CNH Industrial Capital 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2022 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0
Entity Central Index Key	0001552493
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Interest income on retail notes and finance leases	$ 54,888	$ 43,531	$ 150,637	$ 123,582
Interest income on wholesale notes	8,043	7,577	19,731	24,906
Interest and other income from affiliates	67,488	71,322	195,027	226,399
Rental income on operating leases	61,657	66,870	188,243	202,894
Other income	7,481	16,791	22,604	29,220
Total revenues	199,557	206,091	576,242	607,001
Interest expense:
Interest expense to third parties	62,539	46,093	147,831	149,643
Interest expense to affiliates	2,933	1,260	4,632	3,825
Total interest expense	65,472	47,353	152,463	153,468
Administrative and operating expenses:
Fees charged by affiliates	12,946	11,394	36,519	34,118
Provision (benefit) for credit losses	(1,825)	622	2,944	(8,917)
Depreciation of equipment on operating leases	50,086	59,577	153,444	181,273
Other expenses, net	3,416	5,209	(564)	17,084
Total administrative and operating expenses	64,623	76,802	192,343	223,558
Total expenses	130,095	124,155	344,806	377,026
INCOME BEFORE TAXES	69,462	81,936	231,436	229,975
Income tax provision	16,159	19,514	54,752	55,060
NET INCOME	$ 53,303	$ 62,422	$ 176,684	$ 174,915

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 53,303	$ 62,422	$ 176,684	$ 174,915
Other comprehensive income (loss):
Foreign currency translation adjustment	(37,238)	(16,310)	(47,830)	(661)
Pension liability adjustment	(158)	(42)	(512)	(157)
Change in derivative financial instruments	1,572	757	11,931	3,830
Total other comprehensive income	(35,824)	(15,595)	(36,411)	3,012
COMPREHENSIVE INCOME	$ 17,479	$ 46,827	$ 140,273	$ 177,927

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 105,915	$ 426,917
Restricted cash and cash equivalents	440,152	601,742
Receivables, less allowance for credit losses of $108,358 and $115,953, respectively	9,881,490	8,951,299
Affiliated accounts and notes receivable	52,911	259,699
Equipment on operating leases, net	1,510,285	1,707,531
Equipment held for sale	15,314	26,320
Goodwill	108,181	110,226
Other intangible assets, net	16,850	16,452
Other assets	107,154	87,582
TOTAL	12,238,252	12,187,768
Liabilities:
Short-term debt (including current maturities of long-term debt)	3,858,269	3,755,368
Accounts payable and other accrued liabilities	1,009,771	1,038,930
Affiliated debt	216,364	2,100
Long-term debt	5,873,776	6,141,970
Total liabilities	10,958,180	10,938,368
Commitments and contingent liabilities (Note 11)
Stockholder's equity:
Member's capital
Paid-in capital	843,868	843,469
Accumulated other comprehensive loss	(147,868)	(111,457)
Retained earnings	584,072	517,388
Total stockholder's equity	1,280,072	1,249,400
TOTAL	$ 12,238,252	$ 12,187,768

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowance for credit losses	$ 108,358	$ 115,953
Restricted cash and cash equivalents	440,152	601,742
Receivables, less allowance for credit losses of $54,617 and $61,652, respectively	9,881,490	8,951,299
TOTAL	12,238,252	12,187,768
Short-term debt (including current maturities of long-term debt)	3,858,269	3,755,368
Long-term debt	5,873,776	6,141,970
Total liabilities	10,958,180	10,938,368
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	54,244	61,652
Restricted cash and cash equivalents	440,152	601,742
Receivables, less allowance for credit losses of $54,617 and $61,652, respectively	6,789,044	6,634,540
TOTAL	7,229,196	7,236,282
Short-term debt (including current maturities of long-term debt)	2,997,387	3,015,110
Long-term debt	3,537,942	3,453,396
Total liabilities	$ 6,535,329	$ 6,468,506

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 53,303	$ 63,487	$ 62,422	$ 55,980	$ 176,684	$ 174,915
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases					153,450	181,279
Amortization of intangibles					1,632	1,400
Provision (benefit) for credit losses	(1,825)		622		2,944	(8,917)	$ (7,460)
Deferred income tax expense (benefit)					(31,375)	3,890
Changes in components of working capital:
Change in affiliated accounts and notes receivables					206,788	(222,541)
Change in other assets and equipment held for sale					(6,130)	21,988
Change in accounts payable and other accrued liabilities					11,612	71,616
Net cash from (used in) operating activities					515,605	223,630
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired					(10,325,233)	(8,733,466)
Collections of receivables					9,238,310	8,743,735
Purchase of equipment on operating leases	(107,810)		(107,801)		(354,324)	(334,539)
Proceeds from disposal of equipment on operating leases					374,439	281,336
Change in property, equipment and software, net					(2,029)	(1,652)
Net cash from (used in) investing activities					(1,068,837)	(44,586)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt					670,960	259,793
Payment of affiliated debt					(446,072)	(443,103)
Proceeds from issuance of long-term debt					2,594,387	3,039,408
Payment of long-term debt					(2,825,471)	(3,002,563)
Change in short-term borrowings, net					186,836	(6,688)
Dividends paid to CNH Industrial America LLC					(110,000)	(160,000)
Net cash from (used in) financing activities					70,640	(313,153)
DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH					(482,592)	(134,109)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period		$ 1,028,659		$ 1,018,551	1,028,659	1,018,551	1,018,551
End of period	$ 546,067		$ 884,442		546,067	884,442	$ 1,028,659
CASH PAID DURING THE PERIOD FOR INTEREST					159,632	156,617
CASH PAID DURING THE PERIOD FOR TAXES					$ 86,751	$ 43,459

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total
BALANCE at Dec. 31, 2020	$ 843,234	$ (120,235)	$ 537,173	$ 1,260,172
Increase (Decrease) in Stockholder's Equity
Net income			55,980	55,980
Foreign currency translation adjustment		5,758		5,758
Stock compensation	111			111
Pension liability adjustment, net of tax		(56)		(56)
Change in derivative financial instruments, net of tax		2,263		2,263
BALANCE at Mar. 31, 2021	843,345	(112,270)	593,153	1,324,228
BALANCE at Dec. 31, 2020	843,234	(120,235)	537,173	1,260,172
Increase (Decrease) in Stockholder's Equity
Net income				174,915
Foreign currency translation adjustment				(661)
Pension liability adjustment, net of tax				(157)
Change in derivative financial instruments, net of tax				3,830
BALANCE at Sep. 30, 2021	843,428	(117,223)	552,088	1,278,293
BALANCE at Mar. 31, 2021	843,345	(112,270)	593,153	1,324,228
Increase (Decrease) in Stockholder's Equity
Net income			56,513	56,513
Dividend paid to CNH Industrial America LLC			(80,000)	(80,000)
Foreign currency translation adjustment		9,891		9,891
Stock compensation	116			116
Pension liability adjustment, net of tax		(59)		(59)
Change in derivative financial instruments, net of tax		810		810
BALANCE at Jun. 30, 2021	843,461	(101,628)	569,666	1,311,499
Increase (Decrease) in Stockholder's Equity
Net income			62,422	62,422
Dividend paid to CNH Industrial America LLC			(80,000)	(80,000)
Foreign currency translation adjustment		(16,310)		(16,310)
Stock compensation	(33)			(33)
Pension liability adjustment, net of tax		(42)		(42)
Change in derivative financial instruments, net of tax		757		757
BALANCE at Sep. 30, 2021	843,428	(117,223)	552,088	1,278,293
BALANCE at Dec. 31, 2021	843,469	(111,457)	517,388	1,249,400
Increase (Decrease) in Stockholder's Equity
Net income			63,487	63,487
Dividend paid to CNH Industrial America LLC			(25,000)	(25,000)
Foreign currency translation adjustment		9,154		9,154
Stock compensation	101			101
Pension liability adjustment, net of tax		(186)		(186)
Change in derivative financial instruments, net of tax		6,451		6,451
BALANCE at Mar. 31, 2022	843,570	(96,038)	555,875	1,303,407
BALANCE at Dec. 31, 2021	843,469	(111,457)	517,388	1,249,400
Increase (Decrease) in Stockholder's Equity
Net income				176,684
Foreign currency translation adjustment				(47,830)
Pension liability adjustment, net of tax				(512)
Change in derivative financial instruments, net of tax				11,931
BALANCE at Sep. 30, 2022	843,868	(147,868)	584,072	1,280,072
BALANCE at Mar. 31, 2022	843,570	(96,038)	555,875	1,303,407
Increase (Decrease) in Stockholder's Equity
Net income			59,894	59,894
Dividend paid to CNH Industrial America LLC			(65,000)	(65,000)
Foreign currency translation adjustment		(19,746)		(19,746)
Stock compensation	134			134
Pension liability adjustment, net of tax		(168)		(168)
Change in derivative financial instruments, net of tax		3,908		3,908
BALANCE at Jun. 30, 2022	843,704	(112,044)	550,769	1,282,429
Increase (Decrease) in Stockholder's Equity
Net income			53,303	53,303
Dividend paid to CNH Industrial America LLC			(20,000)	(20,000)
Foreign currency translation adjustment		(37,238)		(37,238)
Stock compensation	164			164
Pension liability adjustment, net of tax		(158)		(158)
Change in derivative financial instruments, net of tax		1,572		1,572
BALANCE at Sep. 30, 2022	$ 843,868	$ (147,868)	$ 584,072	$ 1,280,072

