		(2,494)		(215)
Total	$	324,093	$	306,306
Interest expense
United States	$	138,672	$	137,084
Canada		30,474		30,558
Eliminations		(2,494)		(215)
Total	$	166,652	$	167,427
Net income
United States	$	44,036	$	43,618
Canada		12,586		10,855
Total	$	56,622	$	54,473
Depreciation and amortization
United States	$	33,596	$	30,182
Canada		13,435		13,691
Total	$	47,031	$	43,873
Expenditures for equipment on operating leases
United States	$	131,349	$	79,922
Canada		26,143		22,262
Total	$	157,492	$	102,184
Provision for credit losses
United States	$	17,063	$	10,017
Canada		33		495
Total	$	17,096	$	10,512

	As of		As of
	March 31,		December 31,
	2025		2024
Total assets
United States	$	13,597,807	$	13,987,559
Canada		3,269,819		3,180,759
Eliminations		(643,001)		(241,410)
Total	$	16,224,625	$	16,926,908
Gross receivables
United States	$	11,351,597	$	11,559,317
Canada		2,694,007		2,563,222
Total	$	14,045,604	$	14,122,539

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RELATED-PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2025

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

NOTE 11: RELATED-PARTY TRANSACTIONS

The Company receives compensation from CNH North America for retail customer, wholesale and operating lease sales programs offered by CNH North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH North America based on the Company’s estimated costs and a targeted return on equity. The Company is also compensated for lending funds to CNH North America.

The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income for the three months ended March 31, 2025 and 2024 is as follows:

	2025		2024
Subsidy from CNH North America
Retail customer	$	63,491	$	49,407
Operating lease		9,423		9,450
Revolving charge accounts		1,140		839
Wholesale		44,102		58,645
Income from affiliated receivables
CNH North America		2,942		—
Banco CNH Industrial Capital Brazil		533		716
Other affiliates		238		417
Total interest and other income from affiliates	$	121,869	$	119,474

Interest expense to affiliates was $235 and $4,624 for the three months ended March 31, 2025 and 2024, respectively. Fees charged by affiliates were $12,044 and $13,595 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.

As of March 31, 2025 and December 31, 2024, the Company had various accounts and notes receivable and debt with the following affiliates:

	March 31,		December 31,
	2025		2024
Affiliated receivables
CNH America	$	47,527	$	317,587
CNH Canada		—		35,006
Banco CNH Industrial Capital Brazil		36,714		36,182
Other affiliates		12,602		12,510
Total affiliated receivables	$	96,843	$	401,285
Affiliated debt
CNH Canada	$	56,315	$	—
Total affiliated debt	$	56,315	$	—

Accounts payable and other accrued liabilities, including tax payables, of $139,145 and $50,915 were payable to related parties as of March 31, 2025 and December 31, 2024, respectively.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 12: COMMITMENTS AND CONTINGENCIES

Legal Matters

The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations.

Guarantees

The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNH N.V. for approximately $50,400. The guarantees are in effect for the term of the underlying funding facilities.

Commitments

As of March 31, 2025, the Company had various agreements, on an uncommitted basis, to extend credit for the following portfolios:

	Total
	Credit Limit		Utilized		Not Utilized
Wholesale and dealer financing	$	7,662,794	$	4,717,472	$	2,945,322
Revolving charge accounts	$	2,739,687	$	254,704	$	2,484,983

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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NEW ACCOUNTING PRONOUNCEMENTS (Policies)

3 Months Ended

Mar. 31, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

New Accounting Pronouncements Adopted

Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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.

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 its consolidated financial statements.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

3 Months Ended

Mar. 31, 2025

ACCUMULATED OTHER COMPREHENSIVE INCOME

Schedule of changes in the components of AOCI and related tax effects

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2025:

	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(179,886)	$	(739)	$	2,632	$	(177,993)
Tax liability		—		186		(640)		(454)
Beginning balance, net of tax		(179,886)		(553)		1,992		(178,447)
Other comprehensive income (loss) before reclassifications		731		(126)		(2,036)		(1,431)
Amounts reclassified from accumulated other comprehensive income (loss)		—		10		(982)		(972)
Tax effects		—		28		727		755
Net current-period other comprehensive income (loss)		731		(88)		(2,291)		(1,648)
Total	$	(179,155)	$	(641)	$	(299)	$	(180,095)

The following table summarizes the change in the components of the Company’s AOCI balance and related tax effect for the three month ended March 31, 2024:

	Currency				Unrealized
	Translation		Pension		(Losses) Gains
	Adjustment		Liability		on Derivatives		Total
Beginning balance, gross	$	(142,798)	$	1,559	$	5,677	$	(135,562)
Tax liability		—		(373)		(1,373)		(1,746)
Beginning balance, net of tax		(142,798)		1,186		4,304		(137,308)
Other comprehensive income (loss) before reclassifications		(10,480)		(88)		2,875		(7,693)
Amounts reclassified from accumulated other comprehensive income (loss)		—		(54)		(217)		(271)
Tax effects		—		34		(723)		(689)
Net current-period other comprehensive income (loss)		(10,480)		(108)		1,935		(8,653)
Total	$	(153,278)	$	1,078	$	6,239	$	(145,961)

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RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2025

RECEIVABLES

Summary of receivables

	March 31,		December 31,
	2025		2024
Retail notes	$	1,875,991	$	1,180,540
Revolving charge accounts		250,864		235,640
Finance leases		228,264		233,621
Wholesale		1,465,821		1,507,176
Restricted receivables		10,224,664		10,965,562
Gross receivables		14,045,604		14,122,539
Less: Allowance for credit losses		(130,069)		(129,983)
Total receivables, net	$	13,915,535	$	13,992,556

Summary of restricted receivables

	March 31,		December 31,
	2025		2024
Retail notes	$	6,882,041	$	7,625,647
Wholesale		3,342,623		3,339,915
Total restricted receivables	$	10,224,664	$	10,965,562

Schedule of allowance for credit losses activity

Allowance for credit losses activity for the three months ended March 31, 2025 is as follows:

			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	114,935	$	7,603	$	7,445	$	129,983
Charge-offs		(15,960)		(1,510)		(34)		(17,504)
Recoveries		273		197		2		472
Provision		15,231		1,873		(8)		17,096
Foreign currency translation and other		19		1		2		22
Ending balance	$	114,498	$	8,164	$	7,407	$	130,069
Gross receivables:
Ending balance	$	8,986,296	$	250,864	$	4,808,444	$	14,045,604

Allowance for credit losses activity for the three months ended March 31, 2024 is as follows:

			Revolving
	Retail		Charge
	Customer		Accounts		Wholesale		Total
Allowance for credit losses:
Beginning balance	$	101,649	$	7,594	$	5,502	$	114,745
Charge-offs		(5,853)		(1,150)		—		(7,003)
Recoveries		275		96		13		384
Provision		8,413		1,868		231		10,512
Foreign currency translation and other		(240)		(12)		(21)		(273)
Ending balance	$	104,244	$	8,396	$	5,725	$	118,365
Gross receivables:
Ending balance	$	8,175,669	$	227,209	$	5,414,021	$	13,816,899

Schedule of aging of financing receivables

The aging of receivables by vintage as of March 31, 2025 are as follows:

														S
					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2025	$	427	$	—	$	—	$	427	$	729,826	$	730,253	$	—
2024		17,855		11,290		9,905		39,050		3,075,339		3,114,389		1,281
2023		15,975		6,294		12,208		34,477		1,663,587		1,698,064		6,515
2022		8,946		4,633		8,723		22,302		1,088,176		1,110,478		2,550
2021		4,730		2,722		5,146		12,598		521,575		534,173		997
Prior to 2021		1,848		1,191		36,168		39,207		186,775		225,982		3,541
Total	$	49,781	$	26,130	$	72,150	$	148,061	$	7,265,278	$	7,413,339	$	14,884
Canada
2025	$	—	$	—	$	—	$	—	$	214,254	$	214,254	$	—
2024		2,247		411		48		2,706		733,746		736,452		350
2023		956		622		168		1,746		235,230		236,976		597
2022		1,259		149		343		1,751		196,082		197,833		(14)
2021		461		157		421		1,039		138,108		139,147		150
Prior to 2021		204		49		343		596		47,699		48,295		(7)
Total	$	5,127	$	1,388	$	1,323	$	7,838	$	1,565,119	$	1,572,957	$	1,076
Revolving charge accounts
United States	$	5,278	$	1,703	$	1,470	$	8,451	$	226,345	$	234,796	$	1,365
Canada	$	337	$	222	$	146	$	705	$	15,363	$	16,068	$	145
Wholesale
United States	$	37	$	6	$	116	$	159	$	3,703,303	$	3,703,462	$	34
Canada	$	—	$	—	$	64	$	64	$	1,104,918	$	1,104,982	$	—
Total
Retail customer	$	54,908	$	27,518	$	73,473	$	155,899	$	8,830,397	$	8,986,296	$	15,960
Revolving charge accounts	$	5,615	$	1,925	$	1,616	$	9,156	$	241,708	$	250,864	$	1,510
Wholesale	$	37	$	6	$	180	$	223	$	4,808,221	$	4,808,444	$	34

