CNH Industrial Capital 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2020shares
Document and Entity Information
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0
Entity Central Index Key	0001552493
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES
Interest income on retail notes and finance leases	$ 46,995			$ 54,110			$ 143,015	$ 166,690
Interest income on wholesale notes	12,673			17,385			41,814	51,120
Interest and other income from affiliates	75,233			84,315			242,745	257,560
Rental income on operating leases	64,406			60,534			188,600	181,667
Other income	10,367			8,012			23,021	18,500
Total revenues	209,674			224,356			639,195	675,537
Interest expense:
Interest expense to third parties	68,122			82,411			212,738	252,616
Interest expense to affiliates	718			6,368			2,764	9,791
Total interest expense	68,840			88,779			215,502	262,407
Administrative and operating expenses:
Fees charged by affiliates	10,399			11,568			33,542	35,523
Provision for credit losses	12,575			7,917			47,712	27,983
Depreciation of equipment on operating leases	59,722			56,070			176,848	172,670
Other expenses	8,208			10,536			23,609	26,795
Total administrative and operating expenses	90,904			86,091			281,711	262,971
Total expenses	159,744			174,870			497,213	525,378
INCOME BEFORE TAXES	49,930			49,486			141,982	150,159
Income tax provision	11,775			12,965			32,759	36,643
NET INCOME	$ 38,155	$ 35,991	$ 35,077	$ 36,521	$ 37,784	$ 39,211	$ 109,223	$ 113,516

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 38,155	$ 35,991	$ 35,077	$ 36,521	$ 37,784	$ 39,211	$ 109,223	$ 113,516
Other comprehensive income (loss):
Foreign currency translation adjustment	10,733		(44,269)	(5,720)	9,244	8,690	(14,225)	12,214
Pension liability adjustment	(17)	(49)	(6)	98	89	88	(72)	275
Change in derivative financial instruments	362	$ (790)	$ (7,756)	438	$ (1,061)	$ (1,950)	(8,184)	(2,573)
Total other comprehensive income (loss)	11,078			(5,184)			(22,481)	9,916
COMPREHENSIVE INCOME	$ 49,233			$ 31,337			$ 86,742	$ 123,432

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 260,500	$ 174,966
Restricted cash and cash equivalents	508,277	629,278
Receivables, less allowance for credit losses of $129,945 and $72,751, respectively	9,070,542	9,835,274
Affiliated accounts and notes receivable	312,813	64,307
Equipment on operating leases, net	1,769,774	1,783,283
Equipment held for sale	92,056	170,218
Goodwill	108,850	109,629
Other intangible assets, net	12,034	12,195
Other assets	108,401	74,937
TOTAL	12,243,247	12,854,087
Liabilities:
Short-term debt (including current maturities of long-term debt)	4,446,295	4,790,172
Accounts payable and other accrued liabilities	906,496	807,437
Affiliated debt	208,063	213,856
Long-term debt	5,482,339	5,779,581
Total liabilities	11,043,193	11,591,046
Commitments and contingent liabilities (Note 11)
Stockholder's equity:
Member's capital
Paid-in capital	843,815	843,749
Accumulated other comprehensive loss	(146,877)	(124,396)
Retained earnings	503,116	543,688
Total stockholder's equity	1,200,054	1,263,041
TOTAL	$ 12,243,247	$ 12,854,087

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowance for credit losses	$ 129,945	$ 72,751
Restricted cash and cash equivalents	508,277	629,278
Receivables, less allowance for credit losses of $69,940 and $48,413, respectively	9,070,542	9,835,274
TOTAL	12,243,247	12,854,087
Short-term debt (including current maturities of long-term debt)	4,446,295	4,790,172
Long-term debt	5,482,339	5,779,581
Total liabilities	11,043,193	11,591,046
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	69,940	48,413
Restricted cash and cash equivalents	508,277	629,278
Receivables, less allowance for credit losses of $69,940 and $48,413, respectively	5,919,711	6,748,621
TOTAL	6,427,988	7,377,899
Short-term debt (including current maturities of long-term debt)	2,863,738	3,274,216
Long-term debt	2,982,982	3,495,022
Total liabilities	$ 5,846,720	$ 6,769,238

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 109,223	$ 113,516
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	176,853	172,671
Amortization of intangibles	1,171	1,375
Provision for credit losses	47,712	27,983
Deferred income tax expense (benefit)	(10,783)	44,055
Changes in components of working capital:
Change in affiliated accounts and notes receivables	(248,652)	19,643
Change in other assets and equipment held for sale	(38,750)	(3,570)
Change in accounts payable and other accrued liabilities	81,704	(34,061)
Net cash from (used in) operating activities	118,478	341,612
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(7,327,903)	(8,149,836)
Collections of receivables	7,991,709	8,200,468
Purchase of equipment on operating leases	(375,458)	(514,369)
Proceeds from disposal of equipment on operating leases	285,890	337,284
Change in property and equipment and software, net	(1,010)	(2,317)
Net cash from (used in) investing activities	573,228	(128,770)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	765,415	1,370,930
Payment of affiliated debt	(764,889)	(1,164,078)
Proceeds from issuance of long-term debt	2,556,026	1,945,345
Payment of long-term debt	(2,625,939)	(2,475,771)
Change in short-term borrowings, net	(527,786)	123,108
Dividend paid to CNH Industrial America LLC	(130,000)	(165,000)
Net cash from (used in) financing activities	(727,173)	(365,466)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(35,467)	(152,624)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	804,244	799,871
End of period	768,777	647,247
CASH PAID DURING THE PERIOD FOR INTEREST	187,712	243,398
CASH PAID (RECEIVED) DURING THE PERIOD FOR TAXES	$ 24,511	$ (40,936)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total
BALANCE at Dec. 31, 2018	$ 843,643	$ (146,999)	$ 659,088	$ 1,355,732
Increase (Decrease) in Stockholder's Equity
Net income			39,211	39,211
Foreign currency translation adjustment		8,690		8,690
Stock compensation	164			164
Reclassification of certain tax effects		(597)	597
Pension liability adjustment, net of tax		88		88
Change in derivative financial instruments, net of tax		(1,950)		(1,950)
BALANCE at Mar. 31, 2019	843,807	(140,768)	698,896	1,401,935
BALANCE at Dec. 31, 2018	843,643	(146,999)	659,088	1,355,732
Increase (Decrease) in Stockholder's Equity
Net income				113,516
Foreign currency translation adjustment				12,214
Pension liability adjustment, net of tax				275
Change in derivative financial instruments, net of tax				(2,573)
BALANCE at Sep. 30, 2019	844,077	(137,680)	608,201	1,314,598
BALANCE at Mar. 31, 2019	843,807	(140,768)	698,896	1,401,935
Increase (Decrease) in Stockholder's Equity
Net income			37,784	37,784
Dividend paid to CNH Industrial America LLC			(125,000)	(125,000)
Foreign currency translation adjustment		9,244		9,244
Stock compensation	94			94
Pension liability adjustment, net of tax		89		89
Change in derivative financial instruments, net of tax		(1,061)		(1,061)
BALANCE at Jun. 30, 2019	843,901	(132,496)	611,680	1,323,085
Increase (Decrease) in Stockholder's Equity
Net income			36,521	36,521
Dividend paid to CNH Industrial America LLC			(40,000)	(40,000)
Foreign currency translation adjustment		(5,720)		(5,720)
Stock compensation	176			176
Pension liability adjustment, net of tax		98		98
Change in derivative financial instruments, net of tax		438		438
BALANCE at Sep. 30, 2019	844,077	(137,680)	608,201	1,314,598
Increase (Decrease) in Stockholder's Equity
BALANCE	843,749	(124,396)	523,898	1,243,251
Adoption of ASC 326			(19,790)	(19,790)
BALANCE at Dec. 31, 2019	843,749	(124,396)	543,688	1,263,041
Increase (Decrease) in Stockholder's Equity
Net income			35,077	35,077
Dividend paid to CNH Industrial America LLC			(40,000)	(40,000)
Foreign currency translation adjustment		(44,269)		(44,269)
Stock compensation	(1)			(1)
Pension liability adjustment, net of tax		(6)		(6)
Change in derivative financial instruments, net of tax		(7,756)		(7,756)
BALANCE at Mar. 31, 2020	843,748	(176,427)	518,975	1,186,296
BALANCE at Dec. 31, 2019	843,749	(124,396)	543,688	1,263,041
Increase (Decrease) in Stockholder's Equity
Net income				109,223
Foreign currency translation adjustment				(14,225)
Pension liability adjustment, net of tax				(72)
Change in derivative financial instruments, net of tax				(8,184)
BALANCE at Sep. 30, 2020	843,815	(146,877)	503,116	1,200,054
BALANCE at Mar. 31, 2020	843,748	(176,427)	518,975	1,186,296
Increase (Decrease) in Stockholder's Equity
Net income			35,991	35,991
Dividend paid to CNH Industrial America LLC			(50,000)	(50,000)
Foreign currency translation adjustment		19,311	(5)	19,306
Stock compensation	72			72
Pension liability adjustment, net of tax		(49)		(49)
Change in derivative financial instruments, net of tax		(790)		(790)
BALANCE at Jun. 30, 2020	843,820	(157,955)	504,961	1,190,826
Increase (Decrease) in Stockholder's Equity
Net income			38,155	38,155
Dividend paid to CNH Industrial America LLC			(40,000)	(40,000)
Foreign currency translation adjustment		10,733		10,733
Stock compensation	(5)			(5)
Pension liability adjustment, net of tax		(17)		(17)
Change in derivative financial instruments, net of tax		362		362
BALANCE at Sep. 30, 2020	$ 843,815	$ (146,877)	$ 503,116	$ 1,200,054

