CNH Industrial Capital 10-K 15 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 15, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float	$ 0
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	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	FY
Amendment Flag	false
Auditor Name	DELOITTE & TOUCHE LLP	ERNST & YOUNG LLP
Auditor Firm ID	42	34
Auditor Location	Chicago, IL	Milwaukee, WI

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Interest income on retail notes and finance leases	$ 288,067	$ 216,528	$ 154,994
Rental income on operating leases	237,178	248,335	267,606
Revolving charge account income	39,568
Interest income on wholesale notes	66,015	28,659	31,011
Interest and other income from affiliates	434,257	268,267	297,579
Other income	7,568	30,046	37,994
Total revenues	1,072,653	791,835	789,184
Interest expense:
Interest expense to third parties	500,493	232,446	192,092
Total interest expense	534,239	241,807	195,778
Administrative and operating expenses:
Provision (benefit) for credit losses	11,579	11,241	(7,460)
Depreciation of equipment on operating leases	178,969	201,582	239,331
Other expenses, net	17,034	(3,655)	14,016
Total administrative and operating expenses	261,386	260,026	293,256
Total expenses	795,625	501,833	489,034
INCOME BEFORE TAXES	277,028	290,002	300,150
Income tax provision	61,956	70,880	69,935
NET INCOME	215,072	219,122	230,215
Related Party
Interest expense:
Interest expense to affiliates	33,746	9,361	3,686
Total interest expense	33,746	9,361	3,686
Administrative and operating expenses:
Fees charged by affiliates	$ 53,804	$ 50,858	$ 47,369

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 215,072	$ 219,122	$ 230,215
Other comprehensive income (loss):
Foreign currency translation adjustment	8,456	(38,636)	666
Pension liability adjustment	(757)	79	1,802
Change in derivative financial instruments	(7,174)	12,181	6,310
Total other comprehensive income (loss)	525	(26,376)	8,778
COMPREHENSIVE INCOME	$ 215,597	$ 192,746	$ 238,993

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash	$ 390,110	$ 262,244
Restricted cash and cash equivalents	407,817	446,335
Receivables, less allowance for credit losses of $114,745 and $125,012, respectively	13,455,717	10,741,820
Equipment on operating leases, net	1,378,384	1,472,973
Equipment held for sale	20,215	11,685
Goodwill	109,118	108,567
Other intangible assets, net	19,352	18,388
Other assets	108,147	63,958
TOTAL	15,963,527	13,179,479
Liabilities:
Short-term debt (including current maturities of long-term debt)	5,519,792	4,096,426
Accounts payable and other accrued liabilities	852,638	1,046,688
Long-term debt	7,859,629	6,387,135
Total liabilities	14,364,551	11,871,780
Commitments and contingent liabilities (Note 13)
Stockholder's equity:
Member's capital
Paid-in capital	919,702	844,022
Accumulated other comprehensive loss	(137,308)	(137,833)
Retained earnings	816,582	601,510
Total stockholder's equity	1,598,976	1,307,699
TOTAL	15,963,527	13,179,479
Related Party
ASSETS
Affiliated accounts and notes receivable	74,667	53,509
Liabilities:
Affiliated debt	$ 132,492	$ 341,531

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 114,745	$ 125,012
Restricted cash and cash equivalents	407,817	446,335
Receivables, less allowance for credit losses of $54,889 and $55,645, respectively	13,455,717	10,741,820
TOTAL	15,963,527	13,179,479
Short-term debt (including current maturities of long-term debt)	5,519,792	4,096,426
Long-term debt	7,859,629	6,387,135
Total liabilities	14,364,551	11,871,780
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	54,889	55,645
Restricted cash and cash equivalents	407,817	446,335
Receivables, less allowance for credit losses of $54,889 and $55,645, respectively	8,103,838	6,927,032
TOTAL	8,511,655	7,373,367
Short-term debt (including current maturities of long-term debt)	3,824,385	3,120,860
Long-term debt	4,086,419	3,599,575
Total liabilities	$ 7,910,804	$ 6,720,435

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 215,072	$ 219,122	$ 230,215
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	178,977	201,590	239,339
Amortization of intangibles	2,939	2,159	1,910
Provision (benefit) for credit losses	11,579	11,241	(7,460)
Deferred income tax benefit	(65,432)	(54,452)	(10,041)
Other non-cash items	53,012
Changes in components of working capital:
Change in affiliated accounts and notes receivables	(15,143)	206,190	155,119
Change in other assets and equipment held for sale	(47,971)	39,577	14,475
Change in accounts payable and other accrued liabilities	(139,998)	69,939	154,200
Net cash from (used in) operating activities	193,035	695,366	777,757
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(19,225,922)	(15,039,779)	(12,527,444)
Collections of receivables	16,551,962	13,101,247	12,485,249
Cost of affiliated notes receivables acquired	(14,000)
Collections of affiliated notes receivables	8,000
Purchase of equipment on operating leases	(521,144)	(517,623)	(536,401)
Proceeds from disposal of equipment on operating leases	444,004	533,330	457,421
Purchase of property, equipment and software	(3,904)	(4,094)	(5,029)
Net cash from (used in) investing activities	(2,761,004)	(1,926,919)	(126,204)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	1,763,393	855,799	259,793
Payment of affiliated debt	(1,973,415)	(500,617)	(445,003)
Proceeds from issuance of long-term debt	4,597,046	3,749,914	4,393,756
Payment of long-term debt	(3,401,638)	(3,361,007)	(3,652,327)
Change in committed asset-backed facilities, net	1,382,643	1,127	(947,775)
Change in short-term borrowings, net	214,288	301,257	111
Dividends paid to CNH Industrial America LLC		(135,000)	(250,000)
Proceeds from capital contribution	75,000
Net cash from (used in) financing activities	2,657,317	911,473	(641,445)
INCREASE (DECREASE) IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	89,348	(320,080)	10,108
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of year	708,579	1,028,659	1,018,551
