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Employee Benefit Plans and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of defined benefit pension, healthcare and other postemployment plans
The following summarizes data from CNH’s defined benefit pension, healthcare and other postemployment plans for the years ended December 31, 2024 and 2023:
Pension
Healthcare (1)
Other (1)
(in millions of dollars)
202420232024202320242023
Change in benefit obligations:
Beginning benefit obligation$1,274 $1,175 $179 $181 $100 $89 
Service cost10 9 2 3 5 5 
Interest cost52 54 8 9 3 4 
Plan participants’ contributions1 1 3 4 — — 
Actuarial loss (gain)(95)53 8 10 (7)5 
Gross benefits paid(85)(80)(21)(29)(13)(7)
Plan amendments16 4 1 1 (2)— 
Currency translation adjustments and other (2)
(4)58 6 — (5)4 
Ending benefit obligation1,169 1,274 186 179 81 100 
Change in the fair value of plan assets:
Beginning plan assets1,049 979 58 58 — — 
Actual return on plan assets8 51 4 6 — — 
Employer contributions32 41 — — — — 
Plan participants’ contributions1 1 — — — — 
Gross benefits paid(74)(68)(2)(6)— — 
Currency translation adjustments and other (2)
2 45 — — — — 
Ending plan assets1,018 1,049 60 58 — — 
Funded status:$(151)$(225)$(126)$(121)$(81)$(100)
(1)The healthcare and other postemployment plans are not required to be prefunded.
(2)Includes the impact of the transfer of the outstanding pension benefit obligations related to certain retirees and beneficiaries within the U.S. plans through group annuity contract purchases in 2022.
Schedule of defined benefit pension plans by significant geographical area
The following summarizes data from CNH’s defined benefit pension plans by significant geographical area for the years ended December 31, 2024 and 2023:
U.S.U.K.
Germany (1)
Other Countries (1)
(in millions of dollars)
20242023202420232024202320242023
Change in benefit obligations:
Beginning benefit obligation$139 $128 $825 $770 $117 $108 $193 $169 
Service cost1 2 — — — — 9 7 
Interest cost7 7 36 38 3 4 6 5 
Plan participants’ contributions— — — — — — 1 1 
Actuarial loss (gain)— 7 (87)17 (5)12 (3)17 
Gross benefits paid(6)(5)(51)(48)(11)(11)(17)(16)
Plan amendments— — 16 4 — — — — 
Currency translation adjustments and other (2)
— — 17 44 (6)4 (15)10 
Ending benefit obligation141 139 756 825 98 117 174 193 
Change in the fair value of plan assets:
Beginning plan assets161 159 707 650 4 4 177 166 
Actual return on plan assets6 6 (13)36 — — 14 9 
Employer contributions— — 25 31 — — 7 10 
Plan participants’ contributions— — — — — — 1 1 
Gross benefits paid(5)(4)(52)(48)— — (17)(16)
Currency translation adjustments and other (2)
— — 16 38 — — (13)7 
Ending plan assets162 161 683 707 4 4 169 177 
Funded status:$21 $22 $(73)$(118)$(94)$(113)$(5)$(16)
(1)    Pension benefits in Germany and some other countries are not required to be prefunded.
(2)    Includes the impact of the transfer of the outstanding pension benefit obligations related to certain retirees and beneficiaries within the U.S. plans through group annuity contract purchases in the fourth quarter of 2023.
