CNH Industrial Capital 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2023 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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
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
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES
Interest income on retail notes and finance leases	$ 68,224	$ 46,701
Rental income on operating leases	57,049	63,821
Revolving charge account income	8,330
Interest income on wholesale notes	10,595	5,491
Interest and other income from affiliates	84,104	62,307
Other income	216	9,089
Total revenues	228,518	187,409
Interest expense:
Interest expense to third parties	95,256	39,087
Interest expense to affiliates	8,448	333
Total interest expense	103,704	39,420
Administrative and operating expenses:
Fees charged by affiliates	13,875	11,416
Provision for credit losses	1,919	2,825
Depreciation of equipment on operating leases	45,052	53,557
Other expenses, net	3,533	(2,723)
Total administrative and operating expenses	64,379	65,075
Total expenses	168,083	104,495
INCOME BEFORE TAXES	60,435	82,914
Income tax provision	14,134	19,427
NET INCOME	$ 46,301	$ 63,487

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 46,301	$ 63,487
Other comprehensive income (loss):
Foreign currency translation adjustment	(294)	9,154
Pension liability adjustment	(181)	(186)
Change in derivative financial instruments	(2,393)	6,451
Total other comprehensive income (loss)	(2,868)	15,419
COMPREHENSIVE INCOME	$ 43,433	$ 78,906

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash	$ 178,826	$ 262,244
Restricted cash and cash equivalents	423,808	446,335
Receivables, less allowance for credit losses of $117,472 and $125,012, respectively	11,007,602	10,741,820
Affiliated accounts and notes receivable	68,110	53,509
Equipment on operating leases, net	1,441,383	1,472,973
Equipment held for sale	8,204	11,685
Goodwill	108,543	108,567
Other intangible assets, net	17,786	18,388
Other assets	53,848	63,958
TOTAL	13,308,110	13,179,479
Liabilities:
Short-term debt (including current maturities of long-term debt)	4,587,051	4,096,426
Accounts payable and other accrued liabilities	874,707	1,046,688
Affiliated debt	586,984	341,531
Long-term debt	5,908,040	6,387,135
Total liabilities	11,956,782	11,871,780
Commitments and contingent liabilities (Note 11)
Stockholder's equity:
Member's capital
Paid-in capital	844,218	844,022
Accumulated other comprehensive loss	(140,701)	(137,833)
Retained earnings	647,811	601,510
Total stockholder's equity	1,351,328	1,307,699
TOTAL	$ 13,308,110	$ 13,179,479

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 117,472	$ 125,012
Restricted cash and cash equivalents	423,808	446,335
Receivables, less allowance for credit losses of $54,350 and $55,645, respectively	11,007,602	10,741,820
TOTAL	13,308,110	13,179,479
Short-term debt (including current maturities of long-term debt)	4,587,051	4,096,426
Long-term debt	5,908,040	6,387,135
Total liabilities	11,956,782	11,871,780
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	54,350	55,645
Restricted cash and cash equivalents	423,808	446,335
Receivables, less allowance for credit losses of $54,350 and $55,645, respectively	6,974,192	6,927,032
TOTAL	7,398,000	7,373,367
Short-term debt (including current maturities of long-term debt)	3,198,395	3,120,860
Long-term debt	3,523,281	3,599,575
Total liabilities	$ 6,721,676	$ 6,720,435

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 46,301	$ 63,487
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	45,054	53,559
Amortization of intangibles	667	546
Provision for credit losses	1,919	2,825	$ 11,241
Deferred income tax expense (benefit)	3,295	(8,696)
Changes in components of working capital:
Change in affiliated accounts and notes receivables	(14,601)	24,361
Change in other assets and equipment held for sale	6,068	(3,155)
Change in accounts payable and other accrued liabilities	(175,470)	81,394
Net cash from (used in) operating activities	(86,767)	214,321
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(3,535,026)	(2,789,137)
Collections of receivables	3,265,316	2,643,370
Purchase of equipment on operating leases	(103,279)	(122,218)
Proceeds from disposal of equipment on operating leases	95,141	144,365
Change in property, equipment and software	(66)	(549)
Net cash from (used in) investing activities	(277,914)	(124,169)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	330,207	31,796
Payment of affiliated debt	(84,604)	(475)
Proceeds from issuance of long-term debt	132,829	992,020
Payment of long-term debt	(179,618)	(1,213,575)
Change in short-term borrowings, net	59,922	(62,983)
Dividends paid to CNH Industrial America LLC		(25,000)
Net cash from (used in) financing activities	258,736	(278,217)
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	(105,945)	(188,065)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of period	708,579	1,028,659	1,028,659
End of period	602,634	840,594	$ 708,579
CASH PAID DURING THE PERIOD FOR INTEREST	107,552	47,690
CASH PAID DURING THE PERIOD FOR TAXES	$ 33,616	$ 32,549

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) $ in Thousands	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total
BALANCE at Dec. 31, 2021	$ 843,469	$ (111,457)	$ 517,388	$ 1,249,400
Increase (Decrease) in Stockholder's Equity
Net income			63,487	63,487
Dividends 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, 2022	844,022	(137,833)	601,510	1,307,699
Increase (Decrease) in Stockholder's Equity
Net income			46,301	46,301
Foreign currency translation adjustment		(294)		(294)
Stock compensation	196			196
Pension liability adjustment, net of tax		(181)		(181)
Change in derivative financial instruments, net of tax		(2,393)		(2,393)
BALANCE at Mar. 31, 2023	$ 844,218	$ (140,701)	$ 647,811	$ 1,351,328

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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, 2022. 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.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2023
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements Adopted In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (151,254) ​ $ 2,563 ​ $ 15,288 ​ $ (133,403) Tax liability ​ — ​ (621) ​ (3,809) ​ (4,430) Beginning balance, net of tax (151,254) ​ 1,942 ​ 11,479 ​ (137,833) Other comprehensive income (loss) before reclassifications ​ (294) ​ (105) ​ (2,565) ​ (2,964) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (135) ​ (662) ​ (797) Tax effects ​ — ​ 59 ​ 834 ​ 893 Net current-period other comprehensive income (loss) (294) ​ (181) ​ (2,393) ​ (2,868) Total $ (151,548) ​ $ 1,761 ​ $ 9,086 ​ $ (140,701) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability 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 ​ 9,154 ​ (97) ​ 5,299 ​ 14,356 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (149) ​ 3,324 ​ 3,175 Tax effects ​ — ​ 60 ​ (2,172) ​ (2,112) Net current-period other comprehensive income (loss) 9,154 ​ (186) ​ 6,451 ​ 15,419 Total $ (103,464) ​ $ 1,678 ​ $ 5,748 ​ $ (96,038) ​ The reclassifications out of AOCI were immaterial for the three months ended March 31, 2023 and 2022.

