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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Credit Facilities
Lenders of committed credit facilities have the obligation to make advances up to the facility amount. Lenders of uncommitted facilities have the right to terminate the agreement with prior notice to CNH. At December 31, 2024, CNH’s available committed unsecured facilities expiring after twelve months amounted to $5.5 billion ($5.9 billion at December 31, 2023).
Euro 3.25 billion Revolving Credit Facility: On April 19, 2024, the Company terminated its five-year committed revolving credit agreement dated March 18, 2019 (as amended and restated on December 10, 2021) and entered into a new five-year credit agreement, which provides for an unsecured, committed revolving credit facility in an aggregate principal amount equal to €3.25 billion. The Company may elect to increase the total commitments under the credit facility up to an additional €500 million on the terms set forth in the credit agreement. The credit facility will mature, and all outstanding loans will become due and payable, on April 19, 2029, or such later date as may be extended pursuant to the two extension options of one-year each which are available to the Company on the terms set forth in the credit agreement.
The credit facility contains customary covenants (including a negative pledge, a status (or pari passu) covenant and restrictions on the incurrence of indebtedness by certain subsidiaries) and customary events of default, some of which are subject to minimum thresholds and customary mitigants (including cross acceleration provisions, failure to pay amounts due or to comply with certain provisions under the credit agreement, the occurrence of certain bankruptcy-related events) and mandatory prepayment obligations upon a change in control of the Company.
At December 31, 2024, Financial Services’ committed asset-backed facilities expiring after twelve months amounted to $3.7 billion ($3.7 billion at December 31, 2023), of which $3.1 billion at December 31, 2024 ($3.7 billion at December 31, 2023) were utilized.
Debt
A summary of issued bonds outstanding as of December 31, 2024, is as follows:
(in millions of dollars, except percentages)
CurrencyFace value of outstanding bondsCouponMaturityOutstanding amount
Industrial Activities
Euro Medium Term Notes:
CNH Industrial Finance Europe S.A. (1)
EUR650 1.750 %September 12, 2025$675 
CNH Industrial Finance Europe S.A. (1)
EUR100 3.500 %November 12, 2025104 
CNH Industrial Finance Europe S.A. (1)
EUR500 1.875 %January 19, 2026519 
CNH Industrial Finance Europe S.A. (1)
EUR600 1.750 %March 25, 2027623 
CNH Industrial Finance Europe S.A. (1)
EUR50 3.875 %April 21, 202852 
CNH Industrial Finance Europe S.A. (1)
EUR500 1.625 %July 3, 2029520 
CNH Industrial Finance Europe S.A. (1)
EUR50 2.200 %July 15, 203952 
CNH Industrial N.V. (2)
EUR750 3.750 %June 11, 2031779 
Other Bonds:
CNH Industrial N.V. (3)
USD500 3.850 %November 15, 2027500 
Hedging effects, bond premium/discount, and unamortized issuance costs(50)
Total Industrial Activities$3,774 
Financial Services
CNH Industrial Capital LLCUSD500 3.950 %May 23, 2025$500 
CNH Industrial Capital LLCUSD400 5.450 %October 14, 2025400 
CNH Industrial Capital LLCUSD500 1.875 %January 15, 2026500 
CNH Industrial Capital LLCUSD600 1.450 %July 15, 2026600 
CNH Industrial Capital LLCUSD500 4.500 %October 8, 2027500 
CNH Industrial Capital LLCUSD600 4.550 %April 10, 2028600 
CNH Industrial Capital LLCUSD500 5.500 %January 12, 2029500 
CNH Industrial Capital LLCUSD600 5.100 %April 20, 2029600 
CNH Industrial Capital Australia Pty Ltd.AUD500 
5.400 %
5.800 %
2026/2027310 
CNH Industrial Capital Canada Ltd.CAD400 5.500 %August 11, 2026278 
CNH Industrial Capital Canada LtdCAD400 4.800 %March 25, 2027278 
CNH Industrial Capital Canada LtdCAD300 4.000 %April 11, 2028208 
CNH Industrial Capital Argentina S.A.USD131 
0.000 %
7.500 %
2025/2028131 
Banco CNH Industrial Capital S.A.BRL4,107 
12.290 %
13.940 %
2025/2028663 
Hedging effects, bond premium/discount, and unamortized issuance costs(46)
Total Financial Services$6,022 
(1) Bond listed on the regulated market of Euronext Dublin
(2) Bond listed on the Global Exchange Market of Euronext Dublin
(3) Bond listed on the New York Stock Exchange
A summary of total debt as of December 31, 2024 and 2023, is as follows:

20242023
(in millions of dollars)
Industrial ActivitiesFinancial ServicesConsolidatedIndustrial ActivitiesFinancial ServicesConsolidated
Total bonds$3,774 $6,022 $9,796 $3,986 $5,170 $9,156 
Asset-backed debt— 11,965 11,965 — 11,716 11,716 
Other debt269 4,852 5,121 146 6,308 6,454 
Intersegment debt456 334 — 301 527 — 
Total Debt4,499 23,173 26,882 4,433 23,721 27,326 
Financial payables to Iveco Group N.V.4 58 62 6 140 146 
Total Debt (including Financial payables to Iveco Group N.V.)$4,503 $23,231 $26,944 $4,439 $23,861 $27,472 
The weighted-average interest rate on consolidated debt at December 31, 2024, and 2023 was 5.7% and 5.3%, respectively.
In February 2024, CNH Industrial Capital Argentina. issued USD 53 million of 7.500% notes due in 2026, with an issue price of 100.000% of their principal amount.
