CNH Industrial Capital 10-K 3 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019USD ($)shares
Document and Entity Information
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Central Index Key	0001552493
Document Type	10-K
Document Period End Date	Dec. 31, 2019
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
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES
Interest income on retail notes and finance leases									$ 218,454	$ 201,269	$ 201,533
Interest income on wholesale notes									67,773	66,899	65,721
Interest and other income from affiliates									345,789	345,933	398,258
Rental income on operating leases									243,044	241,582	251,609
Other income									25,829	22,671	21,811
Total revenues	$ 225,352	$ 224,356	$ 229,112	$ 222,069	$ 214,561	$ 211,281	$ 226,141	$ 226,371	900,889	878,354	938,932
Interest expense:
Interest expense to third parties									333,147	317,747	311,128
Interest expense to affiliates									14,126	7,533	11,442
Total interest expense	84,866	88,779	85,247	88,381	86,491	81,557	78,804	78,428	347,273	325,280	322,570
Administrative and operating expenses:
Fees charged by affiliates									46,601	47,475	46,431
Provision for credit losses									35,703	31,699	40,898
Depreciation of equipment on operating leases									229,652	231,805	280,765
Other expenses									48,446	43,778	44,827
Total administrative and operating expenses	97,431	86,091	94,183	82,697	90,118	83,332	85,287	96,020	360,402	354,757	412,921
Total expenses									707,675	680,037	735,491
INCOME BEFORE TAXES									193,214	198,317	203,441
Income tax provision	7,568	12,965	11,898	11,780	6,819	8,111	14,422	12,120	44,211	41,472	(47,048)
NET INCOME	$ 35,487	$ 36,521	$ 37,784	$ 39,211	$ 31,133	$ 38,281	$ 47,628	$ 39,803	$ 149,003	$ 156,845	$ 250,489

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 35,487	$ 36,521	$ 37,784	$ 39,211	$ 31,133	$ 38,281	$ 47,628	$ 39,803	$ 149,003	$ 156,845	$ 250,489
Other comprehensive income (loss):
Foreign currency translation adjustment									21,593	(48,009)	40,868
Pension liability adjustment									2,850	665	499
Change in derivative financial instruments									(1,243)	508	2,606
Total other comprehensive income (loss)									23,200	(46,836)	43,973
COMPREHENSIVE INCOME									$ 172,203	$ 110,009	$ 294,462

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 174,966	$ 160,328
Restricted cash and cash equivalents	629,278	639,543
Receivables, less allowance for credit losses of $72,751 and $74,412, respectively	9,835,274	9,950,926
Affiliated accounts and notes receivable	64,307	43,389
Equipment on operating leases, net	1,783,283	1,724,217
Equipment held for sale	170,218	209,991
Goodwill	109,629	108,399
Other intangible assets, net	12,195	10,182
Other assets	74,937	84,937
TOTAL	12,854,087	12,931,912
Liabilities:
Short-term debt (including current maturities of long-term debt)	4,790,172	4,324,292
Accounts payable and other accrued liabilities	807,437	715,778
Affiliated debt	213,856	276,271
Long-term debt	5,779,581	6,259,839
Total liabilities	11,591,046	11,576,180
Commitments and contingent liabilities (Note 13)
Stockholder's equity:
Member's capital
Paid-in capital	843,749	843,643
Accumulated other comprehensive loss	(124,396)	(146,999)
Retained earnings	543,688	659,088
Total stockholder's equity	1,263,041	1,355,732
TOTAL	$ 12,854,087	$ 12,931,912

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Allowance for credit losses	$ 72,751	$ 74,412
Restricted cash and cash equivalents	629,278	639,543
Receivables, less allowance for credit losses of $48,413 and $54,124, respectively	9,835,274	9,950,926
TOTAL	12,854,087	12,931,912
Short-term debt (including current maturities of long-term debt)	4,790,172	4,324,292
Long-term debt	5,779,581	6,259,839
Total liabilities	11,591,046	11,576,180
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	48,413	54,124
Restricted cash and cash equivalents	629,278	639,543
Receivables, less allowance for credit losses of $48,413 and $54,124, respectively	6,748,621	6,687,828
TOTAL	7,377,899	7,327,371
Short-term debt (including current maturities of long-term debt)	3,274,216	3,241,347
Long-term debt	3,495,022	3,442,286
Total liabilities	$ 6,769,238	$ 6,683,633

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 149,003	$ 156,845	$ 250,489
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	229,653	231,812	280,789
Amortization of intangibles	1,790	2,114	2,112
Provision for credit losses	35,703	31,699	40,898
Deferred income tax expense (benefit)	38,421	28,254	(80,910)
Changes in components of working capital:
Change in affiliated accounts and notes receivables	(19,665)	29,203	92,400
Change in other assets and equipment held for sale	(5,456)	(50,798)	9,074
Change in accounts payable and other accrued liabilities	53,235	(66,248)	15,601
Net cash from (used in) operating activities	482,684	362,881	610,453
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(11,380,427)	(11,802,561)	(10,914,579)
Collections of receivables	11,551,430	12,072,940	11,405,857
Purchase of equipment on operating leases	(715,686)	(680,266)	(635,819)
Proceeds from disposal of equipment on operating leases	501,550	468,257	435,878
Change in property and equipment and software, net	(3,819)	(5,427)	(1,614)
Net cash from (used in) investing activities	(46,952)	52,943	289,723
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	1,509,528	1,138,573	1,186,763
Payment of affiliated debt	(1,571,943)	(1,292,749)	(898,230)
Proceeds from issuance of long-term debt	3,191,270	3,240,771	3,740,616
Payment of long-term debt	(3,409,576)	(3,630,702)	(4,955,232)
Change in short-term borrowings, net	114,362	182,596	309,373
Dividend paid to CNH Industrial America LLC	(265,000)	(130,000)	(285,000)
Net cash from (used in) financing activities	(431,359)	(491,511)	(901,710)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	4,373	(75,687)	(1,534)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year	799,871	875,558	877,092
End of year	804,244	799,871	875,558
CASH PAID DURING THE PERIOD FOR INTEREST	337,199	316,675	322,469
CASH PAID (RECEIVED) DURING THE PERIOD FOR TAXES	$ (41,129)	$ 47,577	$ 47,726

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	Total
BALANCE at Dec. 31, 2016	$ 844,100	$ (144,136)	$ 666,754	$ 1,366,718
Increase (Decrease) in Stockholder's Equity
Net income			250,489	250,489
Dividend paid to CNH Industrial America LLC			(285,000)	(285,000)
Foreign currency translation adjustment		40,868		40,868
Stock compensation	(541)			(541)
Pension liability adjustment, net of tax		499		499
Change in derivative financial instruments, net of tax		2,606		2,606
BALANCE at Dec. 31, 2017	843,559	(100,163)	632,243	1,375,639
Increase (Decrease) in Stockholder's Equity
Net income			156,845	156,845
Dividend paid to CNH Industrial America LLC			(130,000)	(130,000)
Foreign currency translation adjustment		(48,009)		(48,009)
Stock compensation	84			84
Pension liability adjustment, net of tax		665		665
Change in derivative financial instruments, net of tax		508		508
BALANCE at Dec. 31, 2018	843,643	(146,999)	659,088	1,355,732
Increase (Decrease) in Stockholder's Equity
Net income			149,003	149,003
Dividend paid to CNH Industrial America LLC			(265,000)	(265,000)
Foreign currency translation adjustment		21,593		21,593
Stock compensation	106			106
Reclassification of certain tax effects		(597)	597
Pension liability adjustment, net of tax		2,850		2,850
Change in derivative financial instruments, net of tax		(1,243)		(1,243)
BALANCE at Dec. 31, 2019	$ 843,749	$ (124,396)	$ 543,688	$ 1,263,041

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2019
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. 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. 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. Wholesale financing consists primarily of dealer floorplan financing, which 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. CNH Industrial Capital Canada purchases short-term wholesale receivables at a discount (“wholesale factoring”) from Iveco Argentina S.A. (“Iveco Argentina”), an indirect wholly-owned subsidiary of CNHI, from time to time. The purchase is consistent with factoring arrangements between CNHI’s industrial and financial services companies. The Company also finances other products, including insurance and equipment protection products underwritten through a third-party insurer. 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, 2019
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. Certain prior period balances have been reclassified to conform to the current year presentation. 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 estimated that amounts due are deemed uncollectible. 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 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 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. 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 2019 and 2018, 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 gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. The Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivative financial instruments 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 its hedging instruments 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 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which supersedes ASC 840, Leases (“ASC 840”) Subsequently, the FASB has issued additional ASUs, which further clarified this guidance. The ASU’s most prominent change is the requirement for lessees to recognize leased assets and liabilities classified as operating leases under the previous standard. The ASU did 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 requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted ASU 2016-02 on January 1, 2019, using the modified retrospective approach, without recasting prior periods. The adoption of this standard did not have a material impact on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), which amends ASC 815, Derivatives and Hedging . The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements and improve the disclosures of hedging arrangements. Among other provisions, the new standard (1) requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported, (2) eliminates the separate measurement and reporting of hedge ineffectiveness and (3) permits an entity to recognize in earnings the initial value of an excluded component under a systematic and rational method over the life of the derivative instrument. The Company adopted ASU 2017-12 on January 1, 2019. The adoption of this standard did not have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which amends ASC 220, Income Statement – Reporting Comprehensive Income . In December 2017, the U.S. government enacted new tax legislation (“U.S. Tax Reform”). Included in the provisions of U.S. Tax Reform was a reduction of the corporate income tax rate from 35 percent to 21 percent. U.S. GAAP requires that the remeasurement of deferred taxes to the new corporate tax rate occur in the period in which the legislation is enacted, with the deferred tax adjustment being recorded in the provision for income taxes, including items for which the tax effects were originally recorded in other comprehensive income (“OCI”). This treatment results in the items in OCI reflecting a disproportionate tax rate, a result often referred to as stranded tax effects. This ASU allowed a reclassification from accumulated OCI to retained earnings for stranded tax effects resulting from U.S. Tax Reform. The Company adopted ASU 2018-02 on January 1, 2019, and reclassified $597 of tax effects from “Accumulated other comprehensive loss” to “Retained earnings” within its consolidated balance sheet. In August 2018, the SEC adopted a final rule that amends certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. However, the guidance also added requirements for registrants to include in their interim financial statements a reconciliation of changes in stockholders’ equity for each period for which an income statement is required (both year-to-date and quarterly periods). The Company adopted the new interim disclosure requirement on January 1, 2019. The adoption of this standard did not have a material impact on its consolidated statements of changes in stockholder’s equity. New Accounting Pronouncements Not Yet Adopted 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 . In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”), which supersedes existing ASU 2016-13. 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. ASU 2018-19 is effective for annual periods beginning after December 15, 2019. The Company will adopt the new standard effective January 1, 2020, using the modified retrospective approach which requires the Company to recognize a cumulative-effect adjustment to the opening balance of “Retained earnings” in the period of adoption, without recasting prior periods. The Company estimates the adoption of this standard will impact equity by approximately $20 million to $30 million at January 1, 2020. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which amends ASC 820, Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The effective date is the first quarter of fiscal year 2021. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement (“ASU 2018-15”), which expands upon the guidance set forth in ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . ASU 2018-15 aligns the requirements for capitalization of implementation costs in a cloud computing service contract with those requirements for capitalization of implementation costs incurred for an internal-use software license. ASU 2018-15 may be applied prospectively from the date the guidance is first applied or retrospectively. ASU 2018-15 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The Company expects to adopt the ASU on a prospective basis. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”), which expands the application of a specific private company alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. Under the new guidance, to determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportionate basis, rather than in their entirety. ASU 2018-17 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted in any interim period. ASU 2018-17 is required to be applied retrospectively from the date the guidance is first applied. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019‑12, Simplifying the Accounting for Income Taxes (“ASU 2019‑12”). This ASU eliminates certain exceptions to the general principles in ASC 740, Income Taxes . Specifically, it eliminates the exception to (1) the incremental approach for intraperiod tax allocation when there is a loss from continuing operations, and income or a gain from other items; (2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019‑12 will be effective for the annual periods beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , which made targeted changes to standards on credit losses, hedging, and recognizing and measuring financial instruments to clarify them and address implementation issues. The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. On recognizing and measuring financial instruments, the amendments address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. The Company will adopt the amendments related to ASU 2016-13, ASU 2017-12 and ASU 2016-01 at January 1, 2020. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2019
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges. 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, 2019: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (146,726) $ (4,070) $ 3,025 $ (147,771) Tax asset — 1,573 (801) 772 Beginning balance, net of tax (146,726) (2,497) 2,224 (146,999) Other comprehensive income (loss) before reclassifications 21,593 3,408 (1,002) 23,999 Amounts reclassified from accumulated other comprehensive income (loss) — 360 (689) (329) Tax effects — (918) 448 (470) Net current-period other comprehensive income (loss) 21,593 2,850 (1,243) 23,200 Reclassification of certain tax effects — (597) — (597) Total $ (125,133) $ (244) $ 981 $ (124,396) 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, 2018: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (98,717) $ (4,952) $ 2,333 $ (101,336) Tax asset — 1,790 (617) 1,173 Beginning balance, net of tax (98,717) (3,162) 1,716 (100,163) Other comprehensive income (loss) before reclassifications (48,009) 419 726 (46,864) Amounts reclassified from accumulated other comprehensive income (loss) — 463 (34) 429 Tax effects — (217) (184) (401) Net current-period other comprehensive income (loss) (48,009) 665 508 (46,836) Total $ (146,726) $ (2,497) $ 2,224 $ (146,999) The reclassifications out of AOCI and the location on the consolidated statements of income for the years ended December 31, 2019 and 2018 are as follows: 2019 2018 Affected Line Item Amortization of defined benefit pension items: $ (360) $ (463) Various line items individually insignificant (360) Income before taxes 88 114 Income tax benefit $ (272) $ (349) Net of tax Unrealized losses on derivatives: $ 689 $ 34 Interest expense to third parties 689 34 Income before taxes (182) (9) Income tax benefit $ 507 $ 25 Net of tax