RECEIVABLES

RECEIVABLES	3 Months Ended
	Mar. 31, 2023
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of March 31, 2023 and December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Retail notes $ 1,156,633 $ 1,241,775 Revolving charge accounts ​ 194,329 ​ 207,744 Finance leases ​ 195,003 ​ 198,064 Wholesale ​ 983,267 ​ 875,628 Restricted receivables ​ ​ 8,595,842 ​ ​ 8,343,621 Gross receivables 11,125,074 10,866,832 Less: Allowance for credit losses ​ (117,472) ​ (125,012) Total receivables, net $ 11,007,602 $ 10,741,820 ​ 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 March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Retail notes $ 5,782,638 $ 5,835,445 Wholesale ​ 2,813,204 ​ 2,508,176 Total restricted receivables $ 8,595,842 ​ $ 8,343,621 ​ Within the U.S. retail notes securitization programs, qualifying retail notes 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 notes 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, the Company 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, the Company 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 customer receivables primarily include retail notes and finance leases to end-use customers. Revolving charge accounts represent financing for customers to purchase parts, service, rentals, implements and attachments from CNH Industrial North America dealers. Wholesale receivables include dealer floorplan financing, 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 customer 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 credit losses on retail customer receivables 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. Retail customer receivables and wholesale 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. Revolving charge accounts are generally deemed to be uncollectible and charged-off to the allowance for credit losses when delinquency reaches 120 days. Allowance for credit losses activity for the three months ended March 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Accounts ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 110,341 $ 8,519 $ 6,152 ​ $ 125,012 Charge-offs ​ (5,612) ​ (4,238) ​ — ​ ​ (9,850) Recoveries ​ 392 ​ — ​ 11 ​ ​ 403 Provision (benefit) ​ (1,669) ​ 3,065 ​ 523 ​ ​ 1,919 Foreign currency translation and other ​ (10) ​ (1) ​ (1) ​ ​ (12) Ending balance $ 103,442 $ 7,345 $ 6,685 ​ $ 117,472 Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,134,274 $ 194,329 $ 3,796,471 ​ $ 11,125,074 At March 31, 2023, the allowance for credit losses included a decrease in reserves primarily due lower specific reserve needs. Allowance for credit losses activity for the three months ended March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 109,742 ​ $ 6,211 ​ $ 115,953 Charge-offs ​ (897) ​ — ​ (897) Recoveries ​ 297 ​ 11 ​ 308 Provision (benefit) ​ (666) ​ 3,491 ​ 2,825 Foreign currency translation and other ​ 174 ​ 11 ​ 185 Ending balance $ 108,650 $ 9,724 ​ $ 118,374 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,806,268 $ 2,435,962 ​ $ 9,242,230 At March 31, 2022, the allowance for credit losses included an increase in reserves primarily due to specific reserve needs, partially offset by the improved outlook for the agricultural industry and a reduced expected impact on credit conditions from the COVID-19 pandemic. Allowance for credit losses activity for the year ended December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ Customer Accounts Wholesale Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 109,742 $ — $ 6,211 ​ $ 115,953 Charge-offs ​ (8,202) ​ (49) ​ (4,631) ​ (12,882) Recoveries ​ 2,262 ​ — ​ 526 ​ 2,788 Provision (benefit) ​ 7,311 ​ (169) ​ 4,099 ​ 11,241 Foreign currency translation and other ​ (772) ​ 8,737 ​ (53) ​ 7,912 Ending balance $ 110,341 $ 8,519 $ 6,152 ​ $ 125,012 Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,275,284 $ 207,744 $ 3,383,804 ​ $ 10,866,832 ​ At December 31, 2022, the allowance for credit losses included increases in reserves primarily due to the addition of revolving charge accounts. 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 the retail customer receivables are greater than one year, the past due information is presented by year of origination. The aging of receivables and charge-offs as of March 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ ​ ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 56 ​ $ — ​ $ — ​ $ 56 ​ $ 550,629 ​ $ 550,685 ​ $ — 2022 ​ ​ 8,860 ​ ​ 1,008 ​ ​ 1,176 ​ ​ 11,044 ​ ​ 2,468,926 ​ ​ 2,479,970 ​ ​ 1,126 2021 ​ ​ 5,354 ​ ​ 1,715 ​ ​ 2,119 ​ ​ 9,188 ​ ​ 1,457,176 ​ ​ 1,466,364 ​ ​ 759 2020 ​ ​ 3,079 ​ ​ 581 ​ ​ 33,064 ​ ​ 36,724 ​ ​ 708,953 ​ ​ 745,677 ​ ​ 1,355 2019 ​ ​ 2,505 ​ ​ 527 ​ ​ 2,111 ​ ​ 5,143 ​ ​ 321,689 ​ ​ 326,832 ​ ​ 1,409 Prior to 2019 ​ ​ 808 ​ ​ 782 ​ ​ 4,801 ​ ​ 6,391 ​ ​ 181,919 ​ ​ 188,310 ​ ​ 928 Total $ 20,662 ​ $ 4,613 ​ $ 43,271 ​ $ 68,546 ​ $ 5,689,292 ​ $ 5,757,838 ​ $ 5,577 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 80 ​ $ — ​ $ — ​ $ 80 ​ $ 99,418 ​ $ 99,498 ​ $ — 2022 ​ ​ 1,536 ​ ​ 273 ​ ​ 110 ​ ​ 1,919 ​ ​ 585,553 ​ ​ 587,472 ​ ​ 91 2021 ​ ​ 1,123 ​ ​ 271 ​ ​ 2,338 ​ ​ 3,732 ​ ​ 396,754 ​ ​ 400,486 ​ ​ 197 2020 ​ ​ 669 ​ ​ 330 ​ ​ 1,031 ​ ​ 2,030 ​ ​ 170,126 ​ ​ 172,156 ​ ​ (418) 2019 ​ ​ 320 ​ ​ 175 ​ ​ 270 ​ ​ 765 ​ ​ 77,213 ​ ​ 77,978 ​ ​ 23 Prior to 2019 ​ ​ 201 ​ ​ 101 ​ ​ 1,017 ​ ​ 1,319 ​ ​ 37,527 ​ ​ 38,846 ​ ​ 142 Total $ 3,929 ​ $ 1,150 ​ $ 4,766 ​ $ 9,845 ​ $ 1,366,591 ​ $ 1,376,436 ​ $ 35 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 4,153 ​ $ 2,078 ​ $ 965 ​ $ 7,196 ​ $ 173,160 ​ $ 180,356 ​ $ 3,907 Canada ​ $ 403 ​ $ 178 ​ $ 91 ​ $ 672 ​ $ 13,301 ​ $ 13,973 ​ $ 331 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 5 ​ $ — ​ $ — ​ $ 5 ​ $ 3,066,973 ​ $ 3,066,978 ​ $ — Canada ​ $ 8 ​ $ — ​ $ — ​ $ 8 ​ $ 729,485 ​ $ 729,493 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 24,591 ​ $ 5,763 ​ $ 48,037 ​ $ 78,391 ​ $ 7,055,883 ​ $ 7,134,274 ​ $ 5,612 Revolving charge accounts ​ $ 4,556 ​ $ 2,256 ​ $ 1,056 ​ $ 7,868 ​ $ 186,461 ​ $ 194,329 ​ $ 4,238 Wholesale ​ $ 13 ​ $ — ​ $ — ​ $ 13 ​ $ 3,796,458 ​ $ 3,796,471 ​ $ — ​ The aging of receivables as of December 31, 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 customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 6,258 ​ $ 976 ​ $ 350 ​ $ 7,584 ​ $ 2,728,247 ​ $ 2,735,831 2021 ​ ​ 6,610 ​ ​ 1,269 ​ ​ 3,701 ​ ​ 11,580 ​ ​ 1,610,175 ​ ​ 1,621,755 2020 ​ ​ 4,490 ​ ​ 1,503 ​ ​ 32,505 ​ ​ 38,498 ​ ​ 807,990 ​ ​ 846,488 2019 ​ ​ 2,365 ​ ​ 1,034 ​ ​ 4,114 ​ ​ 7,513 ​ ​ 382,168 ​ ​ 389,681 2018 ​ ​ 1,579 ​ ​ 465 ​ ​ 1,493 ​ ​ 3,537 ​ ​ 186,897 ​ ​ 190,434 Prior to 2018 ​ ​ 765 ​ ​ 131 ​ ​ 4,955 ​ ​ 5,851 ​ ​ 54,566 ​ ​ 60,417 Total $ 22,067 ​ $ 5,378 ​ $ 47,118 ​ $ 74,563 ​ $ 5,770,043 ​ $ 5,844,606 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 1,544 ​ $ 22 ​ $ 387 ​ $ 1,953 ​ $ 652,576 ​ $ 654,529 2021 ​ ​ 2,420 ​ ​ 502 ​ ​ 2,371 ​ ​ 5,293 ​ ​ 436,138 ​ ​ 441,431 2020 ​ ​ 810 ​ ​ 128 ​ ​ 960 ​ ​ 1,898 ​ ​ 190,905 ​ ​ 192,803 2019 ​ ​ 197 ​ ​ 114 ​ ​ 615 ​ ​ 926 ​ ​ 90,968 ​ ​ 91,894 2018 ​ ​ 388 ​ ​ 178 ​ ​ 262 ​ ​ 828 ​ ​ 38,477 ​ ​ 39,305 Prior to 2018 ​ ​ 123 ​ ​ 25 ​ ​ 257 ​ ​ 405 ​ ​ 10,311 ​ ​ 10,716 Total $ 5,482 ​ $ 969 ​ $ 4,852 ​ $ 11,303 ​ $ 1,419,375 ​ $ 1,430,678 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 12,979 ​ $ 9,965 ​ $ — ​ $ 22,944 ​ $ 169,851 ​ $ 192,795 Canada ​ $ 1,237 ​ $ 759 ​ $ — ​ $ 1,996 ​ $ 12,953 ​ $ 14,949 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 7 ​ $ — ​ $ 4 ​ $ 11 ​ $ 2,721,282 ​ $ 2,721,293 Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 662,511 ​ $ 662,511 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 27,549 ​ $ 6,347 ​ $ 51,970 ​ $ 85,866 ​ $ 7,189,418 ​ $ 7,275,284 Revolving charge accounts ​ $ 14,216 ​ $ 10,724 ​ $ — ​ $ 24,940 ​ $ 182,804 ​ $ 207,744 Wholesale ​ $ 7 ​ $ — ​ $ 4 ​ $ 11 ​ $ 3,383,793 ​ $ 3,383,804 ​ Included in the receivables balance at March 31, 2023 and December 31, 2022 is accrued interest of $61,198 and $57,831, 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 months ended March 31, 2023 and 2022. 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 March 31, 2023 and December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 United States $ 44,333 $ 48,690 Canada ​ $ 4,766 ​ $ 4,852 ​ As of March 31, 2023, total revolving charge account receivables on nonaccrual status were immaterial and there were no revolving charge account receivables on nonaccrual status as of December 31, 2022. As of March 31, 2023 and December 31, 2022, there were no wholesale receivables on nonaccrual status. As of March 31, 2023 and December 31, 2022, 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 months ended March 31, 2023 and 2022 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 customer 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. As of March 31, 2023 and 2022, the Company’s TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	3 Months Ended
	Mar. 31, 2023
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 $74,499) as of March 31, 2023 are as follows: ​ ​ ​ ​ ​ 2023 $ 153,322 2024 ​ 148,214 2025 ​ 85,663 2026 ​ 33,716 2027 and thereafter ​ 12,108 Total lease payments $ 433,023 ​

