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Debt
 12 Months Ended
Dec. 31, 2023
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, 2023, CNH’s available committed unsecured facilities expiring after twelve months amounted to $5.9 billion ($5.1 billion at December 31, 2022).
In March 2019, CNH signed a five-year committed revolving credit facility for €4 billion ($4.5 billion at March 31, 2019 exchange rate) due to mature in 2024 with two extension options of 1-year each, exercisable on the first and second anniversary of the signing date. CNH exercised the first of the two extension options as of February 28, 2020 and the second extension option as of February 26, 2021. The facility is now due to mature in March 2026 for €3,950.5 million; €49.5 million within the facility will mature in March 2025. The credit facility replaced the existing five-year €1.75 billion credit facility due to mature in 2021. The €4 billion facility is guaranteed by the parent company with cross-guarantees from each of the borrowers (i.e., CNH Industrial Finance S.p.A., CNH Industrial Finance Europe S.A. and CNH Industrial Finance North America Inc.), includes typical provisions for contracts of this type and size, such as: customary covenants mainly relating to Industrial Activities including negative pledge, a status (or pari passu) covenant, restrictions on the incurrence of indebtedness by certain subsidiaries, customary events of default (some of which are subject to minimum thresholds and customary mitigants) including cross-default, failure to pay amounts due or to comply with certain provisions under the loan agreement, the occurrence of certain bankruptcy-related events and mandatory prepayment obligations upon a change in control of CNH or the borrower and a financial covenant (Net debt/EBITDA ratio relating to Industrial Activities) that is not applicable with the current ratings levels. The failure to comply with these provisions, in certain cases if not suitably remedied, can
lead to the requirement to make early repayment of the outstanding advances. At December 31, 2023, the Company was in compliance with all covenants in the revolving credit facility.
At December 31, 2023, Financial Services’ committed asset-backed facilities expiring after twelve months amounted to $3.7 billion ($2.9 billion at December 31, 2022), of which $3.7 billion at December 31, 2023 ($2.1 billion at December 31, 2022) were utilized.
CNH entered into an 18-month committed unsecured credit facility on December 19, 2023, was undrawn at December 31, 2023 and was fully drawn on January 12, 2024.
Debt
A summary of issued bonds outstanding as of December 31, 2023, 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)
EUR$750 0.000 %April 1, 2024$829 
CNH Industrial Finance Europe S.A. (1)
EUR650 1.750 %September 12, 2025718 
CNH Industrial Finance Europe S.A. (1)
EUR100 3.500 %November 12, 2025111 
CNH Industrial Finance Europe S.A. (1)
EUR500 1.875 %January 19, 2026553 
CNH Industrial Finance Europe S.A. (1)
EUR600 1.750 %March 25, 2027663 
CNH Industrial Finance Europe S.A. (1)
EUR50 3.875 %April 21, 202855 
CNH Industrial Finance Europe S.A. (1)
EUR500 1.625 %July 3, 2029553 
CNH Industrial Finance Europe S.A. (1)
EUR50 2.200 %July 15, 203955 
Other Bonds:
CNH Industrial N.V. (2)
USD500 3.850 %November 15, 2027500 
Hedging effects, bond premium/discount, and unamortized issuance costs(51)
Total Industrial Activities$3,986 
Financial Services
CNH Industrial Capital LLCUSD$500 4.200 %January 15, 2024$500 
CNH Industrial Capital LLCUSD500 3.950 %May 23, 2025500 
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 LLCUSD600 4.550 %April 10, 2028600 
CNH Industrial Capital LLCUSD500 5.500 %January 12, 2029500 
CNH Industrial Capital Australia Pty Ltd.AUD425 
1.750%
5.800%
2024/2026289 
CNH Industrial Capital Canada Ltd.CAD300 1.500 %October 1, 2024226 
CNH Industrial Capital Canada Ltd.CAD400 5.500 %August 11, 2026302 
CNH Industrial Capital Argentina S.A.USD59 0.000 %2025/202559 
Banco CNH Industrial Capital S.A.BRL3,547 
12.600%
13.440%
2024/2028732 
Hedging effects, bond premium/discount, and unamortized issuance costs(38)
Total Financial Services$5,170 
(1) Bond listed on the Irish Stock Exchange
(2) Bond listed on the New York Stock Exchange
A summary of total debt as of December 31, 2023 and 2022, is as follows:

20232022
(in millions of dollars)
Industrial ActivitiesFinancial ServicesTotalIndustrial ActivitiesFinancial ServicesTotal
Total bonds$3,986 $5,170 $9,156 $4,836 $4,046 $8,882 
Asset-backed debt— 11,716 11,716 — 9,751 9,751 
Other debt146 6,308 6,454 73 4,256 4,329 
Intersegment debt301 527 — 63 888 — 
Total Debt4,433 23,721 27,326 4,972 18,941 22,962 
Financial payables to Iveco Group N.V.6 140 146 5 151 156 
Total Debt (including Financial payables to Iveco Group N.V.)$4,439 $23,861 $27,472 $4,977 $19,092 $23,118 
The weighted-average interest rate on consolidated debt at December 31, 2023, and 2022 was 5.3% and 3.5%, respectively.