RECEIVABLES

RECEIVABLES	12 Months Ended
	Dec. 31, 2019
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of December 31, 2019 and 2018 is as follows: 2019 2018 Retail $ 656,518 $ 753,388 Wholesale 813,454 747,191 Finance lease 79,848 63,936 Restricted receivables 8,358,205 8,460,823 Gross receivables 9,908,025 10,025,338 Less: Allowance for credit losses (72,751) (74,412) Total receivables, net $ 9,835,274 $ 9,950,926 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 2019, 2018 or 2017 relating to the termination of dealer contracts. Wholesale factoring receivables represent short-term receivables purchased from Iveco Argentina. Maturities of receivables as of December 31, 2019, are as follows: 2020 $ 5,550,653 2021 1,510,133 2022 1,229,810 2023 904,638 2024 and thereafter 712,791 Total receivables $ 9,908,025 It has been the Company’s experience that substantial portions of retail receivables are repaid 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. Short-term receivables purchased from Iveco Argentina have significant concentrations of credit risk in the agricultural and commercial vehicles business sectors in Argentina. On a geographic basis, there is not a disproportionate concentration of credit risk in any area of the United States, Canada or Argentina. 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, 2019 and 2018: 2019 2018 Retail $ 5,531,885 $ 5,623,730 Wholesale 2,826,320 2,837,093 Total restricted receivables $ 8,358,205 $ 8,460,823 Retail Receivables Securitizations Within the U.S. retail receivables securitization programs, qualifying retail receivables are sold to bankruptcy‑remote SPEs. In turn, these SPEs either establish separate trusts to which the receivables are transferred in exchange for proceeds from asset‑backed securities issued by the trusts, or pledge the receivables as collateral in exchange for proceeds from a committed asset-backed facility. 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, 2019 and 2018, the Company executed $2,800,356 and $2,250,399, 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 originated through CNH Industrial North America’s dealer network. As of December 31, 2019 and 2018, $5,173,413 and $4,808,679, respectively, of asset‑backed securities issued to investors were outstanding with weighted average remaining maturities of 33 months and 30 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 $1,584,779 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 2021 and December 2021, 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 bankruptcy‑remote SPEs. As of December 31, 2019, debt issued through the U.S. master trust facility consists of two short-term facilities renewable at the discretion of the investors: $670,000 and $300,000. The Canadian master trust facility consists of a C$585,750 ($450,768) facility renewable December 2021 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 Company’s allowance for credit losses is segregated into three portfolio segments: retail, wholesale and wholesale factoring. 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 wholesale factoring segment represents the short-term receivables purchased from Iveco Argentina. Further, the Company evaluates its retail and wholesale 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, 2019 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ 66,944 $ 7,468 $ 74,412 Charge-offs (35,535) (5,102) (40,637) Recoveries 3,046 16 3,062 Provision 30,115 5,588 35,703 Foreign currency translation and other 180 31 211 Ending balance $ 64,750 $ 8,001 $ 72,751 Ending balance: individually evaluated for impairment $ 20,468 $ 3,173 $ 23,641 Ending balance: collectively evaluated for impairment $ 44,282 $ 4,828 $ 49,110 Receivables: Ending balance $ 6,268,251 $ 3,639,774 $ 9,908,025 Ending balance: individually evaluated for impairment $ 40,354 $ 29,448 $ 69,802 Ending balance: collectively evaluated for impairment $ 6,227,897 $ 3,610,326 $ 9,838,223 Allowance for credit losses activity for the year ended December 31, 2018 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ 73,610 $ 5,586 $ 79,196 Charge-offs (39,375) (1,567) (40,942) Recoveries 4,702 71 4,773 Provision 28,277 3,422 31,699 Foreign currency translation and other (270) (44) (314) Ending balance $ 66,944 $ 7,468 $ 74,412 Ending balance: individually evaluated for impairment $ 15,801 $ 4,825 $ 20,626 Ending balance: collectively evaluated for impairment $ 51,143 $ 2,643 $ 53,786 Receivables: Ending balance $ 6,441,054 $ 3,584,284 $ 10,025,338 Ending balance: individually evaluated for impairment $ 31,148 $ 24,513 $ 55,661 Ending balance: collectively evaluated for impairment $ 6,409,906 $ 3,559,771 $ 9,969,677 Allowance for credit losses activity for the year ended December 31, 2017 is as follows: Wholesale Retail Wholesale Factoring Total Allowance for credit losses: Beginning balance $ 78,047 $ 6,848 $ — $ 84,895 Charge-offs (46,460) (2,374) — (48,834) Recoveries 4,045 20 — 4,065 Provision 39,842 919 137 40,898 Foreign currency translation and other (1,864) 31 5 (1,828) Ending balance $ 73,610 $ 5,444 $ 142 $ 79,196 Ending balance: individually evaluated for impairment $ 18,018 $ 2,920 $ — $ 20,938 Ending balance: collectively evaluated for impairment $ 55,592 $ 2,524 $ 142 $ 58,258 Receivables: Ending balance $ 6,868,886 $ 3,396,021 $ 235,834 $ 10,500,741 Ending balance: individually evaluated for impairment $ 38,807 $ 43,912 $ — $ 82,719 Ending balance: collectively evaluated for impairment $ 6,830,079 $ 3,352,109 $ 235,834 $ 10,418,022 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 loss or collection effort. Platinum — Customers from whom the Company expects minimal, if any, loss or collection effort. Gold, Silver, Bronze — Customers defined as those with the potential for loss and collection effort. A breakdown of the retail portfolio by the customer’s risk grade at the time of origination as of December 31, 2019 and 2018 is as follows: 2019 2018 Titanium $ $ Platinum Gold 943,816 Silver 146,484 152,338 Bronze 36,066 34,877 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, 2019 and 2018 is as follows: 2019 2018 A $ 1,416,584 $ 1,582,179 B 1,366,725 1,292,331 C 618,684 527,735 D 237,781 182,039 Total $ 3,639,774 $ 3,584,284 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, 2019 and 2018 is as follows: 2019 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 $ 19,781 $ 5,896 $ 29,192 $ 54,869 $ 5,001,400 $ 5,056,269 $ 7,356 Canada $ 4,470 $ 1,063 $ 4,703 $ 10,236 $ 1,201,746 $ 1,211,982 $ 1,167 Wholesale United States $ 2,081 $ 42 $ 551 $ 2,674 $ 2,887,599 $ 2,890,273 $ 189 Canada $ 57 $ 370 $ 571 $ 998 $ 748,503 $ 749,501 $ 4 Total Retail $ 24,251 $ 6,959 $ 33,895 $ 65,105 $ 6,203,146 $ 6,268,251 $ 8,523 Wholesale $ 2,138 $ 412 $ 1,122 $ 3,672 $ 3,636,102 $ 3,639,774 $ 193 2018 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 $ 19,318 $ 6,372 $ 24,772 $ 50,462 $ 5,239,777 $ 5,290,239 $ 4,573 Canada $ 1,398 $ 510 $ 2,326 $ 4,234 $ 1,146,581 $ 1,150,815 $ 911 Wholesale United States $ 484 $ 10 $ 1,368 $ 1,862 $ 2,788,655 $ 2,790,517 $ 387 Canada $ 3 $ — $ 436 $ 439 $ 793,328 $ 793,767 $ 1 Total Retail $ 20,716 $ 6,882 $ 27,098 $ 54,696 $ 6,386,358 $ 6,441,054 $ 5,484 Wholesale $ 487 $ 10 $ 1,804 $ 2,301 $ 3,581,983 $ 3,584,284 $ 388 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, 2019 and 2018, the Company’s recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances, allowances and average recorded investment (based on a thirteen-month average) are as follows: 2019 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment Retail United States $ 39,280 $ 37,300 $ 19,784 $ 40,215 Canada $ 1,074 $ 1,046 $ 684 $ 904 Wholesale United States $ 29,448 $ 29,211 $ 3,173 $ 36,760 Total Retail $ 40,354 $ 38,346 $ 20,468 $ 41,119 Wholesale $ 29,448 $ 29,211 $ 3,173 $ 36,760 2018 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment Retail United States $ 30,959 $ 29,783 $ 15,347 $ 32,787 Canada $ 189 $ 180 $ 454 $ 248 Wholesale United States $ 24,513 $ 22,985 $ 4,825 $ 27,269 Total Retail $ 31,148 $ 29,963 $ 15,801 $ 33,035 Wholesale $ 24,513 $ 22,985 $ 4,825 $ 27,269 As of December 31, 2019 and 2018, the Company’s impaired receivables individually evaluated for impairment without an allowance were immaterial. Interest income recognized on impaired receivables for the years ended December 31, 2019 and 2018 was immaterial. 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, 2019 and 2018 are as follows: 2019 2018 Retail Wholesale Total Retail Wholesale Total United States $ 33,463 $ 29,211 $ 62,674 $ 27,069 $ 22,985 $ 50,054 Canada $ 3,749 $ — $ 3,749 $ 1,428 $ — $ 1,428 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 that is 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 the 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, 2019, the Company had 279 retail and finance lease contracts classified as TDRs where a court has determined the concession. The pre‑modification value of these contracts was $10,049 and the post‑modification value was $9,110. Additionally, the Company had 323 accounts with a balance of $14,850 undergoing bankruptcy proceedings where a concession has not yet been determined. As of December 31, 2018, the Company had 254 retail and finance lease contracts classified as TDRs where a court has determined the concession. The pre‑modification value of these contracts was $8,118 and the post‑modification value was $7,272. Additionally, the Company had 371 accounts with a balance of $17,129 undergoing bankruptcy proceedings where a concession has not yet been determined. As the outcome of the bankruptcy cases is determined by the 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, 2019 and 2018. As of December 31, 2019 and 2018, the Company’s wholesale TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 is as follows: 2019 2018 Equipment on operating leases $ 2,109,682 $ 2,052,822 Accumulated depreciation (326,399) (328,605) Total equipment on operating leases, net $ 1,783,283 $ 1,724,217 Depreciation expense totaled $229,652, $231,805 and $280,765 for the years ended December 31, 2019, 2018 and 2017, respectively. Lease payments owed to the Company for equipment under non‑cancelable operating leases (excluding deferred operating lease subsidy of $119,222) as of December 31, 2019 are as follows: 2020 $ 196,629 2021 145,212 2022 61,045 2023 20,534 2024 and thereafter 4,150 Total lease payments $ 427,570

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 are as follows: 2019 2018 Balance, beginning of year $ 108,399 $ 110,588 Foreign currency translation adjustment 1,230 (2,189) Balance, end of year $ 109,629 $ 108,399 Goodwill is tested for impairment at least annually. During 2019, 2018 and 2017, the Company performed its annual impairment review as of December 31 and concluded that there were no impairments in any year. As of December 31, 2019 and 2018, the Company’s intangible asset and related accumulated amortization for its software is as follows: 2019 2018 Software $ 34,427 $ 30,625 Accumulated amortization (22,232) (20,443) Total software, net $ 12,195 $ 10,182 The Company recorded amortization expense of $1,790, $2,114 and $2,112 during 2019, 2018 and 2017, 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: $1,204 in 2020; $639 in 2021; $364 in 2022; $178 in 2023; and $55 in 2024.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2019
OTHER ASSETS
OTHER ASSETS	NOTE 7: OTHER ASSETS The components of other assets as of December 31, 2019 and 2018 are as follows: 2019 2018 Derivative assets $ 39,172 $ 16,665 Deferred tax assets 12,820 14,955 Tax receivables — 39,174 Other current assets 22,945 14,143 Total other assets $ 74,937 $ 84,937

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	12 Months Ended
	Dec. 31, 2019
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, 2019: 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 2021 $ 1,200,000 $ — $ 47,658 $ 210,928 $ 941,414 Retail - Canada Dec 2021 384,779 — 39,212 196,262 149,305 Wholesale VFN - U.S. Various 970,000 970,000 — — — Wholesale VFN - Canada Dec 2021 450,768 440,933 — — 9,835 3,005,547 1,410,933 86,870 407,190 1,100,554 Secured Debt Amortizing retail term ABS - N.A. Various 4,879,718 — 1,776,413 3,103,305 — Other ABS financing - N.A. Various 293,695 — 33,200 260,495 — Unamortized issuance costs (15,504) — — (15,504) — 5,157,909 — 1,809,613 3,348,296 — Unsecured Credit Lines and Facilities Credit lines Various 150,000 150,000 — — — Revolving credit facilities Various 846,344 — 346,301 100,043 400,000 Unamortized issuance costs (1,591) — — (1,591) — 994,753 150,000 346,301 98,452 400,000 Unsecured Debt Commercial paper Various 389,300 389,300 — — — Notes Various 2,500,000 — 600,000 1,900,000 — Hedging effects, discounts and unamortized issuance costs 22,798 (2,282) (563) 25,643 — 2,912,098 387,018 599,437 1,925,643 — Total credit facilities and debt $ 12,070,307 $ 1,947,951 $ 2,842,221 $ 5,779,581 $ 1,500,554 (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, 2019, for 2021 and thereafter is as follows: 2021 $ 2,706,457 2022 1,658,327 2023 640,627 2024 741,060 2025 and thereafter 33,110 Total $ 5,779,581 The following table summarizes the Company’s credit facilities, borrowings thereunder and availability at December 31, 2018: 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 2020 $ 1,200,000 $ — $ 139,556 $ 474,294 $ 586,150 Retail - Canada Dec 2020 366,870 — 18,095 27,861 320,914 Wholesale VFN - U.S. Various 800,000 800,000 — — — Wholesale VFN - Canada Dec 2020 429,788 429,788 — — — 2,796,658 1,229,788 157,651 502,155 907,064 Secured Debt Amortizing retail term ABS - N.A. Various 4,808,679 — 1,853,908 2,954,771 — Unamortized issuance costs (14,779) — — (14,779) — 4,793,900 — 1,853,908 2,939,992 — Unsecured Credit Lines and Facilities Credit lines Various 195,386 195,386 — — — Revolving credit facilities Various 825,569 — — 330,183 495,386 1,020,955 195,386 — 330,183 495,386 Unsecured Debt Commercial paper Various 389,000 389,000 — — — Notes Various 3,000,000 — 500,000 2,500,000 — Hedging effects, discounts and unamortized issuance costs (13,932) (1,108) (333) (12,491) — 3,375,068 387,892 499,667 2,487,509 — Total credit facilities and debt $ 11,986,581 $ 1,813,066 $ 2,511,226 $ 6,259,839 $ 1,402,450 (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 $1,584,779. 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 banks 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 Credit Line, Facilities and Debt As of December 31, 2019, the Company had a fully-drawn uncommitted credit line totaling $150,000, which matured in January 2020. Committed unsecured facilities with banks as of December 31, 2019 totaled $846,344. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. As of December 31, 2019, the Company had $446,344 outstanding under these credit facilities. Included in the remaining available credit commitments is $389,300 maintained primarily to provide backup liquidity for commercial paper borrowings. Our outstanding commercial paper totaled $389,300 as of December 31, 2019. As of December 31, 2019, the Company’s outstanding unsecured senior notes were as follows: 4.375% notes, due 2020 $ 600,000 4.875% notes, due 2021 500,000 3.875% notes, due 2021 400,000 4.375% notes, due 2022 500,000 4.200% notes, due 2024 500,000 Hedging, discounts and unamortized issuance costs 25,080 Total $ 2,525,080 These notes, which are senior unsecured obligations of CNH Industrial Capital LLC, are guaranteed by CNH Industrial Capital America and New Holland Credit. On July 15, 2019, the Company repaid $500,000 of its 3.375% unsecured notes due 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 Interest Rates The weighted‑average interest rate on total short‑term debt outstanding at December 31, 2019 and 2018 was 2.4% and 3.0%, respectively. The weighted‑average interest rate on total long‑term debt (including current maturities of long‑term debt) at December 31, 2019 and 2018 was 3.1% for both years. The average rate is calculated using the actual rates at December 31, 2019 and 2018, 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 $50,000. 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, 2019
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 CNH Industrial U.S. Holdings, Inc., a wholly-owned subsidiary of CNHI. CNH Industrial U.S. Holdings, Inc. is the new parent of Case New Holland Inc., who remains the 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, 2019, 2018, and 2017 are as follows, with foreign defined as any income earned outside the United States: 2019 2018 2017 Domestic $ 134,971 $ 120,375 $ 121,729 Foreign 58,243 77,942 81,712 Income before taxes $ 193,214 $ 198,317 $ 203,441 The provision for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Current income tax expense (benefit): Domestic $ (4,445) $ (11,719) $ 16,151 Foreign 10,235 24,937 17,711 Total current income tax expense 5,790 13,218 33,862 Deferred income tax expense (benefit): Domestic 35,125 34,304 (83,647) Foreign 3,296 (6,050) 2,737 Total deferred income tax expense 38,421 28,254 (80,910) Total tax provision $ 44,211 $ 41,472 $ (47,048) A reconciliation of CNH’s statutory and effective income tax rate for the years ended December 31, 2019, 2018, and 2017 is as follows: 2019 2018 2017 Tax provision at statutory rate 21.0 % 21.0 % 35.0 % State taxes 4.4 1.8 5.9 Foreign taxes (1.8) (3.4) (8.5) Tax contingencies 0.1 2.5 — Withholding taxes and credits — 1.5 — Tax credits and incentives (0.7) (0.9) (0.6) Tax rate and legislative changes — (1.4) (54.5) Other (0.1) (0.2) (0.4) Total tax provision effective rate 22.9 % 20.9 % (23.1) % The components of the Company’s net deferred tax liability as of December 31, 2019 and 2018 are as follows: 2019 2018 Deferred tax assets: Pension, postretirement and post-employment benefits $ 1,964 $ 1,918 Marketing and sales incentive programs 56,569 53,259 Allowance for credit losses 17,242 17,534 Other accrued liabilities 14,501 7,825 Tax loss and tax credit carry forwards 10,693 4,314 Total deferred tax assets $ 100,969 $ 84,850 Deferred tax liability: Equipment on operating lease $ 374,386 $ 320,070 Deferred tax liability, net (1) $ (273,417) $ (235,220) (1) In the accompanying consolidated balance sheets, the US net deferred tax position in 2019 and 2018 is included in “Accounts payable and other accrued liabilities” while the Canadian net deferred tax position in 2019 and 2018 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: 2019 2018 2017 Balance, beginning of year $ 4,274 $ — $ — Additions based on tax positions related to the current year — 4,274 — Reductions for tax positions of prior years — — — Settlements — — — Balance, end of year $ 4,274 $ 4,274 $ — The total amount of unrecognized tax benefits that, if recognized, would affect the annual effective income tax rate is $4,274. The Company recognizes interest and penalties accrued related to tax contingencies in income tax expense. During the years ended December 31, 2019, 2018 and 2017, the Company recognized approximately $280, $686 and $0, respectively, in interest and penalties. The Company had approximately $966, $686 and $0 for the expected future payment of interest and penalties accrued at December 31, 2019, 2018 and 2017, respectively. The Company has open tax years from 2012 to 2019. The Company does not believe the resolution of any outstanding tax examinations will have a material adverse effect on the Company’s financial position or its results of operations. On December 22, 2017, the U.S. enacted the U.S. Tax Act which included, among other things, a reduction in the corporate tax rate from 35% to 21% and a tax on deemed repatriation of the undistributed earnings of foreign subsidiaries. As a result, in the fourth quarter of 2017, the Company recorded an estimated net tax benefit of $111,000, which included the revaluation of its net deferred tax liability and the tax charge on the deemed repatriation. In the fourth quarter of 2018, the Company filed its 2017 U.S. corporate income tax return and subsequently booked an additional benefit of $2,739 to reflect the final increment of corporate tax reform, thus resulting in an overall benefit of $113,739. In addition, amongst other items, the U.S. Tax Act enacted a tax upon global intangible low tax income (the “GILTI tax”). The Company has made a policy election to account for the GILTI tax as a current period cost, rather than under the deferred tax method. At December 31, 2019, there are no material deferred tax liabilities on undistributed earnings of subsidiaries outside of the U.S.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 10: FINANCIAL INSTRUMENTS The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would 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 has not elected the fair value measurement option for eligible items. Fair‑Value Hierarchy The hierarchy of valuation techniques for financial instruments is 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 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 use 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 enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in 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 as cash flow hedges are being used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed‑rate debt in future periods. Gains and losses on these instruments 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. As of December 31, 2019, 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 50 months. As of December 31, 2019, the after‑tax gains deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately $475. The Company also enters into offsetting 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. 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, 2019, 2018 and 2017. All of the Company’s interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of the Company’s interest rate derivatives was $3,004,709 and $2,960,191 at December 31, 2019 and 2018, respectively. The thirteen‑month average notional amounts as of December 31, 2019 and 2018 were $2,967,321 and $2,947,318, 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, 2019 and 2018 in the consolidated balance sheets are recorded as follows: 2019 2018 Derivatives Designated as Hedging Instruments Other assets: Interest rate derivatives $ 38,732 $ 15,422 Accounts payable and other accrued liabilities: Interest rate derivatives $ 1,243 $ 8,107 Derivatives Not Designated as Hedging Instruments Other assets: Interest rate derivatives $ 440 $ 1,157 Foreign exchange contracts — 86 Total $ 440 $ 1,243 Accounts payable and other accrued liabilities: Interest rate derivatives $ 440 $ 1,157 Foreign exchange contracts 800 — Total $ 1,240 $ 1,157 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, 2019, 2018 and 2017 are recorded in the following accounts: 2019 2018 2017 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss): Interest rate derivatives $ (1,002) $ 726 $ 2,797 Reclassified from accumulated other comprehensive income (loss): Interest rate derivatives—Interest expense to third parties 689 34 (749) Not Designated as Hedges Foreign exchange contracts—Other expenses $ 3,098 $ $ 1,155 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, 2019 and 2018, all of which are measured as Level 2: 2019 2018 Assets Interest rate derivatives $ 39,172 $ 16,579 Foreign exchange contracts — 86 Total assets $ 39,172 $ 16,665 Liabilities Interest rate derivatives $ 1,683 $ 9,264 Foreign exchange contracts 800 — Total liabilities $ 2,483 $ 9,264 There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. 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. Certain equipment held for sale measured at fair value on a nonrecurring basis was $109,088 and $156,463 as of December 31, 2019 and 2018, 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, 2019, 2018 and 2017, the Company recorded impairment losses on equipment held for sale of $2,010, $2,894 and $5,646, respectively. In addition, the Company recorded net losses on the sale of the equipment held of $14,504, $11,018 and $9,784 for the years ended December 31, 2019, 2018 and 2017, respectively. Both the impairment losses and the losses 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 and cash equivalents, 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 and cash equivalents 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, 2019 and 2018 are as follows: 2019 2018 Carrying Estimated Carrying Estimated Amount Fair Value * Amount Fair Value * Receivables $ 9,835,274 $ 9,870,076 $ 9,950,926 $ 9,589,920 Long-term debt $ 5,779,581 $ $ 6,259,839 $ 6,149,778 * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long‑term debt measurements are classified as Level 2. Receivables The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk. Long-term debt The fair values of long‑term debt were based on current market quotes for identical or similar borrowings and credit risk.