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	3 Months Ended
	Mar. 31, 2023
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 6: CREDIT FACILITIES AND DEBT Committed unsecured facilities with banks as of March 31, 2023, totaled $605,522. 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 March 31, 2023, the Company had $205,522 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 $258,477 as of March 31, 2023.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 7: INCOME TAXES The effective tax rate for both the three months ended March 31, 2023 and 2022 was 23.4%.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
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. The Company designates derivatives that are effective at reducing the risk associated with the exposure being hedged as accounting hedges at the inception of the contract and 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 March 31, 2023, 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 47 months. As of March 31, 2023, 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 ($2,113). 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 months ended March 31, 2023 and 2022. All of the Company’s interest rate derivatives as of March 31, 2023 and December 31, 2022 are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of the Company’s interest rate derivatives was $3,950,104 and $3,628,725 at March 31, 2023 and December 31, 2022, respectively. The four-month average notional amounts for the three months ended March 31, 2023 and 2022 were $3,752,123 and $3,823,950, 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 input and can be compared to actively traded derivatives. Financial Statement Impact of the Company’s Derivatives The fair values of the Company’s derivatives as of March 31, 2023 and December 31, 2022 in the consolidated balance sheets are recorded as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 2,056 ​ $ 3,597 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 41,984 ​ $ 42,936 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 23,868 ​ $ 27,862 Foreign exchange contracts ​ 4,045 ​ 4,116 Total $ 27,913 ​ $ 31,978 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 23,868 ​ $ 27,862 Foreign exchange contracts ​ ​ 395 ​ ​ 435 Total $ 24,263 ​ $ 28,297 ​ Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three months ended March 31, 2023 and 2022 are recorded in the following accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Cash Flow Hedges ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ Interest rate derivatives $ (2,565) ​ $ 5,299 Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ $ 662 ​ $ (3,324) Not Designated as Hedges ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net $ 31 ​ $ 2,847 ​ 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 March 31, 2023 and December 31, 2022, all of which are measured as Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 25,924 ​ $ 31,459 Foreign exchange contracts ​ 4,045 ​ 4,116 Total assets $ 29,969 ​ $ 35,575 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 65,852 ​ $ 70,798 Foreign exchange contracts ​ ​ 395 ​ ​ 435 Total liabilities $ 66,247 ​ $ 71,233 ​ 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, 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 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 March 31, 2023 and December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 11,007,602 ​ $ 10,739,313 ​ $ 10,741,820 ​ $ 10,433,949 Long-term debt ​ $ 5,908,040 ​ $ 5,650,845 ​ $ 6,387,135 ​ $ 6,032,997 ______________ * 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	3 Months Ended
	Mar. 31, 2023
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 9: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 Revenues ​ ​ ​ ​ ​ United States ​ $ 182,895 ​ $ 149,836 Canada ​ 46,108 ​ 39,062 Eliminations ​ (485) ​ (1,489) Total $ 228,518 ​ $ 187,409 Interest expense ​ ​ ​ ​ ​ United States ​ $ 85,652 ​ $ 31,717 Canada ​ 18,537 ​ 9,192 Eliminations ​ (485) ​ (1,489) Total $ 103,704 ​ $ 39,420 Net income ​ ​ ​ ​ ​ United States ​ $ 36,259 ​ $ 50,687 Canada ​ 10,042 ​ 12,800 Total $ 46,301 ​ $ 63,487 Depreciation and amortization ​ ​ ​ ​ ​ United States ​ $ 32,829 ​ $ 41,557 Canada ​ 12,892 ​ 12,548 Total $ 45,721 ​ $ 54,105 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ United States ​ $ 75,241 ​ $ 89,707 Canada ​ 28,038 ​ 32,511 Total $ 103,279 ​ $ 122,218 Provision (benefit) for credit losses ​ ​ ​ ​ ​ United States ​ $ 3,159 ​ $ 4,395 Canada ​ (1,240) ​ (1,570) Total $ 1,919 ​ $ 2,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Total assets ​ ​ ​ ​ ​ United States ​ $ 10,846,038 ​ $ 10,712,413 Canada ​ 2,678,005 ​ 2,683,722 Eliminations ​ (215,933) ​ (216,656) Total $ 13,308,110 ​ $ 13,179,479 Managed receivables ​ ​ ​ ​ ​ United States ​ $ 9,005,172 ​ $ 8,758,694 Canada ​ 2,119,902 ​ 2,108,138 Total $ 11,125,074 ​ $ 10,866,832 ​