The aging of receivables by vintage as of December 31, 2024 is as follows:

					Greater
	31 – 60 Days		61 – 90 Days		Than		Total				Total		Gross
	Past Due		Past Due		90 Days		Past Due		Current		Receivables		Charge-offs
Retail customer
United States
2024	$	11,150	$	2,177	$	2,530	$	15,857	$	3,396,385	$	3,412,242	$	1,168
2023		14,713		5,758		11,439		31,910		1,899,459		1,931,369		9,538
2022		10,027		3,499		9,858		23,384		1,200,888		1,224,272		7,902
2021		6,764		1,679		4,865		13,308		610,425		623,733		4,107
2020		3,037		657		30,779		34,473		202,608		237,081		2,552
Prior to 2020		925		430		3,916		5,271		47,538		52,809		2,250
Total	$	46,616	$	14,200	$	63,387	$	124,203	$	7,357,303	$	7,481,506	$	27,517
Canada
2024	$	4,929	$	520	$	74	$	5,523	$	821,811	$	827,334	$	130
2023		1,326		—		835		2,161		281,729		283,890		1,241
2022		1,755		731		673		3,159		222,266		225,425		1,054
2021		912		123		653		1,688		158,451		160,139		797
2020		410		68		248		726		49,125		49,851		505
Prior to 2020		23		2		33		58		11,605		11,663		674
Total	$	9,355	$	1,444	$	2,516	$	13,315	$	1,544,987	$	1,558,302	$	4,401
Revolving charge accounts
United States	$	6,303	$	2,447	$	1,360	$	10,110	$	209,241	$	219,351	$	4,993
Canada	$	1,478	$	555	$	183	$	2,216	$	14,073	$	16,289	$	306
Wholesale
United States	$	22	$	—	$	225	$	247	$	3,858,213	$	3,858,460	$	—
Canada	$	—	$	—	$	—	$	—	$	988,631	$	988,631	$	—
Total
Retail customer	$	55,971	$	15,644	$	65,903	$	137,518	$	8,902,290	$	9,039,808	$	31,918
Revolving charge accounts	$	7,781	$	3,002	$	1,543	$	12,326	$	223,314	$	235,640	$	5,299
Wholesale	$	22	$	—	$	225	$	247	$	4,846,844	$	4,847,091	$	—

Schedule of receivables on nonaccrual status

	March 31,		December 31,
	2025		2024
United States	$	86,033	$	74,795
Canada	$	1,920	$	3,818

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EQUIPMENT ON OPERATING LEASES (Tables)

3 Months Ended

Mar. 31, 2025

EQUIPMENT ON OPERATING LEASES

Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases

2025	$	147,061
2026		154,251
2027		84,915
2028		32,098
2029 and thereafter		11,336
Total lease payments	$	429,661

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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2025

FINANCIAL INSTRUMENTS

Schedule of fair values of derivatives in the consolidated balance sheets

	March 31,		December 31,
	2025		2024
Derivatives Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	24,652	$	12,862
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	15,309	$	21,087
Derivatives Not Designated as Hedging Instruments
Other assets:
Interest rate derivatives	$	13,736	$	21,522
Foreign exchange contracts		3,821		2,996
Total	$	17,557	$	24,518
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	13,736	$	21,522

Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives

	2025		2024
Cash Flow Hedges
Recognized in accumulated other comprehensive income (loss):
Interest rate derivatives	$	(2,036)	$	2,875
Reclassified from accumulated other comprehensive income (loss):
Interest rate derivatives—Interest expense to third parties	$	982	$	217
Not Designated as Hedges
Foreign exchange contracts—Other expenses, net	$	(159)	$	(904)

Schedule of assets and liabilities measured at fair value on a recurring basis

	March 31,		December 31,
	2025		2024
Assets
Interest rate derivatives	$	38,388	$	34,384
Foreign exchange contracts		3,821		2,996
Total assets	$	42,209	$	37,380
Liabilities
Interest rate derivatives	$	29,045	$	42,609

Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments

	March 31, 2025				December 31, 2024
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value *		Amount		Fair Value *
Receivables	$	13,915,535	$	13,892,877	$	13,992,556	$	14,040,507
Long-term debt	$	8,259,813	$	8,306,000	$	8,666,627	$	8,654,374