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 1: BASIS OF PRESENTATION CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC (“New Holland Credit”), CNH Industrial Capital America LLC (“CNH Industrial Capital America”) and CNH Industrial Capital Canada Ltd. (“CNH Industrial Capital Canada”) (collectively, “CNH Industrial Capital” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH Industrial America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNHI” and, together with its consolidated subsidiaries, “CNH Industrial”). CNH Industrial America and CNH Industrial Canada Ltd. (collectively, “CNH Industrial North America”) design, manufacture, and sell agricultural and construction equipment. CNH Industrial Capital provides financial services for CNH Industrial North America dealers and end-use customers primarily located in the United States and Canada. CNHI is incorporated in and under the laws of The Netherlands. CNHI has its corporate seat in Amsterdam, The Netherlands, and its principal office in London, England. The common shares of CNHI are listed on the New York Stock Exchange under the symbol “CNHI,” as well as on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A. The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2021. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected. The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from 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 the 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 the results of operations in the period that the events or circumstances giving rise to such changes occur.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures There are other new accounting pronouncements issued by the FASB that the Company will adopt, as applicable. The Company does not believe any of these accounting pronouncements will have a material impact on its consolidated financial statements.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges. The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (123,210) ​ $ 1,983 ​ $ 12,911 ​ $ (108,316) Tax asset (liability) ​ — ​ (473) ​ (3,255) ​ (3,728) Beginning balance, net of tax (123,210) ​ 1,510 ​ 9,656 ​ (112,044) Other comprehensive income (loss) before reclassifications ​ (37,238) ​ (59) ​ 2,439 ​ (34,858) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (150) ​ (342) ​ (492) Tax effects ​ — ​ 51 ​ (525) ​ (474) Net current-period other comprehensive income (loss) (37,238) ​ (158) ​ 1,572 ​ (35,824) Total $ (160,448) ​ $ 1,352 ​ $ 11,228 ​ $ (147,868) The following table summarizes the changes in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (112,618) ​ $ 2,451 ​ $ (956) ​ $ (111,123) Tax asset (liability) ​ — ​ (587) ​ 253 ​ (334) Beginning balance, net of tax (112,618) ​ 1,864 ​ (703) ​ (111,457) Other comprehensive income (loss) before reclassifications ​ (47,830) ​ (229) ​ 16,521 ​ (31,538) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (447) ​ (557) ​ (1,004) Tax effects ​ — ​ 164 ​ (4,033) ​ (3,869) Net current-period other comprehensive income (loss) (47,830) ​ (512) ​ 11,931 ​ (36,411) Total $ (160,448) ​ $ 1,352 ​ $ 11,228 ​ $ (147,868) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability Derivatives Total Beginning balance, gross $ (97,635) ​ $ (85) ​ $ (5,360) ​ $ (103,080) Tax asset ​ — ​ 32 ​ 1,420 ​ 1,452 Beginning balance, net of tax (97,635) ​ (53) ​ (3,940) ​ (101,628) Other comprehensive income (loss) before reclassifications ​ (16,310) ​ (91) ​ 833 ​ (15,568) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 36 ​ 197 ​ 233 Tax effects ​ — ​ 13 ​ (273) ​ (260) Net current-period other comprehensive income (loss) (16,310) ​ (42) ​ 757 ​ (15,595) Total $ (113,945) ​ $ (95) ​ $ (3,183) ​ $ (117,223) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability Derivatives Total Beginning balance, gross $ (113,284) ​ $ 67 ​ $ (9,542) ​ $ (122,759) Tax asset (liability) ​ — ​ (5) ​ 2,529 ​ 2,524 Beginning balance, net of tax (113,284) ​ 62 ​ (7,013) ​ (120,235) Other comprehensive income (loss) before reclassifications ​ (661) ​ (314) ​ 4,665 ​ 3,690 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 107 ​ 546 ​ 653 Tax effects ​ — ​ 50 ​ (1,381) ​ (1,331) Net current-period other comprehensive income (loss) (661) ​ (157) ​ 3,830 ​ 3,012 Total $ (113,945) ​ $ (95) ​ $ (3,183) ​ $ (117,223) ​ The reclassifications out of AOCI for the three and nine months ended September 30, 2022 and 2021 were immaterial. ​