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION	12 Months Ended
	Dec. 31, 2019
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 11: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: 2019 2018 2017 Revenues United States $ 725,529 $ 693,191 $ 756,210 Canada 184,279 192,645 187,107 Eliminations (8,919) (7,482) (4,385) Total $ 900,889 $ 878,354 $ 938,932 Interest expense United States $ 290,861 $ 276,956 $ 279,542 Canada 65,331 55,806 47,413 Eliminations (8,919) (7,482) (4,385) Total $ 347,273 $ 325,280 $ 322,570 Net income United States $ 104,291 $ 97,790 $ 189,225 Canada 44,712 59,055 61,264 Total $ 149,003 $ 156,845 $ 250,489 Depreciation and amortization United States $ 187,964 $ 191,347 $ 238,037 Canada 43,479 42,579 44,864 Total $ 231,443 $ 233,926 $ 282,901 Expenditures for equipment on operating leases United States $ 575,269 $ 533,706 $ 507,349 Canada 140,417 146,560 128,470 Total $ 715,686 $ 680,266 $ 635,819 Provision for credit losses United States $ 32,201 $ 28,932 $ 40,516 Canada 3,502 2,767 382 Total $ 35,703 $ 31,699 $ 40,898 2019 2018 2017 Total assets United States $ 10,439,737 $ 10,482,805 $ 10,738,403 Canada 2,566,635 2,511,839 2,838,754 Eliminations (152,285) (62,732) (65,079) Total $ 12,854,087 $ 12,931,912 $ 13,512,078 Managed receivables United States $ 7,946,542 $ 8,080,756 $ 8,265,090 Canada 1,961,483 1,944,582 2,235,651 Total $ 9,908,025 $ 10,025,338 $ 10,500,741

RELATED - PARTY TRANSACTIONS

RELATED - PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
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. In addition, the Company receives income from Iveco Argentina for wholesale factoring receivables purchased at a discount. The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income at December 31, 2019, 2018, and 2017 is as follows: 2019 2018 2017 Subsidy from CNH Industrial North America Retail $ 160,361 $ 149,363 $ 157,496 Wholesale 122,582 123,615 166,426 Operating lease 60,221 60,841 68,987 Income from Iveco Argentina Wholesale factoring 2,187 10,881 5,199 Income from affiliated receivables CNH Industrial North America — 1,096 — Other affiliates 438 137 150 Total interest and other income from affiliates $ 345,789 $ 345,933 $ 398,258 Interest expense to affiliates was $14,126, $7,533 and $11,442, respectively, for the years ended December 31, 2019, 2018 and 2017. Fees charged by affiliates were $46,601 and $47,475 and $46,431 for the years ended December 31, 2019, 2018 and 2017, respectively, and represents payroll and other human resource services CNH Industrial America performs on behalf of the Company. As of December 31, 2019 and 2018, the Company had various accounts and notes receivable and debt with the following affiliates: 2019 2018 Rate Maturity Amount Rate Maturity Amount Affiliated receivables CNH Industrial America — $ 24,832 — $ CNH Industrial Canada Ltd. — 26,931 — Other affiliates — 12,544 — Total affiliated receivables $ 64,307 $ Affiliated debt CNH Industrial America $ 213,856 $ 99,455 CNH Industrial Canada Ltd. — — — 176,816 Total affiliated debt $ 213,856 $ 276,271 Included in “Other Assets” in the accompanying balance sheet were tax receivables due from related parties of $39,174 as of December 31, 2018. Accounts payable and other accrued liabilities, including tax payables, of $20,527 and $4,740, respectively, as of December 31, 2019 and 2018, were payable to related parties.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
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. Guarantees The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNHI for approximately $45,000. The guarantees are in effect for the term of the underlying funding facilities. Commitments The Company has various agreements to extend credit for the wholesale and dealer financing managed portfolio. At December 31, 2019, the total credit limit available was $6,036,391, of which $3,544,017 was utilized.

SUPPLEMENTAL CONDENSED CONSOLID

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 and for the three years ended December 31, 2019. 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, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 15,630 $ 202,824 $ — $ 218,454 Interest income on wholesale notes — (1,051) 68,824 — 67,773 Interest and other income from affiliates 50,877 204,027 202,931 (112,046) 345,789 Rental income on operating leases — 189,019 54,025 — 243,044 Other income — 89,768 2,331 (66,270) 25,829 Total revenues 50,877 497,393 530,935 (178,316) 900,889 EXPENSES Interest expense: Interest expense to third parties 163,358 (28,393) 198,182 — 333,147 Interest expense to affiliates — 82,408 43,764 (112,046) 14,126 Total interest expense 163,358 54,015 241,946 (112,046) 347,273 Administrative and operating expenses: Fees charged by affiliates — 44,700 68,171 (66,270) 46,601 Provision for credit losses — 14,492 21,211 — 35,703 Depreciation of equipment on operating leases — 186,174 43,478 — 229,652 Other expenses 24 35,678 12,744 — 48,446 Total administrative and operating expenses 24 281,044 145,604 (66,270) 360,402 Total expenses 163,382 335,059 387,550 (178,316) 707,675 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (112,505) 162,334 143,385 — 193,214 Income tax provision (benefit) (27,470) 38,305 33,376 — 44,211 Equity in income of consolidated subsidiaries accounted for under the equity method 234,038 110,009 — (344,047) — NET INCOME $ 149,003 $ 234,038 $ 110,009 $ (344,047) $ 149,003 COMPREHENSIVE INCOME $ 172,203 $ 257,238 $ 126,963 $ (384,201) $ 172,203 Condensed Balance Sheets as of December 31, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 121,200 $ 53,766 $ — $ 174,966 Restricted cash and cash equivalents — — 629,278 — 629,278 Receivables, less allowance for credit losses — 1,512,786 8,322,488 — 9,835,274 Affiliated accounts and notes receivable 1,549,666 2,257,928 2,553,665 (6,296,952) 64,307 Equipment on operating leases, net — 1,394,706 388,577 — 1,783,283 Equipment held for sale — 154,050 16,168 — 170,218 Investments in consolidated subsidiaries accounted for under the equity method 3,053,394 2,565,785 — (5,619,179) — Goodwill and intangible assets, net — 93,767 28,057 — 121,824 Other assets 4,236 58,048 16,209 (3,556) 74,937 TOTAL $ 4,607,296 $ 8,158,270 $ 12,008,208 $ (11,919,687) $ 12,854,087 LIABILITIES AND STOCKHOLDER’S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ 1,136,455 $ 33,200 $ 3,620,517 $ — $ 4,790,172 Accounts payable and other accrued liabilities 283,748 3,449,690 1,261,411 (4,187,412) 807,437 Affiliated debt — 1,361,490 965,462 (2,113,096) 213,856 Long-term debt 1,924,052 260,496 3,595,033 — 5,779,581 Total liabilities 3,344,255 5,104,876 9,442,423 (6,300,508) 11,591,046 Stockholder’s equity 1,263,041 3,053,394 2,565,785 (5,619,179) 1,263,041 TOTAL $ 4,607,296 $ 8,158,270 $ 12,008,208 $ (11,919,687) $ 12,854,087 Condensed Statements of Cash Flows for the Year Ended December 31, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 679,561 $ 614,888 $ (112,906) $ (698,859) $ 482,684 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (9,177,042) (9,593,836) 7,390,451 (11,380,427) Collections of receivables — 9,122,287 9,819,438 (7,390,295) 11,551,430 Purchase of equipment on operating leases, net — (166,891) (47,245) — (214,136) Change in property and equipment and software, net — (3,819) — — (3,819) Net cash from (used in) investing activities — (225,465) 178,357 156 (46,952) CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (680,436) (80,682) 698,703 (62,415) Net change in indebtedness (414,561) 293,705 16,912 — (103,944) Dividends paid to CNH Industrial America LLC (265,000) — — — (265,000) Net cash from (used in) financing activities (679,561) (386,731) (63,770) 698,703 (431,359) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — 2,692 1,681 — 4,373 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of year — 118,508 681,363 — 799,871 End of year $ — $ 121,200 $ 683,044 $ — $ 804,244 Condensed Statements of Comprehensive Income for the Year Ended December 31, 2018 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 9,170 $ 192,099 $ — $ 201,269 Interest income on wholesale notes — (1,030) 67,929 — 66,899 Interest and other income from affiliates 70,880 200,821 297,443 (223,211) 345,933 Rental income on operating leases — 187,089 54,493 — 241,582 Other income — 87,710 2,842 (67,881) 22,671 Total revenues 70,880 483,760 614,806 (291,092) 878,354 EXPENSES Interest expense: Interest expense to third parties 156,839 (8,767) 169,675 — 317,747 Interest expense to affiliates — 199,890 30,854 (223,211) 7,533 Total interest expense 156,839 191,123 200,529 (223,211) 325,280 Administrative and operating expenses: Fees charged by affiliates — 45,545 69,811 (67,881) 47,475 Provision for credit losses — 8,445 23,254 — 31,699 Depreciation of equipment on operating leases — 189,228 42,577 — 231,805 Other expenses 22 18,249 25,507 — 43,778 Total administrative and operating expenses 22 261,467 161,149 (67,881) 354,757 Total expenses 156,861 452,590 361,678 (291,092) 680,037 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (85,981) 31,170 253,128 — 198,317 Income tax provision (benefit) (20,995) 11,010 51,457 — 41,472 Equity in income of consolidated subsidiaries accounted for under the equity method 221,831 201,671 — (423,502) — NET INCOME $ 156,845 $ 221,831 $ 201,671 $ (423,502) $ 156,845 COMPREHENSIVE INCOME $ 110,009 $ 174,995 $ 161,250 $ (336,245) $ 110,009 Condensed Balance Sheets as of December 31, 2018 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 118,508 $ 41,820 $ — $ 160,328 Restricted cash and cash equivalents — — 639,543 — 639,543 Receivables, less allowance for credit losses — 1,472,678 8,478,248 — 9,950,926 Affiliated accounts and notes receivable 2,310,137 2,122,129 2,268,477 (6,657,354) 43,389 Equipment on operating leases, net — 1,357,493 366,724 — 1,724,217 Equipment held for sale — 192,772 17,219 — 209,991 Investments in consolidated subsidiaries accounted for under the equity method 2,796,050 2,461,139 — (5,257,189) — Goodwill and intangible assets, net — 91,754 26,827 — 118,581 Other assets 11,140 56,517 20,681 (3,401) 84,937 TOTAL $ 5,117,327 $ 7,872,990 $ 11,859,539 $ (11,917,944) $ 12,931,912 LIABILITIES AND STOCKHOLDER’S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ 987,559 $ — $ 3,336,733 $ — $ 4,324,292 Accounts payable and other accrued liabilities 286,527 3,035,024 1,243,183 (3,848,956) 715,778 Affiliated debt — 2,041,926 1,046,144 (2,811,799) 276,271 Long-term debt 2,487,509 (10) 3,772,340 — 6,259,839 Total liabilities 3,761,595 5,076,940 9,398,400 (6,660,755) 11,576,180 Stockholder’s equity 1,355,732 2,796,050 2,461,139 (5,257,189) 1,355,732 TOTAL $ 5,117,327 $ 7,872,990 $ 11,859,539 $ (11,917,944) $ 12,931,912 Condensed Statements of Cash Flows for the Year Ended December 31, 2018 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 142,488 $ 488,329 $ 143,064 $ (411,000) $ 362,881 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (9,080,473) (9,991,699) 7,269,611 (11,802,561) Collections of receivables — 8,967,965 10,375,251 (7,270,276) 12,072,940 Purchase of equipment on operating leases, net — (146,618) (65,391) — (212,009) Change in property and equipment and software, net — (5,427) — — (5,427) Net cash from (used in) investing activities — (264,553) 318,161 (665) 52,943 CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (211,322) (128,802) 185,948 (154,176) Net change in indebtedness (12,488) (54,285) (140,562) — (207,335) Dividends paid to CNH Industrial America LLC (130,000) — (225,717) 225,717 (130,000) Net cash from (used in) financing activities (142,488) (265,607) (495,081) 411,665 (491,511) DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — (41,831) (33,856) — (75,687) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of year — 160,339 715,219 — 875,558 End of year $ — $ 118,508 $ 681,363 $ — $ 799,871 Condensed Statements of Comprehensive Income for the Year Ended December 31, 2017 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 16,206 $ 185,327 $ — $ 201,533 Interest income on wholesale notes — (1,107) 66,828 — 65,721 Interest and other income from affiliates 100,033 243,273 326,346 (271,394) 398,258 Rental income on operating leases — 197,859 53,750 — 251,609 Other income — 94,408 1,906 (74,503) 21,811 Total revenues 100,033 550,639 634,157 (345,897) 938,932 EXPENSES Interest expense: Interest expense to third parties 164,836 2,125 144,167 — 311,128 Interest expense to affiliates — 236,267 46,569 (271,394) 11,442 Total interest expense 164,836 238,392 190,736 (271,394) 322,570 Administrative and operating expenses: Fees charged by affiliates — 44,666 76,268 (74,503) 46,431 Provision for credit losses — 11,090 29,808 — 40,898 Depreciation of equipment on operating leases — 235,911 44,854 — 280,765 Other expenses — 33,176 11,651 — 44,827 Total administrative and operating expenses — 324,843 162,581 (74,503) 412,921 Total expenses 164,836 563,235 353,317 (345,897) 735,491 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (64,803) (12,596) 280,840 — 203,441 Income tax provision (benefit) (24,331) (148,033) 125,316 — (47,048) Equity in income of consolidated subsidiaries accounted for under the equity method 290,961 155,524 — (446,485) — NET INCOME $ 250,489 $ 290,961 $ 155,524 $ (446,485) $ 250,489 COMPREHENSIVE INCOME $ 294,462 $ 334,934 $ 192,936 $ (527,870) $ 294,462 Condensed Statements of Cash Flows for the Year Ended December 31, 2017 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 564,252 $ 838,812 $ 130,049 $ (922,660) $ 610,453 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (8,276,424) (9,446,211) 6,808,056 (10,914,579) Collections of receivables — 8,316,852 9,897,291 (6,808,286) 11,405,857 Purchase of equipment on operating leases, net — (136,711) (63,230) — (199,941) Change in property and equipment and software, net — (1,614) — — (1,614) Net cash from (used in) investing activities — (97,897) 387,850 (230) 289,723 CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (683,231) 48,874 922,890 288,533 Net change in indebtedness (279,252) (48,999) (576,992) — (905,243) Dividends paid to CNH Industrial America LLC (285,000) — — — (285,000) Net cash from (used in) financing activities (564,252) (732,230) (528,118) 922,890 (901,710) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — 8,685 (10,219) — (1,534) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of year — 151,654 725,438 — 877,092 End of year $ — $ 160,339 $ 715,219 $ — $ 875,558

