CNH Industrial Capital 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document and Entity Information
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Central Index Key	1,552,493
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
REVENUES
Interest income on retail notes and finance leases	$ 55,067	$ 50,718	$ 157,218	$ 150,334
Interest income on wholesale notes	18,915	20,086	58,300	52,913
Interest and other income from affiliates	100,619	105,872	306,267	324,971
Rental income on operating leases	55,110	43,025	156,096	119,228
Other income	7,284	14,259	19,241	41,266
Total revenues	236,995	233,960	697,122	688,712
Interest expense:
Interest expense to third parties	70,960	66,040	199,853	190,414
Interest expense to affiliates	2,149	8,075	19,462	17,498
Total interest expense	73,109	74,115	219,315	207,912
Administrative and operating expenses:
Fees charged by affiliates	11,814	13,288	36,693	39,619
Provision for credit losses, net	6,403	4,591	17,540	11,979	$ 14,124
Depreciation of equipment on operating leases	49,622	37,475	140,294	101,026
Other expenses	14,280	16,039	30,936	36,590
Total administrative and operating expenses	82,119	71,393	225,463	189,214
Total expenses	155,228	145,508	444,778	397,126
INCOME BEFORE TAXES	81,767	88,452	252,344	291,586
Income tax provision	26,913	29,762	85,861	97,167
NET INCOME	54,854	58,690	166,483	194,419
Net income attributed to noncontrolling interest		(273)	(259)	(935)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 54,854	$ 58,417	$ 166,224	$ 193,484

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 54,854	$ 58,690	$ 166,483	$ 194,419
Other comprehensive income (loss):
Foreign currency translation adjustment	(47,836)	(32,256)	(92,433)	(33,894)
Pension liability adjustment	99	92	272	249
Change in unrealized gains on retained interests				(244)
Change in derivative financial instruments	479	683	(87)	2,146
Total other comprehensive income (loss)	(47,258)	(31,481)	(92,248)	(31,743)
COMPREHENSIVE INCOME (LOSS)	7,596	27,209	74,235	162,676
Less: comprehensive income attributable to noncontrolling interest		(273)	(259)	(935)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 7,596	$ 26,936	$ 73,976	$ 161,741

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 417,230	$ 347,987
Restricted cash	631,540	858,825
Receivables, less allowance for credit losses of $96,746 and $95,542, respectively	11,878,984	12,789,027
Affiliated accounts and notes receivable	120,965	58,731
Equipment on operating leases, net	1,696,358	1,458,325
Equipment held for sale	180,762	129,700
Goodwill	108,792	112,851
Other intangible assets, net	7,380	8,355
Other assets	69,518	145,764
TOTAL	15,111,529	15,909,565
Liabilities:
Short-term debt (including current maturities of long-term debt)	5,087,509	4,632,208
Accounts payable and other accrued liabilities	705,862	645,941
Affiliated debt		862,445
Long-term debt	7,843,429	8,193,039
Total liabilities	$ 13,636,800	$ 14,333,633
Commitments and contingent liabilities (Note 10)
Stockholder's equity:
Member's capital
Paid-in capital	$ 843,779	$ 843,250
Accumulated other comprehensive income (loss)	(142,176)	(49,928)
Retained earnings	773,126	746,758
Total CNH Industrial Capital LLC stockholder's equity	1,474,729	1,540,080
Noncontrolling interest		35,852
Total stockholder's equity	1,474,729	1,575,932
TOTAL	$ 15,111,529	$ 15,909,565

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Allowance for credit losses	$ 96,746	$ 95,542
Restricted cash	631,540	858,825
Receivables, less allowance for credit losses of $80,018 and $78,960, respectively	11,878,984	12,789,027
Equipment on operating leases, net	1,696,358	1,458,325
TOTAL	15,111,529	15,909,565
Short-term debt (including current maturities of long-term debt)	5,087,509	4,632,208
Long-term debt	7,843,429	8,193,039
Total liabilities	13,636,800	14,333,633
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	80,018	78,960
Restricted cash	631,440	858,725
Receivables, less allowance for credit losses of $80,018 and $78,960, respectively	9,260,937	9,266,204
Equipment on operating leases, net		83,195
TOTAL	9,892,377	10,208,124
Short-term debt (including current maturities of long-term debt)	4,337,509	3,853,058
Long-term debt	5,411,558	5,839,213
Total liabilities	$ 9,749,067	$ 9,692,271

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 166,483	$ 194,419
Adjustments to reconcile net income to net cash from operating activities:
Depreciation on property and equipment and equipment on operating leases	140,320	101,056
Amortization of intangibles	1,100	813
Provision for credit losses, net	17,540	11,979
Deferred income tax expense	39,134	15,483
Stock compensation expense	529	820
Changes in components of working capital:
Change in affiliated accounts and notes receivables	(66,203)	97,827
Change in other assets and equipment held for sale	77,850	(103,879)
Change in accounts payable and other accrued liabilities	43,486	39,449
Net cash from (used in) operating activities	420,239	357,967
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(9,881,255)	(14,143,016)
Collections of receivables	10,487,891	12,573,528
Change in restricted cash	210,465	110,746
Purchase of equipment on operating leases	(691,739)	(645,319)
Proceeds from disposal of equipment on operating leases	215,849	208,158
Capital expenditures for property and equipment and software	(125)	(221)
Net cash from (used in) investing activities	341,086	(1,896,124)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	1,291,206	1,732,223
Payment of affiliated debt	(2,153,651)	(995,044)
Proceeds from issuance of long-term debt	3,883,138	2,915,590
Payment of long-term debt	(3,778,533)	(2,168,473)
Change in short-term borrowings, net	241,725	(355,951)
Dividends paid to CNH Industrial America LLC	(115,000)	(90,000)
Preferred dividend paid to CNH Industrial Canada Ltd.	(551)
Redemption of preferred stock of subsidiary	(60,416)
Net cash from (used in) financing activities	(692,082)	1,038,345
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	69,243	(499,812)
CASH AND CASH EQUIVALENTS
Beginning of period	347,987	697,608
End of period	417,230	197,796
CASH PAID DURING THE PERIOD FOR INTEREST	201,855	183,680
CASH PAID DURING THE PERIOD FOR TAXES	$ 36,052	$ 150,470

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest	Total
BALANCE at Dec. 31, 2013	$ 842,182	$ 6,072	$ 603,735	$ 58,428	$ 1,510,417
Increase (Decrease) in Stockholder's Equity
Net income			193,484	935	194,419
Dividends paid to CNH Industrial America LLC			(90,000)		(90,000)
Foreign currency translation adjustment		(33,894)			(33,894)
Stock compensation	820				820
Pension liability adjustment, net of tax		249			249
Change in unrealized gain on retained interests, net of tax		(244)			(244)
Change in derivative financial instruments, net of tax		2,146			2,146
BALANCE at Sep. 30, 2014	843,002	(25,671)	707,219	59,363	1,583,913
BALANCE at Dec. 31, 2014	843,250	(49,928)	746,758	35,852	1,575,932
Increase (Decrease) in Stockholder's Equity
Net income			166,224	259	166,483
Dividends paid to CNH Industrial America LLC			(115,000)		(115,000)
Preferred dividend paid to CNH Industrial Canada Ltd				(551)	(551)
Redemption of preferred stock of subsidiary			(24,856)	$ (35,560)	(60,416)
Foreign currency translation adjustment		(92,433)			(92,433)
Stock compensation	529				529
Pension liability adjustment, net of tax		272			272
Change in derivative financial instruments, net of tax		(87)			(87)
BALANCE at Sep. 30, 2015	$ 843,779	$ (142,176)	$ 773,126		$ 1,474,729

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2015
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1: BASIS OF PRESENTATION CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC ("New Holland Credit"), CNH Industrial Capital America LLC ("CNH Industrial Capital America"), and CNH Industrial Capital Canada Ltd. ("CNH Industrial Capital Canada") (collectively, "CNH Industrial Capital" or the "Company"), are each a subsidiary of CNH Industrial America LLC ("CNH Industrial America"), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. ("CNHI" and, together with its consolidated subsidiaries, "CNH Industrial"). CNH Industrial America and CNH Industrial Canada Ltd. (collectively, "CNH Industrial North America") design, manufacture, and sell agricultural and construction equipment. CNH Industrial Capital provides financial services for CNH Industrial North America dealers and end-use customers primarily located in the United States and Canada. CNHI is incorporated in and under the laws of The Netherlands, with its principal office at 25 St. James's Street, London, SW1A 1HA, United Kingdom. The common shares of CNHI are listed on the New York Stock Exchange under the symbol "CNHI," as well as on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A. Effective October 24, 2014, CNH Industrial Capital closed on a series of agreements with Citibank, N.A. and certain affiliates of Citibank, N.A. (together, "Citi"), pursuant to which Citi acquired CNH Industrial Capital's portfolio of commercial revolving accounts ("CRA") receivables. Pursuant to these agreements, Citi offers a private-label CRA product through CNH Industrial dealers in North America. The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2014. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected. The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company's subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company's determination that it is the primary beneficiary of a variable interest entity ("VIE"). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from those estimates.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2015
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification 605—Revenue Recognition and most industry-specific guidance throughout the Codification. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. On August 12, 2015, the FASB approved deferring the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance can be applied retrospectively to each prior reporting period presented (full retrospective method) or retrospectively with a cumulative effect adjustment to retained earnings for initial application of the guidance at the date of initial adoption (modified retrospective method). The FASB also permitted ASU 2014-09 to be adopted early, but not before the original effective date of annual periods beginning after December 15, 2016. The Company is in the process of assessing the impact of the adoption of ASU 2014-09 on its financial position, results of operations and cash flows. In August 2014, the FASB issued ASU No. 2014-15, Uncertainties About an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date of issuance of the entity's financial statements. An entity must also provide certain disclosures if there is "substantial doubt" about the entity's ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company does not believe the adoption of this standard will have a material impact on its financial position or results of operations. In February 2015, the FASB issued ASU No. 2015-02, Consolidation ("ASU 2015-02"). ASU 2015-02 is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitized structures. The new standard eliminates the previous deferral in Accounting Standards Codification 810, which allowed reporting entities with interests in certain investment funds to follow previously issued consolidations guidance, and makes changes to both the variable interest model and the voting model. ASU 2015-02 is effective for annual periods ending after December 15, 2015. The Company is currently assessing the impact of the adoption of ASU 2015-02 on its financial position, results of operations and cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest ("ASU 2015-03"). ASU 2015-03 is intended to simplify the presentation of debt issuance costs. The new standard requires the debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual and interim periods beginning after December 15, 2015. The Company does not believe the adoption of this standard will have a material impact on its financial position or results of operations.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income ("AOCI") is comprised of net income and other adjustments, including foreign currency translation adjustments, pension plan adjustments, changes in fair value of the retained interests in the off-book retail transactions and changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges. The Company does not provide income taxes on currency translation adjustments ("CTA"), as the historical earnings from the Company's foreign subsidiaries are considered to be permanently reinvested. If current year earnings are repatriated, the amount to be repatriated is determined in U.S. dollars and converted to the equivalent amount of foreign currency at the time of repatriation; therefore, the repatriation of current year earnings will not have an impact on the CTA component of the Company's AOCI balance. The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2015: Currency Translation Adjustment Pension Liability Unrealized Losses on Derivatives Total Beginning balance, gross $ ) $ ) $ ) $ ) Tax asset (liability) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) ) ) ) Other comprehensive income (loss) before reclassifications ) ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — Tax effects — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2015 $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2015: Currency Translation Adjustment Pension Liability Unrealized Losses on Derivatives Total Beginning balance, gross $ ) $ ) $ ) $ ) Tax asset (liability) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) ) ) ) Other comprehensive income (loss) before reclassifications ) ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — Tax effects — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2015 $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2014: Currency Translation Adjustment Pension Liability Unrealized Gains on Retained Interests Unrealized Losses on Derivatives Total Beginning balance, gross $ $ ) $ — $ ) $ Tax asset (liability) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) — ) Other comprehensive income (loss) before reclassifications ) — — ) Amounts reclassified from accumulated other comprehensive income (loss) — — Tax effects — ) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2014 $ ) $ ) $ — $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2014: Currency Translation Adjustment Pension Liability Unrealized Gains on Retained Interests Unrealized Losses on Derivatives Total Beginning balance, gross $ $ ) $ $ ) $ Tax asset (liability) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) ) Other comprehensive income (loss) before reclassifications ) — — ) ) Amounts reclassified from accumulated other comprehensive income (loss) — ) Tax effects — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2014 $ ) $ ) $ — $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The reclassifications out of AOCI and the location on the consolidated statements of income for the three and nine months ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Affected Line Item Amortization of defined benefit pension items: $ ) $ ) $ ) $ ) Insignificant items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) ) ) Income before taxes Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) $ ) Net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains on retained interests: $ — $ — $ — $ Insignificant items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — — — Income before taxes — — — ) Income tax provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — $ — $ — $ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized losses on derivatives: $ ) $ ) $ ) $ ) Interest expense to third parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) ) ) Income before taxes Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) $ ) Net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

