CNH Industrial Capital 10-K 3 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2016USD ($)shares
Document and Entity Information
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Central Index Key	1,552,493
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float | $	$ 0
Entity Common Stock, Shares Outstanding | shares	0
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Interest income on retail notes and finance leases									$ 211,506	$ 208,381	$ 204,452
Interest income on wholesale notes									68,910	72,326	74,450
Interest and other income from affiliates									398,372	408,979	437,435
Rental income on operating leases									243,531	214,187	165,914
Other income									24,402	25,207	52,500
Total revenues	$ 235,184	$ 236,980	$ 240,639	$ 233,918	$ 231,958	$ 236,995	$ 234,541	$ 225,586	946,721	929,080	934,751
Interest expense:
Interest expense to third parties									297,881	269,091	255,951
Interest expense to affiliates									7,218	21,182	30,477
Total interest expense	76,711	77,358	79,059	71,971	70,958	73,109	71,512	74,694	305,099	290,273	286,428
Administrative and operating expenses:
Fees charged by affiliates									45,225	46,771	49,539
Provision for credit losses									30,846	21,895	14,124
Depreciation of equipment on operating leases									247,438	193,802	141,688
Other expenses									36,297	49,499	56,604
Total administrative and operating expenses	97,118	93,298	91,008	78,382	86,504	82,119	74,438	68,906	359,806	311,967	261,955
Total expenses									664,905	602,240	548,383
INCOME BEFORE TAXES									281,816	326,840	386,368
Income tax provision	22,822	20,995	24,143	26,344	23,380	26,913	30,673	28,275	94,304	109,241	127,118
NET INCOME									187,512	217,599	259,250
Net income attributed to noncontrolling interest								(259)		(259)	(1,227)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 38,533	$ 45,329	$ 46,429	$ 57,221	$ 51,116	$ 54,854	$ 57,918	$ 53,452	$ 187,512	$ 217,340	$ 258,023

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 187,512	$ 217,599	$ 259,250
Other comprehensive income (loss):
Foreign currency translation adjustment	15,756	(112,281)	(57,822)
Pension liability adjustment	197	226	(342)
Change in unrealized gains on retained interests			(244)
Change in derivative financial instruments	1,449	445	2,408
Total other comprehensive income (loss)	17,402	(111,610)	(56,000)
COMPREHENSIVE INCOME	204,914	105,989	203,250
Less: comprehensive income attributable to noncontrolling interest		(259)	(1,227)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 204,914	$ 105,730	$ 202,023

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 164,247	$ 302,148
Restricted cash	712,845	795,721
Receivables, less allowance for credit losses of $84,895 and $94,724, respectively	10,882,070	11,637,025
Affiliated accounts and notes receivable	83,843	171,658
Equipment on operating leases, net	1,858,443	1,796,501
Equipment held for sale	199,983	161,340
Goodwill	108,715	107,935
Other intangible assets, net	7,366	8,476
Other assets	25,747	47,210
TOTAL	14,043,259	15,028,014
Liabilities:
Short-term debt (including current maturities of long-term debt)	4,262,629	5,031,218
Accounts payable and other accrued liabilities	806,743	754,678
Affiliated debt	132,851	22,642
Long-term debt	7,474,318	7,768,044
Total liabilities	12,676,541	13,576,582
Commitments and contingent liabilities (Note 13)
Stockholder's equity:
Member's capital
Paid-in capital	844,100	843,728
Accumulated other comprehensive income (loss)	(144,136)	(161,538)
Retained earnings	666,754	769,242
Total CNH Industrial Capital LLC stockholder's equity	1,366,718	1,451,432
Total stockholder's equity	1,366,718	1,451,432
TOTAL	$ 14,043,259	$ 15,028,014

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Allowance for credit losses	$ 84,895	$ 94,724
Restricted cash	712,845	795,721
Receivables, less allowance for credit losses of $66,084 and $75,909, respectively	10,882,070	11,637,025
TOTAL	14,043,259	15,028,014
Short-term debt (including current maturities of long-term debt)	4,262,629	5,031,218
Long-term debt	7,474,318	7,768,044
Total liabilities	12,676,541	13,576,582
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	66,084	75,909
Restricted cash	712,745	795,621
Receivables, less allowance for credit losses of $66,084 and $75,909, respectively	7,682,488	9,064,834
TOTAL	8,395,233	9,860,455
Short-term debt (including current maturities of long-term debt)	3,717,340	4,517,207
Long-term debt	4,149,524	4,782,808
Total liabilities	$ 7,866,864	$ 9,300,015

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 187,512	$ 217,599	$ 259,250
Adjustments to reconcile net income to net cash from operating activities:
Depreciation on property and equipment and equipment on operating leases	247,472	193,837	141,727
Amortization of intangibles	1,998	1,581	1,125
Provision for credit losses	30,846	21,895	14,124
Deferred income tax expense	37,767	78,118	85,645
Stock compensation expense	372	478	1,068
Changes in components of working capital:
Change in affiliated accounts and notes receivables	88,470	(114,966)	50,815
Change in other assets and equipment held for sale	46,403	59,649	(87,357)
Change in accounts payable and other accrued liabilities	2,472	63,907	75,619
Net cash from (used in) operating activities	643,312	522,098	542,016
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(10,765,513)	(14,010,588)	(19,051,010)
Collections of receivables	11,547,142	14,788,413	18,241,277
Change in restricted cash	86,176	41,489	(86,450)
Purchase of equipment on operating leases	(723,383)	(937,917)	(996,858)
Proceeds from disposal of equipment on operating leases	361,952	317,127	269,222
Change in property and equipment and software, net	(890)	(1,702)	(2,685)
Net cash from (used in) investing activities	505,484	196,822	(1,626,504)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	1,238,950	1,473,676	2,041,129
Payment of affiliated debt	(1,128,741)	(2,308,981)	(1,516,433)
Proceeds from issuance of long-term debt	3,911,733	4,607,579	3,914,656
Payment of long-term debt	(4,682,446)	(4,739,516)	(3,009,731)
Change in short-term borrowings, net	(336,193)	433,450	(555,951)
Dividend paid to CNH Industrial America LLC	(290,000)	(170,000)	(115,000)
Preferred dividend paid to CNH Industrial Canada Ltd.		(551)	(23,803)
Redemption of preferred stock of subsidiary		(60,416)
Net cash from (used in) financing activities	(1,286,697)	(764,759)	734,867
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(137,901)	(45,839)	(349,621)
CASH AND CASH EQUIVALENTS
Beginning of period	302,148	347,987	697,608
End of period	164,247	302,148	347,987
CASH PAID DURING THE PERIOD FOR INTEREST	301,563	281,529	274,358
CASH PAID DURING THE PERIOD FOR TAXES	$ 31,003	$ (8,927)	$ 101,933

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			258,023	1,227	259,250
Dividend paid to CNH Industrial America LLC			(115,000)		(115,000)
Preferred dividend paid to CNH Industrial Canada Ltd.				(23,803)	(23,803)
Foreign currency translation adjustment		(57,822)			(57,822)
Stock compensation	1,068				1,068
Pension liability adjustment, net of tax		(342)			(342)
Change in unrealized gain on retained interests, net of tax		(244)			(244)
Change in derivative financial instruments, net of tax		2,408			2,408
BALANCE at Dec. 31, 2014	843,250	(49,928)	746,758	35,852	1,575,932
Increase (Decrease) in Stockholder's Equity
Net income			217,340	259	217,599
Dividend paid to CNH Industrial America LLC			(170,000)		(170,000)
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		(112,281)			(112,281)
Stock compensation	478				478
Pension liability adjustment, net of tax		226			226
Change in derivative financial instruments, net of tax		445			445
BALANCE at Dec. 31, 2015	843,728	(161,538)	769,242		1,451,432
Increase (Decrease) in Stockholder's Equity
Net income			187,512		187,512
Dividend paid to CNH Industrial America LLC			(290,000)		(290,000)
Foreign currency translation adjustment		15,756			15,756
Stock compensation	372				372
Pension liability adjustment, net of tax		197			197
Change in derivative financial instruments, net of tax		1,449			1,449
BALANCE at Dec. 31, 2016	$ 844,100	$ (144,136)	$ 666,754		$ 1,366,718

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2016
BASIS OF PRESENTATION
NATURE OF OPERATIONS	NOTE 1: NATURE OF OPERATIONS 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. CNHI has its corporate seat in Amsterdam, The Netherlands, and its principal office in London, England. 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. In October 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. To support CNH Industrial North America’s sales of agricultural and construction equipment products, the Company offers retail financing to end-use customers and wholesale financing to CNH Industrial North America equipment dealers, all of which are independently owned. Wholesale financing consists primarily of dealer floorplan financing and allows dealers the ability to maintain a representative inventory of products. In addition, the Company provides financing to dealers for equipment used in dealer-owned rental yards, parts inventory, working capital, and other financing needs. The Company provides and administers retail financing, primarily retail installment sales contracts, finance leases and operating leases to end-use customers for the purchase or lease of new and used CNH Industrial North America equipment and other agricultural and construction equipment sold primarily through CNH Industrial North America dealers and distributors. In addition, the Company purchases equipment from dealers that is leased to retail customers under operating lease agreements. Customers also use CRA products to purchase parts, service, rentals, implements, and attachments from CNH Industrial North America dealers. The Company also finances a variety of insurance and other products for end users and dealers in conjunction with the purchase of new and used equipment. As a captive finance company, the Company is reliant on the operations of CNH Industrial North America, its dealers and end-use customers.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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. Use of Estimates in the Preparation of Financial Statements 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. Revenue Recognition Finance and interest income on retail notes and finance leases and on wholesale notes is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on receivables is suspended when management determines that collection of future income is not probable or when an account becomes 120 days delinquent, whichever occurs earlier. Income accrual is resumed if the receivable becomes contractually current and collection doubts are removed. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. 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. 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 A substantial portion of the Company’s interest income arises from retail sales programs offered by CNH Industrial North America on which finance charges are waived or below-market rate financing programs are offered. When the Company acquires retail installment sales contracts and finance leases subject to below-market interest rates, including waived interest rate financing, the Company receives compensation from CNH Industrial North America based on the Company’s estimated costs and a targeted return on equity. This amount is initially recognized as an unearned finance charge and is recognized as interest income over the term of the retail notes and finance leases, and is included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. For selected wholesale receivables, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. These amounts are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. The Company is also compensated for lending funds to CNH Industrial North America. The amounts earned are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. Income from operating leases is recognized over the term of the lease on a straight-line basis. For selected operating leases, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. The amounts from CNH Industrial North America recognized as rental income on operating leases are included in “Interest and other income from affiliates.” Foreign Currency Translation The Company’s non‑U.S. subsidiaries maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non‑U.S. subsidiaries are translated into U.S. dollars at period‑end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Income and expense accounts of these non‑U.S. subsidiaries are translated at the average exchange rates for the period, and gains and losses from foreign currency transactions are included in net income in the period that they arise. Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. The carrying value of cash equivalents approximates fair value because of the short maturity of these investments. Restricted Cash Restricted cash includes principal and interest payments from retail notes and wholesale receivables owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements. Receivables Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. Periodically, the Company sells or transfers retail notes and wholesale receivables to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail notes and wholesale receivables sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Company’s receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of losses on 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 fair value of the collateral for collateral dependent receivables or on the present value of expected future cash flows discounted at the receivables’ effective interest rate. 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 and wholesale 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 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. Equipment on Operating Leases The Company purchases leases and equipment from CNH Industrial North America dealers and other independent third parties that have leased equipment to retail customers under operating leases. The Company’s investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination. Residual values are estimated at the inception of the lease and are reviewed quarterly. Realization of the residual values is dependent on the Company’s future ability to re-market the equipment under then prevailing market conditions. Equipment model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs are the responsibility of the lessee. The Company evaluates the carrying amount of equipment on operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for recoverability identifies a possible impairment, the asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value. Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated. Goodwill and Intangible Assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite useful life and is reviewed for impairment at least annually. During 2016, 2015 and 2014, the Company performed its annual impairment review as of December 31, and concluded that there was no impairment in either year. Other intangible assets consist of software and are being amortized on a straight‑line basis over five years. Income Taxes The provision for income taxes is determined using the asset and liability method. The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence. Derivatives The Company’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. The Company records derivative financial instruments in the consolidated balance sheets as either an asset or liability measured at fair value. The fair value of the Company’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. The fair value of the Company’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the effective portion of the derivative financial instrument’s gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. The ineffective portion of the gain or loss is reported in income immediately. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately into income. For derivative financial instruments designated as hedges, the Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivatives designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. The Company assesses the effectiveness of the hedging instrument both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, or the derivative is terminated, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term. New Accounting Pronouncements Adopted in 2016 In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 has been adopted and did not have a material effect on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“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 was retrospectively adopted by the Company on January 1, 2016. As a result, $37,155 of debt issuance costs at December 31, 2015 was reclassified from other assets to long-term debt. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which amends ASC 835-30, Interest – Imputation of Interest. ASU 2015-15 clarifies the presentation and subsequent measurement of debt issuance costs associated with lines of credit. These costs may be presented as an asset and amortized ratably over the term of the line of credit arrangement, regardless of whether there are outstanding borrowings on the arrangement. ASU 2015-15 has been adopted and did not have a material effect on the Company’s consolidated financial statements. 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. ASU 2015-15 has been adopted and did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) (“ASU 2014-09”), which supersedes existing revenue recognition guidance under current U.S. GAAP. The new standard requires an entity to recognize revenue upon transfer of control of goods or services to a customer at an amount that reflects the consideration that the entity expects to receive. This new revenue recognition model defines a five-step process to achieve this objective. The new standard also requires additional disclosures to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts with customers. In August 2015, the FASB amended the effective date to be the first quarter of fiscal year 2018 with early adoption permitted in 2017. The FASB subsequently issued several amendments in 2016 clarifying various aspects of ASU 2014-09, including revenue transactions that involve a third party, goods or services that are immaterial in the context of the contract, licensing arrangements, certain transition practical expedients, disclosure of performance obligation and provisions for losses on construction-type and production-type contracts. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented, or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the consolidated statement of changes in equity. The Company plans to adopt the new standard effective January 1, 2018. The Company is currently evaluating which transition method to elect. The Company is still evaluating the overall effect the adoption of this standard will have, but its implementation efforts to date have not identified any matters that it currently believes would result in a material effect on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which amends ASC 825-10, Financial Instruments - Overall . This ASU changes the treatment for available-for-sale equity investments by recognizing unrealized fair value changes directly in net income, and no longer in other comprehensive income. The ASU is effective January 1, 2018, with the cumulative-effect adjustment from initially applying the new standard recognized in the consolidated statement of financial position as of January 1, 2018. The impact of the adjustments on the Company’s consolidated financial statements is expected to be immaterial. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which supersedes ASC 840, Leases . The ASU’s most prominent change is the requirement for lessees to recognize leased assets and liabilities classified as operating leases under previous GAAP. The ASU does not significantly change the lessee’s recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Lessors’ accounting under the ASC is largely unchanged from the previous accounting standard. ASU 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. It is effective for annual reporting periods beginning after December 15, 2018 including interim periods within those fiscal years, but early adoption is permitted. The ASU requires a modified retrospective transition approach and provides certain optional transition relief. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) and ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”). ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require designation of that hedging relationship if all other hedge accounting criteria continue to be met. ASU 2016-06 clarifies the steps required to determine bifurcation of an embedded derivative. These standards will be effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company does not believe the adoption of this standard will have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which establishes ASC 326, Financial Instruments – Credit Losses . The ASU introduced a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Additional disclosures about significant estimates and credit quality are also required. The ASU is effective for annual periods beginning after December 15, 2019 with early adoption permitted for annual periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). This standard provides guidance clarification to reduce diversity in classification of certain cash flow payments and receipts in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 on a retrospective transition basis to each period presented, and may be early adopted. The Company does not believe the adoption of this standard will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which amends ASC 740, Income Taxes . The ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of transfer. The ASU is effective for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2017 and early adoption is permitted. The amendments will be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”) that changes the presentation of restricted cash and cash equivalents on the statement of cash flows. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company intends to early adopt the ASU in 2017.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2016
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 3: 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. The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 2016: Currency Unrealized Translation Pension Losses on Adjustment Liability Derivatives Total Beginning balance, gross $ $ $ $ Tax asset — 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 December 31, 2016 $ $ $ $ The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 2015: Currency Unrealized Translation Pension Losses on Adjustment Liability Derivatives Total Beginning balance, gross $ $ $ $ Tax asset — 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 December 31, 2015 $ $ $ $ The reclassifications out of AOCI and the location on the consolidated statements of income for the years ended December 31, 2016 and 2015 are as follows: 2016 2015 Affected Line Item Amortization of defined benefit pension items: $ $ Insignificant items Income before taxes Income tax benefit $ $ Net of tax Unrealized losses on derivatives: $ $ Interest expense to third parties Income before taxes Income tax benefit $ $ Net of tax