SUPPLEMENTAL QUARTERLY INFORMAT

SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)	NOTE 15: SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) For the Year Ended December 31, 2019 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ 222,069 $ 229,112 $ 224,356 $ 225,352 $ 900,889 Interest expense 88,381 85,247 88,779 84,866 347,273 Administrative and operating expenses 82,697 94,183 86,091 97,431 360,402 Income tax provision 11,780 11,898 12,965 7,568 44,211 Net income $ 39,211 $ 37,784 $ 36,521 $ 35,487 $ 149,003 For the Year Ended December 31, 2018 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ 226,371 $ 226,141 $ 211,281 $ 214,561 $ 878,354 Interest expense 78,428 78,804 81,557 86,491 325,280 Administrative and operating expenses 96,020 85,287 83,332 90,118 354,757 Income tax provision 12,120 14,422 8,111 6,819 41,472 Net income $ 39,803 $ 47,628 $ 38,281 $ 31,133 $ 156,845

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
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. Certain prior period balances have been reclassified to conform to the current year presentation.
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 estimated that amounts due are deemed uncollectible. 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 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 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.
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 2019 and 2018, 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 gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. The Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivative financial instruments 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 its hedging instruments 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 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which supersedes ASC 840, Leases (“ASC 840”) Subsequently, the FASB has issued additional ASUs, which further clarified this guidance. The ASU’s most prominent change is the requirement for lessees to recognize leased assets and liabilities classified as operating leases under the previous standard. The ASU did 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 requires disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted ASU 2016-02 on January 1, 2019, using the modified retrospective approach, without recasting prior periods. The adoption of this standard did not have a material impact on its consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), which amends ASC 815, Derivatives and Hedging . The purpose of this ASU is to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements and improve the disclosures of hedging arrangements. Among other provisions, the new standard (1) requires an entity to present the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is reported, (2) eliminates the separate measurement and reporting of hedge ineffectiveness and (3) permits an entity to recognize in earnings the initial value of an excluded component under a systematic and rational method over the life of the derivative instrument. The Company adopted ASU 2017-12 on January 1, 2019. The adoption of this standard did not have a material impact on its consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which amends ASC 220, Income Statement – Reporting Comprehensive Income . In December 2017, the U.S. government enacted new tax legislation (“U.S. Tax Reform”). Included in the provisions of U.S. Tax Reform was a reduction of the corporate income tax rate from 35 percent to 21 percent. U.S. GAAP requires that the remeasurement of deferred taxes to the new corporate tax rate occur in the period in which the legislation is enacted, with the deferred tax adjustment being recorded in the provision for income taxes, including items for which the tax effects were originally recorded in other comprehensive income (“OCI”). This treatment results in the items in OCI reflecting a disproportionate tax rate, a result often referred to as stranded tax effects. This ASU allowed a reclassification from accumulated OCI to retained earnings for stranded tax effects resulting from U.S. Tax Reform. The Company adopted ASU 2018-02 on January 1, 2019, and reclassified $597 of tax effects from “Accumulated other comprehensive loss” to “Retained earnings” within its consolidated balance sheet. In August 2018, the SEC adopted a final rule that amends certain disclosure requirements that have become duplicative, overlapping, or outdated in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. However, the guidance also added requirements for registrants to include in their interim financial statements a reconciliation of changes in stockholders’ equity for each period for which an income statement is required (both year-to-date and quarterly periods). The Company adopted the new interim disclosure requirement on January 1, 2019. The adoption of this standard did not have a material impact on its consolidated statements of changes in stockholder’s equity. New Accounting Pronouncements Not Yet Adopted 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 . In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”), which supersedes existing ASU 2016-13. 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. ASU 2018-19 is effective for annual periods beginning after December 15, 2019. The Company will adopt the new standard effective January 1, 2020, using the modified retrospective approach which requires the Company to recognize a cumulative-effect adjustment to the opening balance of “Retained earnings” in the period of adoption, without recasting prior periods. The Company estimates the adoption of this standard will impact equity by approximately $20 million to $30 million at January 1, 2020. In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which amends ASC 820, Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The effective date is the first quarter of fiscal year 2021. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement (“ASU 2018-15”), which expands upon the guidance set forth in ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . ASU 2018-15 aligns the requirements for capitalization of implementation costs in a cloud computing service contract with those requirements for capitalization of implementation costs incurred for an internal-use software license. ASU 2018-15 may be applied prospectively from the date the guidance is first applied or retrospectively. ASU 2018-15 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The Company expects to adopt the ASU on a prospective basis. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Targeted Improvements to Related Party Guidance for Variable Interest Entities (“ASU 2018-17”), which expands the application of a specific private company alternative related to VIEs and changes the guidance for determining whether a decision-making fee is a variable interest. Under the new guidance, to determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportionate basis, rather than in their entirety. ASU 2018-17 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted in any interim period. ASU 2018-17 is required to be applied retrospectively from the date the guidance is first applied. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019‑12, Simplifying the Accounting for Income Taxes (“ASU 2019‑12”). This ASU eliminates certain exceptions to the general principles in ASC 740, Income Taxes . Specifically, it eliminates the exception to (1) the incremental approach for intraperiod tax allocation when there is a loss from continuing operations, and income or a gain from other items; (2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; (3) the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; and (4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. ASU 2019‑12 will be effective for the annual periods beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , which made targeted changes to standards on credit losses, hedging, and recognizing and measuring financial instruments to clarify them and address implementation issues. The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. On recognizing and measuring financial instruments, the amendments address the scope of the guidance, the requirement for remeasurement under ASC 820 when using the measurement alternative, certain disclosure requirements and which equity securities have to be remeasured at historical exchange rates. The Company will adopt the amendments related to ASU 2016-13, ASU 2017-12 and ASU 2016-01 at January 1, 2020. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (146,726) $ (4,070) $ 3,025 $ (147,771) Tax asset — 1,573 (801) 772 Beginning balance, net of tax (146,726) (2,497) 2,224 (146,999) Other comprehensive income (loss) before reclassifications 21,593 3,408 (1,002) 23,999 Amounts reclassified from accumulated other comprehensive income (loss) — 360 (689) (329) Tax effects — (918) 448 (470) Net current-period other comprehensive income (loss) 21,593 2,850 (1,243) 23,200 Reclassification of certain tax effects — (597) — (597) Total $ (125,133) $ (244) $ 981 $ (124,396) 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, 2018: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (98,717) $ (4,952) $ 2,333 $ (101,336) Tax asset — 1,790 (617) 1,173 Beginning balance, net of tax (98,717) (3,162) 1,716 (100,163) Other comprehensive income (loss) before reclassifications (48,009) 419 726 (46,864) Amounts reclassified from accumulated other comprehensive income (loss) — 463 (34) 429 Tax effects — (217) (184) (401) Net current-period other comprehensive income (loss) (48,009) 665 508 (46,836) Total $ (146,726) $ (2,497) $ 2,224 $ (146,999)
Schedule of reclassifications out of AOCI and the location on the consolidated statements of income	2019 2018 Affected Line Item Amortization of defined benefit pension items: $ (360) $ (463) Various line items individually insignificant (360) Income before taxes 88 114 Income tax benefit $ (272) $ (349) Net of tax Unrealized losses on derivatives: $ 689 $ 34 Interest expense to third parties 689 34 Income before taxes (182) (9) Income tax benefit $ 507 $ 25 Net of tax

RECEIVABLES (Tables)

RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables
Summary of receivables	2019 2018 Retail $ 656,518 $ 753,388 Wholesale 813,454 747,191 Finance lease 79,848 63,936 Restricted receivables 8,358,205 8,460,823 Gross receivables 9,908,025 10,025,338 Less: Allowance for credit losses (72,751) (74,412) Total receivables, net $ 9,835,274 $ 9,950,926
Maturities of receivables as of December 31, 2017, are as follows:	2020 $ 5,550,653 2021 1,510,133 2022 1,229,810 2023 904,638 2024 and thereafter 712,791 Total receivables $ 9,908,025
Summary of restricted receivables	2019 2018 Retail $ 5,531,885 $ 5,623,730 Wholesale 2,826,320 2,837,093 Total restricted receivables $ 8,358,205 $ 8,460,823
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the year ended December 31, 2019 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ 66,944 $ 7,468 $ 74,412 Charge-offs (35,535) (5,102) (40,637) Recoveries 3,046 16 3,062 Provision 30,115 5,588 35,703 Foreign currency translation and other 180 31 211 Ending balance $ 64,750 $ 8,001 $ 72,751 Ending balance: individually evaluated for impairment $ 20,468 $ 3,173 $ 23,641 Ending balance: collectively evaluated for impairment $ 44,282 $ 4,828 $ 49,110 Receivables: Ending balance $ 6,268,251 $ 3,639,774 $ 9,908,025 Ending balance: individually evaluated for impairment $ 40,354 $ 29,448 $ 69,802 Ending balance: collectively evaluated for impairment $ 6,227,897 $ 3,610,326 $ 9,838,223 Allowance for credit losses activity for the year ended December 31, 2018 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ 73,610 $ 5,586 $ 79,196 Charge-offs (39,375) (1,567) (40,942) Recoveries 4,702 71 4,773 Provision 28,277 3,422 31,699 Foreign currency translation and other (270) (44) (314) Ending balance $ 66,944 $ 7,468 $ 74,412 Ending balance: individually evaluated for impairment $ 15,801 $ 4,825 $ 20,626 Ending balance: collectively evaluated for impairment $ 51,143 $ 2,643 $ 53,786 Receivables: Ending balance $ 6,441,054 $ 3,584,284 $ 10,025,338 Ending balance: individually evaluated for impairment $ 31,148 $ 24,513 $ 55,661 Ending balance: collectively evaluated for impairment $ 6,409,906 $ 3,559,771 $ 9,969,677 Allowance for credit losses activity for the year ended December 31, 2017 is as follows: Wholesale Retail Wholesale Factoring Total Allowance for credit losses: Beginning balance $ 78,047 $ 6,848 $ — $ 84,895 Charge-offs (46,460) (2,374) — (48,834) Recoveries 4,045 20 — 4,065 Provision 39,842 919 137 40,898 Foreign currency translation and other (1,864) 31 5 (1,828) Ending balance $ 73,610 $ 5,444 $ 142 $ 79,196 Ending balance: individually evaluated for impairment $ 18,018 $ 2,920 $ — $ 20,938 Ending balance: collectively evaluated for impairment $ 55,592 $ 2,524 $ 142 $ 58,258 Receivables: Ending balance $ 6,868,886 $ 3,396,021 $ 235,834 $ 10,500,741 Ending balance: individually evaluated for impairment $ 38,807 $ 43,912 $ — $ 82,719 Ending balance: collectively evaluated for impairment $ 6,830,079 $ 3,352,109 $ 235,834 $ 10,418,022
Schedule of aging of financing receivables	The aging of receivables as of December 31, 2019 and 2018 is as follows: 2019 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 $ 19,781 $ 5,896 $ 29,192 $ 54,869 $ 5,001,400 $ 5,056,269 $ 7,356 Canada $ 4,470 $ 1,063 $ 4,703 $ 10,236 $ 1,201,746 $ 1,211,982 $ 1,167 Wholesale United States $ 2,081 $ 42 $ 551 $ 2,674 $ 2,887,599 $ 2,890,273 $ 189 Canada $ 57 $ 370 $ 571 $ 998 $ 748,503 $ 749,501 $ 4 Total Retail $ 24,251 $ 6,959 $ 33,895 $ 65,105 $ 6,203,146 $ 6,268,251 $ 8,523 Wholesale $ 2,138 $ 412 $ 1,122 $ 3,672 $ 3,636,102 $ 3,639,774 $ 193 2018 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 $ 19,318 $ 6,372 $ 24,772 $ 50,462 $ 5,239,777 $ 5,290,239 $ 4,573 Canada $ 1,398 $ 510 $ 2,326 $ 4,234 $ 1,146,581 $ 1,150,815 $ 911 Wholesale United States $ 484 $ 10 $ 1,368 $ 1,862 $ 2,788,655 $ 2,790,517 $ 387 Canada $ 3 $ — $ 436 $ 439 $ 793,328 $ 793,767 $ 1 Total Retail $ 20,716 $ 6,882 $ 27,098 $ 54,696 $ 6,386,358 $ 6,441,054 $ 5,484 Wholesale $ 487 $ 10 $ 1,804 $ 2,301 $ 3,581,983 $ 3,584,284 $ 388
Schedule of recorded investment in impaired receivables and the related unpaid principal balances, allowances and average recorded investment	2019 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment Retail United States $ 39,280 $ 37,300 $ 19,784 $ 40,215 Canada $ 1,074 $ 1,046 $ 684 $ 904 Wholesale United States $ 29,448 $ 29,211 $ 3,173 $ 36,760 Total Retail $ 40,354 $ 38,346 $ 20,468 $ 41,119 Wholesale $ 29,448 $ 29,211 $ 3,173 $ 36,760 2018 Unpaid Average Recorded Principal Related Recorded Investment Balance Allowance Investment Retail United States $ 30,959 $ 29,783 $ 15,347 $ 32,787 Canada $ 189 $ 180 $ 454 $ 248 Wholesale United States $ 24,513 $ 22,985 $ 4,825 $ 27,269 Total Retail $ 31,148 $ 29,963 $ 15,801 $ 33,035 Wholesale $ 24,513 $ 22,985 $ 4,825 $ 27,269
Schedule of receivables on nonaccrual status	2019 2018 Retail Wholesale Total Retail Wholesale Total United States $ 33,463 $ 29,211 $ 62,674 $ 27,069 $ 22,985 $ 50,054 Canada $ 3,749 $ — $ 3,749 $ 1,428 $ — $ 1,428
Retail
Receivables
Schedule of breakdown of the portfolio by its credit quality indicators	2019 2018 Titanium $ $ Platinum Gold 943,816 Silver 146,484 152,338 Bronze 36,066 34,877 Total $ $
Wholesale
Receivables
Schedule of breakdown of the portfolio by its credit quality indicators	2019 2018 A $ 1,416,584 $ 1,582,179 B 1,366,725 1,292,331 C 618,684 527,735 D 237,781 182,039 Total $ 3,639,774 $ 3,584,284