End of year	797,927	708,579	1,028,659
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash	390,110	262,244	426,917
Restricted cash and cash equivalents	407,817	446,335	601,742
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	797,927	708,579	1,028,659
CASH PAID DURING THE YEAR FOR INTEREST	513,170	227,868	198,527
CASH PAID DURING THE YEAR FOR TAXES	$ 100,687	$ 126,120	$ 56,801

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, 2020	$ 843,234	$ (120,235)	$ 537,173	$ 1,260,172
Increase (Decrease) in Stockholder's Equity
Net income			230,215	230,215
Dividends paid to CNH Industrial America LLC			(250,000)	(250,000)
Foreign currency translation adjustment		666		666
Stock compensation	235			235
Pension liability adjustment, net of tax		1,802		1,802
Change in derivative financial instruments, net of tax		6,310		6,310
BALANCE at Dec. 31, 2021	843,469	(111,457)	517,388	1,249,400
Increase (Decrease) in Stockholder's Equity
Net income			219,122	219,122
Dividends paid to CNH Industrial America LLC			(135,000)	(135,000)
Foreign currency translation adjustment		(38,636)		(38,636)
Stock compensation	553			553
Pension liability adjustment, net of tax		79		79
Change in derivative financial instruments, net of tax		12,181		12,181
BALANCE at Dec. 31, 2022	844,022	(137,833)	601,510	1,307,699
Increase (Decrease) in Stockholder's Equity
Net income			215,072	215,072
Foreign currency translation adjustment		8,456		8,456
Stock compensation	680			680
Pension liability adjustment, net of tax		(757)		(757)
Change in derivative financial instruments, net of tax		(7,174)		(7,174)
Capital contribution	75,000			75,000
BALANCE at Dec. 31, 2023	$ 919,702	$ (137,308)	$ 816,582	$ 1,598,976

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2023
NATURE OF OPERATIONS
NATURE OF OPERATIONS	NOTE 1: NATURE OF OPERATIONS CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC (“New Holland Credit”), CNH Industrial Capital America LLC (“CNH Capital America”) and CNH Industrial Capital Canada Ltd. (“CNH Capital Canada”) (collectively, “CNH Capital” or the “Company”), are each a subsidiary of CNH Industrial America LLC (“CNH America”), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. (“CNHI” and, together with its consolidated subsidiaries, “CNH”). CNH America and CNH Industrial Canada Ltd. (“CNH Canada”) (collectively, “CNH North America”) design, manufacture, and sell agricultural and construction equipment. CNH Capital provides financial services for CNH 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 Basildon, Essex, England. The common shares of CNHI are listed on the New York Stock Exchange under the symbol “CNHI.” To support CNH North America’s sales of agricultural and construction equipment products, the Company offers retail note and lease financing to end-use customers for the purchase of new and used equipment and components sold through CNH North America’s dealer network, as well as revolving charge account financing and other financial services. CNH Capital also provides wholesale financing to CNH North America dealers and distributors, all of which are independently owned and operated. Retail financing products primarily include retail notes, finance leases and operating leases to end-use customers and revolving charge account financing for customers to purchase parts, service, rentals, implements and attachments from CNH North America dealers. Wholesale financing consists primarily of dealer floorplan financing, which gives dealers the ability to maintain a representative inventory of products. In addition, the Company also finances other products, including insurance and equipment protection products underwritten through a third-party insurer. As a captive finance company, the Company is reliant on the operations of CNH North America, its dealers and end-use customers.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. Certain prior period balances have been reclassified to conform to the current year presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of December 31, 2023, 2022 and 2021. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates. Revenue Recognition Finance and interest income on receivables is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on receivables is suspended when management determines that collection of future income is not probable or when an account becomes 90 days past due, whichever occurs earlier. Income accrual is resumed if the receivable becomes contractually current and collection doubts are removed. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. A substantial portion of the Company’s interest income arises from retail sales programs offered by CNH North America on which finance charges are waived or below-market rate financing programs are offered. When the Company acquires retail notes and finance leases subject to below-market interest rates, including waived interest rate financing, the Company receives compensation from CNH North America based on the Company’s estimated costs and a targeted return on equity. This amount is initially recognized as an unearned finance charge and is recognized as interest income over the term of the retail customer receivables (which, as used herein, “retail customer receivables” refers primarily to retail notes and finance leases), and is included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. For selected wholesale receivables, CNH North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. These amounts are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. The Company is also compensated for lending funds to CNH North America. The amounts earned are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. Income from operating leases is recognized over the term of the lease on a straight-line basis. For selected operating leases, CNH North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. The