RECEIVABLES

RECEIVABLES	9 Months Ended
	Sep. 30, 2015
RECEIVABLES
RECEIVABLES	90 Days and Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ — $ $ $ $ $ Canada $ $ $ $ $ $ $ Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $ December 31, 2014 31 - 60 Days Past Due 61 - 90 Days Past Due Greater Than 90 Days Total Past Due Current Total Receivables Recorded Investment > 90 Days and Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ $ Canada $ $ — $ $ $ $ $ Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $ Impaired receivables are receivables for which the Company has determined it will not collect all the principal and interest payments as per the terms of the contract. As of September 30, 2015 and December 31, 2014, the Company's recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances and allowances are as follows: September 30, 2015 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Retail United States $ $ $ — $ $ $ — Canada $ $ $ — $ $ $ — Wholesale United States $ — $ — $ — $ — $ — $ — Canada $ — $ — $ — $ $ $ — With an allowance recorded Retail United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Total Retail $ $ $ $ $ $ Wholesale $ $ $ $ $ $ For the three months ended September 30, 2015 and 2014, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows: 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded Retail United States $ $ $ $ Canada $ $ $ — $ — Wholesale United States $ — $ — $ — $ — Canada $ — $ — $ — $ — With an allowance recorded Retail United States $ $ $ $ Canada $ $ $ $ Wholesale United States $ $ $ $ Canada $ $ $ $ Total Retail $ $ $ $ Wholesale $ $ $ $ For the nine months ended September 30, 2015 and 2014, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a ten-month average) and the related interest income recognized are as follows: 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded Retail United States $ $ $ $ Canada $ $ $ — $ — Wholesale United States $ — $ — $ — $ — Canada $ — $ — $ — $ — With an allowance recorded Retail United States $ $ $ $ Canada $ $ $ $ Wholesale United States $ $ $ $ Canada $ $ $ $ Total Retail $ $ $ $ Wholesale $ $ $ $ Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 120 days delinquent, whichever occurs first. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Retail Wholesale Total Retail Wholesale Total United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Troubled Debt Restructurings A restructuring of a receivable constitutes a troubled debt restructuring ("TDR") when the lender grants a concession it would not otherwise consider to a borrower experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables, concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal. TDRs are reviewed along with other receivables as part of management's ongoing evaluation of the adequacy of the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current fair market value of the equipment collateral and considers credit enhancements such as additional collateral and third-party guarantees. Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review, the TDR classification is not removed from the receivable. As of September 30, 2015, the Company had approximately 598 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $20,040 and the post-modification value was $18,858. A court has determined the concession in 302 of these cases. The pre-modification value of these contracts was $5,113 and the post-modification value was $4,302. As of September 30, 2014, the Company had approximately 684 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $16,953 and the post-modification value was $15,128. A court has determined the concession in 440 of these cases. The pre-modification value of these contracts was $7,774 and the post-modification value was $6,346. As the outcome of the bankruptcy cases is determined by a court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease receivable contracts that were modified in a TDR during the previous 12 months ended September 30, 2015 and 2014. As of September 30, 2015 and 2014, the Company's wholesale TDRs were immaterial." id="sjs-B4">NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 December 31, 2014 Retail note receivables $ $ Wholesale receivables Finance lease receivables Restricted receivables ​ ​ ​ ​ ​ ​ ​ ​ Gross receivables Less Allowance for credit losses ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total receivables, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restricted Receivables and Securitization As part of its overall funding strategy, the Company periodically transfers certain financial receivables into VIEs that are special purpose entities ("SPEs") as part of its asset-backed securitization programs. SPEs utilized in the securitization programs differ from other entities included in the Company's consolidated financial statements because the assets they hold are legally isolated from the Company's assets. For bankruptcy analysis purposes, the Company has sold the receivables to the SPEs in a true sale and the SPEs are separate legal entities. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs' creditors. The SPEs have ownership of cash balances that also have restrictions for the benefit of the SPEs' investors. The Company's interests in the SPEs' receivables are subordinate to the interests of third-party investors. None of the receivables that are directly or indirectly sold or transferred in any of these transactions are available to pay the Company's creditors until all obligations of the SPE have been fulfilled or the receivables are removed from the SPE. The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Retail note receivables $ $ Wholesale receivables Finance lease receivables — ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Within the U.S. retail receivables securitization programs, qualifying retail receivables are sold to limited purpose, bankruptcy remote SPEs. In turn, these SPEs establish separate trusts to which the receivables are transferred in exchange for proceeds from asset backed securities issued by the trusts. In Canada, the receivables are transferred directly to the trusts. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts' activities. Through its retained interests, the Company has an obligation to absorb certain losses, or the right to receive certain benefits, that could potentially be significant to the trusts. Consequently, the Company has consolidated these retail trusts. With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities which are limited-purpose, bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts' activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Industrial Capital has consolidated these wholesale trusts. Allowance for Credit Losses The allowance for credit losses is the Company's estimate of probable losses for receivables owned by the Company and consists of two components, depending on whether the receivable has been individually identified as being impaired. The first component of the allowance for credit losses covers the receivables specifically reviewed by management for which the Company has determined it is probable that it will not collect all the principal and interest payments as per the terms of the contract. Receivables are individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables are subject to impairment measurement at the loan level based either on the present value of expected future cash flows discounted at the receivables' effective interest rate or the fair value of the collateral for collateral-dependent receivables. The second component of the allowance for credit losses covers all receivables that have not been individually reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations, generally by financial product. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The allowance for wholesale credit losses is based on loss forecast models that consider the same factors as the retail models plus dealer risk ratings. The loss forecast models are updated on a quarterly basis. In addition, qualitative factors that are not fully captured in the loss forecast models, including industry trends, and macroeconomic factors are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment. Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected The Company's allowance for credit losses is segregated into two portfolio segments: retail and wholesale. A portfolio segment is the level at which the Company develops a systematic methodology for determining its allowance for credit losses. The retail segment includes retail notes and finance lease receivables. The wholesale segment includes wholesale financing to CNH Industrial North America dealers. Prior to sale of its CRA portfolio to Citi, there was a third segment called other, which included the Company's CRA portfolio. Further, the Company evaluates its portfolio segments by class of receivable: United States and Canada. Typically, the Company's receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. These classes align with management reporting. Allowance for credit losses activity for the three months ended September 30, 2015 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ $ $ Charge-offs ) ) ) Recoveries Provision Foreign currency translation and other ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the nine months ended September 30, 2015 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ $ $ Charge-offs ) ) ) Recoveries Provision Foreign currency translation and other ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables: Ending balance $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the three months ended September 30, 2014 is as follows: Retail Wholesale Other Total Allowance for credit losses: Beginning balance $ $ $ $ Charge-offs ) — ) ) Recoveries Provision (benefit) ) Foreign currency translation and other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the nine months ended September 30, 2014 is as follows: Retail Wholesale Other Total Allowance for credit losses: Beginning balance $ $ $ $ Charge-offs ) ) ) ) Recoveries Provision (benefit) ) Foreign currency translation and other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables: Ending balance $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the year ended December 31, 2014 is as follows: Retail Wholesale Other Total Allowance for credit losses: Beginning balance $ $ $ $ Charge-offs ) ) ) ) Recoveries Provision (benefit) ) Foreign currency translation and other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables: Ending balance $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Utilizing an internal credit scoring model, which considers customers' attributes, prior credit history and each retail transaction's attributes, the Company assigns a credit quality rating to each retail customer, by specific transaction, as part of the retail underwriting process. This rating is used in setting the terms on the transaction, including the interest rate. A description of the general characteristics of the customers' risk grades is as follows: Titanium —Customers from whom the Company expects no collection or loss activity. Platinum —Customers from whom the Company expects minimal, if any, collection or loss activity. Gold, Silver, Bronze —Customers defined as those with the potential for collection or loss activity. A breakdown of the retail portfolio by the customer's risk grade at the time of origination as of September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 December 31, 2014 Titanium $ $ Platinum Gold Silver Bronze ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As part of the ongoing monitoring of the credit quality of the wholesale portfolio, the Company utilizes an internal credit scoring model that assigns a risk grade for each dealer. The scoring model considers the strength of the dealer's financial condition and payment history. The Company considers the dealers' ratings in the quarterly credit allowance analysis. A description of the general characteristics of the dealer risk grades is as follows: Grades A and B —Includes receivables due from dealers that have significant capital strength, moderate leverage, stable earnings and growth, and excellent payment performance. Grade C —Includes receivables due from dealers with moderate credit risk. Dealers of this grade are differentiated from higher grades on a basis of leverage or payment performance. Grade D —Includes receivables due from dealers with additional credit risk. These dealers require additional monitoring due to their weaker financial condition or payment performance. A breakdown of the wholesale portfolio by its credit quality indicators as of September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 December 31, 2014 A $ $ B C D ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following tables present information at the level at which management assesses and monitors its credit risk. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. The aging of receivables as of September 30, 2015 and December 31, 2014 is as follows: September 30, 2015 31 - 60 Days Past Due 61 - 90 Days Past Due Greater Than 90 Days Total Past Due Current Total Receivables Recorded Investment > 90 Days and Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ — $ $ $ $ $ Canada $ $ $ $ $ $ $ Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $ December 31, 2014 31 - 60 Days Past Due 61 - 90 Days Past Due Greater Than 90 Days Total Past Due Current Total Receivables Recorded Investment > 90 Days and Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ $ Canada $ $ — $ $ $ $ $ Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $ Impaired receivables are receivables for which the Company has determined it will not collect all the principal and interest payments as per the terms of the contract. As of September 30, 2015 and December 31, 2014, the Company's recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances and allowances are as follows: September 30, 2015 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Retail United States $ $ $ — $ $ $ — Canada $ $ $ — $ $ $ — Wholesale United States $ — $ — $ — $ — $ — $ — Canada $ — $ — $ — $ $ $ — With an allowance recorded Retail United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Total Retail $ $ $ $ $ $ Wholesale $ $ $ $ $ $ For the three months ended September 30, 2015 and 2014, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows: 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded Retail United States $ $ $ $ Canada $ $ $ — $ — Wholesale United States $ — $ — $ — $ — Canada $ — $ — $ — $ — With an allowance recorded Retail United States $ $ $ $ Canada $ $ $ $ Wholesale United States $ $ $ $ Canada $ $ $ $ Total Retail $ $ $ $ Wholesale $ $ $ $ For the nine months ended September 30, 2015 and 2014, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a ten-month average) and the related interest income recognized are as follows: 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded Retail United States $ $ $ $ Canada $ $ $ — $ — Wholesale United States $ — $ — $ — $ — Canada $ — $ — $ — $ — With an allowance recorded Retail United States $ $ $ $ Canada $ $ $ $ Wholesale United States $ $ $ $ Canada $ $ $ $ Total Retail $ $ $ $ Wholesale $ $ $ $ Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 120 days delinquent, whichever occurs first. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Retail Wholesale Total Retail Wholesale Total United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Troubled Debt Restructurings A restructuring of a receivable constitutes a troubled debt restructuring ("TDR") when the lender grants a concession it would not otherwise consider to a borrower experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables, concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal. TDRs are reviewed along with other receivables as part of management's ongoing evaluation of the adequacy of the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current fair market value of the equipment collateral and considers credit enhancements such as additional collateral and third-party guarantees. Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review, the TDR classification is not removed from the receivable. As of September 30, 2015, the Company had approximately 598 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $20,040 and the post-modification value was $18,858. A court has determined the concession in 302 of these cases. The pre-modification value of these contracts was $5,113 and the post-modification value was $4,302. As of September 30, 2014, the Company had approximately 684 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $16,953 and the post-modification value was $15,128. A court has determined the concession in 440 of these cases. The pre-modification value of these contracts was $7,774 and the post-modification value was $6,346. As the outcome of the bankruptcy cases is determined by a court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease receivable contracts that were modified in a TDR during the previous 12 months ended September 30, 2015 and 2014. As of September 30, 2015 and 2014, the Company's wholesale TDRs were immaterial.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2015
DEBT
DEBT	NOTE 5: DEBT On July 8, 2015, the Company terminated a $250,000 unsecured facility, consisting of a $150,000 term loan and a $100,000 revolving credit facility. On August 19, 2015, the Company, through a bankruptcy-remote trust, issued $750,000 of amortizing asset-backed notes secured by U.S. retail loan contracts. On September 10, 2015, the Company, through a bankruptcy-remote trust, issued C$500,000 ($372,589) of amortizing asset-backed notes secured by Canadian retail loan contracts. On September 28, 2015, the Company increased its U.S. wholesale variable funding notes by $250,000, with a maturity date of March 15, 2016. On September 30, 2015, the Company extended the maturity date of the $1,200,000 U.S. retail committed asset-backed facility to September 29, 2017.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2015
INCOME TAXES
INCOME TAXES	NOTE 6: INCOME TAXES The effective tax rates for the three months ended September 30, 2015 and 2014 were 32.9% and 33.6%, respectively. The effective tax rate was 34.0% for the nine months ended September 30, 2015, compared to 33.3% for the same period in 2014. The increase in the effective rate for the nine months ended September 30, 2015 compared to the same period in 2014 was due to favorable discrete tax benefits recorded in 2014. The Company's provision for income taxes is based on an estimated tax rate for the year applied to the year-to-date federal, state and foreign income. The 2015 estimated annual tax rate is expected to be lower than the U.S. federal corporate income tax rate of 35% primarily due to profits in tax jurisdictions with lower rates, including Canada.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 7: FINANCIAL INSTRUMENTS The Company may elect to measure many financial instruments and certain other items at fair value. This fair value option must be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company did not elect the fair value measurement option for eligible items. Fair-Value Hierarchy U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's internally-developed market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1 —Quoted prices for identical instruments in active markets. Level 2 —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 —Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. Determination of Fair Value When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified in Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions. Derivatives The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. The Company does not hold or issue derivative or other financial instruments for speculative purposes. The credit risk for the interest rate hedges is reduced through diversification among counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified in Level 2 or 3 of the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows. Interest Rate Derivatives The Company has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated in cash flow hedging relationships are being used by the Company to mitigate the risk of rising interest rates related to debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments, to the extent that the hedge relationship has been effective, are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. Ineffectiveness recognized related to these hedging relationships was not significant for the nine months ended September 30, 2015 and 2014. These amounts are recorded in "Other expenses" in the consolidated statements of income. The maximum length of time over which the Company is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 57 months. The after-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately $877. The Company also enters into interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company's committed asset-backed facilities. These facilities require the Company to enter into interest rate derivatives. To ensure that these transactions do not result in the Company being exposed to this risk, the Company enters into an offsetting position. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three and nine months ended September 30, 2015 and 2014. The Company's interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input for forecasted benchmark interest rates and can be compared to actively traded derivatives. If the future notional amount of the Company's interest rate derivatives is not known in advance, the derivatives are considered Level 3 derivatives. The fair market value of these derivatives is calculated using market data input and a forecasted future notional balance. The total notional amount of the Company's interest rate derivatives was approximately $2,302,248 and $3,457,267 at September 30, 2015 and December 31, 2014, respectively. The ten-month average notional amounts as of September 30, 2015 and 2014 were $2,938,845 and $3,010,067, respectively. Foreign Exchange Contracts The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in "Other expenses" and are expected to offset the foreign exchange gains or losses on the exposures being managed. All of the Company's foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives. Financial Statement Impact of the Company's Derivatives The fair values of the Company's derivatives as of September 30, 2015 and December 31, 2014 in the consolidated balance sheets are recorded as follows: September 30, 2015 December 31, 2014 Derivatives Designated as Hedging Instruments: Other assets: Interest rate derivatives $ $ Accounts payable and other accrued liabilities: Interest rate derivatives $ $ Derivatives Not Designated as Hedging Instruments: Other assets: Interest rate derivatives $ $ Foreign exchange contracts ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other accrued liabilities: Interest rate derivatives $ $ Pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives for the three and nine months ended September 30, 2015 and 2014 are recorded in the following accounts: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss) (effective portion) Interest rate derivatives $ ) $ $ ) $ ) Reclassified from accumulated other comprehensive income (loss) (effective portion) Interest rate derivatives—Interest expense to third parties ) ) ) ) Not Designated as Hedges Foreign exchange contracts—Other expenses ) ) ) ) Items Measured at Fair Value on a Recurring Basis The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014, all of which are classified as Level 2: September 30, 2015 December 31, 2014 Assets Interest rate derivatives $ $ Foreign exchange contracts ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Interest rate derivatives $ $ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. Fair Value of Other Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and cash equivalents and restricted cash are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2. Financial Instruments Not Carried at Fair Value The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value * Carrying Amount Estimated Fair Value * Receivables $ $ $ $ Long-term debt $ $ $ $ * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2. Financial Assets The fair value of receivables was determined by discounting the estimated future payments using a discount rate, which includes an estimate for credit risk. Financial Liabilities The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

SEGMENT AND GEOGRAPHICAL INFORM

SEGMENT AND GEOGRAPHICAL INFORMATION	9 Months Ended
	Sep. 30, 2015
SEGMENT AND GEOGRAPHICAL INFORMATION
SEGMENT AND GEOGRAPHICAL INFORMATION	NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION The Company's segment data is based on disclosure requirements of accounting guidance on segment reporting, which requires financial information be reported on the basis that is used internally for measuring segment performance. The Company's reportable segments are strategic business units that are organized around differences in geographic areas. Each segment is managed separately as they require different knowledge of regulatory environments and marketing strategies. The operating segments offer primarily the same services within each of the respective segments. A summary of the Company's reportable segment information is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues United States $ $ $ $ Canada Eliminations ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense United States $ $ $ $ Canada Eliminations ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net income United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenditures for equipment on operating leases United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for credit losses United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2015 As of December 31, 2014 Segment assets United States $ $ Canada Eliminations ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Managed receivables United States $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