______________

* Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

XML

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

SEGMENT INFORMATION

Summary of Company's segment net income

	Three Months Ended
	March 31,
	2025		2024
REVENUES
Revenues and other income from third parties	$	202,224	$	186,832
Interest and other income from affiliates		121,869		119,474
Total revenues		324,093		306,306
EXPENSES
Interest expense to third parties		166,417		162,803
Interest expense to affiliates		235		4,624
Fees charged by affiliates		12,044		13,595
Provision for credit losses		17,096		10,512
Depreciation of equipment on operating leases		46,332		43,100
Losses (gains) on sale of used equipment		163		(2,769)
Other general and administrative		6,495		3,365
Income tax provision		18,689		16,603
Total expenses		267,471		251,833
SEGMENT NET INCOME		56,622		54,473
Adjustments and reconciling items		—		—
NET INCOME	$	56,622	$	54,473

XML

GEOGRAPHICAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2025

GEOGRAPHICAL INFORMATION

Summary of geographic information

	Three Months Ended
	March 31,
	2025		2024
Revenues
United States	$	263,359	$	245,677
Canada		63,228		60,844
Eliminations		(2,494)		(215)
Total	$	324,093	$	306,306
Interest expense
United States	$	138,672	$	137,084
Canada		30,474		30,558
Eliminations		(2,494)		(215)
Total	$	166,652	$	167,427
Net income
United States	$	44,036	$	43,618
Canada		12,586		10,855
Total	$	56,622	$	54,473
Depreciation and amortization
United States	$	33,596	$	30,182
Canada		13,435		13,691
Total	$	47,031	$	43,873
Expenditures for equipment on operating leases
United States	$	131,349	$	79,922
Canada		26,143		22,262
Total	$	157,492	$	102,184
Provision for credit losses
United States	$	17,063	$	10,017
Canada		33		495
Total	$	17,096	$	10,512

	As of		As of
	March 31,		December 31,
	2025		2024
Total assets
United States	$	13,597,807	$	13,987,559
Canada		3,269,819		3,180,759
Eliminations		(643,001)		(241,410)
Total	$	16,224,625	$	16,926,908
Gross receivables
United States	$	11,351,597	$	11,559,317
Canada		2,694,007		2,563,222
Total	$	14,045,604	$	14,122,539

XML

RELATED-PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2025

RELATED-PARTY TRANSACTIONS

Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income

	2025		2024
Subsidy from CNH North America
Retail customer	$	63,491	$	49,407
Operating lease		9,423		9,450
Revolving charge accounts		1,140		839
Wholesale		44,102		58,645
Income from affiliated receivables
CNH North America		2,942		—
Banco CNH Industrial Capital Brazil		533		716
Other affiliates		238		417
Total interest and other income from affiliates	$	121,869	$	119,474

Schedule of various accounts and notes receivable and debt with the affiliates

	March 31,		December 31,
	2025		2024
Affiliated receivables
CNH America	$	47,527	$	317,587
CNH Canada		—		35,006
Banco CNH Industrial Capital Brazil		36,714		36,182
Other affiliates		12,602		12,510
Total affiliated receivables	$	96,843	$	401,285
Affiliated debt
CNH Canada	$	56,315	$	—
Total affiliated debt	$	56,315	$	—

XML

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2025

COMMITMENTS AND CONTINGENCIES

Commitments to Extend Credit

	Total
	Credit Limit		Utilized		Not Utilized
Wholesale and dealer financing	$	7,662,794	$	4,717,472	$	2,945,322
Revolving charge accounts	$	2,739,687	$	254,704	$	2,484,983

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Changes in accumulated other comprehensive income by component
BALANCE	$ 1,603,169	$ 1,598,976
Total other comprehensive income (loss)	(1,648)	(8,653)
BALANCE	1,598,075	1,583,577
Accumulated Other Comprehensive (Loss) Income
Changes in accumulated other comprehensive income by component
Beginning balance, gross	(177,993)	(135,562)
Tax liability	(454)	(1,746)
BALANCE	(178,447)	(137,308)
Other comprehensive income (loss) before reclassifications	(1,431)	(7,693)
Amounts reclassified from accumulated other comprehensive income (loss)	(972)	(271)
Tax effects	755	(689)
Total other comprehensive income (loss)	(1,648)	(8,653)
BALANCE	(180,095)	(145,961)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross	(179,886)	(142,798)
BALANCE	(179,886)	(142,798)
Other comprehensive income (loss) before reclassifications	731	(10,480)
Total other comprehensive income (loss)	731	(10,480)
BALANCE	(179,155)	(153,278)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross	(739)	1,559
Tax liability	186	(373)
BALANCE	(553)	1,186
Other comprehensive income (loss) before reclassifications	(126)	(88)
Amounts reclassified from accumulated other comprehensive income (loss)	10	(54)
Tax effects	28	34
Total other comprehensive income (loss)	(88)	(108)
BALANCE	(641)	1,078
Unrealized (Losses) Gains on Derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross	2,632	5,677
Tax liability	(640)	(1,373)
BALANCE	1,992	4,304
Other comprehensive income (loss) before reclassifications	(2,036)	2,875
Amounts reclassified from accumulated other comprehensive income (loss)	(982)	(217)
Tax effects	727	(723)
Total other comprehensive income (loss)	(2,291)	1,935
BALANCE	$ (299)	$ 6,239