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1: BASIS OF PRESENTATION CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC (“New Holland Credit”), CNH Industrial Capital America LLC (“CNH Industrial Capital America”) and CNH Industrial Capital Canada Ltd. (“CNH Industrial Capital Canada”) (collectively, “CNH Industrial Capital” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH Industrial America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNHI” and, together with its consolidated subsidiaries, “CNH Industrial”). CNH Industrial America and CNH Industrial Canada Ltd. (collectively, “CNH Industrial North America”) design, manufacture, and sell agricultural and construction equipment. CNH Industrial Capital provides financial services for CNH Industrial North America dealers and end-use customers primarily located in the United States and Canada. CNHI is incorporated in and under the laws of The Netherlands. 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. 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”) for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2019. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected. The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2020
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements Adopted in 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which established ASC 326, Financial Instruments – Credit Losses (“ASC 326”). In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”), which superseded 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 were also required. The Company adopted ASU 2018-19 on January 1, 2020, using the modified retrospective approach. The impact to the consolidated balance sheet on January 1, 2020 was an increase to the allowance for credit losses of $26 million and an increase to deferred tax assets of $6 million, with the offset to retained earnings, net of tax, of $20 million. See “Note 4: Receivables” for the Company’s updated accounting policy on Allowance for Credit Losses. 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 amended ASC 820, Fair Value Measurement . This ASU modified the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The removed and modified disclosures were adopted on a retrospective basis and the new disclosures were adopted on a prospective basis. The adoption of this standard did not have a material impact on the Company’s 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 expanded the guidance set forth in ASU 2015‑05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . ASU 2018-15 aligned 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. The Company adopted ASU 2018-15 on January 1, 2020. The adoption of this standard did not 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 expanded the application of a specific private company alternative related to VIEs and changed 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. The Company adopted ASU 2018-17 on January 1, 2020. The adoption of this standard did not 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 (“ASU 2019-04”), 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 clarified the scope of the credit losses standard and addressed issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. On recognizing and measuring financial instruments, the amendments addressed 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 adopted ASU 2019-04 on January 1, 2020. The adoption of this standard did not have a material impact on its consolidated financial statements. New Accounting Pronouncements Not Yet Adopted 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 where 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2020
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 three months ended September 30, 2020: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (150,091) $ (373) $ (10,292) $ (160,756) Tax asset — 74 2,727 2,801 Beginning balance, net of tax (150,091) (299) (7,565) (157,955) Other comprehensive income (loss) before reclassifications 10,733 (109) 383 11,007 Amounts reclassified from accumulated other comprehensive income (loss) — 52 110 162 Tax effects — 40 (131) (91) Net current-period other comprehensive income (loss) 10,733 (17) 362 11,078 Total $ (139,358) $ (316) $ (7,203) $ (146,877) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2020: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (125,133) $ (302) $ 1,335 $ (124,100) Tax asset — 58 (354) (296) Beginning balance, net of tax (125,133) (244) 981 (124,396) Other comprehensive income (loss) before reclassifications (14,225) (283) (11,193) (25,701) Amounts reclassified from accumulated other comprehensive income (loss) — 154 59 213 Tax effects — 57 2,950 3,007 Net current-period other comprehensive income (loss) (14,225) (72) (8,184) (22,481) Total $ (139,358) $ (316) $ (7,203) $ (146,877) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended September 30, 2019: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability Derivatives Total Beginning balance, gross $ (128,792) $ (3,836) $ (1,071) $ (133,699) Tax asset — 919 284 1,203 Beginning balance, net of tax (128,792) (2,917) (787) (132,496) Other comprehensive income (loss) before reclassifications (5,720) (97) 761 (5,056) Amounts reclassified from accumulated other comprehensive income (loss) — 227 (166) 61 Tax effects — (32) (157) (189) Net current-period other comprehensive income (loss) (5,720) 98 438 (5,184) Total $ (134,512) $ (2,819) $ (349) $ (137,680) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2019: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability 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 12,214 (320) (2,978) 8,916 Amounts reclassified from accumulated other comprehensive income (loss) — 684 (523) 161 Tax effects — (89) 928 839 Net current-period other comprehensive income (loss) 12,214 275 (2,573) 9,916 Reclassification of certain tax effects — (597) — (597) Total $ (134,512) $ (2,819) $ (349) $ (137,680) The reclassifications out of AOCI and the location on the consolidated statements of income for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Affected Line Item Amortization of defined benefit pension items: $ (52) $ (227) $ (154) $ (684) Various line items individually insignificant (52) (227) (154) (684) Income before taxes 44 56 68 167 Income tax effects $ (8) $ (171) $ (86) $ (517) Net of tax Unrealized losses on derivatives: $ (110) $ 166 $ (59) $ 523 Interest expense to third parties (110) 166 Income before taxes 29 (45) 16 (139) Income tax effects $ (81) $ 121 $ (43) $ 384 Net of tax

RECEIVABLES

RECEIVABLES	9 Months Ended
	Sep. 30, 2020
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, 2020 2019 Retail $ $ 656,518 Wholesale 748,634 813,454 Finance lease 110,819 79,848 Restricted receivables Gross receivables Less: Allowance for credit losses (129,945) (72,751) Total receivables, net $ $ 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 September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Retail $ 4,784,809 $ Wholesale 2,246,863 Total restricted receivables $ 7,031,672 $ 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. 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. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Industrial Capital has consolidated these wholesale trusts. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of the lifetime expected credit losses inherent in the receivables owned by the Company. Retail receivables include retail and other notes and finance lease products offered for retail purchases of new and used equipment sold through CNH Industrial North America’s dealer network. Wholesale receivables include 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. Wholesale factoring receivables represent the short-term receivables purchased from Iveco Argentina S.A. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. Retail receivables that share the same risk characteristics such as, collateralization levels, geography, product type and other relevant factors are reviewed on a collective basis using measurement models and management judgment. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward looking macroeconomic factors, such as GDP and Net Farm Income. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models 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. Wholesale receivables that share the same risk characteristics such as, collateralization levels, term, geography and other relevant factors are reviewed on a collective basis using measurement models and management judgment. The allowance for 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. The calculation is adjusted for forward looking macroeconomic factors, such as industry sales volumes. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models 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. Wholesale and retail receivables that do not have similar risk characteristics are individually reviewed based on, among other items, amounts outstanding, days past due and prior collection history. Expected credit losses are measured by considering: the probability-weighted estimates of cash flows and collateral value; the time value of money; current conditions and forecasts of future economic conditions. Expected credit losses are measured as the probability-weighted present value of all cash shortfalls (including the value of the collateral, if appropriate) over the expected life of each financial asset. 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. Allowance for credit losses activity for the three months ended September 30, 2020 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ 112,492 $ 7,333 $ 119,825 Charge-offs (3,244) (1) (3,245) Recoveries 578 5 583 Provision 11,331 1,244 12,575 Foreign currency translation and other 190 17 207 Ending balance $ 121,347 $ 8,598 $ 129,945 Allowance for credit losses activity for the nine months ended September 30, 2020 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance, as previously reported $ 64,750 $ 8,001 $ 72,751 Adoption of ASC 326 25,877 — 25,877 Beginning balance, as recast $ 90,627 $ 8,001 $ 98,628 Charge-offs (18,028) (213) (18,241) Recoveries 1,905 8 1,913 Provision 46,882 830 47,712 Foreign currency translation and other (39) (28) (67) Ending balance $ 121,347 $ 8,598 $ 129,945 Receivables: Ending balance $ 6,204,990 $ 2,995,497 $ 9,200,487 At September 30, 2020, the allowance for credit losses includes a continued build of reserves primarily due to the expectation of deteriorating credit conditions related to the COVID‑19 pandemic. The Company continues to monitor the situation and will update the macroeconomic factors and qualitative factors in future periods, as warranted. Allowance for credit losses activity for the three months ended September 30, 2019 is as follows: Wholesale Retail Wholesale Factoring Total Allowance for credit losses: Beginning balance $ 70,311 $ 7,239 $ 60 $ 77,610 Charge-offs (11,233) (2,416) — (13,649) Recoveries 512 3 — 515 Provision 5,797 2,169 (49) 7,917 Foreign currency translation and other (51) (12) — (63) Ending balance $ 65,336 $ 6,983 $ 11 $ 72,330 Allowance for credit losses activity for the nine months ended September 30, 2019 is as follows: Wholesale Retail Wholesale Factoring Total Allowance for credit losses: Beginning balance $ 66,944 $ 7,468 $ — $ 74,412 Charge-offs (27,799) (4,581) — (32,380) Recoveries 2,188 12 — 2,200 Provision 23,903 4,069 11 27,983 Foreign currency translation and other 100 15 — 115 Ending balance $ 65,336 $ 6,983 $ 11 $ 72,330 Receivables: Ending balance $ 6,348,795 $ 3,635,250 $ 15,673 $ 9,999,718 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 Receivables: Ending balance $ 6,268,251 $ 3,639,774 $ 9,908,025 The Company assesses and monitors the credit quality of its receivables based on past due information. 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. As the terms for retail receivables are greater than one year, the past due information is presented by year of origination. The aging of receivables as of September 30, 2020 is as follows: Greater 31 – 60 Days 61 – 90 Days Than Total Total Past Due Past Due 90 Days Past Due Current Receivables Retail United States 2020 $ 5,664 $ 1,165 $ 1,661 $ 8,490 $ 1,507,649 $ 1,516,139 2019 11,176 2,520 7,284 20,980 1,436,109 1,457,089 2018 7,062 2,659 5,702 15,423 981,829 997,252 2017 4,904 1,994 5,062 11,960 548,310 560,270 2016 2,967 815 3,652 7,434 291,003 298,437 2015 927 645 2,925 4,497 98,861 103,358 Prior to 2015 113 119 3,251 3,483 30,126 33,609 Total $ 32,813 $ 9,917 $ 29,537 $ 72,267 $ 4,893,887 $ 4,966,154 Canada 2020 $ 480 $ 198 $ 73 $ 751 $ 423,911 $ 424,662 2019 3,081 376 2,300 5,757 379,540 385,297 2018 1,786 275 1,414 3,475 230,689 234,164 2017 1,376 139 810 2,325 111,816 114,141 2016 871 119 1,090 2,080 54,863 56,943 2015 210 49 535 794 19,404 20,198 Prior to 2015 26 4 20 50 3,381 3,431 Total $ 7,830 $ 1,160 $ 6,242 $ 15,232 $ 1,223,604 $ 1,238,836 Wholesale United States $ 393 $ 1 $ 1,320 $ 1,714 $ 2,467,310 $ 2,469,024 Canada $ 4 $ 1 $ 4 $ 9 $ 526,464 $ 526,473 Total Retail $ 40,643 $ 11,077 $ 35,779 $ 87,499 $ 6,117,491 $ 6,204,990 Wholesale $ 397 $ 2 $ 1,324 $ 1,723 $ 2,993,774 $ 2,995,497 The above aging table is not necessarily reflective of the potential credit risk in the portfolio due to payment schedules changes granted by the Company and government stimulus policies benefiting CNH Industrial North America dealers or the Company’s end-use customers. The aging of receivables as of December 31, 2019 is as follows: 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 Included in the receivables balance is accrued interest of $59,701. The Company does not include accrued interest in its allowance for credit losses. Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 90 days delinquent, whichever occurs first. Accrued interest is charged-off to interest income. Interest income charged-off was not material for the three and nine months ended September 30, 2020. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 Retail Wholesale Total Retail Wholesale Total United States $ 38,531 $ 32,280 $ 70,811 $ 33,463 $ 29,211 $ 62,674 Canada $ 6,242 $ — $ 6,242 $ 3,749 $ — $ 3,749 As of September 30, 2020 and December 31, 2019, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the three and nine months ended September 30, 2020 and 2019 was immaterial. 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 September 30, 2020, 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 $7,876 and the post-modification value was $7,065. Additionally, the Company had 394 accounts with a balance of $26,338 undergoing bankruptcy proceedings where a concession has not yet been determined. As of September 30, 2019, the Company had 284 retail and finance lease contracts classified as TDRs where a court has determined the concession. The pre-modification value of these contracts was $10,587 and the post-modification value was $9,553. Additionally, the Company had 346 accounts with a balance of $14,890 undergoing bankruptcy proceedings where a concession has not yet been determined. As the outcome of the bankruptcy cases is determined by a court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease contracts that were modified in a TDR during the previous 12 months ended September 30, 2020 and 2019. As of September 30, 2020 and 2019, the Company’s wholesale TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	9 Months Ended
	Sep. 30, 2020
EQUIPMENT ON OPERATING LEASES
EQUIPMENT ON OPERATING LEASES	NOTE 5: EQUIPMENT ON OPERATING LEASES Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $111,850) as of September 30, 2020 are as follows: 2020 $ 62,077 2021 210,124 2022 125,271 2023 50,315 2024 and thereafter 21,208 Total lease payments $ 468,995