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	2020 $ 196,629 2021 145,212 2022 61,045 2023 20,534 2024 and thereafter 4,150 Total lease payments $ 427,570
Property Subject to Operating Lease, Lessor
Summary of equipment on operating leases	2019 2018 Equipment on operating leases $ 2,109,682 $ 2,052,822 Accumulated depreciation (326,399) (328,605) Total equipment on operating leases, net $ 1,783,283 $ 1,724,217

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	2019 2018 Balance, beginning of year $ 108,399 $ 110,588 Foreign currency translation adjustment 1,230 (2,189) Balance, end of year $ 109,629 $ 108,399
Schedule of the Company's intangible asset and related accumulated amortization for its software	2019 2018 Software $ 34,427 $ 30,625 Accumulated amortization (22,232) (20,443) Total software, net $ 12,195 $ 10,182

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
OTHER ASSETS
Schedule of components of other assets	2019 2018 Derivative assets $ 39,172 $ 16,665 Deferred tax assets 12,820 14,955 Tax receivables — 39,174 Other current assets 22,945 14,143 Total other assets $ 74,937 $ 84,937

CREDIT FACILITIES AND DEBT (Tab

CREDIT FACILITIES AND DEBT (Tables)	12 Months Ended
	Dec. 31, 2019
Schedule of the Company's debt and credit facilities	The following table summarizes the Company’s debt and credit facilities, borrowings thereunder and availability at December 31, 2019: 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 2021 $ 1,200,000 $ — $ 47,658 $ 210,928 $ 941,414 Retail - Canada Dec 2021 384,779 — 39,212 196,262 149,305 Wholesale VFN - U.S. Various 970,000 970,000 — — — Wholesale VFN - Canada Dec 2021 450,768 440,933 — — 9,835 3,005,547 1,410,933 86,870 407,190 1,100,554 Secured Debt Amortizing retail term ABS - N.A. Various 4,879,718 — 1,776,413 3,103,305 — Other ABS financing - N.A. Various 293,695 — 33,200 260,495 — Unamortized issuance costs (15,504) — — (15,504) — 5,157,909 — 1,809,613 3,348,296 — Unsecured Credit Lines and Facilities Credit lines Various 150,000 150,000 — — — Revolving credit facilities Various 846,344 — 346,301 100,043 400,000 Unamortized issuance costs (1,591) — — (1,591) — 994,753 150,000 346,301 98,452 400,000 Unsecured Debt Commercial paper Various 389,300 389,300 — — — Notes Various 2,500,000 — 600,000 1,900,000 — Hedging effects, discounts and unamortized issuance costs 22,798 (2,282) (563) 25,643 — 2,912,098 387,018 599,437 1,925,643 — Total credit facilities and debt $ 12,070,307 $ 1,947,951 $ 2,842,221 $ 5,779,581 $ 1,500,554 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. 2021 $ 2,706,457 2022 1,658,327 2023 640,627 2024 741,060 2025 and thereafter 33,110 Total $ 5,779,581 The following table summarizes the Company’s credit facilities, borrowings thereunder and availability at December 31, 2018: 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 2020 $ 1,200,000 $ — $ 139,556 $ 474,294 $ 586,150 Retail - Canada Dec 2020 366,870 — 18,095 27,861 320,914 Wholesale VFN - U.S. Various 800,000 800,000 — — — Wholesale VFN - Canada Dec 2020 429,788 429,788 — — — 2,796,658 1,229,788 157,651 502,155 907,064 Secured Debt Amortizing retail term ABS - N.A. Various 4,808,679 — 1,853,908 2,954,771 — Unamortized issuance costs (14,779) — — (14,779) — 4,793,900 — 1,853,908 2,939,992 — Unsecured Credit Lines and Facilities Credit lines Various 195,386 195,386 — — — Revolving credit facilities Various 825,569 — — 330,183 495,386 1,020,955 195,386 — 330,183 495,386 Unsecured Debt Commercial paper Various 389,000 389,000 — — — Notes Various 3,000,000 — 500,000 2,500,000 — Hedging effects, discounts and unamortized issuance costs (13,932) (1,108) (333) (12,491) — 3,375,068 387,892 499,667 2,487,509 — Total credit facilities and debt $ 11,986,581 $ 1,813,066 $ 2,511,226 $ 6,259,839 $ 1,402,450 (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	2021 $ 2,706,457 2022 1,658,327 2023 640,627 2024 741,060 2025 and thereafter 33,110 Total $ 5,779,581
Unsecured Debt
Schedule of the Company's debt and credit facilities	As of December 31, 2019, the Company’s outstanding unsecured senior notes were as follows: 4.375% notes, due 2020 $ 600,000 4.875% notes, due 2021 500,000 3.875% notes, due 2021 400,000 4.375% notes, due 2022 500,000 4.200% notes, due 2024 500,000 Hedging, discounts and unamortized issuance costs 25,080 Total $ 2,525,080

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
Schedule of sources of income before taxes	2019 2018 2017 Domestic $ 134,971 $ 120,375 $ 121,729 Foreign 58,243 77,942 81,712 Income before taxes $ 193,214 $ 198,317 $ 203,441
Schedule of provision for income taxes	2019 2018 2017 Current income tax expense (benefit): Domestic $ (4,445) $ (11,719) $ 16,151 Foreign 10,235 24,937 17,711 Total current income tax expense 5,790 13,218 33,862 Deferred income tax expense (benefit): Domestic 35,125 34,304 (83,647) Foreign 3,296 (6,050) 2,737 Total deferred income tax expense 38,421 28,254 (80,910) Total tax provision $ 44,211 $ 41,472 $ (47,048)
Schedule of reconciliation of statutory and effective income tax rate	2019 2018 2017 Tax provision at statutory rate 21.0 % 21.0 % 35.0 % State taxes 4.4 1.8 5.9 Foreign taxes (1.8) (3.4) (8.5) Tax contingencies 0.1 2.5 — Withholding taxes and credits — 1.5 — Tax credits and incentives (0.7) (0.9) (0.6) Tax rate and legislative changes — (1.4) (54.5) Other (0.1) (0.2) (0.4) Total tax provision effective rate 22.9 % 20.9 % (23.1) %
Schedule of components of net deferred tax liability	2019 2018 Deferred tax assets: Pension, postretirement and post-employment benefits $ 1,964 $ 1,918 Marketing and sales incentive programs 56,569 53,259 Allowance for credit losses 17,242 17,534 Other accrued liabilities 14,501 7,825 Tax loss and tax credit carry forwards 10,693 4,314 Total deferred tax assets $ 100,969 $ 84,850 Deferred tax liability: Equipment on operating lease $ 374,386 $ 320,070 Deferred tax liability, net (1) $ (273,417) $ (235,220) (1) In the accompanying consolidated balance sheets, the US net deferred tax position in 2019 and 2018 is included in “Accounts payable and other accrued liabilities” while the Canadian net deferred tax position in 2019 and 2018 is included in “Other assets”.
Schedule of reconciliation of the gross amounts of tax contingencies at the beginning and end of the year	2019 2018 2017 Balance, beginning of year $ 4,274 $ — $ — Additions based on tax positions related to the current year — 4,274 — Reductions for tax positions of prior years — — — Settlements — — — Balance, end of year $ 4,274 $ 4,274 $ —

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	2019 2018 Derivatives Designated as Hedging Instruments Other assets: Interest rate derivatives $ 38,732 $ 15,422 Accounts payable and other accrued liabilities: Interest rate derivatives $ 1,243 $ 8,107 Derivatives Not Designated as Hedging Instruments Other assets: Interest rate derivatives $ 440 $ 1,157 Foreign exchange contracts — 86 Total $ 440 $ 1,243 Accounts payable and other accrued liabilities: Interest rate derivatives $ 440 $ 1,157 Foreign exchange contracts 800 — Total $ 1,240 $ 1,157
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	2019 2018 2017 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss): Interest rate derivatives $ (1,002) $ 726 $ 2,797 Reclassified from accumulated other comprehensive income (loss): Interest rate derivatives—Interest expense to third parties 689 34 (749) Not Designated as Hedges Foreign exchange contracts—Other expenses $ 3,098 $ $ 1,155
Schedule of assets and liabilities measured at fair value on a recurring basis	2019 2018 Assets Interest rate derivatives $ 39,172 $ 16,579 Foreign exchange contracts — 86 Total assets $ 39,172 $ 16,665 Liabilities Interest rate derivatives $ 1,683 $ 9,264 Foreign exchange contracts 800 — Total liabilities $ 2,483 $ 9,264
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	2019 2018 Carrying Estimated Carrying Estimated Amount Fair Value * Amount Fair Value * Receivables $ 9,835,274 $ 9,870,076 $ 9,950,926 $ 9,589,920 Long-term debt $ 5,779,581 $ $ 6,259,839 $ 6,149,778 * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long‑term debt measurements are classified as Level 2.

GEOGRAPHICAL INFORMATION (Table

GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
GEOGRAPHICAL INFORMATION
Summary of geographic information	2019 2018 2017 Revenues United States $ 725,529 $ 693,191 $ 756,210 Canada 184,279 192,645 187,107 Eliminations (8,919) (7,482) (4,385) Total $ 900,889 $ 878,354 $ 938,932 Interest expense United States $ 290,861 $ 276,956 $ 279,542 Canada 65,331 55,806 47,413 Eliminations (8,919) (7,482) (4,385) Total $ 347,273 $ 325,280 $ 322,570 Net income United States $ 104,291 $ 97,790 $ 189,225 Canada 44,712 59,055 61,264 Total $ 149,003 $ 156,845 $ 250,489 Depreciation and amortization United States $ 187,964 $ 191,347 $ 238,037 Canada 43,479 42,579 44,864 Total $ 231,443 $ 233,926 $ 282,901 Expenditures for equipment on operating leases United States $ 575,269 $ 533,706 $ 507,349 Canada 140,417 146,560 128,470 Total $ 715,686 $ 680,266 $ 635,819 Provision for credit losses United States $ 32,201 $ 28,932 $ 40,516 Canada 3,502 2,767 382 Total $ 35,703 $ 31,699 $ 40,898 2019 2018 2017 Total assets United States $ 10,439,737 $ 10,482,805 $ 10,738,403 Canada 2,566,635 2,511,839 2,838,754 Eliminations (152,285) (62,732) (65,079) Total $ 12,854,087 $ 12,931,912 $ 13,512,078 Managed receivables United States $ 7,946,542 $ 8,080,756 $ 8,265,090 Canada 1,961,483 1,944,582 2,235,651 Total $ 9,908,025 $ 10,025,338 $ 10,500,741

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	2019 2018 2017 Subsidy from CNH Industrial North America Retail $ 160,361 $ 149,363 $ 157,496 Wholesale 122,582 123,615 166,426 Operating lease 60,221 60,841 68,987 Income from Iveco Argentina Wholesale factoring 2,187 10,881 5,199 Income from affiliated receivables CNH Industrial North America — 1,096 — Other affiliates 438 137 150 Total interest and other income from affiliates $ 345,789 $ 345,933 $ 398,258
Schedule of various accounts and notes receivable and debt with the affiliates	2019 2018 Rate Maturity Amount Rate Maturity Amount Affiliated receivables CNH Industrial America — $ 24,832 — $ CNH Industrial Canada Ltd. — 26,931 — Other affiliates — 12,544 — Total affiliated receivables $ 64,307 $ Affiliated debt CNH Industrial America $ 213,856 $ 99,455 CNH Industrial Canada Ltd. — — — 176,816 Total affiliated debt $ 213,856 $ 276,271

