CNH Industrial Capital 10-K 1 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 01, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	000-55510
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1937630
Entity Address, Address Line One	5729 Washington Avenue
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53406
City Area Code	262
Local Phone Number	636-6011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float	$ 0
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001552493
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Auditor Name	ERNST & YOUNG LLP
Auditor Firm ID	42
Auditor Location	Milwaukee, WI

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES
Interest income on retail notes and finance leases	$ 154,994	$ 183,229	$ 218,454
Interest income on wholesale notes	31,011	53,109	67,773
Interest and other income from affiliates	297,579	324,424	345,789
Rental income on operating leases	267,606	255,878	243,044
Other income	37,994	27,767	25,829
Total revenues	789,184	844,407	900,889
Interest expense:
Interest expense to third parties	192,092	276,390	333,147
Interest expense to affiliates	3,686	3,568	14,126
Total interest expense	195,778	279,958	347,273
Administrative and operating expenses:
Fees charged by affiliates	47,369	45,905	46,601
Provision (benefit) for credit losses	(7,460)	59,044	35,703
Depreciation of equipment on operating leases	239,331	237,405	229,652
Other expenses	14,016	35,303	48,446
Total administrative and operating expenses	293,256	377,657	360,402
Total expenses	489,034	657,615	707,675
INCOME BEFORE TAXES	300,150	186,792	193,214
Income tax provision	69,935	43,512	44,211
NET INCOME	$ 230,215	$ 143,280	$ 149,003

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 230,215	$ 143,280	$ 149,003
Other comprehensive income (loss):
Foreign currency translation adjustment	666	11,849	21,593
Pension liability adjustment	1,802	306	2,850
Change in derivative financial instruments	6,310	(7,994)	(1,243)
Total other comprehensive income (loss)	8,778	4,161	23,200
COMPREHENSIVE INCOME	$ 238,993	$ 147,441	$ 172,203

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 426,917	$ 392,929
Restricted cash and cash equivalents	601,742	625,622
Receivables, less allowance for credit losses of $115,953 and $136,136, respectively	8,951,299	8,896,811
Affiliated accounts and notes receivable	259,699	414,810
Equipment on operating leases, net	1,707,531	1,859,184
Equipment held for sale	26,320	36,515
Goodwill	110,226	110,158
Other intangible assets, net	16,452	13,333
Other assets	87,582	101,807
TOTAL	12,187,768	12,451,169
Liabilities:
Short-term debt (including current maturities of long-term debt)	3,755,368	4,229,428
Accounts payable and other accrued liabilities	1,038,930	904,399
Affiliated debt	2,100	187,310
Long-term debt	6,141,970	5,869,860
Total liabilities	10,938,368	11,190,997
Commitments and contingent liabilities (Note 13)
Stockholder's equity:
Member's capital
Paid-in capital	843,469	843,234
Accumulated other comprehensive loss	(111,457)	(120,235)
Retained earnings	517,388	537,173
Total stockholder's equity	1,249,400	1,260,172
TOTAL	$ 12,187,768	$ 12,451,169

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses	$ 115,953	$ 136,136
Restricted cash and cash equivalents	601,742	625,622
Receivables, less allowance for credit losses of $61,652 and $78,960, respectively	8,951,299	8,896,811
TOTAL	12,187,768	12,451,169
Short-term debt (including current maturities of long-term debt)	3,755,368	4,229,428
Long-term debt	6,141,970	5,869,860
Total liabilities	10,938,368	11,190,997
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	61,652	78,960
Restricted cash and cash equivalents	601,742	625,622
Receivables, less allowance for credit losses of $61,652 and $78,960, respectively	6,634,540	6,364,343
TOTAL	7,236,282	6,989,965
Short-term debt (including current maturities of long-term debt)	3,015,110	3,017,432
Long-term debt	3,453,396	3,262,842
Total liabilities	$ 6,468,506	$ 6,280,274

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 230,215	$ 143,280	$ 149,003
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	239,339	237,412	229,653
Amortization of intangibles	1,910	1,562	1,790
Provision (benefit) for credit losses	(7,460)	59,044	35,703
Deferred income tax expense (benefit)	(10,041)	(12,377)	38,421
Changes in components of working capital:
Change in affiliated accounts and notes receivables	155,119	(350,289)	(19,665)
Change in other assets and equipment held for sale	14,475	(40,160)	(5,456)
Change in accounts payable and other accrued liabilities	154,200	78,646	53,235
Net cash from (used in) operating activities	777,757	117,118	482,684
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(12,527,444)	(10,472,030)	(11,380,427)
Collections of receivables	12,485,249	11,387,140	11,551,430
Purchase of equipment on operating leases	(536,401)	(598,387)	(715,686)
Proceeds from disposal of equipment on operating leases	457,421	443,912	501,550
Change in property and equipment and software, net	(5,029)	(2,700)	(3,819)
Net cash from (used in) investing activities	(126,204)	757,935	(46,952)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	259,793	1,078,351	1,509,528
Payment of affiliated debt	(445,003)	(1,108,568)	(1,571,943)
Proceeds from issuance of long-term debt	4,393,756	3,056,026	3,191,270
Payment of long-term debt	(4,549,689)	(2,916,765)	(3,409,576)
Change in short-term borrowings, net	(50,302)	(639,790)	114,362
Dividend paid to CNH Industrial America LLC	(250,000)	(130,000)	(265,000)
Net cash from (used in) financing activities	(641,445)	(660,746)	(431,359)
INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	10,108	214,307	4,373
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year	1,018,551	804,244	799,871
End of year	1,028,659	1,018,551	804,244
CASH PAID DURING THE PERIOD FOR INTEREST	198,527	268,080	337,199
CASH PAID (RECEIVED) DURING THE YEAR FOR TAXES	$ 56,801	$ 56,201	$ (41,129)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted BalancePaid-in Capital	Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive (Loss) Income	Cumulative Effect, Period of Adoption, Adjusted BalanceRetained Earnings	Cumulative Effect, Period of Adoption, Adjusted Balance	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									149,003	149,003
Dividend paid to CNH Industrial America LLC									(265,000)	(265,000)
Foreign currency translation adjustment								21,593		21,593
Stock compensation							106			106
Reclassification of certain tax effects								(597)	597
Pension liability adjustment, net of tax								2,850		2,850
Change in derivative financial instruments, net of tax								(1,243)		(1,243)
BALANCE at Dec. 31, 2019	$ (19,790)	$ (19,790)	$ 843,749	$ (124,396)	$ 523,898	$ 1,243,251	843,749	(124,396)	543,688	1,263,041
Increase (Decrease) in Stockholder's Equity
Net income									143,280	143,280
Dividend paid to CNH Industrial America LLC									(130,000)	(130,000)
Foreign currency translation adjustment										11,849
Foreign currency translation adjustment								11,849	(5)	11,844
Stock compensation							(515)			(515)
Pension liability adjustment, net of tax								306		306
Change in derivative financial instruments, net of tax								(7,994)		(7,994)
BALANCE at Dec. 31, 2020							843,234	(120,235)	537,173	1,260,172
Increase (Decrease) in Stockholder's Equity
Net income									230,215	230,215
Dividend paid to CNH Industrial America LLC									(250,000)	(250,000)
Foreign currency translation adjustment										666
Foreign currency translation adjustment								666		666
Stock compensation							235			235
Pension liability adjustment, net of tax								1,802		1,802
Change in derivative financial instruments, net of tax								6,310		6,310
BALANCE at Dec. 31, 2021							$ 843,469	$ (111,457)	$ 517,388	$ 1,249,400

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION
NATURE OF OPERATIONS	NOTE 1: NATURE OF OPERATIONS CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC (“New Holland Credit”), CNH Industrial Capital America LLC (“CNH Industrial Capital America”) and CNH Industrial Capital Canada Ltd. (“CNH Industrial Capital Canada”) (collectively, “CNH Industrial Capital” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH Industrial America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNHI” and, together with its consolidated subsidiaries, “CNH Industrial”). CNH Industrial America and CNH Industrial Canada Ltd. (collectively, “CNH Industrial North America”) design, manufacture, and sell agricultural and construction equipment. CNH Industrial Capital provides financial services for CNH Industrial North America dealers and end-use customers primarily located in the United States and Canada. CNHI is incorporated in and under the laws of The Netherlands. CNHI has its corporate seat in Amsterdam, The Netherlands, and its principal office in London, England. The common shares of CNHI are listed on the New York Stock Exchange under the symbol “CNHI,” as well as on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A. Until December 31, 2021, CNH Industrial owned and controlled the Agriculture equipment business, the Construction equipment business, and the related Financial Services business (collectively, the “Off-Highway business”) as well as the Commercial and Specialty Vehicles business, the Powertrain business and the related Financial Services business (collectively, the “On Highway business” or the “Iveco Group business”). Effective January 1, 2022, the Iveco Group business was separated from CNHI by way of a demerger under Dutch law to Iveco Group N.V. (the Demerger) and Iveco Group became a public listed company independent from CNH Industrial. To support CNH Industrial North America’s sales of agricultural and construction equipment products, the Company offers retail financing to end-use customers and wholesale financing to CNH Industrial North America equipment dealers, all of which are independently owned. The Company provides and administers retail financing, primarily retail installment sales contracts, finance leases and operating leases to end-use customers for the purchase or lease of new and used CNH Industrial North America equipment and other agricultural and construction equipment sold primarily through CNH Industrial North America dealers and distributors. In addition, the Company purchases equipment from dealers that is leased to retail customers under operating lease agreements. Wholesale financing consists primarily of dealer floorplan financing, which allows dealers the ability to maintain a representative inventory of products. In addition, the Company provides financing to dealers for equipment used in dealer-owned rental yards, parts inventory, working capital, and other financing needs. The Company also finances other products, including insurance and equipment protection products underwritten through a third-party insurer. As a captive finance company, the Company is reliant on the operations of CNH Industrial North America, its dealers and end-use customers.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. Certain prior period balances have been reclassified to conform to the current year presentation. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates. The COVID-19 pandemic has resulted in uncertainties in the Company's business, which may cause actual results to differ materially from the estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with the allowance for credit losses, the determination of end-of-lease market values for equipment on operating leases, goodwill and income taxes. Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur. Revenue Recognition Finance and interest income on retail notes and finance leases and on wholesale notes is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on receivables is suspended when management determines that collection of future income is not probable or when an account becomes 90 days past due, whichever occurs earlier. Income accrual is resumed if the receivable becomes contractually current and collection doubts are removed. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. A substantial portion of the Company’s interest income arises from retail sales programs offered by CNH Industrial North America on which finance charges are waived or below-market rate financing programs are offered. When the Company acquires retail installment sales contracts and finance leases subject to below-market interest rates, including waived interest rate financing, the Company receives compensation from CNH Industrial North America based on the Company’s estimated costs and a targeted return on equity. This amount is initially recognized as an unearned finance charge and is recognized as interest income over the term of the retail notes and finance leases, and is included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. For selected wholesale receivables, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. These amounts are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. The Company is also compensated for lending funds to CNH Industrial North America. The amounts earned are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. Income from operating leases is recognized over the term of the lease on a straight-line basis. For selected operating leases, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. The amounts from CNH Industrial North America recognized as rental income on operating leases are included in “Interest and other income from affiliates.” Foreign Currency Translation The Company’s non-U.S. subsidiaries maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non-U.S. subsidiaries are translated into U.S. dollars at period-end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Income and expense accounts of these non-U.S. subsidiaries are translated at the average exchange rates for the period, and gains and losses from foreign currency transactions are included in net income in the period that they arise. Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. The carrying value of cash equivalents approximates fair value because of the short maturity of these investments. Restricted Cash Restricted cash includes principal and interest payments from retail notes and wholesale receivables owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements. Receivables Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. Periodically, the Company sells or transfers retail and wholesale receivables to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail and wholesale receivables sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Company’s receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment. Allowance for Credit Losses Post-Adoption of ASC 326, Financial Instruments – Credit Losses (“ASC 326”) on January 1, 2020 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. 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, such as the evolving impact of COVID-19, 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. Prior to Adoption of ASC 326 on January 1, 2020 The allowance for credit losses was the Company’s estimate of losses on receivables owned by the Company and consisted of two components, and depended on whether the receivable had been individually identified as being impaired. The first component of the allowance for credit losses covered the receivables specifically reviewed by management for which the Company had determined it was probable that it would not collect all the principal and interest payments as per the terms of the contract. Receivables were individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables were subject to impairment measurement at the loan level based either on the fair value of the collateral for collateral dependent receivables or on the present value of expected future cash flows discounted at the receivables’ effective interest rate. The second component of the allowance for credit losses covered all receivables that had not been individually reviewed for impairment. The allowance for these receivables was based on aggregated portfolio evaluations, generally by financial product. The allowance for retail and wholesale credit losses was based on loss forecast models that considered a variety of factors that included, but were not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models were updated on a quarterly basis. In addition, qualitative factors that were not fully captured in the loss forecast models, including industry trends, and macroeconomic factors, were considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors were subjective and required a degree of management judgment. Equipment on Operating Leases The Company purchases leases and equipment from CNH Industrial North America’s dealers and other independent third parties that have leased equipment to retail customers under operating leases. The Company’s investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination. Residual values are estimated at the inception of the lease and are reviewed quarterly. Realization of the residual values is dependent on the Company’s future ability to re-market the equipment under then prevailing market conditions. Equipment model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs are the responsibility of the lessee. The Company evaluates the carrying amount of equipment on operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for recoverability identifies a possible impairment, the asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value. Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated. Goodwill and Intangible Assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite useful life and is reviewed for impairment at least annually. During 2021 and 2020, the Company performed its annual impairment review as of December 31, and concluded that there was no impairment in either year. Other intangible assets consist of software and are being amortized on a straight-line basis over five years. Income Taxes The provision for income taxes is determined using the asset and liability method. The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence. Derivatives The Company’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. The Company records derivative financial instruments in the consolidated balance sheets as either an asset or liability measured at fair value. The fair value of the Company’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. The fair value of the Company’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. The Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivative financial instruments designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. The Company assesses the effectiveness of its hedging instruments both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, or the derivative is terminated, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term. New Accounting Pronouncements Adopted in 2021 In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Simplifying the Accounting for Income Taxes Income Taxes New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020 04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges. The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (113,284) ​ $ 67 ​ $ (9,542) ​ $ (122,759) Tax asset ​ — ​ (5) ​ 2,529 ​ 2,524 Beginning balance, net of tax (113,284) ​ 62 ​ (7,013) ​ (120,235) Other comprehensive income (loss) before reclassifications ​ 666 ​ 2,780 ​ 7,932 ​ 11,378 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (396) ​ 653 ​ 257 Tax effects ​ — ​ (582) ​ (2,275) ​ (2,857) Net current-period other comprehensive income (loss) 666 ​ 1,802 ​ 6,310 ​ 8,778 Total $ (112,618) ​ $ 1,864 ​ $ (703) ​ $ (111,457) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 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 ​ 11,849 ​ 577 ​ (11,047) ​ 1,379 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (208) ​ 171 ​ (37) Tax effects ​ — ​ (63) ​ 2,882 ​ 2,819 Net current-period other comprehensive income (loss) 11,849 ​ 306 ​ (7,994) ​ 4,161 Total $ (113,284) ​ $ 62 ​ $ (7,013) ​ $ (120,235) ​ The reclassifications out of AOCI and the location on the consolidated statements of income for the years ended December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Affected Line Item Amortization of defined benefit pension items: ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 396 $ 208 Other expenses ​ ​ 396 ​ ​ 208 Income before taxes ​ ​ ​ (97) ​ ​ (36) Income tax effects ​ $ 299 $ 172 Net of tax Unrealized losses on derivatives: ​ ​ ​ ​ ​ ​ ​ ​ $ (653) $ (171) Interest expense to third parties ​ ​ (653) ​ ​ (171) Income before taxes ​ ​ ​ 173 ​ ​ 46 Income tax effects ​ $ (480) $ (125) Net of tax ​