RECEIVABLES

RECEIVABLES	12 Months Ended
	Dec. 31, 2016
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of December 31, 2016 and 2015 is as follows: 2016 2015 Retail note receivables $ $ Wholesale receivables Finance lease receivables Restricted receivables Gross receivables Less: Allowance for credit losses Total receivables, net $ $ The Company provides and administers financing for retail purchases of new and used equipment sold through CNH Industrial North America’s dealer network. The terms of retail and other notes and finance leases generally range from two to six years, and interest rates vary depending on prevailing market interest rates and certain incentive programs offered by CNH Industrial North America. Wholesale receivables arise primarily from the financing of the sale of goods to dealers and distributors by CNH Industrial North America, and to a lesser extent, the financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these receivables typically have interest-free periods of up to twelve months and stated original maturities of up to twenty‑four months, with repayment accelerated upon the sale of the underlying equipment by the dealer. During the interest‑free period, the Company is compensated by CNH Industrial North America based on market interest rates. After the expiration of any interest‑free period, interest is charged to dealers on outstanding balances until the Company receives payment in full. The interest‑free periods are determined based on the type of equipment sold and the time of year of the sale. Interest rates are set based on market factors and the prime rate or LIBOR. The Company evaluates and assesses dealers on an ongoing basis as to their creditworthiness. CNH Industrial North America may be obligated to repurchase the dealer’s equipment upon cancellation or termination of the dealer’s contract for such causes as change in ownership, closeout of the business, or default. There were no significant losses in 2016, 2015 and 2014 relating to the termination of dealer contracts. Maturities of retail and other notes, finance leases and wholesale receivables as of December 31, 2016, are as follows: 2017 $ 2018 2019 2020 2021 and thereafter Total receivables $ It has been the Company’s experience that substantial portions of retail receivables are repaid or sold before their contractual maturity dates. As a result, the above table should not be regarded as a forecast of future cash collections. Retail, finance lease and wholesale receivables have significant concentrations of credit risk in the agricultural and construction business sectors. On a geographic basis, there is not a disproportionate concentration of credit risk in any area of the United States or Canada. The Company typically retains, as collateral, a security interest in the equipment associated with retail notes and wholesale receivables. Restricted Receivables and Securitization As part of its overall funding strategy, the Company periodically transfers certain receivables into VIEs that are special purpose entities (“SPEs”) as part of its asset‑backed securitization (“ABS”) 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 December 31, 2016 and 2015: 2016 2015 Retail note receivables $ $ Wholesale receivables Total restricted receivables $ $ Retail Receivables Securitizations 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, the Company 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. During the years ended December 31, 2016 and 2015, the Company executed $2,861,732 and $3,183,138, respectively, in term retail asset‑backed transactions in the U.S. and Canada. The securities in these transactions are backed by agricultural and construction equipment retail receivable contracts and finance leases originated through CNH Industrial North America’s dealer network. As of December 31, 2016 and 2015, $5,653,908 and $6,179,498, respectively, of asset‑backed securities issued to investors were outstanding with weighted average remaining maturities of 30 months and 34 months, respectively. The Company believes that it is probable that it will continue to regularly utilize the term ABS markets. The Company may retain all or a portion of the subordinated interests in the SPEs. No recourse provisions exist that allow holders of the asset‑backed securities issued by the trusts to put those securities back to the Company although the Company provides customary representations and warranties that could give rise to an obligation to repurchase from the trusts any receivables for which there is a breach of the representations and warranties. Moreover, the Company does not guarantee any securities issued by the trusts. The trusts have a limited life and generally terminate upon final distribution of amounts owed to investors or upon exercise of a cleanup‑call option by the Company, in its role as servicer. The Company also has $1,571,476 in committed asset‑backed facilities through which it may sell on a monthly basis retail receivables generated in the United States and Canada. The Company has utilized these facilities in the past to fund the origination of receivables and has later repurchased and resold the receivables in the term ABS markets or found alternative financing for the receivables. The U.S. and Canadian facilities had an original funding term of two years and are renewable in September 2018 and December 2018, respectively. To the extent these facilities are not renewed, they will be repaid according to the amortization of the underlying receivables. Wholesale Receivables Securitizations 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. As of December 31, 2016, debt issued through the U.S. master trust facility consists of two short-term facilities renewable at the discretion of the investors: $500,000 and $400,000 . The Canadian master trust facility consists of a C$585,750 ($435,184) facility renewable December 2018 at the discretion of the investor. 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. Each of the facilities contains minimum payment rate thresholds that, if breached, could preclude the Company from selling additional receivables originated on a prospective basis and could force an early amortization of the debt. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of 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 fair value of the collateral for collateral dependent receivables or on the present value of expected future cash flows discounted at the receivables’ effective interest rate. 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 and wholesale 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 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 three portfolio segments: retail, wholesale and other. 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, and the other portfolio includes the Company’s CRA receivables through October 2014. 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 year ended December 31, 2016 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, 2015 is as follows: Retail Wholesale Other 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 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 December 31, 2016 and 2015 is as follows: 2016 2015 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 December 31, 2016 and 2015 is as follows: 2016 2015 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 December 31, 2016 and 2015 is as follows: 2016 Recorded Investment Greater > 90 Days 31 – 60 Days 61 – 90 Days Than Total Total and Past Due Past Due 90 Days Past Due Current Receivables Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ $ — Canada $ — $ $ $ $ $ $ — Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $ — 2015 Recorded Investment Greater > 90 Days 31 – 60 Days 61 – 90 Days Than Total Total and Past Due Past Due 90 Days Past Due Current Receivables 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 December 31, 2016 and 2015, the Company’s recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances and allowances are as follows: 2016 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Retail United States $ $ $ $ $ $ Canada $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ Canada $ — $ — $ — $ $ $ Total Retail $ $ $ $ $ $ Wholesale $ $ $ $ $ $ As of December 31, 2016 and 2015, the Company’s impaired receivables individually evaluated for impairment without an allowance were immaterial For the years ended December 31, 2016 and 2015, the Company’s average recorded investment in impaired receivables individually evaluated for impairment (based on a thirteen‑month average) and the related interest income recognized are as follows: 2016 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized 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 December 31, 2016 and 2015 are as follows: 2016 2015 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 based on a credit review, the TDR classification is not removed from the receivable. As of December 31, 2016, the Company had approximately 658 retail and finance lease contracts classified as TDRs, of which the pre‑modification value was $28,146 and the post‑modification value was $27,404. A court has determined the concession in 238 of these cases. The pre‑modification value of these contracts was $4,284 and the post‑modification value was $3,688. As of December 31, 2015, the Company had approximately 601 retail and finance lease contracts classified as TDRs, of which the pre‑modification value was $21,975 and the post-modification value was $20,710. A court has determined the concession in 283 of these cases. The pre‑modification value of these contracts was $4,924 and the post‑modification value was $4,028. 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 contracts that were modified in a TDR during the previous 12 months ended December 31, 2016 and 2015. As of December 31, 2016 and 2015, the Company’s wholesale TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	12 Months Ended
	Dec. 31, 2016
EQUIPMENT ON OPERATING LEASES
EQUIPMENT ON OPERATING LEASES	NOTE 5: EQUIPMENT ON OPERATING LEASES A summary of equipment on operating leases as of December 31, 2016 and 2015 is as follows: 2016 2015 Equipment on operating leases $ $ Accumulated depreciation Total equipment on operating leases, net $ $ Depreciation expense totaled $247,438, $193,802 and $141,688 for the years ended December 31, 2016, 2015 and 2014, respectively. Lease payments owed to the Company for equipment under non‑cancelable operating leases (excluding deferred operating lease subsidy of $115,361) as of December 31, 2016 are as follows: 2017 $ 2018 2019 2020 2021 and thereafter Total lease payments $

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2016
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE 6: GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015 are as follows: 2016 2015 Balance, beginning of year $ $ Foreign currency translation adjustment Balance, end of year $ $ Goodwill is tested for impairment at least annually. During 2016, 2015 and 2014, the Company performed its annual impairment review as of December 31 and concluded that there were no impairments in either year. The Company has no accumulated impairment losses at December 31, 2016. As of December 31, 2016 and 2015, the Company’s intangible asset and related accumulated amortization for its software is as follows: 2016 2015 Software $ $ Accumulated amortization Total software, net $ $ The Company recorded amortization expense of $1,998, $1,581 and $1,125 during 2016, 2015 and 2014, respectively. Based on the current amount of software subject to amortization, the estimated annual amortization expense for each of the succeeding five years is as follows: $1,995 in 2017; $1,811 in 2018; $1,365 in 2019; $724 in 2020; and $158 in 2021.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2016
OTHER ASSETS
OTHER ASSETS	NOTE 7: OTHER ASSETS The components of other assets as of December 31, 2016 and 2015 are as follows: 2016 2015 Tax receivables $ $ Deferred tax assets Derivative assets Other current assets Total other assets $ $