In April 2022, Banco CNH Industrial Capital S.A. issued BRL600 million of notes in two tranches: BRL 177 million at CDI + 0.900%, due in 2024 and BRL 423 million at CDI +1.100%, due in 2025.
In May 2022, Banco CNH Industrial Capital S.A. issued BRL 350 million of notes at CDI +1.100%, due in 2025, through a private placement.
In May 2022, CNH Industrial Capital LLC issued USD 500 million of 3.950% notes due in 2025 at an issue price of 99.469% of their principal amount.
In September 2022, Banco CNH Industrial Capital S.A. issued BRL 700 million of notes in three tranches: BRL 268 million at CDI + 0.900%, due in 2024; BRL 193 million at CDI +1.050%, due in 2025; and BRL 239 million at CDI +1.300%, due in 2026.
In October 2022, CNH Industrial Capital LLC issued USD 400 million of 5.450% notes due in 2025 at an issue price of 99.349% of their principal amount.
In October 2022, CNH Industrial Capital Argentina issued USD 23 million of 0.000% notes due in 2025. This was a voluntary exchange offer for the outstanding USD-linked Series 1 notes issued in 2020 due August 2023.
In November 2022, Banco CNH Industrial Capital S.A. issued BRL 22 million of notes at CDI + 1.050%, due in 2025, through a private placement.
In December 2022, Banco CNH Industrial Capital S.A. issued BRL 190 million of notes at CDI + 0.850%, due in 2024, through a private placement.
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 36.4 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.
On January 4, 2022 Fitch Ratings raised its Long-Term Issuer Default Rating on CNH Industrial N.V. to ‘BBB+’ from ‘BBB-’. Fitch also upgraded CNH Industrial Finance Europe S.A.’s senior unsecured rating to ‘BBB+’ from ‘BBB-'. The Outlook is Stable. On January 7, 2022 Fitch has upgraded the Long-Term Issuer Default Ratings and senior unsecured debt ratings of CNH Industrial Capital LLC (CNHI Capital) and CNH Industrial Capital Canada Ltd. (CNH Canada) to 'BBB+' from 'BBB-'. The Rating Outlook is Stable. Fitch has also upgraded CNHI Capital's Short-Term IDR and commercial paper (CP) ratings to 'F2' from 'F3'.
On February 25, 2022, Moody's Investors Service (Moody's) upgraded the senior unsecured ratings of CNH Industrial N.V. (CNHI) and its supported subsidiaries including CNH Industrial Capital LLC, CNH Industrial Finance Europe S.A. (CNHI Finance), CNH Industrial Capital Australia Pty. Limited and CNH Industrial Capital Canada Ltd. to Baa2 from Baa3. At the same time, Moody's withdrew CNHI Finance's short term rating of (P)P-3. The outlook is stable.
On November 30, 2023, Standard & Poor's ("S&P") Global Ratings raised its long-term issuer credit ratings on CNH Industrial N.V. and its subsidiary, CNH Industrial Capital LLC, to 'BBB+' from 'BBB'. S&P Global Ratings also affirmed the 'A-2' short-term issuer credit rating. Additionally, S&P Global Ratings raised the issue-level ratings on CNH Industrial N.V. and its industrial subsidiaries' debt, as well as the issue-level ratings on CNH Industrial Capital LLC's senior unsecured debt, to 'BBB+' from 'BBB'. The outlook is stable.
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 $1.5 billion and $1.2 billion at December 31, 2023 and 2022, 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, 2023 and thereafter is as follows:
(in millions of dollars)
Industrial
Activities
Financial
Services
Consolidated
2024$952 $10,525 $11,477 
2025831 5,245 6,076 
2026553 3,525 4,078 
20271,133 1,206 2,339 
202855 1,521 1,576 
2029 and thereafter608 1,172 1,780 
Financial payables to Iveco Group N.V.6 140 146 
Intersegment301 527 — 
Total$4,439 $23,861 $27,472 
Please refer to “Note 15: Financial Instruments” for fair value information on debt.