RECEIVABLES

RECEIVABLES	12 Months Ended
	Dec. 31, 2021
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of December 31, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Retail $ 993,768 $ 833,864 Wholesale ​ 576,810 ​ 639,934 Finance lease ​ 177,347 ​ 156,161 Restricted receivables ​ 7,319,327 ​ 7,402,988 Gross receivables 9,067,252 9,032,947 Less: Allowance for credit losses ​ (115,953) ​ (136,136) Total receivables, net $ 8,951,299 $ 8,896,811 ​ The Company provides and administers financing for retail purchases of new and used equipment sold through CNH Industrial North America’s dealer network. The terms of retail and other notes and finance leases generally range from two Wholesale receivables arise primarily from the financing of the sale of goods to dealers and distributors by CNH Industrial North America, and to a lesser extent, the financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these receivables typically have interest-free periods of up to twelve months and stated original maturities of up to twenty-four Maturities of receivables as of December 31, 2021, are as follows: ​ ​ ​ ​ ​ 2022 $ 4,193,010 2023 ​ 1,581,919 2024 ​ 1,314,022 2025 ​ 1,004,666 2026 and thereafter ​ 857,682 Total receivables $ 8,951,299 ​ It has been the Company’s experience that substantial portions of retail receivables are repaid before their contractual maturity dates. As a result, the above table should not be regarded as a forecast of future cash collections. Retail, finance lease and wholesale receivables have significant concentrations of credit risk in the agricultural and construction business sectors. On a geographic basis, there is not a disproportionate concentration of credit risk in any area of the United States or Canada. The Company typically retains, as collateral, a security interest in the equipment associated with retail notes and wholesale receivables. Restricted Receivables and Securitization As part of its overall funding strategy, the Company periodically transfers certain receivables into 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 The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Retail $ 5,551,132 ​ $ 5,280,423 Wholesale ​ 1,768,195 ​ 2,122,565 Total restricted receivables $ 7,319,327 ​ $ 7,402,988 ​ Retail Receivables Securitizations Within the U.S. retail receivables securitization programs, qualifying retail receivables are sold to bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts, which are VIEs, to either transfer receivables 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, qualifying retail receivables are transferred directly to trusts, which are also VIEs. The VIEs are consolidated since the Company has both the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. During the years ended December 31, 2021 and 2020, the Company executed $3,557,257 and $1,120,065, respectively, in term retail asset-backed transactions in the U.S. and Canada. The securities in these transactions are backed by agricultural and construction equipment retail receivable contracts originated through CNH Industrial North America’s dealer network. As of December 31, 2021 and 2020, $4,913,731 and $4,012,398, respectively, of asset-backed securities issued to investors were outstanding with weighted average remaining maturities of 38 months and 30 months, respectively. The Company believes that it is probable that it will continue to regularly utilize the term ABS markets. The Company may retain all or a portion of the subordinated interests in the SPEs. No recourse provisions exist that allow holders of the asset-backed securities issued by the trusts to put those securities back to the Company although the Company provides customary representations and warranties that could give rise to an obligation to repurchase from the trusts any receivables for which there is a breach of the representations and warranties. Moreover, the Company does not guarantee any securities issued by the trusts. The trusts have a limited life and generally terminate upon final distribution of amounts owed to investors or upon exercise of a cleanup-call option by the Company, in its role as servicer. The Company also has $1,393,455 in committed asset-backed facilities through which it may sell on a monthly basis retail receivables generated in the United States and Canada. The Company has utilized these facilities in the past to fund the origination of receivables and has later repurchased and resold the receivables in the term ABS markets or found alternative financing for the receivables. The U.S. and Canadian facilities had an original funding term of two years and are renewable in September 2023 and December 2023, respectively. To the extent these facilities are not renewed, they will be repaid according to the amortization of the underlying receivables. Wholesale Receivables Securitizations With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. As of December 31, 2021, debt is issued through a U.S. master trust facility, consisting of two short-term series of $700,000 and $300,000, and through a C$400,000 ($314,764) Canadian master trust facility. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Industrial Capital has consolidated these wholesale trusts. Each of the facilities contains minimum payment rate thresholds that, if breached, could preclude the Company from selling additional receivables originated on a prospective basis and could force an early amortization of the debt. Allowance for Credit Losses The Company’s allowance for credit losses is segregated into two portfolio segments: retail and wholesale. A portfolio segment is the level at which the Company develops a systematic methodology for determining its allowance for credit losses. The retail segment includes retail notes and finance lease receivables. The wholesale segment includes wholesale financing to CNH Industrial North America’s dealers. Further, the Company evaluates its retail and wholesale portfolio segments by class of receivable: United States and Canada. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. These classes align with management reporting. Allowance for credit losses activity for the year ended December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 126,851 $ 9,285 ​ $ 136,136 Charge-offs ​ (14,929) ​ (179) ​ ​ (15,108) Recoveries ​ 2,177 ​ 126 ​ ​ 2,303 Provision (benefit) ​ (4,437) ​ (3,023) ​ ​ (7,460) Foreign currency translation and other ​ 80 ​ 2 ​ ​ 82 Ending balance $ 109,742 $ 6,211 ​ $ 115,953 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,722,247 $ 2,345,005 ​ $ 9,067,252 At December 31, 2021, the allowance for credit losses included a release of reserves primarily due to the improved outlook for the agricultural industry and a reduced expected impact on credit conditions from 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. At December 31, 2020, the allowance for credit losses was based on the Company’s expectation of deteriorating credit conditions related to the COVID-19 pandemic. Allowance for credit losses activity for the year ended December 31, 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 ​ (23,147) ​ (1,530) ​ ​ (24,677) Recoveries ​ 2,481 ​ 10 ​ ​ 2,491 Provision ​ 56,252 ​ 2,792 ​ ​ 59,044 Foreign currency translation and other ​ 638 ​ 12 ​ ​ 650 Ending balance $ 126,851 $ 9,285 ​ $ 136,136 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,270,448 $ 2,762,499 ​ $ 9,032,947 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 December 31, 2021 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 3,244 ​ $ 364 ​ $ 719 ​ $ 4,327 ​ $ 2,491,994 ​ $ 2,496,321 2020 ​ ​ 4,957 ​ ​ 606 ​ ​ 2,749 ​ ​ 8,312 ​ ​ 1,355,498 ​ ​ 1,363,810 2019 ​ ​ 3,977 ​ ​ 808 ​ ​ 3,937 ​ ​ 8,722 ​ ​ 739,005 ​ ​ 747,727 2018 ​ ​ 2,437 ​ ​ 602 ​ ​ 2,968 ​ ​ 6,007 ​ ​ 442,892 ​ ​ 448,899 2017 ​ ​ 1,351 ​ ​ 638 ​ ​ 2,486 ​ ​ 4,475 ​ ​ 191,998 ​ ​ 196,473 2016 ​ ​ 723 ​ ​ 85 ​ ​ 1,839 ​ ​ 2,647 ​ ​ 48,535 ​ ​ 51,182 Prior to 2016 ​ ​ 221 ​ ​ 71 ​ ​ 1,361 ​ ​ 1,653 ​ ​ 13,009 ​ ​ 14,662 Total $ 16,910 ​ $ 3,174 ​ $ 16,059 ​ $ 36,143 ​ $ 5,282,931 ​ $ 5,319,074 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 1,777 ​ $ — ​ $ — ​ $ 1,777 ​ $ 713,889 ​ $ 715,666 2020 ​ ​ 1,183 ​ ​ 198 ​ ​ 564 ​ ​ 1,945 ​ ​ 356,076 ​ ​ 358,021 2019 ​ ​ 531 ​ ​ 126 ​ ​ 817 ​ ​ 1,474 ​ ​ 175,824 ​ ​ 177,298 2018 ​ ​ 422 ​ ​ 186 ​ ​ 620 ​ ​ 1,228 ​ ​ 96,205 ​ ​ 97,433 2017 ​ ​ 136 ​ ​ 4 ​ ​ 232 ​ ​ 372 ​ ​ 40,938 ​ ​ 41,310 2016 ​ ​ 114 ​ ​ — ​ ​ 604 ​ ​ 718 ​ ​ 10,001 ​ ​ 10,719 Prior to 2016 ​ ​ 1 ​ ​ — ​ ​ 290 ​ ​ 291 ​ ​ 2,435 ​ ​ 2,726 Total $ 4,164 ​ $ 514 ​ $ 3,127 ​ $ 7,805 ​ $ 1,395,368 ​ $ 1,403,173 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 3 ​ $ — ​ $ 9 ​ $ 12 ​ $ 1,802,052 ​ $ 1,802,064 Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 542,941 ​ $ 542,941 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 21,074 ​ $ 3,688 ​ $ 19,186 ​ $ 43,948 ​ $ 6,678,299 ​ $ 6,722,247 Wholesale ​ $ 3 ​ $ — ​ $ 9 ​ $ 12 ​ $ 2,344,993 ​ $ 2,345,005 The aging of receivables as of December 31, 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 ​ $ 3,334 ​ $ 569 ​ $ 3,317 ​ $ 7,220 ​ $ 2,076,477 ​ $ 2,083,697 2019 ​ ​ 7,912 ​ ​ 1,201 ​ ​ 4,243 ​ ​ 13,356 ​ ​ 1,264,842 ​ ​ 1,278,198 2018 ​ ​ 5,742 ​ ​ 1,261 ​ ​ 5,385 ​ ​ 12,388 ​ ​ 849,397 ​ ​ 861,785 2017 ​ ​ 3,841 ​ ​ 461 ​ ​ 2,655 ​ ​ 6,957 ​ ​ 454,256 ​ ​ 461,213 2016 ​ ​ 1,699 ​ ​ 220 ​ ​ 2,894 ​ ​ 4,813 ​ ​ 223,024 ​ ​ 227,837 2015 ​ ​ 781 ​ ​ 173 ​ ​ 2,091 ​ ​ 3,045 ​ ​ 53,981 ​ ​ 57,026 Prior to 2015 ​ ​ 256 ​ ​ 47 ​ ​ 2,874 ​ ​ 3,177 ​ ​ 15,459 ​ ​ 18,636 Total $ 23,565 ​ $ 3,932 ​ $ 23,459 ​ $ 50,956 ​ $ 4,937,436 ​ $ 4,988,392 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 1,613 ​ $ 30 ​ $ 707 ​ $ 2,350 ​ $ 588,691 ​ $ 591,041 2019 ​ ​ 1,772 ​ ​ 249 ​ ​ 3,292 ​ ​ 5,313 ​ ​ 327,716 ​ ​ 333,029 2018 ​ ​ 1,254 ​ ​ 218 ​ ​ 1,508 ​ ​ 2,980 ​ ​ 197,895 ​ ​ 200,875 2017 ​ ​ 535 ​ ​ 474 ​ ​ 970 ​ ​ 1,979 ​ ​ 96,215 ​ ​ 98,194 2016 ​ ​ 265 ​ ​ 127 ​ ​ 1,209 ​ ​ 1,601 ​ ​ 43,480 ​ ​ 45,081 2015 ​ ​ 91 ​ ​ 6 ​ ​ 560 ​ ​ 657 ​ ​ 11,512 ​ ​ 12,169 Prior to 2015 ​ ​ 126 ​ ​ 11 ​ ​ 48 ​ ​ 185 ​ ​ 1,482 ​ ​ 1,667 Total $ 5,656 ​ $ 1,115 ​ $ 8,294 ​ $ 15,065 ​ $ 1,266,991 ​ $ 1,282,056 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 18 ​ $ — ​ $ 458 ​ $ 476 ​ $ 2,206,690 ​ $ 2,207,166 Canada ​ $ 6 ​ $ — ​ $ — ​ $ 6 ​ $ 555,327 ​ $ 555,333 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 29,221 ​ $ 5,047 ​ $ 31,753 ​ $ 66,021 ​ $ 6,204,427 ​ $ 6,270,448 Wholesale ​ $ 24 ​ $ — ​ $ 458 ​ $ 482 ​ $ 2,762,017 ​ $ 2,762,499 ​ Included in the receivables balance at December 31, 2021 and 2020 is accrued interest of $41,953 and $52,595, respectively. 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 past due, whichever occurs first. Accrued interest is charged-off to interest income. Interest income charged-off was not material for the years ended December 31, 2021 and 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 December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Retail Wholesale Total Retail Wholesale Total United States $ 24,028 $ — $ 24,028 $ 28,882 $ 35,402 $ 64,284 Canada ​ $ 3,127 ​ $ — ​ $ 3,127 ​ $ 8,597 ​ $ — ​ $ 8,597 ​ As of December 31, 2021 and 2020, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the years ended December 31, 2021 and 2020 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 December 31, 2021, the Company had 173 retail and finance lease contracts classified as TDRs where a court has determined the concession. The pre-modification value of these contracts was $4,264 and the post-modification value was $3,833. Additionally, the Company had 332 accounts with a balance of $22,371 undergoing bankruptcy proceedings where a concession has not yet been determined. As of December 31, 2020, the Company had 253 retail and finance lease contracts classified as TDRs where a court has determined the concession. The pre-modification value of these contracts was $8,690 and the post-modification value was $7,841. Additionally, the Company had 362 accounts with a balance of $25,635 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 December 31, 2021 and 2020. As of December 31, 2021 and 2020, the Company’s wholesale TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	12 Months Ended
	Dec. 31, 2021
EQUIPMENT ON OPERATING LEASES
EQUIPMENT ON OPERATING LEASES	NOTE 5: EQUIPMENT ON OPERATING LEASES A summary of equipment on operating leases as of December 31, 2021 and 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Equipment on operating leases $ 2,132,900 ​ $ 2,261,703 Accumulated depreciation ​ (425,369) ​ (402,519) Total equipment on operating leases, net $ 1,707,531 ​ $ 1,859,184 ​ Depreciation expense totaled $239,331, $237,405 and $229,652 for the years ended December 31, 2021, 2020 and 2019, respectively. Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $95,494) as of December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ 2022 $ 211,387 2023 ​ 135,227 2024 ​ 69,748 2025 ​ 26,860 2026 and thereafter ​ 7,014 Total lease payments $ 450,236 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE 6: GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance, beginning of year $ 110,158 ​ $ 109,629 Foreign currency translation adjustment ​ 68 ​ 529 Balance, end of year $ 110,226 ​ $ 110,158 ​ Goodwill is tested for impairment at least annually. During 2021, 2020 and 2019, the Company performed its annual impairment review as of December 31 and concluded that there were no impairments in any year. As of December 31, 2021 and 2020, the Company’s intangible asset and related accumulated amortization for its software is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Software $ 42,156 ​ $ 37,127 Accumulated amortization ​ (25,704) ​ (23,794) Total software, net $ 16,452 ​ $ 13,333 ​ The Company recorded amortization expense of $1,910, $1,562 and $1,790 during 2021, 2020 and 2019, respectively. Based on the current amount of software subject to amortization, the estimated annual amortization expense for each of the succeeding five years is as follows: $1,924 in 2022; $1,329 in 2023; $1,615 in 2024; $1,484 in 2025; and $1,218 in 2026.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2021
OTHER ASSETS
OTHER ASSETS	NOTE 7: OTHER ASSETS The components of other assets as of December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Derivative assets $ 42,961 ​ $ 59,063 Deferred tax assets ​ ​ 13,731 ​ ​ 15,239 Tax receivables ​ ​ 1,772 ​ ​ — Other current assets ​ 29,118 ​ 27,505 Total other assets $ 87,582 ​ $ 101,807 ​