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RECEIVABLES - Summary of Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Receivables
Gross receivables	$ 14,045,604	$ 14,122,539	$ 13,816,899
Less: Allowance for credit losses	(130,069)	(129,983)	$ (118,365)	$ (114,745)
Total receivables, net	13,915,535	13,992,556
Restricted receivables	10,224,664	10,965,562
Retail notes
Receivables
Gross receivables	1,875,991	1,180,540
Restricted receivables	6,882,041	7,625,647
Revolving charge accounts
Receivables
Gross receivables	250,864	235,640
Finance leases
Receivables
Gross receivables	228,264	233,621
Wholesale
Receivables
Gross receivables	1,465,821	1,507,176
Restricted receivables	3,342,623	3,339,915
Restricted receivables
Receivables
Restricted receivables	$ 10,224,664	$ 10,965,562

XML

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Allowance for credit losses, Current:
Beginning balance	$ 129,983	$ 114,745
Charge-offs	(17,504)	(7,003)
Recoveries	472	384
Provision (benefit)	17,096	10,512
Foreign currency translation and other	22	(273)
Ending balance	130,069	118,365
Receivables:
Ending Balance	14,045,604	13,816,899	$ 14,122,539
Retail customer
Allowance for credit losses, Current:
Beginning balance	114,935	101,649
Charge-offs	(15,960)	(5,853)
Recoveries	273	275
Provision (benefit)	15,231	8,413
Foreign currency translation and other	19	(240)
Ending balance	114,498	104,244
Receivables:
Ending Balance	8,986,296	8,175,669
Revolving charge accounts
Allowance for credit losses, Current:
Beginning balance	7,603	7,594
Charge-offs	(1,510)	(1,150)
Recoveries	197	96
Provision (benefit)	1,873	1,868
Foreign currency translation and other	1	(12)
Ending balance	8,164	8,396
Receivables:
Ending Balance	250,864	227,209
Wholesale.
Allowance for credit losses, Current:
Beginning balance	7,445	5,502
Charge-offs	(34)
Recoveries	2	13
Provision (benefit)	(8)	231
Foreign currency translation and other	2	(21)
Ending balance	7,407	5,725
Receivables:
Ending Balance	$ 4,808,444	$ 5,414,021