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 10: RELATED-PARTY TRANSACTIONS The Company receives compensation from CNH Industrial North America for retail notes and finance leases, 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 months ended March 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Subsidy from CNH Industrial North America ​ ​ ​ ​ ​ Retail notes and finance leases ​ $ 28,475 ​ $ 32,443 Operating lease ​ 10,323 ​ 12,579 Revolving charge accounts ​ ​ 859 ​ ​ — Wholesale ​ ​ 43,413 ​ ​ 17,043 Income from affiliated receivables ​ ​ ​ ​ CNH Industrial North America ​ — ​ 186 Banco CNH Industrial Capital Brazil ​ ​ 638 ​ ​ — Other affiliates ​ ​ 396 ​ ​ 56 Total interest and other income from affiliates $ 84,104 ​ $ 62,307 ​ Interest expense to affiliates was $8,448 and $333, respectively, for the three months ended March 31, 2023 and 2022. Fees charged by affiliates were $13,875 and $11,416 for the three months ended March 31, 2023 and 2022, respectively, which amounts consist of payroll and other human resource services CNH Industrial America performs on behalf of the Company. As of March 31, 2023 and December 31, 2022, the Company had various accounts and notes receivable and debt with the following affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 Affiliated receivables ​ ​ ​ ​ ​ CNH Industrial America $ — ​ $ 10 Banco CNH Industrial Capital Brazil ​ ​ 55,622 ​ ​ 40,983 Other affiliates ​ 12,488 ​ ​ 12,516 Total affiliated receivables $ 68,110 ​ $ 53,509 Affiliated debt ​ ​ ​ ​ ​ CNH Industrial America ​ $ 430,402 ​ $ 100,195 CNH Industrial Canada Ltd. ​ ​ ​ ​ 241,036 Other affiliates ​ ​ — ​ ​ 300 Total affiliated debt $ 586,984 ​ $ 341,531 ​ Accounts payable and other accrued liabilities, including tax payables, of $99,330 and $212,167 were payable to related parties as of March 31, 2023 and December 31, 2022, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
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 $50,400. The guarantees are in effect for the term of the underlying funding facilities. Commitments As of March 31, 2023, the Company had various agreements, on an uncommitted basis, to extend credit for the following portfolios: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ Credit Limit ​ Utilized ​ Not Utilized Wholesale and dealer financing ​ $ 6,011,492 ​ $ 3,691,249 ​ $ 2,320,243 Revolving charge accounts ​ $ 2,483,621 ​ $ 198,074 ​ $ 2,285,547 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 12: SUBSEQUENT EVENTS On April 10, 2023, the Company completed an offering of $600,000 in aggregate principal amount of its 4.550% unsecured notes due 2028, with an issue price of 98.857%. On April 24, 2023, the Company borrowed $412,233 through an amortizing loan secured by U.S. operating leases. The final maturity date is December 2028. On April 25, 2023, the Company, through a bankruptcy-remote trust, issued $817,010 of amortizing asset-backed notes secured by U.S. retail receivables. ​

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2023
NEW ACCOUNTING PRONOUNCEMENTS.
New Accounting Pronouncements Adopted	New Accounting Pronouncements Adopted In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (151,254) ​ $ 2,563 ​ $ 15,288 ​ $ (133,403) Tax liability ​ — ​ (621) ​ (3,809) ​ (4,430) Beginning balance, net of tax (151,254) ​ 1,942 ​ 11,479 ​ (137,833) Other comprehensive income (loss) before reclassifications ​ (294) ​ (105) ​ (2,565) ​ (2,964) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (135) ​ (662) ​ (797) Tax effects ​ — ​ 59 ​ 834 ​ 893 Net current-period other comprehensive income (loss) (294) ​ (181) ​ (2,393) ​ (2,868) Total $ (151,548) ​ $ 1,761 ​ $ 9,086 ​ $ (140,701) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability 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 ​ 9,154 ​ (97) ​ 5,299 ​ 14,356 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (149) ​ 3,324 ​ 3,175 Tax effects ​ — ​ 60 ​ (2,172) ​ (2,112) Net current-period other comprehensive income (loss) 9,154 ​ (186) ​ 6,451 ​ 15,419 Total $ (103,464) ​ $ 1,678 ​ $ 5,748 ​ $ (96,038)

RECEIVABLES (Tables)

RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2023
RECEIVABLES
Summary of receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Retail notes $ 1,156,633 $ 1,241,775 Revolving charge accounts ​ 194,329 ​ 207,744 Finance leases ​ 195,003 ​ 198,064 Wholesale ​ 983,267 ​ 875,628 Restricted receivables ​ ​ 8,595,842 ​ ​ 8,343,621 Gross receivables 11,125,074 10,866,832 Less: Allowance for credit losses ​ (117,472) ​ (125,012) Total receivables, net $ 11,007,602 $ 10,741,820
Summary of restricted receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Retail notes $ 5,782,638 $ 5,835,445 Wholesale ​ 2,813,204 ​ 2,508,176 Total restricted receivables $ 8,595,842 ​ $ 8,343,621
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the three months ended March 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Accounts ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 110,341 $ 8,519 $ 6,152 ​ $ 125,012 Charge-offs ​ (5,612) ​ (4,238) ​ — ​ ​ (9,850) Recoveries ​ 392 ​ — ​ 11 ​ ​ 403 Provision (benefit) ​ (1,669) ​ 3,065 ​ 523 ​ ​ 1,919 Foreign currency translation and other ​ (10) ​ (1) ​ (1) ​ ​ (12) Ending balance $ 103,442 $ 7,345 $ 6,685 ​ $ 117,472 Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,134,274 $ 194,329 $ 3,796,471 ​ $ 11,125,074 At March 31, 2023, the allowance for credit losses included a decrease in reserves primarily due lower specific reserve needs. Allowance for credit losses activity for the three months ended March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 109,742 ​ $ 6,211 ​ $ 115,953 Charge-offs ​ (897) ​ — ​ (897) Recoveries ​ 297 ​ 11 ​ 308 Provision (benefit) ​ (666) ​ 3,491 ​ 2,825 Foreign currency translation and other ​ 174 ​ 11 ​ 185 Ending balance $ 108,650 $ 9,724 ​ $ 118,374 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,806,268 $ 2,435,962 ​ $ 9,242,230 At March 31, 2022, the allowance for credit losses included an increase in reserves primarily due to specific reserve needs, partially offset by the improved outlook for the agricultural industry and a reduced expected impact on credit conditions from the COVID-19 pandemic. Allowance for credit losses activity for the year ended December 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ Charge ​ ​ ​ ​ ​ ​ ​ Customer Accounts Wholesale Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 109,742 $ — $ 6,211 ​ $ 115,953 Charge-offs ​ (8,202) ​ (49) ​ (4,631) ​ (12,882) Recoveries ​ 2,262 ​ — ​ 526 ​ 2,788 Provision (benefit) ​ 7,311 ​ (169) ​ 4,099 ​ 11,241 Foreign currency translation and other ​ (772) ​ 8,737 ​ (53) ​ 7,912 Ending balance $ 110,341 $ 8,519 $ 6,152 ​ $ 125,012 Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 7,275,284 $ 207,744 $ 3,383,804 ​ $ 10,866,832
Schedule of aging of financing receivables	The aging of receivables and charge-offs as of March 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ ​ ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 56 ​ $ — ​ $ — ​ $ 56 ​ $ 550,629 ​ $ 550,685 ​ $ — 2022 ​ ​ 8,860 ​ ​ 1,008 ​ ​ 1,176 ​ ​ 11,044 ​ ​ 2,468,926 ​ ​ 2,479,970 ​ ​ 1,126 2021 ​ ​ 5,354 ​ ​ 1,715 ​ ​ 2,119 ​ ​ 9,188 ​ ​ 1,457,176 ​ ​ 1,466,364 ​ ​ 759 2020 ​ ​ 3,079 ​ ​ 581 ​ ​ 33,064 ​ ​ 36,724 ​ ​ 708,953 ​ ​ 745,677 ​ ​ 1,355 2019 ​ ​ 2,505 ​ ​ 527 ​ ​ 2,111 ​ ​ 5,143 ​ ​ 321,689 ​ ​ 326,832 ​ ​ 1,409 Prior to 2019 ​ ​ 808 ​ ​ 782 ​ ​ 4,801 ​ ​ 6,391 ​ ​ 181,919 ​ ​ 188,310 ​ ​ 928 Total $ 20,662 ​ $ 4,613 ​ $ 43,271 ​ $ 68,546 ​ $ 5,689,292 ​ $ 5,757,838 ​ $ 5,577 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 80 ​ $ — ​ $ — ​ $ 80 ​ $ 99,418 ​ $ 99,498 ​ $ — 2022 ​ ​ 1,536 ​ ​ 273 ​ ​ 110 ​ ​ 1,919 ​ ​ 585,553 ​ ​ 587,472 ​ ​ 91 2021 ​ ​ 1,123 ​ ​ 271 ​ ​ 2,338 ​ ​ 3,732 ​ ​ 396,754 ​ ​ 400,486 ​ ​ 197 2020 ​ ​ 669 ​ ​ 330 ​ ​ 1,031 ​ ​ 2,030 ​ ​ 170,126 ​ ​ 172,156 ​ ​ (418) 2019 ​ ​ 320 ​ ​ 175 ​ ​ 270 ​ ​ 765 ​ ​ 77,213 ​ ​ 77,978 ​ ​ 23 Prior to 2019 ​ ​ 201 ​ ​ 101 ​ ​ 1,017 ​ ​ 1,319 ​ ​ 37,527 ​ ​ 38,846 ​ ​ 142 Total $ 3,929 ​ $ 1,150 ​ $ 4,766 ​ $ 9,845 ​ $ 1,366,591 ​ $ 1,376,436 ​ $ 35 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 4,153 ​ $ 2,078 ​ $ 965 ​ $ 7,196 ​ $ 173,160 ​ $ 180,356 ​ $ 3,907 Canada ​ $ 403 ​ $ 178 ​ $ 91 ​ $ 672 ​ $ 13,301 ​ $ 13,973 ​ $ 331 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 5 ​ $ — ​ $ — ​ $ 5 ​ $ 3,066,973 ​ $ 3,066,978 ​ $ — Canada ​ $ 8 ​ $ — ​ $ — ​ $ 8 ​ $ 729,485 ​ $ 729,493 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 24,591 ​ $ 5,763 ​ $ 48,037 ​ $ 78,391 ​ $ 7,055,883 ​ $ 7,134,274 ​ $ 5,612 Revolving charge accounts ​ $ 4,556 ​ $ 2,256 ​ $ 1,056 ​ $ 7,868 ​ $ 186,461 ​ $ 194,329 ​ $ 4,238 Wholesale ​ $ 13 ​ $ — ​ $ — ​ $ 13 ​ $ 3,796,458 ​ $ 3,796,471 ​ $ — ​ The aging of receivables as of December 31, 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 customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 6,258 ​ $ 976 ​ $ 350 ​ $ 7,584 ​ $ 2,728,247 ​ $ 2,735,831 2021 ​ ​ 6,610 ​ ​ 1,269 ​ ​ 3,701 ​ ​ 11,580 ​ ​ 1,610,175 ​ ​ 1,621,755 2020 ​ ​ 4,490 ​ ​ 1,503 ​ ​ 32,505 ​ ​ 38,498 ​ ​ 807,990 ​ ​ 846,488 2019 ​ ​ 2,365 ​ ​ 1,034 ​ ​ 4,114 ​ ​ 7,513 ​ ​ 382,168 ​ ​ 389,681 2018 ​ ​ 1,579 ​ ​ 465 ​ ​ 1,493 ​ ​ 3,537 ​ ​ 186,897 ​ ​ 190,434 Prior to 2018 ​ ​ 765 ​ ​ 131 ​ ​ 4,955 ​ ​ 5,851 ​ ​ 54,566 ​ ​ 60,417 Total $ 22,067 ​ $ 5,378 ​ $ 47,118 ​ $ 74,563 ​ $ 5,770,043 ​ $ 5,844,606 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 1,544 ​ $ 22 ​ $ 387 ​ $ 1,953 ​ $ 652,576 ​ $ 654,529 2021 ​ ​ 2,420 ​ ​ 502 ​ ​ 2,371 ​ ​ 5,293 ​ ​ 436,138 ​ ​ 441,431 2020 ​ ​ 810 ​ ​ 128 ​ ​ 960 ​ ​ 1,898 ​ ​ 190,905 ​ ​ 192,803 2019 ​ ​ 197 ​ ​ 114 ​ ​ 615 ​ ​ 926 ​ ​ 90,968 ​ ​ 91,894 2018 ​ ​ 388 ​ ​ 178 ​ ​ 262 ​ ​ 828 ​ ​ 38,477 ​ ​ 39,305 Prior to 2018 ​ ​ 123 ​ ​ 25 ​ ​ 257 ​ ​ 405 ​ ​ 10,311 ​ ​ 10,716 Total $ 5,482 ​ $ 969 ​ $ 4,852 ​ $ 11,303 ​ $ 1,419,375 ​ $ 1,430,678 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 12,979 ​ $ 9,965 ​ $ — ​ $ 22,944 ​ $ 169,851 ​ $ 192,795 Canada ​ $ 1,237 ​ $ 759 ​ $ — ​ $ 1,996 ​ $ 12,953 ​ $ 14,949 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 7 ​ $ — ​ $ 4 ​ $ 11 ​ $ 2,721,282 ​ $ 2,721,293 Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 662,511 ​ $ 662,511 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 27,549 ​ $ 6,347 ​ $ 51,970 ​ $ 85,866 ​ $ 7,189,418 ​ $ 7,275,284 Revolving charge accounts ​ $ 14,216 ​ $ 10,724 ​ $ — ​ $ 24,940 ​ $ 182,804 ​ $ 207,744 Wholesale ​ $ 7 ​ $ — ​ $ 4 ​ $ 11 ​ $ 3,383,793 ​ $ 3,383,804
Schedule of receivables on nonaccrual status	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 United States $ 44,333 $ 48,690 Canada ​ $ 4,766 ​ $ 4,852

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
EQUIPMENT ON OPERATING LEASES
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	​ ​ ​ ​ ​ 2023 $ 153,322 2024 ​ 148,214 2025 ​ 85,663 2026 ​ 33,716 2027 and thereafter ​ 12,108 Total lease payments $ 433,023