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	9 Months Ended
	Sep. 30, 2020
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 6: CREDIT FACILITIES AND DEBT On July 2, 2020, the Company completed an offering of $600,000 in aggregate principal amount of its 1.950% unsecured notes due 2023, issued at a price to the public of 99.370%. On September 25, 2020, the Company extended the maturity date of the $1,200,000 U.S. retail committed asset-backed facility to September 2022. Committed unsecured facilities with banks as of September 30, 2020 totaled $833,187. 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 September 30, 2020, the Company had $224,062 outstanding under these credit facilities. Included in the remaining available credit commitments is $85,000 maintained primarily to provide backup liquidity for commercial paper borrowings. The Company’s outstanding commercial paper totaled $85,000 as of September 30, 2020.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2020
INCOME TAXES
INCOME TAXES	NOTE 7: INCOME TAXES The effective tax rates for the three months ended September 30, 2020 and 2019 were 23.6% and 26.2%, respectively. The effective tax rate was 23.1% for the nine months ended September 30, 2020, compared to 24.4% for the same period in 2019.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2020
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 8: 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 — 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 September 30, 2020, 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 51 months. As of September 30, 2020, the after-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately $425. 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 three and nine months ended September 30, 2020 and 2019. All of the Company’s interest rate derivatives as of September 30, 2020 and December 31, 2019 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 $3,351,042 and $3,004,709 at September 30, 2020 and December 31, 2019, respectively. The ten-month average notional amounts for the nine months ended September 30, 2020 and 2019 were $3,205,481 and $2,966,980, respectively. Foreign Exchange Contracts The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in “Other expenses” and are expected to offset the foreign exchange gains or losses on the exposures being managed. All of the Company’s foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives. Financial Statement Impact of the Company’s Derivatives The fair values of the Company’s derivatives as of September 30, 2020 and December 31, 2019 in the consolidated balance sheets are recorded as follows: September 30, December 31, 2020 2019 Derivatives Designated as Hedging Instruments Other assets: Interest rate derivatives $ 62,411 $ 38,732 Accounts payable and other accrued liabilities: Interest rate derivatives $ 5,254 $ 1,243 Derivatives Not Designated as Hedging Instruments Other assets: Interest rate derivatives $ 300 $ 440 Foreign exchange contracts 332 — Total $ 632 $ 440 Accounts payable and other accrued liabilities: Interest rate derivatives $ 300 $ 440 Foreign exchange contracts 442 800 Total $ 742 $ 1,240 Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three and nine months ended September 30, 2020 and 2019 are recorded in the following accounts: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss): Interest rate derivatives $ 383 $ 761 $ (11,193) $ (2,978) Reclassified from accumulated other comprehensive income (loss): Interest rate derivatives—Interest expense to third parties (110) 166 (59) 523 Not Designated as Hedges Foreign exchange contracts—Other expenses $ 1,290 $ (1,381) $ (1,910) $ 1,812 Items Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, all of which are measured as Level 2: September 30, December 31, 2020 2019 Assets Interest rate derivatives $ 62,711 $ 39,172 Foreign exchange contracts 332 — Total assets $ 63,043 $ 39,172 Liabilities Interest rate derivatives $ 5,554 $ 1,683 Foreign exchange contracts 442 800 Total liabilities $ 5,996 $ 2,483 There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. Fair Value of Other Financial Instruments The carrying amount of cash and cash equivalents, restricted cash 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 September 30, 2020 and December 31, 2019 are as follows: September 30, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Amount Fair Value * Amount Fair Value * Receivables $ 9,070,542 $ 9,153,556 $ 9,835,274 $ 9,870,076 Long-term debt $ 5,482,339 $ 5,556,605 $ 5,779,581 $ 5,830,157 ______________ * 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	9 Months Ended
	Sep. 30, 2020
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 9: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenues United States $ 169,661 $ 182,277 $ 516,624 $ 543,926 Canada 41,054 44,832 126,388 138,340 Eliminations (1,041) (2,753) (3,817) (6,729) Total $ 209,674 $ 224,356 $ 639,195 $ 675,537 Interest expense United States $ 57,837 $ 75,112 $ 180,498 $ 219,471 Canada 12,044 16,420 38,821 49,665 Eliminations (1,041) (2,753) (3,817) (6,729) Total $ 68,840 $ 88,779 $ 215,502 $ 262,407 Net income United States $ 29,397 $ 26,179 $ 82,954 $ 80,194 Canada 8,758 10,342 26,269 33,322 Total $ 38,155 $ 36,521 $ 109,223 $ 113,516 Depreciation and amortization United States $ 48,738 $ 45,593 $ 145,140 $ 141,495 Canada 11,354 10,878 32,884 32,551 Total $ 60,092 $ 56,471 $ 178,024 $ 174,046 Expenditures for equipment on operating leases United States $ 75,148 $ 139,986 $ 297,566 $ 419,570 Canada 26,846 27,208 77,892 94,799 Total $ 101,994 $ 167,194 $ 375,458 $ 514,369 Provision for credit losses United States $ 9,848 $ 7,159 $ 37,441 $ 25,219 Canada 2,727 758 10,271 2,764 Total $ 12,575 $ 7,917 $ 47,712 $ 27,983 As of As of September 30, December 31, 2020 2019 Total assets United States $ 10,101,791 $ 10,439,737 Canada 2,292,449 2,566,635 Eliminations (150,993) (152,285) Total $ 12,243,247 $ 12,854,087 Managed receivables United States $ 7,435,178 $ 7,946,542 Canada 1,765,309 1,961,483 Total $ 9,200,487 $ 9,908,025

RELATED - PARTY TRANSACTIONS

RELATED - PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2020
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 10: 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 for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Subsidy from CNH Industrial North America Retail $ 36,807 $ 40,161 $ $ Wholesale 23,387 28,230 79,501 90,610 Operating lease 14,780 14,891 45,550 44,956 Income from Iveco Argentina Wholesale factoring — 978 — 2,184 Income from affiliated receivables CNH Industrial North America 229 55 392 136 Other affiliates 30 — 112 — Total interest and other income from affiliates $ 75,233 $ 84,315 $ $ Interest expense to affiliates was $718 and $6,368, respectively, for the three months ended September 30, 2020 and 2019 and $2,764 and $9,791, respectively, for the nine months ended September 30, 2020 and 2019. Fees charged by affiliates were $10,399 and $11,568, respectively, for the three months ended September 30, 2020 and 2019, and $33,542 and $35,523, respectively, for the nine months ended September 30, 2020 and 2019, and represents payroll and other human resource services CNH Industrial America performs on behalf of the Company. As of September 30, 2020 and December 31, 2019, the Company had various accounts and notes receivable and debt with the following affiliates: September 30, December 31, 2020 2019 Affiliated receivables CNH Industrial America $ 295,430 $ CNH Industrial Canada Ltd. 4,796 Other affiliates 12,587 Total affiliated receivables $ 312,813 $ Affiliated debt CNH Industrial America $ — $ 213,856 CNH Industrial Canada Ltd. 208,063 — Total affiliated debt $ 208,063 $ Accounts payable and other accrued liabilities, including tax payables, of $72,394 and $20,527 were payable to related parties as of September 30, 2020 and December 31, 2019, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11: 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, on an uncommitted basis, to extend credit for the wholesale and dealer financing managed portfolio. At September 30, 2020, the total credit limit available was $6,088,358, of which $2,917,904 was utilized.

SUPPLEMENTAL CONDENSED CONSOLID

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2020
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION	NOTE 12: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION CNH Industrial Capital America and New Holland Credit (the “Guarantor Entities”), which are 100%-owned subsidiaries of CNH Industrial Capital LLC, guarantee certain indebtedness of CNH Industrial Capital LLC. As the guarantees are full, unconditional, and joint and several, and because the Guarantor Entities are 100%-owned by CNH Industrial Capital LLC, the Company has included the following condensed consolidating financial information as of September 30, 2020 and December 31, 2019 and for the three and nine months ended September 30, 2020 and 2019. The condensed consolidating financial information reflects investments in consolidated subsidiaries under the equity method of accounting. Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 2,701 $ 44,294 $ — $ 46,995 Interest income on wholesale notes — (220) 12,893 — 12,673 Interest and other income from affiliates 5,029 41,091 61,712 (32,599) 75,233 Rental income on operating leases — 50,339 14,067 — 64,406 Other income — 24,389 818 (14,840) 10,367 Total revenues 5,029 118,300 133,784 (47,439) 209,674 EXPENSES Interest expense: Interest expense to third parties 28,183 4,416 35,523 — 68,122 Interest expense to affiliates — 27,632 5,685 (32,599) 718 Total interest expense 28,183 32,048 41,208 (32,599) 68,840 Administrative and operating expenses: Fees charged by affiliates — 8,558 16,681 (14,840) 10,399 Provision for credit losses — 6,546 6,029 — 12,575 Depreciation of equipment on operating leases — 48,369 11,353 — 59,722 Other expenses 6 6,845 1,357 — 8,208 Total administrative and operating expenses 6 70,318 35,420 (14,840) 90,904 Total expenses 28,189 102,366 76,628 (47,439) 159,744 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (23,160) 15,934 57,156 — 49,930 Income tax provision (benefit) (5,654) 3,964 13,465 — 11,775 Equity in income of consolidated subsidiaries accounted for under the equity method 55,661 43,691 — (99,352) — NET INCOME $ 38,155 $ 55,661 $ 43,691 $ (99,352) $ 38,155 COMPREHENSIVE INCOME $ 49,233 $ 66,739 $ 53,011 $ (119,750) $ 49,233 Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 2,971 $ 140,044 $ — $ 143,015 Interest income on wholesale notes — (690) 42,504 — 41,814 Interest and other income from affiliates 15,277 134,253 204,137 (110,922) 242,745 Rental income on operating leases — 147,740 40,860 — 188,600 Other income — 68,120 1,622 (46,721) 23,021 Total revenues 15,277 352,394 429,167 (157,643) 639,195 EXPENSES Interest expense: Interest expense to third parties 121,560 (27,915) 119,093 — 212,738 Interest expense to affiliates — 94,124 19,562 (110,922) 2,764 Total interest expense 121,560 66,209 138,655 (110,922) 215,502 Administrative and operating expenses: Fees charged by affiliates — 27,345 52,918 (46,721) 33,542 Provision for credit losses — 14,576 33,136 — 47,712 Depreciation of equipment on operating leases — 143,965 32,883 — 176,848 Other expenses 18 20,170 3,421 — 23,609 Total administrative and operating expenses 18 206,056 122,358 (46,721) 281,711 Total expenses 121,578 272,265 261,013 (157,643) 497,213 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (106,301) 80,129 168,154 — 141,982 Income tax provision (benefit) (25,955) 19,799 38,915 — 32,759 Equity in income of consolidated subsidiaries accounted for under the equity method 189,569 129,239 — (318,808) — NET INCOME $ 109,223 $ 189,569 $ 129,239 $ (318,808) $ 109,223 COMPREHENSIVE INCOME $ 86,742 $ 167,088 $ 109,354 $ (276,442) $ 86,742 Condensed Balance Sheets as of September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 85,335 $ 175,165 $ — $ 260,500 Restricted cash and cash equivalents — — 508,277 — 508,277 Receivables, less allowance for credit losses — 1,864,935 7,205,607 — 9,070,542 Affiliated accounts and notes receivable 1,527,651 2,394,219 2,772,533 (6,381,590) 312,813 Equipment on operating leases, net — 1,384,453 385,321 — 1,769,774 Equipment held for sale — 84,340 7,716 — 92,056 Investments in consolidated subsidiaries accounted for under the equity method 3,200,752 2,660,775 — (5,861,527) — Goodwill and intangible assets, net — 93,606 27,278 — 120,884 Other assets 5,551 81,558 24,098 (2,806) 108,401 TOTAL $ 4,733,954 $ 8,649,221 $ $ (12,245,923) $ 12,243,247 LIABILITIES AND STOCKHOLDER’S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ 1,188,685 $ 169,809 $ 3,087,801 $ — $ 4,446,295 Accounts payable and other accrued liabilities 300,916 3,716,932 1,181,342 (4,292,694) 906,496 Affiliated debt — 1,106,580 1,193,185 (2,091,702) 208,063 Long-term debt 2,044,299 455,148 2,982,892 — 5,482,339 Total liabilities 3,533,900 5,448,469 8,445,220 (6,384,396) 11,043,193 Stockholder’s equity 1,200,054 3,200,752 2,660,775 (5,861,527) 1,200,054 TOTAL $ 4,733,954 $ 8,649,221 $ $ (12,245,923) $ 12,243,247 Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ (42,477) $ 303,007 $ (121,408) $ (20,644) $ 118,478 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (6,023,520) (5,583,468) 4,279,085 (7,327,903) Collections of receivables — 5,657,544 6,614,000 (4,279,835) 7,991,709 Purchase of equipment on operating leases, net — (48,238) (41,330) — (89,568) Change in property and equipment and software, net — (1,010) — — (1,010) Net cash from (used in) investing activities — (415,224) 989,202 (750) 573,228 CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (254,910) 234,042 21,394 526 Net change in indebtedness 172,477 331,262 (1,101,438) — (597,699) Dividends paid to CNH Industrial America LLC (130,000) — — — (130,000) Net cash from (used in) financing activities 42,477 76,352 (867,396) 21,394 (727,173) DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — (35,865) 398 — (35,467) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period — 121,200 683,044 — 804,244 End of period $ — $ 85,335 $ 683,442 $ — $ 768,777 Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 2,192 $ 51,918 $ — $ 54,110 Interest income on wholesale notes — (254) 17,639 — 17,385 Interest and other income from affiliates 10,499 50,229 34,086 (10,499) 84,315 Rental income on operating leases — 47,034 13,500 — 60,534 Other income — 24,338 471 (16,797) 8,012 Total revenues 10,499 123,539 117,614 (27,296) 224,356 EXPENSES Interest expense: Interest expense to third parties 36,867 (5,154) 50,698 — 82,411 Interest expense to affiliates — 16,199 668 (10,499) 6,368 Total interest expense 36,867 11,045 51,366 (10,499) 88,779 Administrative and operating expenses: Fees charged by affiliates — 11,133 17,232 (16,797) 11,568 Provision for credit losses — 1,918 5,999 — 7,917 Depreciation of equipment on operating leases — 45,191 10,879 — 56,070 Other expenses 6 7,201 3,329 — 10,536 Total administrative and operating expenses 6 65,443 37,439 (16,797) 86,091 Total expenses 36,873 76,488 88,805 (27,296) 174,870 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (26,374) 47,051 28,809 — 49,486 Income tax provision (benefit) (6,440) 11,555 7,850 — 12,965 Equity in income of consolidated subsidiaries accounted for under the equity method 56,455 20,959 — (77,414) — NET INCOME $ 36,521 $ 56,455 $ 20,959 $ (77,414) $ 36,521 COMPREHENSIVE INCOME $ 31,337 $ 51,271 $ 16,708 $ (67,979) $ 31,337 Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 15,823 $ 150,867 $ — $ 166,690 Interest income on wholesale notes — (788) 51,908 — 51,120 Interest and other income from affiliates 41,947 152,738 104,822 (41,947) 257,560 Rental income on operating leases — 141,290 40,377 — 181,667 Other income — 66,365 1,644 (49,509) 18,500 Total revenues 41,947 375,428 349,618 (91,456) 675,537 EXPENSES Interest expense: Interest expense to third parties 137,093 (33,240) 148,763 — 252,616 Interest expense to affiliates — 73,842 (22,104) (41,947) 9,791 Total interest expense 137,093 40,602 126,659 (41,947) 262,407 Administrative and operating expenses: Fees charged by affiliates — 34,126 50,906 (49,509) 35,523 Provision for credit losses — 10,650 17,333 — 27,983 Depreciation of equipment on operating leases — 140,119 32,551 — 172,670 Other expenses 18 17,558 9,219 — 26,795 Total administrative and operating expenses 18 202,453 110,009 (49,509) 262,971 Total expenses 137,111 243,055 236,668 (91,456) 525,378 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (95,164) 132,373 112,950 — 150,159 Income tax provision (benefit) (23,236) 32,619 27,260 — 36,643 Equity in income of consolidated subsidiaries accounted for under the equity method 185,444 85,690 — (271,134) — NET INCOME $ 113,516 $ 185,444 $ 85,690 $ (271,134) $ 113,516 COMPREHENSIVE INCOME $ 123,432 $ 195,360 $ 93,615 $ (288,975) $ 123,432 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 Nine Months Ended September 30, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 573,636 $ 400,476 $ (116,918) $ (515,582) $ 341,612 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (6,504,409) (6,975,212) 5,329,785 (8,149,836) Collections of receivables — 6,497,730 7,032,713 (5,329,975) 8,200,468 Purchase of equipment on operating leases, net — (152,641) (24,444) — (177,085) Change in property and equipment and software, net — (2,317) — — (2,317) Net cash from (used in) investing activities — (161,637) 33,057 (190) (128,770) CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (271,666) (37,254) 515,772 206,852 Net change in indebtedness (408,636) 2 1,316 — (407,318) Dividends paid to CNH Industrial America LLC (165,000) — — — (165,000) Net cash from (used in) financing activities (573,636) (271,664) (35,938) 515,772 (365,466) DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — (32,825) (119,799) — (152,624) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period — 118,508 681,363 — 799,871 End of period $ — $ 85,683 $ 561,564 $ — $ 647,247