RECEIVABLES

RECEIVABLES	9 Months Ended
	Sep. 30, 2022
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of September 30, 2022 and December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Retail $ 1,265,557 $ 993,768 Wholesale ​ 784,228 ​ 576,810 Finance lease ​ 187,890 ​ 177,347 Restricted receivables ​ 7,752,173 ​ 7,319,327 Gross receivables 9,989,848 9,067,252 Less: Allowance for credit losses ​ (108,358) ​ (115,953) Total receivables, net $ 9,881,490 $ 8,951,299 ​ 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 of the receivables that are directly or indirectly sold or transferred in any of these transactions are available to pay the Company’s creditors until all obligations of the SPE have been fulfilled or the receivables are removed from the SPE. The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Retail $ 5,712,873 $ 5,551,132 Wholesale ​ 2,039,300 ​ 1,768,195 Total restricted receivables $ 7,752,173 ​ $ 7,319,327 ​ 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. With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Industrial Capital has consolidated these wholesale trusts. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of the lifetime expected credit losses inherent in the receivables owned by the Company. Retail receivables include retail and other notes and finance lease products offered for retail purchases of new and used equipment sold through CNH Industrial North America’s dealer network. Wholesale receivables include financing of the sale of goods to dealers and distributors by CNH Industrial North America, and to a lesser extent, the financing of dealer operations. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. Retail receivables that share the same risk characteristics, such as collateralization levels, geography, product type and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as GDP and Net Farm Income. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment. Wholesale receivables that share the same risk characteristics, such as collateralization levels, term, geography and other relevant factors, are reviewed on a collective basis using measurement models and management judgment. The allowance for wholesale credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The loss forecast models are updated on a quarterly basis. The calculation is adjusted for forward-looking macroeconomic factors, such as industry sales volumes. The forward-looking macroeconomic factors are updated quarterly. In addition, qualitative factors that are not fully captured in the loss forecast models are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment. Wholesale and retail receivables that do not have similar risk characteristics are individually reviewed based on, among other items, amounts outstanding, days past due and prior collection history. Expected credit losses are measured by considering: the probability-weighted estimates of cash flows and collateral value; the time value of money; current conditions and forecasts of future economic conditions. Expected credit losses are measured as the probability-weighted present value of all cash shortfalls (including the value of the collateral, if appropriate) over the expected life of each financial asset. Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is estimated that amounts due are deemed uncollectible. Allowance for credit losses activity for the three months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 105,937 $ 5,467 ​ $ 111,404 Charge-offs ​ (1,689) ​ — ​ ​ (1,689) Recoveries ​ 739 ​ 508 ​ ​ 1,247 Provision (benefit) ​ (1,410) ​ (415) ​ ​ (1,825) Foreign currency translation and other ​ (743) ​ (36) ​ ​ (779) Ending balance $ 102,834 $ 5,524 ​ $ 108,358 Allowance for credit losses activity for the nine months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 109,742 $ 6,211 ​ $ 115,953 Charge-offs ​ (7,164) ​ (4,631) ​ ​ (11,795) Recoveries ​ 1,632 ​ 523 ​ ​ 2,155 Provision (benefit) ​ (527) ​ 3,471 ​ ​ 2,944 Foreign currency translation and other ​ (849) ​ (50) ​ ​ (899) Ending balance $ 102,834 $ 5,524 ​ $ 108,358 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,166,320 $ 2,823,528 ​ $ 9,989,848 At September 30, 2022, the allowance for credit losses included decreases in reserves primarily due to charge-offs and a reduction in the expected impact on credit conditions from the COVID-19 pandemic, partially offset by specific reserve needs. The Company continues to monitor the situation and will update the macroeconomic factors and qualitative factors in future periods, as warranted. Allowance for credit losses activity for the three months ended September 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Wholesale Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, as previously reported $ 116,684 $ 7,234 ​ $ 123,918 Charge-offs ​ (4,736) ​ — ​ (4,736) Recoveries ​ 368 ​ 108 ​ 476 Provision (benefit) ​ 2,420 ​ (1,798) ​ 622 Foreign currency translation and other ​ (433) ​ (22) ​ (455) Ending balance $ 114,303 $ 5,522 ​ $ 119,825 Allowance for credit losses activity for the nine months ended September 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 126,851 $ 9,285 ​ $ 136,136 Charge-offs ​ (9,056) ​ (179) ​ (9,235) Recoveries ​ 1,719 ​ 114 ​ 1,833 Provision (benefit) ​ (5,218) ​ (3,699) ​ (8,917) Foreign currency translation and other ​ 7 ​ 1 ​ 8 Ending balance $ 114,303 $ 5,522 ​ $ 119,825 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,444,586 $ 2,570,906 ​ $ 9,015,492 Allowance for credit losses activity for the year ended December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Wholesale Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, as previously reported $ 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 both September 30, 2021 and 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 assesses and monitors the credit quality of its receivables based on past due information. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. As the terms for retail receivables are greater than one year, the past due information is presented by year of origination. The aging of receivables as of September 30, 2022 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 1,604 ​ $ 1,342 ​ $ 63 ​ $ 3,009 ​ $ 2,184,219 ​ $ 2,187,228 2021 ​ ​ 4,687 ​ ​ 574 ​ ​ 2,471 ​ ​ 7,732 ​ ​ 1,795,388 ​ ​ 1,803,120 2020 ​ ​ 2,331 ​ ​ 911 ​ ​ 29,664 ​ ​ 32,906 ​ ​ 919,516 ​ ​ 952,422 2019 ​ ​ 2,082 ​ ​ 817 ​ ​ 4,520 ​ ​ 7,419 ​ ​ 450,975 ​ ​ 458,394 2018 ​ ​ 869 ​ ​ 752 ​ ​ 1,334 ​ ​ 2,955 ​ ​ 241,825 ​ ​ 244,780 Prior to 2018 ​ ​ 446 ​ ​ 527 ​ ​ 4,868 ​ ​ 5,841 ​ ​ 96,666 ​ ​ 102,507 Total $ 12,019 ​ $ 4,923 ​ $ 42,920 ​ $ 59,862 ​ $ 5,688,589 ​ $ 5,748,451 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 7 ​ $ — ​ $ 52 ​ $ 59 ​ $ 534,194 ​ $ 534,253 2021 ​ ​ 719 ​ ​ 902 ​ ​ 1,186 ​ ​ 2,807 ​ ​ 491,232 ​ ​ 494,039 2020 ​ ​ 354 ​ ​ 1,055 ​ ​ 697 ​ ​ 2,106 ​ ​ 212,934 ​ ​ 215,040 2019 ​ ​ 90 ​ ​ 277 ​ ​ 835 ​ ​ 1,202 ​ ​ 103,762 ​ ​ 104,964 2018 ​ ​ 102 ​ ​ 246 ​ ​ 494 ​ ​ 842 ​ ​ 50,233 ​ ​ 51,075 Prior to 2018 ​ ​ 113 ​ ​ 104 ​ ​ 1,163 ​ ​ 1,380 ​ ​ 17,118 ​ ​ 18,498 Total $ 1,385 ​ $ 2,584 ​ $ 4,427 ​ $ 8,396 ​ $ 1,409,473 ​ $ 1,417,869 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 20 ​ $ — ​ $ 3 ​ $ 23 ​ $ 2,349,183 ​ $ 2,349,206 Canada ​ $ 2 ​ $ 1 ​ $ — ​ $ 3 ​ $ 474,319 ​ $ 474,322 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 13,404 ​ $ 7,507 ​ $ 47,347 ​ $ 68,258 ​ $ 7,098,062 ​ $ 7,166,320 Wholesale ​ $ 22 ​ $ 1 ​ $ 3 ​ $ 26 ​ $ 2,823,502 ​ $ 2,823,528 ​ 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 ​ Included in the receivables balance at September 30, 2022 and December 31, 2021 is accrued interest of $51,835 and $41,953, 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 three and nine months ended September 30, 2022 and 2021. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of September 30, 2022 and December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Retail Wholesale Total Retail Wholesale Total United States $ 45,982 $ — $ 45,982 $ 24,028 $ — $ 24,028 Canada ​ $ 4,427 ​ $ — ​ $ 4,427 ​ $ 3,127 ​ $ — ​ $ 3,127 ​ As of September 30, 2022 and December 31, 2021, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the three and nine months ended September 30, 2022 and 2021 was immaterial. Troubled Debt Restructurings A restructuring of a receivable constitutes a TDR when the lender grants a concession it would not otherwise consider to a borrower that is experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables, concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal. TDRs are reviewed along with other receivables as part of management’s ongoing evaluation of the adequacy of the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable source of repayment, which is normally the liquidation of the collateral. In determining collateral value, the Company estimates the current fair market value of the equipment collateral and considers credit enhancements such as additional collateral and third-party guarantees. Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations based on a credit review, the TDR classification is not removed from the receivable. As of September 30, 2022 and 2021, the Company’s retail and wholesale TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	9 Months Ended
	Sep. 30, 2022
EQUIPMENT ON OPERATING LEASES
EQUIPMENT ON OPERATING LEASES	NOTE 5: EQUIPMENT ON OPERATING LEASES Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $76,484) as of September 30, 2022 are as follows: ​ ​ ​ ​ ​ 2022 $ 55,721 2023 ​ 176,326 2024 ​ 111,867 2025 ​ 52,737 2026 and thereafter ​ 22,415 Total lease payments $ 419,066 ​

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	9 Months Ended
	Sep. 30, 2022
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 6: CREDIT FACILITIES AND DEBT On August 23, 2022, the Company, through a bankruptcy-remote trust, issued $835,690 of amortizing asset-backed notes secured by U.S. retail receivables. On September 15, 2022, the Company extended the maturity date of the U.S. retail committed asset-backed facility to September 2024. Committed unsecured facilities with banks as of September 30, 2022, totaled $602,233. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. As of September 30, 2022, the Company had $56,751 outstanding under these credit facilities. The remaining available credit commitments are maintained primarily to provide backup liquidity for commercial paper borrowings. The Company’s outstanding commercial paper totaled $150,772 as of September 30, 2022.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE 7: INCOME TAXES The effective tax rates for the three months ended September 30, 2022 and 2021 were 23.3% and 23.8%, respectively. The effective tax rate was 23.7% for the nine months ended September 30, 2022, compared to 23.9% for the same period in 2021.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2022
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 8: FINANCIAL INSTRUMENTS The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company has not elected the fair value measurement option for eligible items. Fair-Value Hierarchy The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. Determination of Fair Value When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will use observable market-based inputs to calculate fair value, in which case the items are classified in Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions. Derivatives The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. The Company does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows. Interest Rate Derivatives The Company has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are being used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. As of September 30, 2022, 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 54 months. As of September 30, 2022, the after-tax gains deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months are approximately ($1,518). The Company also enters into offsetting interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three and nine months ended September 30, 2022 and 2021. All of the Company’s interest rate derivatives as of September 30, 2022 and December 31, 2021 are considered Level 2. The fair market value of these derivatives is calculated using market data inputs and can be compared to actively traded derivatives. The total notional amount of the Company’s interest rate derivatives was $3,615,729 and $3,561,606 at September 30, 2022 and December 31, 2021, respectively. The ten-month average notional amounts for the nine months ended September 30, 2022 and 2021 were $3,746,080 and $4,167,183, 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, net” 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 inputs and can be compared to actively traded derivatives. Financial Statement Impact of the Company’s Derivatives The fair values of the Company’s derivatives as of September 30, 2022 and December 31, 2021 in the consolidated balance sheets are recorded as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 7,783 ​ $ 32,632 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 51,040 ​ $ 6,750 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 70,225 ​ $ 8,391 Foreign exchange contracts ​ 5,016 ​ 1,938 Total $ 75,241 ​ $ 10,329 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 70,225 ​ $ 8,391 Foreign exchange contracts ​ ​ — ​ ​ 4,041 Total $ 70,225 ​ $ 12,432 ​ Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three and nine months ended September 30, 2022 and 2021 are recorded in the following accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 2,439 ​ $ 833 $ 16,521 ​ $ 4,665 Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ $ 342 ​ $ (197) ​ $ 557 ​ $ (546) Not Designated as Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net ​ $ (6,256) ​ $ (4,150) $ (7,119) ​ $ (2,038) ​ Items Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021, all of which are measured as Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 78,008 ​ $ 41,023 Foreign exchange contracts ​ 5,016 ​ 1,938 Total assets $ 83,024 ​ $ 42,961 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 121,265 ​ $ 15,141 Foreign exchange contracts ​ ​ — ​ ​ 4,041 Total liabilities $ 121,265 ​ $ 19,182 ​ There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. ​ Fair Value of Other Financial Instruments The carrying amount of cash and cash equivalents, restricted cash and cash equivalents, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and cash equivalents and restricted cash and cash equivalents are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2. Financial Instruments Not Carried at Fair Value The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of September 30, 2022 and December 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 9,881,490 ​ $ 9,667,490 ​ $ 8,951,299 ​ $ 9,044,561 Long-term debt ​ $ 5,873,776 ​ $ 5,438,956 ​ $ 6,141,970 ​ $ 6,059,202 ______________ * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2. Receivables The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk. Long-term debt The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