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	12 Months Ended
	Dec. 31, 2021
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 8: CREDIT FACILITIES AND DEBT The following table summarizes the Company’s debt and credit facilities, borrowings thereunder and availability at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2023 ​ $ 1,000,000 ​ $ — ​ $ 108,941 ​ $ 421,392 ​ $ 469,667 Retail - Canada Dec 2023 ​ 393,455 ​ — ​ 25,188 ​ 109,504 ​ 258,763 Wholesale VFN - U.S. Various ​ 1,000,000 ​ 994,000 ​ — ​ — ​ 6,000 Wholesale VFN - Canada Dec 2023 ​ 314,764 ​ 270,697 ​ — ​ — ​ 44,067 ​ ​ ​ 2,708,219 ​ 1,264,697 ​ 134,129 ​ 530,896 ​ 778,497 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various ​ 4,553,381 ​ — ​ 1,616,285 ​ 2,937,096 ​ — Other ABS financing - N.A. Various ​ 360,350 ​ — ​ 237,616 ​ 122,734 ​ — Unamortized issuance costs ​ ​ (14,567) ​ — ​ — ​ (14,567) ​ — ​ ​ ​ 4,899,164 ​ — ​ 1,853,901 ​ 3,045,263 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving credit facilities ​ Various ​ ​ 620,335 ​ ​ — ​ ​ — ​ ​ 125,906 ​ ​ 494,429 Unamortized issuance costs ​ ​ ​ ​ (597) ​ ​ — ​ ​ — ​ ​ (597) ​ ​ — ​ ​ ​ ​ 619,738 ​ ​ — ​ ​ — ​ ​ 125,309 ​ ​ 494,429 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Various ​ 2,936,073 ​ — ​ 500,000 ​ 2,436,073 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ ​ 7,070 ​ ​ — ​ ​ 2,641 ​ ​ 4,429 ​ ​ — ​ ​ ​ 2,943,143 ​ — ​ 502,641 ​ 2,440,502 ​ — Total credit facilities and debt ​ ​ $ 11,170,264 ​ $ 1,264,697 ​ $ 2,490,671 ​ $ 6,141,970 ​ $ 1,272,926 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. ​ A summary of the minimum annual repayments of long-term debt as of December 31, 2021, for 2023 and thereafter is as follows: ​ ​ ​ ​ ​ 2023 $ 1,975,996 2024 ​ 1,908,401 2025 ​ 804,058 2026 ​ 1,421,989 2027 and thereafter ​ 31,526 Total $ 6,141,970 ​ The following table summarizes the Company’s credit facilities, borrowings thereunder and availability at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2022 ​ $ 1,200,000 ​ $ — ​ $ 254,974 ​ $ 944,654 ​ $ 372 Retail - Canada Dec 2022 ​ 392,471 ​ — ​ 61,353 ​ 300,499 ​ 30,619 Wholesale VFN - U.S. Various ​ 1,000,000 ​ 1,000,000 ​ — ​ — ​ — Wholesale VFN - Canada Dec 2022 ​ 459,780 ​ 314,322 ​ — ​ — ​ 145,458 ​ ​ ​ 3,052,251 ​ 1,314,322 ​ 316,327 ​ 1,245,153 ​ 176,449 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various ​ 3,414,546 ​ — ​ 1,386,783 ​ 2,027,763 ​ — Other ABS financing - N.A. Various ​ 597,852 ​ — ​ 209,376 ​ 388,476 ​ — Unamortized issuance costs ​ ​ ​ ​ (9,920) ​ ​ — ​ ​ — ​ ​ (9,920) ​ ​ — ​ ​ ​ 4,002,478 ​ — ​ 1,596,159 ​ 2,406,319 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving credit facilities Various ​ 776,771 ​ — ​ 102,042 ​ 78,494 ​ 596,235 Unamortized issuance costs ​ ​ ​ ​ (1,217) ​ ​ — ​ ​ — ​ ​ (1,217) ​ ​ — ​ ​ ​ ​ 775,554 ​ ​ — ​ ​ 102,042 ​ ​ 77,277 ​ ​ 596,235 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Various ​ 3,000,000 ​ — ​ 900,000 ​ 2,100,000 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ ​ 41,689 ​ ​ — ​ ​ 578 ​ ​ 41,111 ​ ​ — ​ ​ ​ 3,041,689 ​ — ​ 900,578 ​ 2,141,111 ​ — Total credit facilities and debt ​ ​ $ 10,871,972 ​ $ 1,314,322 ​ $ 2,915,106 ​ $ 5,869,860 ​ $ 772,684 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. ​ Committed Asset-Backed Facilities The Company has access to committed asset-backed facilities with several banks through which it may sell its receivables. The Company utilizes retail facilities to fund the origination of retail receivables and has exercised the option to periodically repurchase receivables and resell them in the term ABS markets (shown as “Amortizing retail term ABS - N.A.”) or found alternative financing for the receivables. Under these facilities, the maximum amount of proceeds that can be accessed at one time is $1,393,455. In addition, if the receivables sold are not repurchased by the Company, the related debt is paid only as the underlying receivables are collected. Such receivables have maturities not exceeding seven years. The Company believes it is probable that a majority of these receivables will be repurchased and resold in the ABS markets. Borrowings against these facilities accrue interest based on prevailing money market rates, plus an applicable margin. The Company finances a portion of its wholesale receivable portfolio with the issue of Variable Funding Notes (“VFNs”) which are privately subscribed by certain banks and asset-backed commercial paper conduits. These notes accrue interest based on prevailing money market rates, plus an applicable margin. Secured Debt Secured borrowings bear interest at either floating rates of LIBOR plus an applicable margin or fixed rates. Unsecured Credit Line, Facilities and Debt Committed unsecured facilities with banks as of December 31, 2021 totaled $620,335. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. As of December 31, 2021, the Company had $125,906 outstanding under these credit facilities. The remaining available credit commitments are maintained primarily to provide backup liquidity for commercial paper borrowings, as needed. There was no outstanding commercial paper as of December 31, 2021. As of December 31, 2021, the Company’s outstanding unsecured senior notes were as follows: ​ ​ ​ ​ Issued by CNH Industrial Capital LLC: (1) ​ ​ ​ 4.375% notes, due 2022 $ 500,000 1.950% notes, due 2023 ​ 600,000 4.200% notes, due 2024 ​ ​ 500,000 1.875% notes, due 2026 ​ ​ 500,000 1.450% notes, due 2026 ​ ​ 600,000 Hedging, discounts and unamortized issuance costs ​ ​ 8,357 ​ ​ 2,708,357 Issued by CNH Industrial Capital Canada: (2) ​ ​ ​ 1.500% notes, due 2024 ​ 236,073 Discounts and unamortized issuance costs ​ ​ (1,286) ​ ​ 234,787 Total $ 2,943,144 (1) These notes, which are senior unsecured obligations of CNH Industrial Capital LLC, are guaranteed by CNH Industrial Capital America and New Holland Credit. (2) These notes, which are senior unsecured obligations of CNH Industrial Capital Canada, are guaranteed by CNH Industrial Capital LLC, CNH Industrial Capital America and New Holland Credit. On May 24, 2021, CNH Industrial Capital LLC completed an offering of $600,000 in aggregate principal amount of 1.450% unsecured notes due 2026, with an issue price of 99.208% of their principal amount. In a private placement on September 28, 2021, CNH Industrial Capital Canada completed an offering of C$300,000 ($236,499) in aggregate principal amount of 1.500% unsecured notes due 2024, with an issue price of 99.936% of their principal amount. Covenants The indentures and credit agreements governing the Company’s unsecured funding transactions contain covenants that restrict the Company’s ability and/or that of its subsidiaries to, among other things, incur additional debt, make certain investments, enter into certain types of transactions with affiliates, use assets as security in other transactions, enter into sale or leaseback transactions and/or sell certain assets or merge with or into other companies. In addition, the Company is required to maintain a certain coverage level for leverage. Interest Rates The weighted-average interest rate on total short-term debt outstanding at December 31, 2021 and 2020 was 0.9% and 1.1%, respectively. The weighted-average interest rate on total long-term debt (including current maturities of long-term debt) at December 31, 2021 and 2020 was 1.7% and 2.5%, respectively. The average rate is calculated using the actual rates at December 31, 2021 and 2020, weighted by the amount of outstanding borrowings of each debt instrument. Support Agreement Effective as of September 29, 2013, in connection with the business combination transaction of CNH Global N.V., the former indirect parent of CNH Industrial Capital (“CNH Global”), with and into CNHI, CNHI assumed all of CNH Global’s obligations under the support agreement, pursuant to which CNHI has agreed to, among other things, (a) make cash capital contributions to the Company, to the extent necessary to cause the ratio of net earnings available for fixed charges to fixed charges to be not less than 1.05 for each fiscal quarter (with such ratio determined, on a consolidated basis and in accordance with U.S. GAAP, for such fiscal quarter and the immediately preceding three fiscal quarters taken as a whole), (b) generally maintain an ownership of at least 51% of the voting equity interests in the Company and (c) cause the Company to have, as of the end of any fiscal quarter, a consolidated tangible net worth of at least $50,000. The support agreement is not intended to be and is not a guarantee by CNHI of any indebtedness or other obligation of the Company. The obligations of CNHI to the Company pursuant to this support agreement are to the Company only and do not run to, and are not enforceable directly by, any creditor of the Company. The support agreement may be modified, amended or terminated, at CNHI’s election, upon thirty days’ prior written notice to the Company and the rating agencies, if (a) the modification, amendment or termination would not result in a downgrade of the Company’s rated indebtedness; (b) the modification, amendment or notice of termination provides that the support agreement will continue in effect with respect to the Company’s rated indebtedness then outstanding; or (c) the Company has no long-term rated indebtedness outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 9: INCOME TAXES The income and expenses of the Company and certain of its domestic subsidiaries are included in the consolidated income tax return of CNH Industrial U.S. Holdings, Inc., a wholly-owned subsidiary of CNHI. CNH Industrial U.S. Holdings, Inc. is the parent of Case New Holland Inc., who remains the parent of CNH Industrial America. The Company’s Canadian subsidiaries file separate income tax returns, as do certain domestic subsidiaries. The Company and certain of its domestic subsidiaries are LLCs and, as a result, incur no federal income tax liabilities on a stand-alone basis. However, for financial reporting, all income tax accounts in the consolidated financial statements have been reported as if the Company and relevant subsidiaries were taxpaying entities. The sources of income before taxes for the years ended December 31, 2021, 2020, and 2019 are as follows, with foreign defined as any income earned outside the United States: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Domestic $ 235,309 ​ $ 141,167 ​ $ 134,971 Foreign ​ 64,841 ​ 45,625 ​ 58,243 Income before taxes $ 300,150 ​ $ 186,792 ​ $ 193,214 ​ The provision for income taxes for the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Current income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ 63,346 ​ $ 45,371 ​ $ (4,445) Foreign ​ 16,630 ​ 10,518 ​ 10,235 Total current income tax expense 79,976 ​ 55,889 ​ 5,790 Deferred income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ (9,296) ​ (12,992) ​ 35,125 Foreign ​ (745) ​ 615 ​ 3,296 Total deferred income tax expense (10,041) ​ (12,377) ​ 38,421 Total tax provision $ 69,935 ​ $ 43,512 ​ $ 44,211 ​ A reconciliation of CNH’s statutory and effective income tax rate for the years ended December 31, 2021, 2020, and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Tax provision at statutory rate 21.0 % 21.0 % 21.0 % State taxes ​ 4.1 ​ 4.6 ​ 4.4 ​ Foreign taxes ​ (1.1) ​ (1.4) ​ (1.8) ​ Tax contingencies ​ — ​ 0.1 ​ 0.1 ​ Tax credits and incentives ​ (0.4) ​ (0.5) ​ (0.7) ​ Other ​ (0.3) ​ (0.5) ​ (0.1) ​ Total tax provision effective rate 23.3 % 23.3 % 22.9 % ​ The components of the Company’s net deferred tax liability as of December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ Pension, postretirement and post-employment benefits ​ $ 1,444 ​ $ 2,129 Marketing and sales incentive programs ​ 40,941 ​ 50,590 Allowance for credit losses ​ 26,688 ​ 32,492 Other accrued liabilities ​ 35,306 ​ 26,070 Tax loss and tax credit carry forwards ​ 1,077 ​ 1,077 Total deferred tax assets $ 105,456 ​ $ 112,358 Deferred tax liability: ​ ​ ​ ​ ​ Equipment on operating lease ​ $ 340,912 ​ $ 355,020 Net deferred tax liabilities $ (235,456) ​ $ (242,662) ​ Deferred taxes are provided to reflect timing differences between the financial and tax basis of assets and liabilities and tax carryforwards using currently enacted tax rates and laws. Management believes it is more likely than not the benefit of the deferred tax assets will be realized. Net deferred tax liabilities are reflected in the accompanying consolidated balance sheets as of December 31, 2021 and 2020 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Deferred tax assets $ 13,731 ​ $ 15,239 Deferred tax liabilities ​ (249,187) ​ ​ (257,901) Net deferred tax liabilities $ (235,456) ​ $ (242,662) ​ A reconciliation of the gross amounts of unrecognized tax benefits at the beginning and end of the year is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Balance, beginning of year $ 4,274 ​ $ 4,274 ​ $ 4,274 Additions based on tax positions related to the current year ​ — ​ — ​ — Reductions for tax positions of prior years ​ — ​ — ​ — Settlements ​ (4,274) ​ — ​ — Balance, end of year $ — ​ $ 4,274 ​ $ 4,274 ​ In 2021, the Company settled its position with the IRS for the tax year 2014 and 2015 audits. There is no amount of unrecognized tax benefits that, if recognized, would affect the annual effective income tax rate. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2020 and 2019, the Company recognized approximately $214 and $280, respectively, in interest and penalties. The Company had approximately $1,180 and $966 for the expected future payment of interest and penalties accrued at December 31, 2020 and 2019, respectively. The Company has open tax years from 2012 to 2020. The Company does not believe the resolution of any outstanding tax examinations will have a material adverse effect on the Company’s financial position, results of operations or cash flows. At December 31, 2021, there are no material deferred tax liabilities on undistributed earnings of subsidiaries outside of the U.S.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 10: FINANCIAL INSTRUMENTS The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company has not elected the fair value measurement option for eligible items. Fair-Value Hierarchy The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1 — Level 2 — 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 December 31, 2021, 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 53 months. As of December 31, 2021, 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 $407. The Company also enters into offsetting interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the years ended December 31, 2021, 2020 and 2019. All of the Company’s interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of the Company’s interest rate derivatives was $3,561,606 and $4,369,574 at December 31, 2021 and 2020, respectively. The thirteen-month average notional amounts as of December 31, 2021 and 2020 were $4,062,501 and $3,305,539, respectively. Foreign Exchange Contracts The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in “Other expenses” and are expected to offset the foreign exchange gains or losses on the exposures being managed. All of the Company’s foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives. Financial Statement Impact of the Company’s Derivatives The fair values of the Company’s derivatives as of December 31, 2021 and 2020 in the consolidated balance sheets are recorded as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,632 ​ $ 58,008 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 6,750 ​ $ 4,882 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 8,391 ​ $ 1,053 Foreign exchange contracts ​ 1,938 ​ 2 Total $ 10,329 ​ $ 1,055 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 8,391 ​ $ 1,053 Foreign exchange contracts ​ ​ 4,041 ​ ​ 3,815 Total $ 12,432 ​ $ 4,868 ​ Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the years ended December 31, 2021, 2020 and 2019 are recorded in the following accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 7,932 ​ $ (11,047) ​ $ (1,002) Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ (653) ​ (171) ​ 689 Not Designated as Hedges ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses $ (1,709) ​ $ 1,946 ​ $ 3,098 ​ Items Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and 2020, all of which are measured as Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 41,023 ​ $ 59,061 Foreign exchange contracts ​ 1,938 ​ 2 Total assets $ 42,961 ​ $ 59,063 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 15,141 ​ $ 5,935 Foreign exchange contracts ​ ​ 4,041 ​ ​ 3,815 Total liabilities $ 19,182 ​ $ 9,750 ​ There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. Items Measured at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. These adjustments to fair value usually result from application of lower of cost or market accounting or impairment charges of individual assets. Certain equipment held for sale measured at fair value on a nonrecurring basis was $109,088 as of December 31, 2019. The fair market value of these assets was based on an internal valuation methodology, which used industry guide book values adjusted for recent remarketing history and was classified as Level 3 under the fair value hierarchy. For the year ended December 31, 2019, the Company recorded an impairment loss of $2,010 on equipment held for sale. In addition, the Company recorded net losses (gains) on the sale of the equipment held of ($12,140), $10,169 and $14,504 for the years ended December 31, 2021, 2020 and 2019, respectively. Both the impairment loss and the net losses (gains) on the sale of equipment held were included in “Other expenses” in the accompanying consolidated statements of income. Fair Value of Other Financial Instruments The carrying amount of cash and cash equivalents, restricted cash and cash equivalents, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and cash equivalents and restricted cash and cash equivalents are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2. Financial Instruments Not Carried at Fair Value The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 8,951,299 ​ $ 9,044,561 ​ $ 8,896,811 ​ $ 8,987,830 Long-term debt ​ $ 6,141,970 ​ $ 6,059,202 ​ $ 5,869,860 ​ $ 5,992,745 * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2. Receivables The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk. Long-term debt The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION	12 Months Ended
	Dec. 31, 2021
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 11: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Revenues ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 630,848 ​ $ 682,413 ​ $ 725,529 Canada ​ 163,891 ​ 166,802 ​ 184,279 Eliminations ​ (5,555) ​ (4,808) ​ (8,919) Total $ 789,184 ​ $ 844,407 ​ $ 900,889 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 161,681 ​ $ 234,723 ​ $ 290,861 Canada ​ 39,652 ​ 50,043 ​ 65,331 Eliminations ​ (5,555) ​ (4,808) ​ (8,919) Total $ 195,778 ​ $ 279,958 ​ $ 347,273 Net income ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 181,259 ​ $ 108,788 ​ $ 104,291 Canada ​ 48,956 ​ 34,492 ​ 44,712 Total $ 230,215 ​ $ 143,280 ​ $ 149,003 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 190,255 ​ $ 193,932 ​ $ 187,964 Canada ​ 50,994 ​ 45,042 ​ 43,479 Total $ 241,249 ​ $ 238,974 ​ $ 231,443 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 388,665 ​ $ 466,288 ​ $ 575,269 Canada ​ 147,736 ​ 132,099 ​ 140,417 Total $ 536,401 ​ $ 598,387 ​ $ 715,686 Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ (6,431) ​ $ 45,080 ​ $ 32,201 Canada ​ (1,029) ​ 13,964 ​ 3,502 Total $ (7,460) ​ $ 59,044 ​ $ 35,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Total assets ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 9,870,766 ​ $ 10,186,808 ​ $ 10,439,737 Canada ​ 2,538,581 ​ 2,442,180 ​ 2,566,635 Eliminations ​ (221,579) ​ (177,819) ​ (152,285) Total $ 12,187,768 ​ $ 12,451,169 ​ $ 12,854,087 Managed receivables ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 7,121,138 ​ $ 7,195,558 ​ $ 7,946,542 Canada ​ 1,946,114 ​ 1,837,389 ​ 1,961,483 Total $ 9,067,252 ​ $ 9,032,947 ​ $ 9,908,025 ​

