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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Gross impact of changes in fair value of derivatives designated as cash flow hedges on AOCI and net income
The following table summarizes the gross impact of changes in the fair value of derivatives designated as cash flow hedges on accumulated other comprehensive income (loss) and net income during the year ended December 31, 2024, 2023 and 2022 (in millions of dollars):
Recognized in Net Income
For the Year Ended December 31,Gain (Loss) Recognized in Accumulated Other Comprehensive IncomeClassification of Gain (Loss)Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
2024
Foreign exchange contracts$(17)Net sales$(9)
Cost of goods sold(18)
Other, net4 
Interest expense, net(25)
Interest rate contracts103 
Total$86 $(48)
2023
Foreign exchange contracts$(35)Net sales$(7)
Cost of goods sold(33)
Other, net7 
Interest expense, net6 
Interest rate contracts(82)
Total$(117)$(27)
2022
Foreign exchange contracts$(191)Net sales$(1)
Cost of goods sold(219)
Other, net3 
Interest expense, net30 
Interest rate contracts59 
Total$(132)$(187)
Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) at December 31, 2024 and 2023 consisted of the following:
Amount Reclassified from Other
Comprehensive Income (Loss)
Consolidated Statement
of Operations line
(in millions of dollars)
20242023
Cash flow hedges$9 $7 Net sales
18 33 Cost of goods sold
(4)(7)Other, net
25 (6)Interest expense
(3)(3)Income taxes
45 24 
Change in retirement plans’ funded status:
Amortization of actuarial losses19 20 
(1)
Amortization of prior service cost(24)(36)
(1)
1 4 Income taxes
(4)(12)
Total reclassifications, net of tax$41 $12 
 
(1)    These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 13: Employee Benefit Plans and Postretirement Benefits” for additional information.
Schedule of impact of changes in fair value of fair value hedges and derivatives not designated as hedging instruments on earnings
The following table summarizes the activity in accumulated other comprehensive income related to the derivatives held by the Company during the years ended December 31, 2024, 2023 and 2022:
(in millions of dollars)
Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net losses as of December 31, 2023$(19)$9 $(10)
Net changes in fair value of derivatives86 (49)37 
Net income reclassified from accumulated other comprehensive income into income48 (3)45 
Accumulated derivative net income as of December 31, 2024$115 $(43)$72 
(in millions of dollars)
Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net income as of December 31, 2022$71 $(27)$44 
Net changes in fair value of derivatives(117)39 (78)
Net income reclassified from accumulated other comprehensive income into income27 (3)24 
Accumulated derivative net losses as of December 31, 2023$(19)$9 $(10)
(in millions of dollars)
Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net losses as of December 31, 2021$(3)$(14)$(17)
Impact of demerger19 — 19 
Net changes in fair value of derivatives(132)4 (128)
Net income reclassified from accumulated other comprehensive income into income187 (17)170 
Accumulated derivative net income as of December 31, 2022$71 $(27)$44 
The following tables summarize the impact of the changes in the fair value of fair value hedges and derivatives not designated as hedging instruments had on earnings for the year ended December 31, 2024, 2023 and 2022:
For the Year Ended December 31,
(in millions of dollars)
Classification of Gain202420232022
Fair Value Hedges
Interest rate derivativesInterest expense$19 $(42)$(104)
Not Designated as Hedges
Foreign exchange contractsOther, Net$(49)$(67)$(16)
Schedule of fair value of derivatives
The fair values of CNH’s derivatives as of December 31, 2024 and 2023 in the consolidated balance sheets are recorded as follows:
December 31, 2024December 31, 2023
(in millions of dollars)
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments
Interest rate contractsDerivative assets$103 Derivative assets$60 
Foreign currency contractsDerivative assets44 Derivative assets31 
Total derivative assets $147 $91 
Interest rate contractsDerivative liabilities$58 Derivative liabilities$117 
Foreign currency contractsDerivative liabilities51 Derivative liabilities49 
Total derivative liabilities $109 $166 
Derivatives not designated as hedging instruments
Interest rate contractsDerivative assets$22 Derivative assets$31 
Foreign currency contractsDerivative assets27 Derivative assets14 
Total derivative assets $49 $45 
Interest rate contractsDerivative liabilities$22 Derivative liabilities$30 
Foreign currency contractsDerivative liabilities15 Derivative liabilities20 
Total derivative liabilities $37 $50 
Schedule of fair value hierarchy levels
The following tables present for each of the fair-value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2024 and 2023:
Level 1Level 2Total
(in millions of dollars)
December 31, 2024December 31, 2023December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Assets
Foreign exchange derivatives$— $— $71 $46 $71 $46 
Interest rate derivatives— — 125 90 125 90 
Total Assets$— $— $196 $136 $196 $136 
Liabilities
Foreign exchange derivatives$— $— $66 $69 $66 $69 
Interest rate derivatives— — 80 147 80 147 
Total Liabilities$— $— $146 $216 $146 $216 
Schedule of investments measured on nonrecurring basis
The following tables present fair value for nonrecurring Level 3 measurements from impairments as of December 31, 2024 and 2023:
Fair ValueLosses
(in millions of dollars)
2024202320242023
Other intangible assets$173 $— $11 $— 
Schedule of estimated fair market values
The estimated fair market values of financial instruments not carried at fair value in the consolidated balance sheets as of December 31, 2024 and 2023 are as follows:
December 31, 2024December 31, 2023
(in millions of dollars)
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financing receivables$23,085 $22,920 $24,249 $24,129 
Debt$26,882 $27,222 $27,326 $27,624