GEOGRAPHICAL INFORMATION

GEOGRAPHICAL INFORMATION	9 Months Ended
	Sep. 30, 2022
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 9: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 ​ 2022 2021 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 157,790 ​ $ 165,669 ​ $ 454,254 ​ $ 484,528 Canada ​ 42,301 ​ 41,915 ​ 125,229 ​ 126,382 Eliminations ​ (534) ​ (1,493) ​ (3,241) ​ (3,909) Total $ 199,557 ​ $ 206,091 $ 576,242 ​ $ 607,001 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 52,303 ​ $ 39,064 ​ $ 122,066 ​ $ 127,264 Canada ​ 13,703 ​ 9,782 ​ 33,638 ​ 30,113 Eliminations ​ (534) ​ (1,493) ​ (3,241) ​ (3,909) Total $ 65,472 ​ $ 47,353 $ 152,463 ​ $ 153,468 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 44,005 ​ $ 50,377 ​ $ 141,972 ​ $ 136,919 Canada ​ 9,298 ​ 12,045 ​ 34,712 ​ 37,996 Total $ 53,303 ​ $ 62,422 $ 176,684 ​ $ 174,915 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 37,813 ​ $ 47,292 ​ $ 117,244 ​ $ 144,373 Canada ​ 12,814 ​ 12,760 ​ 37,838 ​ 38,306 Total $ 50,627 ​ $ 60,052 $ 155,082 ​ $ 182,679 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 73,055 ​ $ 81,918 ​ $ 251,617 ​ $ 250,488 Canada ​ 34,755 ​ 25,883 ​ 102,707 ​ 84,051 Total $ 107,810 ​ $ 107,801 $ 354,324 ​ $ 334,539 Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ (2,373) ​ $ 83 ​ $ 2,826 ​ $ (9,274) Canada ​ 548 ​ 539 ​ 118 ​ 357 Total $ (1,825) ​ $ 622 $ 2,944 ​ $ (8,917) ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 Total assets ​ ​ ​ ​ ​ United States ​ $ 10,027,341 ​ $ 9,870,766 Canada ​ 2,426,001 ​ 2,538,581 Eliminations ​ (215,090) ​ (221,579) Total $ 12,238,252 ​ $ 12,187,768 Managed receivables ​ ​ ​ ​ ​ United States ​ $ 8,097,657 ​ $ 7,121,138 Canada ​ 1,892,191 ​ 1,946,114 Total $ 9,989,848 ​ $ 9,067,252 ​

RELATED - PARTY TRANSACTIONS

RELATED - PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 10: RELATED-PARTY TRANSACTIONS The Company receives compensation from CNH Industrial North America for retail, wholesale and operating lease sales programs offered by CNH Industrial North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH Industrial North America based on the Company’s estimated costs and a targeted return on equity. The Company is also compensated for lending funds to CNH Industrial North America. The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income for the three and nine months ended September 30, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 ​ 2022 2021 Subsidy from CNH Industrial North America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 30,885 ​ $ 34,793 ​ $ 94,373 ​ $ 108,634 Wholesale ​ ​ 24,563 ​ ​ 22,566 ​ ​ 63,310 ​ ​ 71,945 Operating lease ​ 11,328 ​ 13,620 ​ 36,179 ​ 45,096 Income from affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial North America ​ 206 ​ 291 ​ 535 ​ 590 Other affiliates ​ ​ 506 ​ ​ 52 ​ ​ 630 ​ ​ 134 Total interest and other income from affiliates $ 67,488 ​ $ 71,322 $ 195,027 ​ $ 226,399 ​ Interest expense to affiliates was $2,933 and $1,260, respectively, for the three months ended September 30, 2022 and 2021 and $4,632 and $3,825, respectively, for the nine months ended September 30, 2022 and 2021. Fees charged by affiliates were $12,946 and $11,394, respectively, for the three months ended September 30, 2022 and 2021, and $36,519 and $34,118, respectively, for the nine months ended September 30, 2022 and 2021, which amounts consist of payroll and other human resource services CNH Industrial America performs on behalf of the Company. As of September 30, 2022 and December 31, 2021, the Company had various accounts and notes receivable and debt with the following affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 ​ 2021 Affiliated receivables ​ ​ ​ ​ ​ CNH Industrial America $ — ​ $ 243,499 CNH Industrial Canada Ltd. ​ — ​ ​ 3,289 Banco CNH Industrial Capital Brazil ​ ​ 40,418 ​ ​ — Other affiliates ​ 12,493 ​ ​ 12,911 Total affiliated receivables $ 52,911 ​ $ 259,699 Affiliated debt ​ ​ ​ ​ ​ CNH Industrial America ​ $ 86,196 ​ $ — CNH Industrial Canada Ltd. ​ ​ 129,868 ​ ​ — Other affiliates ​ ​ 300 ​ ​ 2,100 Total affiliated debt $ 216,364 ​ $ 2,100 ​ Accounts payable and other accrued liabilities, including tax payables, of $198,345 and $164,500 were payable to related parties as of September 30, 2022 and December 31, 2021, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11: COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations. Guarantees The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNHI for approximately $26,400. The guarantees are in effect for the term of the underlying funding facilities. Commitments The Company has various agreements, on an uncommitted basis, to extend credit for the wholesale and dealer financing managed portfolio. At September 30, 2022, the total credit limit available was $5,933,774, of which $2,725,609 was utilized. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENT	​ NOTE 12: SUBSEQUENT EVENTS On October 7, 2022, CNH Industrial Capital America and CNH Industrial Capital Canada closed on its previously announced purchase of Citibank, N.A. and Citi Cards Canada Inc.’s portfolio of commercial revolving account (“CRA”) receivables underlying a private-label CRA product offered through CNH Industrial North America dealers. On October 14, 2022, the Company completed an offering of $400,000 in aggregate principal amount of its 5.450% unsecured notes due 2025, with an issue price of 99.349%.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
New Accounting Pronouncements Adopted in 2021	New Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures There are other new accounting pronouncements issued by the FASB that the Company will adopt, as applicable. The Company does not believe any of these accounting pronouncements will have a material impact on its consolidated financial statements.