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RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Financing receivable, recorded investment
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail customer
Financing receivable, recorded investment
Total	$ 8,986,296	$ 9,039,808
Charge-offs
Total	15,960	31,918
Retail customer | Total Past Due
Financing receivable, recorded investment
Total	155,899	137,518
Retail customer | 31-60 Days Past Due
Financing receivable, recorded investment
Total	54,908	55,971
Retail customer | 61-90 Days Past Due
Financing receivable, recorded investment
Total	27,518	15,644
Retail customer | Greater than 90 Days
Financing receivable, recorded investment
Total	73,473	65,903
Retail customer | Current
Financing receivable, recorded investment
Total	8,830,397	8,902,290
Retail customer | United States
Financing receivable, recorded investment
Originated in current fiscal year	730,253	3,412,242
Originated in fiscal year before latest fiscal year	3,114,389	1,931,369
Originated two years before latest fiscal year	1,698,064	1,224,272
Originated three years before latest fiscal year	1,110,478	623,733
Originated four years before latest fiscal year	534,173	237,081
Originated five years before latest fiscal year	225,982	52,809
Total	7,413,339	7,481,506
Charge-offs
2025/2024		1,168
2024/2023	1,281	9,538
2023/2022	6,515	7,902
2022/2021	2,550	4,107
2021/2020	997	2,552
Prior to 2021/Prior to 2020	3,541	2,250
Total	14,884	27,517
Retail customer | United States | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	427	15,857
Originated in fiscal year before latest fiscal year	39,050	31,910
Originated two years before latest fiscal year	34,477	23,384
Originated three years before latest fiscal year	22,302	13,308
Originated four years before latest fiscal year	12,598	34,473
Originated five years before latest fiscal year	39,207	5,271
Total	148,061	124,203
Retail customer | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	427	11,150
Originated in fiscal year before latest fiscal year	17,855	14,713
Originated two years before latest fiscal year	15,975	10,027
Originated three years before latest fiscal year	8,946	6,764
Originated four years before latest fiscal year	4,730	3,037
Originated five years before latest fiscal year	1,848	925
Total	49,781	46,616
Retail customer | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		2,177
Originated in fiscal year before latest fiscal year	11,290	5,758
Originated two years before latest fiscal year	6,294	3,499
Originated three years before latest fiscal year	4,633	1,679
Originated four years before latest fiscal year	2,722	657
Originated five years before latest fiscal year	1,191	430
Total	26,130	14,200
Retail customer | United States | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year		2,530
Originated in fiscal year before latest fiscal year	9,905	11,439
Originated two years before latest fiscal year	12,208	9,858
Originated three years before latest fiscal year	8,723	4,865
Originated four years before latest fiscal year	5,146	30,779
Originated five years before latest fiscal year	36,168	3,916
Total	72,150	63,387
Retail customer | United States | Current
Financing receivable, recorded investment
Originated in current fiscal year	729,826	3,396,385
Originated in fiscal year before latest fiscal year	3,075,339	1,899,459
Originated two years before latest fiscal year	1,663,587	1,200,888
Originated three years before latest fiscal year	1,088,176	610,425
Originated four years before latest fiscal year	521,575	202,608
Originated five years before latest fiscal year	186,775	47,538
Total	7,265,278	7,357,303
Retail customer | Canada
Financing receivable, recorded investment
Originated in current fiscal year	214,254	827,334
Originated in fiscal year before latest fiscal year	736,452	283,890
Originated two years before latest fiscal year	236,976	225,425
Originated three years before latest fiscal year	197,833	160,139
Originated four years before latest fiscal year	139,147	49,851
Originated five years before latest fiscal year	48,295	11,663
Total	1,572,957	1,558,302
Charge-offs
2025/2024		130
2024/2023	350	1,241
2023/2022	597	1,054
2022/2021		797
2022/2021	(14)
2021/2020	150	505
Prior to 2021/Prior to 2020		674
Prior to 2021/Prior to 2020	(7)
Total	1,076	4,401
Retail customer | Canada | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year		5,523
Originated in fiscal year before latest fiscal year	2,706	2,161
Originated two years before latest fiscal year	1,746	3,159
Originated three years before latest fiscal year	1,751	1,688
Originated four years before latest fiscal year	1,039	726
Originated five years before latest fiscal year	596	58
Total	7,838	13,315
Retail customer | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		4,929
Originated in fiscal year before latest fiscal year	2,247	1,326
Originated two years before latest fiscal year	956	1,755
Originated three years before latest fiscal year	1,259	912
Originated four years before latest fiscal year	461	410
Originated five years before latest fiscal year	204	23
Total	5,127	9,355
Retail customer | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		520
Originated in fiscal year before latest fiscal year	411
Originated two years before latest fiscal year	622	731
Originated three years before latest fiscal year	149	123
Originated four years before latest fiscal year	157	68
Originated five years before latest fiscal year	49	2
Total	1,388	1,444
Retail customer | Canada | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year		74
Originated in fiscal year before latest fiscal year	48	835
Originated two years before latest fiscal year	168	673
Originated three years before latest fiscal year	343	653
Originated four years before latest fiscal year	421	248
Originated five years before latest fiscal year	343	33
Total	1,323	2,516
Retail customer | Canada | Current
Financing receivable, recorded investment
Originated in current fiscal year	214,254	821,811
Originated in fiscal year before latest fiscal year	733,746	281,729
Originated two years before latest fiscal year	235,230	222,266
Originated three years before latest fiscal year	196,082	158,451
Originated four years before latest fiscal year	138,108	49,125
Originated five years before latest fiscal year	47,699	11,605
Total	1,565,119	1,544,987
Wholesale.
Financing receivable, recorded investment
Total	4,808,444	4,847,091
Charge-offs
Total	34
Wholesale. | Total Past Due
Financing receivable, recorded investment
Total	223	247
Wholesale. | 31-60 Days Past Due
Financing receivable, recorded investment
Total	37	22
Wholesale. | 61-90 Days Past Due
Financing receivable, recorded investment
Total	6
Wholesale. | Greater than 90 Days
Financing receivable, recorded investment
Total	180	225
Wholesale. | Current
Financing receivable, recorded investment
Total	4,808,221	4,846,844
Wholesale. | United States
Financing receivable, recorded investment
Total	3,703,462	3,858,460
Charge-offs
Total	34
Wholesale. | United States | Total Past Due
Financing receivable, recorded investment
Total	159	247
Wholesale. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	37	22
Wholesale. | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total	6
Wholesale. | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	116	225
Wholesale. | United States | Current
Financing receivable, recorded investment
Total	3,703,303	3,858,213
Wholesale. | Canada
Financing receivable, recorded investment
Total	1,104,982	988,631
Wholesale. | Canada | Total Past Due
Financing receivable, recorded investment
Total	64
Wholesale. | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total	64
Wholesale. | Canada | Current
Financing receivable, recorded investment
Total	1,104,918	988,631
Revolving charge accounts
Financing receivable, recorded investment
Total	250,864	235,640
Charge-offs
Total	1,510	5,299
Revolving charge accounts | Total Past Due
Financing receivable, recorded investment
Total	9,156	12,326
Revolving charge accounts | 31-60 Days Past Due
Financing receivable, recorded investment
Total	5,615	7,781
Revolving charge accounts | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1,925	3,002
Revolving charge accounts | Greater than 90 Days
Financing receivable, recorded investment
Total	1,616	1,543
Revolving charge accounts | Current
Financing receivable, recorded investment
Total	241,708	223,314
Revolving charge accounts | United States
Financing receivable, recorded investment
Total	234,796	219,351
Charge-offs
Total	1,365	4,993
Revolving charge accounts | United States | Total Past Due
Financing receivable, recorded investment
Total	8,451	10,110
Revolving charge accounts | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	5,278	6,303
Revolving charge accounts | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1,703	2,447
Revolving charge accounts | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	1,470	1,360
Revolving charge accounts | United States | Current
Financing receivable, recorded investment
Total	226,345	209,241
Revolving charge accounts | Canada
Financing receivable, recorded investment
Total	16,068	16,289
Charge-offs
Total	145	306
Revolving charge accounts | Canada | Total Past Due
Financing receivable, recorded investment
Total	705	2,216
Revolving charge accounts | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	337	1,478
Revolving charge accounts | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total	222	555
Revolving charge accounts | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total	146	183
Revolving charge accounts | Canada | Current
Financing receivable, recorded investment
Total	$ 15,363	$ 14,073