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	12 Months Ended
	Dec. 31, 2016
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 8: CREDIT FACILITIES AND DEBT The following table summarizes the Company’s debt and credit facilities, borrowings thereunder and availability at December 31, 2016: 2016 Current Maturities of Total Short-Term Long-Term Long-Term Maturity (1) Facility/Debt Outstanding Outstanding Outstanding Available Committed Asset-Backed Facilities Retail - U.S. Sep 2018 $ $ — $ $ $ Retail - Canada Dec 2018 — Wholesale VFN - U.S. Various — — — Wholesale VFN - Canada Dec 2018 — — — Term Secured Debt Amortizing retail term ABS - N.A. Various — — Other ABS financing - N.A. Various — — Unamortized issuance costs — — — — — Unsecured Facilities Revolving credit facilities 2019 — — — Unsecured Debt Notes Various — — Term loan 2018 — — — Hedging effects, discounts and unamortized issuance costs — — — — — Total credit facilities and debt $ $ $ $ $ (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. A summary of the minimum annual repayments of long‑term debt as of December 31, 2016, for 2018 and thereafter is as follows: 2018 $ 2019 2020 2021 2022 and thereafter Total $ The following table summarizes the Company’s credit facilities, borrowings thereunder and availability at December 31, 2015: 2015 Current Maturities of Total Short-Term Long-Term Long-Term Maturity (1) Facility/Debt Outstanding Outstanding Outstanding Available Committed Asset-Backed Facilities Retail - U.S. Sep 2017 $ $ — $ $ $ Retail - Canada Dec 2017 — Wholesale VFN - U.S. Various — — — Wholesale VFN - Canada Dec 2017 — — Term Secured Debt Amortizing retail term ABS - N.A. Various — — Wholesale term - U.S. Aug 2016 — — — Other ABS financing - N.A. Various — — Unamortized issuance costs — — — — — Unsecured Facilities Revolving credit facilities Various — — — Unsecured Debt Notes Various — — Term loan 2018 — — — Hedging effects, discounts and unamortized issuance costs — — — — — Total credit facilities and debt $ $ $ $ $ (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. Committed Asset‑Backed Facilities The Company has access to committed asset‑backed facilities with several banks through which it may sell its receivables. The Company utilizes retail facilities to fund the origination of retail receivables and has exercised the option to periodically repurchase receivables and resell them in the term ABS markets (shown as “Amortizing retail term ABS—N.A.”) or found alternative financing for the receivables. Under these facilities, the maximum amount of proceeds that can be accessed at one time is $1,571,476. In addition, if the receivables sold are not repurchased by the Company, the related debt is paid only as the underlying receivables are collected. Such receivables have maturities not exceeding seven years. The Company believes it is probable that a majority of these receivables will be repurchased and resold in the ABS markets. Borrowings against these facilities accrue interest based on prevailing money market rates, plus an applicable margin. The Company finances a portion of its wholesale receivable portfolio with the issue of Variable Funding Notes (''VFNs'') which are privately subscribed by certain bank and asset‑backed commercial paper conduits. These notes accrue interest based on prevailing money market rates, plus an applicable margin. Secured Debt Secured borrowings bear interest at either floating rates of LIBOR plus an applicable margin or fixed rates. Unsecured Facilities and Debt As of December 31, 2016, the Company’s outstanding unsecured senior notes were as follows: 3.250% notes, due 2017 $ 3.625% notes, due 2018 3.875% notes, due 2018 3.375% notes, due 2019 4.375% notes, due 2020 4.875% notes, due 2021 3.875% notes, due 2021 Hedging effects, discounts and unamortized issuance costs Total $ On March 17, 2016, the Company completed an offering of $500,000 in aggregate principal amount of its 4.875% unsecured notes due 2021, issued at a price of 99.447%. On October 21, 2016, the Company completed an offering of $400,000 in aggregate principal amount of its 3.875% unsecured notes due 2021, issued at a price of 99.441%. On November 1, 2016, the Company repaid $500,000 of its 6.250% unsecured notes. These notes, which are senior unsecured obligations of CNH Industrial Capital LLC, are guaranteed by CNH Industrial Capital America and New Holland Credit. As of December 31, 2016, the Company had bank arrangements that included a $100,000 unsecured term loan with a final maturity in March 2018 and undrawn, unsecured revolving credit facilities of $100,000 with a final maturity in March 2019 and $300,000 with a final maturity in June 2019. Covenants The indentures and credit agreements governing the Company’s unsecured funding transactions contain covenants that restrict the Company’s ability and/or that of its subsidiaries to, among other things, incur additional debt, make certain investments, enter into certain types of transactions with affiliates, use assets as security in other transactions, enter into sale or leaseback transactions and/or sell certain assets or merge with or into other companies. In addition, the Company is required to maintain certain coverage levels for leverage and EBITDA, the latter of which is eliminated upon achievement of certain rating levels. Interest Rates The weighted‑average interest rate on total short‑term debt outstanding at December 31, 2016 and 2015 was 1.5% and 1.0%, respectively. The weighted‑average interest rate on total long‑term debt (including current maturities of long‑term debt) at December 31, 2016 and 2015 was 2.4% and 2.1%, respectively. The average rate is calculated using the actual rates at December 31, 2016 and 2015, weighted by the amount of outstanding borrowings of each debt instrument. Support Agreement Effective as of September 29, 2013, in connection with the merger of CNH Global N.V., the former indirect parent of CNH Industrial Capital (“CNH Global”), with and into CNHI, CNHI assumed all of CNH Global’s obligations under the support agreement, pursuant to which CNHI has agreed to, among other things, (a) make cash capital contributions to the Company, to the extent necessary to cause the ratio of net earnings available for fixed charges to fixed charges to be not less than 1.05 for each fiscal quarter (with such ratio determined, on a consolidated basis and in accordance with U.S. GAAP, for such fiscal quarter and the immediately preceding three fiscal quarters taken as a whole), (b) generally maintain an ownership of at least 51% of the voting equity interests in the Company and (c) cause the Company to have, as of the end of any fiscal quarter, a consolidated tangible net worth of at least $50 million. The support agreement is not intended to be and is not a guarantee by CNHI of any indebtedness or other obligation of the Company. The obligations of CNHI to the Company pursuant to this support agreement are to the Company only and do not run to, and are not enforceable directly by, any creditor of the Company. The support agreement may be modified, amended or terminated, at CNHI’s election, upon thirty days’ prior written notice to the Company and the rating agencies, if (a) the modification, amendment or termination would not result in a downgrade of the Company’s rated indebtedness; (b) the modification, amendment or notice of termination provides that the support agreement will continue in effect with respect to the Company’s rated indebtedness then outstanding; or (c) the Company has no long‑term rated indebtedness outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
INCOME TAXES
INCOME TAXES	NOTE 9: INCOME TAXES The income and expenses of the Company and certain of its domestic subsidiaries are included in the consolidated income tax return of Case New Holland Inc., a wholly owned subsidiary of CNHI, and parent of CNH Industrial America. The Company’s Canadian subsidiaries file separate income tax returns, as do certain domestic subsidiaries. The Company and certain of its domestic subsidiaries are LLCs and, as a result, incur no income tax liability on a stand‑alone basis for tax purposes. However, for financial reporting, all tax accounts have been disclosed and the income tax expense is reflective for all of the companies included in the consolidated financial statements. The sources of income before taxes for the years ended December 31, 2016, 2015, and 2014 are as follows, with foreign defined as any income earned outside the United States: 2016 2015 2014 Domestic $ $ $ Foreign Income before taxes $ $ $ The provision for income taxes for the years ended December 31, 2016, 2015 and 2014 is as follows: 2016 2015 2014 Current income tax expense (benefit): Domestic $ $ $ Foreign Total current income tax expense Deferred income tax expense (benefit): Domestic Foreign Total deferred income tax expense Total tax provision $ $ $ A reconciliation of CNH’s statutory and effective income tax rate for the years ended December 31, 2016, 2015, and 2014 is as follows: 2016 2015 2014 Tax provision at statutory rate % % % State taxes Foreign taxes Tax contingencies — — Tax credits and incentives Other Total tax provision effective rate % % % The components of the Company’s net deferred tax liability as of December 31, 2016 and 2015 are as follows: 2016 2015 Deferred tax assets: Pension, postretirement and post-employment benefits $ $ Marketing and sales incentive programs Allowance for credit losses Other accrued liabilities Tax loss and tax credit carry forwards Total deferred tax assets $ $ Deferred tax liability: Equipment on operating lease $ $ Deferred tax liability, net (1) $ $ (1) In the accompanying consolidated balance sheets, the US net deferred tax position in 2016 and 2015 is included in “Accounts payable and other accrued liabilities” while the Canadian net deferred tax position in 2016 and 2015 is included in “Other assets”. Deferred taxes are provided to reflect timing differences between the financial and tax basis of assets and liabilities and tax carryforwards using currently enacted tax rates and laws. Management believes it is more likely than not the benefit of the deferred tax assets will be realized. A reconciliation of the gross amounts of tax contingencies at the beginning and end of the year is as follows: 2016 2015 2014 Balance, beginning of year $ — $ $ Additions based on tax positions related to the current year — — — Reductions for tax positions of prior years — — Settlements — Balance, end of year $ — $ — $ The total amount of unrecognized tax benefits that, if recognized, would affect the annual effective income tax rate is $0. The Company recognizes interest and penalties accrued related to tax contingencies in income tax expense. During the years ended December 31, 2016, 2015 and 2014, the Company recognized approximately $0, $0 and $(3,187), respectively, in interest and penalties. The Company had approximately $0, $0 and $(424) for the expected future payment of interest and penalties accrued at December 31, 2016, 2015 and 2014, respectively. During 2014, the Company effectively settled the outstanding audits for tax years 2003 through 2006. The contingency reserve set up for these years amounted to $5,959 and the amount of cash outlays were $4,887, which resulted in a net benefit of $1,072. During 2015, the Company closed the last remaining item related to tax year 2010 for a state portion that was amended. During 2016, the Canadian Revenue Agency opened an audit for our 2012 and 2013 tax years; no material adjustments have been proposed at this time. At December 31, 2016, undistributed earnings in certain subsidiaries outside the U.S. totaled $412,000 for which no deferred taxes have been recorded as the remittance of earnings from certain jurisdictions would incur no tax or such earnings are permanently reinvested. Determination of the amount of unrecognized deferred tax liability on these undistributed earnings is not practicable.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 10: 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 years ended December 31, 2016, 2015 and 2014. These amounts are recorded in “Other expenses” in the consolidated statements of income. As of December 31, 2016, 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 42 months. As of December 31, 2016, the after‑tax losses deferred in accumulated other comprehensive income that will be recognized in interest expense over the next 12 months are approximately $471. 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 years ended December 31, 2016, 2015 and 2014. Most of 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 $2,954,424 and $2,840,821 at December 31, 2016 and 2015, respectively. The thirteen‑month average notional amounts as of December 31, 2016 and 2015 were $3,099,006 and $2,876,380, 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 December 31, 2016 and 2015 in the consolidated balance sheets are recorded as follows: 2016 2015 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 $ $ Foreign exchange contracts — Total $ $ Pre‑tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the years ended December 31, 2016, 2015 and 2014 are recorded in the following accounts: 2016 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 December 31, 2016 and 2015, all of which are classified as Level 2: Level 2 2016 2015 Assets Interest rate derivatives $ $ Foreign exchange contracts Total assets $ $ Liabilities Interest rate derivatives $ $ Foreign exchange contracts — Total liabilities $ $ There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. The following table presents the changes in the Level 3 fair‑value category for the year ended December 31, 2014: Retained Interests Balance at January 1, 2014 $ Total gains or losses (realized/unrealized): Included in earnings Included in other comprehensive income (loss) — Settlements Balance at December 31, 2014 $ — Items Measured at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. These adjustments to fair value usually result from application of lower of cost or market accounting or impairment charges of individual assets. Equipment held for sale measured at fair value on a nonrecurring basis that was held on the consolidated balance sheet at December 31, 2016 and 2015 was $155,473 and $92,753, respectively. The fair market value of these assets was based on an internal valuation methodology, which used industry guide book values adjusted for recent remarketing history and was classified as Level 3 under the fair value hierarchy. For the years ended December 31, 2016, 2015 and 2014, the Company recorded impairment losses on equipment held for sale of $11,400, $28,893 and $12,300, respectively. In addition, the Company recorded (gains) losses on the sale of the equipment held of $(1,690), $(4,783) and $8,180 for the years ended December 31, 2016, 2015 and 2014, respectively. Both the impairment losses and the gains on the sale of equipment held were included in “Other expenses” in the accompanying consolidated statements of income. 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 December 31, 2016 and 2015 are as follows: 2016 2015 Carrying Estimated Carrying Estimated Amount Fair Value * Amount 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	12 Months Ended
	Dec. 31, 2016
SEGMENT AND GEOGRAPHICAL INFORMATION
SEGMENT AND GEOGRAPHICAL INFORMATION	NOTE 11: 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: 2016 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 $ $ $ 2016 2015 2014 Segment assets United States $ $ $ Canada Eliminations Total $ $ $ Managed receivables United States $ $ $ Canada Total $ $ $

RELATED - PARTY TRANSACTIONS

RELATED - PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 12: RELATED‑PARTY TRANSACTIONS The Company receives compensation from CNH Industrial North America for retail, wholesale and operating lease sales programs offered by CNH Industrial North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH Industrial North America based on the Company’s estimated costs and a targeted return on equity. The Company is also compensated for lending funds to CNH Industrial North America. The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income at December 31, 2016, 2015, and 2014 is as follows: 2016 2015 2014 Subsidy from CNH Industrial North America: Retail $ $ $ Wholesale Operating lease Income from affiliated receivables: CNH Industrial North America — Other affiliates — — 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 December 31, 2016 and 2015, the Company had various accounts and notes receivable and debt with the following affiliates: 2016 2015 Rate Maturity Amount Rate Maturity Amount Affiliated receivables from: CNH Industrial America - $ - $ CNH Industrial Canada Ltd. - - 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 $20,122 as of December 31, 2015. Accounts payable and other accrued liabilities, including tax payables, of $3,792 and $2,646, respectively, as of December 31, 2016 and 2015, were payable to related parties. Interest expense to affiliates was $7,218, $21,182 and $30,477, respectively, for the years ended December 31, 2016, 2015 and 2014. In order to utilize the used equipment marketing channels that exist in CNH Industrial Capital, inventory of $10,902 and $19,541 was transferred from CNH Industrial America at cost during the years ended December 31, 2015 and 2014, respectively, of which $1,401 remains in “Equipment held for sale” in the accompanying consolidated balance sheets as of December 31, 2016. 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 1-year 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	12 Months Ended
	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13: 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. Commitments The Company has various agreements to extend credit for the wholesale and dealer financing managed portfolio. At December 31, 2016, the total credit limit available was $6,333,378, of which $3,445,422 was utilized.