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME
Schedule of changes in the components of AOCI and related tax effects	The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (123,210) ​ $ 1,983 ​ $ 12,911 ​ $ (108,316) Tax asset (liability) ​ — ​ (473) ​ (3,255) ​ (3,728) Beginning balance, net of tax (123,210) ​ 1,510 ​ 9,656 ​ (112,044) Other comprehensive income (loss) before reclassifications ​ (37,238) ​ (59) ​ 2,439 ​ (34,858) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (150) ​ (342) ​ (492) Tax effects ​ — ​ 51 ​ (525) ​ (474) Net current-period other comprehensive income (loss) (37,238) ​ (158) ​ 1,572 ​ (35,824) Total $ (160,448) ​ $ 1,352 ​ $ 11,228 ​ $ (147,868) The following table summarizes the changes in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (112,618) ​ $ 2,451 ​ $ (956) ​ $ (111,123) Tax asset (liability) ​ — ​ (587) ​ 253 ​ (334) Beginning balance, net of tax (112,618) ​ 1,864 ​ (703) ​ (111,457) Other comprehensive income (loss) before reclassifications ​ (47,830) ​ (229) ​ 16,521 ​ (31,538) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (447) ​ (557) ​ (1,004) Tax effects ​ — ​ 164 ​ (4,033) ​ (3,869) Net current-period other comprehensive income (loss) (47,830) ​ (512) ​ 11,931 ​ (36,411) Total $ (160,448) ​ $ 1,352 ​ $ 11,228 ​ $ (147,868) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability Derivatives Total Beginning balance, gross $ (97,635) ​ $ (85) ​ $ (5,360) ​ $ (103,080) Tax asset ​ — ​ 32 ​ 1,420 ​ 1,452 Beginning balance, net of tax (97,635) ​ (53) ​ (3,940) ​ (101,628) Other comprehensive income (loss) before reclassifications ​ (16,310) ​ (91) ​ 833 ​ (15,568) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 36 ​ 197 ​ 233 Tax effects ​ — ​ 13 ​ (273) ​ (260) Net current-period other comprehensive income (loss) (16,310) ​ (42) ​ 757 ​ (15,595) Total $ (113,945) ​ $ (95) ​ $ (3,183) ​ $ (117,223) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability Derivatives Total Beginning balance, gross $ (113,284) ​ $ 67 ​ $ (9,542) ​ $ (122,759) Tax asset (liability) ​ — ​ (5) ​ 2,529 ​ 2,524 Beginning balance, net of tax (113,284) ​ 62 ​ (7,013) ​ (120,235) Other comprehensive income (loss) before reclassifications ​ (661) ​ (314) ​ 4,665 ​ 3,690 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 107 ​ 546 ​ 653 Tax effects ​ — ​ 50 ​ (1,381) ​ (1,331) Net current-period other comprehensive income (loss) (661) ​ (157) ​ 3,830 ​ 3,012 Total $ (113,945) ​ $ (95) ​ $ (3,183) ​ $ (117,223)

RECEIVABLES (Tables)

RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2022
RECEIVABLES
Summary of receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Retail $ 1,265,557 $ 993,768 Wholesale ​ 784,228 ​ 576,810 Finance lease ​ 187,890 ​ 177,347 Restricted receivables ​ 7,752,173 ​ 7,319,327 Gross receivables 9,989,848 9,067,252 Less: Allowance for credit losses ​ (108,358) ​ (115,953) Total receivables, net $ 9,881,490 $ 8,951,299
Summary of restricted receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Retail $ 5,712,873 $ 5,551,132 Wholesale ​ 2,039,300 ​ 1,768,195 Total restricted receivables $ 7,752,173 ​ $ 7,319,327
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the three months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 105,937 $ 5,467 ​ $ 111,404 Charge-offs ​ (1,689) ​ — ​ ​ (1,689) Recoveries ​ 739 ​ 508 ​ ​ 1,247 Provision (benefit) ​ (1,410) ​ (415) ​ ​ (1,825) Foreign currency translation and other ​ (743) ​ (36) ​ ​ (779) Ending balance $ 102,834 $ 5,524 ​ $ 108,358 Allowance for credit losses activity for the nine months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 109,742 $ 6,211 ​ $ 115,953 Charge-offs ​ (7,164) ​ (4,631) ​ ​ (11,795) Recoveries ​ 1,632 ​ 523 ​ ​ 2,155 Provision (benefit) ​ (527) ​ 3,471 ​ ​ 2,944 Foreign currency translation and other ​ (849) ​ (50) ​ ​ (899) Ending balance $ 102,834 $ 5,524 ​ $ 108,358 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,166,320 $ 2,823,528 ​ $ 9,989,848 At September 30, 2022, the allowance for credit losses included decreases in reserves primarily due to charge-offs and a reduction in the expected impact on credit conditions from the COVID-19 pandemic, partially offset by specific reserve needs. The Company continues to monitor the situation and will update the macroeconomic factors and qualitative factors in future periods, as warranted. Allowance for credit losses activity for the three months ended September 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Wholesale Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, as previously reported $ 116,684 $ 7,234 ​ $ 123,918 Charge-offs ​ (4,736) ​ — ​ (4,736) Recoveries ​ 368 ​ 108 ​ 476 Provision (benefit) ​ 2,420 ​ (1,798) ​ 622 Foreign currency translation and other ​ (433) ​ (22) ​ (455) Ending balance $ 114,303 $ 5,522 ​ $ 119,825 Allowance for credit losses activity for the nine months ended September 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 126,851 $ 9,285 ​ $ 136,136 Charge-offs ​ (9,056) ​ (179) ​ (9,235) Recoveries ​ 1,719 ​ 114 ​ 1,833 Provision (benefit) ​ (5,218) ​ (3,699) ​ (8,917) Foreign currency translation and other ​ 7 ​ 1 ​ 8 Ending balance $ 114,303 $ 5,522 ​ $ 119,825 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,444,586 $ 2,570,906 ​ $ 9,015,492 Allowance for credit losses activity for the year ended December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Wholesale Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, as previously reported $ 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
Schedule of aging of financing receivables	The aging of receivables as of September 30, 2022 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 1,604 ​ $ 1,342 ​ $ 63 ​ $ 3,009 ​ $ 2,184,219 ​ $ 2,187,228 2021 ​ ​ 4,687 ​ ​ 574 ​ ​ 2,471 ​ ​ 7,732 ​ ​ 1,795,388 ​ ​ 1,803,120 2020 ​ ​ 2,331 ​ ​ 911 ​ ​ 29,664 ​ ​ 32,906 ​ ​ 919,516 ​ ​ 952,422 2019 ​ ​ 2,082 ​ ​ 817 ​ ​ 4,520 ​ ​ 7,419 ​ ​ 450,975 ​ ​ 458,394 2018 ​ ​ 869 ​ ​ 752 ​ ​ 1,334 ​ ​ 2,955 ​ ​ 241,825 ​ ​ 244,780 Prior to 2018 ​ ​ 446 ​ ​ 527 ​ ​ 4,868 ​ ​ 5,841 ​ ​ 96,666 ​ ​ 102,507 Total $ 12,019 ​ $ 4,923 ​ $ 42,920 ​ $ 59,862 ​ $ 5,688,589 ​ $ 5,748,451 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 7 ​ $ — ​ $ 52 ​ $ 59 ​ $ 534,194 ​ $ 534,253 2021 ​ ​ 719 ​ ​ 902 ​ ​ 1,186 ​ ​ 2,807 ​ ​ 491,232 ​ ​ 494,039 2020 ​ ​ 354 ​ ​ 1,055 ​ ​ 697 ​ ​ 2,106 ​ ​ 212,934 ​ ​ 215,040 2019 ​ ​ 90 ​ ​ 277 ​ ​ 835 ​ ​ 1,202 ​ ​ 103,762 ​ ​ 104,964 2018 ​ ​ 102 ​ ​ 246 ​ ​ 494 ​ ​ 842 ​ ​ 50,233 ​ ​ 51,075 Prior to 2018 ​ ​ 113 ​ ​ 104 ​ ​ 1,163 ​ ​ 1,380 ​ ​ 17,118 ​ ​ 18,498 Total $ 1,385 ​ $ 2,584 ​ $ 4,427 ​ $ 8,396 ​ $ 1,409,473 ​ $ 1,417,869 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 20 ​ $ — ​ $ 3 ​ $ 23 ​ $ 2,349,183 ​ $ 2,349,206 Canada ​ $ 2 ​ $ 1 ​ $ — ​ $ 3 ​ $ 474,319 ​ $ 474,322 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 13,404 ​ $ 7,507 ​ $ 47,347 ​ $ 68,258 ​ $ 7,098,062 ​ $ 7,166,320 Wholesale ​ $ 22 ​ $ 1 ​ $ 3 ​ $ 26 ​ $ 2,823,502 ​ $ 2,823,528 ​ 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
Schedule of receivables on nonaccrual status	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Retail Wholesale Total Retail Wholesale Total United States $ 45,982 $ — $ 45,982 $ 24,028 $ — $ 24,028 Canada ​ $ 4,427 ​ $ — ​ $ 4,427 ​ $ 3,127 ​ $ — ​ $ 3,127

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
EQUIPMENT ON OPERATING LEASES
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	​ ​ ​ ​ ​ 2022 $ 55,721 2023 ​ 176,326 2024 ​ 111,867 2025 ​ 52,737 2026 and thereafter ​ 22,415 Total lease payments $ 419,066