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 13: SUBSEQUENT EVENTS On October 6, 2020, the Company completed an offering of $500,000 in aggregate principal amount of its 1.875% unsecured notes due 2026, with an issue price of 99.761%. ds

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
New Accounting Pronouncements	New Accounting Pronouncements Adopted in 2020 In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which established ASC 326, Financial Instruments – Credit Losses (“ASC 326”). In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses (“ASU 2018-19”), which superseded 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 were also required. The Company adopted ASU 2018-19 on January 1, 2020, using the modified retrospective approach. The impact to the consolidated balance sheet on January 1, 2020 was an increase to the allowance for credit losses of $26 million and an increase to deferred tax assets of $6 million, with the offset to retained earnings, net of tax, of $20 million. See “Note 4: Receivables” for the Company’s updated accounting policy on Allowance for Credit Losses. 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 amended ASC 820, Fair Value Measurement . This ASU modified the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The removed and modified disclosures were adopted on a retrospective basis and the new disclosures were adopted on a prospective basis. The adoption of this standard did not have a material impact on the Company’s 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 expanded the guidance set forth in ASU 2015‑05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . ASU 2018-15 aligned 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. The Company adopted ASU 2018-15 on January 1, 2020. The adoption of this standard did not 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 expanded the application of a specific private company alternative related to VIEs and changed 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. The Company adopted ASU 2018-17 on January 1, 2020. The adoption of this standard did not 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 (“ASU 2019-04”), 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 clarified the scope of the credit losses standard and addressed issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. On recognizing and measuring financial instruments, the amendments addressed 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 adopted ASU 2019-04 on January 1, 2020. The adoption of this standard did not have a material impact on its consolidated financial statements. New Accounting Pronouncements Not Yet Adopted 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 where 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.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE INCOME
Schedule of changes in the components of AOCI and related tax effects	The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended September 30, 2020: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (150,091) $ (373) $ (10,292) $ (160,756) Tax asset — 74 2,727 2,801 Beginning balance, net of tax (150,091) (299) (7,565) (157,955) Other comprehensive income (loss) before reclassifications 10,733 (109) 383 11,007 Amounts reclassified from accumulated other comprehensive income (loss) — 52 110 162 Tax effects — 40 (131) (91) Net current-period other comprehensive income (loss) 10,733 (17) 362 11,078 Total $ (139,358) $ (316) $ (7,203) $ (146,877) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2020: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (125,133) $ (302) $ 1,335 $ (124,100) Tax asset — 58 (354) (296) Beginning balance, net of tax (125,133) (244) 981 (124,396) Other comprehensive income (loss) before reclassifications (14,225) (283) (11,193) (25,701) Amounts reclassified from accumulated other comprehensive income (loss) — 154 59 213 Tax effects — 57 2,950 3,007 Net current-period other comprehensive income (loss) (14,225) (72) (8,184) (22,481) Total $ (139,358) $ (316) $ (7,203) $ (146,877) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended September 30, 2019: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability Derivatives Total Beginning balance, gross $ (128,792) $ (3,836) $ (1,071) $ (133,699) Tax asset — 919 284 1,203 Beginning balance, net of tax (128,792) (2,917) (787) (132,496) Other comprehensive income (loss) before reclassifications (5,720) (97) 761 (5,056) Amounts reclassified from accumulated other comprehensive income (loss) — 227 (166) 61 Tax effects — (32) (157) (189) Net current-period other comprehensive income (loss) (5,720) 98 438 (5,184) Total $ (134,512) $ (2,819) $ (349) $ (137,680) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2019: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability 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 12,214 (320) (2,978) 8,916 Amounts reclassified from accumulated other comprehensive income (loss) — 684 (523) 161 Tax effects — (89) 928 839 Net current-period other comprehensive income (loss) 12,214 275 (2,573) 9,916 Reclassification of certain tax effects — (597) — (597) Total $ (134,512) $ (2,819) $ (349) $ (137,680)
Schedule of reclassifications out of AOCI and the location on the consolidated statements of income	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Affected Line Item Amortization of defined benefit pension items: $ (52) $ (227) $ (154) $ (684) Various line items individually insignificant (52) (227) (154) (684) Income before taxes 44 56 68 167 Income tax effects $ (8) $ (171) $ (86) $ (517) Net of tax Unrealized losses on derivatives: $ (110) $ 166 $ (59) $ 523 Interest expense to third parties (110) 166 Income before taxes 29 (45) 16 (139) Income tax effects $ (81) $ 121 $ (43) $ 384 Net of tax

RECEIVABLES (Tables)

RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2020
RECEIVABLES
Summary of receivables	September 30, December 31, 2020 2019 Retail $ $ 656,518 Wholesale 748,634 813,454 Finance lease 110,819 79,848 Restricted receivables Gross receivables Less: Allowance for credit losses (129,945) (72,751) Total receivables, net $ $
Summary of restricted receivables	September 30, December 31, 2020 2019 Retail $ 4,784,809 $ Wholesale 2,246,863 Total restricted receivables $ 7,031,672 $
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the three months ended September 30, 2020 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance $ 112,492 $ 7,333 $ 119,825 Charge-offs (3,244) (1) (3,245) Recoveries 578 5 583 Provision 11,331 1,244 12,575 Foreign currency translation and other 190 17 207 Ending balance $ 121,347 $ 8,598 $ 129,945 Allowance for credit losses activity for the nine months ended September 30, 2020 is as follows: Retail Wholesale Total Allowance for credit losses: Beginning balance, as previously reported $ 64,750 $ 8,001 $ 72,751 Adoption of ASC 326 25,877 — 25,877 Beginning balance, as recast $ 90,627 $ 8,001 $ 98,628 Charge-offs (18,028) (213) (18,241) Recoveries 1,905 8 1,913 Provision 46,882 830 47,712 Foreign currency translation and other (39) (28) (67) Ending balance $ 121,347 $ 8,598 $ 129,945 Receivables: Ending balance $ 6,204,990 $ 2,995,497 $ 9,200,487 At September 30, 2020, the allowance for credit losses includes a continued build of reserves primarily due to the expectation of deteriorating credit conditions related to the COVID‑19 pandemic. The Company continues to monitor the situation and will update the macroeconomic factors and qualitative factors in future periods, as warranted. Allowance for credit losses activity for the three months ended September 30, 2019 is as follows: Wholesale Retail Wholesale Factoring Total Allowance for credit losses: Beginning balance $ 70,311 $ 7,239 $ 60 $ 77,610 Charge-offs (11,233) (2,416) — (13,649) Recoveries 512 3 — 515 Provision 5,797 2,169 (49) 7,917 Foreign currency translation and other (51) (12) — (63) Ending balance $ 65,336 $ 6,983 $ 11 $ 72,330 Allowance for credit losses activity for the nine months ended September 30, 2019 is as follows: Wholesale Retail Wholesale Factoring Total Allowance for credit losses: Beginning balance $ 66,944 $ 7,468 $ — $ 74,412 Charge-offs (27,799) (4,581) — (32,380) Recoveries 2,188 12 — 2,200 Provision 23,903 4,069 11 27,983 Foreign currency translation and other 100 15 — 115 Ending balance $ 65,336 $ 6,983 $ 11 $ 72,330 Receivables: Ending balance $ 6,348,795 $ 3,635,250 $ 15,673 $ 9,999,718 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 Receivables: Ending balance $ 6,268,251 $ 3,639,774 $ 9,908,025
Schedule of aging of financing receivables	The aging of receivables as of September 30, 2020 is as follows: Greater 31 – 60 Days 61 – 90 Days Than Total Total Past Due Past Due 90 Days Past Due Current Receivables Retail United States 2020 $ 5,664 $ 1,165 $ 1,661 $ 8,490 $ 1,507,649 $ 1,516,139 2019 11,176 2,520 7,284 20,980 1,436,109 1,457,089 2018 7,062 2,659 5,702 15,423 981,829 997,252 2017 4,904 1,994 5,062 11,960 548,310 560,270 2016 2,967 815 3,652 7,434 291,003 298,437 2015 927 645 2,925 4,497 98,861 103,358 Prior to 2015 113 119 3,251 3,483 30,126 33,609 Total $ 32,813 $ 9,917 $ 29,537 $ 72,267 $ 4,893,887 $ 4,966,154 Canada 2020 $ 480 $ 198 $ 73 $ 751 $ 423,911 $ 424,662 2019 3,081 376 2,300 5,757 379,540 385,297 2018 1,786 275 1,414 3,475 230,689 234,164 2017 1,376 139 810 2,325 111,816 114,141 2016 871 119 1,090 2,080 54,863 56,943 2015 210 49 535 794 19,404 20,198 Prior to 2015 26 4 20 50 3,381 3,431 Total $ 7,830 $ 1,160 $ 6,242 $ 15,232 $ 1,223,604 $ 1,238,836 Wholesale United States $ 393 $ 1 $ 1,320 $ 1,714 $ 2,467,310 $ 2,469,024 Canada $ 4 $ 1 $ 4 $ 9 $ 526,464 $ 526,473 Total Retail $ 40,643 $ 11,077 $ 35,779 $ 87,499 $ 6,117,491 $ 6,204,990 Wholesale $ 397 $ 2 $ 1,324 $ 1,723 $ 2,993,774 $ 2,995,497 The above aging table is not necessarily reflective of the potential credit risk in the portfolio due to payment schedules changes granted by the Company and government stimulus policies benefiting CNH Industrial North America dealers or the Company’s end-use customers. The aging of receivables as of December 31, 2019 is as follows: 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
Schedule of receivables on nonaccrual status	September 30, 2020 December 31, 2019 Retail Wholesale Total Retail Wholesale Total United States $ 38,531 $ 32,280 $ 70,811 $ 33,463 $ 29,211 $ 62,674 Canada $ 6,242 $ — $ 6,242 $ 3,749 $ — $ 3,749