SUPPLEMENTAL CONDENSED CONSOLID

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2016
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	NOTE 14: 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 December 31, 2016 and 2015 and for the three years ended December 31, 2016. The condensed consolidating financial information reflects investments in consolidated subsidiaries under the equity method of accounting. Condensed Statements of Comprehensive Income for the Year Ended December 31, 2016 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — 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 (LOSS) $ $ $ $ $ Comprehensive income attributed to noncontrolling interest — — — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ $ Condensed Balance Sheets as of December 31, 2016 CNH Industrial Guarantor All Other Capital LLC Entities 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 Year Ended December 31, 2016 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — Change in property and equipment and software, net — — 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 year — — End of year $ — $ $ $ — $ Condensed Statements of Comprehensive Income for the Year Ended December 31, 2015 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — 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 (LOSS) $ $ $ $ $ Comprehensive income attributed to noncontrolling interest — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ $ Condensed Balance Sheets as of December 31, 2015 CNH Industrial Guarantor All Other Capital LLC Entities 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 Year Ended December 31, 2015 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — Change in property and equipment and software, net — — — 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 DECREASE IN CASH AND CASH EQUIVALENTS — — CASH AND CASH EQUIVALENTS: Beginning of year — — End of year $ — $ $ $ — $ Condensed Statements of Comprehensive Income for the Year Ended December 31, 2014 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — 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 (LOSS) $ $ $ $ $ Comprehensive income attributed to noncontrolling interest — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ $ Condensed Statements of Cash Flows for the Year Ended December 31, 2014 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — Change in property and equipment and software, net — — 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 — — — Dividends paid to CNH Industrial Canada Ltd. — — — Net cash from (used in) financing activities DECREASE IN CASH AND CASH EQUIVALENTS — — CASH AND CASH EQUIVALENTS: Beginning of year — — End of year $ — $ $ $ — $

SUPPLEMENTAL QUARTERLY INFORMAT

SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)	NOTE 15: SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) For the Year Ended December 31, 2016 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ $ $ $ $ Interest expense Administrative and operating expenses Income tax provision Net income attributable to CNH Industrial Capital LLC $ $ $ $ $ For the Year Ended December 31, 2015 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ $ $ $ $ Interest expense Administrative and operating expenses Income tax provision Net income attributable to noncontrolling interest — — — Net income attributable to CNH Industrial Capital LLC $ $ $ $ $

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16: SUBSEQUENT EVENTS On February 22, 2017, the Company, through a bankruptcy-remote trust, issued C$408,264 ($310,195) of amortizing asset-backed notes secured by Canadian retail loan receivables.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements 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.
Revenue Recognition	Revenue Recognition Finance and interest income on retail notes and finance leases and on wholesale notes is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on receivables is suspended when management determines that collection of future income is not probable or when an account becomes 120 days delinquent, whichever occurs earlier. Income accrual is resumed if the receivable becomes contractually current and collection doubts are removed. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. 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. 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 A substantial portion of the Company’s interest income arises from retail sales programs offered by CNH Industrial North America on which finance charges are waived or below-market rate financing programs are offered. When the Company acquires retail installment sales contracts and finance leases subject to below-market interest rates, including waived interest rate financing, the Company receives compensation from CNH Industrial North America based on the Company’s estimated costs and a targeted return on equity. This amount is initially recognized as an unearned finance charge and is recognized as interest income over the term of the retail notes and finance leases, and is included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. For selected wholesale receivables, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. These amounts are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. The Company is also compensated for lending funds to CNH Industrial North America. The amounts earned are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. Income from operating leases is recognized over the term of the lease on a straight-line basis. For selected operating leases, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. The amounts from CNH Industrial North America recognized as rental income on operating leases are included in “Interest and other income from affiliates.”
Foreign Currency Translation	Foreign Currency Translation The Company’s non‑U.S. subsidiaries maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non‑U.S. subsidiaries are translated into U.S. dollars at period‑end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Income and expense accounts of these non‑U.S. subsidiaries are translated at the average exchange rates for the period, and gains and losses from foreign currency transactions are included in net income in the period that they arise.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. The carrying value of cash equivalents approximates fair value because of the short maturity of these investments.
Restricted Cash	Restricted Cash Restricted cash includes principal and interest payments from retail notes and wholesale receivables owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements.
Receivables	Receivables Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. Periodically, the Company sells or transfers retail notes and wholesale receivables to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail notes and wholesale receivables sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Company’s receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of losses on 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 fair value of the collateral for collateral dependent receivables or on the present value of expected future cash flows discounted at the receivables’ effective interest rate. 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 and wholesale 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 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.
Equipment on Operating Leases	Equipment on Operating Leases The Company purchases leases and equipment from CNH Industrial North America dealers and other independent third parties that have leased equipment to retail customers under operating leases. The Company’s investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination. Residual values are estimated at the inception of the lease and are reviewed quarterly. Realization of the residual values is dependent on the Company’s future ability to re-market the equipment under then prevailing market conditions. Equipment model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs are the responsibility of the lessee. The Company evaluates the carrying amount of equipment on operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for recoverability identifies a possible impairment, the asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value. Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite useful life and is reviewed for impairment at least annually. During 2016, 2015 and 2014, the Company performed its annual impairment review as of December 31, and concluded that there was no impairment in either year. Other intangible assets consist of software and are being amortized on a straight‑line basis over five years.
Income Taxes	Income Taxes The provision for income taxes is determined using the asset and liability method. The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence.
Derivatives	Derivatives The Company’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. The Company records derivative financial instruments in the consolidated balance sheets as either an asset or liability measured at fair value. The fair value of the Company’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. The fair value of the Company’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the effective portion of the derivative financial instrument’s gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. The ineffective portion of the gain or loss is reported in income immediately. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately into income. For derivative financial instruments designated as hedges, the Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivatives designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. The Company assesses the effectiveness of the hedging instrument both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, or the derivative is terminated, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term.
New Accounting Pronouncements	New Accounting Pronouncements Adopted in 2016 In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 has been adopted and did not have a material effect on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“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 was retrospectively adopted by the Company on January 1, 2016. As a result, $37,155 of debt issuance costs at December 31, 2015 was reclassified from other assets to long-term debt. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which amends ASC 835-30, Interest – Imputation of Interest. ASU 2015-15 clarifies the presentation and subsequent measurement of debt issuance costs associated with lines of credit. These costs may be presented as an asset and amortized ratably over the term of the line of credit arrangement, regardless of whether there are outstanding borrowings on the arrangement. ASU 2015-15 has been adopted and did not have a material effect on the Company’s consolidated financial statements. 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. ASU 2015-15 has been adopted and did not have a material impact on the Company’s consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASC 606) (“ASU 2014-09”), which supersedes existing revenue recognition guidance under current U.S. GAAP. The new standard requires an entity to recognize revenue upon transfer of control of goods or services to a customer at an amount that reflects the consideration that the entity expects to receive. This new revenue recognition model defines a five-step process to achieve this objective. The new standard also requires additional disclosures to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flow arising from contracts with customers. In August 2015, the FASB amended the effective date to be the first quarter of fiscal year 2018 with early adoption permitted in 2017. The FASB subsequently issued several amendments in 2016 clarifying various aspects of ASU 2014-09, including revenue transactions that involve a third party, goods or services that are immaterial in the context of the contract, licensing arrangements, certain transition practical expedients, disclosure of performance obligation and provisions for losses on construction-type and production-type contracts. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented, or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the consolidated statement of changes in equity. The Company plans to adopt the new standard effective January 1, 2018. The Company is currently evaluating which transition method to elect. The Company is still evaluating the overall effect the adoption of this standard will have, but its implementation efforts to date have not identified any matters that it currently believes would result in a material effect on its consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which amends ASC 825-10, Financial Instruments - Overall . This ASU changes the treatment for available-for-sale equity investments by recognizing unrealized fair value changes directly in net income, and no longer in other comprehensive income. The ASU is effective January 1, 2018, with the cumulative-effect adjustment from initially applying the new standard recognized in the consolidated statement of financial position as of January 1, 2018. The impact of the adjustments on the Company’s consolidated financial statements is expected to be immaterial. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which supersedes ASC 840, Leases . The ASU’s most prominent change is the requirement for lessees to recognize leased assets and liabilities classified as operating leases under previous GAAP. The ASU does not significantly change the lessee’s recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Lessors’ accounting under the ASC is largely unchanged from the previous accounting standard. ASU 2016-02 also will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. It is effective for annual reporting periods beginning after December 15, 2018 including interim periods within those fiscal years, but early adoption is permitted. The ASU requires a modified retrospective transition approach and provides certain optional transition relief. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (“ASU 2016-05”) and ASU No. 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (“ASU 2016-06”). ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require designation of that hedging relationship if all other hedge accounting criteria continue to be met. ASU 2016-06 clarifies the steps required to determine bifurcation of an embedded derivative. These standards will be effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The Company does not believe the adoption of this standard will have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which establishes ASC 326, Financial Instruments – Credit Losses . The ASU introduced a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Additional disclosures about significant estimates and credit quality are also required. The ASU is effective for annual periods beginning after December 15, 2019 with early adoption permitted for annual periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). This standard provides guidance clarification to reduce diversity in classification of certain cash flow payments and receipts in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 on a retrospective transition basis to each period presented, and may be early adopted. The Company does not believe the adoption of this standard will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which amends ASC 740, Income Taxes . The ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of transfer. The ASU is effective for annual reporting periods, and interim periods within those annual reporting periods, beginning after December 15, 2017 and early adoption is permitted. The amendments will be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”) that changes the presentation of restricted cash and cash equivalents on the statement of cash flows. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 simplifies the subsequent measurement of goodwill by removing the second step of the two-step impairment test. The amendment requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendment should be applied on a prospective basis. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company intends to early adopt the ASU in 2017.

ACCUMULATED OTHER COMPREHENSI25

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2016
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 year ended December 31, 2016: Currency Unrealized Translation Pension Losses on Adjustment Liability Derivatives Total Beginning balance, gross $ $ $ $ Tax asset — 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 December 31, 2016 $ $ $ $ The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 2015: Currency Unrealized Translation Pension Losses on Adjustment Liability Derivatives Total Beginning balance, gross $ $ $ $ Tax asset — 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 December 31, 2015 $ $ $ $
Schedule of reclassifications out of AOCI and the location on the consolidated statements of income	2016 2015 Affected Line Item Amortization of defined benefit pension items: $ $ Insignificant items Income before taxes Income tax benefit $ $ 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)	12 Months Ended
	Dec. 31, 2016
Receivables
Summary of receivables	2016 2015 Retail note receivables $ $ Wholesale receivables Finance lease receivables Restricted receivables Gross receivables Less: Allowance for credit losses Total receivables, net $ $
Schedule of maturities of retail and other notes, finance leases, wholesale receivables and commercial revolving accounts receivables	2017 $ 2018 2019 2020 2021 and thereafter Total receivables $
Summary of restricted receivables	2016 2015 Retail note receivables $ $ Wholesale receivables Total restricted receivables $ $
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the year ended December 31, 2016 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, 2015 is as follows: Retail Wholesale Other 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 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	2016 Recorded Investment Greater > 90 Days 31 – 60 Days 61 – 90 Days Than Total Total and Past Due Past Due 90 Days Past Due Current Receivables Accruing Retail United States $ $ $ $ $ $ $ Canada $ $ $ $ $ $ $ Wholesale United States $ $ $ $ $ $ $ — Canada $ — $ $ $ $ $ $ — Total Retail $ $ $ $ $ $ $ Wholesale $ $ $ $ $ $ $ — 2015 Recorded Investment Greater > 90 Days 31 – 60 Days 61 – 90 Days Than Total Total and Past Due Past Due 90 Days Past Due Current Receivables 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	2016 2015 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance 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	2016 2015 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Retail United States $ $ $ $ Canada $ $ $ $ Wholesale United States $ $ $ $ Canada $ — $ — $ $ Total Retail $ $ $ $ Wholesale $ $ $ $
Schedule of receivables on nonaccrual status	2016 2015 Retail Wholesale Total Retail Wholesale Total United States $ $ $ $ $ $ Canada $ $ — $ $ $ $
Retail
Receivables
Schedule of breakdown of the portfolio by its credit quality indicators	2016 2015 Titanium $ $ Platinum Gold Silver Bronze Total $ $
Wholesale
Receivables
Schedule of breakdown of the portfolio by its credit quality indicators	2016 2015 A $ $ B C D Total $ $

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2016
EQUIPMENT ON OPERATING LEASES
Summary of equipment on operating leases	2016 2015 Equipment on operating leases $ $ Accumulated depreciation Total equipment on operating leases, net $ $
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	2017 $ 2018 2019 2020 2021 and thereafter Total lease payments $