RELATED - PARTY TRANSACTIONS

RELATED - PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 12: RELATED-PARTY TRANSACTIONS The Company receives compensation from CNH Industrial North America for retail, wholesale and operating lease sales programs offered by CNH Industrial North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH Industrial North America based on the Company’s estimated costs and a targeted return on equity. The Company is also compensated for lending funds to CNH Industrial North America. In addition, the Company received income from Iveco Argentina S.A. for wholesale factoring receivables purchased at a discount. The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income at December 31, 2021, 2020, and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Subsidy from CNH Industrial North America ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 142,867 ​ $ 153,990 ​ $ 160,361 Wholesale ​ ​ 94,678 ​ ​ 108,479 ​ ​ 122,582 Operating lease ​ 58,965 ​ 61,328 ​ 60,221 Income from Iveco Argentina S.A. ​ ​ ​ ​ ​ ​ ​ ​ Wholesale factoring ​ ​ — ​ ​ — ​ ​ 2,187 Income from affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial North America ​ 878 ​ 474 ​ — Other affiliates ​ ​ 191 ​ ​ 153 ​ ​ 438 Total interest and other income from affiliates $ 297,579 ​ $ 324,424 ​ $ 345,789 ​ Interest expense to affiliates was $3,686, $3,568 and $14,126, respectively, for the years ended December 31, 2021, 2020 and 2019. Fees charged by affiliates were $47,369, $45,905 and $46,601 for the years ended December 31, 2021, 2020 and 2019, respectively, and represents payroll and other human resource services CNH Industrial America performs on behalf of the Company. As of December 31, 2021 and 2020, the Company had various accounts and notes receivable and debt with the following affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Rate Maturity Amount Rate Maturity Amount Affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial America 0% ​ — ​ $ 243,499 0% ​ — ​ $ 391,445 CNH Industrial Canada Ltd. 0% ​ — ​ ​ 3,289 0% ​ — ​ ​ 10,906 Other affiliates 0% ​ — ​ ​ 12,911 0% ​ — ​ ​ 12,459 Total affiliated receivables ​ ​ ​ ​ $ 259,699 ​ ​ ​ ​ ​ $ 414,810 Affiliated debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial Canada Ltd. ​ — ​ — ​ ​ — ​ 1.41% ​ 2021 ​ ​ 187,310 Other affiliates ​ 1.56% ​ 2022 ​ ​ 2,100 ​ — ​ — ​ ​ — Total affiliated debt ​ ​ ​ ​ $ 2,100 ​ ​ ​ ​ $ 187,310 ​ Accounts payable and other accrued liabilities, including tax payables, of $164,500 and $31,795 were payable to related parties as of December 31, 2021 and 2020, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13: COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations. Guarantees The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNHI for approximately $55,000. 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 December 31, 2021, the total credit limit available was $6,029,098, of which $2,212,454 was utilized.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENT
SUBSEQUENT EVENT	NOTE 14: SUBSEQUENT EVENTS Effective January 1, 2022, the Iveco Group Business was separated from CNH Industrial by way of a legal statutory demerger to Iveco Group N.V. and Iveco Group became a public listed company independent from CNH Industrial with its common shares trading on Euronext Milan, a regulated market organized and managed by Borsa Italiana S.p.A. On January 7, 2022 Fitch upgraded the Long-Term Issuer Default Ratings (“IDR”) and senior long-term debt ratings of CNH Industrial Capital LLC and CNH Industrial Capital Canada to ‘BBB+’ from ‘BBB-’. The outlook is stable. Fitch has also upgraded CNH Industrial Capital LLC’s short-term IDR and commercial paper ratings to ‘F2’ from ‘F3’. On February 3, 2022, CNH Industrial Capital America and CNH Industrial Capital Canada entered into agreements with Citibank, N.A. and Citi Cards Canada Inc. (together, “Citi”), respectively, to purchase Citi’s portfolio of commercial revolving account (“CRA”) receivables underlying a private-label CRA product offered through dealers of equipment manufactured or distributed by CNH Industrial North America. On February 22, 2022, CNH Industrial held an Investors Day, presenting its Strategic Business Plan for the years 2022 to 2024. On February 25, 2022, Moody’s upgraded the senior unsecured ratings of CNH Industrial Capital LLC and CNH Industrial Capital Canada to ‘Baa2’ from ‘Baa3’. The rating outlook is stable.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. Certain prior period balances have been reclassified to conform to the current year presentation.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates. The COVID-19 pandemic has resulted in uncertainties in the Company's business, which may cause actual results to differ materially from the estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with the allowance for credit losses, the determination of end-of-lease market values for equipment on operating leases, goodwill and income taxes. Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur.
Revenue Recognition	Revenue Recognition Finance and interest income on retail notes and finance leases and on wholesale notes is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on receivables is suspended when management determines that collection of future income is not probable or when an account becomes 90 days past due, whichever occurs earlier. Income accrual is resumed if the receivable becomes contractually current and collection doubts are removed. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. A substantial portion of the Company’s interest income arises from retail sales programs offered by CNH Industrial North America on which finance charges are waived or below-market rate financing programs are offered. When the Company acquires retail installment sales contracts and finance leases subject to below-market interest rates, including waived interest rate financing, the Company receives compensation from CNH Industrial North America based on the Company’s estimated costs and a targeted return on equity. This amount is initially recognized as an unearned finance charge and is recognized as interest income over the term of the retail notes and finance leases, and is included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. For selected wholesale receivables, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. These amounts are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. The Company is also compensated for lending funds to CNH Industrial North America. The amounts earned are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. Income from operating leases is recognized over the term of the lease on a straight-line basis. For selected operating leases, CNH Industrial North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. The amounts from CNH Industrial North America recognized as rental income on operating leases are included in “Interest and other income from affiliates.”
Foreign Currency Translation	Foreign Currency Translation The Company’s non-U.S. subsidiaries maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non-U.S. subsidiaries are translated into U.S. dollars at period-end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Income and expense accounts of these non-U.S. subsidiaries are translated at the average exchange rates for the period, and gains and losses from foreign currency transactions are included in net income in the period that they arise.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are highly liquid investments with an original maturity of three months or less. The carrying value of cash equivalents approximates fair value because of the short maturity of these investments.
Restricted Cash	Restricted Cash Restricted cash includes principal and interest payments from retail notes and wholesale receivables owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements.
Receivables	Receivables Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. Periodically, the Company sells or transfers retail and wholesale receivables to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail and wholesale receivables sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Company’s receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment.
Allowance for Credit Losses	Allowance for Credit Losses Post-Adoption of ASC 326, Financial Instruments – Credit Losses (“ASC 326”) on January 1, 2020 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. 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, such as the evolving impact of COVID-19, 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. Prior to Adoption of ASC 326 on January 1, 2020 The allowance for credit losses was the Company’s estimate of losses on receivables owned by the Company and consisted of two components, and depended on whether the receivable had been individually identified as being impaired. The first component of the allowance for credit losses covered the receivables specifically reviewed by management for which the Company had determined it was probable that it would not collect all the principal and interest payments as per the terms of the contract. Receivables were individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables were subject to impairment measurement at the loan level based either on the fair value of the collateral for collateral dependent receivables or on the present value of expected future cash flows discounted at the receivables’ effective interest rate. The second component of the allowance for credit losses covered all receivables that had not been individually reviewed for impairment. The allowance for these receivables was based on aggregated portfolio evaluations, generally by financial product. The allowance for retail and wholesale credit losses was based on loss forecast models that considered a variety of factors that included, but were not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models were updated on a quarterly basis. In addition, qualitative factors that were not fully captured in the loss forecast models, including industry trends, and macroeconomic factors, were considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors were subjective and required a degree of management judgment.
Equipment on Operating Leases	Equipment on Operating Leases The Company purchases leases and equipment from CNH Industrial North America’s dealers and other independent third parties that have leased equipment to retail customers under operating leases. The Company’s investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination. Residual values are estimated at the inception of the lease and are reviewed quarterly. Realization of the residual values is dependent on the Company’s future ability to re-market the equipment under then prevailing market conditions. Equipment model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs are the responsibility of the lessee. The Company evaluates the carrying amount of equipment on operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for recoverability identifies a possible impairment, the asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value. Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite useful life and is reviewed for impairment at least annually. During 2021 and 2020, the Company performed its annual impairment review as of December 31, and concluded that there was no impairment in either year. Other intangible assets consist of software and are being amortized on a straight-line basis over five years.
Income Taxes	Income Taxes The provision for income taxes is determined using the asset and liability method. The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence.
Derivatives	Derivatives The Company’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. The Company records derivative financial instruments in the consolidated balance sheets as either an asset or liability measured at fair value. The fair value of the Company’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. The fair value of the Company’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. The Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivative financial instruments designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. The Company assesses the effectiveness of its hedging instruments both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, or the derivative is terminated, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term.
New Accounting Pronouncements Adopted in 2021	New Accounting Pronouncements Adopted in 2021 In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, Simplifying the Accounting for Income Taxes Income Taxes
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020 04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME
Schedule of changes in the components of AOCI and related tax effects	The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (113,284) ​ $ 67 ​ $ (9,542) ​ $ (122,759) Tax asset ​ — ​ (5) ​ 2,529 ​ 2,524 Beginning balance, net of tax (113,284) ​ 62 ​ (7,013) ​ (120,235) Other comprehensive income (loss) before reclassifications ​ 666 ​ 2,780 ​ 7,932 ​ 11,378 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (396) ​ 653 ​ 257 Tax effects ​ — ​ (582) ​ (2,275) ​ (2,857) Net current-period other comprehensive income (loss) 666 ​ 1,802 ​ 6,310 ​ 8,778 Total $ (112,618) ​ $ 1,864 ​ $ (703) ​ $ (111,457) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 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 ​ 11,849 ​ 577 ​ (11,047) ​ 1,379 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (208) ​ 171 ​ (37) Tax effects ​ — ​ (63) ​ 2,882 ​ 2,819 Net current-period other comprehensive income (loss) 11,849 ​ 306 ​ (7,994) ​ 4,161 Total $ (113,284) ​ $ 62 ​ $ (7,013) ​ $ (120,235)
Schedule of reclassifications out of AOCI and the location on the consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Affected Line Item Amortization of defined benefit pension items: ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 396 $ 208 Other expenses ​ ​ 396 ​ ​ 208 Income before taxes ​ ​ ​ (97) ​ ​ (36) Income tax effects ​ $ 299 $ 172 Net of tax Unrealized losses on derivatives: ​ ​ ​ ​ ​ ​ ​ ​ $ (653) $ (171) Interest expense to third parties ​ ​ (653) ​ ​ (171) Income before taxes ​ ​ ​ 173 ​ ​ 46 Income tax effects ​ $ (480) $ (125) Net of tax

