CNH Industrial N.V.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Other Liabilities
Note 14: Other Liabilities
A summary of "Other liabilities" as of December 31, 2025 and 2024 is as follows (in millions of dollars):
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Warranty and campaign programs | $641 | $633 |
| Marketing and sales incentive programs | 1,930 | 2,075 |
| Tax payables | 323 | 243 |
| Accrued expenses and deferred income | 843 | 917 |
| Accrued employee benefits | 459 | 376 |
| Lease liabilities | 272 | 282 |
| Legal reserves and other provisions | 419 | 390 |
| Contract liabilities | 122 | 72 |
| Restructuring reserve | 15 | 30 |
| Other | 318 | 345 |
| Total | $5,342 | $5,363 |
Warranty and Campaign Program
As described in "Note 2: Summary of Significant Accounting Policies", CNH pays for basic warranty and other service action costs. A summary of recorded activity for the basic warranty and campaign program accrual for the years ended December 31, 2025 and 2024 are as follows (in millions of dollars):
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Balance at beginning of year | $633 | $610 |
| Current year additions | 535 | 628 |
| Claims paid | (563) | (570) |
| Currency translation adjustment and other | 36 | (35) |
| Balance at end of year | $641 | $633 |
Restructuring Provision
The Company's restructuring program announced in November 2023 targeted both labor and non-labor SG&A expenses. This program was completed in 2024, and the Company has incurred a total of $131 million from launch to December 31, 2024, under this program.
The Company incurred restructuring costs of $22 million, $118 million and $67 million for the years ended December 31, 2025, 2024 and 2023, respectively. These costs were as follows:
In 2025, Agriculture, Construction and Financial Services recorded $20 million, $3 million and $(1) million respectively.
In 2024, Agriculture, Construction and Financial Services recorded $104 million, $13 million and $1 million, respectively.
In 2023, Agriculture, Construction and Finance recorded $51 million and $14 million and $2 million, respectively.
The following table sets forth restructuring activity for the years ended December 31, 2025, 2024 and 2023 (in millions of dollars):
| Severance and Other Employee Costs | Facility RelatedCosts | OtherRestructuring | Total | |
|---|---|---|---|---|
| Balance at December 31, 2022 | $25 | $3 | $2 | $30 |
| Restructuring charges | 36 | 23 | 8 | 67 |
| Reserves utilized: cash | (19) | (23) | (12) | (54) |
| Reserves utilized: non-cash | (3) | 1 | 2 | — |
| Currency translation adjustments | — | — | — | — |
| Balance at December 31, 2023 | 39 | 4 | — | 43 |
| Restructuring charges | 81 | 17 | 20 | 118 |
| Reserves utilized: cash | (99) | (5) | (14) | (118) |
| Reserves utilized: non-cash | (2) | (5) | (7) | (14) |
| Currency translation adjustments | (4) | (3) | 8 | 1 |
| Balance at December 31, 2024 | 15 | 8 | 7 | 30 |
| Restructuring charges | 10 | 2 | 10 | 22 |
| Reserves utilized: cash | (16) | (3) | (8) | (27) |
| Reserves utilized: non-cash | (1) | (3) | (8) | (12) |
| Currency translation adjustments | — | 1 | 1 | 2 |
| Balance at December 31, 2025 | $8 | $5 | $2 | $15 |
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