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
EQUIPMENT ON OPERATING LEASES
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	2020 $ 62,077 2021 210,124 2022 125,271 2023 50,315 2024 and thereafter 21,208 Total lease payments $ 468,995

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	September 30, December 31, 2020 2019 Derivatives Designated as Hedging Instruments Other assets: Interest rate derivatives $ 62,411 $ 38,732 Accounts payable and other accrued liabilities: Interest rate derivatives $ 5,254 $ 1,243 Derivatives Not Designated as Hedging Instruments Other assets: Interest rate derivatives $ 300 $ 440 Foreign exchange contracts 332 — Total $ 632 $ 440 Accounts payable and other accrued liabilities: Interest rate derivatives $ 300 $ 440 Foreign exchange contracts 442 800 Total $ 742 $ 1,240
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss): Interest rate derivatives $ 383 $ 761 $ (11,193) $ (2,978) Reclassified from accumulated other comprehensive income (loss): Interest rate derivatives—Interest expense to third parties (110) 166 (59) 523 Not Designated as Hedges Foreign exchange contracts—Other expenses $ 1,290 $ (1,381) $ (1,910) $ 1,812
Schedule of assets and liabilities measured at fair value on a recurring basis	September 30, December 31, 2020 2019 Assets Interest rate derivatives $ 62,711 $ 39,172 Foreign exchange contracts 332 — Total assets $ 63,043 $ 39,172 Liabilities Interest rate derivatives $ 5,554 $ 1,683 Foreign exchange contracts 442 800 Total liabilities $ 5,996 $ 2,483
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	September 30, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Amount Fair Value * Amount Fair Value * Receivables $ 9,070,542 $ 9,153,556 $ 9,835,274 $ 9,870,076 Long-term debt $ 5,482,339 $ 5,556,605 $ 5,779,581 $ 5,830,157 ______________ * 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)	9 Months Ended
	Sep. 30, 2020
GEOGRAPHICAL INFORMATION
Summary of geographic information	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Revenues United States $ 169,661 $ 182,277 $ 516,624 $ 543,926 Canada 41,054 44,832 126,388 138,340 Eliminations (1,041) (2,753) (3,817) (6,729) Total $ 209,674 $ 224,356 $ 639,195 $ 675,537 Interest expense United States $ 57,837 $ 75,112 $ 180,498 $ 219,471 Canada 12,044 16,420 38,821 49,665 Eliminations (1,041) (2,753) (3,817) (6,729) Total $ 68,840 $ 88,779 $ 215,502 $ 262,407 Net income United States $ 29,397 $ 26,179 $ 82,954 $ 80,194 Canada 8,758 10,342 26,269 33,322 Total $ 38,155 $ 36,521 $ 109,223 $ 113,516 Depreciation and amortization United States $ 48,738 $ 45,593 $ 145,140 $ 141,495 Canada 11,354 10,878 32,884 32,551 Total $ 60,092 $ 56,471 $ 178,024 $ 174,046 Expenditures for equipment on operating leases United States $ 75,148 $ 139,986 $ 297,566 $ 419,570 Canada 26,846 27,208 77,892 94,799 Total $ 101,994 $ 167,194 $ 375,458 $ 514,369 Provision for credit losses United States $ 9,848 $ 7,159 $ 37,441 $ 25,219 Canada 2,727 758 10,271 2,764 Total $ 12,575 $ 7,917 $ 47,712 $ 27,983 As of As of September 30, December 31, 2020 2019 Total assets United States $ 10,101,791 $ 10,439,737 Canada 2,292,449 2,566,635 Eliminations (150,993) (152,285) Total $ 12,243,247 $ 12,854,087 Managed receivables United States $ 7,435,178 $ 7,946,542 Canada 1,765,309 1,961,483 Total $ 9,200,487 $ 9,908,025

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2020
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Subsidy from CNH Industrial North America Retail $ 36,807 $ 40,161 $ $ Wholesale 23,387 28,230 79,501 90,610 Operating lease 14,780 14,891 45,550 44,956 Income from Iveco Argentina Wholesale factoring — 978 — 2,184 Income from affiliated receivables CNH Industrial North America 229 55 392 136 Other affiliates 30 — 112 — Total interest and other income from affiliates $ 75,233 $ 84,315 $ $
Schedule of various accounts and notes receivable and debt with the affiliates	September 30, December 31, 2020 2019 Affiliated receivables CNH Industrial America $ 295,430 $ CNH Industrial Canada Ltd. 4,796 Other affiliates 12,587 Total affiliated receivables $ 312,813 $ Affiliated debt CNH Industrial America $ — $ 213,856 CNH Industrial Canada Ltd. 208,063 — Total affiliated debt $ 208,063 $

SUPPLEMENTAL CONDENSED CONSOL_2

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION
Schedule of condensed statements of comprehensive income	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 2,701 $ 44,294 $ — $ 46,995 Interest income on wholesale notes — (220) 12,893 — 12,673 Interest and other income from affiliates 5,029 41,091 61,712 (32,599) 75,233 Rental income on operating leases — 50,339 14,067 — 64,406 Other income — 24,389 818 (14,840) 10,367 Total revenues 5,029 118,300 133,784 (47,439) 209,674 EXPENSES Interest expense: Interest expense to third parties 28,183 4,416 35,523 — 68,122 Interest expense to affiliates — 27,632 5,685 (32,599) 718 Total interest expense 28,183 32,048 41,208 (32,599) 68,840 Administrative and operating expenses: Fees charged by affiliates — 8,558 16,681 (14,840) 10,399 Provision for credit losses — 6,546 6,029 — 12,575 Depreciation of equipment on operating leases — 48,369 11,353 — 59,722 Other expenses 6 6,845 1,357 — 8,208 Total administrative and operating expenses 6 70,318 35,420 (14,840) 90,904 Total expenses 28,189 102,366 76,628 (47,439) 159,744 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (23,160) 15,934 57,156 — 49,930 Income tax provision (benefit) (5,654) 3,964 13,465 — 11,775 Equity in income of consolidated subsidiaries accounted for under the equity method 55,661 43,691 — (99,352) — NET INCOME $ 38,155 $ 55,661 $ 43,691 $ (99,352) $ 38,155 COMPREHENSIVE INCOME $ 49,233 $ 66,739 $ 53,011 $ (119,750) $ 49,233 Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 2,971 $ 140,044 $ — $ 143,015 Interest income on wholesale notes — (690) 42,504 — 41,814 Interest and other income from affiliates 15,277 134,253 204,137 (110,922) 242,745 Rental income on operating leases — 147,740 40,860 — 188,600 Other income — 68,120 1,622 (46,721) 23,021 Total revenues 15,277 352,394 429,167 (157,643) 639,195 EXPENSES Interest expense: Interest expense to third parties 121,560 (27,915) 119,093 — 212,738 Interest expense to affiliates — 94,124 19,562 (110,922) 2,764 Total interest expense 121,560 66,209 138,655 (110,922) 215,502 Administrative and operating expenses: Fees charged by affiliates — 27,345 52,918 (46,721) 33,542 Provision for credit losses — 14,576 33,136 — 47,712 Depreciation of equipment on operating leases — 143,965 32,883 — 176,848 Other expenses 18 20,170 3,421 — 23,609 Total administrative and operating expenses 18 206,056 122,358 (46,721) 281,711 Total expenses 121,578 272,265 261,013 (157,643) 497,213 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (106,301) 80,129 168,154 — 141,982 Income tax provision (benefit) (25,955) 19,799 38,915 — 32,759 Equity in income of consolidated subsidiaries accounted for under the equity method 189,569 129,239 — (318,808) — NET INCOME $ 109,223 $ 189,569 $ 129,239 $ (318,808) $ 109,223 COMPREHENSIVE INCOME $ 86,742 $ 167,088 $ 109,354 $ (276,442) $ 86,742 Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 2,192 $ 51,918 $ — $ 54,110 Interest income on wholesale notes — (254) 17,639 — 17,385 Interest and other income from affiliates 10,499 50,229 34,086 (10,499) 84,315 Rental income on operating leases — 47,034 13,500 — 60,534 Other income — 24,338 471 (16,797) 8,012 Total revenues 10,499 123,539 117,614 (27,296) 224,356 EXPENSES Interest expense: Interest expense to third parties 36,867 (5,154) 50,698 — 82,411 Interest expense to affiliates — 16,199 668 (10,499) 6,368 Total interest expense 36,867 11,045 51,366 (10,499) 88,779 Administrative and operating expenses: Fees charged by affiliates — 11,133 17,232 (16,797) 11,568 Provision for credit losses — 1,918 5,999 — 7,917 Depreciation of equipment on operating leases — 45,191 10,879 — 56,070 Other expenses 6 7,201 3,329 — 10,536 Total administrative and operating expenses 6 65,443 37,439 (16,797) 86,091 Total expenses 36,873 76,488 88,805 (27,296) 174,870 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (26,374) 47,051 28,809 — 49,486 Income tax provision (benefit) (6,440) 11,555 7,850 — 12,965 Equity in income of consolidated subsidiaries accounted for under the equity method 56,455 20,959 — (77,414) — NET INCOME $ 36,521 $ 56,455 $ 20,959 $ (77,414) $ 36,521 COMPREHENSIVE INCOME $ 31,337 $ 51,271 $ 16,708 $ (67,979) $ 31,337 Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated REVENUES Interest income on retail notes and finance leases $ — $ 15,823 $ 150,867 $ — $ 166,690 Interest income on wholesale notes — (788) 51,908 — 51,120 Interest and other income from affiliates 41,947 152,738 104,822 (41,947) 257,560 Rental income on operating leases — 141,290 40,377 — 181,667 Other income — 66,365 1,644 (49,509) 18,500 Total revenues 41,947 375,428 349,618 (91,456) 675,537 EXPENSES Interest expense: Interest expense to third parties 137,093 (33,240) 148,763 — 252,616 Interest expense to affiliates — 73,842 (22,104) (41,947) 9,791 Total interest expense 137,093 40,602 126,659 (41,947) 262,407 Administrative and operating expenses: Fees charged by affiliates — 34,126 50,906 (49,509) 35,523 Provision for credit losses — 10,650 17,333 — 27,983 Depreciation of equipment on operating leases — 140,119 32,551 — 172,670 Other expenses 18 17,558 9,219 — 26,795 Total administrative and operating expenses 18 202,453 110,009 (49,509) 262,971 Total expenses 137,111 243,055 236,668 (91,456) 525,378 Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method (95,164) 132,373 112,950 — 150,159 Income tax provision (benefit) (23,236) 32,619 27,260 — 36,643 Equity in income of consolidated subsidiaries accounted for under the equity method 185,444 85,690 — (271,134) — NET INCOME $ 113,516 $ 185,444 $ 85,690 $ (271,134) $ 113,516 COMPREHENSIVE INCOME $ 123,432 $ 195,360 $ 93,615 $ (288,975) $ 123,432
Schedule of condensed balance sheets	Condensed Balance Sheets as of September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ — $ 85,335 $ 175,165 $ — $ 260,500 Restricted cash and cash equivalents — — 508,277 — 508,277 Receivables, less allowance for credit losses — 1,864,935 7,205,607 — 9,070,542 Affiliated accounts and notes receivable 1,527,651 2,394,219 2,772,533 (6,381,590) 312,813 Equipment on operating leases, net — 1,384,453 385,321 — 1,769,774 Equipment held for sale — 84,340 7,716 — 92,056 Investments in consolidated subsidiaries accounted for under the equity method 3,200,752 2,660,775 — (5,861,527) — Goodwill and intangible assets, net — 93,606 27,278 — 120,884 Other assets 5,551 81,558 24,098 (2,806) 108,401 TOTAL $ 4,733,954 $ 8,649,221 $ $ (12,245,923) $ 12,243,247 LIABILITIES AND STOCKHOLDER’S EQUITY Liabilities: Short-term debt, including current maturities of long-term debt $ 1,188,685 $ 169,809 $ 3,087,801 $ — $ 4,446,295 Accounts payable and other accrued liabilities 300,916 3,716,932 1,181,342 (4,292,694) 906,496 Affiliated debt — 1,106,580 1,193,185 (2,091,702) 208,063 Long-term debt 2,044,299 455,148 2,982,892 — 5,482,339 Total liabilities 3,533,900 5,448,469 8,445,220 (6,384,396) 11,043,193 Stockholder’s equity 1,200,054 3,200,752 2,660,775 (5,861,527) 1,200,054 TOTAL $ 4,733,954 $ 8,649,221 $ $ (12,245,923) $ 12,243,247 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
Schedule of condensed statements of cash flows	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2020 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ (42,477) $ 303,007 $ (121,408) $ (20,644) $ 118,478 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (6,023,520) (5,583,468) 4,279,085 (7,327,903) Collections of receivables — 5,657,544 6,614,000 (4,279,835) 7,991,709 Purchase of equipment on operating leases, net — (48,238) (41,330) — (89,568) Change in property and equipment and software, net — (1,010) — — (1,010) Net cash from (used in) investing activities — (415,224) 989,202 (750) 573,228 CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (254,910) 234,042 21,394 526 Net change in indebtedness 172,477 331,262 (1,101,438) — (597,699) Dividends paid to CNH Industrial America LLC (130,000) — — — (130,000) Net cash from (used in) financing activities 42,477 76,352 (867,396) 21,394 (727,173) DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — (35,865) 398 — (35,467) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period — 121,200 683,044 — 804,244 End of period $ — $ 85,335 $ 683,442 $ — $ 768,777 Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2019 CNH Industrial Guarantor All Other Capital LLC Entities Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash from (used in) operating activities $ 573,636 $ 400,476 $ (116,918) $ (515,582) $ 341,612 CASH FLOWS FROM INVESTING ACTIVITIES: Cost of receivables acquired — (6,504,409) (6,975,212) 5,329,785 (8,149,836) Collections of receivables — 6,497,730 7,032,713 (5,329,975) 8,200,468 Purchase of equipment on operating leases, net — (152,641) (24,444) — (177,085) Change in property and equipment and software, net — (2,317) — — (2,317) Net cash from (used in) investing activities — (161,637) 33,057 (190) (128,770) CASH FLOWS FROM FINANCING ACTIVITIES: Intercompany activity — (271,666) (37,254) 515,772 206,852 Net change in indebtedness (408,636) 2 1,316 — (407,318) Dividends paid to CNH Industrial America LLC (165,000) — — — (165,000) Net cash from (used in) financing activities (573,636) (271,664) (35,938) 515,772 (365,466) DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH — (32,825) (119,799) — (152,624) CASH AND CASH EQUIVALENTS AND RESTRICTED CASH: Beginning of period — 118,508 681,363 — 799,871 End of period $ — $ 85,683 $ 561,564 $ — $ 647,247