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RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Financing receivable, impaired
Accrued interest	$ 94,957	$ 100,325
Delinquency period of accounts considered for recognition of income	90 days	90 days
Retail customer | United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 86,033	$ 74,795
Retail customer | Canada
Financing receivable, impaired
Receivables on nonaccrual status	1,920	3,818
Wholesale. | United States
Financing receivable, impaired
Receivables on nonaccrual status	21,912	25,916
Wholesale. | Canada
Financing receivable, impaired
Receivables on nonaccrual status	$ 0	$ 0

XML

EQUIPMENT ON OPERATING LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
EQUIPMENT ON OPERATING LEASES
Depreciation of equipment on operating leases	$ 46,332	$ 43,100
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	88,692
2025	147,061
2026	154,251
2027	84,915
2028	32,098
2029 and thereafter	11,336
Total lease payments	$ 429,661

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CREDIT FACILITIES AND DEBT (Details) $ in Thousands, $ in Thousands	Mar. 21, 2025 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2025 CAD ($)	Mar. 19, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt
Long-Term Outstanding		$ 8,259,813			$ 8,666,627
4.750% unsecured notes, due 2028 | CNH Industrial Capital LLC
Debt
Debt amount	$ 500,000
Interest rate (as a percent)	4.75%
Issue price of debt (as a percent)	99.658%
Revolving credit facilities
Debt
Maximum borrowing capacity		739,065
Line of credit, outstanding amount		0
Commercial paper
Debt
Short-Term Outstanding		$ 0
Amortizing Retail Term ABS
Debt
Debt amount				$ 850,760
Repurchase agreement
Debt
Debt amount			$ 0

XML

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Reconciliation of statutory and effective income tax rate
Effective tax rate (as a percent)	24.80%	23.40%

XML

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	58 months
After-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months	$ (1,939)

XML

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 24,652		$ 12,862
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	15,309		21,087
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	13,736		21,522
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	3,821		2,996
Derivative assets not designated as hedging instruments, classified in other assets	17,557		24,518
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	13,736		21,522
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	(2,036)	$ 2,875
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	982	217
Foreign exchange contracts, other expenses, net, not designated as hedges	(159)	(904)
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	4,715,206		$ 4,749,748
Four-month average notional amounts of interest rate derivatives	$ 4,786,285	$ 4,015,569

XML

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets
Foreign exchange contracts	$ 3,821	$ 2,996
Liabilities
Assets transferred between Level 1, Level 2 and Level 3	0	0
Liabilities transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	38,388	34,384
Foreign exchange contracts	3,821	2,996
Total assets	42,209	37,380
Liabilities
Interest rate derivatives	$ 29,045	$ 42,609