RECEIVABLES (Tables)

RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2021
RECEIVABLES
Summary of receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Retail $ 993,768 $ 833,864 Wholesale ​ 576,810 ​ 639,934 Finance lease ​ 177,347 ​ 156,161 Restricted receivables ​ 7,319,327 ​ 7,402,988 Gross receivables 9,067,252 9,032,947 Less: Allowance for credit losses ​ (115,953) ​ (136,136) Total receivables, net $ 8,951,299 $ 8,896,811
Maturities of receivables as of December 31, 2017, are as follows:	​ ​ ​ ​ ​ 2022 $ 4,193,010 2023 ​ 1,581,919 2024 ​ 1,314,022 2025 ​ 1,004,666 2026 and thereafter ​ 857,682 Total receivables $ 8,951,299
Summary of restricted receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Retail $ 5,551,132 ​ $ 5,280,423 Wholesale ​ 1,768,195 ​ 2,122,565 Total restricted receivables $ 7,319,327 ​ $ 7,402,988
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the year ended December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 126,851 $ 9,285 ​ $ 136,136 Charge-offs ​ (14,929) ​ (179) ​ ​ (15,108) Recoveries ​ 2,177 ​ 126 ​ ​ 2,303 Provision (benefit) ​ (4,437) ​ (3,023) ​ ​ (7,460) Foreign currency translation and other ​ 80 ​ 2 ​ ​ 82 Ending balance $ 109,742 $ 6,211 ​ $ 115,953 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,722,247 $ 2,345,005 ​ $ 9,067,252 At December 31, 2021, the allowance for credit losses included a release of reserves primarily due to the improved outlook for the agricultural industry and a reduced expected impact on credit conditions from 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. At December 31, 2020, the allowance for credit losses was based on the Company’s expectation of deteriorating credit conditions related to the COVID-19 pandemic. Allowance for credit losses activity for the year ended December 31, 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 ​ (23,147) ​ (1,530) ​ ​ (24,677) Recoveries ​ 2,481 ​ 10 ​ ​ 2,491 Provision ​ 56,252 ​ 2,792 ​ ​ 59,044 Foreign currency translation and other ​ 638 ​ 12 ​ ​ 650 Ending balance $ 126,851 $ 9,285 ​ $ 136,136 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,270,448 $ 2,762,499 ​ $ 9,032,947 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 December 31, 2021 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 3,244 ​ $ 364 ​ $ 719 ​ $ 4,327 ​ $ 2,491,994 ​ $ 2,496,321 2020 ​ ​ 4,957 ​ ​ 606 ​ ​ 2,749 ​ ​ 8,312 ​ ​ 1,355,498 ​ ​ 1,363,810 2019 ​ ​ 3,977 ​ ​ 808 ​ ​ 3,937 ​ ​ 8,722 ​ ​ 739,005 ​ ​ 747,727 2018 ​ ​ 2,437 ​ ​ 602 ​ ​ 2,968 ​ ​ 6,007 ​ ​ 442,892 ​ ​ 448,899 2017 ​ ​ 1,351 ​ ​ 638 ​ ​ 2,486 ​ ​ 4,475 ​ ​ 191,998 ​ ​ 196,473 2016 ​ ​ 723 ​ ​ 85 ​ ​ 1,839 ​ ​ 2,647 ​ ​ 48,535 ​ ​ 51,182 Prior to 2016 ​ ​ 221 ​ ​ 71 ​ ​ 1,361 ​ ​ 1,653 ​ ​ 13,009 ​ ​ 14,662 Total $ 16,910 ​ $ 3,174 ​ $ 16,059 ​ $ 36,143 ​ $ 5,282,931 ​ $ 5,319,074 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ $ 1,777 ​ $ — ​ $ — ​ $ 1,777 ​ $ 713,889 ​ $ 715,666 2020 ​ ​ 1,183 ​ ​ 198 ​ ​ 564 ​ ​ 1,945 ​ ​ 356,076 ​ ​ 358,021 2019 ​ ​ 531 ​ ​ 126 ​ ​ 817 ​ ​ 1,474 ​ ​ 175,824 ​ ​ 177,298 2018 ​ ​ 422 ​ ​ 186 ​ ​ 620 ​ ​ 1,228 ​ ​ 96,205 ​ ​ 97,433 2017 ​ ​ 136 ​ ​ 4 ​ ​ 232 ​ ​ 372 ​ ​ 40,938 ​ ​ 41,310 2016 ​ ​ 114 ​ ​ — ​ ​ 604 ​ ​ 718 ​ ​ 10,001 ​ ​ 10,719 Prior to 2016 ​ ​ 1 ​ ​ — ​ ​ 290 ​ ​ 291 ​ ​ 2,435 ​ ​ 2,726 Total $ 4,164 ​ $ 514 ​ $ 3,127 ​ $ 7,805 ​ $ 1,395,368 ​ $ 1,403,173 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 3 ​ $ — ​ $ 9 ​ $ 12 ​ $ 1,802,052 ​ $ 1,802,064 Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 542,941 ​ $ 542,941 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 21,074 ​ $ 3,688 ​ $ 19,186 ​ $ 43,948 ​ $ 6,678,299 ​ $ 6,722,247 Wholesale ​ $ 3 ​ $ — ​ $ 9 ​ $ 12 ​ $ 2,344,993 ​ $ 2,345,005 The aging of receivables as of December 31, 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 ​ $ 3,334 ​ $ 569 ​ $ 3,317 ​ $ 7,220 ​ $ 2,076,477 ​ $ 2,083,697 2019 ​ ​ 7,912 ​ ​ 1,201 ​ ​ 4,243 ​ ​ 13,356 ​ ​ 1,264,842 ​ ​ 1,278,198 2018 ​ ​ 5,742 ​ ​ 1,261 ​ ​ 5,385 ​ ​ 12,388 ​ ​ 849,397 ​ ​ 861,785 2017 ​ ​ 3,841 ​ ​ 461 ​ ​ 2,655 ​ ​ 6,957 ​ ​ 454,256 ​ ​ 461,213 2016 ​ ​ 1,699 ​ ​ 220 ​ ​ 2,894 ​ ​ 4,813 ​ ​ 223,024 ​ ​ 227,837 2015 ​ ​ 781 ​ ​ 173 ​ ​ 2,091 ​ ​ 3,045 ​ ​ 53,981 ​ ​ 57,026 Prior to 2015 ​ ​ 256 ​ ​ 47 ​ ​ 2,874 ​ ​ 3,177 ​ ​ 15,459 ​ ​ 18,636 Total $ 23,565 ​ $ 3,932 ​ $ 23,459 ​ $ 50,956 ​ $ 4,937,436 ​ $ 4,988,392 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ $ 1,613 ​ $ 30 ​ $ 707 ​ $ 2,350 ​ $ 588,691 ​ $ 591,041 2019 ​ ​ 1,772 ​ ​ 249 ​ ​ 3,292 ​ ​ 5,313 ​ ​ 327,716 ​ ​ 333,029 2018 ​ ​ 1,254 ​ ​ 218 ​ ​ 1,508 ​ ​ 2,980 ​ ​ 197,895 ​ ​ 200,875 2017 ​ ​ 535 ​ ​ 474 ​ ​ 970 ​ ​ 1,979 ​ ​ 96,215 ​ ​ 98,194 2016 ​ ​ 265 ​ ​ 127 ​ ​ 1,209 ​ ​ 1,601 ​ ​ 43,480 ​ ​ 45,081 2015 ​ ​ 91 ​ ​ 6 ​ ​ 560 ​ ​ 657 ​ ​ 11,512 ​ ​ 12,169 Prior to 2015 ​ ​ 126 ​ ​ 11 ​ ​ 48 ​ ​ 185 ​ ​ 1,482 ​ ​ 1,667 Total $ 5,656 ​ $ 1,115 ​ $ 8,294 ​ $ 15,065 ​ $ 1,266,991 ​ $ 1,282,056 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 18 ​ $ — ​ $ 458 ​ $ 476 ​ $ 2,206,690 ​ $ 2,207,166 Canada ​ $ 6 ​ $ — ​ $ — ​ $ 6 ​ $ 555,327 ​ $ 555,333 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 29,221 ​ $ 5,047 ​ $ 31,753 ​ $ 66,021 ​ $ 6,204,427 ​ $ 6,270,448 Wholesale ​ $ 24 ​ $ — ​ $ 458 ​ $ 482 ​ $ 2,762,017 ​ $ 2,762,499
Schedule of receivables on nonaccrual status	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Retail Wholesale Total Retail Wholesale Total United States $ 24,028 $ — $ 24,028 $ 28,882 $ 35,402 $ 64,284 Canada ​ $ 3,127 ​ $ — ​ $ 3,127 ​ $ 8,597 ​ $ — ​ $ 8,597

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	​ ​ ​ ​ ​ ​ ​ 2022 $ 211,387 2023 ​ 135,227 2024 ​ 69,748 2025 ​ 26,860 2026 and thereafter ​ 7,014 Total lease payments $ 450,236
Property Subject to Operating Lease, Lessor
Summary of equipment on operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Equipment on operating leases $ 2,132,900 ​ $ 2,261,703 Accumulated depreciation ​ (425,369) ​ (402,519) Total equipment on operating leases, net $ 1,707,531 ​ $ 1,859,184

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance, beginning of year $ 110,158 ​ $ 109,629 Foreign currency translation adjustment ​ 68 ​ 529 Balance, end of year $ 110,226 ​ $ 110,158
Schedule of the Company's intangible asset and related accumulated amortization for its software	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Software $ 42,156 ​ $ 37,127 Accumulated amortization ​ (25,704) ​ (23,794) Total software, net $ 16,452 ​ $ 13,333

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER ASSETS
Schedule of components of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Derivative assets $ 42,961 ​ $ 59,063 Deferred tax assets ​ ​ 13,731 ​ ​ 15,239 Tax receivables ​ ​ 1,772 ​ ​ — Other current assets ​ 29,118 ​ 27,505 Total other assets $ 87,582 ​ $ 101,807