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 2,056 ​ $ 3,597 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 41,984 ​ $ 42,936 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 23,868 ​ $ 27,862 Foreign exchange contracts ​ 4,045 ​ 4,116 Total $ 27,913 ​ $ 31,978 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 23,868 ​ $ 27,862 Foreign exchange contracts ​ ​ 395 ​ ​ 435 Total $ 24,263 ​ $ 28,297
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Cash Flow Hedges ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ Interest rate derivatives $ (2,565) ​ $ 5,299 Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ $ 662 ​ $ (3,324) Not Designated as Hedges ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net $ 31 ​ $ 2,847 ​
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 25,924 ​ $ 31,459 Foreign exchange contracts ​ 4,045 ​ 4,116 Total assets $ 29,969 ​ $ 35,575 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 65,852 ​ $ 70,798 Foreign exchange contracts ​ ​ 395 ​ ​ 435 Total liabilities $ 66,247 ​ $ 71,233
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 11,007,602 ​ $ 10,739,313 ​ $ 10,741,820 ​ $ 10,433,949 Long-term debt ​ $ 5,908,040 ​ $ 5,650,845 ​ $ 6,387,135 ​ $ 6,032,997 ______________ * 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)	3 Months Ended
	Mar. 31, 2023
GEOGRAPHICAL INFORMATION
Summary of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 Revenues ​ ​ ​ ​ ​ United States ​ $ 182,895 ​ $ 149,836 Canada ​ 46,108 ​ 39,062 Eliminations ​ (485) ​ (1,489) Total $ 228,518 ​ $ 187,409 Interest expense ​ ​ ​ ​ ​ United States ​ $ 85,652 ​ $ 31,717 Canada ​ 18,537 ​ 9,192 Eliminations ​ (485) ​ (1,489) Total $ 103,704 ​ $ 39,420 Net income ​ ​ ​ ​ ​ United States ​ $ 36,259 ​ $ 50,687 Canada ​ 10,042 ​ 12,800 Total $ 46,301 ​ $ 63,487 Depreciation and amortization ​ ​ ​ ​ ​ United States ​ $ 32,829 ​ $ 41,557 Canada ​ 12,892 ​ 12,548 Total $ 45,721 ​ $ 54,105 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ United States ​ $ 75,241 ​ $ 89,707 Canada ​ 28,038 ​ 32,511 Total $ 103,279 ​ $ 122,218 Provision (benefit) for credit losses ​ ​ ​ ​ ​ United States ​ $ 3,159 ​ $ 4,395 Canada ​ (1,240) ​ (1,570) Total $ 1,919 ​ $ 2,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ As of As of ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 Total assets ​ ​ ​ ​ ​ United States ​ $ 10,846,038 ​ $ 10,712,413 Canada ​ 2,678,005 ​ 2,683,722 Eliminations ​ (215,933) ​ (216,656) Total $ 13,308,110 ​ $ 13,179,479 Managed receivables ​ ​ ​ ​ ​ United States ​ $ 9,005,172 ​ $ 8,758,694 Canada ​ 2,119,902 ​ 2,108,138 Total $ 11,125,074 ​ $ 10,866,832

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Subsidy from CNH Industrial North America ​ ​ ​ ​ ​ Retail notes and finance leases ​ $ 28,475 ​ $ 32,443 Operating lease ​ 10,323 ​ 12,579 Revolving charge accounts ​ ​ 859 ​ ​ — Wholesale ​ ​ 43,413 ​ ​ 17,043 Income from affiliated receivables ​ ​ ​ ​ CNH Industrial North America ​ — ​ 186 Banco CNH Industrial Capital Brazil ​ ​ 638 ​ ​ — Other affiliates ​ ​ 396 ​ ​ 56 Total interest and other income from affiliates $ 84,104 ​ $ 62,307
Schedule of various accounts and notes receivable and debt with the affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 Affiliated receivables ​ ​ ​ ​ ​ CNH Industrial America $ — ​ $ 10 Banco CNH Industrial Capital Brazil ​ ​ 55,622 ​ ​ 40,983 Other affiliates ​ 12,488 ​ ​ 12,516 Total affiliated receivables $ 68,110 ​ $ 53,509 Affiliated debt ​ ​ ​ ​ ​ CNH Industrial America ​ $ 430,402 ​ $ 100,195 CNH Industrial Canada Ltd. ​ ​ ​ ​ 241,036 Other affiliates ​ ​ — ​ ​ 300 Total affiliated debt $ 586,984 ​ $ 341,531

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
Commitments to Extend Credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ Credit Limit ​ Utilized ​ Not Utilized Wholesale and dealer financing ​ $ 6,011,492 ​ $ 3,691,249 ​ $ 2,320,243 Revolving charge accounts ​ $ 2,483,621 ​ $ 198,074 ​ $ 2,285,547

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Changes in accumulated other comprehensive income by component
Beginning balance, gross			$ (133,403)	$ (111,123)
Tax asset (liability)			(4,430)	(334)
Beginning balance, net of tax	$ (137,833)	$ (111,457)
Other comprehensive income (loss) before reclassifications	(2,964)	14,356
Amounts reclassified from accumulated other comprehensive income (loss)	(797)	3,175
Tax effects	893	(2,112)
Total other comprehensive income (loss)	(2,868)	15,419
Ending balance	(140,701)	(96,038)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross			(151,254)	(112,618)
Beginning balance, net of tax	(151,254)	(112,618)
Other comprehensive income (loss) before reclassifications	(294)	9,154
Total other comprehensive income (loss)	(294)	9,154
Ending balance	(151,548)	(103,464)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross			2,563	2,451
Tax asset (liability)			(621)	(587)
Beginning balance, net of tax	1,942	1,864
Other comprehensive income (loss) before reclassifications	(105)	(97)
Amounts reclassified from accumulated other comprehensive income (loss)	(135)	(149)
Tax effects	59	60
Total other comprehensive income (loss)	(181)	(186)
Ending balance	1,761	1,678
Unrealized (Losses) Gains on Derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross			15,288	(956)
Tax asset (liability)			$ (3,809)	$ 253
Beginning balance, net of tax	11,479	(703)
Other comprehensive income (loss) before reclassifications	(2,565)	5,299
Amounts reclassified from accumulated other comprehensive income (loss)	(662)	3,324
Tax effects	834	(2,172)
Total other comprehensive income (loss)	(2,393)	6,451
Ending balance	$ 9,086	$ 5,748

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Receivables
Gross receivables	$ 11,125,074	$ 10,866,832	$ 9,242,230
Less: Allowance for credit losses	(117,472)	(125,012)	$ (118,374)	$ (115,953)
Total receivables, net	11,007,602	10,741,820
Restricted receivables	8,595,842	8,343,621
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 notes
Receivables
Gross receivables	1,156,633	1,241,775
Restricted receivables	5,782,638	5,835,445
Revolving charge accounts
Receivables
Gross receivables	194,329	207,744
Finance leases
Receivables
Gross receivables	195,003	198,064
Wholesale
Receivables
Gross receivables	983,267	875,628
Restricted receivables	2,813,204	2,508,176
Restricted receivables
Receivables
Restricted receivables	$ 8,595,842	$ 8,343,621