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2022 ​ 2021 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 7,783 ​ $ 32,632 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 51,040 ​ $ 6,750 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 70,225 ​ $ 8,391 Foreign exchange contracts ​ 5,016 ​ 1,938 Total $ 75,241 ​ $ 10,329 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 70,225 ​ $ 8,391 Foreign exchange contracts ​ ​ — ​ ​ 4,041 Total $ 70,225 ​ $ 12,432
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 2022 2021 Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 2,439 ​ $ 833 $ 16,521 ​ $ 4,665 Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ $ 342 ​ $ (197) ​ $ 557 ​ $ (546) Not Designated as Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net ​ $ (6,256) ​ $ (4,150) $ (7,119) ​ $ (2,038)
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 78,008 ​ $ 41,023 Foreign exchange contracts ​ 5,016 ​ 1,938 Total assets $ 83,024 ​ $ 42,961 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 121,265 ​ $ 15,141 Foreign exchange contracts ​ ​ — ​ ​ 4,041 Total liabilities $ 121,265 ​ $ 19,182
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 9,881,490 ​ $ 9,667,490 ​ $ 8,951,299 ​ $ 9,044,561 Long-term debt ​ $ 5,873,776 ​ $ 5,438,956 ​ $ 6,141,970 ​ $ 6,059,202 ______________ * Under the fair value hierarchy, receivables measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

GEOGRAPHICAL INFORMATION (Table

GEOGRAPHICAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
GEOGRAPHICAL INFORMATION
Summary of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 ​ 2022 2021 Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 157,790 ​ $ 165,669 ​ $ 454,254 ​ $ 484,528 Canada ​ 42,301 ​ 41,915 ​ 125,229 ​ 126,382 Eliminations ​ (534) ​ (1,493) ​ (3,241) ​ (3,909) Total $ 199,557 ​ $ 206,091 $ 576,242 ​ $ 607,001 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 52,303 ​ $ 39,064 ​ $ 122,066 ​ $ 127,264 Canada ​ 13,703 ​ 9,782 ​ 33,638 ​ 30,113 Eliminations ​ (534) ​ (1,493) ​ (3,241) ​ (3,909) Total $ 65,472 ​ $ 47,353 $ 152,463 ​ $ 153,468 Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 44,005 ​ $ 50,377 ​ $ 141,972 ​ $ 136,919 Canada ​ 9,298 ​ 12,045 ​ 34,712 ​ 37,996 Total $ 53,303 ​ $ 62,422 $ 176,684 ​ $ 174,915 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 37,813 ​ $ 47,292 ​ $ 117,244 ​ $ 144,373 Canada ​ 12,814 ​ 12,760 ​ 37,838 ​ 38,306 Total $ 50,627 ​ $ 60,052 $ 155,082 ​ $ 182,679 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 73,055 ​ $ 81,918 ​ $ 251,617 ​ $ 250,488 Canada ​ 34,755 ​ 25,883 ​ 102,707 ​ 84,051 Total $ 107,810 ​ $ 107,801 $ 354,324 ​ $ 334,539 Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ (2,373) ​ $ 83 ​ $ 2,826 ​ $ (9,274) Canada ​ 548 ​ 539 ​ 118 ​ 357 Total $ (1,825) ​ $ 622 $ 2,944 ​ $ (8,917) ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ September 30, ​ December 31, ​ ​ 2022 2021 Total assets ​ ​ ​ ​ ​ United States ​ $ 10,027,341 ​ $ 9,870,766 Canada ​ 2,426,001 ​ 2,538,581 Eliminations ​ (215,090) ​ (221,579) Total $ 12,238,252 ​ $ 12,187,768 Managed receivables ​ ​ ​ ​ ​ United States ​ $ 8,097,657 ​ $ 7,121,138 Canada ​ 1,892,191 ​ 1,946,114 Total $ 9,989,848 ​ $ 9,067,252

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2022
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2022 2021 ​ 2022 2021 Subsidy from CNH Industrial North America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ $ 30,885 ​ $ 34,793 ​ $ 94,373 ​ $ 108,634 Wholesale ​ ​ 24,563 ​ ​ 22,566 ​ ​ 63,310 ​ ​ 71,945 Operating lease ​ 11,328 ​ 13,620 ​ 36,179 ​ 45,096 Income from affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH Industrial North America ​ 206 ​ 291 ​ 535 ​ 590 Other affiliates ​ ​ 506 ​ ​ 52 ​ ​ 630 ​ ​ 134 Total interest and other income from affiliates $ 67,488 ​ $ 71,322 $ 195,027 ​ $ 226,399
Schedule of various accounts and notes receivable and debt with the affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 ​ 2021 Affiliated receivables ​ ​ ​ ​ ​ CNH Industrial America $ — ​ $ 243,499 CNH Industrial Canada Ltd. ​ — ​ ​ 3,289 Banco CNH Industrial Capital Brazil ​ ​ 40,418 ​ ​ — Other affiliates ​ 12,493 ​ ​ 12,911 Total affiliated receivables $ 52,911 ​ $ 259,699 Affiliated debt ​ ​ ​ ​ ​ CNH Industrial America ​ $ 86,196 ​ $ — CNH Industrial Canada Ltd. ​ ​ 129,868 ​ ​ — Other affiliates ​ ​ 300 ​ ​ 2,100 Total affiliated debt $ 216,364 ​ $ 2,100

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Changes in accumulated other comprehensive income by component
Beginning balance, gross					$ (108,316)	$ (111,123)	$ (103,080)	$ (122,759)
Tax asset (liability)					(3,728)	(334)	1,452	2,524
Beginning balance, net of tax	$ (112,044)	$ (101,628)	$ (111,457)	$ (120,235)
Other comprehensive income (loss) before reclassifications	(34,858)	(15,568)	(31,538)	3,690
Amounts reclassified from accumulated other comprehensive income (loss)	(492)	233	(1,004)	653
Tax effects	(474)	(260)	(3,869)	(1,331)
Total other comprehensive income	(35,824)	(15,595)	(36,411)	3,012
Ending balance	(147,868)	(117,223)	(147,868)	(117,223)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(123,210)	(112,618)	(97,635)	(113,284)
Beginning balance, net of tax	(123,210)	(97,635)	(112,618)	(113,284)
Other comprehensive income (loss) before reclassifications	(37,238)	(16,310)	(47,830)	(661)
Total other comprehensive income	(37,238)	(16,310)	(47,830)	(661)
Ending balance	(160,448)	(113,945)	(160,448)	(113,945)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross					1,983	2,451	(85)	67
Tax asset (liability)					(473)	(587)	32	(5)
Beginning balance, net of tax	1,510	(53)	1,864	62
Other comprehensive income (loss) before reclassifications	(59)	(91)	(229)	(314)
Amounts reclassified from accumulated other comprehensive income (loss)	(150)	36	(447)	107
Tax effects	51	13	164	50
Total other comprehensive income	(158)	(42)	(512)	(157)
Ending balance	1,352	(95)	1,352	(95)
Unrealized (Losses) Gains on Derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross					12,911	(956)	(5,360)	(9,542)
Tax asset (liability)					$ (3,255)	$ 253	$ 1,420	$ 2,529
Beginning balance, net of tax	9,656	(3,940)	(703)	(7,013)
Other comprehensive income (loss) before reclassifications	2,439	833	16,521	4,665
Amounts reclassified from accumulated other comprehensive income (loss)	(342)	197	(557)	546
Tax effects	(525)	(273)	(4,033)	(1,381)
Total other comprehensive income	1,572	757	11,931	3,830
Ending balance	$ 11,228	$ (3,183)	$ 11,228	$ (3,183)

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Receivables
Gross receivables	$ 9,989,848		$ 9,067,252	$ 9,015,492
Less: Allowance for credit losses	(108,358)	$ (111,404)	(115,953)	$ (119,825)	$ (123,918)	$ (136,136)
Total receivables, net	9,881,490		8,951,299
Restricted Receivables	7,752,173		7,319,327
Receivables directly or indirectly sold or transferred and available to pay the entity's creditors prior to all obligations of the SPE having been fulfilled	0
Retail receivables
Receivables
Gross receivables	1,265,557		993,768
Restricted Receivables	5,712,873		5,551,132
Wholesale receivables
Receivables
Gross receivables	784,228		576,810
Restricted Receivables	2,039,300		1,768,195
Finance lease receivables
Receivables
Gross receivables	$ 187,890		$ 177,347