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2016
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	2016 2015 Balance, beginning of year $ $ Foreign currency translation adjustment Balance, end of year $ $
Schedule of the Company's intangible asset and related accumulated amortization for its software	2016 2015 Software $ $ Accumulated amortization Total software, net $ $

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2016
OTHER ASSETS
Schedule of components of other assets	2016 2015 Tax receivables $ $ Deferred tax assets Derivative assets Other current assets Total other assets $ $

CREDIT FACILITIES AND DEBT (Tab

CREDIT FACILITIES AND DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of the Company's debt and credit facilities	2016 Current Maturities of Total Short-Term Long-Term Long-Term Maturity (1) Facility/Debt Outstanding Outstanding Outstanding Available Committed Asset-Backed Facilities Retail - U.S. Sep 2018 $ $ — $ $ $ Retail - Canada Dec 2018 — Wholesale VFN - U.S. Various — — — Wholesale VFN - Canada Dec 2018 — — — Term Secured Debt Amortizing retail term ABS - N.A. Various — — Other ABS financing - N.A. Various — — Unamortized issuance costs — — — — — Unsecured Facilities Revolving credit facilities 2019 — — — Unsecured Debt Notes Various — — Term loan 2018 — — — Hedging effects, discounts and unamortized issuance costs — — — — — Total credit facilities and debt $ $ $ $ $ (1) Maturity dates reflect maturities of the credit facility which may be different than the maturities of the advances under the facility. 2015 Current Maturities of Total Short-Term Long-Term Long-Term Maturity (1) Facility/Debt Outstanding Outstanding Outstanding Available Committed Asset-Backed Facilities Retail - U.S. Sep 2017 $ $ — $ $ $ Retail - Canada Dec 2017 — Wholesale VFN - U.S. Various — — — Wholesale VFN - Canada Dec 2017 — — Term Secured Debt Amortizing retail term ABS - N.A. Various — — Wholesale term - U.S. Aug 2016 — — — Other ABS financing - N.A. Various — — Unamortized issuance costs — — — — — Unsecured Facilities Revolving credit facilities Various — — — Unsecured Debt Notes Various — — Term loan 2018 — — — Hedging effects, discounts and unamortized issuance costs — — — — — Total credit facilities and debt $ $ $ $ $ (1) Maturity dates reflect maturities of the credit facility which may be different than the maturities of the advances under the facility.
Summary of the minimum annual repayments of long-term debt	2018 $ 2019 2020 2021 2022 and thereafter Total $
Unsecured Debt
Schedule of the Company's debt and credit facilities	As of December 31, 2016, the Company’s outstanding unsecured senior notes were as follows: 3.250% notes, due 2017 $ 3.625% notes, due 2018 3.875% notes, due 2018 3.375% notes, due 2019 4.375% notes, due 2020 4.875% notes, due 2021 3.875% notes, due 2021 Hedging effects, discounts and unamortized issuance costs Total $

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
INCOME TAXES
Schedule of sources of income before taxes	2016 2015 2014 Domestic $ $ $ Foreign Income before taxes $ $ $
Schedule of provision for income taxes	2016 2015 2014 Current income tax expense (benefit): Domestic $ $ $ Foreign Total current income tax expense Deferred income tax expense (benefit): Domestic Foreign Total deferred income tax expense Total tax provision $ $ $
Schedule of reconciliation of statutory and effective income tax rate	2016 2015 2014 Tax provision at statutory rate % % % State taxes Foreign taxes Tax contingencies — — Tax credits and incentives Other Total tax provision effective rate % % %
Schedule of components of net deferred tax liability	2016 2015 Deferred tax assets: Pension, postretirement and post-employment benefits $ $ Marketing and sales incentive programs Allowance for credit losses Other accrued liabilities Tax loss and tax credit carry forwards Total deferred tax assets $ $ Deferred tax liability: Equipment on operating lease $ $ Deferred tax liability, net (1) $ $ (1) In the accompanying consolidated balance sheets, the US net deferred tax position in 2016 and 2015 is included in “Accounts payable and other accrued liabilities” while the Canadian net deferred tax position in 2016 and 2015 is included in “Other assets”.
Schedule of reconciliation of the gross amounts of tax contingencies at the beginning and end of the year	2016 2015 2014 Balance, beginning of year $ — $ $ Additions based on tax positions related to the current year — — — Reductions for tax positions of prior years — — Settlements — Balance, end of year $ — $ — $

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	2016 2015 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 $ $ Foreign exchange contracts — Total $ $
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	2016 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 assets and liabilities measured at fair value on a recurring basis	Level 2 2016 2015 Assets Interest rate derivatives $ $ Foreign exchange contracts Total assets $ $ Liabilities Interest rate derivatives $ $ Foreign exchange contracts — Total liabilities $ $
Schedule of changes in Level 3 fair-value category	Retained Interests Balance at January 1, 2014 $ Total gains or losses (realized/unrealized): Included in earnings Included in other comprehensive income (loss) — Settlements Balance at December 31, 2014 $ —
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	2016 2015 Carrying Estimated Carrying Estimated Amount Fair Value * Amount 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 INFO33

SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
SEGMENT AND GEOGRAPHICAL INFORMATION
Summary of reportable segment information	2016 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 $ $ $ 2016 2015 2014 Segment assets United States $ $ $ Canada Eliminations Total $ $ $ Managed receivables United States $ $ $ Canada Total $ $ $

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	2016 2015 2014 Subsidy from CNH Industrial North America: Retail $ $ $ Wholesale Operating lease Income from affiliated receivables: CNH Industrial North America — Other affiliates — — Total interest and other income from affiliates $ $ $
Schedule of various accounts and notes receivable and debt with the affiliates	2016 2015 Rate Maturity Amount Rate Maturity Amount Affiliated receivables from: CNH Industrial America - $ - $ CNH Industrial Canada Ltd. - - Other affiliates - - Total affiliated receivables $ $ Affiliated debt owed to: CNH Industrial America $ $ — CNH Industrial Canada Ltd. — Total affiliated debt $ $

SUPPLEMENTAL CONDENSED CONSOL35

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
Schedule of condensed statements of comprehensive income	Condensed Statements of Comprehensive Income for the Year Ended December 31, 2016 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — 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 (LOSS) $ $ $ $ $ Comprehensive income attributed to noncontrolling interest — — — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ $ Condensed Statements of Comprehensive Income for the Year Ended December 31, 2015 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — 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 (LOSS) $ $ $ $ $ Comprehensive income attributed to noncontrolling interest — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ $ Condensed Statements of Comprehensive Income for the Year Ended December 31, 2014 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — 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 (LOSS) $ $ $ $ $ Comprehensive income attributed to noncontrolling interest — — — COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC $ $ $ $ $
Schedule of condensed balance sheets	Condensed Balance Sheets as of December 31, 2016 CNH Industrial Guarantor All Other Capital LLC Entities 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, 2015 CNH Industrial Guarantor All Other Capital LLC Entities 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 Year Ended December 31, 2016 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — Change in property and equipment and software, net — — 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 year — — End of year $ — $ $ $ — $ Condensed Statements of Cash Flows for the Year Ended December 31, 2015 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — Change in property and equipment and software, net — — — 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 DECREASE IN CASH AND CASH EQUIVALENTS — — CASH AND CASH EQUIVALENTS: Beginning of year — — End of year $ — $ $ $ — $ Condensed Statements of Cash Flows for the Year Ended December 31, 2014 CNH Industrial Guarantor All Other Capital LLC Entities 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 — — Change in property and equipment and software, net — — 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 — — — Dividends paid to CNH Industrial Canada Ltd. — — — Net cash from (used in) financing activities DECREASE IN CASH AND CASH EQUIVALENTS — — CASH AND CASH EQUIVALENTS: Beginning of year — — End of year $ — $ $ $ — $

SUPPLEMENTAL QUARTERLY INFORM36

SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)
Schedule of supplemental quarterly information (unaudited)	For the Year Ended December 31, 2016 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ $ $ $ $ Interest expense Administrative and operating expenses Income tax provision Net income attributable to CNH Industrial Capital LLC $ $ $ $ $ For the Year Ended December 31, 2015 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ $ $ $ $ Interest expense Administrative and operating expenses Income tax provision Net income attributable to noncontrolling interest — — — Net income attributable to CNH Industrial Capital LLC $ $ $ $ $

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue Recognition
Delinquency period of accounts considered for recognition of income	120 days
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Goodwill and Intangible Assets
Impairment of goodwill	$ 0	$ 0	$ 0
Amortization period of other intangible assets consisting of software	5 years
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments
Other assets	$ 25,747	47,210
Long-term debt	(7,474,318)	(7,768,044)
Accounting Standards Update 2015-03 | Impact of adopting new guidance
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments
Other assets		(37,155)
Long-term debt		37,155
CNH Industrial Capital LLC
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments
Other assets	3,870	6,714
Long-term debt	$ (3,266,808)	$ (2,874,808)

ACCUMULATED OTHER COMPREHENSI38

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in accumulated other comprehensive income by component
Beginning balance, gross		$ (164,609)	$ (53,584)
Tax asset (liability)		3,071	3,656
Beginning balance, net of tax	$ (161,538)	(49,928)
Other comprehensive income (loss) before reclassifications	16,557	(115,472)
Amounts reclassified from accumulated other comprehensive income (loss)	1,486	4,449
Tax effects	(641)	(587)
Total other comprehensive income (loss)	17,402	(111,610)	(56,000)
Ending balance	(144,136)	(161,538)	(49,928)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross		(155,341)	(43,060)
Beginning balance, net of tax	(155,341)	(43,060)
Other comprehensive income (loss) before reclassifications	15,756	(112,281)
Total other comprehensive income (loss)	15,756	(112,281)
Ending balance	(139,585)	(155,341)	(43,060)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross		(6,084)	(6,425)
Tax asset (liability)		2,226	2,341
Beginning balance, net of tax	(3,858)	(4,084)
Other comprehensive income (loss) before reclassifications	(476)	(128)
Amounts reclassified from accumulated other comprehensive income (loss)	792	470
Tax effects	(119)	(116)
Total other comprehensive income (loss)	197	226
Ending balance	(3,661)	(3,858)	(4,084)
Unrealized losses on derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross		(3,184)	(4,099)
Tax asset (liability)		845	1,315
Beginning balance, net of tax	(2,339)	(2,784)
Other comprehensive income (loss) before reclassifications	1,277	(3,063)
Amounts reclassified from accumulated other comprehensive income (loss)	694	3,979
Tax effects	(522)	(471)
Total other comprehensive income (loss)	1,449	445
Ending balance	$ (890)	$ (2,339)	$ (2,784)

ACCUMULATED OTHER COMPREHENSI39

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties									$ (297,881)	$ (269,091)	$ (255,951)
Income before taxes									281,816	326,840	386,368
Income tax benefit	$ (22,822)	$ (20,995)	$ (24,143)	$ (26,344)	$ (23,380)	$ (26,913)	$ (30,673)	$ (28,275)	(94,304)	(109,241)	(127,118)
Net income									187,512	217,599	$ 259,250
Pension Liability | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Insignificant items									(792)	(470)
Income before taxes									(792)	(470)
Income tax benefit									298	159
Net income									(494)	(311)
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									(694)	(3,979)
Income before taxes									(694)	(3,979)
Income tax benefit									184	1,283
Net income									$ (510)	$ (2,696)

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Receivables
Gross receivables	$ 10,966,965	$ 11,731,749	$ 12,884,569
Less: Allowance for credit losses	(84,895)	(94,724)	$ (95,542)	$ (101,953)
Total receivables, net	10,882,070	11,637,025
Restricted Receivables	9,392,526	10,104,731
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
Maturities of wholesale notes and accounts, retail and other notes, and finance leases
2,017	5,946,788
2,018	1,847,564
2,019	1,426,019
2,020	998,601
2021 and thereafter	$ 747,993
Number of components of allowance for credit losses | item	2
Number of portfolio segments in which allowance for credit losses is segregated | item	3
Retail
Receivables
Gross receivables	$ 854,777	829,392
Restricted Receivables	$ 6,500,949	7,215,976
Retail | Minimum
Receivables
Stated original maturities	2 years
Retail | Maximum
Receivables
Stated original maturities	6 years
Wholesale
Receivables
Gross receivables	$ 677,371	761,128
Restricted Receivables	$ 2,891,577	2,888,755
Wholesale | Maximum
Receivables
Stated original maturities	24 months
Interest-free periods	12 months
Finance lease receivables
Receivables
Gross receivables	$ 42,291	$ 36,498

RECEIVABLES - Receivables Secur

RECEIVABLES - Receivables Securitizations (Details) CAD in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2016CAD	Dec. 31, 2016USD ($)
Receivables
Maximum borrowing capacity		$ 13,510,167		$ 12,814,652
Number of conduit facilities | item	2
Additional borrowing issued	$ 3,666,808
Number of components of allowance for credit losses | item	2
Number of portfolio segments in which allowance for credit losses is segregated | item	3
Retail committed asset-backed facilities
Receivables
Asset-backed transactions securitized	$ 2,861,732	3,183,138
Outstanding amount of transactions securitized		$ 6,179,498		5,653,908
Remaining period of transactions securitized	30 months	34 months
Maximum borrowing capacity				1,571,476
Term of credit agreement	2 years
Conduit facilities, $500 million renewable in 2017
Receivables
Maximum borrowing capacity				500,000
Conduit facilities, $400 million renewable in 2017
Receivables
Maximum borrowing capacity				400,000
Conduit facilities renewable in December 2018 | Canada
Receivables
Maximum borrowing capacity			CAD 585,750	$ 435,184