RELATED - PARTY TRANSACTIONS

RELATED - PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
RELATED - PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 9: RELATED-PARTY TRANSACTIONS The Company receives compensation from CNH Industrial North America for retail installment sales contracts and finance leases that were created under certain low-rate financing programs and interest waiver programs offered to customers by CNH Industrial North America. For selected operating leases, CNH Industrial North America compensates the Company for the difference between the market rental rates and the amount paid by the customer. Similarly, for selected wholesale receivables, CNH Industrial North America and other affiliates compensate the Company for the difference between market rates and the amount paid by the dealer. The Company is also compensated for lending funds to CNH Industrial North America and other affiliates for various purposes. The summary of sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Subsidy received from CNH Industrial North America: Retail $ $ $ $ Wholesale Operating lease ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest and other income from affiliates $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees charged by affiliates represent payroll and other human resource services CNH Industrial America performs on behalf of the Company. As of September 30, 2015 and December 31, 2014, the Company had various accounts and notes receivable and debt with the following affiliates: September 30, 2015 December 31, 2014 Affiliated receivables from: CNH Industrial America $ $ CNH Industrial Canada Ltd. CNH Industrial Finance S.p.A. — Other affiliates ​ ​ ​ ​ ​ ​ ​ ​ Total affiliated receivables $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affiliated debt owed to: CNH Industrial America $ — $ CNH Industrial Canada Ltd. — ​ ​ ​ ​ ​ ​ ​ ​ Total affiliated debt $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in "Other Assets" in the accompanying balance sheets were tax receivables due from related parties of $23,699 and $62,515, respectively, as of September 30, 2015 and December 31, 2014. Accounts payable and other accrued liabilities of $26,527 and $5,282, respectively, as of September 30, 2015 and December 31, 2014, were payable to related parties. Interest expense to affiliates was $2,149 and $8,075, respectively, for the three months ended September 30, 2015 and 2014, and $19,462 and $17,498, respectively, for the nine months ended September 30, 2015 and 2014. In order to utilize the marketing channels for used equipment that exist in CNH Industrial Capital, $19,541 of inventory was transferred from CNH Industrial America at cost at December 31, 2014, of which $8,298 remained in "Equipment held for sale" in the accompanying consolidated balance sheets as of September 30, 2015. On March 31, 2015, CNH Industrial Capital Canada redeemed all of its outstanding shares of preferred stock for C$76,618 ($60,416). These shares earned dividends of 12-month LIBOR plus 1.2% per annum. Dividends were accrued and recorded in "Net income attributed to noncontrolling interest" in the consolidated statements of income. A dividend of C$668 ($551) was paid by CNH Industrial Capital Canada to CNH Industrial Canada Ltd. in March 2015, which represented all accrued and unpaid dividends on the preferred stock through the redemption date.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 10: COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company's financial position or results of operations. Guarantees The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNHI for approximately $261,412. The guarantees are in effect for the term of the underlying funding facilities plus 365 days. The underlying facilities are renewable annually. Commitments The Company has various agreements to extend credit for the wholesale and dealer financing managed portfolio. At September 30, 2015, the total credit limit available was $6,401,072, of which $3,569,524 as utilized.

SUPPLEMENTAL CONDENSED CONSOLID

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2015
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION CNH Industrial Capital America and New Holland Credit, which are 100%-owned subsidiaries of CNH Industrial Capital LLC (the "Guarantor Entities"), guarantee certain indebtedness of CNH Industrial Capital LLC. As the guarantees are full, unconditional, and joint and several and because the Guarantor Entities are 100%-owned by CNH Industrial Capital LLC, the Company has included the following condensed consolidating financial information as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014. The condensed consolidating financial information reflects investments in consolidated subsidiaries under the equity method of accounting. Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision for credit losses, net — — Depreciation of equipment on operating leases — — Other expenses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision for credit losses, net — — Depreciation of equipment on operating leases — — Other expenses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets as of September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ $ $ — $ Restricted cash — — Receivables, less allowance for credit losses — — Affiliated accounts and notes receivable ) Equipment on operating leases, net — — Equipment held for sale — — Investments in consolidated subsidiaries accounted for under the equity method — ) — Goodwill and intangible assets, net — — Other assets ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDER'S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ $ — $ $ — $ Accounts payable and other accrued liabilities ) Affiliated debt — ) — Long-term debt — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ) Stockholder's equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ ) $ $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — ) ) ) Collections of receivables — ) Change in restricted cash — — — Purchase of equipment on operating leases, net — ) — ) Capital expenditures for property and equipment and software — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) investing activities — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — ) ) ) Net change in indebtedness ) ) — Dividends paid to CNH Industrial America LLC ) — — — ) Preferred dividend paid to CNH Industrial Canada Ltd. — — ) — ) Redemption of preferred stock of subsidiary — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) financing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — ) — CASH AND CASH EQUIVALENTS: Beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision for credit losses, net — — Depreciation of equipment on operating leases — — Other expenses — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision (benefit) for credit losses, net — ) — Depreciation of equipment on operating leases — — Other expenses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets as of December 31, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ $ $ — $ Restricted cash — — Receivables, less allowance for credit losses — — Affiliated accounts and notes receivable ) Equipment on operating leases, net — — Equipment held for sale — — Investments in consolidated subsidiaries accounted for under the equity method — ) — Goodwill and intangible assets, net — — Other assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDER'S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ $ $ $ — $ Accounts payable and other accrued liabilities ) Affiliated debt — ) Long-term debt — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ) Stockholder's equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ ) $ ) $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — ) ) ) Collections of receivables — ) Change in restricted cash — — — Purchase of equipment on operating leases, net — ) ) — ) Capital expenditures for property and equipment and software — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) investing activities — ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — ) Net change in indebtedness ) ) — Dividends paid to CNH Industrial America LLC ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) financing activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DECREASE IN CASH AND CASH EQUIVALENTS — ) ) — ) CASH AND CASH EQUIVALENTS: Beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ACCUMULATED OTHER COMPREHENSI19

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2015
ACCUMULATED OTHER COMPREHENSIVE INCOME
Schedule of changes in the components of AOCI and related tax effects	The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2015: Currency Translation Adjustment Pension Liability Unrealized Losses on Derivatives Total Beginning balance, gross $ ) $ ) $ ) $ ) Tax asset (liability) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) ) ) ) Other comprehensive income (loss) before reclassifications ) ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — Tax effects — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2015 $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2015: Currency Translation Adjustment Pension Liability Unrealized Losses on Derivatives Total Beginning balance, gross $ ) $ ) $ ) $ ) Tax asset (liability) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) ) ) ) Other comprehensive income (loss) before reclassifications ) ) ) ) Amounts reclassified from accumulated other comprehensive income (loss) — Tax effects — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2015 $ ) $ ) $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2014: Currency Translation Adjustment Pension Liability Unrealized Gains on Retained Interests Unrealized Losses on Derivatives Total Beginning balance, gross $ $ ) $ — $ ) $ Tax asset (liability) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) — ) Other comprehensive income (loss) before reclassifications ) — — ) Amounts reclassified from accumulated other comprehensive income (loss) — — Tax effects — ) — ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2014 $ ) $ ) $ — $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2014: Currency Translation Adjustment Pension Liability Unrealized Gains on Retained Interests Unrealized Losses on Derivatives Total Beginning balance, gross $ $ ) $ $ ) $ Tax asset (liability) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, net of tax ) ) Other comprehensive income (loss) before reclassifications ) — — ) ) Amounts reclassified from accumulated other comprehensive income (loss) — ) Tax effects — ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net current-period other comprehensive income (loss) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ BALANCE at September 30, 2014 $ ) $ ) $ — $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of reclassifications out of AOCI and the location on the consolidated statements of income	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Affected Line Item Amortization of defined benefit pension items: $ ) $ ) $ ) $ ) Insignificant items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) ) ) Income before taxes Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) $ ) Net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains on retained interests: $ — $ — $ — $ Insignificant items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — — — Income before taxes — — — ) Income tax provision ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ — $ — $ — $ Net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized losses on derivatives: $ ) $ ) $ ) $ ) Interest expense to third parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) ) ) Income before taxes Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ ) $ ) $ ) $ ) Net of tax ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

RECEIVABLES (Tables)

RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables
Summary of receivables	September 30, 2015 December 31, 2014 Retail note receivables $ $ Wholesale receivables Finance lease receivables Restricted receivables ​ ​ ​ ​ ​ ​ ​ ​ Gross receivables Less Allowance for credit losses ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total receivables, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Summary of restricted receivables	September 30, 2015 December 31, 2014 Retail note receivables $ $ Wholesale receivables Finance lease receivables — ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the three months ended September 30, 2015 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ $ $ Charge-offs ) ) ) Recoveries Provision Foreign currency translation and other ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the nine months ended September 30, 2015 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ $ $ Charge-offs ) ) ) Recoveries Provision Foreign currency translation and other ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables: Ending balance $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the three months ended September 30, 2014 is as follows: Retail Wholesale Other Total Allowance for credit losses: Beginning balance $ $ $ $ Charge-offs ) — ) ) Recoveries Provision (benefit) ) Foreign currency translation and other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the nine months ended September 30, 2014 is as follows: Retail Wholesale Other Total Allowance for credit losses: Beginning balance $ $ $ $ Charge-offs ) ) ) ) Recoveries Provision (benefit) ) Foreign currency translation and other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables: Ending balance $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses activity for the year ended December 31, 2014 is as follows: Retail Wholesale Other Total Allowance for credit losses: Beginning balance $ $ $ $ Charge-offs ) ) ) ) Recoveries Provision (benefit) ) Foreign currency translation and other ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Receivables: Ending balance $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: individually evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance: collectively evaluated for impairment $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of aging of financing receivables	September 30, 2015 31 - 60 Days Past Due 61 - 90 Days Past Due Greater Than 90 Days Total Past Due Current Total Receivables Recorded Investment > 90 Days and Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ — $ $ $ $ $ Canada $ $ $ $ $ $ $ Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $ December 31, 2014 31 - 60 Days Past Due 61 - 90 Days Past Due Greater Than 90 Days Total Past Due Current Total Receivables Recorded Investment > 90 Days and Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ $ Canada $ $ — $ $ $ $ $ Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $
Schedule of recorded investment in impaired receivables and the related unpaid principal balances and allowances	September 30, 2015 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded Retail United States $ $ $ — $ $ $ — Canada $ $ $ — $ $ $ — Wholesale United States $ — $ — $ — $ — $ — $ — Canada $ — $ — $ — $ $ $ — With an allowance recorded Retail United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Total Retail $ $ $ $ $ $ Wholesale $ $ $ $ $ $
Schedule of average recorded investment in impaired receivables and the related interest income recognized	For the three months ended September 30, 2015 and 2014, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows: 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded Retail United States $ $ $ $ Canada $ $ $ — $ — Wholesale United States $ — $ — $ — $ — Canada $ — $ — $ — $ — With an allowance recorded Retail United States $ $ $ $ Canada $ $ $ $ Wholesale United States $ $ $ $ Canada $ $ $ $ Total Retail $ $ $ $ Wholesale $ $ $ $ For the nine months ended September 30, 2015 and 2014, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a ten-month average) and the related interest income recognized are as follows: 2015 2014 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded Retail United States $ $ $ $ Canada $ $ $ — $ — Wholesale United States $ — $ — $ — $ — Canada $ — $ — $ — $ — With an allowance recorded Retail United States $ $ $ $ Canada $ $ $ $ Wholesale United States $ $ $ $ Canada $ $ $ $ Total Retail $ $ $ $ Wholesale $ $ $ $
Schedule of receivables on nonaccrual status	September 30, 2015 December 31, 2014 Retail Wholesale Total Retail Wholesale Total United States $ $ $ $ $ $ Canada $ $ $ $ $ $
Retail
Receivables
Schedule of breakdown of the portfolio by its credit quality indicators	September 30, 2015 December 31, 2014 Titanium $ $ Platinum Gold Silver Bronze ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Wholesale
Receivables
Schedule of breakdown of the portfolio by its credit quality indicators	September 30, 2015 December 31, 2014 A $ $ B C D ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	September 30, 2015 December 31, 2014 Derivatives Designated as Hedging Instruments: Other assets: Interest rate derivatives $ $ Accounts payable and other accrued liabilities: Interest rate derivatives $ $ Derivatives Not Designated as Hedging Instruments: Other assets: Interest rate derivatives $ $ Foreign exchange contracts ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and other accrued liabilities: Interest rate derivatives $ $
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss) (effective portion) Interest rate derivatives $ ) $ $ ) $ ) Reclassified from accumulated other comprehensive income (loss) (effective portion) Interest rate derivatives—Interest expense to third parties ) ) ) ) Not Designated as Hedges Foreign exchange contracts—Other expenses ) ) ) )
Schedule of fair-value hierarchy levels of assets and liabilities measured at fair value on a recurring basis	September 30, 2015 December 31, 2014 Assets Interest rate derivatives $ $ Foreign exchange contracts ​ ​ ​ ​ ​ ​ ​ ​ Total assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities Interest rate derivatives $ $ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value * Carrying Amount Estimated Fair Value * Receivables $ $ $ $ Long-term debt $ $ $ $ * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