amounts from CNH North America recognized as rental income on operating leases are included in “Interest and other income from affiliates.” Foreign Currency Translation The Company’s non-U.S. subsidiaries maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non-U.S. subsidiaries are translated into U.S. dollars at period-end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Income and expense accounts of these non-U.S. subsidiaries are translated at the average exchange rates for the period. Gains and losses from foreign currency transactions are included in net income in the period that they arise. Net foreign currency transaction gains and losses are reflected in “Other expenses, net” in the accompanying consolidated statements of income. Restricted Cash and Cash Equivalents Restricted cash includes principal and interest payments from retail notes and wholesale receivables owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements. Restricted cash equivalents are highly liquid investments with an original maturity of one month or less. Receivables Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. Periodically, the Company sells or transfers retail notes and wholesale receivables to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail notes and wholesale receivables sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Company’s receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of 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 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 retail customer receivables and wholesale 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. Equipment on Operating Leases The Company purchases leases and equipment from CNH North America’s dealers and other independent third parties that have leased equipment to retail customers under operating leases. The Company’s investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination. Residual values are estimated at the inception of the lease and are reviewed quarterly. Realization of the residual values is dependent on the Company’s future ability to re-market the equipment under then prevailing market conditions. Equipment model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs are the responsibility of the lessee. The Company evaluates the carrying amount of equipment on operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for recoverability identifies a possible impairment, the asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value. Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated. Matured operating lease inventory is reported in “Equipment held for sale.” Goodwill and Intangible Assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite useful life and is reviewed for impairment at least annually. During 2023 and 2022, the Company performed its annual impairment review as of December 31, and concluded that there was no impairment in either year. Other intangible assets consist of software and are being amortized on a straight-line basis over ten years. ​ Income Taxes The provision for income taxes is determined using the asset and liability method. The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence. Derivatives The Company’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. The Company records derivative financial instruments in the consolidated balance sheets as either an asset or liability measured at fair value. The fair value of the Company’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. The fair value of the Company’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. The Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivative financial instruments designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. The Company assesses the effectiveness of its hedging instruments both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term. New Accounting Pronouncements Adopted In 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 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 New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 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 year ended December 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 ​ — ​ (620) ​ (3,810) ​ (4,430) Beginning balance, net of tax (151,254) ​ 1,943 ​ 11,478 ​ (137,833) Other comprehensive income (loss) before reclassifications ​ 8,456 ​ (43) ​ (6,987) ​ 1,426 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (961) ​ (2,624) ​ (3,585) Tax effects ​ — ​ 247 ​ 2,437 ​ 2,684 Net current-period other comprehensive income (loss) 8,456 ​ (757) ​ (7,174) ​ 525 Total $ (142,798) ​ $ 1,186 ​ $ 4,304 ​ $ (137,308) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (112,618) ​ $ 2,451 ​ $ (956) ​ $ (111,123) Tax liability ​ — ​ (587) ​ 253 ​ (334) Beginning balance, net of tax (112,618) ​ 1,864 ​ (703) ​ (111,457) Other comprehensive income (loss) before reclassifications ​ (38,636) ​ 1,067 ​ 17,334 ​ (20,235) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (955) ​ (1,090) ​ (2,045) Tax effects ​ — ​ (33) ​ (4,063) ​ (4,096) Net current-period other comprehensive income (loss) (38,636) ​ 79 ​ 12,181 ​ (26,376) Total $ (151,254) ​ $ 1,943 ​ $ 11,478 ​ $ (137,833) ​ The reclassifications out of AOCI and the location on the consolidated statements of income for the years ended December 31, 2023 and 2022 were immaterial.

RECEIVABLES

RECEIVABLES	12 Months Ended
	Dec. 31, 2023