SUPPLEMENTAL CONDENSED CONSOL_2

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
Schedule of condensed statements of comprehensive income	Condensed Statements of Comprehensive Income for the Year Ended December 31, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 15,630 $ 202,824 $ — $ 218,454 Interest income on wholesale notes — (1,051) 68,824 — 67,773 Interest and other income from affiliates 50,877 204,027 202,931 (112,046) 345,789 Rental income on operating leases — 189,019 54,025 — 243,044 Other income — 89,768 2,331 (66,270) 25,829 Total revenues 50,877 497,393 530,935 (178,316) 900,889 EXPENSES Interest expense: Interest expense to third parties 163,358 (28,393) 198,182 — 333,147 Interest expense to affiliates — 82,408 43,764 (112,046) 14,126 Total interest expense 163,358 54,015 241,946 (112,046) 347,273 Administrative and operating expenses: Fees charged by affiliates — 44,700 68,171 (66,270) 46,601 Provision for credit losses — 14,492 21,211 — 35,703 Depreciation of equipment on operating leases — 186,174 43,478 — 229,652 Other expenses 24 35,678 12,744 — 48,446 Total administrative and operating expenses 24 281,044 145,604 (66,270) 360,402 Total expenses 163,382 335,059 387,550 (178,316) 707,675 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (112,505) 162,334 143,385 — 193,214 Income tax provision (benefit) (27,470) 38,305 33,376 — 44,211 Equity in income of consolidated subsidiaries accounted for under the equity method 234,038 110,009 — (344,047) — NET INCOME $ 149,003 $ 234,038 $ 110,009 $ (344,047) $ 149,003 COMPREHENSIVE INCOME $ 172,203 $ 257,238 $ 126,963 $ (384,201) $ 172,203 Condensed Statements of Comprehensive Income for the Year Ended December 31, 2018 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 9,170 $ 192,099 $ — $ 201,269 Interest income on wholesale notes — (1,030) 67,929 — 66,899 Interest and other income from affiliates 70,880 200,821 297,443 (223,211) 345,933 Rental income on operating leases — 187,089 54,493 — 241,582 Other income — 87,710 2,842 (67,881) 22,671 Total revenues 70,880 483,760 614,806 (291,092) 878,354 EXPENSES Interest expense: Interest expense to third parties 156,839 (8,767) 169,675 — 317,747 Interest expense to affiliates — 199,890 30,854 (223,211) 7,533 Total interest expense 156,839 191,123 200,529 (223,211) 325,280 Administrative and operating expenses: Fees charged by affiliates — 45,545 69,811 (67,881) 47,475 Provision for credit losses — 8,445 23,254 — 31,699 Depreciation of equipment on operating leases — 189,228 42,577 — 231,805 Other expenses 22 18,249 25,507 — 43,778 Total administrative and operating expenses 22 261,467 161,149 (67,881) 354,757 Total expenses 156,861 452,590 361,678 (291,092) 680,037 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (85,981) 31,170 253,128 — 198,317 Income tax provision (benefit) (20,995) 11,010 51,457 — 41,472 Equity in income of consolidated subsidiaries accounted for under the equity method 221,831 201,671 — (423,502) — NET INCOME $ 156,845 $ 221,831 $ 201,671 $ (423,502) $ 156,845 COMPREHENSIVE INCOME $ 110,009 $ 174,995 $ 161,250 $ (336,245) $ 110,009 Condensed Statements of Comprehensive Income for the Year Ended December 31, 2017 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 16,206 $ 185,327 $ — $ 201,533 Interest income on wholesale notes — (1,107) 66,828 — 65,721 Interest and other income from affiliates 100,033 243,273 326,346 (271,394) 398,258 Rental income on operating leases — 197,859 53,750 — 251,609 Other income — 94,408 1,906 (74,503) 21,811 Total revenues 100,033 550,639 634,157 (345,897) 938,932 EXPENSES Interest expense: Interest expense to third parties 164,836 2,125 144,167 — 311,128 Interest expense to affiliates — 236,267 46,569 (271,394) 11,442 Total interest expense 164,836 238,392 190,736 (271,394) 322,570 Administrative and operating expenses: Fees charged by affiliates — 44,666 76,268 (74,503) 46,431 Provision for credit losses — 11,090 29,808 — 40,898 Depreciation of equipment on operating leases — 235,911 44,854 — 280,765 Other expenses — 33,176 11,651 — 44,827 Total administrative and operating expenses — 324,843 162,581 (74,503) 412,921 Total expenses 164,836 563,235 353,317 (345,897) 735,491 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (64,803) (12,596) 280,840 — 203,441 Income tax provision (benefit) (24,331) (148,033) 125,316 — (47,048) Equity in income of consolidated subsidiaries accounted for under the equity method 290,961 155,524 — (446,485) — NET INCOME $ 250,489 $ 290,961 $ 155,524 $ (446,485) $ 250,489 COMPREHENSIVE INCOME $ 294,462 $ 334,934 $ 192,936 $ (527,870) $ 294,462
Schedule of condensed balance sheets	Condensed Balance Sheets as of December 31, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 121,200 $ 53,766 $ — $ 174,966 Restricted cash and cash equivalents — — 629,278 — 629,278 Receivables, less allowance for credit losses — 1,512,786 8,322,488 — 9,835,274 Affiliated accounts and notes receivable 1,549,666 2,257,928 2,553,665 (6,296,952) 64,307 Equipment on operating leases, net — 1,394,706 388,577 — 1,783,283 Equipment held for sale — 154,050 16,168 — 170,218 Investments in consolidated subsidiaries accounted for under the equity method 3,053,394 2,565,785 — (5,619,179) — Goodwill and intangible assets, net — 93,767 28,057 — 121,824 Other assets 4,236 58,048 16,209 (3,556) 74,937 TOTAL $ 4,607,296 $ 8,158,270 $ 12,008,208 $ (11,919,687) $ 12,854,087 LIABILITIES AND STOCKHOLDER’S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ 1,136,455 $ 33,200 $ 3,620,517 $ — $ 4,790,172 Accounts payable and other accrued liabilities 283,748 3,449,690 1,261,411 (4,187,412) 807,437 Affiliated debt — 1,361,490 965,462 (2,113,096) 213,856 Long-term debt 1,924,052 260,496 3,595,033 — 5,779,581 Total liabilities 3,344,255 5,104,876 9,442,423 (6,300,508) 11,591,046 Stockholder’s equity 1,263,041 3,053,394 2,565,785 (5,619,179) 1,263,041 TOTAL $ 4,607,296 $ 8,158,270 $ 12,008,208 $ (11,919,687) $ 12,854,087 Condensed Balance Sheets as of December 31, 2018 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 118,508 $ 41,820 $ — $ 160,328 Restricted cash and cash equivalents — — 639,543 — 639,543 Receivables, less allowance for credit losses — 1,472,678 8,478,248 — 9,950,926 Affiliated accounts and notes receivable 2,310,137 2,122,129 2,268,477 (6,657,354) 43,389 Equipment on operating leases, net — 1,357,493 366,724 — 1,724,217 Equipment held for sale — 192,772 17,219 — 209,991 Investments in consolidated subsidiaries accounted for under the equity method 2,796,050 2,461,139 — (5,257,189) — Goodwill and intangible assets, net — 91,754 26,827 — 118,581 Other assets 11,140 56,517 20,681 (3,401) 84,937 TOTAL $ 5,117,327 $ 7,872,990 $ 11,859,539 $ (11,917,944) $ 12,931,912 LIABILITIES AND STOCKHOLDER’S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ 987,559 $ — $ 3,336,733 $ — $ 4,324,292 Accounts payable and other accrued liabilities 286,527 3,035,024 1,243,183 (3,848,956) 715,778 Affiliated debt — 2,041,926 1,046,144 (2,811,799) 276,271 Long-term debt 2,487,509 (10) 3,772,340 — 6,259,839 Total liabilities 3,761,595 5,076,940 9,398,400 (6,660,755) 11,576,180 Stockholder’s equity 1,355,732 2,796,050 2,461,139 (5,257,189) 1,355,732 TOTAL $ 5,117,327 $ 7,872,990 $ 11,859,539 $ (11,917,944) $ 12,931,912
Schedule of condensed statements of cash flows	Condensed Statements of Cash Flows for the Year Ended December 31, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 679,561 $ 614,888 $ (112,906) $ (698,859) $ 482,684 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (9,177,042) (9,593,836) 7,390,451 (11,380,427) Collections of receivables — 9,122,287 9,819,438 (7,390,295) 11,551,430 Purchase of equipment on operating leases, net — (166,891) (47,245) — (214,136) Change in property and equipment and software, net — (3,819) — — (3,819) Net cash from (used in) investing activities — (225,465) 178,357 156 (46,952) CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (680,436) (80,682) 698,703 (62,415) Net change in indebtedness (414,561) 293,705 16,912 — (103,944) Dividends paid to CNH Industrial America LLC (265,000) — — — (265,000) Net cash from (used in) financing activities (679,561) (386,731) (63,770) 698,703 (431,359) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — 2,692 1,681 — 4,373 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of year — 118,508 681,363 — 799,871 End of year $ — $ 121,200 $ 683,044 $ — $ 804,244 Condensed Statements of Cash Flows for the Year Ended December 31, 2018 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 142,488 $ 488,329 $ 143,064 $ (411,000) $ 362,881 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (9,080,473) (9,991,699) 7,269,611 (11,802,561) Collections of receivables — 8,967,965 10,375,251 (7,270,276) 12,072,940 Purchase of equipment on operating leases, net — (146,618) (65,391) — (212,009) Change in property and equipment and software, net — (5,427) — — (5,427) Net cash from (used in) investing activities — (264,553) 318,161 (665) 52,943 CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (211,322) (128,802) 185,948 (154,176) Net change in indebtedness (12,488) (54,285) (140,562) — (207,335) Dividends paid to CNH Industrial America LLC (130,000) — (225,717) 225,717 (130,000) Net cash from (used in) financing activities (142,488) (265,607) (495,081) 411,665 (491,511) DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — (41,831) (33,856) — (75,687) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of year — 160,339 715,219 — 875,558 End of year $ — $ 118,508 $ 681,363 $ — $ 799,871 Condensed Statements of Cash Flows for the Year Ended December 31, 2017 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 564,252 $ 838,812 $ 130,049 $ (922,660) $ 610,453 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (8,276,424) (9,446,211) 6,808,056 (10,914,579) Collections of receivables — 8,316,852 9,897,291 (6,808,286) 11,405,857 Purchase of equipment on operating leases, net — (136,711) (63,230) — (199,941) Change in property and equipment and software, net — (1,614) — — (1,614) Net cash from (used in) investing activities — (97,897) 387,850 (230) 289,723 CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (683,231) 48,874 922,890 288,533 Net change in indebtedness (279,252) (48,999) (576,992) — (905,243) Dividends paid to CNH Industrial America LLC (285,000) — — — (285,000) Net cash from (used in) financing activities (564,252) (732,230) (528,118) 922,890 (901,710) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — 8,685 (10,219) — (1,534) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of year — 151,654 725,438 — 877,092 End of year $ — $ 160,339 $ 715,219 $ — $ 875,558

SUPPLEMENTAL QUARTERLY INFORM_2

SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)
Schedule of supplemental quarterly information (unaudited)	For the Year Ended December 31, 2019 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ 222,069 $ 229,112 $ 224,356 $ 225,352 $ 900,889 Interest expense 88,381 85,247 88,779 84,866 347,273 Administrative and operating expenses 82,697 94,183 86,091 97,431 360,402 Income tax provision 11,780 11,898 12,965 7,568 44,211 Net income $ 39,211 $ 37,784 $ 36,521 $ 35,487 $ 149,003 For the Year Ended December 31, 2018 First Second Third Fourth Fiscal Quarter Quarter Quarter Quarter Year Revenues $ 226,371 $ 226,141 $ 211,281 $ 214,561 $ 878,354 Interest expense 78,428 78,804 81,557 86,491 325,280 Administrative and operating expenses 96,020 85,287 83,332 90,118 354,757 Income tax provision 12,120 14,422 8,111 6,819 41,472 Net income $ 39,803 $ 47,628 $ 38,281 $ 31,133 $ 156,845

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue Recognition
Delinquency period of accounts considered for recognition of income	120 days	120 days
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Goodwill and Intangible Assets
Impairment of goodwill	$ 0	$ 0	$ 0
Amortization period of other intangible assets consisting of software	5 years

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Change in Accounting Principle (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2020
Tax provision at statutory rate (as a percent)		21.00%	21.00%	35.00%
Accounting Standards Update 2016-13 | Minimum
Cumulative effect, adoption of new accounting standard					$ 20,000
Accounting Standards Update 2016-13 | Maximum
Cumulative effect, adoption of new accounting standard					$ 30,000
Accounting Standards Update 2018-02 | Adjustment Due to Adoption of Standard
Reclassification of certain tax effects	$ 597

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in accumulated other comprehensive income by component
Beginning balance, gross		$ (147,771)	$ (101,336)
Tax asset		772	1,173
Beginning balance, net of tax	$ (146,999)	(100,163)
Other comprehensive income (loss) before reclassifications	23,999	(46,864)
Amounts reclassified from accumulated other comprehensive income (loss)	(329)	429
Tax effects	(470)	(401)
Total other comprehensive income (loss)	23,200	(46,836)	43,973
Reclassification of stranded tax effects	(597)
Ending balance	(124,396)	(146,999)	(100,163)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross		(146,726)	(98,717)
Beginning balance, net of tax	(146,726)	(98,717)
Other comprehensive income (loss) before reclassifications	21,593	(48,009)
Total other comprehensive income (loss)	21,593	(48,009)
Ending balance	(125,133)	(146,726)	(98,717)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross		(4,070)	(4,952)
Tax asset		1,573	1,790
Beginning balance, net of tax	(2,497)	(3,162)
Other comprehensive income (loss) before reclassifications	3,408	419
Amounts reclassified from accumulated other comprehensive income (loss)	360	463
Tax effects	(918)	(217)
Total other comprehensive income (loss)	2,850	665
Reclassification of stranded tax effects	(597)
Ending balance	(244)	(2,497)	(3,162)
Unrealized (Losses) Gains on Derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross		3,025	2,333
Tax asset		(801)	(617)
Beginning balance, net of tax	2,224	1,716
Other comprehensive income (loss) before reclassifications	(1,002)	726
Amounts reclassified from accumulated other comprehensive income (loss)	(689)	(34)
Tax effects	448	(184)
Total other comprehensive income (loss)	(1,243)	508
Ending balance	$ 981	$ 2,224	$ 1,716

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties									$ (333,147)	$ (317,747)	$ (311,128)
Income before taxes									193,214	198,317	203,441
Income tax benefit	$ (7,568)	$ (12,965)	$ (11,898)	$ (11,780)	$ (6,819)	$ (8,111)	$ (14,422)	$ (12,120)	(44,211)	(41,472)	$ 47,048
Pension Liability | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Various line items individually insignificant									(360)	(463)
Income before taxes									(360)	(463)
Income tax benefit									88	114
Net income									(272)	(349)
Unrealized (Losses) Gains 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									689	34
Income before taxes									689	34
Income tax benefit									(182)	(9)
Net income									$ 507	$ 25

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Receivables
Gross receivables	$ 9,908,025	$ 10,025,338	$ 10,500,741
Less: Allowance for credit losses	(72,751)	(74,412)	$ (79,196)	$ (84,895)
Total receivables, net	9,835,274	9,950,926
Restricted Receivables	8,358,205	8,460,823
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 receivables as of December 31, 2019, are as follows:
2020	5,550,653
2021	1,510,133
2022	1,229,810
2023	904,638
2024 and thereafter	$ 712,791
Number of portfolio segments in which allowance for credit losses is segregated | item	3
Retail
Receivables
Gross receivables	$ 656,518	753,388
Restricted Receivables	$ 5,531,885	5,623,730
Retail | Minimum
Receivables
Stated original maturities	2 years
Retail | Maximum
Receivables
Stated original maturities	6 years
Wholesale
Receivables
Gross receivables	$ 813,454	747,191
Restricted Receivables	$ 2,826,320	2,837,093
Wholesale | Maximum
Receivables
Stated original maturities	24 months
Interest-free periods	12 months
Finance lease receivables
Receivables
Gross receivables	$ 79,848	$ 63,936

RECEIVABLES - Receivables Secur

RECEIVABLES - Receivables Securitizations (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2019USD ($)
Receivables
Maximum borrowing capacity		$ 11,986,581		$ 12,070,307
Number of conduit facilities | 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	$ 2,800,356	2,250,399
Outstanding amount of transactions securitized		$ 4,808,679		5,173,413
Remaining period of transactions securitized	33 months	30 months
Maximum borrowing capacity				1,584,779
Term of credit agreement	2 years
Conduit facilities, $670 million renewable in 2020
Receivables
Maximum borrowing capacity				670,000
Conduit facilities, $300 million renewable in 2020
Receivables
Maximum borrowing capacity				300,000
Conduit facilities renewable in December 2021 | Canada
Receivables
Maximum borrowing capacity			$ 585,750	$ 450,768

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for credit losses:
Beginning balance	$ 74,412	$ 79,196	$ 84,895
Charge-offs	(40,637)	(40,942)	(48,834)
Recoveries	3,062	4,773	4,065
Provision (benefit)	35,703	31,699	40,898
Foreign currency translation and other	211	(314)	(1,828)
Ending balance	72,751	74,412	79,196
Ending balance: individually evaluated for impairment	23,641	20,626	20,938
Ending balance: collectively evaluated for impairment	49,110	53,786	58,258
Receivables:
Ending balance	9,908,025	10,025,338	10,500,741
Ending balance: individually evaluated for impairment	69,802	55,661	82,719
Ending balance: collectively evaluated for impairment	9,838,223	9,969,677	10,418,022
Retail
Allowance for credit losses:
Beginning balance	66,944	73,610	78,047
Charge-offs	(35,535)	(39,375)	(46,460)
Recoveries	3,046	4,702	4,045
Provision (benefit)	30,115	28,277	39,842
Foreign currency translation and other	180	(270)	(1,864)
Ending balance	64,750	66,944	73,610
Ending balance: individually evaluated for impairment	20,468	15,801	18,018
Ending balance: collectively evaluated for impairment	44,282	51,143	55,592
Receivables:
Ending balance	6,268,251	6,441,054	6,868,886
Ending balance: individually evaluated for impairment	40,354	31,148	38,807
Ending balance: collectively evaluated for impairment	6,227,897	6,409,906	6,830,079
Wholesale
Allowance for credit losses:
Beginning balance		5,444	6,848
Charge-offs			(2,374)
Recoveries			20
Provision (benefit)			919
Foreign currency translation and other			31
Ending balance			5,444
Ending balance: individually evaluated for impairment			2,920
Ending balance: collectively evaluated for impairment			2,524
Receivables:
Ending balance	3,639,774	3,584,284	3,396,021
Ending balance: individually evaluated for impairment			43,912
Ending balance: collectively evaluated for impairment			3,352,109
Wholesale factoring
Allowance for credit losses:
Beginning balance		142
Provision (benefit)			137
Foreign currency translation and other			5
Ending balance			142
Ending balance: collectively evaluated for impairment			142
Receivables:
Ending balance			235,834
Ending balance: collectively evaluated for impairment			235,834
Wholesale and wholesale factoring
Allowance for credit losses:
Beginning balance	7,468	5,586
Charge-offs	(5,102)	(1,567)
Recoveries	16	71
Provision (benefit)	5,588	3,422
Foreign currency translation and other	31	(44)
Ending balance	8,001	7,468	$ 5,586
Ending balance: individually evaluated for impairment	3,173	4,825
Ending balance: collectively evaluated for impairment	4,828	2,643
Receivables:
Ending balance	3,639,774	3,584,284
Ending balance: individually evaluated for impairment	29,448	24,513
Ending balance: collectively evaluated for impairment	$ 3,610,326	$ 3,559,771

RECEIVABLES - Breakdown of Rece

RECEIVABLES - Breakdown of Receivables by Credit Quality Indicators (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing receivable, recorded investment
Gross receivables	$ 9,908,025	$ 10,025,338	$ 10,500,741
Retail
Financing receivable, recorded investment
Gross receivables	6,268,251	6,441,054	6,868,886
Retail | Titanium
Financing receivable, recorded investment
Gross receivables	3,132,847	3,367,239
Retail | Platinum
Financing receivable, recorded investment
Gross receivables	1,935,709	1,942,784
Retail | Gold
Financing receivable, recorded investment
Gross receivables	1,017,145	943,816
Retail | Silver
Financing receivable, recorded investment
Gross receivables	146,484	152,338
Retail | Bronze
Financing receivable, recorded investment
Gross receivables	36,066	34,877
Wholesale
Financing receivable, recorded investment
Gross receivables	3,639,774	3,584,284	$ 3,396,021
Wholesale | Grade A
Financing receivable, recorded investment
Gross receivables	1,416,584	1,582,179
Wholesale | Grade B
Financing receivable, recorded investment
Gross receivables	1,366,725	1,292,331
Wholesale | Grade C
Financing receivable, recorded investment
Gross receivables	618,684	527,735
Wholesale | Grade D
Financing receivable, recorded investment
Gross receivables	$ 237,781	$ 182,039