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for credit losses:
Beginning balance	$ 94,724	$ 95,542	$ 101,953
Charge-offs	(42,950)	(22,606)	(17,511)
Recoveries	3,750	2,582	5,455
Provision (benefit)	30,846	21,895	14,124
Foreign currency translation and other	(1,475)	(2,689)	(8,479)
Ending balance	84,895	94,724	95,542
Ending balance: individually evaluated for impairment	22,363	21,405	16,065
Ending balance: collectively evaluated for impairment	62,532	73,319	79,477
Receivables:
Ending balance	10,966,965	11,731,749	12,884,569
Ending balance: individually evaluated for impairment	75,042	176,599	129,088
Ending balance: collectively evaluated for impairment	10,891,923	11,555,150	12,755,481
Retail
Allowance for credit losses:
Beginning balance	88,405	88,697	87,701
Charge-offs	(42,949)	(22,250)	(12,426)
Recoveries	3,228	2,555	2,941
Provision (benefit)	30,915	21,812	12,040
Foreign currency translation and other	(1,552)	(2,409)	(1,559)
Ending balance	78,047	88,405	88,697
Ending balance: individually evaluated for impairment	18,113	18,220	12,736
Ending balance: collectively evaluated for impairment	59,934	70,185	75,961
Receivables:
Ending balance	7,398,017	8,081,866	8,745,923
Ending balance: individually evaluated for impairment	31,383	94,584	56,791
Ending balance: collectively evaluated for impairment	7,366,634	7,987,282	8,689,132
Wholesale
Allowance for credit losses:
Beginning balance	6,319	6,845	7,363
Charge-offs	(1)	(356)	(804)
Recoveries	522	27	514
Provision (benefit)	(69)	83	(133)
Foreign currency translation and other	77	(280)	(95)
Ending balance	6,848	6,319	6,845
Ending balance: individually evaluated for impairment	4,250	3,185	3,329
Ending balance: collectively evaluated for impairment	2,598	3,134	3,516
Receivables:
Ending balance	3,568,948	3,649,883	4,138,646
Ending balance: individually evaluated for impairment	43,659	82,015	72,297
Ending balance: collectively evaluated for impairment	$ 3,525,289	$ 3,567,868	4,066,349
Other
Allowance for credit losses:
Beginning balance			6,889
Charge-offs			(4,281)
Recoveries			2,000
Provision (benefit)			2,217
Foreign currency translation and other			$ (6,825)

RECEIVABLES - Breakdown of Rece

RECEIVABLES - Breakdown of Receivables by Credit Quality Indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing receivable, recorded investment
Gross receivables	$ 10,966,965	$ 11,731,749	$ 12,884,569
Retail
Financing receivable, recorded investment
Gross receivables	7,398,017	8,081,866	8,745,923
Retail | Titanium
Financing receivable, recorded investment
Gross receivables	4,117,736	4,526,459
Retail | Platinum
Financing receivable, recorded investment
Gross receivables	2,045,684	2,196,628
Retail | Gold
Financing receivable, recorded investment
Gross receivables	1,042,918	1,139,255
Retail | Silver
Financing receivable, recorded investment
Gross receivables	157,170	184,281
Retail | Bronze
Financing receivable, recorded investment
Gross receivables	34,509	35,243
Wholesale
Financing receivable, recorded investment
Gross receivables	3,568,948	3,649,883	$ 4,138,646
Wholesale | Grade A
Financing receivable, recorded investment
Gross receivables	1,330,159	1,482,570
Wholesale | Grade B
Financing receivable, recorded investment
Gross receivables	1,603,893	1,650,643
Wholesale | Grade C
Financing receivable, recorded investment
Gross receivables	322,652	343,409
Wholesale | Grade D
Financing receivable, recorded investment
Gross receivables	$ 312,244	$ 173,261

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing receivable, recorded investment
Total Receivables	$ 10,966,965	$ 11,731,749	$ 12,884,569
Retail
Financing receivable, recorded investment
Total Past Due	77,290	71,247
Current	7,320,727	8,010,619
Total Receivables	7,398,017	8,081,866	8,745,923
Recorded Investment > 90 Days and Accruing	8,113	8,590
Retail | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	28,244	33,922
Retail | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	7,508	10,717
Retail | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	41,538	26,608
Retail | United States
Financing receivable, recorded investment
Total Past Due	72,659	68,737
Current	6,146,129	6,846,967
Total Receivables	6,218,788	6,915,704
Recorded Investment > 90 Days and Accruing	7,377	8,251
Retail | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	25,416	32,484
Retail | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	6,743	10,438
Retail | United States | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	40,500	25,815
Retail | Canada
Financing receivable, recorded investment
Total Past Due	4,631	2,510
Current	1,174,598	1,163,652
Total Receivables	1,179,229	1,166,162
Recorded Investment > 90 Days and Accruing	736	339
Retail | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	2,828	1,438
Retail | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	765	279
Retail | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	1,038	793
Wholesale
Financing receivable, recorded investment
Total Past Due	1,360	680
Current	3,567,588	3,649,203
Total Receivables	3,568,948	3,649,883	$ 4,138,646
Recorded Investment > 90 Days and Accruing		298
Wholesale | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	823	285
Wholesale | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	89	2
Wholesale | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	448	393
Wholesale | United States
Financing receivable, recorded investment
Total Past Due	1,355	657
Current	2,862,222	3,033,004
Total Receivables	2,863,577	3,033,661
Recorded Investment > 90 Days and Accruing		298
Wholesale | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	823	283
Wholesale | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	88	2
Wholesale | United States | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	444	372
Wholesale | Canada
Financing receivable, recorded investment
Total Past Due	5	23
Current	705,366	616,199
Total Receivables	705,371	616,222
Wholesale | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due		2
Wholesale | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	1
Wholesale | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	$ 4	$ 21

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Unpaid Principal Balance
Period considered for average recorded investment	13 months	13 months
Interest Income Recognized
Delinquency period of accounts considered for recognition of income	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	$ 93,367	$ 109,528
Canada
Interest Income Recognized
Receivables on nonaccrual status	325	26,180
Retail | United States
Interest Income Recognized
Receivables on nonaccrual status	49,998	52,787
Retail | Canada
Interest Income Recognized
Receivables on nonaccrual status	325	1,247
Wholesale | United States
Interest Income Recognized
Receivables on nonaccrual status	43,369	56,741
Wholesale | Canada
Interest Income Recognized
Receivables on nonaccrual status		24,933
Individually evaluated for impairment | Retail
Recorded Investment
Total	31,383	54,314
Unpaid Principal Balance
Total	30,054	53,037
Related Allowance	18,113	18,220
Average Recorded Investment
Total	31,296	52,161
Interest Income Recognized
Total	381	2,197
Individually evaluated for impairment | Retail | United States
Recorded Investment
With an allowance recorded	31,360	53,499
Unpaid Principal Balance
With an allowance recorded	30,031	52,224
Related Allowance	18,102	17,951
Average Recorded Investment
With an allowance recorded	31,268	51,289
Interest Income Recognized
With an allowance recorded	379	2,116
Individually evaluated for impairment | Retail | Canada
Recorded Investment
With an allowance recorded	23	815
Unpaid Principal Balance
With an allowance recorded	23	813
Related Allowance	11	269
Average Recorded Investment
With an allowance recorded	28	872
Interest Income Recognized
With an allowance recorded	2	81
Individually evaluated for impairment | Wholesale
Recorded Investment
Total	43,659	82,015
Unpaid Principal Balance
Total	43,369	81,673
Related Allowance	4,250	3,185
Average Recorded Investment
Total	46,482	92,194
Interest Income Recognized
Total	1,111	2,984
Individually evaluated for impairment | Wholesale | United States
Recorded Investment
With an allowance recorded	43,659	57,017
Unpaid Principal Balance
With an allowance recorded	43,369	56,741
Related Allowance	4,250	2,530
Average Recorded Investment
With an allowance recorded	46,482	63,953
Interest Income Recognized
With an allowance recorded	$ 1,111	2,030
Individually evaluated for impairment | Wholesale | Canada
Recorded Investment
With an allowance recorded		24,998
Unpaid Principal Balance
With an allowance recorded		24,932
Related Allowance		655
Average Recorded Investment
With an allowance recorded		28,241
Interest Income Recognized
With an allowance recorded		$ 954

RECEIVABLES - Troubled Debt Res

RECEIVABLES - Troubled Debt Restructuring of Receivables (Details) - Retail $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item
Troubled Debt Restructurings
Number of contracts classified as TDRs | item	658	601
Pre-modification value	$ 28,146	$ 21,975
Post-modification value	$ 27,404	$ 20,710
Number of cases in which the court has determined the concession | item	238	283
Pre-modification value for cases in which the court has determined the concession	$ 4,284	$ 4,924
Post-modification value for cases in which the court has determined the concession	$ 3,688	$ 4,028

EQUIPMENT ON OPERATING LEASES47

EQUIPMENT ON OPERATING LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
EQUIPMENT ON OPERATING LEASES
Equipment on operating leases	$ 2,169,874	$ 2,053,941
Less accumulated depreciation	(311,431)	(257,440)
Equipment on operating leases, net	1,858,443	1,796,501
Depreciation expense	247,438	$ 193,802	$ 141,688
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	115,361
2,017	174,740
2,018	113,165
2,019	42,486
2,020	16,286
2021 and thereafter	5,128
Total lease payments	$ 351,805

GOODWILL AND INTANGIBLE ASSET48

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Changes in the carrying amount of goodwill
Balance, beginning of year	$ 107,935	$ 112,851
Foreign currency translation adjustment	780	(4,916)
Balance, end of year	108,715	107,935	$ 112,851
Impairment of goodwill	0	0	0
Accumulated impairment loss	0
Company's intangible asset and related accumulated amortization for its software
Software	23,583	23,321
Accumulated amortization	(16,217)	(14,845)
Software, net	7,366	8,476
Amortization expense	1,998	$ 1,581	$ 1,125
Estimated annual amortization expense
2,017	1,995
2,018	1,811
2,019	1,365
2,020	724
2,021	$ 158

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
OTHER ASSETS
Tax receivables	$ 452	$ 20,560
Deferred tax assets	13,092	17,019
Derivative assets	5,666	5,142
Other current assets	6,537	4,489
Total other assets	$ 25,747	$ 47,210