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements Adopted
Allowance for credit losses	$ 129,945	$ 119,825	$ 98,628	$ 72,751	$ 72,330	$ 77,610	$ 74,412
Retained earnings	$ 503,116			543,688
ASU 2016-13
New Accounting Pronouncements Adopted
Allowance for credit losses				$ 25,877
ASU 2016-13 | Net incremental impact of adopting new guidance
New Accounting Pronouncements Adopted
Allowance for credit losses			26,000
Deferred tax assets			6,000
Retained earnings			$ (20,000)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Changes in accumulated other comprehensive income by component
Beginning balance, gross					$ (160,756)	$ (124,100)	$ (133,699)	$ (147,771)
Tax asset					2,801	(296)	1,203	772
Beginning balance, net of tax	$ (157,955)	$ (132,496)	$ (124,396)	$ (146,999)
Other comprehensive income (loss) before reclassifications	11,007	(5,056)	(25,701)	8,916
Amounts reclassified from accumulated other comprehensive income (loss)	162	61	213	161
Tax effects	(91)	(189)	3,007	839
Total other comprehensive income (loss)	11,078	(5,184)	(22,481)	9,916
Reclassification of certain tax effects				(597)
Ending balance	(146,877)	(137,680)	(146,877)	(137,680)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(150,091)	(125,133)	(128,792)	(146,726)
Beginning balance, net of tax	(150,091)	(128,792)	(125,133)	(146,726)
Other comprehensive income (loss) before reclassifications	10,733	(5,720)	(14,225)	12,214
Total other comprehensive income (loss)	10,733	(5,720)	(14,225)	12,214
Ending balance	(139,358)	(134,512)	(139,358)	(134,512)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(373)	(302)	(3,836)	(4,070)
Tax asset					74	58	919	1,573
Beginning balance, net of tax	(299)	(2,917)	(244)	(2,497)
Other comprehensive income (loss) before reclassifications	(109)	(97)	(283)	(320)
Amounts reclassified from accumulated other comprehensive income (loss)	52	227	154	684
Tax effects	40	(32)	57	(89)
Total other comprehensive income (loss)	(17)	98	(72)	275
Reclassification of certain tax effects				(597)
Ending balance	(316)	(2,819)	(316)	(2,819)
Unrealized (Losses) Gains on Derivative
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(10,292)	1,335	(1,071)	3,025
Tax asset					$ 2,727	$ (354)	$ 284	$ (801)
Beginning balance, net of tax	(7,565)	(787)	981	2,224
Other comprehensive income (loss) before reclassifications	383	761	(11,193)	(2,978)
Amounts reclassified from accumulated other comprehensive income (loss)	110	(166)	59	(523)
Tax effects	(131)	(157)	2,950	928
Total other comprehensive income (loss)	362	438	(8,184)	(2,573)
Ending balance	$ (7,203)	$ (349)	$ (7,203)	$ (349)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	$ (68,122)	$ (82,411)	$ (212,738)	$ (252,616)
Income before taxes	49,930	49,486	141,982	150,159
Income tax effects	(11,775)	(12,965)	(32,759)	(36,643)
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	(52)	(227)	(154)	(684)
Income before taxes	(52)	(227)	(154)	(684)
Income tax effects	44	56	68	167
Net income	(8)	(171)	(86)	(517)
Unrealized (Losses) Gains on Derivative | 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	(110)	166	(59)	523
Income before taxes	(110)	166	(59)	523
Income tax effects	29	(45)	16	(139)
Net income	$ (81)	$ 121	$ (43)	$ 384

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Receivables
Gross receivables	$ 9,200,487			$ 9,908,025	$ 9,999,718
Less: Allowance for credit losses	(129,945)	$ (119,825)	$ (98,628)	(72,751)	$ (72,330)	$ (77,610)	$ (74,412)
Total receivables, net	9,070,542			9,835,274
Restricted Receivables	7,031,672			8,358,205
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
Retail receivables
Receivables
Gross receivables	1,309,362			656,518
Restricted Receivables	4,784,809			5,531,885
Wholesale receivables
Receivables
Gross receivables	748,634			813,454
Restricted Receivables	2,246,863			2,826,320
Finance lease receivables
Receivables
Gross receivables	$ 110,819			$ 79,848

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Allowance for credit losses:
Beginning balance	$ 119,825	$ 77,610	$ 98,628	$ 72,751	$ 74,412	$ 74,412
Charge-offs	(3,245)	(13,649)	(18,241)		(32,380)	(40,637)
Recoveries	583	515	1,913		2,200	3,062
Provision (benefit)	12,575	7,917	47,712	47,712	27,983	35,703
Foreign currency translation and other	207	(63)	(67)		115	211
Ending balance	129,945	72,330	129,945	129,945	72,330	72,751
Receivables:
Ending balance	9,200,487	9,999,718	9,200,487	9,200,487	9,999,718	9,908,025
ASU 2016-13
Allowance for credit losses:
Beginning balance				25,877
Ending balance						25,877
Retail
Allowance for credit losses:
Beginning balance	112,492	70,311	90,627	64,750	66,944	66,944
Charge-offs	(3,244)	(11,233)	(18,028)		(27,799)	(35,535)
Recoveries	578	512	1,905		2,188	3,046
Provision (benefit)	11,331	5,797	46,882		23,903	30,115
Foreign currency translation and other	190	(51)	(39)		100	180
Ending balance	121,347	65,336	121,347	121,347	65,336	64,750
Receivables:
Ending balance	6,204,990	6,348,795	6,204,990	6,204,990	6,348,795	6,268,251
Retail | ASU 2016-13
Allowance for credit losses:
Beginning balance				25,877
Ending balance						25,877
Wholesale
Allowance for credit losses:
Beginning balance	7,333	7,239	8,001	8,001	7,468	7,468
Charge-offs	(1)	(2,416)	(213)		(4,581)
Recoveries	5	3	8		12
Provision (benefit)	1,244	2,169	830		4,069
Foreign currency translation and other	17	(12)	(28)		15
Ending balance	8,598	6,983	8,598	8,598	6,983	8,001
Receivables:
Ending balance	$ 2,995,497	3,635,250	$ 2,995,497	2,995,497	3,635,250
Wholesale factoring
Allowance for credit losses:
Beginning balance		60
Provision (benefit)		(49)			11
Ending balance		11			11
Receivables:
Ending balance		$ 15,673			15,673
Wholesale and wholesale factoring
Allowance for credit losses:
Beginning balance				$ 8,001	$ 7,468	7,468
Charge-offs						(5,102)
Recoveries						16
Provision (benefit)						5,588
Foreign currency translation and other						31
Ending balance						8,001
Receivables:
Ending balance						$ 3,639,774