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Financing receivable, recorded investment
Total Receivables	$ 9,908,025	$ 10,025,338	$ 10,500,741
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail
Financing receivable, recorded investment
Total Past Due	$ 65,105	$ 54,696
Current	6,203,146	6,386,358
Total Receivables	6,268,251	6,441,054	6,868,886
Recorded Investment > 90 Days and Accruing	8,523	5,484
Retail | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	24,251	20,716
Retail | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	6,959	6,882
Retail | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	33,895	27,098
Retail | United States
Financing receivable, recorded investment
Total Past Due	54,869	50,462
Current	5,001,400	5,239,777
Total Receivables	5,056,269	5,290,239
Recorded Investment > 90 Days and Accruing	7,356	4,573
Retail | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	19,781	19,318
Retail | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	5,896	6,372
Retail | United States | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	29,192	24,772
Retail | Canada
Financing receivable, recorded investment
Total Past Due	10,236	4,234
Current	1,201,746	1,146,581
Total Receivables	1,211,982	1,150,815
Recorded Investment > 90 Days and Accruing	1,167	911
Retail | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	4,470	1,398
Retail | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	1,063	510
Retail | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	4,703	2,326
Wholesale
Financing receivable, recorded investment
Total Past Due	3,672	2,301
Current	3,636,102	3,581,983
Total Receivables	3,639,774	3,584,284	3,396,021
Recorded Investment > 90 Days and Accruing	193	388
Wholesale | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	2,138	487
Wholesale | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	412	10
Wholesale | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	1,122	1,804
Wholesale | United States
Financing receivable, recorded investment
Total Past Due	2,674	1,862
Current	2,887,599	2,788,655
Total Receivables	2,890,273	2,790,517
Recorded Investment > 90 Days and Accruing	189	387
Wholesale | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	2,081	484
Wholesale | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	42	10
Wholesale | United States | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	551	1,368
Wholesale | Canada
Financing receivable, recorded investment
Total Past Due	998	439
Current	748,503	793,328
Total Receivables	749,501	793,767
Recorded Investment > 90 Days and Accruing	4	1
Wholesale | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total Past Due	57	3
Wholesale | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total Past Due	370
Wholesale | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total Past Due	$ 571	$ 436
Wholesale factoring
Financing receivable, recorded investment
Total Receivables			$ 235,834

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Unpaid Principal Balance
Period considered for average recorded investment	13 months
Average Recorded Investment
Delinquency period of accounts considered for recognition of income	120 days	120 days
United States
Average Recorded Investment
Receivables on nonaccrual status	$ 62,674	$ 50,054
Canada
Average Recorded Investment
Receivables on nonaccrual status	3,749	1,428
Retail | United States
Average Recorded Investment
Receivables on nonaccrual status	33,463	27,069
Retail | Canada
Average Recorded Investment
Receivables on nonaccrual status	3,749	1,428
Wholesale | United States
Average Recorded Investment
Receivables on nonaccrual status	29,211	22,985
Individually evaluated for impairment | Retail
Recorded Investment
With an allowance recorded	40,354	31,148
Unpaid Principal Balance
With an allowance recorded	38,346	29,963
Related Allowance	20,468	15,801
Average Recorded Investment
With an allowance recorded	41,119	33,035
Individually evaluated for impairment | Retail | United States
Recorded Investment
With an allowance recorded	39,280	30,959
Unpaid Principal Balance
With an allowance recorded	37,300	29,783
Related Allowance	19,784	15,347
Average Recorded Investment
With an allowance recorded	40,215	32,787
Individually evaluated for impairment | Retail | Canada
Recorded Investment
With an allowance recorded	1,074	189
Unpaid Principal Balance
With an allowance recorded	1,046	180
Related Allowance	684	454
Average Recorded Investment
With an allowance recorded	904	248
Individually evaluated for impairment | Wholesale
Recorded Investment
With an allowance recorded	29,448	24,513
Unpaid Principal Balance
With an allowance recorded	29,211	22,985
Related Allowance	3,173	4,825
Average Recorded Investment
With an allowance recorded	36,760	27,269
Individually evaluated for impairment | Wholesale | United States
Recorded Investment
With an allowance recorded	29,448	24,513
Unpaid Principal Balance
With an allowance recorded	29,211	22,985
Related Allowance	3,173	4,825
Average Recorded Investment
With an allowance recorded	$ 36,760	$ 27,269

RECEIVABLES - Troubled Debt Res

RECEIVABLES - Troubled Debt Restructuring of Receivables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)item
Troubled Debt Restructurings
Number of cases in which the court has not yet determined the concession | item	323	371
Pre-modification value for cases in which the court has not yet determined the concession	$ 14,850	$ 17,129
Retail
Troubled Debt Restructurings
Number of cases in which the court has determined the concession | item	279	254
Pre-modification value for cases in which the court has determined the concession	$ 10,049	$ 8,118
Post-modification value for cases in which the court has determined the concession	$ 9,110	$ 7,272

EQUIPMENT ON OPERATING LEASES_2

EQUIPMENT ON OPERATING LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Depreciation	$ 229,652	$ 231,805	$ 280,765
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	119,222
2020	196,629
2021	145,212
2022	61,045
2023	20,534
2024 and Thereafter	4,150
Total lease payments	427,570
Property Subject to Operating Lease, Lessor
Equipment on operating lease	2,109,682	2,052,822
Accumulated depreciation	(326,399)	(328,605)
Total equipment on operating leases, net	1,783,283	1,724,217
Depreciation	$ 229,652	$ 231,805	$ 280,765

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Changes in the carrying amount of goodwill
Balance, beginning of year	$ 108,399	$ 110,588
Foreign currency translation adjustment	1,230	(2,189)
Balance, end of year	109,629	108,399	$ 110,588
Impairment of goodwill	0	0	0
Company's intangible asset and related accumulated amortization for its software
Software	34,427	30,625
Accumulated amortization	(22,232)	(20,443)
Software, net	12,195	10,182
Amortization expense	1,790	$ 2,114	$ 2,112
Estimated annual amortization expense
2020	1,204
2021	639
2022	364
2023	178
2024	$ 55

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
OTHER ASSETS
Derivative assets	$ 39,172	$ 16,665
Deferred tax assets	12,820	14,955
Tax receivables		39,174
Other current assets	22,945	14,143
Total other assets	$ 74,937	$ 84,937

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) $ in Thousands	Jul. 15, 2019USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Debt
Maximum borrowing capacity		$ 12,070,307	$ 11,986,581
Short-Term Outstanding		1,947,951	1,813,066
Current Maturities of Long-Term Outstanding		2,842,221	2,511,226
Long-term debt		5,779,581	6,259,839
Available		1,500,554	$ 1,402,450
Minimum annual repayments of long-term debt
2021		2,706,457
2022		1,658,327
2023		640,627
2024		741,060
2025 and thereafter		$ 33,110
Other disclosure
Weighted-average interest rate on total short-term debt outstanding (as a percent)		2.40%	3.00%
Weighted- average interest rate on total long-term debt (as a percent)		3.10%	3.10%
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
Unsecured Facilities
Debt
Maximum borrowing capacity		994,753	$ 1,020,955
Short-Term Outstanding		150,000	195,386
Current Maturities of Long-Term Outstanding		346,301
Long-term debt		98,452	330,183
Available		400,000	495,386
Uncommitted credit line
Debt
Maximum borrowing capacity		150,000	195,386
Short-Term Outstanding		150,000	195,386
Revolving credit facilities
Debt
Maximum borrowing capacity		846,344	825,569
Line of credit, outstanding amount		446,344
Current Maturities of Long-Term Outstanding		346,301
Long-term debt		100,043	330,183
Available		400,000	495,386
Unamortized issuance costs		(1,591)
Committed Asset-Backed Facilities
Debt
Maximum borrowing capacity		3,005,547	2,796,658
Short-Term Outstanding		1,410,933	1,229,788
Current Maturities of Long-Term Outstanding		86,870	157,651
Long-term debt		407,190	502,155
Available		$ 1,100,554	907,064
Committed Asset-Backed Facilities | Maximum
Other disclosure
Maturity period of receivables		7 years
Wholesale VFN | United States
Debt
Maximum borrowing capacity		$ 970,000	800,000
Short-Term Outstanding		970,000	800,000
Wholesale VFN | Canada
Debt
Maximum borrowing capacity		450,768	429,788
Short-Term Outstanding		440,933	429,788
Available		9,835
Retail | Maximum
Debt
Maximum borrowing capacity		1,584,779
Retail | United States
Debt
Maximum borrowing capacity		1,200,000	1,200,000
Current Maturities of Long-Term Outstanding		47,658	139,556
Long-term debt		210,928	474,294
Available		941,414	586,150
Retail | Canada
Debt
Maximum borrowing capacity		384,779	366,870
Current Maturities of Long-Term Outstanding		39,212	18,095
Long-term debt		196,262	27,861
Available		149,305	320,914
Secured Debt
Debt
Maximum borrowing capacity		5,157,909	4,793,900
Current Maturities of Long-Term Outstanding		1,809,613	1,853,908
Long-term debt		3,348,296	2,939,992
Unamortized issuance costs		(15,504)	(14,779)
Amortizing Retail Term ABS
Debt
Maximum borrowing capacity		4,879,718	4,808,679
Current Maturities of Long-Term Outstanding		1,776,413	1,853,908
Long-term debt		3,103,305	2,954,771
Other ABS Financing
Debt
Maximum borrowing capacity		293,695
Current Maturities of Long-Term Outstanding		33,200
Long-term debt		260,495
Unsecured Debt
Debt
Maximum borrowing capacity		2,912,098	3,375,068
Short-Term Outstanding		387,018	387,892
Current Maturities of Long-Term Outstanding		599,437	499,667
Long-term debt		1,925,643	2,487,509
Hedging effects, discounts and unamortized issuance costs		22,798	(13,932)
Heding effects, discounts and unamortized issuance costs, short-term outstanding		(2,282)	(1,108)
Hedging effects, discounts and unamortized issuance costs, current maturities		(563)	(333)
Hedging effects, discounts and unamortized issuance costs, long-term		25,643	(12,491)
Commercial paper
Debt
Maximum borrowing capacity		389,300	389,000
Short-Term Outstanding		389,300	389,000
Notes
Debt
Maximum borrowing capacity		2,500,000	3,000,000
Current Maturities of Long-Term Outstanding		600,000	500,000
Long-term debt		1,900,000	$ 2,500,000
Unsecured Senior Notes
Debt
Debt amount		2,525,080
Hedging effects, discounts and unamortized issuance costs		25,080
3.375% unsecured notes due 2019
Debt
Repayment of debt	$ 500,000
Other disclosure
Interest rate margin (as a percent)	3.375%
4.375% unsecured notes due 2020
Debt
Debt amount		$ 600,000
Other disclosure
Interest rate margin (as a percent)		4.375%
4.875% unsecured notes due 2021
Debt
Debt amount		$ 500,000
Other disclosure
Interest rate margin (as a percent)		4.875%
3.875% unsecured notes due 2021
Debt
Debt amount		$ 400,000
Other disclosure
Interest rate margin (as a percent)		3.875%
4.375% unsecured notes due 2022
Debt
Debt amount		$ 500,000
Other disclosure
Interest rate margin (as a percent)		4.375%
4.200% unsecured notes due 2024
Debt
Debt amount		$ 500,000
Other disclosure
Interest rate margin (as a percent)		4.20%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Sources of income before taxes
Domestic									$ 134,971	$ 120,375	$ 121,729
Foreign									58,243	77,942	81,712
INCOME BEFORE TAXES									193,214	198,317	203,441
Current income tax expense (benefit):
Domestic									(4,445)	(11,719)	16,151
Foreign									10,235	24,937	17,711
Total current income tax expense									5,790	13,218	33,862
Deferred income tax expense (benefit):
Domestic									35,125	34,304	(83,647)
Foreign									3,296	(6,050)	2,737
Total deferred income tax expense									38,421	28,254	(80,910)
Total tax provision	$ 7,568	$ 12,965	$ 11,898	$ 11,780	$ 6,819	$ 8,111	$ 14,422	$ 12,120	$ 44,211	$ 41,472	$ (47,048)
Reconciliation of statutory and effective income tax rate
Tax provision at statutory rate (as a percent)									21.00%	21.00%	35.00%
State taxes (as a percent)									4.40%	1.80%	5.90%
Foreign taxes (as a percent)									(1.80%)	(3.40%)	(8.50%)
Tax contingencies (as a percent)									0.10%	2.50%
Withholding taxes and credits										1.50%
Tax credits and incentives (as a percent)									(0.70%)	(0.90%)	(0.60%)
Tax rate and legislative changes (as a percent)										(1.40%)	(54.50%)
Other (as a percent)									(0.10%)	(0.20%)	(0.40%)
Total tax provision effective rate (as a percent)									22.90%	20.90%	(23.10%)

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Components of net deferred tax assets
Pension, postretirement and post employment benefits	$ 1,964	$ 1,918
Marketing and sales incentive programs	56,569	53,259
Allowance for credit losses	17,242	17,534
Other accrued liabilities	14,501	7,825
Tax loss and tax credit carry forwards	10,693	4,314
Total deferred tax assets	100,969	84,850
Deferred tax liabilities:
Equipment on operating lease	374,386	320,070
Deferred tax liability, net	$ (273,417)	$ (235,220)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Contingencies and Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of the gross amounts of tax contingencies at the beginning and end of the year
Balance, beginning of year			$ 4,274
Additions based on tax positions related to the current year				$ 4,274
Balance, end of year	$ 4,274		4,274	4,274
Unrecognized tax benefits
Amount of unrecognized tax benefits that, if recognized, would affect the annual effective income tax rate			4,274
Interest and penalties related to unrecognized tax benefits			280	686	$ 0
Expected future payment of interest and penalties accrued related to unrecognized tax benefits	686	$ 0	$ 966	$ 686	$ 0
Income tax examinations
U.S. federal corporate income tax rate (as a percent)			21.00%	21.00%	35.00%
Estimated net tax benefit		$ 111,000
Additional benefit	$ 2,739
Overall tax benefit				$ 113,739
Undistributed earnings of non-U.S. subsidiaries			$ 0

FINANCIAL INSTRUMENTS - Generia

FINANCIAL INSTRUMENTS - Generial Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	50 months
After-tax losses deferred in accumulated other comprehensive income that will be recognized in interest expense over the next 12 months	$ (475)

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 38,732	$ 15,422
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	1,243	8,107
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	440	1,157
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets		86
Derivative assets not designated as hedging instruments, classified in other assets	440	1,243
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	440	1,157
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities	800
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	1,240	1,157
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	(1,002)	726	$ 2,797
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	689	34	(749)
Foreign exchange contracts, other expenses, not designated as hedges	3,098	(12,355)	$ 1,155
Interest Rate Derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	3,004,709	2,960,191
Thirteen-month average notional amounts of interest rate derivatives	$ 2,967,321	$ 2,947,318

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Foreign exchange contracts		$ 86
Liabilities
Foreign exchange contracts	$ 800
Assets transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	39,172	16,579
Foreign exchange contracts		86
Total assets	39,172	16,665
Liabilities
Interest rate derivatives	1,683	9,264
Foreign exchange contracts	800
Total liabilities	$ 2,483	$ 9,264

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value on a Nonrecurring Basis and Other Financial Instruments (Details) - Equipment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Impairment on assets held for sale	$ 2,010	$ 2,894	$ 5,646
(Gains) losses on assets held for sale	14,504	11,018	$ 9,784
Non recurring basis | Level 3
Assets
Equipment held for sale	$ 109,088	$ 156,463

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial Instruments Not Carried at Fair Value
Receivables	$ 9,835,274	$ 9,950,926
Long-term debt	5,779,581	6,259,839
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	9,835,274	9,950,926
Long-term debt	5,779,581	6,259,839
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	9,870,076	9,589,920
Long-term debt	$ 5,830,157	$ 6,149,778