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Allowance for credit losses:
Beginning balance	$ 111,404	$ 123,918	$ 115,953	$ 136,136	$ 136,136
Charge-offs	(1,689)	(4,736)	(11,795)	(9,235)	(15,108)
Recoveries	1,247	476	2,155	1,833	2,303
Provision (benefit)	(1,825)	622	2,944	(8,917)	(7,460)
Foreign currency translation and other	(779)	(455)	(899)	8	82
Ending balance	108,358	119,825	108,358	119,825	115,953
Receivables:
Ending balance	9,989,848	9,015,492	9,989,848	9,015,492	9,067,252
Retail.
Allowance for credit losses:
Beginning balance	105,937	116,684	109,742	126,851	126,851
Charge-offs	(1,689)	(4,736)	(7,164)	(9,056)	(14,929)
Recoveries	739	368	1,632	1,719	2,177
Provision (benefit)	(1,410)	2,420	(527)	(5,218)	(4,437)
Foreign currency translation and other	(743)	(433)	(849)	7	80
Ending balance	102,834	114,303	102,834	114,303	109,742
Receivables:
Ending balance	7,166,320	6,444,586	7,166,320	6,444,586	6,722,247
Wholesale
Allowance for credit losses:
Beginning balance	5,467	7,234	6,211	9,285	9,285
Charge-offs			(4,631)	(179)	(179)
Recoveries	508	108	523	114	126
Provision (benefit)	(415)	(1,798)	3,471	(3,699)	(3,023)
Foreign currency translation and other	(36)	(22)	(50)	1	2
Ending balance	5,524	5,522	5,524	5,522	6,211
Receivables:
Ending balance	$ 2,823,528	$ 2,570,906	$ 2,823,528	$ 2,570,906	$ 2,345,005

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing receivable, recorded investment
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail.
Financing receivable, recorded investment
Total	$ 7,166,320		$ 6,722,247
Retail. | Total Past Due
Financing receivable, recorded investment
Total	68,258		43,948
Retail. | 31-60 Days Past Due
Financing receivable, recorded investment
Total	13,404		21,074
Retail. | 61-90 Days Past Due
Financing receivable, recorded investment
Total	7,507		3,688
Retail. | Greater than 90 Days
Financing receivable, recorded investment
Total	47,347		19,186
Retail. | Current
Financing receivable, recorded investment
Total	7,098,062		6,678,299
Retail. | United States
Financing receivable, recorded investment
2022	2,187,228		2,496,321
2021	1,803,120		1,363,810
2020	952,422		747,727
2019	458,394		448,899
2018	244,780		196,473
Prior to 2018	102,507
Total	5,748,451		5,319,074
Retail. | United States | Total Past Due
Financing receivable, recorded investment
2022	3,009		4,327
2021	7,732		8,312
2020	32,906		8,722
2019	7,419		6,007
2018	2,955		4,475
Prior to 2018	5,841
Total	59,862		36,143
Retail. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
2022	1,604		3,244
2021	4,687		4,957
2020	2,331		3,977
2019	2,082		2,437
2018	869		1,351
Prior to 2018	446
Total	12,019		16,910
Retail. | United States | 61-90 Days Past Due
Financing receivable, recorded investment
2022	1,342		364
2021	574		606
2020	911		808
2019	817		602
2018	752		638
Prior to 2018	527
Total	4,923		3,174
Retail. | United States | Greater than 90 Days
Financing receivable, recorded investment
2022	63		719
2021	2,471		2,749
2020	29,664		3,937
2019	4,520		2,968
2018	1,334		2,486
Prior to 2018	4,868
Total	42,920		16,059
Retail. | United States | Current
Financing receivable, recorded investment
2022	2,184,219		2,491,994
2021	1,795,388		1,355,498
2020	919,516		739,005
2019	450,975		442,892
2018	241,825		191,998
Prior to 2018	96,666
Total	5,688,589		5,282,931
Retail. | Canada
Financing receivable, recorded investment
2022	534,253		715,666
2021	494,039		358,021
2020	215,040		177,298
2019	104,964		97,433
2018	51,075		41,310
Prior to 2018	18,498
Total	1,417,869		1,403,173
Retail. | Canada | Total Past Due
Financing receivable, recorded investment
2022	59		1,777
2021	2,807		1,945
2020	2,106		1,474
2019	1,202		1,228
2018	842		372
Prior to 2018	1,380
Total	8,396		7,805
Retail. | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
2022	7		1,777
2021	719		1,183
2020	354		531
2019	90		422
2018	102		136
Prior to 2018	113
Total	1,385		4,164
Retail. | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
2021	902		198
2020	1,055		126
2019	277		186
2018	246		4
Prior to 2018	104
Total	2,584		514
Retail. | Canada | Greater than 90 Days
Financing receivable, recorded investment
2022	52
2021	1,186		564
2020	697		817
2019	835		620
2018	494		232
Prior to 2018	1,163
Total	4,427		3,127
Retail. | Canada | Current
Financing receivable, recorded investment
2022	534,194		713,889
2021	491,232		356,076
2020	212,934		175,824
2019	103,762		96,205
2018	50,233		40,938
Prior to 2018	17,118
Total	1,409,473		1,395,368
Wholesale
Financing receivable, recorded investment
Total	2,823,528		2,345,005
Wholesale | Total Past Due
Financing receivable, recorded investment
Total	26		12
Wholesale | 31-60 Days Past Due
Financing receivable, recorded investment
Total	22		3
Wholesale | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1
Wholesale | Greater than 90 Days
Financing receivable, recorded investment
Total	3		9
Wholesale | Current
Financing receivable, recorded investment
Total	2,823,502		2,344,993
Wholesale | United States
Financing receivable, recorded investment
Total	2,349,206		1,802,064
Wholesale | United States | Total Past Due
Financing receivable, recorded investment
Total	23		12
Wholesale | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	20		3
Wholesale | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	3		9
Wholesale | United States | Current
Financing receivable, recorded investment
Total	2,349,183		1,802,052
Wholesale | Canada
Financing receivable, recorded investment
Total	474,322		542,941
Wholesale | Canada | Total Past Due
Financing receivable, recorded investment
Total	3
Wholesale | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	2
Wholesale | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1
Wholesale | Canada | Current
Financing receivable, recorded investment
Total	$ 474,319		$ 542,941

RECEIVABLES - Aging of Receiv_2

RECEIVABLES - Aging of Receivables in Prior Period (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing receivable, recorded investment
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail.
Financing receivable, recorded investment
Total	$ 7,166,320		$ 6,722,247
Retail. | Total Past Due
Financing receivable, recorded investment
Total	68,258		43,948
Retail. | 31-60 Days Past Due
Financing receivable, recorded investment
Total	13,404		21,074
Retail. | 61-90 Days Past Due
Financing receivable, recorded investment
Total	7,507		3,688
Retail. | Greater than 90 Days
Financing receivable, recorded investment
Total	47,347		19,186
Retail. | Current
Financing receivable, recorded investment
Total	7,098,062		6,678,299
Retail. | United States
Financing receivable, recorded investment
2021	2,187,228		2,496,321
2020	1,803,120		1,363,810
2019	952,422		747,727
2018	458,394		448,899
2017	244,780		196,473
2016			51,182
Prior to 2016			14,662
Total	5,748,451		5,319,074
Retail. | United States | Total Past Due
Financing receivable, recorded investment
2021	3,009		4,327
2020	7,732		8,312
2019	32,906		8,722
2018	7,419		6,007
2017	2,955		4,475
2016			2,647
Prior to 2016			1,653
Total	59,862		36,143
Retail. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
2021	1,604		3,244
2020	4,687		4,957
2019	2,331		3,977
2018	2,082		2,437
2017	869		1,351
2016			723
Prior to 2016			221
Total	12,019		16,910
Retail. | United States | 61-90 Days Past Due
Financing receivable, recorded investment
2021	1,342		364
2020	574		606
2019	911		808
2018	817		602
2017	752		638
2016			85
Prior to 2016			71
Total	4,923		3,174
Retail. | United States | Greater than 90 Days
Financing receivable, recorded investment
2021	63		719
2020	2,471		2,749
2019	29,664		3,937
2018	4,520		2,968
2017	1,334		2,486
2016			1,839
Prior to 2016			1,361
Total	42,920		16,059
Retail. | United States | Current
Financing receivable, recorded investment
2021	2,184,219		2,491,994
2020	1,795,388		1,355,498
2019	919,516		739,005
2018	450,975		442,892
2017	241,825		191,998
2016			48,535
Prior to 2016			13,009
Total	5,688,589		5,282,931
Retail. | Canada
Financing receivable, recorded investment
2021	534,253		715,666
2020	494,039		358,021
2019	215,040		177,298
2018	104,964		97,433
2017	51,075		41,310
2016			10,719
Prior to 2016			2,726
Total	1,417,869		1,403,173
Retail. | Canada | Total Past Due
Financing receivable, recorded investment
2021	59		1,777
2020	2,807		1,945
2019	2,106		1,474
2018	1,202		1,228
2017	842		372
2016			718
Prior to 2016			291
Total	8,396		7,805
Retail. | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
2021	7		1,777
2020	719		1,183
2019	354		531
2018	90		422
2017	102		136
2016			114
Prior to 2016			1
Total	1,385		4,164
Retail. | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
2020	902		198
2019	1,055		126
2018	277		186
2017	246		4
Total	2,584		514
Retail. | Canada | Greater than 90 Days
Financing receivable, recorded investment
2021	52
2020	1,186		564
2019	697		817
2018	835		620
2017	494		232
2016			604
Prior to 2016			290
Total	4,427		3,127
Retail. | Canada | Current
Financing receivable, recorded investment
2021	534,194		713,889
2020	491,232		356,076
2019	212,934		175,824
2018	103,762		96,205
2017	50,233		40,938
2016			10,001
Prior to 2016			2,435
Total	1,409,473		1,395,368
Wholesale
Financing receivable, recorded investment
Total	2,823,528		2,345,005
Wholesale | Total Past Due
Financing receivable, recorded investment
Total	26		12
Wholesale | 31-60 Days Past Due
Financing receivable, recorded investment
Total	22		3
Wholesale | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1
Wholesale | Greater than 90 Days
Financing receivable, recorded investment
Total	3		9
Wholesale | Current
Financing receivable, recorded investment
Total	2,823,502		2,344,993
Wholesale | United States
Financing receivable, recorded investment
Total	2,349,206		1,802,064
Wholesale | United States | Total Past Due
Financing receivable, recorded investment
Total	23		12
Wholesale | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	20		3
Wholesale | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	3		9
Wholesale | United States | Current
Financing receivable, recorded investment
Total	2,349,183		1,802,052
Wholesale | Canada
Financing receivable, recorded investment
Total	474,322		542,941
Wholesale | Canada | Total Past Due
Financing receivable, recorded investment
Total	3
Wholesale | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	2
Wholesale | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total	1
Wholesale | Canada | Current
Financing receivable, recorded investment
Total	$ 474,319		$ 542,941

