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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
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, 2022, December 31, 2021, and December 31, 2020 (in millions):
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
2022
Foreign exchange contracts$(191)Net sales$(1)
Cost of goods sold(219)
Other, net3 
Interest expense, net30 
Interest rate contracts59 
Total$(132)$(187)
2021
Foreign exchange contracts$(57)Net sales$2 
Cost of goods sold(11)
Other, net(4)
Interest expense, net3 
Interest rate contracts49 
Total$(8)$(10)
2020
Foreign exchange contracts$96 Net sales$(7)
Cost of goods sold31 
Other, net6 
Interest expense, net(5)
Interest rate contracts(14)
Total$82 $25 
Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in December 31, 2022 and 2021 consisted of the following:
Amount Reclassified from Other
Comprehensive Income (Loss)
Consolidated Statement
of Operations line
20222021
(in millions)
Cash flow hedges$1 $(2)Net sales
219 11 Cost of goods sold
(3)4 Other, net
(30)(3)Interest expense
(17)(1)Income taxes
$170 $9 
Change in retirement plans’ funded status:
Amortization of actuarial losses$18 $30 *
Amortization of prior service cost(126)(136)*
47 (14)Income taxes
$(61)$(120)
Total reclassifications, net of tax$109 $(111)
 
(*)    These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 12: Employee Benefit Plans and Postretirement Benefits” for additional information.
Summary 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, 2022, December 31, 2021, and December 31, 2020:
(in millions)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 losses reclassified from accumulated other comprehensive income into income187 (17)170 
Accumulated derivative net losses as of December 31, 2022$71 $(27)$44 
(in millions)Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net losses as of December 31, 2020$(5)$(1)$(6)
Net changes in fair value of derivatives(8)(12)(20)
Net losses reclassified from accumulated other comprehensive income into income10 (1)9 
Accumulated derivative net losses as of December 31, 2021$(3)$(14)$(17)
(in millions)Before-Tax AmountIncome TaxAfter-Tax Amount
Accumulated derivative net losses as of December 31, 2019$(62)$8 $(54)
Net changes in fair value of derivatives82 (8)74 
Net losses reclassified from accumulated other comprehensive income into income(25)(1)(26)
Accumulated derivative net losses as of December 31, 2020$(5)$(1)$(6)
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, 2022, December 31, 2021, and December 31, 2020:
For the Year Ended December 31,
(in millions)Classification of Gain202220212020
Fair Value Hedges
Interest rate derivativesInterest expense$(104)$(47)$31 
Not Designated as Hedges
Foreign exchange contractsOther, Net$(16)$(11)$86 
Summary of fair value of derivatives
The fair values of CNH Industrial’s derivatives as of December 31, 2022 and December 31, 2021 in the consolidated balance sheets are recorded as follows:
December 31, 2022December 31, 2021
(in millions of dollars)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives designated as hedging instruments under Subtopic 815-20
Interest rate contractsDerivative assets77 Derivative assets65 
Foreign currency contractsDerivative assets70 Derivative assets77 
Total derivative assets designated as hedging instruments147 142 
Interest rate contractsDerivative liabilities106 Derivative liabilities28 
Foreign currency contractsDerivative liabilities56 Derivative liabilities101 
Total derivative liabilities designated as hedging instruments162 129 
Derivatives not designated as hedging instruments under Subtopic 815-20
Interest rate contractsDerivative assets28 Derivative assets11 
Foreign currency contractsDerivative assets14 Derivative assets29 
Total derivative assets not designated as hedging instruments42 40 
Interest rate contractsDerivative liabilities28 Derivative liabilities12 
Foreign currency contractsDerivative liabilities14 Derivative liabilities40 
Total derivative liabilities not designated as hedging instruments42 52 
Summary of fair value hierarchy levels
The following tables present for each of the fair-value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2022 and December 31, 2021:
Level 1Level 2Total
December 31, 2022December 31, 2021December 31, 2022December 31, 2021December 31, 2022December 31, 2021
(in millions)
Assets
Foreign exchange derivatives$— $— $84 $106 $84 $106 
Interest rate derivatives— — 105 76 105 76 
Total Assets$— $— $189 $182 $189 $182 
Liabilities
Foreign exchange derivatives$— $— $70 $141 $70 $141 
Interest rate derivatives— — 134 40 134 40 
Total Liabilities$— $— $204 $181 $204 $181 
Schedule of investments measured on nonrecurring basis
The following tables present the fair value for nonrecurring Level 3 measurements from impairments as of December 31, 2022 and 2021:
Fair ValueLosses
2022202120222021
(in millions)
Property, plant and equipment$7 $— $17 $— 
Summary 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, 2022 and 2021 are as follows:
December 31, 2022December 31, 2021
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
(in millions)
Financing receivables$19,260$18,827$15,376$15,605
Debt$22,962$22,651$20,897$21,091