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) $ in Thousands	Nov. 01, 2016USD ($)	Oct. 21, 2016USD ($)	Mar. 17, 2016USD ($)	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Debt
Maximum borrowing capacity				$ 12,814,652	$ 13,510,167
Short-Term Outstanding				1,335,184	1,658,068
Current Maturities of Long-Term Outstanding				2,927,445	3,373,150
Long-Term Outstanding				7,474,318	7,768,044
Available				1,077,705	$ 710,905
Minimum annual repayments of long-term debt
2,018				3,083,657
2,019				1,864,970
2,020				1,447,823
2,021				1,029,129
2022 and thereafter				48,739
Other disclosure
Additional borrowing issued				$ 3,666,808
Weighted-average interest rate on total short-term debt outstanding (as a percent)				1.50%	1.00%
Weighted- average interest rate on total long-term debt (as a percent)				2.40%	2.10%
CNH Global
Support Agreement
Number of preceding fiscal quarters added to the current quarter used in calculating the consolidated fixed charges coverage ratio under support agreement | item				3
Period of prior written notice				30 days
Long-term rated indebtedness outstanding				$ 0
CNH Global | Minimum
Support Agreement
Consolidated fixed charges coverage ratio				1.05
Ownership percentage required to be maintained in the company				51.00%
Consolidated tangible net worth threshold				$ 50,000
Revolving credit facilities
Debt
Maximum borrowing capacity				400,000	$ 250,000
Available				400,000	250,000
Unsecured facility due March 2019
Debt
Available				100,000
Unsecured facility due June 2019
Debt
Available				300,000
Committed Asset-Backed Facilities
Debt
Maximum borrowing capacity				2,906,660	3,231,990
Short-Term Outstanding				1,335,184	1,658,068
Current Maturities of Long-Term Outstanding				217,107	255,947
Long-Term Outstanding				676,664	857,070
Available				$ 677,705	460,905
Committed Asset-Backed Facilities | Maximum
Other disclosure
Maturity period of receivables				7 years
Retail | Maximum
Debt
Maximum borrowing capacity				$ 1,571,476
Retail | United States
Debt
Maximum borrowing capacity				1,200,000	1,200,000
Current Maturities of Long-Term Outstanding				142,462	199,587
Long-Term Outstanding				425,237	670,448
Available				632,301	329,965
Retail | Canada
Debt
Maximum borrowing capacity				371,476	360,115
Current Maturities of Long-Term Outstanding				74,645	56,360
Long-Term Outstanding				251,427	186,622
Available				45,404	117,133
Wholesale VFN | United States
Debt
Maximum borrowing capacity				900,000	1,250,000
Short-Term Outstanding				900,000	1,250,000
Wholesale VFN | Canada
Debt
Maximum borrowing capacity				435,184	421,875
Short-Term Outstanding				435,184	408,068
Available					13,807
Secured Debt
Debt
Maximum borrowing capacity				5,741,184	6,653,369
Current Maturities of Long-Term Outstanding				2,210,338	2,617,203
Long-Term Outstanding				3,530,846	4,036,166
Unamortized issuance costs				(15,999)	(17,870)
Wholesale Term | United States
Debt
Maximum borrowing capacity					367,300
Current Maturities of Long-Term Outstanding					367,300
Amortizing Retail Term ABS
Debt
Maximum borrowing capacity				5,653,908	6,179,498
Current Maturities of Long-Term Outstanding				2,165,049	2,235,892
Long-Term Outstanding				3,488,859	3,943,606
Other ABS Financing
Debt
Maximum borrowing capacity				103,275	124,441
Current Maturities of Long-Term Outstanding				45,289	14,011
Long-Term Outstanding				57,986	110,430
Unsecured Debt
Debt
Maximum borrowing capacity				3,766,808	3,374,808
Current Maturities of Long-Term Outstanding				500,000	500,000
Long-Term Outstanding				3,266,808	2,874,808
Hedging effects, discounts and unamortized issuance costs				(33,192)	(25,192)
Notes
Debt
Maximum borrowing capacity				3,700,000	3,300,000
Current Maturities of Long-Term Outstanding				500,000	500,000
Long-Term Outstanding				3,200,000	2,800,000
Term loan
Debt
Maximum borrowing capacity				100,000	100,000
Long-Term Outstanding				100,000	$ 100,000
3.250% unsecured notes due 2017
Other disclosure
Additional borrowing issued				$ 500,000
Interest rate margin (as a percent)				3.25%
3.625% unsecured notes due 2018
Other disclosure
Additional borrowing issued				$ 600,000
Interest rate margin (as a percent)				3.625%
3.875% unsecured notes due 2018
Other disclosure
Additional borrowing issued				$ 600,000
Interest rate margin (as a percent)				3.875%
3.375% unsecured notes due 2019
Other disclosure
Additional borrowing issued				$ 500,000
Interest rate margin (as a percent)				3.375%
4.375% unsecured notes due 2020
Other disclosure
Additional borrowing issued				$ 600,000
Interest rate margin (as a percent)				4.375%
4.875% unsecured notes due 2021
Debt
Debt amount			$ 500,000
Interest rate (as a percent)			4.875%
Issue price of debt (as a percent)			99.447%
Other disclosure
Additional borrowing issued				$ 500,000
Interest rate margin (as a percent)				4.875%
3.875% unsecured notes due 2021
Debt
Debt amount		$ 400,000
Interest rate (as a percent)		3.875%
Issue price of debt (as a percent)		99.441%
Other disclosure
Additional borrowing issued				$ 400,000
Interest rate margin (as a percent)				3.875%
6.25% unsecured debt due 2016
Other disclosure
Interest rate margin (as a percent)	6.25%
Repayment of facility	$ 500,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Sources of income before taxes
Domestic									$ 193,765	$ 248,156	$ 291,290
Foreign									88,051	78,684	95,078
INCOME BEFORE TAXES									281,816	326,840	386,368
Current income tax expense (benefit):
Domestic									38,845	11,246	(4,159)
Foreign									17,692	19,877	45,632
Total current income tax expense									56,537	31,123	41,473
Deferred income tax expense (benefit):
Domestic									33,798	76,969	108,836
Foreign									3,969	1,149	(23,191)
Total deferred income tax expense									37,767	78,118	85,645
Total tax provision	$ 22,822	$ 20,995	$ 24,143	$ 26,344	$ 23,380	$ 26,913	$ 30,673	$ 28,275	$ 94,304	$ 109,241	$ 127,118
Reconciliation of statutory and effective income tax rate
Tax provision at statutory rate (as a percent)									35.00%	35.00%	35.00%
State taxes (as a percent)									4.70%	4.00%	3.20%
Foreign taxes (as a percent)									(5.20%)	(4.80%)	(5.00%)
Tax contingencies (as a percent)											(0.10%)
Tax credits and incentives (as a percent)									(0.60%)	(0.50%)	(0.10%)
Other (as a percent)									(0.40%)	(0.30%)	(0.10%)
Total tax provision effective rate (as a percent)									33.50%	33.40%	32.90%

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Components of net deferred tax assets
Pension, postretirement and post employment benefits	$ 3,111	$ 2,964
Marketing and sales incentive programs	60,364	69,198
Allowance for credit losses	30,606	33,434
Other accrued liabilities	3,641	10,613
Tax loss and tax credit carry forwards	712	5,906
Total deferred tax assets	98,434	122,115
Deferred tax liabilities:
Equipment on operating lease	396,070	376,828
Deferred tax liability, net	$ (297,636)	$ (254,713)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Contingencies and Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of the gross amounts of tax contingencies at the beginning and end of the year
Balance, beginning of year		$ 8	$ 5,423
Reductions for tax positions of prior years			(492)
Settlements		(8)	(4,923)
Balance, end of year			8
Unrecognized tax benefits
Amount of unrecognized tax benefits that, if recognized, would affect the annual effective income tax rate	$ 0
Interest and penalties related to unrecognized tax benefits	0	0	(3,187)
Expected future payment of interest and penalties accrued related to unrecognized tax benefits	0	$ 0	$ (424)
Income tax examinations
Income Tax Examination, Estimate of Possible Loss	5,959
Income Tax Examination, Penalties and Interest Expense	(4,887)
Income Tax Examination, Increase (Decrease) in Liability from Prior Year	1,072
Undistributed earnings of non-U.S. subsidiaries	$ 412,000

FINANCIAL INSTRUMENTS - Generia

FINANCIAL INSTRUMENTS - Generial Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	42 months
After-tax losses deferred in accumulated other comprehensive (loss) income that will be recognized in interest expense over the next 12 months	$ 471

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 1,631	$ 1,188
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	5,646	1,027
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	3,977	3,863
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	58	91
Derivative assets not designated as hedging instruments, classified in other assets	4,035	3,954
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	3,977	3,863
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities	1,183
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	5,160	3,863
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss) (effective portion), Interest rate derivatives	1,277	(3,063)	$ (747)
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss) (effective portion), Interest rate derivatives - Interest expense to third parties	(694)	(3,979)	(4,502)
Foreign exchange contracts, other expenses, not designated as hedges	4,128	(329)	$ (285)
Interest Rate Derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	2,954,424	2,840,821
Thirteen-month average notional amounts of interest rate derivatives	$ 3,099,006	$ 2,876,380

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Foreign exchange contracts	$ 58	$ 91
Liabilities
Foreign exchange contracts	1,183
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	5,608	5,051
Foreign exchange contracts	58	91
Total assets	5,666	5,142
Liabilities
Interest rate derivatives	9,623	4,890
Foreign exchange contracts	1,183
Total liabilities	$ 10,806	$ 4,890

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value on a Nonrecurring Basis and Other Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equipment
Assets
Impairment on assets held for sale	$ 11,400	$ 28,893	$ 12,300
(Gains) losses on assets held for sale	(1,690)	(4,783)	8,180
Equipment | Non recurring basis | Level 3
Assets
Equipment held for sale	$ 155,473	$ 92,753
Retained Interests
Changes in Level 3 fair-value category
Balance at the beginning of the period			2,853
Total gains or losses (realized/unrealized) included in earnings			220
Settlements			$ (3,073)

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financial Instruments Not Carried at Fair Value
Receivables	$ 10,882,070	$ 11,637,025
Long-term debt	7,474,318	7,768,044
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	10,882,070	11,637,025
Long-term debt	7,474,318	7,768,044
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	10,885,595	11,653,032
Long-term debt	$ 7,364,581	$ 7,693,849

SEGMENT AND GEOGRAPHICAL INFO59

SEGMENT AND GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment And Geographical Information
Revenues	$ 235,184	$ 236,980	$ 240,639	$ 233,918	$ 231,958	$ 236,995	$ 234,541	$ 225,586	$ 946,721	$ 929,080	$ 934,751
Interest expense	76,711	$ 77,358	$ 79,059	$ 71,971	70,958	$ 73,109	$ 71,512	$ 74,694	305,099	290,273	286,428
Segment net income									187,512	217,599	259,250
Depreciation and amortization									249,470	195,418	142,852
Expenditures for equipment on operating leases									723,383	937,917	996,858
Provision (benefit) for credit losses									30,846	21,895	14,124
Additional disclosures
Segment assets	14,043,259				15,028,014				14,043,259	15,028,014	15,909,565
Managed receivables	10,966,965				11,731,749				10,966,965	11,731,749	12,884,569
Eliminations.
Segment And Geographical Information
Revenues									(4,175)	(4,052)	(4,887)
Interest expense									(4,175)	(4,052)	(4,887)
Additional disclosures
Segment assets	(374,161)				(285,774)				(374,161)	(285,774)	(214,269)
United States
Segment And Geographical Information
Segment net income									121,122	159,942	186,611
Depreciation and amortization									208,942	160,069	108,074
Expenditures for equipment on operating leases									555,219	789,035	861,815
Provision (benefit) for credit losses									35,867	20,440	10,706
Additional disclosures
Managed receivables	9,082,365				9,949,367				9,082,365	9,949,367	10,708,704
United States | Operating segment
Segment And Geographical Information
Revenues									780,071	762,790	741,869
Interest expense									269,560	249,209	236,835
Additional disclosures
Segment assets	12,016,606				13,088,630				12,016,606	13,088,630	13,430,826
Canada
Segment And Geographical Information
Segment net income									66,390	57,657	72,639
Depreciation and amortization									40,528	35,349	34,778
Expenditures for equipment on operating leases									168,164	148,882	135,043
Provision (benefit) for credit losses									(5,021)	1,455	3,418
Additional disclosures
Managed receivables	1,884,600				1,782,382				1,884,600	1,782,382	2,175,865
Canada | Operating segment
Segment And Geographical Information
Revenues									170,825	170,342	197,769
Interest expense									39,714	45,116	54,480
Additional disclosures
Segment assets	$ 2,400,814				$ 2,225,158				$ 2,400,814	$ 2,225,158	$ 2,693,008

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) CAD in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2015CAD	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates			$ 398,372	$ 408,979	$ 437,435
Affiliated receivables			83,843	171,658
Affiliated debt			132,851	22,642
Other information
Tax receivable due from related party				20,122
Accounts payable and other accrued liabilities payable to related parties			3,792	2,646
Equipment held for sale			199,983	161,340
Interest expense to related affiliates			7,218	21,182	30,477
Preferred stock redemption amount				60,416
Dividends paid to CNH Industrial Canada Ltd.				551	23,803
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail			170,425	193,008	228,023
Wholesale			156,654	151,960	161,308
Operating lease			70,138	63,955	48,035
Lending funds			1,155	56
CNH Industrial America
RELATED-PARTY TRANSACTIONS
Affiliated receivables			$ 49,526	$ 149,050
Rate of accounts and notes receivable (as a percent)			0.00%	0.00%
Rate of debt due (as a percent)			3.62%
Affiliated debt			$ 132,851
Other information
Equipment held for sale				$ 10,902	19,541
CNH Industrial America | Equipment Held For Sale
Other information
Equipment held for sale			1,401
CNH Industrial Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated receivables			$ 21,398	$ 10,258
Rate of accounts and notes receivable (as a percent)			0.00%	0.00%
Rate of debt due (as a percent)				3.33%
Affiliated debt				$ 22,642
CNH Industrial Canada Ltd. | CNH Industrial Capital Canada
Other information
Preferred stock redemption amount	CAD 76,618	$ 60,416
Reference rate for dividends	1-year LIBOR	1-year LIBOR
Margin on reference rate for dividends (as a percent)	1.20%	1.20%
Dividends paid to CNH Industrial Canada Ltd.	CAD 668	$ 551
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds					$ 69
Affiliated receivables			$ 12,919	$ 12,350
Rate of accounts and notes receivable (as a percent)			0.00%	0.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Wholesale and dealer financing $ in Thousands	Dec. 31, 2016USD ($)
Commitments
Total credit limit	$ 6,333,378
Utilized	$ 3,445,422