Schedule of net amounts recognized in consolidated balance sheets
Net amounts recognized in the consolidated balance sheets as of December 31, 2024 and 2023 consist of:
PensionHealthcareOther
(in millions of dollars)
202420232024202320242023
Other assets$34 $30 $— $— $— $— 
Pension, postretirement and other postemployment benefits(185)(255)(126)(121)(81)(100)
Net liability recognized at end of year$(151)$(225)$(126)$(121)$(81)$(100)
Schedule of pre-tax amounts recognized in accumulated other comprehensive loss
Pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2024, consist of:
(in millions of dollars)
PensionHealthcareOther
Unrecognized actuarial losses (gains)$329 $15 $(14)
Unrecognized prior service credit18 (22)(8)
Accumulated other comprehensive loss$347 $(7)$(22)
Schedule of aggregate pension accumulated benefit obligation
The following table summarizes the aggregate pension accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets:
Pension
(in millions of dollars)
20242023
Accumulated benefit obligation$904 $998 
Fair value of plan assets$724 $753 
Schedule of projected benefit obligations in excess of plan assets
The following table summarizes CNH’s pension and other post-employment plans with projected benefit obligations in excess of plan assets:
PensionHealthcareOther
(in millions of dollars)
202420232024202320242023
Projected benefit obligation$908 $1,091 $187 $179 $81 $100 
Fair value of plan assets$724 $836 $60 $58 $— $— 
Schedule of net periodic benefit cost
The following summarizes the components of net periodic benefit cost of CNH’s defined benefit for the years ended December 31, 2024, 2023 and 2022:
PensionHealthcareOther
(in millions of dollars)
202420232022202420232022202420232022
Service cost$10 $9 $11 $2 $3 $4 $5 $5 $5 
Interest cost52 54 27 8 9 6 3 4 1 
Expected return on assets(54)(45)(47)(3)(4)(5)— — — 
Amortization of:
Prior service cost (credit)— — — (24)(36)(126)— — — 
Actuarial loss (gain)22 18 19 — — 1 (3)2 (2)
Settlement loss and other— 2 (3)7 — 3 1 (1)1 
Net periodic benefit cost (credit)$30 $38 $7 $(10)$(28)$(117)$6 $10 $5 
Schedule of net periodic benefit cost recognized in net income and other changes in plan assets and benefit obligations
Net periodic benefit cost recognized in net income and other changes in plan assets and benefit obligations that are recognized in other comprehensive loss during 2024 consist of:
(in millions of dollars)
PensionHealthcareOther
Net periodic benefit cost$30 $(10)$6 
Benefit adjustments included in other comprehensive (income) loss:
Net actuarial losses (gains)(22)— 3 
Amortization of actuarial losses(49)7 (9)
Amortization of prior service (cost) credit16 25 (1)
Currency translation adjustments and other(6)1 1 
Total recognized in other comprehensive (income) loss(61)33 (6)
Total recognized in comprehensive loss$(31)$23 $— 
Schedule of assumptions utilized in determining the funded status and the net periodic benefit cost
The following assumptions were utilized in determining the funded status at December 31, 2024 and 2023, and the net periodic benefit cost of CNH’s defined benefit plans for the years ended December 31, 2024, 2023 and 2022:
Pension plansHealthcare plansOther
(in percentages)
202420232022202420232022202420232022
Weighted-average rate assumptions used to determine funded status
Discount rate4.894.224.645.364.975.283.673.504.11
Rate of compensation increase2.802.913.034.004.004.003.002.943.19
Initial healthcare cost trend raten/an/an/a5.354.705.12n/an/an/a
Ultimate healthcare cost trend rate(1)
n/an/an/a4.083.744.00n/an/an/a
Weighted-average rate assumptions used to determine expense
Discount rates—service cost2.803.511.325.115.373.153.734.321.36
Discount rates—interest cost4.224.651.594.915.172.873.514.080.99
Rate of compensation increase2.913.032.414.004.004.002.943.192.33
Long-term rates of return on plan assets5.224.543.426.255.754.76n/an/an/a
Initial healthcare cost trend raten/an/an/a4.705.124.18n/an/an/a
Ultimate healthcare cost trend rate(1)
n/an/an/a3.744.003.58n/an/an/a
 
(1)    CNH expects to achieve the ultimate healthcare cost trend rate in 2033 for U.S. plans. A flat trend rate assumption is utilized for the Canada plans.