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Allowance for credit losses:
Beginning balance	$ 125,012	$ 115,953	$ 115,953
Charge-offs	(9,850)	(897)	(12,882)
Recoveries	403	308	2,788
Provision (benefit)	1,919	2,825	11,241
Foreign currency translation and other	(12)	185	7,912
Ending balance	117,472	118,374	125,012
Receivables:
Ending balance	$ 11,125,074	9,242,230	10,866,832
Minimum account delinquency period for revolving charge accounts to be classified as past due	120 days
Retail customer
Allowance for credit losses:
Beginning balance	$ 110,341	109,742	109,742
Charge-offs	(5,612)	(897)	(8,202)
Recoveries	392	297	2,262
Provision (benefit)	(1,669)	(666)	7,311
Foreign currency translation and other	(10)	174	(772)
Ending balance	103,442	108,650	110,341
Receivables:
Ending balance	7,134,274	6,806,268	7,275,284
Revolving charge accounts
Allowance for credit losses:
Beginning balance	8,519
Charge-offs	(4,238)		(49)
Provision (benefit)	3,065		(169)
Foreign currency translation and other	(1)		8,737
Ending balance	7,345		8,519
Receivables:
Ending balance	194,329		207,744
Wholesale.
Allowance for credit losses:
Beginning balance	6,152	6,211	6,211
Charge-offs			(4,631)
Recoveries	11	11	526
Provision (benefit)	523	3,491	4,099
Foreign currency translation and other	(1)	11	(53)
Ending balance	6,685	9,724	6,152
Receivables:
Ending balance	$ 3,796,471	$ 2,435,962	$ 3,383,804

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing receivable, recorded investment
Restricted receivables	$ 8,595,842	$ 8,343,621
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail customer
Financing receivable, recorded investment
Total	$ 7,134,274	$ 7,275,284
Charge-offs
Total	5,612
Retail customer | Total Past Due
Financing receivable, recorded investment
Total	78,391	85,866
Retail customer | 31-60 Days Past Due
Financing receivable, recorded investment
Total	24,591	27,549
Retail customer | 61-90 Days Past Due
Financing receivable, recorded investment
Total	5,763	6,347
Retail customer | Greater than 90 Days
Financing receivable, recorded investment
Total	48,037	51,970
Retail customer | Current
Financing receivable, recorded investment
Total	7,055,883	7,189,418
Retail customer | United States
Financing receivable, recorded investment
Originated in current fiscal year	550,685	2,735,831
Originated in fiscal year before latest fiscal year	2,479,970	1,621,755
Originated two years before latest fiscal year	1,466,364	846,488
Originated three years before latest fiscal year	745,677	389,681
Originated four years before latest fiscal year	326,832	190,434
Originated five years before latest fiscal year	188,310	60,417
Total	5,757,838	5,844,606
Charge-offs
2022/2021	1,126
2021/2020	759
2020/2019	1,355
2019/2018	1,409
Prior to 2019/Prior to 2018	928
Total	5,577
Retail customer | United States | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	56	7,584
Originated in fiscal year before latest fiscal year	11,044	11,580
Originated two years before latest fiscal year	9,188	38,498
Originated three years before latest fiscal year	36,724	7,513
Originated four years before latest fiscal year	5,143	3,537
Originated five years before latest fiscal year	6,391	5,851
Total	68,546	74,563
Retail customer | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	56	6,258
Originated in fiscal year before latest fiscal year	8,860	6,610
Originated two years before latest fiscal year	5,354	4,490
Originated three years before latest fiscal year	3,079	2,365
Originated four years before latest fiscal year	2,505	1,579
Originated five years before latest fiscal year	808	765
Total	20,662	22,067
Retail customer | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		976
Originated in fiscal year before latest fiscal year	1,008	1,269
Originated two years before latest fiscal year	1,715	1,503
Originated three years before latest fiscal year	581	1,034
Originated four years before latest fiscal year	527	465
Originated five years before latest fiscal year	782	131
Total	4,613	5,378
Retail customer | United States | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year		350
Originated in fiscal year before latest fiscal year	1,176	3,701
Originated two years before latest fiscal year	2,119	32,505
Originated three years before latest fiscal year	33,064	4,114
Originated four years before latest fiscal year	2,111	1,493
Originated five years before latest fiscal year	4,801	4,955
Total	43,271	47,118
Retail customer | United States | Current
Financing receivable, recorded investment
Originated in current fiscal year	550,629	2,728,247
Originated in fiscal year before latest fiscal year	2,468,926	1,610,175
Originated two years before latest fiscal year	1,457,176	807,990
Originated three years before latest fiscal year	708,953	382,168
Originated four years before latest fiscal year	321,689	186,897
Originated five years before latest fiscal year	181,919	54,566
Total	5,689,292	5,770,043
Retail customer | Canada
Financing receivable, recorded investment
Originated in current fiscal year	99,498	654,529
Originated in fiscal year before latest fiscal year	587,472	441,431
Originated two years before latest fiscal year	400,486	192,803
Originated three years before latest fiscal year	172,156	91,894
Originated four years before latest fiscal year	77,978	39,305
Originated five years before latest fiscal year	38,846	10,716
Total	1,376,436	1,430,678
Charge-offs
2022/2021	91
2021/2020	197
2020/2019	(418)
2019/2018	23
Prior to 2019/Prior to 2018	142
Total	35
Retail customer | Canada | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	80	1,953
Originated in fiscal year before latest fiscal year	1,919	5,293
Originated two years before latest fiscal year	3,732	1,898
Originated three years before latest fiscal year	2,030	926
Originated four years before latest fiscal year	765	828
Originated five years before latest fiscal year	1,319	405
Total	9,845	11,303
Retail customer | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	80	1,544
Originated in fiscal year before latest fiscal year	1,536	2,420
Originated two years before latest fiscal year	1,123	810
Originated three years before latest fiscal year	669	197
Originated four years before latest fiscal year	320	388
Originated five years before latest fiscal year	201	123
Total	3,929	5,482
Retail customer | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year		22
Originated in fiscal year before latest fiscal year	273	502
Originated two years before latest fiscal year	271	128
Originated three years before latest fiscal year	330	114
Originated four years before latest fiscal year	175	178
Originated five years before latest fiscal year	101	25
Total	1,150	969
Retail customer | Canada | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year		387
Originated in fiscal year before latest fiscal year	110	2,371
Originated two years before latest fiscal year	2,338	960
Originated three years before latest fiscal year	1,031	615
Originated four years before latest fiscal year	270	262
Originated five years before latest fiscal year	1,017	257
Total	4,766	4,852
Retail customer | Canada | Current
Financing receivable, recorded investment
Originated in current fiscal year	99,418	652,576
Originated in fiscal year before latest fiscal year	585,553	436,138
Originated two years before latest fiscal year	396,754	190,905
Originated three years before latest fiscal year	170,126	90,968
Originated four years before latest fiscal year	77,213	38,477
Originated five years before latest fiscal year	37,527	10,311
Total	1,366,591	1,419,375
Wholesale.
Financing receivable, recorded investment
Total	3,796,471	3,383,804
Wholesale. | Total Past Due
Financing receivable, recorded investment
Total	13	11
Wholesale. | 31-60 Days Past Due
Financing receivable, recorded investment
Total	13	7
Wholesale. | Greater than 90 Days
Financing receivable, recorded investment
Total		4
Wholesale. | Current
Financing receivable, recorded investment
Total	3,796,458	3,383,793
Wholesale. | United States
Financing receivable, recorded investment
Total	3,066,978	2,721,293
Wholesale. | United States | Total Past Due
Financing receivable, recorded investment
Total	5	11
Wholesale. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	5	7
Wholesale. | United States | Greater than 90 Days
Financing receivable, recorded investment
Total		4
Wholesale. | United States | Current
Financing receivable, recorded investment
Total	3,066,973	2,721,282
Wholesale. | Canada
Financing receivable, recorded investment
Total	729,493	662,511
Wholesale. | Canada | Total Past Due
Financing receivable, recorded investment
Total	8
Wholesale. | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	8
Wholesale. | Canada | Current
Financing receivable, recorded investment
Total	729,485	662,511
Revolving charge accounts
Financing receivable, recorded investment
Total	194,329	207,744
Charge-offs
Total	4,238
Revolving charge accounts | Total Past Due
Financing receivable, recorded investment
Total	7,868	24,940
Revolving charge accounts | 31-60 Days Past Due
Financing receivable, recorded investment
Total	4,556	14,216
Revolving charge accounts | 61-90 Days Past Due
Financing receivable, recorded investment
Total	2,256	10,724
Revolving charge accounts | Greater than 90 Days
Financing receivable, recorded investment
Total	1,056
Revolving charge accounts | Current
Financing receivable, recorded investment
Total	186,461	182,804
Revolving charge accounts | United States
Financing receivable, recorded investment
Total	180,356	192,795
Charge-offs
Total	3,907
Revolving charge accounts | United States | Total Past Due
Financing receivable, recorded investment
Total	7,196	22,944
Revolving charge accounts | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	4,153	12,979
Revolving charge accounts | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total	2,078	9,965
Revolving charge accounts | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	965
Revolving charge accounts | United States | Current
Financing receivable, recorded investment
Total	173,160	169,851
Revolving charge accounts | Canada
Financing receivable, recorded investment
Total	13,973	14,949
Charge-offs
Total	331
Revolving charge accounts | Canada | Total Past Due
Financing receivable, recorded investment
Total	672	1,996
Revolving charge accounts | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	403	1,237
Revolving charge accounts | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total	178	759
Revolving charge accounts | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total	91
Revolving charge accounts | Canada | Current
Financing receivable, recorded investment
Total	$ 13,301	$ 12,953