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Retail notes $ 1,291,559 $ 1,241,775 Revolving charge accounts ​ 205,872 ​ 207,744 Finance leases ​ 219,386 ​ 198,064 Wholesale ​ 1,575,142 ​ 875,628 Restricted receivables ​ ​ 10,278,503 ​ ​ 8,343,621 Gross receivables 13,570,462 10,866,832 Less: Allowance for credit losses ​ (114,745) ​ (125,012) Total receivables, net $ 13,455,717 $ 10,741,820 ​ The Company provides and administers retail note and lease financing to end-use customers for the purchase of new and used equipment and components sold through CNH North America’s dealer network, as well as revolving charge account financing. The terms of retail customer receivables generally range from two ​ Wholesale receivables arise primarily from dealer floorplan financing, and to a lesser extent, the financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these receivables typically have interest-free periods of up to twelve months and stated original maturities of up to twenty-four Maturities of receivables as of December 31, 2023, are as follows: ​ ​ ​ ​ ​ 2024 $ 7,640,811 2025 ​ 1,912,007 2026 ​ 1,638,278 2027 ​ 1,221,391 2028 and thereafter ​ 1,043,230 Total receivables $ 13,455,717 ​ It has been the Company’s experience that substantial portions of retail customer receivables are repaid before their contractual maturity dates. As a result, the above table should not be regarded as a forecast of future cash collections. Retail customer receivables, revolving charge accounts and wholesale receivables have significant concentrations of credit risk in the agricultural and construction business sectors. On a geographic basis, there is not a disproportionate concentration of credit risk in any area of the United States or Canada. The Company typically retains, as collateral, a security interest in the equipment associated with retail customer receivables and wholesale receivables, while revolving charge accounts are generally unsecured. Restricted Receivables and Securitization As part of its overall funding strategy, the Company periodically transfers certain receivables into special purpose entities (“SPEs”) as part of its asset-backed securitization (“ABS”) programs. SPEs utilized in the securitization programs differ from other entities included in the Company’s consolidated financial statements because the assets they hold are legally isolated from the Company’s assets. For bankruptcy analysis purposes, the Company has sold the receivables to the SPEs in a true sale and the SPEs are separate legal entities. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs’ creditors. The SPEs have ownership of cash balances that also have restrictions for the benefit of the SPEs’ investors. The Company’s interests in the SPEs’ receivables are subordinate to the interests of third-party investors. None The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of December 31, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Retail notes $ 6,693,525 ​ $ 5,835,445 Wholesale ​ 3,584,978 ​ 2,508,176 Total restricted receivables $ 10,278,503 ​ $ 8,343,621 ​ Retail Notes Securitizations 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. During the years ended December 31, 2023 and 2022, the Company executed $2,198,864 and $2,798,457, respectively, in term retail asset-backed transactions in the U.S. and Canada. The securities in these transactions are backed by agricultural and construction equipment retail notes originated through CNH North America’s dealer network. As of December 31, 2023 and 2022, $4,620,565 and $4,927,653, respectively, of asset-backed securities issued to investors were outstanding with weighted average remaining maturities of 39 months for both periods. The Company believes that it is probable that it will continue to regularly utilize the term ABS markets. The Company may retain all or a portion of the subordinated interests in the SPEs. No recourse provisions exist that allow holders of the asset-backed securities issued by the trusts to put those securities back to the Company although the Company provides customary representations and warranties that could give rise to an obligation to repurchase from the trusts any receivables for which there is a breach of the representations and warranties. Moreover, the Company does not guarantee any securities issued by the trusts. The trusts have a limited life and generally terminate upon final distribution of amounts owed to investors or upon exercise of a cleanup-call option by the Company, in its role as servicer. As of December 31, 2023, the Company also has $1,377,339 in committed asset-backed facilities through which it may sell on a monthly basis retail notes generated in the United States and Canada. The Company has utilized these facilities in the past to fund the origination of receivables and has later repurchased and resold the receivables in the term ABS markets or found alternative financing for the receivables. The U.S. and Canadian facilities had an original funding term of two years and are renewable in September 2025 and December 2025, respectively. To the extent these facilities are not renewed, they will be repaid according to the amortization of the underlying receivables. Wholesale Receivables Securitizations With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. As of December 31, 2023, debt is issued through a U.S. master trust facility, consisting of three short-term series of $850,000, $400,000 and $300,000 and through a C$500,000 ($377,339) Canadian master trust facility. These trusts were determined to be VIEs. In its role as servicer, CNH 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 Capital has consolidated these wholesale trusts. Each of the facilities contains minimum payment rate thresholds that, if breached, could preclude the Company from selling additional receivables originated on a prospective basis and could force an early amortization of the debt. Allowance for Credit Losses The Company’s allowance for credit losses is segregated into three portfolio products: retail customer receivables, revolving charge accounts and wholesale receivables. A portfolio product is the level at which the Company develops a systematic methodology for determining its allowance for credit losses. Further, the class of receivables by which the Company evaluates its portfolio’s products is by geographic region. Typically, the Company’s receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. The classes align with management reporting. Allowance for credit losses activity for the year ended December 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 ​ (17,624) ​ ​ (6,512) ​ — ​ ​ (24,136) Recoveries ​ 1,785 ​ ​ 221 ​ 26 ​ ​ 2,032 Provision (benefit) ​ 6,920 ​ ​ 5,354 ​ (695) ​ ​ 11,579 Foreign currency translation and other ​ 227 ​ ​ 12 ​ 19 ​ ​ 258 Ending balance $ 101,649 $ 7,594 $ 5,502 ​ $ 114,745 Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 8,204,470 $ 205,872 $ 5,160,120 ​ $ 13,570,462 At December 31, 2023, the allowance for credit losses decreased due to lower specific reserve needs for retail customers and the continued strong outlook for the agricultural industry. The Company will update the macroeconomic factors and qualitative factors in future periods, as warranted. 