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Financing receivable, recorded investment
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail
Financing receivable, recorded investment
Total	$ 6,204,990	$ 6,268,251
Recorded Investment > 90 Days and Accruing		8,523
Retail | Total Past Due
Financing receivable, recorded investment
Total	87,499	65,105
Retail | 31-60 Days Past Due
Financing receivable, recorded investment
Total	40,643	24,251
Retail | 61-90 Days Past Due
Financing receivable, recorded investment
Total	11,077	6,959
Retail | Greater than 90 Days
Financing receivable, recorded investment
Total	35,779	33,895
Retail | Current
Financing receivable, recorded investment
Total	6,117,491	6,203,146
Retail | United States
Financing receivable, recorded investment
2020	1,516,139
2019	1,457,089
2018	997,252
2017	560,270
2016	298,437
2015	103,358
Prior to 2015	33,609
Total	4,966,154	5,056,269
Recorded Investment > 90 Days and Accruing		7,356
Retail | United States | Total Past Due
Financing receivable, recorded investment
2020	8,490
2019	20,980
2018	15,423
2017	11,960
2016	7,434
2015	4,497
Prior to 2015	3,483
Total	72,267	54,869
Retail | United States | 31-60 Days Past Due
Financing receivable, recorded investment
2020	5,664
2019	11,176
2018	7,062
2017	4,904
2016	2,967
2015	927
Prior to 2015	113
Total	32,813	19,781
Retail | United States | 61-90 Days Past Due
Financing receivable, recorded investment
2020	1,165
2019	2,520
2018	2,659
2017	1,994
2016	815
2015	645
Prior to 2015	119
Total	9,917	5,896
Retail | United States | Greater than 90 Days
Financing receivable, recorded investment
2020	1,661
2019	7,284
2018	5,702
2017	5,062
2016	3,652
2015	2,925
Prior to 2015	3,251
Total	29,537	29,192
Retail | United States | Current
Financing receivable, recorded investment
2020	1,507,649
2019	1,436,109
2018	981,829
2017	548,310
2016	291,003
2015	98,861
Prior to 2015	30,126
Total	4,893,887	5,001,400
Retail | Canada
Financing receivable, recorded investment
2020	424,662
2019	385,297
2018	234,164
2017	114,141
2016	56,943
2015	20,198
Prior to 2015	3,431
Total	1,238,836	1,211,982
Recorded Investment > 90 Days and Accruing		1,167
Retail | Canada | Total Past Due
Financing receivable, recorded investment
2020	751
2019	5,757
2018	3,475
2017	2,325
2016	2,080
2015	794
Prior to 2015	50
Total	15,232	10,236
Retail | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
2020	480
2019	3,081
2018	1,786
2017	1,376
2016	871
2015	210
Prior to 2015	26
Total	7,830	4,470
Retail | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
2020	198
2019	376
2018	275
2017	139
2016	119
2015	49
Prior to 2015	4
Total	1,160	1,063
Retail | Canada | Greater than 90 Days
Financing receivable, recorded investment
2020	73
2019	2,300
2018	1,414
2017	810
2016	1,090
2015	535
Prior to 2015	20
Total	6,242	4,703
Retail | Canada | Current
Financing receivable, recorded investment
2020	423,911
2019	379,540
2018	230,689
2017	111,816
2016	54,863
2015	19,404
Prior to 2015	3,381
Total	1,223,604	1,201,746
Wholesale
Financing receivable, recorded investment
Total	2,995,497	3,639,774
Recorded Investment > 90 Days and Accruing		193
Wholesale | Total Past Due
Financing receivable, recorded investment
Total	1,723	3,672
Wholesale | 31-60 Days Past Due
Financing receivable, recorded investment
Total	397	2,138
Wholesale | 61-90 Days Past Due
Financing receivable, recorded investment
Total	2	412
Wholesale | Greater than 90 Days
Financing receivable, recorded investment
Total	1,324	1,122
Wholesale | Current
Financing receivable, recorded investment
Total	2,993,774	3,636,102
Wholesale | United States
Financing receivable, recorded investment
Total	2,469,024	2,890,273
Recorded Investment > 90 Days and Accruing		189
Wholesale | United States | Total Past Due
Financing receivable, recorded investment
Total	1,714	2,674
Wholesale | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	393	2,081
Wholesale | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1	42
Wholesale | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	1,320	551
Wholesale | United States | Current
Financing receivable, recorded investment
Total	2,467,310	2,887,599
Wholesale | Canada
Financing receivable, recorded investment
Total	526,473	749,501
Recorded Investment > 90 Days and Accruing		4
Wholesale | Canada | Total Past Due
Financing receivable, recorded investment
Total	9	998
Wholesale | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	4	57
Wholesale | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1	370
Wholesale | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total	4	571
Wholesale | Canada | Current
Financing receivable, recorded investment
Total	$ 526,464	$ 748,503

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Financing receivable, impaired
Accrued interest	$ 59,701
Delinquency period of accounts considered for recognition of income	90 days	90 days
United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 70,811	$ 62,674
Canada
Financing receivable, impaired
Receivables on nonaccrual status	6,242	3,749
Retail | United States
Financing receivable, impaired
Receivables on nonaccrual status	38,531	33,463
Retail | Canada
Financing receivable, impaired
Receivables on nonaccrual status	6,242	3,749
Wholesale | United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 32,280	$ 29,211

RECEIVABLES - Troubled Debt Res

RECEIVABLES - Troubled Debt Restructuring of Receivables (Details) - Retail $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)item	Sep. 30, 2019USD ($)item
Troubled Debt Restructurings
Number of contracts classified as TDRs | item	254	284
Pre-modification value	$ 7,876	$ 10,587
Post-modification value	$ 7,065	$ 9,553
Number of cases in which the court has not yet determined the concession | item	394	346
Pre-modification value for cases in which the court has not yet determined the concession	$ 26,338	$ 14,890

EQUIPMENT ON OPERATING LEASES_2

EQUIPMENT ON OPERATING LEASES (Details) $ in Thousands	Sep. 30, 2020USD ($)
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	$ 111,850
2020	62,077
2021	210,124
2022	125,271
2023	50,315
2024 and thereafter	21,208
Total lease payments	$ 468,995

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) - USD ($) $ in Thousands	Jul. 02, 2020	Sep. 30, 2020	Sep. 25, 2020	Dec. 31, 2019
Debt
Long-term debt		$ 5,482,339		$ 5,779,581
Revolving credit facilities
Debt
Maximum borrowing capacity		833,187
Line of credit, outstanding amount		224,062
Short-Term Outstanding		85,000
U.S. retail committed asset-backed facility
Debt
Maximum borrowing capacity			$ 1,200,000
Commercial paper
Debt
Short-Term Outstanding		$ 85,000
1.950 % unsecured notes due 2023
Debt
Debt issued	$ 600,000
Interest rate (as a percent)	1.95%
Issue price of debt (as a percent)	99.37%

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of statutory and effective income tax rate
Effective tax rate (as a percent)	23.60%	26.20%	23.10%	24.40%

FINANCIAL INSTRUMENTS - General

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	51 months
After-tax losses deferred in accumulated other comprehensive income that will be recognized in interest expense over the next 12 months	$ 425

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 62,411		$ 62,411		$ 38,732
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	5,254		5,254		1,243
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	300		300		440
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	332		332
Derivative assets not designated as hedging instruments, classified in other assets	632		632		440
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	300		300		440
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities	442		442		800
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	742		742		1,240
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	383	$ 761	(11,193)	$ (2,978)
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	(110)	166	(59)	523
Foreign exchange contracts, other expenses, not designated as hedges	1,290	$ (1,381)	(1,910)	1,812
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	$ 3,351,042		3,351,042		$ 3,004,709
Ten-month average notional amounts of interest rate derivatives			$ 3,205,481	$ 2,966,980

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Foreign exchange contracts	$ 332
Liabilities
Foreign exchange contracts	442	$ 800
Assets transferred between Level 1, Level 2 and Level 3	0	0
Liabilities transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	62,711	39,172
Foreign exchange contracts	332
Total assets	63,043	39,172
Liabilities
Interest rate derivatives	5,554	1,683
Foreign exchange contracts	442	800
Total liabilities	$ 5,996	$ 2,483

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial Instruments Not Carried at Fair Value
Receivables	$ 9,070,542	$ 9,835,274
Long-term debt	5,482,339	5,779,581
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	9,070,542	9,835,274
Long-term debt	5,482,339	5,779,581
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	9,153,556	9,870,076
Long-term debt	$ 5,556,605	$ 5,830,157

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended			12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Geographical Information
Revenues	$ 209,674			$ 224,356				$ 639,195	$ 675,537
Interest expense	68,840			88,779				215,502	262,407
Net income	38,155	$ 35,991	$ 35,077	36,521	$ 37,784	$ 39,211		109,223	113,516
Depreciation and amortization	60,092			56,471				178,024	174,046
Expenditures for equipment on operating leases	101,994			167,194				375,458	514,369
Provision for credit losses	12,575			7,917			$ 47,712	47,712	27,983	$ 35,703
Additional disclosures
Total assets	12,243,247						12,243,247	12,243,247		12,854,087
Managed receivables	9,200,487						9,200,487	9,200,487		9,908,025
Eliminations
Geographical Information
Revenues	(1,041)			(2,753)				(3,817)	(6,729)
Interest expense	(1,041)			(2,753)				(3,817)	(6,729)
Additional disclosures
Total assets	(150,993)						(150,993)	(150,993)		(152,285)
United States
Geographical Information
Net income	29,397			26,179				82,954	80,194
Depreciation and amortization	48,738			45,593				145,140	141,495
Expenditures for equipment on operating leases	75,148			139,986				297,566	419,570
Provision for credit losses	9,848			7,159				37,441	25,219
Additional disclosures
Managed receivables	7,435,178						7,435,178	7,435,178		7,946,542
United States | Operating segment
Geographical Information
Revenues	169,661			182,277				516,624	543,926
Interest expense	57,837			75,112				180,498	219,471
Additional disclosures
Total assets	10,101,791						10,101,791	10,101,791		10,439,737
Canada
Geographical Information
Net income	8,758			10,342				26,269	33,322
Depreciation and amortization	11,354			10,878				32,884	32,551
Expenditures for equipment on operating leases	26,846			27,208				77,892	94,799
Provision for credit losses	2,727			758				10,271	2,764
Additional disclosures
Managed receivables	1,765,309						1,765,309	1,765,309		1,961,483
Canada | Operating segment
Geographical Information
Revenues	41,054			44,832				126,388	138,340
Interest expense	12,044			$ 16,420				38,821	$ 49,665
Additional disclosures
Total assets	$ 2,292,449						$ 2,292,449	$ 2,292,449		$ 2,566,635

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates	$ 75,233	$ 84,315	$ 242,745	$ 257,560
Affiliated receivables	312,813		312,813		$ 64,307
Affiliated debt	208,063		208,063		213,856
Other information
Interest expense to related affiliates	718	6,368	2,764	9,791
Fees charged by affiliates	10,399	11,568	33,542	35,523
Accounts payable and other accrued liabilities payable to related parties	72,394		72,394		20,527
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail	36,807	40,161	117,190	119,674
Wholesale	23,387	28,230	79,501	90,610
Operating lease	14,780	14,891	45,550	44,956
Lending funds	229	55	392	136
CNH Industrial America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	295,430		295,430		24,832
Affiliated debt					213,856
CNH Industrial Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated receivables	4,796		4,796		26,931
Affiliated debt	208,063		208,063
Iveco Argentina
RELATED-PARTY TRANSACTIONS
Wholesale factoring		$ 978		$ 2,184
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	30		112
Affiliated receivables	$ 12,587		$ 12,587		$ 12,544

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2020USD ($)
Guarantees
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 45,000
Wholesale and dealer financing
Guarantees
Total credit limit	6,088,358
Utilized	$ 2,917,904