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financing receivable, impaired
Accrued interest	$ 61,198	$ 57,831
Delinquency period of accounts considered for recognition of income	90 days	90 days
Retail customer | United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 44,333	$ 48,690
Retail customer | Canada
Financing receivable, impaired
Receivables on nonaccrual status	4,766	4,852
Wholesale.
Financing receivable, impaired
Receivables on nonaccrual status	$ 0	0
Revolving charge accounts
Financing receivable, impaired
Receivables on nonaccrual status		$ 0

EQUIPMENT ON OPERATING LEASES_2

EQUIPMENT ON OPERATING LEASES (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	$ 74,499
2023	153,322
2024	148,214
2025	85,663
2026	33,716
2027 and thereafter	12,108
Total lease payments	$ 433,023

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) - Unsecured Facilities $ in Thousands	Mar. 31, 2023 USD ($)
Revolving credit facilities
Debt
Maximum borrowing capacity	$ 605,522
Line of credit, outstanding amount	205,522
Commercial paper
Debt
Short-Term Outstanding	$ 258,477

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of statutory and effective income tax rate
Effective tax rate (as a percent)	23.40%	23.40%

FINANCIAL INSTRUMENTS - General

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	47 months
After-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months	$ (2,113)

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 2,056		$ 3,597
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	41,984		42,936
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	23,868		27,862
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	4,045		4,116
Derivative assets not designated as hedging instruments, classified in other assets	27,913		31,978
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	23,868		27,862
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities	395		435
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	24,263		28,297
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	(2,565)	$ 5,299
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	662	(3,324)
Foreign exchange contracts, other expenses, net, not designated as hedges	31	2,847
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	3,950,104		$ 3,628,725
Four-month average notional amounts of interest rate derivatives	$ 3,752,123	$ 3,823,950

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Foreign exchange contracts	$ 4,045	$ 4,116
Liabilities
Foreign exchange contracts	395	435
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	25,924	31,459
Foreign exchange contracts	4,045	4,116
Total assets	29,969	35,575
Liabilities
Interest rate derivatives	65,852	70,798
Foreign exchange contracts	395	435
Total liabilities	$ 66,247	$ 71,233

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments Not Carried at Fair Value
Receivables	$ 11,007,602	$ 10,741,820
Long-term debt	5,908,040	6,387,135
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	11,007,602	10,741,820
Long-term debt	5,908,040	6,387,135
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	10,739,313	10,433,949
Long-term debt	$ 5,650,845	$ 6,032,997

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Geographical Information
Revenues	$ 228,518	$ 187,409
Interest expense	103,704	39,420
Net income	46,301	63,487
Depreciation and amortization	45,721	54,105
Expenditures for equipment on operating leases	103,279	122,218
Provision for credit losses	1,919	2,825	$ 11,241
Additional disclosures
Total assets	13,308,110		13,179,479
Managed receivables	11,125,074		10,866,832
Eliminations
Geographical Information
Revenues	(485)	(1,489)
Interest expense	(485)	(1,489)
Additional disclosures
Total assets	(215,933)		(216,656)
United States.
Geographical Information
Net income	36,259	50,687
Depreciation and amortization	32,829	41,557
Expenditures for equipment on operating leases	75,241	89,707
Provision for credit losses	3,159	4,395
Additional disclosures
Managed receivables	9,005,172		8,758,694
United States. | Operating segment
Geographical Information
Revenues	182,895	149,836
Interest expense	85,652	31,717
Additional disclosures
Total assets	10,846,038		10,712,413
Canada.
Geographical Information
Net income	10,042	12,800
Depreciation and amortization	12,892	12,548
Expenditures for equipment on operating leases	28,038	32,511
Provision for credit losses	(1,240)	(1,570)
Additional disclosures
Managed receivables	2,119,902		2,108,138
Canada. | Operating segment
Geographical Information
Revenues	46,108	39,062
Interest expense	18,537	$ 9,192
Additional disclosures
Total assets	$ 2,678,005		$ 2,683,722

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
RELATED-PARTY TRANSACTIONS
Revolving charge accounts	$ 8,330
Total interest and other income from affiliates	84,104	$ 62,307
Affiliated receivables	68,110		$ 53,509
Affiliated debt	586,984		341,531
Other information
Interest expense to related affiliates	8,448	333
Fees charged by affiliates	13,875	11,416
Accounts payable and other accrued liabilities payable to related parties	99,330		212,167
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail notes and finance leases	28,475	32,443
Operating lease	10,323	12,579
Revolving charge accounts	859
Wholesale	43,413	17,043
Lending funds		186
CNH Industrial America
RELATED-PARTY TRANSACTIONS
Affiliated receivables			10
Affiliated debt	430,402		100,195
CNH Industrial Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated debt	156,582		241,036
Banco CNH Industrial Capital Brazil
RELATED-PARTY TRANSACTIONS
Lending funds	638
Affiliated receivables	55,622		40,983
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	396	$ 56
Affiliated receivables	$ 12,488		12,516
Affiliated debt			$ 300

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Guarantees
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 50,400
Wholesale and dealer financing
Guarantees
Total credit limit	6,011,492
Utilized	3,691,249
Not Utilized	2,320,243
Revolving charge accounts
Guarantees
Total credit limit	2,483,621
Utilized	198,074
Not Utilized	$ 2,285,547

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - USD ($) $ in Thousands	Apr. 10, 2023	Apr. 25, 2023	Apr. 24, 2023
Secured Debt
Subsequent Events
Debt amount		$ 817,010
Secured Debt | Other ABS Financing
Subsequent Events
Debt amount			$ 412,233
Unsecured Senior Notes | 4.550% unsecured notes due 2028 | CNH Industrial Capital LLC
Subsequent Events
Additional borrowing issued	$ 600,000
Interest rate (as a percent)	4.55%
Issue price of debt (as a percent)	98.857%