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. Allowance for credit losses activity for the year ended December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 126,851 ​ $ 9,285 ​ $ 136,136 Charge-offs ​ (14,929) ​ (179) ​ (15,108) Recoveries ​ 2,177 ​ 126 ​ 2,303 Benefit ​ (4,437) ​ (3,023) ​ (7,460) Foreign currency translation and other ​ 80 ​ 2 ​ 82 Ending balance $ 109,742 $ 6,211 ​ $ 115,953 Receivables: ​ ​ ​ ​ ​ ​ ​ Ending balance $ 6,722,247 $ 2,345,005 ​ $ 9,067,252 ​ At December 31, 2021, the allowance for credit losses included a release of reserves primarily due to the improved outlook for the agricultural industry and a reduced expected impact on credit conditions from the COVID-19 pandemic. The Company assesses and monitors the credit quality of its receivables based on delinquency status. 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 by vintage as of December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ Gross ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 9,662 ​ $ 1,415 ​ $ 1,288 ​ $ 12,365 ​ $ 3,111,476 ​ $ 3,123,841 ​ $ 552 2022 ​ ​ 10,008 ​ ​ 2,583 ​ ​ 5,821 ​ ​ 18,412 ​ ​ 1,755,538 ​ ​ 1,773,950 ​ ​ 3,221 2021 ​ ​ 6,808 ​ ​ 2,118 ​ ​ 3,554 ​ ​ 12,480 ​ ​ 1,041,185 ​ ​ 1,053,665 ​ ​ 2,716 2020 ​ ​ 3,270 ​ ​ 1,106 ​ ​ 32,831 ​ ​ 37,207 ​ ​ 451,292 ​ ​ 488,499 ​ ​ 2,987 2019 ​ ​ 1,829 ​ ​ 529 ​ ​ 2,001 ​ ​ 4,359 ​ ​ 164,634 ​ ​ 168,993 ​ ​ 3,203 Prior to 2019 ​ ​ 631 ​ ​ 318 ​ ​ 3,831 ​ ​ 4,780 ​ ​ 56,779 ​ ​ 61,559 ​ ​ 2,849 Total $ 32,208 ​ $ 8,069 ​ $ 49,326 ​ $ 89,603 ​ $ 6,580,904 ​ $ 6,670,507 ​ $ 15,528 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 647 ​ $ 149 ​ $ 420 ​ $ 1,216 ​ $ 667,887 ​ $ 669,103 ​ $ 78 2022 ​ ​ 2,395 ​ ​ 60 ​ ​ 1,236 ​ ​ 3,691 ​ ​ 395,757 ​ ​ 399,448 ​ ​ 941 2021 ​ ​ 1,090 ​ ​ 159 ​ ​ 2,361 ​ ​ 3,610 ​ ​ 291,974 ​ ​ 295,584 ​ ​ 964 2020 ​ ​ 755 ​ ​ — ​ ​ 320 ​ ​ 1,075 ​ ​ 113,630 ​ ​ 114,705 ​ ​ (227) 2019 ​ ​ 158 ​ ​ 14 ​ ​ 201 ​ ​ 373 ​ ​ 44,042 ​ ​ 44,415 ​ ​ 253 Prior to 2019 ​ ​ 126 ​ ​ 152 ​ ​ 366 ​ ​ 644 ​ ​ 10,064 ​ ​ 10,708 ​ ​ 87 Total $ 5,171 ​ $ 534 ​ $ 4,904 ​ $ 10,609 ​ $ 1,523,354 ​ $ 1,533,963 ​ $ 2,096 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 6,036 ​ $ 2,422 ​ $ 1,089 ​ $ 9,547 ​ $ 182,728 ​ $ 192,275 ​ $ 5,993 Canada ​ $ 374 ​ $ 169 ​ $ 122 ​ $ 665 ​ $ 12,932 ​ $ 13,597 ​ $ 519 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,271,583 ​ $ 4,271,583 ​ $ — Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 888,537 ​ $ 888,537 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 37,379 ​ $ 8,603 ​ $ 54,230 ​ $ 100,212 ​ $ 8,104,258 ​ $ 8,204,470 ​ $ 17,624 Revolving charge accounts ​ $ 6,410 ​ $ 2,591 ​ $ 1,211 ​ $ 10,212 ​ $ 195,660 ​ $ 205,872 ​ $ 6,512 Wholesale ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 5,160,120 ​ $ 5,160,120 ​ $ — ​ ​ The aging of receivables by vintage 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 December 31, 2023 and 2022 is accrued interest of $83,879 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 years ended December 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 retail customer receivables on nonaccrual status as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 United States $ 55,564 $ 48,690 Canada ​ $ 5,321 ​ $ 4,852 ​ As of December 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 December 31, 2023 and 2022, there were no wholesale receivables on nonaccrual status. As of December 31, 2023 and 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 years ended December 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 customer 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 December 31, 2023 and 2022, the Company’s TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	12 Months Ended
	Dec. 31, 2023
EQUIPMENT ON OPERATING LEASES
EQUIPMENT ON OPERATING LEASES	NOTE 5: EQUIPMENT ON OPERATING LEASES A summary of equipment on operating leases as of December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Equipment on operating leases $ 1,735,626 ​ $ 1,858,912 Accumulated depreciation ​ (357,242) ​ (385,939) Total equipment on operating leases, net $ 1,378,384 ​ $ 1,472,973 ​ Depreciation expense totaled $178,969, $201,582 and $239,331 for the years ended December 31, 2023, 2022 and 2021, respectively. Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $74,775) as of December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ 2024 $ 203,767 2025 ​ 142,247 2026 ​ 78,339 2027 ​ 30,916 2028 and thereafter ​ 9,830 Total lease payments $ 465,099 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE 6: GOODWILL AND INTANGIBLE ASSETS Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance, beginning of year $ 108,567 ​ $ 110,226 Foreign currency translation adjustment ​ 551 ​ (1,659) Balance, end of year $ 109,118 ​ $ 108,567 ​ Goodwill is tested for impairment at least annually. During 2023 and 2022, the Company performed its annual impairment review as of December 31 and concluded that there were no impairments in any year. As of December 31, 2023 and 2022, the Company’s intangible asset and related accumulated amortization for its software is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Software $ 50,155 ​ $ 46,251 Accumulated amortization ​ (30,803) ​ (27,863) Total software, net $ 19,352 ​ $ 18,388 ​ The Company recorded amortization expense of $2,939, $2,159 and $1,910 during 2023, 2022 and 2021, respectively. Based on the current amount of software subject to amortization, the estimated annual amortization expense for each of the succeeding five years is as follows: $3,035 in 2024; $2,904 in 2025; $2,638 in 2026; $2,274 in 2027; $1,307 in 2028; and $1,855 in 2029 and thereafter.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS
OTHER ASSETS	NOTE 7: OTHER ASSETS The components of other assets as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Derivative assets $ 55,654 ​ $ 35,575 Deferred tax assets ​ ​ 17,772 ​ ​ 9,463 Tax receivables ​ ​ 10,260 ​ ​ 3,162 Other current assets ​ 24,461 ​ 15,758 Total other assets $ 108,147 ​ $ 63,958 ​

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	12 Months Ended
	Dec. 31, 2023
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 8: CREDIT FACILITIES AND DEBT The following table summarizes the Company’s debt and credit facilities, borrowings thereunder and availability at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2025 $ 1,000,000 ​ $ — ​ $ 227,598 ​ $ 772,052 ​ $ 350 Retail - Canada Dec 2025 377,339 ​ — ​ 74,265 ​ 303,074 ​ — Wholesale VFN - U.S. Various 1,550,000 ​ 1,550,000 ​ — ​ — ​ — Wholesale VFN - Canada Dec 2025 377,339 ​ 377,339 ​ — ​ — ​ — ​ ​ 3,304,678 ​ 1,927,339 ​ 301,863 ​ 1,075,126 ​ 350 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various 4,620,565 ​ — ​ 1,595,183 ​ 3,025,382 ​ — Other ABS financing - N.A. Various 388,589 ​ — ​ 136,355 ​ 252,234 ​ — Repurchase agreement Sep 2024 ​ ​ 226,290 ​ ​ 226,290 ​ ​ — ​ ​ — ​ ​ — Unamortized issuance costs ​ (14,089) ​ — ​ — ​ (14,089) ​ — ​ ​ 5,221,355 ​ 226,290 ​ 1,731,538 ​ 3,263,527 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit lines Various 100,000 ​ 100,000 ​ — ​ — ​ — Revolving credit facilities Various ​ ​ 716,404 ​ ​ — ​ ​ 150,936 ​ ​ 165,468 ​ ​ 400,000 Unamortized issuance costs ​ ​ ​ (556) ​ ​ — ​ ​ — ​ ​ (556) ​ ​ — ​ ​ ​ 815,848 ​ ​ 100,000 ​ ​ 150,936 ​ ​ 164,912 ​ ​ 400,000 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Various ​ ​ 351,000 ​ ​ 351,000 ​ ​ — ​ ​ — ​ ​ — Notes Various 4,128,275 ​ — ​ 726,404 ​ 3,401,871 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ (41,385) ​ ​ (3,110) ​ ​ 7,532 ​ ​ (45,807) ​ ​ — ​ ​ 4,437,890 ​ 347,890 ​ 733,936 ​ 3,356,064 ​ — Total credit facilities and debt ​ $ 13,779,771 ​ $ 2,601,519 ​ $ 2,918,273 ​ $ 7,859,629 ​ $ 400,350 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. ​ A summary of the minimum annual repayments of long-term debt as of December 31, 2023, for 2025 and thereafter is as follows: ​ ​ ​ ​ ​ 2025 $ 2,693,669 2026 ​ 2,709,582 2027 ​ 827,117 2028 ​ 1,061,560 2029 and thereafter ​ 567,701 Total $ 7,859,629 ​ The following table summarizes the Company’s credit facilities, borrowings thereunder and availability at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2024 $ 1,000,000 ​ $ — ​ $ 83,667 ​ $ 227,799 ​ $ 688,534 Retail - Canada Dec 2024 443,186 ​ — ​ 53,130 ​ 245,930 ​ 144,126 Wholesale VFN - U.S. Various 1,000,000 ​ 1,000,000 ​ — ​ — ​ — Wholesale VFN - Canada Dec 2024 295,457 ​ 295,457 ​ — ​ — ​ — ​ ​ 2,738,643 ​ 1,295,457 ​ 136,797 ​ 473,729 ​ 832,660 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various 4,829,202 ​ — ​ 1,688,606 ​ 3,140,596 ​ — Other ABS financing - N.A. Various 98,451 ​ — ​ 77,644 ​ 20,807 ​ — Unamortized issuance costs ​ ​ (14,750) ​ ​ — ​ ​ — ​ ​ (14,750) ​ ​ — ​ ​ 4,912,903 ​ — ​ 1,766,250 ​ 3,146,653 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving credit facilities Various ​ 606,820 ​ — ​ — ​ 110,796 ​ 496,024 Unamortized issuance costs ​ ​ ​ (1,284) ​ ​ — ​ ​ — ​ ​ (1,284) ​ ​ — ​ ​ ​ 605,536 ​ ​ — ​ ​ — ​ ​ 109,512 ​ ​ 496,024 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Various ​ 300,000 ​ 300,000 ​ — ​ — ​ — Notes Various 3,321,593 ​ — ​ 600,000 ​ 2,721,593 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ (66,430) ​ ​ (1,445) ​ ​ (633) ​ ​ (64,352) ​ ​ — ​ ​ 3,555,163 ​ 298,555 ​ 599,367 ​ 2,657,241 ​ — Total credit facilities and debt ​ $ 11,812,245 ​ $ 1,594,012 ​ $ 2,502,414 ​ $ 6,387,135 ​ $ 1,328,684 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. ​ ​ Committed Asset-Backed Facilities The Company has access to committed asset-backed facilities with several banks through which it may sell its receivables. The Company utilizes retail facilities to fund the origination of retail notes and has exercised the option to periodically repurchase receivables and resell them in the term ABS markets (shown as “Amortizing retail term ABS - N.A.”) or found alternative financing for the receivables. Under these facilities, the maximum amount of proceeds that can be accessed at one time is $1,377,339. In addition, if the receivables sold are not repurchased by the Company, the related debt is paid only as the underlying receivables are collected. Such receivables have maturities not exceeding seven years. The Company believes it is probable that a majority of these receivables will be repurchased and resold in the ABS markets. Borrowings against these facilities accrue interest based on prevailing money market rates, plus an applicable margin. The Company finances a portion of its wholesale receivable portfolio with the issue of Variable Funding Notes (“VFNs”) which are privately subscribed by certain banks and asset-backed commercial paper conduits. These notes accrue interest based on prevailing money market rates, plus an applicable margin. Secured Debt Secured borrowings bear interest at either floating rates of SOFR plus an applicable margin or fixed rates. Repurchase Agreement