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing receivable, impaired
Accrued interest	$ 51,835		$ 41,953
Delinquency period of accounts considered for recognition of income	90 days	90 days
United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 45,982		24,028
Canada
Financing receivable, impaired
Receivables on nonaccrual status	4,427		3,127
Retail. | United States
Financing receivable, impaired
Receivables on nonaccrual status	45,982		24,028
Retail. | Canada
Financing receivable, impaired
Receivables on nonaccrual status	$ 4,427		$ 3,127

EQUIPMENT ON OPERATING LEASES_2

EQUIPMENT ON OPERATING LEASES (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	$ 76,484
2022	55,721
2023	176,326
2024	111,867
2025	52,737
2026 and thereafter	22,415
Total lease payments	$ 419,066

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Aug. 23, 2022
Unsecured Facilities | Revolving credit facilities
Debt
Maximum borrowing capacity	$ 602,233
Line of credit, outstanding amount	56,751
Unsecured Facilities | Commercial paper
Debt
Short-Term Outstanding	$ 150,772
Secured Debt | Amortizing Retail Term ABS
Debt
Debt amount		$ 835,690

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of statutory and effective income tax rate
Effective tax rate (as a percent)	23.30%	23.80%	23.70%	23.90%

FINANCIAL INSTRUMENTS - General

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	54 months
After-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months	$ (1,518)

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 7,783		$ 7,783		$ 32,632
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	51,040		51,040		6,750
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	70,225		70,225		8,391
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	5,016		5,016		1,938
Derivative assets not designated as hedging instruments, classified in other assets	75,241		75,241		10,329
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	70,225		70,225		8,391
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities					4,041
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	70,225		70,225		12,432
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	2,439	$ 833	16,521	$ 4,665
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	342	(197)	557	(546)
Foreign exchange contracts, other expenses, net, not designated as hedges	(6,256)	$ (4,150)	(7,119)	(2,038)
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	$ 3,615,729		3,615,729		$ 3,561,606
Ten-month average notional amounts of interest rate derivatives			$ 3,746,080	$ 4,167,183

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets
Foreign exchange contracts	$ 5,016		$ 1,938
Liabilities
Foreign exchange contracts			4,041
Assets transferred between Level 1, Level 2 and Level 3	0		0
Liabilities transferred between Level 1, Level 2 and Level 3		$ 0	0
Recurring | Level 2
Assets
Interest rate derivatives	78,008		41,023
Foreign exchange contracts	5,016		1,938
Total assets	83,024		42,961
Liabilities
Interest rate derivatives	121,265		15,141
Foreign exchange contracts			4,041
Total liabilities	$ 121,265		$ 19,182

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial Instruments Not Carried at Fair Value
Receivables	$ 9,881,490	$ 8,951,299
Long-term debt	5,873,776	6,141,970
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	9,881,490	8,951,299
Long-term debt	5,873,776	6,141,970
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	9,667,490	9,044,561
Long-term debt	$ 5,438,956	$ 6,059,202

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Geographical Information
Revenues	$ 199,557			$ 206,091			$ 576,242	$ 607,001
Interest expense	65,472			47,353			152,463	153,468
Net income	53,303	$ 59,894	$ 63,487	62,422	$ 56,513	$ 55,980	176,684	174,915
Depreciation and amortization	50,627			60,052			155,082	182,679
Expenditures for equipment on operating leases	107,810			107,801			354,324	334,539
Provision (benefit) for credit losses	(1,825)			622			2,944	(8,917)	$ (7,460)
Additional disclosures
Total assets	12,238,252						12,238,252		12,187,768
Managed receivables	9,989,848						9,989,848		9,067,252
Eliminations
Geographical Information
Revenues	(534)			(1,493)			(3,241)	(3,909)
Interest expense	(534)			(1,493)			(3,241)	(3,909)
Additional disclosures
Total assets	(215,090)						(215,090)		(221,579)
United States.
Geographical Information
Net income	44,005			50,377			141,972	136,919
Depreciation and amortization	37,813			47,292			117,244	144,373
Expenditures for equipment on operating leases	73,055			81,918			251,617	250,488
Provision (benefit) for credit losses	(2,373)			83			2,826	(9,274)
Additional disclosures
Managed receivables	8,097,657						8,097,657		7,121,138
United States. | Operating segment
Geographical Information
Revenues	157,790			165,669			454,254	484,528
Interest expense	52,303			39,064			122,066	127,264
Additional disclosures
Total assets	10,027,341						10,027,341		9,870,766
Canada.
Geographical Information
Net income	9,298			12,045			34,712	37,996
Depreciation and amortization	12,814			12,760			37,838	38,306
Expenditures for equipment on operating leases	34,755			25,883			102,707	84,051
Provision (benefit) for credit losses	548			539			118	357
Additional disclosures
Managed receivables	1,892,191						1,892,191		1,946,114
Canada. | Operating segment
Geographical Information
Revenues	42,301			41,915			125,229	126,382
Interest expense	13,703			$ 9,782			33,638	$ 30,113
Additional disclosures
Total assets	$ 2,426,001						$ 2,426,001		$ 2,538,581

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates	$ 67,488	$ 71,322	$ 195,027	$ 226,399
Affiliated receivables	52,911		52,911		$ 259,699
Affiliated debt	216,364		216,364		2,100
Other information
Interest expense to related affiliates	2,933	1,260	4,632	3,825
Fees charged by affiliates	12,946	11,394	36,519	34,118
Accounts payable and other accrued liabilities payable to related parties	198,345		198,345		164,500
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail	30,885	34,793	94,373	108,634
Wholesale	24,563	22,566	63,310	71,945
Operating lease	11,328	13,620	36,179	45,096
Lending funds	206	291	535	590
CNH Industrial America
RELATED-PARTY TRANSACTIONS
Affiliated receivables					243,499
Affiliated debt	86,196		86,196
CNH Industrial Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated receivables					3,289
Affiliated debt	129,868		129,868
Banco CNH Industrial Capital Brazil
RELATED-PARTY TRANSACTIONS
Affiliated receivables	40,418		40,418
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	506	$ 52	630	$ 134
Affiliated receivables	12,493		12,493		12,911
Affiliated debt	$ 300		$ 300		$ 2,100

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Guarantees
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 26,400
Wholesale and dealer financing
Guarantees
Total credit limit	5,933,774
Utilized	$ 2,725,609

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Unsecured Senior Notes - Subsequent event - 5.450 % unsecured notes due 2025 - CNH Industrial Capital LLC $ in Thousands	Oct. 14, 2022 USD ($)
Subsequent Events
Additional borrowing issued	$ 400,000
Interest rate (as a percent)	5.45%
Issue price of debt (as a percent)	99.349%