CREDIT FACILITIES AND DEBT (Tab

CREDIT FACILITIES AND DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Schedule of the Company's debt and credit facilities	The following table summarizes the Company’s debt and credit facilities, borrowings thereunder and availability at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2023 ​ $ 1,000,000 ​ $ — ​ $ 108,941 ​ $ 421,392 ​ $ 469,667 Retail - Canada Dec 2023 ​ 393,455 ​ — ​ 25,188 ​ 109,504 ​ 258,763 Wholesale VFN - U.S. Various ​ 1,000,000 ​ 994,000 ​ — ​ — ​ 6,000 Wholesale VFN - Canada Dec 2023 ​ 314,764 ​ 270,697 ​ — ​ — ​ 44,067 ​ ​ ​ 2,708,219 ​ 1,264,697 ​ 134,129 ​ 530,896 ​ 778,497 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various ​ 4,553,381 ​ — ​ 1,616,285 ​ 2,937,096 ​ — Other ABS financing - N.A. Various ​ 360,350 ​ — ​ 237,616 ​ 122,734 ​ — Unamortized issuance costs ​ ​ (14,567) ​ — ​ — ​ (14,567) ​ — ​ ​ ​ 4,899,164 ​ — ​ 1,853,901 ​ 3,045,263 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving credit facilities ​ Various ​ ​ 620,335 ​ ​ — ​ ​ — ​ ​ 125,906 ​ ​ 494,429 Unamortized issuance costs ​ ​ ​ ​ (597) ​ ​ — ​ ​ — ​ ​ (597) ​ ​ — ​ ​ ​ ​ 619,738 ​ ​ — ​ ​ — ​ ​ 125,309 ​ ​ 494,429 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Various ​ 2,936,073 ​ — ​ 500,000 ​ 2,436,073 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ ​ 7,070 ​ ​ — ​ ​ 2,641 ​ ​ 4,429 ​ ​ — ​ ​ ​ 2,943,143 ​ — ​ 502,641 ​ 2,440,502 ​ — Total credit facilities and debt ​ ​ $ 11,170,264 ​ $ 1,264,697 ​ $ 2,490,671 ​ $ 6,141,970 ​ $ 1,272,926 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. ​ ​ ​ ​ ​ 2023 $ 1,975,996 2024 ​ 1,908,401 2025 ​ 804,058 2026 ​ 1,421,989 2027 and thereafter ​ 31,526 Total $ 6,141,970 ​ The following table summarizes the Company’s credit facilities, borrowings thereunder and availability at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2022 ​ $ 1,200,000 ​ $ — ​ $ 254,974 ​ $ 944,654 ​ $ 372 Retail - Canada Dec 2022 ​ 392,471 ​ — ​ 61,353 ​ 300,499 ​ 30,619 Wholesale VFN - U.S. Various ​ 1,000,000 ​ 1,000,000 ​ — ​ — ​ — Wholesale VFN - Canada Dec 2022 ​ 459,780 ​ 314,322 ​ — ​ — ​ 145,458 ​ ​ ​ 3,052,251 ​ 1,314,322 ​ 316,327 ​ 1,245,153 ​ 176,449 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various ​ 3,414,546 ​ — ​ 1,386,783 ​ 2,027,763 ​ — Other ABS financing - N.A. Various ​ 597,852 ​ — ​ 209,376 ​ 388,476 ​ — Unamortized issuance costs ​ ​ ​ ​ (9,920) ​ ​ — ​ ​ — ​ ​ (9,920) ​ ​ — ​ ​ ​ 4,002,478 ​ — ​ 1,596,159 ​ 2,406,319 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving credit facilities Various ​ 776,771 ​ — ​ 102,042 ​ 78,494 ​ 596,235 Unamortized issuance costs ​ ​ ​ ​ (1,217) ​ ​ — ​ ​ — ​ ​ (1,217) ​ ​ — ​ ​ ​ ​ 775,554 ​ ​ — ​ ​ 102,042 ​ ​ 77,277 ​ ​ 596,235 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Various ​ 3,000,000 ​ — ​ 900,000 ​ 2,100,000 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ ​ 41,689 ​ ​ — ​ ​ 578 ​ ​ 41,111 ​ ​ — ​ ​ ​ 3,041,689 ​ — ​ 900,578 ​ 2,141,111 ​ — Total credit facilities and debt ​ ​ $ 10,871,972 ​ $ 1,314,322 ​ $ 2,915,106 ​ $ 5,869,860 ​ $ 772,684 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility.
Summary of the minimum annual repayments of long-term debt	​ ​ ​ ​ ​ 2023 $ 1,975,996 2024 ​ 1,908,401 2025 ​ 804,058 2026 ​ 1,421,989 2027 and thereafter ​ 31,526 Total $ 6,141,970
Unsecured Debt
Schedule of the Company's debt and credit facilities	As of December 31, 2021, the Company’s outstanding unsecured senior notes were as follows: ​ ​ ​ ​ Issued by CNH Industrial Capital LLC: (1) ​ ​ ​ 4.375% notes, due 2022 $ 500,000 1.950% notes, due 2023 ​ 600,000 4.200% notes, due 2024 ​ ​ 500,000 1.875% notes, due 2026 ​ ​ 500,000 1.450% notes, due 2026 ​ ​ 600,000 Hedging, discounts and unamortized issuance costs ​ ​ 8,357 ​ ​ 2,708,357 Issued by CNH Industrial Capital Canada: (2) ​ ​ ​ 1.500% notes, due 2024 ​ 236,073 Discounts and unamortized issuance costs ​ ​ (1,286) ​ ​ 234,787 Total $ 2,943,144

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of sources of income before taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Domestic $ 235,309 ​ $ 141,167 ​ $ 134,971 Foreign ​ 64,841 ​ 45,625 ​ 58,243 Income before taxes $ 300,150 ​ $ 186,792 ​ $ 193,214
Schedule of provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Current income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ 63,346 ​ $ 45,371 ​ $ (4,445) Foreign ​ 16,630 ​ 10,518 ​ 10,235 Total current income tax expense 79,976 ​ 55,889 ​ 5,790 Deferred income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ (9,296) ​ (12,992) ​ 35,125 Foreign ​ (745) ​ 615 ​ 3,296 Total deferred income tax expense (10,041) ​ (12,377) ​ 38,421 Total tax provision $ 69,935 ​ $ 43,512 ​ $ 44,211
Schedule of reconciliation of statutory and effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Tax provision at statutory rate 21.0 % 21.0 % 21.0 % State taxes ​ 4.1 ​ 4.6 ​ 4.4 ​ Foreign taxes ​ (1.1) ​ (1.4) ​ (1.8) ​ Tax contingencies ​ — ​ 0.1 ​ 0.1 ​ Tax credits and incentives ​ (0.4) ​ (0.5) ​ (0.7) ​ Other ​ (0.3) ​ (0.5) ​ (0.1) ​ Total tax provision effective rate 23.3 % 23.3 % 22.9 %
Schedule of components of net deferred tax liability	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Deferred tax assets: ​ ​ ​ ​ ​ Pension, postretirement and post-employment benefits ​ $ 1,444 ​ $ 2,129 Marketing and sales incentive programs ​ 40,941 ​ 50,590 Allowance for credit losses ​ 26,688 ​ 32,492 Other accrued liabilities ​ 35,306 ​ 26,070 Tax loss and tax credit carry forwards ​ 1,077 ​ 1,077 Total deferred tax assets $ 105,456 ​ $ 112,358 Deferred tax liability: ​ ​ ​ ​ ​ Equipment on operating lease ​ $ 340,912 ​ $ 355,020 Net deferred tax liabilities $ (235,456) ​ $ (242,662) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Deferred tax assets $ 13,731 ​ $ 15,239 Deferred tax liabilities ​ (249,187) ​ ​ (257,901) Net deferred tax liabilities $ (235,456) ​ $ (242,662)
Schedule of reconciliation of the gross amounts of tax contingencies at the beginning and end of the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Balance, beginning of year $ 4,274 ​ $ 4,274 ​ $ 4,274 Additions based on tax positions related to the current year ​ — ​ — ​ — Reductions for tax positions of prior years ​ — ​ — ​ — Settlements ​ (4,274) ​ — ​ — Balance, end of year $ — ​ $ 4,274 ​ $ 4,274

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,632 ​ $ 58,008 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 6,750 ​ $ 4,882 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 8,391 ​ $ 1,053 Foreign exchange contracts ​ 1,938 ​ 2 Total $ 10,329 ​ $ 1,055 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 8,391 ​ $ 1,053 Foreign exchange contracts ​ ​ 4,041 ​ ​ 3,815 Total $ 12,432 ​ $ 4,868
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 7,932 ​ $ (11,047) ​ $ (1,002) Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ (653) ​ (171) ​ 689 Not Designated as Hedges ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses $ (1,709) ​ $ 1,946 ​ $ 3,098
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 41,023 ​ $ 59,061 Foreign exchange contracts ​ 1,938 ​ 2 Total assets $ 42,961 ​ $ 59,063 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 15,141 ​ $ 5,935 Foreign exchange contracts ​ ​ 4,041 ​ ​ 3,815 Total liabilities $ 19,182 ​ $ 9,750
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 8,951,299 ​ $ 9,044,561 ​ $ 8,896,811 ​ $ 8,987,830 Long-term debt ​ $ 6,141,970 ​ $ 6,059,202 ​ $ 5,869,860 ​ $ 5,992,745 * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

GEOGRAPHICAL INFORMATION (Table

GEOGRAPHICAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2021
GEOGRAPHICAL INFORMATION
Summary of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Revenues ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 630,848 ​ $ 682,413 ​ $ 725,529 Canada ​ 163,891 ​ 166,802 ​ 184,279 Eliminations ​ (5,555) ​ (4,808) ​ (8,919) Total $ 789,184 ​ $ 844,407 ​ $ 900,889 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 161,681 ​ $ 234,723 ​ $ 290,861 Canada ​ 39,652 ​ 50,043 ​ 65,331 Eliminations ​ (5,555) ​ (4,808) ​ (8,919) Total $ 195,778 ​ $ 279,958 ​ $ 347,273 Net income ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 181,259 ​ $ 108,788 ​ $ 104,291 Canada ​ 48,956 ​ 34,492 ​ 44,712 Total $ 230,215 ​ $ 143,280 ​ $ 149,003 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 190,255 ​ $ 193,932 ​ $ 187,964 Canada ​ 50,994 ​ 45,042 ​ 43,479 Total $ 241,249 ​ $ 238,974 ​ $ 231,443 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 388,665 ​ $ 466,288 ​ $ 575,269 Canada ​ 147,736 ​ 132,099 ​ 140,417 Total $ 536,401 ​ $ 598,387 ​ $ 715,686 Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ (6,431) ​ $ 45,080 ​ $ 32,201 Canada ​ (1,029) ​ 13,964 ​ 3,502 Total $ (7,460) ​ $ 59,044 ​ $ 35,703 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Total assets ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 9,870,766 ​ $ 10,186,808 ​ $ 10,439,737 Canada ​ 2,538,581 ​ 2,442,180 ​ 2,566,635 Eliminations ​ (221,579) ​ (177,819) ​ (152,285) Total $ 12,187,768 ​ $ 12,451,169 ​ $ 12,854,087 Managed receivables ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 7,121,138 ​ $ 7,195,558 ​ $ 7,946,542 Canada ​ 1,946,114 ​ 1,837,389 ​ 1,961,483 Total $ 9,067,252 ​ $ 9,032,947 ​ $ 9,908,025

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Subsidy from CNH Industrial North America ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 142,867 ​ $ 153,990 ​ $ 160,361 Wholesale ​ ​ 94,678 ​ ​ 108,479 ​ ​ 122,582 Operating lease ​ 58,965 ​ 61,328 ​ 60,221 Income from Iveco Argentina S.A. ​ ​ ​ ​ ​ ​ ​ ​ Wholesale factoring ​ ​ — ​ ​ — ​ ​ 2,187 Income from affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial North America ​ 878 ​ 474 ​ — Other affiliates ​ ​ 191 ​ ​ 153 ​ ​ 438 Total interest and other income from affiliates $ 297,579 ​ $ 324,424 ​ $ 345,789
Schedule of various accounts and notes receivable and debt with the affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ Rate Maturity Amount Rate Maturity Amount Affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial America 0% ​ — ​ $ 243,499 0% ​ — ​ $ 391,445 CNH Industrial Canada Ltd. 0% ​ — ​ ​ 3,289 0% ​ — ​ ​ 10,906 Other affiliates 0% ​ — ​ ​ 12,911 0% ​ — ​ ​ 12,459 Total affiliated receivables ​ ​ ​ ​ $ 259,699 ​ ​ ​ ​ ​ $ 414,810 Affiliated debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial Canada Ltd. ​ — ​ — ​ ​ — ​ 1.41% ​ 2021 ​ ​ 187,310 Other affiliates ​ 1.56% ​ 2022 ​ ​ 2,100 ​ — ​ — ​ ​ — Total affiliated debt ​ ​ ​ ​ $ 2,100 ​ ​ ​ ​ $ 187,310

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue Recognition
Delinquency period of accounts considered for recognition of income	90 days
Goodwill and Intangible Assets
Impairment of goodwill	$ 0	$ 0	$ 0
Amortization period of other intangible assets consisting of software	5 years

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in accumulated other comprehensive income by component
Beginning balance, gross		$ (122,759)	$ (124,100)
Tax asset		2,524	(296)
Beginning balance, net of tax	$ (120,235)	(124,396)
Other comprehensive income (loss) before reclassifications	11,378	1,379
Amounts reclassified from accumulated other comprehensive income (loss)	257	(37)
Tax effects	(2,857)	2,819
Total other comprehensive income (loss)	8,778	4,161	23,200
Ending balance	(111,457)	(120,235)	(124,396)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross		(113,284)	(125,133)
Beginning balance, net of tax	(113,284)	(125,133)
Other comprehensive income (loss) before reclassifications	666	11,849
Total other comprehensive income (loss)	666	11,849
Ending balance	(112,618)	(113,284)	(125,133)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross		67	(302)
Tax asset		(5)	58
Beginning balance, net of tax	62	(244)
Other comprehensive income (loss) before reclassifications	2,780	577
Amounts reclassified from accumulated other comprehensive income (loss)	(396)	(208)
Tax effects	(582)	(63)
Total other comprehensive income (loss)	1,802	306
Ending balance	1,864	62	(244)
Unrealized Loss on Derivative
Changes in accumulated other comprehensive income by component
Beginning balance, gross		(9,542)	1,335
Tax asset		2,529	(354)
Beginning balance, net of tax	(7,013)	981
Other comprehensive income (loss) before reclassifications	7,932	(11,047)
Amounts reclassified from accumulated other comprehensive income (loss)	653	171
Tax effects	(2,275)	2,882
Total other comprehensive income (loss)	6,310	(7,994)
Ending balance	$ (703)	$ (7,013)	$ 981

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	$ (192,092)	$ (276,390)	$ (333,147)
Income before taxes	300,150	186,792	193,214
Income tax effects	(69,935)	(43,512)	$ (44,211)
Pension Liability | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Other expenses	396	208
Income before taxes	396	208
Income tax effects	(97)	(36)
Net income	299	172
Unrealized Loss 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	(653)	(171)
Income before taxes	(653)	(171)
Income tax effects	173	46
Net income	$ (480)	$ (125)

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Receivables
Gross receivables	$ 9,067,252	$ 9,032,947	$ 9,908,025
Less: Allowance for credit losses	(115,953)	(136,136)	$ (72,751)	$ (74,412)
Total receivables, net	8,951,299	8,896,811
Restricted Receivables	7,319,327	7,402,988
Receivables directly or indirectly sold or transferred and available to pay the entity's creditors prior to all obligations of the SPE having been fulfilled	$ 0
Number of portfolio segments in which allowance for credit losses is segregated | item	2
Retail receivables
Receivables
Gross receivables	$ 993,768	833,864
Restricted Receivables	$ 5,551,132	5,280,423
Retail receivables | Minimum
Receivables
Stated original maturities	2 years
Retail receivables | Maximum
Receivables
Stated original maturities	6 years
Wholesale receivables
Receivables
Gross receivables	$ 576,810	639,934
Restricted Receivables	$ 1,768,195	2,122,565
Wholesale receivables | Maximum
Receivables
Stated original maturities	24 months
Interest-free periods	12 months
Finance lease receivables
Receivables
Gross receivables	$ 177,347	$ 156,161