SUPPLEMENTAL CONDENSED CONSOL62

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Interest income on retail notes and finance leases									$ 211,506	$ 208,381	$ 204,452
Interest income on wholesale notes									68,910	72,326	74,450
Interest and other income from affiliates									398,372	408,979	437,435
Rental income on operating leases									243,531	214,187	165,914
Other income									24,402	25,207	52,500
Total revenues	$ 235,184	$ 236,980	$ 240,639	$ 233,918	$ 231,958	$ 236,995	$ 234,541	$ 225,586	946,721	929,080	934,751
Interest expense:
Interest expense to third parties									297,881	269,091	255,951
Interest expense to affiliates									7,218	21,182	30,477
Total interest expense	76,711	77,358	79,059	71,971	70,958	73,109	71,512	74,694	305,099	290,273	286,428
Administrative and operating expenses:
Fees charged by affiliates									45,225	46,771	49,539
Provision (benefit) for credit losses									30,846	21,895	14,124
Depreciation of equipment on operating leases									247,438	193,802	141,688
Other expenses									36,297	49,499	56,604
Total administrative and operating expenses	97,118	93,298	91,008	78,382	86,504	82,119	74,438	68,906	359,806	311,967	261,955
Total expenses									664,905	602,240	548,383
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									281,816	326,840	386,368
Income tax provision (benefit)	22,822	20,995	24,143	26,344	23,380	26,913	30,673	28,275	94,304	109,241	127,118
NET INCOME									187,512	217,599	259,250
Net income attributed to noncontrolling interest								(259)		(259)	(1,227)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 38,533	$ 45,329	$ 46,429	$ 57,221	$ 51,116	$ 54,854	$ 57,918	$ 53,452	187,512	217,340	258,023
COMPREHENSIVE INCOME									204,914	105,989	203,250
Comprehensive income attributed to noncontrolling interest										(259)	(1,227)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									204,914	105,730	202,023
Eliminations
REVENUES
Interest and other income from affiliates									(255,164)	(239,840)	(262,012)
Other income									(81,857)	(83,354)	(97,212)
Total revenues									(337,021)	(323,194)	(359,224)
Interest expense:
Interest expense to affiliates									(255,164)	(239,840)	(262,012)
Total interest expense									(255,164)	(239,840)	(262,012)
Administrative and operating expenses:
Fees charged by affiliates									(81,857)	(83,354)	(97,212)
Total administrative and operating expenses									(81,857)	(83,354)	(97,212)
Total expenses									(337,021)	(323,194)	(359,224)
Equity in income of consolidated subsidiaries accounted for under the equity method									(439,539)	(480,505)	(515,993)
NET INCOME									(439,539)	(480,505)	(515,993)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									(439,539)	(480,505)	(515,993)
COMPREHENSIVE INCOME									(471,657)	(272,863)	(412,788)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									(471,657)	(272,863)	(412,788)
CNH Industrial Capital LLC
REVENUES
Interest and other income from affiliates									97,254	85,976	96,352
Total revenues									97,254	85,976	96,352
Interest expense:
Interest expense to third parties									162,264	143,485	124,629
Total interest expense									162,264	143,485	124,629
Administrative and operating expenses:
Other expenses										1	1
Total administrative and operating expenses										1	1
Total expenses									162,264	143,486	124,630
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									(65,010)	(57,510)	(28,278)
Income tax provision (benefit)									(24,261)	(22,180)	(10,873)
Equity in income of consolidated subsidiaries accounted for under the equity method									228,261	252,670	275,428
NET INCOME									187,512	217,340	258,023
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									187,512	217,340	258,023
COMPREHENSIVE INCOME									204,914	105,730	202,023
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									204,914	105,730	202,023
Guarantor Entities
REVENUES
Interest income on retail notes and finance leases									15,990	7,242	9,696
Interest income on wholesale notes									(96)	(1,221)	(1,292)
Interest and other income from affiliates									232,020	222,387	220,950
Rental income on operating leases									196,911	168,943	108,568
Other income									103,422	105,784	142,031
Total revenues									548,247	503,135	479,953
Interest expense:
Interest expense to third parties									6,209	(2,468)	(7,328)
Interest expense to affiliates									226,544	226,079	245,133
Total interest expense									232,753	223,611	237,805
Administrative and operating expenses:
Fees charged by affiliates									43,469	44,711	40,103
Provision (benefit) for credit losses									9,879	4,148	(1,300)
Depreciation of equipment on operating leases									206,924	155,194	93,549
Other expenses									28,035	40,114	55,836
Total administrative and operating expenses									288,307	244,167	188,188
Total expenses									521,060	467,778	425,993
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									27,187	35,357	53,960
Income tax provision (benefit)									10,204	10,522	19,097
Equity in income of consolidated subsidiaries accounted for under the equity method									211,278	227,835	240,565
NET INCOME									228,261	252,670	275,428
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									228,261	252,670	275,428
COMPREHENSIVE INCOME									245,663	141,060	219,428
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									$ 245,663	141,060	219,428
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									$ 195,516	201,139	194,756
Interest income on wholesale notes									69,006	73,547	75,742
Interest and other income from affiliates									324,262	340,456	382,145
Rental income on operating leases									46,620	45,244	57,346
Other income									2,837	2,777	7,681
Total revenues									638,241	663,163	717,670
Interest expense:
Interest expense to third parties									129,408	128,074	138,650
Interest expense to affiliates									35,838	34,943	47,356
Total interest expense									165,246	163,017	186,006
Administrative and operating expenses:
Fees charged by affiliates									83,613	85,414	106,648
Provision (benefit) for credit losses									20,967	17,747	15,424
Depreciation of equipment on operating leases									40,514	38,608	48,139
Other expenses									8,262	9,384	767
Total administrative and operating expenses									153,356	151,153	170,978
Total expenses									318,602	314,170	356,984
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									319,639	348,993	360,686
Income tax provision (benefit)									108,361	120,899	118,894
NET INCOME									211,278	228,094	241,792
Net income attributed to noncontrolling interest										(259)	(1,227)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									211,278	227,835	240,565
COMPREHENSIVE INCOME									225,994	132,062	194,587
Comprehensive income attributed to noncontrolling interest										(259)	(1,227)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC									$ 225,994	$ 131,803	$ 193,360

SUPPLEMENTAL CONDENSED CONSOL63

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 164,247	$ 302,148	$ 347,987	$ 697,608
Restricted cash	712,845	795,721
Receivables, less allowance for credit losses	10,882,070	11,637,025
Affiliated accounts and notes receivable	83,843	171,658
Equipment on operating leases, net	1,858,443	1,796,501
Equipment held for sale	199,983	161,340
Goodwill and intangible assets, net	116,081	116,411
Other assets	25,747	47,210
TOTAL	14,043,259	15,028,014	15,909,565
Liabilities:
Short-term debt, including current maturities of long-term debt	4,262,629	5,031,218
Accounts payable and other accrued liabilities	806,743	754,678
Affiliated debt	132,851	22,642
Long-term debt	7,474,318	7,768,044
Total liabilities	12,676,541	13,576,582
Stockholder's equity	1,366,718	1,451,432	1,575,932	1,510,417
TOTAL	14,043,259	15,028,014
Eliminations
ASSETS
Affiliated accounts and notes receivable	(7,225,748)	(6,269,676)
Investments in consolidated subsidiaries accounted for under the equity method	(4,619,246)	(4,276,273)
Other assets	(4,296)	(4,637)
TOTAL	(11,849,290)	(10,550,586)
Liabilities:
Accounts payable and other accrued liabilities	(3,309,407)	(2,640,517)
Affiliated debt	(3,920,637)	(3,633,796)
Total liabilities	(7,230,044)	(6,274,313)
Stockholder's equity	(4,619,246)	(4,276,273)
TOTAL	(11,849,290)	(10,550,586)
CNH Industrial Capital LLC
ASSETS
Affiliated accounts and notes receivable	3,138,443	3,071,941
Investments in consolidated subsidiaries accounted for under the equity method	2,286,578	2,040,543
Other assets	3,870	6,714
TOTAL	5,428,891	5,119,198
Liabilities:
Short-term debt, including current maturities of long-term debt	500,000	500,000
Accounts payable and other accrued liabilities	295,365	292,958
Long-term debt	3,266,808	2,874,808
Total liabilities	4,062,173	3,667,766
Stockholder's equity	1,366,718	1,451,432
TOTAL	5,428,891	5,119,198
Guarantor Entities
ASSETS
Cash and cash equivalents	151,553	181,740	225,343	308,507
Restricted cash	100	100
Receivables, less allowance for credit losses	1,453,303	1,545,558
Affiliated accounts and notes receivable	2,293,055	1,662,314
Equipment on operating leases, net	1,526,746	1,540,425
Equipment held for sale	182,636	138,628
Investments in consolidated subsidiaries accounted for under the equity method	2,332,668	2,235,730
Goodwill and intangible assets, net	88,938	90,048
Other assets	(14,344)	23,780
TOTAL	8,014,655	7,418,323
Liabilities:
Short-term debt, including current maturities of long-term debt	45,289	14,011
Accounts payable and other accrued liabilities	2,688,323	2,489,211
Affiliated debt	2,936,479	2,764,128
Long-term debt	57,986	110,430
Total liabilities	5,728,077	5,377,780
Stockholder's equity	2,286,578	2,040,543
TOTAL	8,014,655	7,418,323
All Other Subsidiaries
ASSETS
Cash and cash equivalents	12,694	120,408	$ 122,644	$ 389,101
Restricted cash	712,745	795,621
Receivables, less allowance for credit losses	9,428,767	10,091,467
Affiliated accounts and notes receivable	1,878,093	1,707,079
Equipment on operating leases, net	331,697	256,076
Equipment held for sale	17,347	22,712
Goodwill and intangible assets, net	27,143	26,363
Other assets	40,517	21,353
TOTAL	12,449,003	13,041,079
Liabilities:
Short-term debt, including current maturities of long-term debt	3,717,340	4,517,207
Accounts payable and other accrued liabilities	1,132,462	613,026
Affiliated debt	1,117,009	892,310
Long-term debt	4,149,524	4,782,806
Total liabilities	10,116,335	10,805,349
Stockholder's equity	2,332,668	2,235,730
TOTAL	$ 12,449,003	$ 13,041,079

SUPPLEMENTAL CONDENSED CONSOL64

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	$ 643,312	$ 522,098	$ 542,016
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(10,765,513)	(14,010,588)	(19,051,010)
Collections of receivables	11,547,142	14,788,413	18,241,277
Change in restricted cash	86,176	41,489	(86,450)
Purchase of equipment on operating leases, net	(361,431)	(620,790)	(727,636)
Change in property and equipment and software, net	(890)	(1,702)	(2,685)
Net cash from (used in) investing activities	505,484	196,822	(1,626,504)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	110,209	(835,305)	524,696
Net change in indebtedness	(1,106,906)	301,513	348,974
Dividend paid to CNH Industrial America LLC	(290,000)	(170,000)	(115,000)
Preferred dividend paid to CNH Industrial Canada Ltd.		(551)	(23,803)
Redemption of preferred stock of subsidiary		(60,416)
Net cash from (used in) financing activities	(1,286,697)	(764,759)	734,867
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(137,901)	(45,839)	(349,621)
CASH AND CASH EQUIVALENTS
Beginning of period	302,148	347,987	697,608
End of period	164,247	302,148	347,987
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	158,127	292,721	291,073
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	6,888,764	8,295,661	12,300,701
Collections of receivables	(6,889,105)	(8,295,272)	(12,301,398)
Net cash from (used in) investing activities	(341)	389	(697)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(286,842)	(293,110)	(290,376)
Dividend paid to CNH Industrial America LLC	129,056
Net cash from (used in) financing activities	(157,786)	(293,110)	(290,376)
CNH Industrial Capital LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(102,001)	(126,019)	(483,934)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in indebtedness	392,001	296,019	598,934
Dividend paid to CNH Industrial America LLC	(290,000)	(170,000)	(115,000)
Net cash from (used in) financing activities	102,001	126,019	483,934
Guarantor Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(7,764)	722,712	178,599
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(8,577,888)	(11,582,973)	(15,819,248)
Collections of receivables	8,660,606	11,878,402	15,480,203
Purchase of equipment on operating leases, net	(255,439)	(605,011)	(665,734)
Change in property and equipment and software, net	(887)	(1,702)	(2,676)
Net cash from (used in) investing activities	(173,608)	(311,284)	(1,007,455)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	172,351	(556,700)	832,831
Net change in indebtedness	(21,166)	101,669	(87,139)
Net cash from (used in) financing activities	151,185	(455,031)	745,692
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(30,187)	(43,603)	(83,164)
CASH AND CASH EQUIVALENTS
Beginning of period	181,740	225,343	308,507
End of period	151,553	181,740	225,343
All Other Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	594,950	(367,316)	556,278
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(9,076,389)	(10,723,276)	(15,532,463)
Collections of receivables	9,775,641	11,205,283	15,062,472
Change in restricted cash	86,176	41,489	(86,450)
Purchase of equipment on operating leases, net	(105,992)	(15,779)	(61,902)
Change in property and equipment and software, net	(3)		(9)
Net cash from (used in) investing activities	679,433	507,717	(618,352)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	224,700	14,505	(17,759)
Net change in indebtedness	(1,477,741)	(96,175)	(162,821)
Dividend paid to CNH Industrial America LLC	(129,056)
Preferred dividend paid to CNH Industrial Canada Ltd.		(551)	(23,803)
Redemption of preferred stock of subsidiary		(60,416)
Net cash from (used in) financing activities	(1,382,097)	(142,637)	(204,383)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(107,714)	(2,236)	(266,457)
CASH AND CASH EQUIVALENTS
Beginning of period	120,408	122,644	389,101
End of period	$ 12,694	$ 120,408	$ 122,644

SUPPLEMENTAL QUARTERLY INFORM65

SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)
Revenues	$ 235,184	$ 236,980	$ 240,639	$ 233,918	$ 231,958	$ 236,995	$ 234,541	$ 225,586	$ 946,721	$ 929,080	$ 934,751
Interest expense	76,711	77,358	79,059	71,971	70,958	73,109	71,512	74,694	305,099	290,273	286,428
Administrative and operating expenses	97,118	93,298	91,008	78,382	86,504	82,119	74,438	68,906	359,806	311,967	261,955
Income tax provision	22,822	20,995	24,143	26,344	23,380	26,913	30,673	28,275	94,304	109,241	127,118
Net income attributed to noncontrolling interest								(259)		(259)	(1,227)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 38,533	$ 45,329	$ 46,429	$ 57,221	$ 51,116	$ 54,854	$ 57,918	$ 53,452	$ 187,512	$ 217,340	$ 258,023

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Feb. 22, 2017 CAD in Thousands, $ in Thousands	CAD	USD ($)
Subsequent event | Canadian retail committed asset-backed facility
Subsequent Events
Debt issued	CAD 408,264	$ 310,195