On September 26, 2023, the Company entered into a Global Master Repurchase Agreement which expires in September 2024. At December 31, 2023, the Company had C$299,850 ($226,290) outstanding under the repurchase agreement, with an obligation to repurchase the underlying receivables in 30 days. The repurchase agreement is treated as financing arrangements for accounting purposes. Unsecured Credit Line, Facilities and Debt Committed and uncommitted unsecured facilities with banks as of December 31, 2023, totaled $815,848. These credit facilities, which are eligible for renewal at various future dates, are used primarily for working capital and other general corporate purposes. As of December 31, 2023, the Company had $415,848 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 $347,890 as of December 31, 2023. ​ As of December 31, 2023, the Company’s outstanding unsecured senior notes were as follows: ​ ​ ​ ​ Issued by CNH Industrial Capital LLC (the ‘‘U.S. Senior Notes’’): (1) ​ ​ ​ 4.200% notes, due 2024 $ 500,000 3.950% notes, due 2025 ​ 500,000 5.450% notes, due 2025 ​ ​ 400,000 1.875% notes, due 2026 ​ ​ 500,000 1.450% notes, due 2026 ​ ​ 600,000 4.550% notes, due 2028 ​ ​ 600,000 5.500% notes, due 2029 ​ ​ 500,000 Hedging, discounts and unamortized issuance costs ​ ​ (35,937) ​ ​ 3,564,063 Issued by CNH Industrial Capital Canada Ltd. (the ‘‘Canadian Senior Notes’’): (2) ​ ​ ​ 1.500% notes, due 2024 ​ 226,404 5.500% notes, due 2026 ​ ​ 301,871 Discounts and unamortized issuance costs ​ ​ (2,338) ​ ​ 525,937 Total $ 4,090,000 (1) These notes, which are senior unsecured obligations of CNH Industrial Capital LLC, are guaranteed by CNH Capital America and New Holland Credit. (2) These notes, which are senior unsecured obligations of CNH Capital Canada, are guaranteed by CNH Industrial Capital LLC, CNH Capital America and New Holland Credit. On April 10, 2023, CNH Industrial Capital LLC completed an offering of $600,000 in aggregate principal amount of 4.550% unsecured notes due 2028, with an issue price of 98.857%. On August 11, 2023, CNH Industrial Capital Canada Ltd. completed a private placement offering of C$400,000 ($297,640) in aggregate principal amount of 5.500% unsecured notes due 2026, with an issue price of 99.883%. On September 13, 2023, CNH Industrial Capital LLC completed an offering of $500,000 in aggregate principal amount of 5.500% unsecured notes due 2029, with an issue price of 99.399%. Covenants The indentures and credit agreements governing the Company’s unsecured funding transactions contain covenants that restrict the Company’s ability and/or that of its subsidiaries to, among other things, incur additional debt, make certain investments, enter into certain types of transactions with affiliates, use assets as security in other transactions, enter into sale or leaseback transactions and/or sell certain assets or merge with or into other companies. In addition, the Company is subject to certain financial covenants, with which it is in compliance. Interest Rates The weighted-average interest rate on total short-term debt outstanding at December 31, 2023 and 2022 was 6.1% and 4.8%, respectively. The weighted-average interest rate on total long-term debt (including current maturities of long-term debt) at December 31, 2023 and 2022 was 4.3% and 2.9%, respectively. The average rate is calculated using the actual rates at December 31, 2023 and 2022, weighted by the amount of outstanding borrowings of each debt instrument. Support Agreement Effective as of September 29, 2013, in connection with the business combination transaction of CNH Global N.V., the former indirect parent of CNH Capital (“CNH Global”), with and into CNHI, CNHI assumed all of CNH Global’s obligations under the support agreement, pursuant to which CNHI has agreed to, among other things, (a) make cash capital contributions to the Company, to the extent necessary to cause the ratio of net earnings available for fixed charges to fixed charges to be not less than 1.05 for each fiscal quarter (with such ratio determined, on a consolidated basis and in accordance with U.S. GAAP, for such fiscal quarter and the immediately preceding three fiscal quarters taken as a whole), (b) generally maintain an ownership of at least 51% of the voting equity interests in the Company and (c) cause the Company to have, as of the end of any fiscal quarter, a consolidated tangible net worth of at least $50,000. The support agreement is not intended to be and is not a guarantee by CNHI of any indebtedness or other obligation of the Company. The obligations of CNHI to the Company pursuant to this support agreement are to the Company only and do not run to, and are not enforceable directly by, any creditor of the Company. The support agreement may be modified, amended or terminated, at CNHI’s election, upon thirty days’ prior written notice to the Company and the rating agencies, if (a) the modification, amendment or termination would not result in a downgrade of the Company’s rated indebtedness; (b) the modification, amendment or notice of termination provides that the support agreement will continue in effect with respect to the Company’s rated indebtedness then outstanding; or (c) the Company has no long-term rated indebtedness outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 9: INCOME TAXES The income and expenses of the Company and certain of its domestic subsidiaries are included in the consolidated income tax return of CNH Industrial U.S. Holdings, Inc., a wholly-owned subsidiary of CNHI. CNH Industrial U.S. Holdings, Inc. is the parent of Case New Holland Inc., who remains the parent of CNH America. The Company’s Canadian subsidiaries file separate income tax returns, as do certain domestic subsidiaries. The Company and certain of its domestic subsidiaries are LLCs and, as a result, incur no federal income tax liabilities on a stand-alone basis. However, for