Schedule of weighted average target asset allocation
Weighted-average target asset allocation for all plans for 2024 are as follows:
All Plans
Asset category:
Equity securities9 %
Debt securities58 %
Cash/Other33 %
Schedule of fair value of plan assets by asset category and level within the fair value hierarchy
The following summarizes the fair value of plan assets by asset category and level within the fair value hierarchy as of December 31, 2024:
(in millions of dollars)
TotalLevel 1Level 2Level 3
Equity securities:
U.S. equities$— $— $— $— 
Non-U.S. equities— — — — 
Total Equity securities— — — — 
Fixed income securities:
U.S. government bonds18 18 — — 
U.S. corporate bonds8 8 — — 
Non-U.S. government bonds24 — 24 — 
Non-U.S. corporate bonds11 — 11 — 
Mortgage backed securities2 — 2 — 
Other fixed income3 — 3 — 
Total Fixed income securities66 26 40 — 
Other types of investments:
Mutual funds (1)
860 — 860 — 
Insurance contracts66 — — 66 
Derivatives—credit contracts— — — — 
Real estate— — — — 
Total Other types of investments926 — 860 66 
Cash:36 14 22 — 
Total of Level 1, Level 2 and Level 3 Assets$1,028 $40 $922 $66 
Investments at net asset value:
Mutual funds (2)
49
Total Net Assets$1,077 $40 $922 $66 
 
(1)     This category includes mutual funds, which primarily invest in non-U.S. equities and non-U.S. corporate bonds.
(2)         This category includes open ended mutual fund, the underlying assets of the mutual fund are illiquid in nature and are not
        classified in the fair value hierarchy using the net asset per share practical expedient.
The following summarizes the fair value of plan assets by asset category and level within the fair value hierarchy as of December 31, 2023:
(in millions of dollars)
TotalLevel 1Level 2Level 3
Equity securities:
U.S. equities$— $— $— $— 
Non-U.S. equities— — — — 
Total Equity securities— — — — 
Fixed income securities:
U.S. government bonds13 12 1 — 
U.S. corporate bonds17 14 3 — 
Non-U.S. government bonds26 — 26 — 
Non-U.S. corporate bonds13 — 13 — 
Mortgage backed securities2 — 2 — 
Other fixed income2 — 2 — 
Total Fixed income securities73 26 47 — 
Other types of investments:
Mutual funds (1)
919 — 919 — 
Insurance contracts45 — — 45 
Derivatives—credit contracts— — — — 
Real estate— — — — 
Total Other types of investments964 — 919 45 
Cash:22 11 11 — 
Total of Level 1, Level 2 and Level 3 Assets$1,059 $37 $977 $45 
Investments at net asset value:
Mutual funds (2)
48 
Total Net Assets$1,107 $37 $977 $45 
(1) This category includes mutual funds, which primarily invest in non-U.S. equities and non-U.S. corporate bonds.
Schedule of changes in level 3 plan assets
The following table presents the changes in the Level 3 plan assets for the year ended December 31, 2024:
 
(in millions of dollars)
Level 3 Assets
Balance at December 31, 2023$45 
Actual return on plan assets relating to assets still held at reporting date
1 
Purchases28 
Settlements(5)
Transfers in and/or out of level 3(1)
Currency impact(2)
Balance at December 31, 2024$66 
The following table presents the changes in the Level 3 plan assets for the year ended December 31, 2023:
(in millions of dollars)
Level 3 Assets
Balance at December 31, 2022$40 
Actual return on plan assets relating to assets still held at reporting date
1 
Purchases4 
Settlements(2)
Transfers in and/or out of Level 3— 
Currency impact2 
Balance at December 31, 2023$45 
Schedule of cash flows related to total benefits expected to be paid
The benefit expected to be paid from the benefit plans, which reflect expected future years of service, and the Medicare subsidy expected to be received are as follows:
(in millions of dollars)
Pension PlansHealthcareOther
2025$91 $23 $6 
202679 22 7 
202788 20 6 
202886 19 6 
202986 18 7 
2030 - 2034405 77 36 
Total$835 $179 $68