SEGMENT AND GEOGRAPHICAL INFO22

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
SEGMENT AND GEOGRAPHICAL INFORMATION
Summary of reportable segment information	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues United States $ $ $ $ Canada Eliminations ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense United States $ $ $ $ Canada Eliminations ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment net income United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenditures for equipment on operating leases United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for credit losses United States $ $ $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2015 As of December 31, 2014 Segment assets United States $ $ Canada Eliminations ) ) ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Managed receivables United States $ $ Canada ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2015
RELATED - PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Subsidy received from CNH Industrial North America: Retail $ $ $ $ Wholesale Operating lease ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest and other income from affiliates $ $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of various accounts and notes receivable and debt with the affiliates	September 30, 2015 December 31, 2014 Affiliated receivables from: CNH Industrial America $ $ CNH Industrial Canada Ltd. CNH Industrial Finance S.p.A. — Other affiliates ​ ​ ​ ​ ​ ​ ​ ​ Total affiliated receivables $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Affiliated debt owed to: CNH Industrial America $ — $ CNH Industrial Canada Ltd. — ​ ​ ​ ​ ​ ​ ​ ​ Total affiliated debt $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

SUPPLEMENTAL CONDENSED CONSOL24

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
Schedule of condensed statements of comprehensive income	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision for credit losses, net — — Depreciation of equipment on operating leases — — Other expenses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision for credit losses, net — — Depreciation of equipment on operating leases — — Other expenses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision for credit losses, net — — Depreciation of equipment on operating leases — — Other expenses — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ $ $ — $ Interest income on wholesale notes — ) — Interest and other income from affiliates ) Rental income on operating leases — — Other income — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EXPENSES Interest expense: Interest expense to third parties ) — Interest expense to affiliates — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total interest expense ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Administrative and operating expenses: Fees charged by affiliates — ) Provision (benefit) for credit losses, net — ) — Depreciation of equipment on operating leases — — Other expenses — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total administrative and operating expenses — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total expenses ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method ) — Income tax provision (benefit) ) — Equity in income of consolidated subsidiaries accounted for under the equity method — ) — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ) Net income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME $ $ $ $ ) $ Comprehensive income attributed to noncontrolling interest — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of condensed balance sheets	Condensed Balance Sheets as of September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ $ $ — $ Restricted cash — — Receivables, less allowance for credit losses — — Affiliated accounts and notes receivable ) Equipment on operating leases, net — — Equipment held for sale — — Investments in consolidated subsidiaries accounted for under the equity method — ) — Goodwill and intangible assets, net — — Other assets ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDER'S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ $ — $ $ — $ Accounts payable and other accrued liabilities ) Affiliated debt — ) — Long-term debt — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ) Stockholder's equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets as of December 31, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ $ $ — $ Restricted cash — — Receivables, less allowance for credit losses — — Affiliated accounts and notes receivable ) Equipment on operating leases, net — — Equipment held for sale — — Investments in consolidated subsidiaries accounted for under the equity method — ) — Goodwill and intangible assets, net — — Other assets ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDER'S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ $ $ $ — $ Accounts payable and other accrued liabilities ) Affiliated debt — ) Long-term debt — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities ) Stockholder's equity ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of condensed statements of cash flows	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2015 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ ) $ $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — ) ) ) Collections of receivables — ) Change in restricted cash — — — Purchase of equipment on operating leases, net — ) — ) Capital expenditures for property and equipment and software — ) — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) investing activities — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — ) ) ) Net change in indebtedness ) ) — Dividends paid to CNH Industrial America LLC ) — — — ) Preferred dividend paid to CNH Industrial Canada Ltd. — — ) — ) Redemption of preferred stock of subsidiary — — ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) financing activities ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS — ) — CASH AND CASH EQUIVALENTS: Beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2014 CNH Industrial Capital LLC Guarantor Entities All Other Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ ) $ ) $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — ) ) ) Collections of receivables — ) Change in restricted cash — — — Purchase of equipment on operating leases, net — ) ) — ) Capital expenditures for property and equipment and software — ) ) — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) investing activities — ) ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — ) Net change in indebtedness ) ) — Dividends paid to CNH Industrial America LLC ) — — — ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash from (used in) financing activities ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DECREASE IN CASH AND CASH EQUIVALENTS — ) ) — ) CASH AND CASH EQUIVALENTS: Beginning of period — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ End of period $ — $ $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ACCUMULATED OTHER COMPREHENSI25

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Changes in accumulated other comprehensive income by component
Beginning balance, gross					$ (98,510)	$ (53,584)	$ 1,951	$ 1,404
Tax asset (liability)					3,592	3,656	3,859	4,668
Beginning balance, net of tax	$ (94,918)	$ 5,810	$ (49,928)	$ 6,072
Other comprehensive income (loss) before reclassifications	(48,682)	(32,128)	(95,897)	(34,295)
Amounts reclassified from accumulated other comprehensive income (loss)	1,746	1,021	4,036	3,735
Tax effects	(322)	(374)	(387)	(1,183)
Total other comprehensive income (loss)	(47,258)	(31,481)	(92,248)	(31,743)
Ending balance	(142,176)	(25,671)	(142,176)	(25,671)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(87,657)	(43,060)	13,124	14,762
Beginning balance, net of tax	(87,657)	13,124	(43,060)	14,762
Other comprehensive income (loss) before reclassifications	(47,836)	(32,256)	(92,433)	(33,894)
Total other comprehensive income (loss)	(47,836)	(32,256)	(92,433)	(33,894)
Ending balance	(135,493)	(19,132)	(135,493)	(19,132)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(6,159)	(6,425)	(5,643)	(5,891)
Tax asset (liability)					2,248	2,341	2,058	2,149
Beginning balance, net of tax	(3,911)	(3,585)	(4,084)	(3,742)
Other comprehensive income (loss) before reclassifications	(30)		(130)
Amounts reclassified from accumulated other comprehensive income (loss)	183	143	549	391
Tax effects	(54)	(51)	(147)	(142)
Total other comprehensive income (loss)	99	92	272	249
Ending balance	(3,812)	(3,493)	(3,812)	(3,493)
Unrealized Gains on Retained Interests
Changes in accumulated other comprehensive income by component
Beginning balance, gross								388
Tax asset (liability)								(144)
Beginning balance, net of tax				244
Amounts reclassified from accumulated other comprehensive income (loss)				(388)
Tax effects				144
Total other comprehensive income (loss)				(244)
Unrealized losses on derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(4,694)	(4,099)	(5,530)	(7,855)
Tax asset (liability)					$ 1,344	$ 1,315	$ 1,801	$ 2,663
Beginning balance, net of tax	(3,350)	(3,729)	(2,784)	(5,192)
Other comprehensive income (loss) before reclassifications	(816)	128	(3,334)	(401)
Amounts reclassified from accumulated other comprehensive income (loss)	1,563	878	3,487	3,732
Tax effects	(268)	(323)	(240)	(1,185)
Total other comprehensive income (loss)	479	683	(87)	2,146
Ending balance	$ (2,871)	$ (3,046)	$ (2,871)	$ (3,046)

ACCUMULATED OTHER COMPREHENSI26

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	$ (70,960)	$ (66,040)	$ (199,853)	$ (190,414)
Income before taxes	81,767	88,452	252,344	291,586
Income tax (benefit) provision	(26,913)	(29,762)	(85,861)	(97,167)
Net income	54,854	58,690	166,483	194,419
Pension Liability | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Insignificant items	(183)	(143)	(549)	(391)
Income before taxes	(183)	(143)	(549)	(391)
Income tax (benefit) provision	65	51	193	142
Net income	(118)	(92)	(356)	(249)
Unrealized Gains on Retained Interests | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Insignificant items				388
Income before taxes				388
Income tax (benefit) provision				(144)
Net income				244
Unrealized losses on derivatives | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	(1,563)	(878)	(3,487)	(3,732)
Income before taxes	(1,563)	(878)	(3,487)	(3,732)
Income tax (benefit) provision	484	288	1,123	1,291
Net income	$ (1,079)	$ (590)	$ (2,364)	$ (2,441)

RECEIVABLES (Details)

RECEIVABLES (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)item	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Receivables
Gross receivables	$ 11,975,730		$ 12,884,569	$ 13,729,508
Less: Allowance for credit losses	(96,746)	$ (96,953)	(95,542)	$ (104,014)	$ (102,215)	$ (101,953)
Total receivables, net	11,878,984		12,789,027
Restricted Receivables	10,391,092		10,954,660
Receivables directly or indirectly sold or transferred and available to pay the entity's creditors prior to all obligations of the SPE having been fulfilled	$ 0
Number of components of allowance for credit losses | item	2
Number of portfolio segments in which allowance for credit losses is segregated | item	2
Retail
Receivables
Gross receivables	$ 708,150		902,016
Restricted Receivables	7,585,666		7,798,882
Wholesale
Receivables
Gross receivables	840,920		984,832
Restricted Receivables	2,805,426		3,153,814
Finance lease receivables
Receivables
Gross receivables	35,568		43,061
Restricted Receivables			1,964
Restricted receivables
Receivables
Restricted Receivables	$ 10,391,092		$ 10,954,660

RECEIVABLES (Details 2)