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Geographical Information
Revenues	$ 225,352	$ 224,356	$ 229,112	$ 222,069	$ 214,561	$ 211,281	$ 226,141	$ 226,371	$ 900,889	$ 878,354	$ 938,932
Interest expense	84,866	88,779	85,247	88,381	86,491	81,557	78,804	78,428	347,273	325,280	322,570
Net income	35,487	$ 36,521	$ 37,784	$ 39,211	31,133	$ 38,281	$ 47,628	$ 39,803	149,003	156,845	250,489
Depreciation and amortization									231,443	233,926	282,901
Expenditures for equipment on operating leases									715,686	680,266	635,819
Provision (benefit) for credit losses									35,703	31,699	40,898
Additional disclosures
Total assets	12,854,087				12,931,912				12,854,087	12,931,912	13,512,078
Managed receivables	9,908,025				10,025,338				9,908,025	10,025,338	10,500,741
Eliminations.
Geographical Information
Revenues									(8,919)	(7,482)	(4,385)
Interest expense									(8,919)	(7,482)	(4,385)
Additional disclosures
Total assets	(152,285)				(62,732)				(152,285)	(62,732)	(65,079)
United States
Geographical Information
Revenues									725,529	693,191	756,210
Interest expense									290,861	276,956	279,542
Net income									104,291	97,790	189,225
Depreciation and amortization									187,964	191,347	238,037
Expenditures for equipment on operating leases									575,269	533,706	507,349
Provision (benefit) for credit losses									32,201	28,932	40,516
Additional disclosures
Total assets	10,439,737				10,482,805				10,439,737	10,482,805	10,738,403
Managed receivables	7,946,542				8,080,756				7,946,542	8,080,756	8,265,090
Canada
Geographical Information
Revenues									184,279	192,645	187,107
Interest expense									65,331	55,806	47,413
Net income									44,712	59,055	61,264
Depreciation and amortization									43,479	42,579	44,864
Expenditures for equipment on operating leases									140,417	146,560	128,470
Provision (benefit) for credit losses									3,502	2,767	382
Additional disclosures
Total assets	2,566,635				2,511,839				2,566,635	2,511,839	2,838,754
Managed receivables	$ 1,961,483				$ 1,944,582				$ 1,961,483	$ 1,944,582	$ 2,235,651

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates	$ 345,789	$ 345,933	$ 398,258
Affiliated receivables	64,307	43,389
Affiliated debt	213,856	276,271
Other information
Tax receivable due from related party		39,174
Accounts payable and other accrued liabilities payable to related parties	20,527	4,740
Interest expense to related affiliates	14,126	7,533	11,442
Fees charged by affiliates	46,601	47,475	46,431
Gross receivables	9,908,025	10,025,338	10,500,741
Wholesale
Other information
Gross receivables	813,454	747,191
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail	160,361	149,363	157,496
Wholesale	122,582	123,615	166,426
Operating lease	60,221	60,841	68,987
Lending funds		1,096
CNH Industrial America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	$ 24,832	$ 24,724
Rate of accounts and notes receivable (as a percent)	0.00%	0.00%
Rate of debt due (as a percent)	1.76%	2.50%
Affiliated debt	$ 213,856	$ 99,455
CNH Industrial Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated receivables	$ 26,931	$ 6,233
Rate of accounts and notes receivable (as a percent)	0.00%	0.00%
Rate of debt due (as a percent)		3.80%
Affiliated debt		$ 176,816
Iveco Argentina
RELATED-PARTY TRANSACTIONS
Wholesale factoring	$ 2,187	10,881	5,199
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	438	137	$ 150
Affiliated receivables	$ 12,544	$ 12,432
Rate of accounts and notes receivable (as a percent)	0.00%	0.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2019USD ($)
Guarantees
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 45,000
Wholesale and dealer financing
Guarantees
Total credit limit	6,036,391
Utilized	$ 3,544,017

SUPPLEMENTAL CONDENSED CONSOL_3

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES
Interest income on retail notes and finance leases									$ 218,454	$ 201,269	$ 201,533
Interest income on wholesale notes									67,773	66,899	65,721
Interest and other income from affiliates									345,789	345,933	398,258
Rental income on operating leases									243,044	241,582	251,609
Other income									25,829	22,671	21,811
Total revenues	$ 225,352	$ 224,356	$ 229,112	$ 222,069	$ 214,561	$ 211,281	$ 226,141	$ 226,371	900,889	878,354	938,932
Interest expense:
Interest expense to third parties									333,147	317,747	311,128
Interest expense to affiliates									14,126	7,533	11,442
Total interest expense	84,866	88,779	85,247	88,381	86,491	81,557	78,804	78,428	347,273	325,280	322,570
Administrative and operating expenses:
Fees charged by affiliates									46,601	47,475	46,431
Provision (benefit) for credit losses									35,703	31,699	40,898
Depreciation of equipment on operating leases									229,652	231,805	280,765
Other expenses									48,446	43,778	44,827
Total administrative and operating expenses	97,431	86,091	94,183	82,697	90,118	83,332	85,287	96,020	360,402	354,757	412,921
Total expenses									707,675	680,037	735,491
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									193,214	198,317	203,441
Income tax provision (benefit)	7,568	12,965	11,898	11,780	6,819	8,111	14,422	12,120	44,211	41,472	(47,048)
NET INCOME	$ 35,487	$ 36,521	$ 37,784	$ 39,211	$ 31,133	$ 38,281	$ 47,628	$ 39,803	149,003	156,845	250,489
COMPREHENSIVE INCOME									172,203	110,009	294,462
CNH Industrial Capital LLC
REVENUES
Interest and other income from affiliates									50,877	70,880	100,033
Total revenues									50,877	70,880	100,033
Interest expense:
Interest expense to third parties									163,358	156,839	164,836
Total interest expense									163,358	156,839	164,836
Administrative and operating expenses:
Other expenses									24	22
Total administrative and operating expenses									24	22
Total expenses									163,382	156,861	164,836
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									(112,505)	(85,981)	(64,803)
Income tax provision (benefit)									(27,470)	(20,995)	(24,331)
Equity in income of consolidated subsidiaries accounted for under the equity method									234,038	221,831	290,961
NET INCOME									149,003	156,845	250,489
COMPREHENSIVE INCOME									172,203	110,009	294,462
Guarantor Entities
REVENUES
Interest income on retail notes and finance leases									15,630	9,170	16,206
Interest income on wholesale notes									(1,051)	(1,030)	(1,107)
Interest and other income from affiliates									204,027	200,821	243,273
Rental income on operating leases									189,019	187,089	197,859
Other income									89,768	87,710	94,408
Total revenues									497,393	483,760	550,639
Interest expense:
Interest expense to third parties									(28,393)	(8,767)	2,125
Interest expense to affiliates									82,408	199,890	236,267
Total interest expense									54,015	191,123	238,392
Administrative and operating expenses:
Fees charged by affiliates									44,700	45,545	44,666
Provision (benefit) for credit losses									14,492	8,445	11,090
Depreciation of equipment on operating leases									186,174	189,228	235,911
Other expenses									35,678	18,249	33,176
Total administrative and operating expenses									281,044	261,467	324,843
Total expenses									335,059	452,590	563,235
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									162,334	31,170	(12,596)
Income tax provision (benefit)									38,305	11,010	(148,033)
Equity in income of consolidated subsidiaries accounted for under the equity method									110,009	201,671	155,524
NET INCOME									234,038	221,831	290,961
COMPREHENSIVE INCOME									$ 257,238	174,995	334,934
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									$ 202,824	192,099	185,327
Interest income on wholesale notes									68,824	67,929	66,828
Interest and other income from affiliates									202,931	297,443	326,346
Rental income on operating leases									54,025	54,493	53,750
Other income									2,331	2,842	1,906
Total revenues									530,935	614,806	634,157
Interest expense:
Interest expense to third parties									198,182	169,675	144,167
Interest expense to affiliates									43,764	30,854	46,569
Total interest expense									241,946	200,529	190,736
Administrative and operating expenses:
Fees charged by affiliates									68,171	69,811	76,268
Provision (benefit) for credit losses									21,211	23,254	29,808
Depreciation of equipment on operating leases									43,478	42,577	44,854
Other expenses									12,744	25,507	11,651
Total administrative and operating expenses									145,604	161,149	162,581
Total expenses									387,550	361,678	353,317
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method									143,385	253,128	280,840
Income tax provision (benefit)									33,376	51,457	125,316
NET INCOME									110,009	201,671	155,524
COMPREHENSIVE INCOME									126,963	161,250	192,936
Eliminations
REVENUES
Interest and other income from affiliates									(112,046)	(223,211)	(271,394)
Other income									(66,270)	(67,881)	(74,503)
Total revenues									(178,316)	(291,092)	(345,897)
Interest expense:
Interest expense to affiliates									(112,046)	(223,211)	(271,394)
Total interest expense									(112,046)	(223,211)	(271,394)
Administrative and operating expenses:
Fees charged by affiliates									(66,270)	(67,881)	(74,503)
Total administrative and operating expenses									(66,270)	(67,881)	(74,503)
Total expenses									(178,316)	(291,092)	(345,897)
Equity in income of consolidated subsidiaries accounted for under the equity method									(344,047)	(423,502)	(446,485)
NET INCOME									(344,047)	(423,502)	(446,485)
COMPREHENSIVE INCOME									$ (384,201)	$ (336,245)	$ (527,870)

SUPPLEMENTAL CONDENSED CONSOL_4

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 174,966	$ 160,328
Restricted cash and cash equivalents	629,278	639,543
Receivables, less allowance for credit losses	9,835,274	9,950,926
Affiliated accounts and notes receivable	64,307	43,389
Equipment on operating leases, net	1,783,283	1,724,217
Equipment held for sale	170,218	209,991
Goodwill and intangible assets, net	121,824	118,581
Other assets	74,937	84,937
TOTAL	12,854,087	12,931,912	$ 13,512,078
Liabilities:
Short-term debt, including current maturities of long-term debt	4,790,172	4,324,292
Accounts payable and other accrued liabilities	807,437	715,778
Affiliated debt	213,856	276,271
Long-term debt	5,779,581	6,259,839
Total liabilities	11,591,046	11,576,180
Stockholder's equity	1,263,041	1,355,732	$ 1,375,639	$ 1,366,718
TOTAL	12,854,087	12,931,912
Eliminations
ASSETS
Affiliated accounts and notes receivable	(6,296,952)	(6,657,354)
Investments in consolidated subsidiaries accounted for under the equity method	(5,619,179)	(5,257,189)
Other assets	(3,556)	(3,401)
TOTAL	(11,919,687)	(11,917,944)
Liabilities:
Accounts payable and other accrued liabilities	(4,187,412)	(3,848,956)
Affiliated debt	(2,113,096)	(2,811,799)
Total liabilities	(6,300,508)	(6,660,755)
Stockholder's equity	(5,619,179)	(5,257,189)
TOTAL	(11,919,687)	(11,917,944)
CNH Industrial Capital LLC
ASSETS
Affiliated accounts and notes receivable	1,549,666	2,310,137
Investments in consolidated subsidiaries accounted for under the equity method	3,053,394	2,796,050
Other assets	4,236	11,140
TOTAL	4,607,296	5,117,327
Liabilities:
Short-term debt, including current maturities of long-term debt	1,136,455	987,559
Accounts payable and other accrued liabilities	283,748	286,527
Long-term debt	1,924,052	2,487,509
Total liabilities	3,344,255	3,761,595
Stockholder's equity	1,263,041	1,355,732
TOTAL	4,607,296	5,117,327
Guarantor Entities
ASSETS
Cash and cash equivalents	121,200	118,508
Receivables, less allowance for credit losses	1,512,786	1,472,678
Affiliated accounts and notes receivable	2,257,928	2,122,129
Equipment on operating leases, net	1,394,706	1,357,493
Equipment held for sale	154,050	192,772
Investments in consolidated subsidiaries accounted for under the equity method	2,565,785	2,461,139
Goodwill and intangible assets, net	93,767	91,754
Other assets	58,048	56,517
TOTAL	8,158,270	7,872,990
Liabilities:
Short-term debt, including current maturities of long-term debt	33,200
Accounts payable and other accrued liabilities	3,449,690	3,035,024
Affiliated debt	1,361,490	2,041,926
Long-term debt	260,496	(10)
Total liabilities	5,104,876	5,076,940
Stockholder's equity	3,053,394	2,796,050
TOTAL	8,158,270	7,872,990
All Other Subsidiaries
ASSETS
Cash and cash equivalents	53,766	41,820
Restricted cash and cash equivalents	629,278	639,543
Receivables, less allowance for credit losses	8,322,488	8,478,248
Affiliated accounts and notes receivable	2,553,665	2,268,477
Equipment on operating leases, net	388,577	366,724
Equipment held for sale	16,168	17,219
Goodwill and intangible assets, net	28,057	26,827
Other assets	16,209	20,681
TOTAL	12,008,208	11,859,539
Liabilities:
Short-term debt, including current maturities of long-term debt	3,620,517	3,336,733
Accounts payable and other accrued liabilities	1,261,411	1,243,183
Affiliated debt	965,462	1,046,144
Long-term debt	3,595,033	3,772,340
Total liabilities	9,442,423	9,398,400
Stockholder's equity	2,565,785	2,461,139
TOTAL	$ 12,008,208	$ 11,859,539

SUPPLEMENTAL CONDENSED CONSOL_5

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	$ 482,684	$ 362,881	$ 610,453
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(11,380,427)	(11,802,561)	(10,914,579)
Collections of receivables	11,551,430	12,072,940	11,405,857
Purchase of equipment on operating leases, net	(214,136)	(212,009)	(199,941)
Change in property and equipment and software, net	(3,819)	(5,427)	(1,614)
Net cash from (used in) investing activities	(46,952)	52,943	289,723
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(62,415)	(154,176)	288,533
Net change in indebtedness	(103,944)	(207,335)	(905,243)
Dividend paid to CNH Industrial America LLC	(265,000)	(130,000)	(285,000)
Net cash from (used in) financing activities	(431,359)	(491,511)	(901,710)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	4,373	(75,687)	(1,534)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year	799,871	875,558	877,092
End of year	804,244	799,871	875,558
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(698,859)	(411,000)	(922,660)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	7,390,451	7,269,611	6,808,056
Collections of receivables	(7,390,295)	(7,270,276)	(6,808,286)
Net cash from (used in) investing activities	156	(665)	(230)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	698,703	185,948	922,890
Dividend paid to CNH Industrial America LLC		225,717
Net cash from (used in) financing activities	698,703	411,665	922,890
CNH Industrial Capital LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	679,561	142,488	564,252
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in indebtedness	(414,561)	(12,488)	(279,252)
Dividend paid to CNH Industrial America LLC	(265,000)	(130,000)	(285,000)
Net cash from (used in) financing activities	(679,561)	(142,488)	(564,252)
Guarantor Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	614,888	488,329	838,812
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(9,177,042)	(9,080,473)	(8,276,424)
Collections of receivables	9,122,287	8,967,965	8,316,852
Purchase of equipment on operating leases, net	(166,891)	(146,618)	(136,711)
Change in property and equipment and software, net	(3,819)	(5,427)	(1,614)
Net cash from (used in) investing activities	(225,465)	(264,553)	(97,897)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(680,436)	(211,322)	(683,231)
Net change in indebtedness	293,705	(54,285)	(48,999)
Net cash from (used in) financing activities	(386,731)	(265,607)	(732,230)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	2,692	(41,831)	8,685
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year	118,508	160,339	151,654
End of year	121,200	118,508	160,339
All Other Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(112,906)	143,064	130,049
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(9,593,836)	(9,991,699)	(9,446,211)
Collections of receivables	9,819,438	10,375,251	9,897,291
Purchase of equipment on operating leases, net	(47,245)	(65,391)	(63,230)
Net cash from (used in) investing activities	178,357	318,161	387,850
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(80,682)	(128,802)	48,874
Net change in indebtedness	16,912	(140,562)	(576,992)
Dividend paid to CNH Industrial America LLC		(225,717)
Net cash from (used in) financing activities	(63,770)	(495,081)	(528,118)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,681	(33,856)	(10,219)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year	681,363	715,219	725,438
End of year	$ 683,044	$ 681,363	$ 715,219

SUPPLEMENTAL QUARTERLY INFORM_3

SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED)
Revenues	$ 225,352	$ 224,356	$ 229,112	$ 222,069	$ 214,561	$ 211,281	$ 226,141	$ 226,371	$ 900,889	$ 878,354	$ 938,932
Interest expense	84,866	88,779	85,247	88,381	86,491	81,557	78,804	78,428	347,273	325,280	322,570
Administrative and operating expenses	97,431	86,091	94,183	82,697	90,118	83,332	85,287	96,020	360,402	354,757	412,921
Income tax provision	7,568	12,965	11,898	11,780	6,819	8,111	14,422	12,120	44,211	41,472	(47,048)
NET INCOME	$ 35,487	$ 36,521	$ 37,784	$ 39,211	$ 31,133	$ 38,281	$ 47,628	$ 39,803	$ 149,003	$ 156,845	$ 250,489