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for credit losses:
Beginning balance	$ 136,136	$ 72,751	$ 74,412
Charge-offs	(15,108)	(24,677)	(40,637)
Recoveries	2,303	2,491	3,062
Provision (benefit)	(7,460)	59,044	35,703
Foreign currency translation and other	82	650	211
Ending balance	115,953	136,136	72,751
Receivables:
Ending balance	9,067,252	9,032,947	9,908,025
ASC 326
Allowance for credit losses:
Beginning balance		25,877
Ending balance			25,877
Retail.
Allowance for credit losses:
Beginning balance	126,851	64,750	66,944
Charge-offs	(14,929)	(23,147)	(35,535)
Recoveries	2,177	2,481	3,046
Provision (benefit)	(4,437)	56,252	30,115
Foreign currency translation and other	80	638	180
Ending balance	109,742	126,851	64,750
Receivables:
Ending balance	6,722,247	6,270,448	6,268,251
Retail. | ASC 326
Allowance for credit losses:
Beginning balance		25,877
Ending balance			25,877
Wholesale
Allowance for credit losses:
Beginning balance	9,285
Charge-offs	(179)
Recoveries	126
Provision (benefit)	(3,023)
Foreign currency translation and other	2
Ending balance	6,211	9,285
Receivables:
Ending balance	2,345,005
Wholesale and wholesale factoring
Allowance for credit losses:
Beginning balance	$ 9,285	8,001	7,468
Charge-offs		(1,530)	(5,102)
Recoveries		10	16
Provision (benefit)		2,792	5,588
Foreign currency translation and other		12	31
Ending balance		9,285	8,001
Receivables:
Ending balance		2,762,499	3,639,774
Net incremental impact of adopting new guidance
Allowance for credit losses:
Beginning balance		98,628
Ending balance			98,628
Net incremental impact of adopting new guidance | Retail.
Allowance for credit losses:
Beginning balance		90,627
Ending balance			90,627
Net incremental impact of adopting new guidance | Wholesale and wholesale factoring
Allowance for credit losses:
Beginning balance		$ 8,001
Ending balance			$ 8,001

RECEIVABLES - Maturities of rec

RECEIVABLES - Maturities of receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
RECEIVABLES
2022	$ 4,193,010
2023	1,581,919
2024	1,314,022
2025	1,004,666
2026 and thereafter	857,682
Total receivables, net	$ 8,951,299	$ 8,896,811

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retail.
Financing receivable, recorded investment
Total	$ 6,722,247	$ 6,270,448
Retail. | Total Past Due
Financing receivable, recorded investment
Total	43,948	66,021
Retail. | 31-60 Days Past Due
Financing receivable, recorded investment
Total	21,074	29,221
Retail. | 61-90 Days Past Due
Financing receivable, recorded investment
Total	3,688	5,047
Retail. | Greater than 90 Days
Financing receivable, recorded investment
Total	19,186	31,753
Retail. | Current
Financing receivable, recorded investment
Total	6,678,299	6,204,427
Retail. | United States
Financing receivable, recorded investment
2021	2,496,321	2,083,697
2020	1,363,810	1,278,198
2019	747,727	861,785
2018	448,899	461,213
2017	196,473	227,837
2016	51,182	57,026
Prior to 2016	14,662	18,636
Total	5,319,074	4,988,392
Retail. | United States | Total Past Due
Financing receivable, recorded investment
2021	4,327	7,220
2020	8,312	13,356
2019	8,722	12,388
2018	6,007	6,957
2017	4,475	4,813
2016	2,647	3,045
Prior to 2016	1,653	3,177
Total	36,143	50,956
Retail. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
2021	3,244	3,334
2020	4,957	7,912
2019	3,977	5,742
2018	2,437	3,841
2017	1,351	1,699
2016	723	781
Prior to 2016	221	256
Total	16,910	23,565
Retail. | United States | 61-90 Days Past Due
Financing receivable, recorded investment
2021	364	569
2020	606	1,201
2019	808	1,261
2018	602	461
2017	638	220
2016	85	173
Prior to 2016	71	47
Total	3,174	3,932
Retail. | United States | Greater than 90 Days
Financing receivable, recorded investment
2021	719	3,317
2020	2,749	4,243
2019	3,937	5,385
2018	2,968	2,655
2017	2,486	2,894
2016	1,839	2,091
Prior to 2016	1,361	2,874
Total	16,059	23,459
Retail. | United States | Current
Financing receivable, recorded investment
2021	2,491,994	2,076,477
2020	1,355,498	1,264,842
2019	739,005	849,397
2018	442,892	454,256
2017	191,998	223,024
2016	48,535	53,981
Prior to 2016	13,009	15,459
Total	5,282,931	4,937,436
Retail. | Canada
Financing receivable, recorded investment
2021	715,666	591,041
2020	358,021	333,029
2019	177,298	200,875
2018	97,433	98,194
2017	41,310	45,081
2016	10,719	12,169
Prior to 2016	2,726	1,667
Total	1,403,173	1,282,056
Retail. | Canada | Total Past Due
Financing receivable, recorded investment
2021	1,777	2,350
2020	1,945	5,313
2019	1,474	2,980
2018	1,228	1,979
2017	372	1,601
2016	718	657
Prior to 2016	291	185
Total	7,805	15,065
Retail. | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
2021	1,777	1,613
2020	1,183	1,772
2019	531	1,254
2018	422	535
2017	136	265
2016	114	91
Prior to 2016	1	126
Total	4,164	5,656
Retail. | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
2021		30
2020	198	249
2019	126	218
2018	186	474
2017	4	127
2016		6
Prior to 2016		11
Total	514	1,115
Retail. | Canada | Greater than 90 Days
Financing receivable, recorded investment
2021		707
2020	564	3,292
2019	817	1,508
2018	620	970
2017	232	1,209
2016	604	560
Prior to 2016	290	48
Total	3,127	8,294
Retail. | Canada | Current
Financing receivable, recorded investment
2021	713,889	588,691
2020	356,076	327,716
2019	175,824	197,895
2018	96,205	96,215
2017	40,938	43,480
2016	10,001	11,512
Prior to 2016	2,435	1,482
Total	1,395,368	1,266,991
Wholesale
Financing receivable, recorded investment
Total	2,345,005	2,762,499
Wholesale | Total Past Due
Financing receivable, recorded investment
Total	12	482
Wholesale | 31-60 Days Past Due
Financing receivable, recorded investment
Total	3	24
Wholesale | Greater than 90 Days
Financing receivable, recorded investment
Total	9	458
Wholesale | Current
Financing receivable, recorded investment
Total	2,344,993	2,762,017
Wholesale | United States
Financing receivable, recorded investment
Total	1,802,064	2,207,166
Wholesale | United States | Total Past Due
Financing receivable, recorded investment
Total	12	476
Wholesale | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	3	18
Wholesale | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	9	458
Wholesale | United States | Current
Financing receivable, recorded investment
Total	1,802,052	2,206,690
Wholesale | Canada
Financing receivable, recorded investment
Total	542,941	555,333
Wholesale | Canada | Total Past Due
Financing receivable, recorded investment
Total		6
Wholesale | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total		6
Wholesale | Canada | Current
Financing receivable, recorded investment
Total	$ 542,941	$ 555,327

RECEIVABLES - Receivables Secur

RECEIVABLES - Receivables Securitizations (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2021CAD ($)
Receivables
Maximum borrowing capacity	$ 11,170,264	$ 10,871,972
Number of conduit facilities | item	2
Number of portfolio segments in which allowance for credit losses is segregated | item	2
Retail committed asset-backed facilities
Receivables
Asset-backed transactions securitized	$ 3,557,257	1,120,065
Outstanding amount of transactions securitized	$ 4,913,731	$ 4,012,398
Remaining period of transactions securitized	38 months	30 months
Maximum borrowing capacity	$ 1,393,455
Term of credit agreement	2 years
Conduit facilities, $700 million renewable in 2022
Receivables
Maximum borrowing capacity	$ 700,000
Conduit facilities, $300 million renewable in 2022
Receivables
Maximum borrowing capacity	300,000
Conduit facilities renewable in December 2023 | Canada
Receivables
Maximum borrowing capacity	$ 314,764		$ 400,000

RECEIVABLES - Aging of Receiv_2

RECEIVABLES - Aging of Receivables in Prior Period (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Retail.
Financing receivable, recorded investment
Total	$ 6,722,247	$ 6,270,448
Retail. | Total Past Due
Financing receivable, recorded investment
Total	43,948	66,021
Retail. | 31-60 Days Past Due
Financing receivable, recorded investment
Total	21,074	29,221
Retail. | 61-90 Days Past Due
Financing receivable, recorded investment
Total	3,688	5,047
Retail. | Greater than 90 Days
Financing receivable, recorded investment
Total	19,186	31,753
Retail. | Current
Financing receivable, recorded investment
Total	6,678,299	6,204,427
Retail. | United States
Financing receivable, recorded investment
2020	2,496,321	2,083,697
2019	1,363,810	1,278,198
2018	747,727	861,785
2017	448,899	461,213
2016	196,473	227,837
2015	51,182	57,026
Prior to 2015	14,662	18,636
Total	5,319,074	4,988,392
Retail. | United States | Total Past Due
Financing receivable, recorded investment
2020	4,327	7,220
2019	8,312	13,356
2018	8,722	12,388
2017	6,007	6,957
2016	4,475	4,813
2015	2,647	3,045
Prior to 2015	1,653	3,177
Total	36,143	50,956
Retail. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
2020	3,244	3,334
2019	4,957	7,912
2018	3,977	5,742
2017	2,437	3,841
2016	1,351	1,699
2015	723	781
Prior to 2015	221	256
Total	16,910	23,565
Retail. | United States | 61-90 Days Past Due
Financing receivable, recorded investment
2020	364	569
2019	606	1,201
2018	808	1,261
2017	602	461
2016	638	220
2015	85	173
Prior to 2015	71	47
Total	3,174	3,932
Retail. | United States | Greater than 90 Days
Financing receivable, recorded investment
2020	719	3,317
2019	2,749	4,243
2018	3,937	5,385
2017	2,968	2,655
2016	2,486	2,894
2015	1,839	2,091
Prior to 2015	1,361	2,874
Total	16,059	23,459
Retail. | United States | Current
Financing receivable, recorded investment
2020	2,491,994	2,076,477
2019	1,355,498	1,264,842
2018	739,005	849,397
2017	442,892	454,256
2016	191,998	223,024
2015	48,535	53,981
Prior to 2015	13,009	15,459
Total	5,282,931	4,937,436
Retail. | Canada
Financing receivable, recorded investment
2020	715,666	591,041
2019	358,021	333,029
2018	177,298	200,875
2017	97,433	98,194
2016	41,310	45,081
2015	10,719	12,169
Prior to 2015	2,726	1,667
Total	1,403,173	1,282,056
Retail. | Canada | Total Past Due
Financing receivable, recorded investment
2020	1,777	2,350
2019	1,945	5,313
2018	1,474	2,980
2017	1,228	1,979
2016	372	1,601
2015	718	657
Prior to 2015	291	185
Total	7,805	15,065
Retail. | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
2020	1,777	1,613
2019	1,183	1,772
2018	531	1,254
2017	422	535
2016	136	265
2015	114	91
Prior to 2015	1	126
Total	4,164	5,656
Retail. | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
2020		30
2019	198	249
2018	126	218
2017	186	474
2016	4	127
2015		6
Prior to 2015		11
Total	514	1,115
Retail. | Canada | Greater than 90 Days
Financing receivable, recorded investment
2020		707
2019	564	3,292
2018	817	1,508
2017	620	970
2016	232	1,209
2015	604	560
Prior to 2015	290	48
Total	3,127	8,294
Retail. | Canada | Current
Financing receivable, recorded investment
2020	713,889	588,691
2019	356,076	327,716
2018	175,824	197,895
2017	96,205	96,215
2016	40,938	43,480
2015	10,001	11,512
Prior to 2015	2,435	1,482
Total	1,395,368	1,266,991
Wholesale
Financing receivable, recorded investment
Total	2,345,005	2,762,499
Wholesale | Total Past Due
Financing receivable, recorded investment
Total	12	482
Wholesale | 31-60 Days Past Due
Financing receivable, recorded investment
Total	3	24
Wholesale | Greater than 90 Days
Financing receivable, recorded investment
Total	9	458
Wholesale | Current
Financing receivable, recorded investment
Total	2,344,993	2,762,017
Wholesale | United States
Financing receivable, recorded investment
Total	1,802,064	2,207,166
Wholesale | United States | Total Past Due
Financing receivable, recorded investment
Total	12	476
Wholesale | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	3	18
Wholesale | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	9	458
Wholesale | United States | Current
Financing receivable, recorded investment
Total	1,802,052	2,206,690
Wholesale | Canada
Financing receivable, recorded investment
Total	542,941	555,333
Wholesale | Canada | Total Past Due
Financing receivable, recorded investment
Total		6
Wholesale | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total		6
Wholesale | Canada | Current
Financing receivable, recorded investment
Total	$ 542,941	$ 555,327

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing receivable, impaired
Accrued interest	$ 41,953	$ 52,595
Delinquency period of accounts considered for recognition of income	90 days
United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 24,028	64,284
Canada
Financing receivable, impaired
Receivables on nonaccrual status	3,127	8,597
Retail. | United States
Financing receivable, impaired
Receivables on nonaccrual status	24,028	28,882
Retail. | Canada
Financing receivable, impaired
Receivables on nonaccrual status	$ 3,127	8,597
Wholesale | United States
Financing receivable, impaired
Receivables on nonaccrual status		$ 35,402

RECEIVABLES - Troubled Debt Res

RECEIVABLES - Troubled Debt Restructuring of Receivables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Troubled Debt Restructurings
Number of cases in which the court has not yet determined the concession | item	332	362
Pre-modification value for cases in which the court has not yet determined the concession	$ 22,371	$ 25,635
Retail.
Troubled Debt Restructurings
Number of cases in which the court has determined the concession | item	173	253
Pre-modification value for cases in which the court has determined the concession	$ 4,264	$ 8,690
Post-modification value for cases in which the court has determined the concession	$ 3,833	$ 7,841