SUPPLEMENTAL CONDENSED CONSOL_3

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES
Interest income on retail notes and finance leases	$ 46,995			$ 54,110			$ 143,015	$ 166,690
Interest income on wholesale notes	12,673			17,385			41,814	51,120
Interest and other income from affiliates	75,233			84,315			242,745	257,560
Rental income on operating leases	64,406			60,534			188,600	181,667
Other income	10,367			8,012			23,021	18,500
Total revenues	209,674			224,356			639,195	675,537
Interest expense:
Interest expense to third parties	68,122			82,411			212,738	252,616
Interest expense to affiliates	718			6,368			2,764	9,791
Total interest expense	68,840			88,779			215,502	262,407
Administrative and operating expenses:
Fees charged by affiliates	10,399			11,568			33,542	35,523
Provision for credit losses	12,575			7,917			47,712	27,983
Depreciation of equipment on operating leases	59,722			56,070			176,848	172,670
Other expenses	8,208			10,536			23,609	26,795
Total administrative and operating expenses	90,904			86,091			281,711	262,971
Total expenses	159,744			174,870			497,213	525,378
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	49,930			49,486			141,982	150,159
Income tax provision (benefit)	11,775			12,965			32,759	36,643
NET INCOME	38,155	$ 35,991	$ 35,077	36,521	$ 37,784	$ 39,211	109,223	113,516
COMPREHENSIVE INCOME	49,233			31,337			86,742	123,432
Reportable Legal Entities | CNH Industrial Capital LLC
REVENUES
Interest and other income from affiliates	5,029			10,499			15,277	41,947
Total revenues	5,029			10,499			15,277	41,947
Interest expense:
Interest expense to third parties	28,183			36,867			121,560	137,093
Total interest expense	28,183			36,867			121,560	137,093
Administrative and operating expenses:
Other expenses	6			6			18	18
Total administrative and operating expenses	6			6			18	18
Total expenses	28,189			36,873			121,578	137,111
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	(23,160)			(26,374)			(106,301)	(95,164)
Income tax provision (benefit)	(5,654)			(6,440)			(25,955)	(23,236)
Equity in income of consolidated subsidiaries accounted for under the equity method	55,661			56,455			189,569	185,444
NET INCOME	38,155			36,521			109,223	113,516
COMPREHENSIVE INCOME	49,233			31,337			86,742	123,432
Reportable Legal Entities | Guarantor Entities
REVENUES
Interest income on retail notes and finance leases	2,701			2,192			2,971	15,823
Interest income on wholesale notes	(220)			(254)			(690)	(788)
Interest and other income from affiliates	41,091			50,229			134,253	152,738
Rental income on operating leases	50,339			47,034			147,740	141,290
Other income	24,389			24,338			68,120	66,365
Total revenues	118,300			123,539			352,394	375,428
Interest expense:
Interest expense to third parties	4,416			(5,154)			(27,915)	(33,240)
Interest expense to affiliates	27,632			16,199			94,124	73,842
Total interest expense	32,048			11,045			66,209	40,602
Administrative and operating expenses:
Fees charged by affiliates	8,558			11,133			27,345	34,126
Provision for credit losses	6,546			1,918			14,576	10,650
Depreciation of equipment on operating leases	48,369			45,191			143,965	140,119
Other expenses	6,845			7,201			20,170	17,558
Total administrative and operating expenses	70,318			65,443			206,056	202,453
Total expenses	102,366			76,488			272,265	243,055
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	15,934			47,051			80,129	132,373
Income tax provision (benefit)	3,964			11,555			19,799	32,619
Equity in income of consolidated subsidiaries accounted for under the equity method	43,691			20,959			129,239	85,690
NET INCOME	55,661			56,455			189,569	185,444
COMPREHENSIVE INCOME	$ 66,739			51,271			$ 167,088	195,360
Reportable Legal Entities | CNH Industrial Capital America LLC
Condensed Statements of Comprehensive Income
Ownership percentage	100.00%						100.00%
Reportable Legal Entities | New Holland Credit Company LLC
Condensed Statements of Comprehensive Income
Ownership percentage	100.00%						100.00%
Reportable Legal Entities | All Other Subsidiaries
REVENUES
Interest income on retail notes and finance leases	$ 44,294			51,918			$ 140,044	150,867
Interest income on wholesale notes	12,893			17,639			42,504	51,908
Interest and other income from affiliates	61,712			34,086			204,137	104,822
Rental income on operating leases	14,067			13,500			40,860	40,377
Other income	818			471			1,622	1,644
Total revenues	133,784			117,614			429,167	349,618
Interest expense:
Interest expense to third parties	35,523			50,698			119,093	148,763
Interest expense to affiliates	5,685			668			19,562	(22,104)
Total interest expense	41,208			51,366			138,655	126,659
Administrative and operating expenses:
Fees charged by affiliates	16,681			17,232			52,918	50,906
Provision for credit losses	6,029			5,999			33,136	17,333
Depreciation of equipment on operating leases	11,353			10,879			32,883	32,551
Other expenses	1,357			3,329			3,421	9,219
Total administrative and operating expenses	35,420			37,439			122,358	110,009
Total expenses	76,628			88,805			261,013	236,668
Income (loss) before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	57,156			28,809			168,154	112,950
Income tax provision (benefit)	13,465			7,850			38,915	27,260
NET INCOME	43,691			20,959			129,239	85,690
COMPREHENSIVE INCOME	53,011			16,708			109,354	93,615
Eliminations
REVENUES
Interest and other income from affiliates	(32,599)			(10,499)			(110,922)	(41,947)
Other income	(14,840)			(16,797)			(46,721)	(49,509)
Total revenues	(47,439)			(27,296)			(157,643)	(91,456)
Interest expense:
Interest expense to affiliates	(32,599)			(10,499)			(110,922)	(41,947)
Total interest expense	(32,599)			(10,499)			(110,922)	(41,947)
Administrative and operating expenses:
Fees charged by affiliates	(14,840)			(16,797)			(46,721)	(49,509)
Total administrative and operating expenses	(14,840)			(16,797)			(46,721)	(49,509)
Total expenses	(47,439)			(27,296)			(157,643)	(91,456)
Equity in income of consolidated subsidiaries accounted for under the equity method	(99,352)			(77,414)			(318,808)	(271,134)
NET INCOME	(99,352)			(77,414)			(318,808)	(271,134)
COMPREHENSIVE INCOME	$ (119,750)			$ (67,979)			$ (276,442)	$ (288,975)

SUPPLEMENTAL CONDENSED CONSOL_4

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 260,500			$ 174,966
Restricted cash and cash equivalents	508,277			629,278
Receivables, less allowance for credit losses	9,070,542			9,835,274
Affiliated accounts and notes receivable	312,813			64,307
Equipment on operating leases, net	1,769,774			1,783,283
Equipment held for sale	92,056			170,218
Goodwill and intangible assets, net	120,884			121,824
Other assets	108,401			74,937
TOTAL	12,243,247			12,854,087
Liabilities:
Short-term debt, including current maturities of long-term debt	4,446,295			4,790,172
Accounts payable and other accrued liabilities	906,496			807,437
Affiliated debt	208,063			213,856
Long-term debt	5,482,339			5,779,581
Total liabilities	11,043,193			11,591,046
Stockholder's equity	1,200,054	$ 1,190,826	$ 1,186,296	1,263,041	$ 1,314,598	$ 1,323,085	$ 1,401,935	$ 1,355,732
TOTAL	12,243,247			12,854,087
Eliminations
ASSETS
Affiliated accounts and notes receivable	(6,381,590)			(6,296,952)
Investments in consolidated subsidiaries accounted for under the equity method	(5,861,527)			(5,619,179)
Other assets	(2,806)			(3,556)
TOTAL	(12,245,923)			(11,919,687)
Liabilities:
Accounts payable and other accrued liabilities	(4,292,694)			(4,187,412)
Affiliated debt	(2,091,702)			(2,113,096)
Total liabilities	(6,384,396)			(6,300,508)
Stockholder's equity	(5,861,527)			(5,619,179)
TOTAL	(12,245,923)			(11,919,687)
CNH Industrial Capital LLC | Reportable Legal Entities
ASSETS
Affiliated accounts and notes receivable	1,527,651			1,549,666
Investments in consolidated subsidiaries accounted for under the equity method	3,200,752			3,053,394
Other assets	5,551			4,236
TOTAL	4,733,954			4,607,296
Liabilities:
Short-term debt, including current maturities of long-term debt	1,188,685			1,136,455
Accounts payable and other accrued liabilities	300,916			283,748
Long-term debt	2,044,299			1,924,052
Total liabilities	3,533,900			3,344,255
Stockholder's equity	1,200,054			1,263,041
TOTAL	4,733,954			4,607,296
Guarantor Entities | Reportable Legal Entities
ASSETS
Cash and cash equivalents	85,335			121,200
Receivables, less allowance for credit losses	1,864,935			1,512,786
Affiliated accounts and notes receivable	2,394,219			2,257,928
Equipment on operating leases, net	1,384,453			1,394,706
Equipment held for sale	84,340			154,050
Investments in consolidated subsidiaries accounted for under the equity method	2,660,775			2,565,785
Goodwill and intangible assets, net	93,606			93,767
Other assets	81,558			58,048
TOTAL	8,649,221			8,158,270
Liabilities:
Short-term debt, including current maturities of long-term debt	169,809			33,200
Accounts payable and other accrued liabilities	3,716,932			3,449,690
Affiliated debt	1,106,580			1,361,490
Long-term debt	455,148			260,496
Total liabilities	5,448,469			5,104,876
Stockholder's equity	3,200,752			3,053,394
TOTAL	8,649,221			8,158,270
All Other Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents	175,165			53,766
Restricted cash and cash equivalents	508,277			629,278
Receivables, less allowance for credit losses	7,205,607			8,322,488
Affiliated accounts and notes receivable	2,772,533			2,553,665
Equipment on operating leases, net	385,321			388,577
Equipment held for sale	7,716			16,168
Goodwill and intangible assets, net	27,278			28,057
Other assets	24,098			16,209
TOTAL	11,105,995			12,008,208
Liabilities:
Short-term debt, including current maturities of long-term debt	3,087,801			3,620,517
Accounts payable and other accrued liabilities	1,181,342			1,261,411
Affiliated debt	1,193,185			965,462
Long-term debt	2,982,892			3,595,033
Total liabilities	8,445,220			9,442,423
Stockholder's equity	2,660,775			2,565,785
TOTAL	$ 11,105,995			$ 12,008,208

SUPPLEMENTAL CONDENSED CONSOL_5

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION - Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	$ 118,478	$ 341,612
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(7,327,903)	(8,149,836)
Collections of receivables	7,991,709	8,200,468
Purchase of equipment on operating leases, net	(89,568)	(177,085)
Change in property and equipment and software, net	(1,010)	(2,317)
Net cash from (used in) investing activities	573,228	(128,770)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	526	206,852
Net change in indebtedness	(597,699)	(407,318)
Dividend paid to CNH Industrial America LLC	(130,000)	(165,000)
Net cash from (used in) financing activities	(727,173)	(365,466)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(35,467)	(152,624)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	804,244	799,871
End of period	768,777	647,247
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(20,644)	(515,582)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	4,279,085	5,329,785
Collections of receivables	(4,279,835)	(5,329,975)
Net cash from (used in) investing activities	(750)	(190)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	21,394	515,772
Net cash from (used in) financing activities	21,394	515,772
CNH Industrial Capital LLC | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(42,477)	573,636
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in indebtedness	172,477	(408,636)
Dividend paid to CNH Industrial America LLC	(130,000)	(165,000)
Net cash from (used in) financing activities	42,477	(573,636)
Guarantor Entities | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	303,007	400,476
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(6,023,520)	(6,504,409)
Collections of receivables	5,657,544	6,497,730
Purchase of equipment on operating leases, net	(48,238)	(152,641)
Change in property and equipment and software, net	(1,010)	(2,317)
Net cash from (used in) investing activities	(415,224)	(161,637)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(254,910)	(271,666)
Net change in indebtedness	331,262	2
Net cash from (used in) financing activities	76,352	(271,664)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(35,865)	(32,825)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	121,200	118,508
End of period	85,335	85,683
All Other Subsidiaries | Reportable Legal Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash from (used in) operating activities	(121,408)	(116,918)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(5,583,468)	(6,975,212)
Collections of receivables	6,614,000	7,032,713
Purchase of equipment on operating leases, net	(41,330)	(24,444)
Net cash from (used in) investing activities	989,202	33,057
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	234,042	(37,254)
Net change in indebtedness	(1,101,438)	1,316
Net cash from (used in) financing activities	(867,396)	(35,938)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	398	(119,799)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	683,044	681,363
End of period	$ 683,442	$ 561,564

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - 1.875 % unsecured notes due 2026 $ in Thousands	Oct. 06, 2020USD ($)
Subsequent Events
Debt issued	$ 500,000
Interest rate (as a percent)	1.875%
Issue price of debt (as a percent)	99.761%