RECEIVABLES (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Allowance for credit losses:
Beginning balance	$ 96,953	$ 102,215	$ 95,542	$ 101,953	$ 101,953
Charge-offs	(5,741)	(4,035)	(15,711)	(13,153)	(17,511)
Recoveries	451	1,994	1,595	4,455	5,455
Provision (benefit)	6,403	4,591	17,540	11,979	14,124
Foreign currency translation and other	(1,320)	(751)	(2,220)	(1,220)	(8,479)
Ending balance	96,746	104,014	96,746	104,014	95,542
Ending balance: individually evaluated for impairment	20,657	15,121	20,657	15,121	16,065
Ending balance: collectively evaluated for impairment	76,089	88,893	76,089	88,893	79,477
Receivables:
Ending balance	11,975,730	13,729,508	11,975,730	13,729,508	12,884,569
Ending balance: individually evaluated for impairment	165,929	82,212	165,929	82,212	129,088
Ending balance: collectively evaluated for impairment	11,809,801	13,647,296	11,809,801	13,647,296	12,755,481
Retail
Allowance for credit losses:
Beginning balance	90,679	86,609	88,697	87,701	87,701
Charge-offs	(5,663)	(2,769)	(15,377)	(8,378)	(12,426)
Recoveries	443	953	1,573	2,208	2,941
Provision (benefit)	5,257	4,742	16,634	8,495	12,040
Foreign currency translation and other	(1,156)	(651)	(1,967)	(1,142)	(1,559)
Ending balance	89,560	88,884	89,560	88,884	88,697
Ending balance: individually evaluated for impairment	17,413	12,086	17,413	12,086	12,736
Ending balance: collectively evaluated for impairment	72,147	76,798	72,147	76,798	75,961
Receivables:
Ending balance	8,329,384	8,790,494	8,329,384	8,790,494	8,745,923
Ending balance: individually evaluated for impairment	103,131	46,165	103,131	46,165	56,791
Ending balance: collectively evaluated for impairment	8,226,253	8,744,329	8,226,253	8,744,329	8,689,132
Wholesale
Allowance for credit losses:
Beginning balance	6,274	7,615	6,845	7,363	7,363
Charge-offs	(78)		(334)	(799)	(804)
Recoveries	8	390	22	445	514
Provision (benefit)	1,146	(1,189)	906	(215)	(133)
Foreign currency translation and other	(164)	(67)	(253)	(45)	(95)
Ending balance	7,186	6,749	7,186	6,749	6,845
Ending balance: individually evaluated for impairment	3,244	3,035	3,244	3,035	3,329
Ending balance: collectively evaluated for impairment	3,942	3,714	3,942	3,714	3,516
Receivables:
Ending balance	3,646,346	4,659,644	3,646,346	4,659,644	4,138,646
Ending balance: individually evaluated for impairment	62,798	36,047	62,798	36,047	72,297
Ending balance: collectively evaluated for impairment	$ 3,583,548	4,623,597	$ 3,583,548	4,623,597	4,066,349
Other
Allowance for credit losses:
Beginning balance		7,991		6,889	6,889
Charge-offs		(1,266)		(3,976)	(4,281)
Recoveries		651		1,802	2,000
Provision (benefit)		1,038		3,699	2,217
Foreign currency translation and other		(33)		(33)	$ (6,825)
Ending balance		8,381		8,381
Ending balance: collectively evaluated for impairment		8,381		8,381
Receivables:
Ending balance		279,370		279,370
Ending balance: collectively evaluated for impairment		$ 279,370		$ 279,370

RECEIVABLES (Details 3)

RECEIVABLES (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Financing receivable, recorded investment
Gross receivables	$ 11,975,730	$ 12,884,569	$ 13,729,508
Retail
Financing receivable, recorded investment
Gross receivables	8,329,384	8,745,923	8,790,494
Retail | Titanium
Financing receivable, recorded investment
Gross receivables	4,658,914	4,866,060
Retail | Platinum
Financing receivable, recorded investment
Gross receivables	2,264,633	2,386,558
Retail | Gold
Financing receivable, recorded investment
Gross receivables	1,181,291	1,254,335
Retail | Silver
Financing receivable, recorded investment
Gross receivables	190,876	207,682
Retail | Bronze
Financing receivable, recorded investment
Gross receivables	33,670	31,288
Wholesale
Financing receivable, recorded investment
Gross receivables	3,646,346	4,138,646	$ 4,659,644
Wholesale | GradeA
Financing receivable, recorded investment
Gross receivables	1,484,788	2,117,160
Wholesale | GradeB
Financing receivable, recorded investment
Gross receivables	1,625,270	1,572,953
Wholesale | GradeC
Financing receivable, recorded investment
Gross receivables	357,867	315,825
Wholesale | GradeD
Financing receivable, recorded investment
Gross receivables	$ 178,421	$ 132,708

RECEIVABLES (Details 4)

RECEIVABLES (Details 4) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014
Financing receivable, recorded investment
Total Receivables	$ 11,975,730	$ 12,884,569	$ 13,729,508
Retail
Financing receivable, recorded investment
31-60 Days Past Due	29,127	30,567
61-90 Days Past Due	10,425	8,852
Greater Than 90 Days	23,620	16,281
Total Past Due	63,172	55,700
Current	8,266,212	8,690,223
Total Receivables	8,329,384	8,745,923	8,790,494
Recorded Investment > 90 Days and Accruing	7,609	5,651
Retail | United States
Financing receivable, recorded investment
31-60 Days Past Due	26,731	27,846
61-90 Days Past Due	10,000	8,584
Greater Than 90 Days	22,693	15,884
Total Past Due	59,424	52,314
Current	7,062,312	7,296,162
Total Receivables	7,121,736	7,348,476
Recorded Investment > 90 Days and Accruing	7,283	5,480
Retail | Canada
Financing receivable, recorded investment
31-60 Days Past Due	2,396	2,721
61-90 Days Past Due	425	268
Greater Than 90 Days	927	397
Total Past Due	3,748	3,386
Current	1,203,900	1,394,061
Total Receivables	1,207,648	1,397,447
Recorded Investment > 90 Days and Accruing	326	171
Wholesale
Financing receivable, recorded investment
31-60 Days Past Due	180	1,063
61-90 Days Past Due	35	52
Greater Than 90 Days	287	113
Total Past Due	502	1,228
Current	3,645,844	4,137,418
Total Receivables	3,646,346	4,138,646	$ 4,659,644
Recorded Investment > 90 Days and Accruing	168	88
Wholesale | United States
Financing receivable, recorded investment
31-60 Days Past Due	83	882
61-90 Days Past Due		52
Greater Than 90 Days	113	110
Total Past Due	196	1,044
Current	3,040,337	3,359,183
Total Receivables	3,040,533	3,360,227
Recorded Investment > 90 Days and Accruing	65	86
Wholesale | Canada
Financing receivable, recorded investment
31-60 Days Past Due	97	181
61-90 Days Past Due	35
Greater Than 90 Days	174	3
Total Past Due	306	184
Current	605,507	778,235
Total Receivables	605,813	778,419
Recorded Investment > 90 Days and Accruing	$ 103	$ 2

RECEIVABLES (Details 5)

RECEIVABLES (Details 5) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Unpaid Principal Balance
Period considered for average recorded investment	4 months	4 months	10 months	10 months
Interest Income Recognized
Delinquency period of accounts considered for recognition of income			120 days		120 days
Minimum account delinquency period for an account to be classified as past due			30 days		30 days
United States
Interest Income Recognized
Receivables on nonaccrual status	$ 68,389		$ 68,389		$ 68,135
Canada
Interest Income Recognized
Receivables on nonaccrual status	32,617		32,617		15,648
Retail | United States
Interest Income Recognized
Receivables on nonaccrual status	37,868		37,868		22,512
Retail | Canada
Interest Income Recognized
Receivables on nonaccrual status	653		653		280
Wholesale | United States
Interest Income Recognized
Receivables on nonaccrual status	30,521		30,521		45,623
Wholesale | Canada
Interest Income Recognized
Receivables on nonaccrual status	31,964		31,964		15,368
Individually evaluated for impairment | Retail
Recorded Investment
Total	103,131		103,131		56,791
Unpaid Principal Balance
Total	101,445		101,445		55,606
Related Allowance	17,413		17,413		12,736
Average Recorded Investment
Total	104,018	$ 47,463	99,336	$ 47,602
Interest Income Recognized
Total	1,175	458	3,526	1,767
Individually evaluated for impairment | Retail | United States
Recorded Investment
With no related allowance recorded	49,087		49,087		23,420
With an allowance recorded	51,256		51,256		31,945
Unpaid Principal Balance
With no related allowance recorded	48,759		48,759		23,164
With an allowance recorded	49,915		49,915		31,029
Related Allowance	17,213		17,213		12,607
Average Recorded Investment
With no related allowance recorded	49,160	13,493	47,175	12,536
With an allowance recorded	51,960	32,625	49,206	33,746
Interest Income Recognized
With no related allowance recorded	863	254	2,397	724
With an allowance recorded	273	196	1,004	962
Individually evaluated for impairment | Retail | Canada
Recorded Investment
With no related allowance recorded	2,119		2,119		960
With an allowance recorded	669		669		466
Unpaid Principal Balance
With no related allowance recorded	2,110		2,110		954
With an allowance recorded	661		661		459
Related Allowance	200		200		129
Average Recorded Investment
With no related allowance recorded	2,207		2,224
With an allowance recorded	691	1,345	731	1,320
Interest Income Recognized
With no related allowance recorded	33		86
With an allowance recorded	6	8	39	81
Individually evaluated for impairment | Wholesale
Recorded Investment
Total	62,798		62,798		72,297
Unpaid Principal Balance
Total	62,485		62,485		72,052
Related Allowance	3,244		3,244		3,329
Average Recorded Investment
Total	68,011	40,578	67,243	45,870
Interest Income Recognized
Total	471	292	1,669	886
Individually evaluated for impairment | Wholesale | United States
Recorded Investment
With an allowance recorded	30,711		30,711		45,868
Unpaid Principal Balance
With an allowance recorded	30,521		30,521		45,623
Related Allowance	1,385		1,385		2,220
Average Recorded Investment
With an allowance recorded	32,639	17,814	35,620	19,164
Interest Income Recognized
With an allowance recorded	252	102	911	344
Individually evaluated for impairment | Wholesale | Canada
Recorded Investment
With no related allowance recorded					11,790
With an allowance recorded	32,087		32,087		14,639
Unpaid Principal Balance
With no related allowance recorded					11,790
With an allowance recorded	31,964		31,964		14,639
Related Allowance	1,859		1,859		$ 1,109
Average Recorded Investment
With an allowance recorded	35,372	22,764	31,623	26,706
Interest Income Recognized
With an allowance recorded	$ 219	$ 190	$ 758	$ 542

RECEIVABLES (Details 6)