EQUIPMENT ON OPERATING LEASES_2

EQUIPMENT ON OPERATING LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Depreciation	$ 239,331	$ 237,405	$ 229,652
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	95,494
2022	211,387
2023	135,227
2024	69,748
2025	26,860
2026 and thereafter	7,014
Total lease payments	450,236
Property Subject to Operating Lease, Lessor
Equipment on operating lease	2,132,900	2,261,703
Accumulated depreciation	(425,369)	(402,519)
Total equipment on operating leases, net	1,707,531	1,859,184
Depreciation	$ 239,331	$ 237,405	$ 229,652

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in the carrying amount of goodwill
Balance, beginning of year	$ 110,158	$ 109,629
Foreign currency translation adjustment	68	529
Balance, end of year	110,226	110,158	$ 109,629
Impairment of goodwill	0	0	0
Company's intangible asset and related accumulated amortization for its software
Software	42,156	37,127
Accumulated amortization	(25,704)	(23,794)
Software, net	16,452	13,333
Amortization expense	1,910	$ 1,562	$ 1,790
Estimated annual amortization expense
2022	1,924
2023	1,329
2024	1,615
2025	1,484
2026	$ 1,218

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
OTHER ASSETS
Derivative assets	$ 42,961	$ 59,063
Deferred tax assets	13,731	15,239
Tax receivables	1,772
Other current assets	29,118	27,505
Total other assets	$ 87,582	$ 101,807

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) $ in Thousands, $ in Thousands	Sep. 28, 2021USD ($)	May 24, 2021USD ($)	Dec. 31, 2021USD ($)item	Sep. 28, 2021CAD ($)	Dec. 31, 2020USD ($)
Debt
Maximum borrowing capacity			$ 11,170,264		$ 10,871,972
Short-Term Outstanding			1,264,697		1,314,322
Current Maturities of Long-Term Outstanding			2,490,671		2,915,106
Long-term debt			6,141,970		5,869,860
Available			1,272,926		$ 772,684
Minimum annual repayments of long-term debt
2023			1,975,996
2024			1,908,401
2025			804,058
2026			1,421,989
2027 and thereafter			$ 31,526
Other disclosure
Weighted-average interest rate on total short-term debt outstanding (as a percent)			0.90%		1.10%
Weighted- average interest rate on total long-term debt (as a percent)			1.70%		2.50%
CNH
Support Agreement
Number of preceding fiscal quarters added to the current quarter used in calculating the consolidated fixed charges coverage ratio under support agreement | item			3
Period of prior written notice			30 days
Long-term rated indebtedness outstanding			$ 0
CNH | Minimum
Support Agreement
Consolidated fixed charges coverage ratio			1.05
Ownership percentage required to be maintained in the company			51.00%
Consolidated tangible net worth threshold			$ 50,000
Unsecured Facilities
Debt
Maximum borrowing capacity			619,738		$ 775,554
Current Maturities of Long-Term Outstanding					102,042
Long-term debt			125,309		77,277
Available			494,429		596,235
Revolving credit facilities
Debt
Maximum borrowing capacity			620,335		776,771
Line of credit, outstanding amount			125,906
Current Maturities of Long-Term Outstanding					102,042
Long-term debt			125,906		78,494
Available			494,429		596,235
Unamortized issuance costs			(597)		(1,217)
Committed Asset-Backed Facilities
Debt
Maximum borrowing capacity			2,708,219		3,052,251
Short-Term Outstanding			1,264,697		1,314,322
Current Maturities of Long-Term Outstanding			134,129		316,327
Long-term debt			530,896		1,245,153
Available			$ 778,497		176,449
Committed Asset-Backed Facilities | Maximum
Other disclosure
Maturity period of receivables			7 years
Retail | Maximum
Debt
Maximum borrowing capacity			$ 1,393,455
Retail | United States
Debt
Maximum borrowing capacity			1,000,000		1,200,000
Current Maturities of Long-Term Outstanding			108,941		254,974
Long-term debt			421,392		944,654
Available			469,667		372
Retail | Canada
Debt
Maximum borrowing capacity			393,455		392,471
Current Maturities of Long-Term Outstanding			25,188		61,353
Long-term debt			109,504		300,499
Available			258,763		30,619
Wholesale VFN | United States
Debt
Maximum borrowing capacity			1,000,000		1,000,000
Short-Term Outstanding			994,000		1,000,000
Available			6,000
Wholesale VFN | Canada
Debt
Maximum borrowing capacity			314,764		459,780
Short-Term Outstanding			270,697		314,322
Available			44,067		145,458
Secured Debt
Debt
Maximum borrowing capacity			4,899,164		4,002,478
Current Maturities of Long-Term Outstanding			1,853,901		1,596,159
Long-term debt			3,045,263		2,406,319
Unamortized issuance costs			(14,567)		(9,920)
Other ABS Financing
Debt
Maximum borrowing capacity			360,350		597,852
Current Maturities of Long-Term Outstanding			237,616		209,376
Long-term debt			122,734		388,476
Amortizing Retail Term ABS
Debt
Maximum borrowing capacity			4,553,381		3,414,546
Current Maturities of Long-Term Outstanding			1,616,285		1,386,783
Long-term debt			2,937,096		2,027,763
Unsecured Debt
Debt
Maximum borrowing capacity			2,943,143		3,041,689
Current Maturities of Long-Term Outstanding			502,641		900,578
Long-term debt			2,440,502		2,141,111
Hedging effects, discounts and unamortized issuance costs			7,070		41,689
Hedging effects, discounts and unamortized issuance costs, current maturities			2,641		578
Hedging effects, discounts and unamortized issuance costs, long-term			4,429		41,111
Notes
Debt
Maximum borrowing capacity			2,936,073		3,000,000
Current Maturities of Long-Term Outstanding			500,000		900,000
Long-term debt			2,436,073		$ 2,100,000
Commercial paper
Debt
Short-Term Outstanding			0
Unsecured Senior Notes
Debt
Debt amount			2,943,144
Unsecured Senior Notes | CNH Industrial Capital LLC
Debt
Debt amount			2,708,357
Hedging effects, discounts and unamortized issuance costs			8,357
Unsecured Senior Notes | CNH Industrial Capital Canada Ltd
Debt
Debt amount			234,787
Unamortized issuance costs			(1,286)
4.375% unsecured notes due 2022 | CNH Industrial Capital LLC
Debt
Debt amount			$ 500,000
Interest rate (as a percent)			4.375%
1.950 % unsecured notes due 2023 | CNH Industrial Capital LLC
Debt
Debt amount			$ 600,000
Interest rate (as a percent)			1.95%
1.500% unsecured notes, due 2024 | CNH Industrial Capital Canada Ltd
Debt
Debt amount	$ 236,499		$ 236,073	$ 300,000
Interest rate (as a percent)	1.50%		1.50%	1.50%
Issue price of debt (as a percent)	99.936%
4.200% unsecured notes due 2024 | CNH Industrial Capital LLC
Debt
Debt amount			$ 500,000
Interest rate (as a percent)			4.20%
1.875 % unsecured notes due 2026 | CNH Industrial Capital LLC
Debt
Debt amount			$ 500,000
Interest rate (as a percent)			1.875%
1.450% unsecured notes, due 2026 | CNH Industrial Capital LLC
Debt
Debt amount		$ 600,000	$ 600,000
Interest rate (as a percent)		1.45%	1.45%
Issue price of debt (as a percent)		99.208%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Sources of income before taxes
Domestic	$ 235,309	$ 141,167	$ 134,971
Foreign	64,841	45,625	58,243
INCOME BEFORE TAXES	300,150	186,792	193,214
Current income tax expense (benefit):
Domestic	63,346	45,371	(4,445)
Foreign	16,630	10,518	10,235
Total current income tax expense	79,976	55,889	5,790
Deferred income tax expense (benefit):
Domestic	(9,296)	(12,992)	35,125
Foreign	(745)	615	3,296
Total deferred income tax expense	(10,041)	(12,377)	38,421
Total tax provision	$ 69,935	$ 43,512	$ 44,211
Reconciliation of statutory and effective income tax rate
Tax provision at statutory rate (as a percent)	21.00%	21.00%	21.00%
State taxes (as a percent)	4.10%	4.60%	4.40%
Foreign taxes (as a percent)	(1.10%)	(1.40%)	(1.80%)
Tax contingencies (as a percent)		0.10%	0.10%
Tax credits and incentives (as a percent)	(0.40%)	(0.50%)	(0.70%)
Other (as a percent)	(0.30%)	(0.50%)	(0.10%)
Total tax provision effective rate (as a percent)	23.30%	23.30%	22.90%

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Components of net deferred tax assets
Pension, postretirement and post employment benefits	$ 1,444	$ 2,129
Marketing and sales incentive programs	40,941	50,590
Allowance for credit losses	26,688	32,492
Other accrued liabilities	35,306	26,070
Tax loss and tax credit carry forwards	1,077	1,077
Total deferred tax assets	105,456	112,358
Deferred tax liabilities:
Equipment on operating lease	340,912	355,020
Deferred tax assets	13,731	15,239
Deferred tax liabilities	(249,187)	(257,901)
Deferred tax liability, net	$ (235,456)	$ (242,662)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Contingencies and Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the gross amounts of tax contingencies at the beginning and end of the year
Balance, beginning of year	$ 4,274	$ 4,274	$ 4,274
Settlements	$ (4,274)
Balance, end of year		4,274	4,274
Unrecognized tax benefits
Interest and penalties related to unrecognized tax benefits		214	280
Expected future payment of interest and penalties accrued related to unrecognized tax benefits		$ 1,180	$ 966
Income tax examinations
U.S. federal corporate income tax rate (as a percent)	21.00%	21.00%	21.00%
Undistributed earnings of non-U.S. subsidiaries	$ 0

FINANCIAL INSTRUMENTS - General

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	53 months
After-tax losses deferred in accumulated other comprehensive income that will be recognized in interest expense over the next 12 months	$ (407)

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 32,632	$ 58,008
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	6,750	4,882
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	8,391	1,053
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	1,938	2
Derivative assets not designated as hedging instruments, classified in other assets	10,329	1,055
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	8,391	1,053
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities	4,041	3,815
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	12,432	4,868
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	7,932	(11,047)	$ (1,002)
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	(653)	(171)	689
Foreign exchange contracts, other expenses, not designated as hedges	(1,709)	1,946	$ 3,098
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	3,561,606	4,369,574
Thirteen-month average notional amounts of interest rate derivatives	$ 4,062,501	$ 3,305,539

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Foreign exchange contracts	$ 1,938	$ 2
Liabilities
Foreign exchange contracts	4,041	3,815
Assets transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	41,023	59,061
Foreign exchange contracts	1,938	2
Total assets	42,961	59,063
Liabilities
Interest rate derivatives	15,141	5,935
Foreign exchange contracts	4,041	3,815
Total liabilities	$ 19,182	$ 9,750

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments Not Carried at Fair Value
Receivables	$ 8,951,299	$ 8,896,811
Long-term debt	6,141,970	5,869,860
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	8,951,299	8,896,811
Long-term debt	6,141,970	5,869,860
Total
Financial Instruments Not Carried at Fair Value
Receivables	9,044,561	8,987,830
Long-term debt	$ 6,059,202	$ 5,992,745

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value on a Nonrecurring Basis and Other Financial Instruments (Details) - Equipment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Impairment on assets held for sale			$ 2,010
(Gains) losses on assets held for sale	$ (12,140)	$ 10,169	14,504
Non recurring basis | Level 3
Assets
Equipment held for sale			$ 109,088

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Geographical Information
Revenues	$ 789,184	$ 844,407	$ 900,889
Interest expense	195,778	279,958	347,273
Net income	230,215	143,280	149,003
Depreciation and amortization	241,249	238,974	231,443
Expenditures for equipment on operating leases	536,401	598,387	715,686
Provision (benefit) for credit losses	(7,460)	59,044	35,703
Additional disclosures
Total assets	12,187,768	12,451,169	12,854,087
Managed receivables	9,067,252	9,032,947	9,908,025
Eliminations
Geographical Information
Revenues	(5,555)	(4,808)	(8,919)
Interest expense	(5,555)	(4,808)	(8,919)
Additional disclosures
Total assets	(221,579)	(177,819)	(152,285)
United States
Additional disclosures
Total assets	9,870,766	10,186,808	10,439,737
Managed receivables	7,121,138	7,195,558	7,946,542
United States | Operating segment
Geographical Information
Revenues	630,848	682,413	725,529
Interest expense	161,681	234,723	290,861
Net income	181,259	108,788	104,291
Depreciation and amortization	190,255	193,932	187,964
Expenditures for equipment on operating leases	388,665	466,288	575,269
Provision (benefit) for credit losses	(6,431)	45,080	32,201
Canada
Additional disclosures
Total assets	2,538,581	2,442,180	2,566,635
Managed receivables	1,946,114	1,837,389	1,961,483
Canada | Operating segment
Geographical Information
Revenues	163,891	166,802	184,279
Interest expense	39,652	50,043	65,331
Net income	48,956	34,492	44,712
Depreciation and amortization	50,994	45,042	43,479
Expenditures for equipment on operating leases	147,736	132,099	140,417
Provision (benefit) for credit losses	$ (1,029)	$ 13,964	$ 3,502

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates	$ 297,579	$ 324,424	$ 345,789
Affiliated receivables	259,699	414,810
Affiliated debt	2,100	187,310
Other information
Interest expense to related affiliates	3,686	3,568	14,126
Fees charged by affiliates	47,369	45,905	46,601
Accounts payable and other accrued liabilities payable to related parties	164,500	31,795
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail	142,867	153,990	160,361
Wholesale	94,678	108,479	122,582
Operating lease	58,965	61,328	60,221
Lending funds	878	474
CNH Industrial America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	$ 243,499	$ 391,445
Rate of accounts and notes receivable (as a percent)	0.00%	0.00%
CNH Industrial Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated receivables	$ 3,289	$ 10,906
Rate of accounts and notes receivable (as a percent)	0.00%	0.00%
Rate of debt due (as a percent)		1.41%
Affiliated debt		$ 187,310
Iveco Argentina
RELATED-PARTY TRANSACTIONS
Wholesale factoring			2,187
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	$ 191	153	$ 438
Affiliated receivables	$ 12,911	$ 12,459
Rate of accounts and notes receivable (as a percent)	0.00%	0.00%
Other affiliates | CNH Industrial Capital Canada Ltd
RELATED-PARTY TRANSACTIONS
Rate of accounts and notes receivable (as a percent)	1.56%
Affiliated debt	$ 2,100

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2021USD ($)
Guarantees
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 55,000
Wholesale and dealer financing
Guarantees
Total credit limit	6,029,098
Utilized	$ 2,212,454