In March 2024, CNH Industrial Capital Canada Ltd. issued CAD 400 million of 4.800% notes due in 2027, with an issue price of 99.876% of their principal amount.
In March 2024, CNH Industrial Capital LLC issued USD 600 million of 5.100% due in 2029 with an issue price of 99.157% of their principal amount.
In April 2024, Banco CNH Industrial Capital S.A. issued BRL 700 million of notes in three tranches: BRL 335 million at Certificado de Depósito Interbancário ("CDI") + 0.550% due 2026, BRL 245 million at CDI + 0.750% due in 2027 and BRL 120 million at CDI + 0.900% due in 2028.
In May 2024, CNH Industrial Australia issued AUD 250 million of 5.400% notes due in 2027 at an issue price of 99.877% of their principal amount. In September 2024, the obligation nominal amount was increased by AUD 75 million, at an issuance price of 101.561%, for a total of AUD 325 million.
In May 2024, Banco CNH Industrial Capital S.A. issued BRL 50 million of notes at CDI + 0.900% notes due in 2028, through a private placement.
In May 2024, Banco CNH Industrial Capital S.A. issued BRL 200 million of 12.290% notes due in 2028, through a private placement.
In June 2024, Banco CNH Industrial Capital S.A. issued BRL 200 million of notes in two tranches: BRL 100 million at 12.350% due in 2026 and BRL 100 million at 12.850% due in 2027, through a private placement.
In June 2024, CNH Industrial N.V. issued Euro 750 million of 3.750% notes due in 2031 with an issue price of 99.168% of their principal amount.
In October 2024, CNH Industrial Capital LLC issued USD 500 million of 4.500% notes due in 2027 with an issue price of 99.809% of their principal amount.
In October 2024, CNH Industrial Capital Canada Ltd. issued CAD 300 million of 4.000% notes due 2028 with an issue price of 99.964% of their principal amount.
In October 2024, Banco CNH Industrial Capital S.A. issued BRL 500 million of notes in three tranches: BRL 150 million at CDI + 0.350% due in 2026, BRL 200 million at BRL at CDI + 0.500% due in 2027 and BRL 150 million at CDI + 0.700% due in 2028.
In November 2024, CNH Industrial Capital Argentina issued USD 17 million of 6.000% notes due in 2026 at an issue price of 100.000% of their principal amount.
In November 2024, CNH Industrial Capital Argentina issued USD 11 million of 7.500% notes due in 2028 at an issue price of 100.000% of their principal amount.
In April 2023, CNH Industrial Capital LLC issued USD 600 million of 4.550% notes due 2028, with an issue price of 98.857% of their principal amount.
In May 2023, CNH Industrial Capital Argentina issued USD 36 million of 0.000% notes due in 2025 at an issue price of 124.000% of their principal amount.
In May 2023, Banco CNH Industrial Capital S.A. issued BRL 500 million of notes in two tranches: BRL 400 million at CDI + 1.400%, due in 2025 and BRL 100 million at CDI +1.600%, due in 2026.
In July 2023, CNH Industrial Capital Australia Pty. Limited issued AUD 175 million of 5.800% notes due in 2026 at an issue price of 99.715% of their principal amount.
In August 2023, CNH Industrial Capital Canada Ltd. issued CAD 400 million of 5.500% notes due in 2026, with an issue price of 99.883% of their principal amount.
In September 2023, CNH Industrial Capital LLC issued USD 500 million of 5.500% notes due in 2029 at an issue price of 99.399% of their principal amount.
In October 2023, Banco CNH Industrial Capital S.A. issued BRL 600 million of notes in three tranches: BRL 312.1 million at CDI + 0.900%, due in 2025, BRL 172.4 million at CDI + 1.000%, due in 2026 and BRL 115.5 million at CDI +1.300%, due in 2027.
The bonds issued by CNH may contain commitments of the issuer, and in certain cases commitments of CNH Industrial N.V. in its capacity as guarantor, which are typical of international practice for bond issues of this type such as, in particular, negative pledge (in relation to quoted indebtedness), a status (or pari passu) covenant and cross default clauses. A breach of these commitments can lead to the early repayment of the applicable notes. The bonds guaranteed by CNH Industrial N.V. under the Euro Medium Term Note Programme (and its predecessor the Global Medium Term Note Programme), as well as the notes issued by CNH Industrial N.V., contain clauses which could lead to early repayment if there is a change of control of CNH Industrial N.V. leading to a rating downgrading of CNH Industrial N.V.
Other debt consists primarily of borrowings from banks which are at various terms and rates. Included in Other debt of Financial Services is approximately $1.3 billion and $1.5 billion at December 31, 2024 and 2023, respectively, of funding provided by the Brazilian development agency, Banco Nacional de Desenvolvimento Econômico e Social ("BNDES"). The program provides subsidized funding to financial institutions to be loaned to customers to support the purchase of agricultural or construction machinery or commercial equipment in accordance with the program.
A summary of the minimum annual repayments of debt as of December 31, 2024, and thereafter is as follows:
(in millions of dollars)
Industrial
Activities
Financial
Services
Consolidated
2025$1,023 $9,816 $10,839 
2026521 5,154 5,675 
20271,097 3,009 4,106 
202852 2,232 2,284 
2029519 1,945 2,464 
2030 and thereafter831 683 1,514 
Financial payables to Iveco Group N.V.4 58 62 
Intersegment456 334 — 
Total$4,503 $23,231 $26,944 
Please refer to "Note 16: Financial Instruments" for fair value information on debt.