RECEIVABLES (Details 6) - Retail $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)item
Troubled Debt Restructurings
Number of contracts classified as TDRs | item	598	684
Pre-modification value	$ 20,040	$ 16,953
Post-modification value	$ 18,858	$ 15,128
Number of cases in which the court has determined the concession | item	302	440
Pre-modification value for cases in which the court has determined the concession	$ 5,113	$ 7,774
Post-modification value for cases in which the court has determined the concession	$ 4,302	$ 6,346

DEBT (Details)

DEBT (Details) CAD in Thousands, $ in Thousands	Sep. 30, 2015USD ($)	Sep. 28, 2015USD ($)	Sep. 10, 2015CAD	Sep. 10, 2015USD ($)	Aug. 19, 2015USD ($)	Jul. 08, 2015USD ($)
U.S. wholesale Variable Funding Notes
Debt
Debt issued		$ 250,000
U.S. retail committed asset-backed facility
Debt
Asset-backed committed facility, maximum borrowing capacity	$ 1,200,000
Committed Asset-Backed Facilities
Debt
Debt issued			CAD 500,000	$ 372,589	$ 750,000
Unsecured Facilities
Debt
Termination of debt						$ 250,000
Term loan
Debt
Termination of debt						150,000
Revolving credit facilities
Debt
Termination of debt						$ 100,000

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Reconciliation of statutory and effective income tax rate
Effective tax rate (as a percent)	32.90%	33.60%	34.00%	33.30%
Tax provision at statutory rate (as a percent)			35.00%

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
FINANCIAL INSTRUMENTS
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	57 months
After-tax losses deferred in accumulated other comprehensive (loss) income that will be recognized in interest expense over the next 12 months	$ (877)

FINANCIAL INSTRUMENTS (Details

FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 3,348		$ 3,348		$ 680
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	1,275		1,275		212
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	2,298		2,298		6,727
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	54		54		136
Derivative assets not designated as hedging instruments, classified in other assets	2,352		2,352		6,863
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	2,298		2,298		6,727
Cash Flow Hedges, Recognized in accumulated other comprehensive income (effective portion), Interest rate derivatives	(816)	$ 128	(3,334)	$ (401)
Cash Flow Hedges, Reclassified from accumulated other comprehensive income (effective portion), Interest rate derivatives - Interest expense to third parties	(1,563)	(878)	(3,487)	(3,732)
Foreign exchange contracts, other expenses, not designated as hedges	(59)	$ (70)	(293)	(196)
Interest Rate Derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	$ 2,302,248		2,302,248		$ 3,457,267
Ten-month average notional amounts of interest rate derivatives			$ 2,938,845	$ 3,010,067

FINANCIAL INSTRUMENTS (Detail37

FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Foreign exchange contracts	$ 54	$ 136
Liabilities
Assets transferred between Level 1, Level 2 and Level 3	0	0
Liabilities transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	5,646	7,407
Foreign exchange contracts	54	136
Total assets	5,700	7,543
Liabilities
Interest rate derivatives	3,573	6,939
Total liabilities	$ 3,573	$ 6,939

FINANCIAL INSTRUMENTS (Detail38

FINANCIAL INSTRUMENTS (Details 4) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financial Instruments Not Carried at Fair Value
Receivables	$ 11,878,984	$ 12,789,027
Long-term debt	7,843,429	8,193,039
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	11,878,984	12,789,027
Long-term debt	7,843,429	8,193,039
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	11,861,399	12,854,705
Long-term debt	$ 7,821,065	$ 8,195,209

SEGMENT AND GEOGRAPHICAL INFO39

SEGMENT AND GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment And Geographical Information
Revenues	$ 236,995	$ 233,960	$ 697,122	$ 688,712
Interest expense	73,109	74,115	219,315	207,912
Segment net income	54,854	58,690	166,483	194,419
Depreciation and amortization	50,127	37,788	141,420	101,869
Expenditures for equipment on operating leases	193,046	256,430	691,739	645,319
Provision for credit losses	6,403	4,591	17,540	11,979	$ 14,124
Additional disclosures
Segment assets	15,111,529		15,111,529		15,909,565
Managed receivables	11,975,730		11,975,730		12,884,569
Eliminations.
Segment And Geographical Information
Revenues	(1,006)	(1,251)	(3,103)	(3,683)
Interest expense	(1,006)	(1,251)	(3,103)	(3,683)
Additional disclosures
Segment assets	(402,244)		(402,244)		(214,269)
United States
Segment And Geographical Information
Segment net income	41,186	41,090	124,511	139,954
Depreciation and amortization	41,213	28,940	115,062	76,167
Expenditures for equipment on operating leases	166,651	226,797	586,016	560,224
Provision for credit losses	5,263	4,122	15,387	9,371
Additional disclosures
Managed receivables	10,162,269		10,162,269		10,708,704
United States | Operating segment
Segment And Geographical Information
Revenues	196,369	184,997	570,854	544,904
Interest expense	63,063	61,155	187,168	171,703
Additional disclosures
Segment assets	13,119,325		13,119,325		13,430,826
Canada
Segment And Geographical Information
Segment net income	13,668	17,600	41,972	54,465
Depreciation and amortization	8,914	8,848	26,358	25,702
Expenditures for equipment on operating leases	26,395	29,633	105,723	85,095
Provision for credit losses	1,140	469	2,153	2,608
Additional disclosures
Managed receivables	1,813,461		1,813,461		2,175,865
Canada | Operating segment
Segment And Geographical Information
Revenues	41,632	50,214	129,371	147,491
Interest expense	11,052	$ 14,211	35,250	$ 39,892
Additional disclosures
Segment assets	$ 2,394,448		$ 2,394,448		$ 2,693,008

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) CAD in Thousands, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2015CAD	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates			$ 100,619	$ 105,872	$ 306,267	$ 324,971
Affiliated receivables			120,965		120,965		$ 58,731
Affiliated debt							862,445
Tax receivable due from related party					23,699		62,515
Other information
Accounts payable and other accrued liabilities payable to related parties			26,527		26,527		5,282
Assets Held-for-sale, Current			180,762		180,762		129,700
Interest expense to related affiliates			2,149	8,075	19,462	17,498
Preferred stock redemption amount					60,416
Dividends paid to CNH Industrial Canada Ltd.					551
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail			47,314	56,651	146,803	173,477
Wholesale			37,259	36,680	112,071	117,492
Operating lease			16,046	$ 12,541	47,393	$ 34,002
CNH Industrial America LLC
RELATED-PARTY TRANSACTIONS
Affiliated receivables			73,642		73,642		39,677
Affiliated debt							713,230
Other information
Assets Held-for-sale, Current			8,298		8,298		19,541
CNH Industrial Canada LLC
RELATED-PARTY TRANSACTIONS
Affiliated receivables			$ 25,032		$ 25,032		6,763
Affiliated debt							149,215
CNH Industrial Canada LLC | CNH Industrial Capital Canada Ltd
Other information
Shares of preferred stock redeemed by affiliated entity (as a percent)			100.00%
Preferred stock redemption amount	CAD 76,618	$ 60,416
Reference rate for dividends					12-month LIBOR
Margin on reference rate for dividends (as a percent)			1.20%		1.20%
Dividends paid to CNH Industrial Canada Ltd.	CAD 668	$ 551
CNH Industrial Finance S.p.A Member
RELATED-PARTY TRANSACTIONS
Affiliated receivables			$ 10,000		$ 10,000
Other affiliates
RELATED-PARTY TRANSACTIONS
Affiliated receivables			$ 12,291		$ 12,291		$ 12,291

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
COMMITMENTS AND CONTINGENCIES
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 261,412
Term of the guarantee in addition to term of the facility	P365D
Total credit limit	$ 6,401,072
Utilized	$ 3,569,524