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FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Financial Instruments Not Carried at Fair Value
Receivables, less allowance for credit losses of $57,848 and $58,094, respectively	$ 13,915,535	$ 13,992,556
Long-term debt	8,259,813	8,666,627
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables, less allowance for credit losses of $57,848 and $58,094, respectively	13,915,535	13,992,556
Long-term debt	8,259,813	8,666,627
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables, less allowance for credit losses of $57,848 and $58,094, respectively	13,892,877	14,040,507
Long-term debt	$ 8,306,000	$ 8,654,374

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SEGMENT INFORMATION - Segment's net income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
REVENUES
Interest and other income from affiliates	$ 121,869	$ 119,474
Total revenues	324,093	306,306
EXPENSES
Interest expense to third parties	166,417	162,803
Provision for credit losses	17,096	10,512
Depreciation of equipment on operating leases	46,332	43,100
Income tax provision	18,689	16,603
NET INCOME	56,622	54,473
Related Party
EXPENSES
Interest expense to affiliates	235	4,624
Fees charged by affiliates	12,044	13,595
Single Reporting Segment | Operating segment
REVENUES
Revenues and other income from third parties	202,224	186,832
Interest and other income from affiliates	121,869	119,474
Total revenues	324,093	306,306
EXPENSES
Interest expense to third parties	166,417	162,803
Interest expense to affiliates	235	4,624
Fees charged by affiliates	12,044	13,595
Provision for credit losses	17,096	10,512
Depreciation of equipment on operating leases	46,332	43,100
Losses (gains) on sale of used equipment	163	(2,769)
Other general and administrative	6,495	3,365
Income tax provision	18,689	16,603
Total expenses	267,471	251,833
NET INCOME	$ 56,622	$ 54,473

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GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Geographical Information
Revenues	$ 324,093	$ 306,306
Interest expense	166,652	167,427
Net income	56,622	54,473
Depreciation and amortization	47,031	43,873
Expenditures for equipment on operating leases	157,492	102,184
Provision (benefit)	17,096	10,512
Additional disclosures
Total assets	16,224,625		$ 16,926,908
Gross receivables	14,045,604		14,122,539
Eliminations
Geographical Information
Revenues	(2,494)	(215)
Interest expense	(2,494)	(215)
Additional disclosures
Total assets	(643,001)		(241,410)
United States | Reportable Geographical Segment
Geographical Information
Revenues	263,359	245,677
Interest expense	138,672	137,084
Net income	44,036	43,618
Depreciation and amortization	33,596	30,182
Expenditures for equipment on operating leases	131,349	79,922
Provision (benefit)	17,063	10,017
Additional disclosures
Total assets	13,597,807		13,987,559
Gross receivables	11,351,597		11,559,317
Canada | Reportable Geographical Segment
Geographical Information
Revenues	63,228	60,844
Interest expense	30,474	30,558
Net income	12,586	10,855
Depreciation and amortization	13,435	13,691
Expenditures for equipment on operating leases	26,143	22,262
Provision (benefit)	33	$ 495
Additional disclosures
Total assets	3,269,819		3,180,759
Gross receivables	$ 2,694,007		$ 2,563,222

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RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
RELATED-PARTY TRANSACTIONS
Retail customer	$ 94,109	$ 87,391
Operating lease	59,793	59,806
Revolving charge accounts	10,416	9,306
Wholesale	34,576	26,923
Total interest and other income from affiliates	121,869	119,474
Other information
Interest expense to affiliates	166,652	167,427
Related Party
RELATED-PARTY TRANSACTIONS
Affiliated receivables	96,843		$ 401,285
Affiliated debt	56,315
Other information
Interest expense to affiliates	235	4,624
Fees charged by affiliates	12,044	13,595
Accounts payable and other accrued liabilities payable to related parties	139,145		50,915
CNH North America
RELATED-PARTY TRANSACTIONS
Retail customer	63,491	49,407
Operating lease	9,423	9,450
Revolving charge accounts	1,140	839
Wholesale	44,102	58,645
Lending funds	2,942
CNH America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	47,527		317,587
CNH Canada
RELATED-PARTY TRANSACTIONS
Affiliated receivables			35,006
Affiliated debt	56,315
Banco CNH Industrial Capital Brazil
RELATED-PARTY TRANSACTIONS
Lending funds	533	716
Affiliated receivables	36,714		36,182
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	238	$ 417
Affiliated receivables	$ 12,602		$ 12,510

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COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Commitments and Contingencies
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 50,400
Wholesale and dealer financing
Commitments and Contingencies
Total credit limit	7,662,794
Utilized	4,717,472
Not Utilized	2,945,322
Revolving charge accounts
Commitments and Contingencies
Total credit limit	2,739,687
Utilized	254,704
Not Utilized	$ 2,484,983