SUPPLEMENTAL CONDENSED CONSOL42

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
REVENUES
Interest income on retail notes and finance leases	$ 55,067	$ 50,718	$ 157,218	$ 150,334
Interest income on wholesale notes	18,915	20,086	58,300	52,913
Interest and other income from affiliates	100,619	105,872	306,267	324,971
Rental income on operating leases	55,110	43,025	156,096	119,228
Other income	7,284	14,259	19,241	41,266
Total revenues	236,995	233,960	697,122	688,712
Interest expense:
Interest expense to third parties	70,960	66,040	199,853	190,414
Interest expense to affiliates	2,149	8,075	19,462	17,498
Total interest expense	73,109	74,115	219,315	207,912
Administrative and operating expenses:
Fees charged by affiliates	11,814	13,288	36,693	39,619
Provision for credit losses, net	6,403	4,591	17,540	11,979	$ 14,124
Depreciation of equipment on operating leases	49,622	37,475	140,294	101,026
Other expenses	14,280	16,039	30,936	36,590
Total administrative and operating expenses	82,119	71,393	225,463	189,214
Total expenses	155,228	145,508	444,778	397,126
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	81,767	88,452	252,344	291,586
Income tax provision (benefit)	26,913	29,762	85,861	97,167
NET INCOME	54,854	58,690	166,483	194,419
Net income attributed to noncontrolling interest		(273)	(259)	(935)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	54,854	58,417	166,224	193,484
COMPREHENSIVE INCOME (LOSS)	7,596	27,209	74,235	162,676
Comprehensive income attributed to noncontrolling interest		(273)	(259)	(935)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	7,596	26,936	73,976	161,741
Eliminations
REVENUES
Interest and other income from affiliates	(58,963)	(64,671)	(180,932)	(190,686)
Other income	(22,139)	(25,290)	(66,718)	(72,278)
Total revenues	(81,102)	(89,961)	(247,650)	(262,964)
Interest expense:
Interest expense to affiliates	(58,963)	(64,671)	(180,932)	(190,686)
Total interest expense	(58,963)	(64,671)	(180,932)	(190,686)
Administrative and operating expenses:
Fees charged by affiliates	(22,139)	(25,290)	(66,718)	(72,278)
Total administrative and operating expenses	(22,139)	(25,290)	(66,718)	(72,278)
Total expenses	(81,102)	(89,961)	(247,650)	(262,964)
Equity in income of consolidated subsidiaries accounted for under the equity method	(123,184)	(120,258)	(359,116)	(383,259)
NET INCOME	(123,184)	(120,258)	(359,116)	(383,259)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	(123,184)	(120,258)	(359,116)	(383,259)
COMPREHENSIVE INCOME (LOSS)	(35,565)	(61,744)	(187,408)	(324,558)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	(35,565)	(61,744)	(187,408)	(324,558)
CNH Industrial Capital LLC
REVENUES
Interest and other income from affiliates	21,030	26,529	66,262	69,873
Total revenues	21,030	26,529	66,262	69,873
Interest expense:
Interest expense to third parties	40,884	33,188	108,361	92,140
Total interest expense	40,884	33,188	108,361	92,140
Administrative and operating expenses:
Total expenses	40,884	33,188	108,361	92,140
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	(19,854)	(6,659)	(42,099)	(22,267)
Income tax provision (benefit)	(7,642)	(2,567)	(16,211)	(8,542)
Equity in income of consolidated subsidiaries accounted for under the equity method	67,066	62,509	192,112	207,209
NET INCOME	54,854	58,417	166,224	193,484
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	54,854	58,417	166,224	193,484
COMPREHENSIVE INCOME (LOSS)	7,596	26,936	73,976	161,741
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	7,596	26,936	73,976	161,741
Guarantor Entities
REVENUES
Interest income on retail notes and finance leases	3,869	889	6,615	5,994
Interest income on wholesale notes	(486)	(356)	(958)	(948)
Interest and other income from affiliates	55,279	51,993	165,925	160,548
Rental income on operating leases	44,799	28,684	121,201	76,262
Other income	28,811	37,536	83,699	107,566
Total revenues	132,272	118,746	376,482	349,422
Interest expense:
Interest expense to third parties	(2,885)	(3,252)	(3,452)	(7,532)
Interest expense to affiliates	53,175	60,547	173,110	174,037
Total interest expense	50,290	57,295	169,658	166,505
Administrative and operating expenses:
Fees charged by affiliates	11,341	10,908	35,054	32,294
Provision for credit losses, net	2,094	408	1,516	(882)
Depreciation of equipment on operating leases	40,713	25,424	110,673	64,916
Other expenses	11,698	16,576	22,144	36,308
Total administrative and operating expenses	65,846	53,316	169,387	132,636
Total expenses	116,136	110,611	339,045	299,141
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	16,136	8,135	37,437	50,281
Income tax provision (benefit)	5,188	3,375	12,329	19,122
Equity in income of consolidated subsidiaries accounted for under the equity method	56,118	57,749	167,004	176,050
NET INCOME	67,066	62,509	192,112	207,209
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	67,066	62,509	192,112	207,209
COMPREHENSIVE INCOME (LOSS)	19,808	31,028	99,864	175,466
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 19,808	31,028	$ 99,864	175,466
CNH Industrial Capital America LLC
Condensed Statements of Comprehensive Income
Ownership percentage	100.00%		100.00%
New Holland Credit Company LLC
Condensed Statements of Comprehensive Income
Ownership percentage	100.00%		100.00%
All Other Subsidiaries
REVENUES
Interest income on retail notes and finance leases	$ 51,198	49,829	$ 150,603	144,340
Interest income on wholesale notes	19,401	20,442	59,258	53,861
Interest and other income from affiliates	83,273	92,021	255,012	285,236
Rental income on operating leases	10,311	14,341	34,895	42,966
Other income	612	2,013	2,260	5,978
Total revenues	164,795	178,646	502,028	532,381
Interest expense:
Interest expense to third parties	32,961	36,104	94,944	105,806
Interest expense to affiliates	7,937	12,199	27,284	34,147
Total interest expense	40,898	48,303	122,228	139,953
Administrative and operating expenses:
Fees charged by affiliates	22,612	27,670	68,357	79,603
Provision for credit losses, net	4,309	4,183	16,024	12,861
Depreciation of equipment on operating leases	8,909	12,051	29,621	36,110
Other expenses	2,582	(537)	8,792	282
Total administrative and operating expenses	38,412	43,367	122,794	128,856
Total expenses	79,310	91,670	245,022	268,809
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	85,485	86,976	257,006	263,572
Income tax provision (benefit)	29,367	28,954	89,743	86,587
NET INCOME	56,118	58,022	167,263	176,985
Net income attributed to noncontrolling interest		(273)	(259)	(935)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	56,118	57,749	167,004	176,050
COMPREHENSIVE INCOME (LOSS)	15,757	30,989	87,803	150,027
Comprehensive income attributed to noncontrolling interest		(273)	(259)	(935)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 15,757	$ 30,716	$ 87,544	$ 149,092

SUPPLEMENTAL CONDENSED CONSOL43

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 417,230	$ 347,987	$ 197,796	$ 697,608
Restricted cash	631,540	858,825
Receivables, less allowance for credit losses	11,878,984	12,789,027
Affiliated accounts and notes receivable	120,965	58,731
Equipment on operating leases, net	1,696,358	1,458,325
Equipment held for sale	180,762	129,700
Goodwill and intangible assets, net	116,172	121,206
Other assets	69,518	145,764
TOTAL	15,111,529	15,909,565
Liabilities:
Short-term debt, including current maturities of long-term debt	5,087,509	4,632,208
Accounts payable and other accrued liabilities	705,862	645,941
Affiliated debt		862,445
Long-term debt	7,843,429	8,193,039
Total liabilities	13,636,800	14,333,633
Stockholder's equity	1,474,729	1,575,932	1,583,913	1,510,417
TOTAL	15,111,529	15,909,565
Eliminations
ASSETS
Affiliated accounts and notes receivable	(6,444,058)	(5,769,148)
Investments in consolidated subsidiaries accounted for under the equity method	(4,290,869)	(4,152,602)
Other assets	(5,259)	(4,248)
TOTAL	(10,740,186)	(9,925,998)
Liabilities:
Accounts payable and other accrued liabilities	(2,470,408)	(2,432,710)
Affiliated debt	(3,978,909)	(3,340,686)
Total liabilities	(6,449,317)	(5,773,396)
Stockholder's equity	(4,290,869)	(4,152,602)
TOTAL	(10,740,186)	(9,925,998)
CNH Industrial Capital LLC
ASSETS
Affiliated accounts and notes receivable	3,299,854	2,749,776
Investments in consolidated subsidiaries accounted for under the equity method	1,999,397	1,923,861
Other assets	23,453	20,778
TOTAL	5,322,704	4,694,415
Liabilities:
Short-term debt, including current maturities of long-term debt	750,000	750,000
Accounts payable and other accrued liabilities	298,804	56,261
Long-term debt	2,799,171	2,348,074
Total liabilities	3,847,975	3,154,335
Stockholder's equity	1,474,729	1,540,080
TOTAL	5,322,704	4,694,415
Guarantor Entities
ASSETS
Cash and cash equivalents	98,431	225,343	136,946	308,507
Restricted cash	100	100
Receivables, less allowance for credit losses	1,485,494	1,845,524
Affiliated accounts and notes receivable	1,691,477	1,712,656
Equipment on operating leases, net	1,452,076	1,128,542
Equipment held for sale	159,388	121,190
Investments in consolidated subsidiaries accounted for under the equity method	2,291,472	2,228,741
Goodwill and intangible assets, net	88,952	89,927
Other assets	(14,381)	77,597
TOTAL	7,253,009	7,429,620
Liabilities:
Short-term debt, including current maturities of long-term debt		19,128
Accounts payable and other accrued liabilities	2,254,809	2,162,159
Affiliated debt	2,998,803	3,320,828
Long-term debt		3,644
Total liabilities	5,253,612	5,505,759
Stockholder's equity	1,999,397	1,923,861
TOTAL	7,253,009	7,429,620
All Other Subsidiaries
ASSETS
Cash and cash equivalents	318,799	122,644	$ 60,850	$ 389,101
Restricted cash	631,440	858,725
Receivables, less allowance for credit losses	10,393,490	10,943,503
Affiliated accounts and notes receivable	1,573,692	1,365,447
Equipment on operating leases, net	244,282	329,783
Equipment held for sale	21,374	8,510
Goodwill and intangible assets, net	27,220	31,279
Other assets	65,705	51,637
TOTAL	13,276,002	13,711,528
Liabilities:
Short-term debt, including current maturities of long-term debt	4,337,509	3,863,080
Accounts payable and other accrued liabilities	622,657	860,231
Affiliated debt	980,106	882,303
Long-term debt	5,044,258	5,841,321
Total liabilities	10,984,530	11,446,935
Stockholder's equity	2,291,472	2,264,593
TOTAL	$ 13,276,002	$ 13,711,528

SUPPLEMENTAL CONDENSED CONSOL44

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 3) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	$ 420,239	$ 357,967
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(9,881,255)	(14,143,016)
Collections of receivables	10,487,891	12,573,528
Change in restricted cash	210,465	110,746
Purchase of equipment on operating leases, net	(475,890)	(437,161)
Capital expenditures for property and equipment and software	(125)	(221)
Net cash from (used in) investing activities	341,086	(1,896,124)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(862,445)	737,179
Net change in indebtedness	346,330	391,166
Dividends paid to CNH Industrial America LLC	(115,000)	(90,000)
Preferred dividend paid to CNH Industrial Canada Ltd.	(551)
Redemption of preferred stock of subsidiary	(60,416)
Net cash from (used in) financing activities	(692,082)	1,038,345
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	69,243	(499,812)
CASH AND CASH EQUIVALENTS
Beginning of period	347,987	697,608
End of period	417,230	197,796
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	637,212	442,533
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	6,008,826	9,436,034
Collections of receivables	(6,007,815)	(9,436,131)
Net cash from (used in) investing activities	1,011	(97)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(638,223)	(442,436)
Net cash from (used in) financing activities	(638,223)	(442,436)
CNH Industrial Capital LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(336,097)	(409,285)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in indebtedness	451,097	499,285
Dividends paid to CNH Industrial America LLC	(115,000)	(90,000)
Net cash from (used in) financing activities	336,097	409,285
Guarantor Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	353,544	(861,938)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(8,223,424)	(11,775,670)
Collections of receivables	8,580,927	12,015,926
Purchase of equipment on operating leases, net	(493,037)	(403,593)
Capital expenditures for property and equipment and software	(125)	(215)
Net cash from (used in) investing activities	(135,659)	(163,552)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(322,025)	909,222
Net change in indebtedness	(22,772)	(55,293)
Net cash from (used in) financing activities	(344,797)	853,929
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(126,912)	(171,561)
CASH AND CASH EQUIVALENTS
Beginning of period	225,343	308,507
End of period	98,431	136,946
All Other Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(234,420)	1,186,657
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(7,666,657)	(11,803,380)
Collections of receivables	7,914,779	9,993,733
Change in restricted cash	210,465	110,746
Purchase of equipment on operating leases, net	17,147	(33,568)
Capital expenditures for property and equipment and software		(6)
Net cash from (used in) investing activities	475,734	(1,732,475)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	97,803	270,393
Net change in indebtedness	(81,995)	(52,826)
Preferred dividend paid to CNH Industrial Canada Ltd.	(551)
Redemption of preferred stock of subsidiary	(60,416)
Net cash from (used in) financing activities	(45,159)	217,567
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	196,155	(328,251)
CASH AND CASH EQUIVALENTS
Beginning of period	122,644	389,101
End of period	$ 318,799	$ 60,850