financial reporting, all income tax accounts in the consolidated financial statements have been reported as if the Company and relevant subsidiaries were taxpaying entities. The sources of income before taxes for the years ended December 31, 2023, 2022, and 2021 are as follows, with foreign defined as any income earned outside the United States: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Domestic $ 218,113 ​ $ 232,873 ​ $ 235,309 Foreign ​ 58,915 ​ 57,129 ​ 64,841 Income before taxes $ 277,028 ​ $ 290,002 ​ $ 300,150 ​ ​ The provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Current income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ 109,762 ​ $ 112,615 ​ $ 63,346 Foreign ​ 17,626 ​ 12,717 ​ 16,630 Total current income tax expense ​ 127,388 ​ ​ 125,332 ​ ​ 79,976 Deferred income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ (59,051) ​ (55,494) ​ (9,296) Foreign ​ (6,381) ​ 1,042 ​ (745) Total deferred income tax expense ​ (65,432) ​ ​ (54,452) ​ ​ (10,041) Total tax provision $ 61,956 ​ $ 70,880 ​ $ 69,935 ​ A reconciliation of CNH’s statutory and effective income tax rate for the years ended December 31, 2023, 2022, and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Tax provision at statutory rate 21.0 % 21.0 % 21.0 % State taxes ​ 3.7 ​ 4.8 ​ 4.1 ​ Foreign taxes ​ (1.3) ​ (0.6) ​ (1.1) ​ Tax contingencies ​ — ​ — ​ — ​ Tax credits and incentives ​ (0.8) ​ (0.6) ​ (0.4) ​ Other ​ (0.2) ​ (0.2) ​ (0.3) ​ Total tax provision effective rate 22.4 % 24.4 % 23.3 % ​ The components of the Company’s net deferred tax liability as of December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ ​ ​ ​ Pension, postretirement and post-employment benefits ​ $ 1,173 ​ $ 1,180 Marketing and sales incentive programs ​ 75,631 ​ 46,587 Allowance for credit losses ​ 23,122 ​ 25,627 Other accrued liabilities ​ 38,576 ​ 36,805 Tax loss and tax credit carry forwards ​ 1,812 ​ 1,076 Total deferred tax assets $ 140,314 ​ $ 111,275 Deferred tax liability: ​ ​ ​ ​ ​ Equipment on operating lease ​ ​ 257,705 ​ ​ 297,152 Net deferred tax liabilities $ (117,391) ​ $ (185,877) ​ Deferred taxes are provided to reflect timing differences between the financial and tax basis of assets and liabilities and tax carryforwards using currently enacted tax rates and laws. Management believes it is more likely than not the benefit of the deferred tax assets will be realized. ​ Net deferred tax liabilities are reflected in the accompanying consolidated balance sheets as of December 31, 2023 and 2022 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets $ 17,772 ​ $ 9,463 Deferred tax liabilities ​ (135,163) ​ ​ (195,340) Net deferred tax liabilities $ (117,391) ​ $ (185,877) ​ A reconciliation of the gross amounts of unrecognized tax benefits at the beginning and end of the year is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Balance, beginning of year $ — ​ $ — ​ $ 4,274 Additions based on tax positions related to the current year ​ — ​ — ​ — Reductions for tax positions of prior years ​ — ​ — ​ — Settlements ​ — ​ — ​ (4,274) Balance, end of year $ — ​ $ — ​ $ — ​ In 2021, the Company settled its position with the IRS for the tax year 2014 and 2015 audits. There is no amount of unrecognized tax benefits that, if recognized, would affect the annual effective income tax rate. The Company has open tax years from 2012 to 2021. The Company does not believe the resolution of any outstanding tax examinations will have a material adverse effect on the Company’s financial position, results of operations or cash flows. At December 31, 2023, there are no material deferred tax liabilities on undistributed earnings of subsidiaries outside of the U.S.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 10: FINANCIAL INSTRUMENTS The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company has not elected the fair value measurement option for eligible items. Fair-Value Hierarchy The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1 — Level 2 — Level 3 — This hierarchy requires the use of observable market data when available. Determination of Fair Value When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will use observable market-based inputs to calculate fair value, in which case the items are classified in Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions. Derivatives The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. The Company does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows. Interest Rate Derivatives The Company has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are being used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. As of December 31, 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 57 months. As of December 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 ($2,378). The Company also enters into offsetting interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the years ended December 31, 2023, 2022 and 2021. ​ All of the Company’s interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of the Company’s interest rate derivatives was $4,428,285 and $3,628,725 at December 31, 2023 and 2022, respectively. The thirteen-month average notional amounts as of December 31, 2023 and 2022 were $3,803,373 and $3,715,399, 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 December 31, 2023 and 2022 in the consolidated balance sheets are recorded as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 22,633 ​ $ 3,597 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,579 ​ $ 42,936 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 30,420 ​ $ 27,862 Foreign exchange contracts ​ 2,601 ​ 4,116 Total $ 33,021 ​ $ 31,978 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 30,420 ​ $ 27,862 Foreign exchange contracts ​ ​ — ​ ​ 435 Total $ 30,420 ​ $ 28,297 ​ ​ Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the years ended December 31, 2023, 2022 and 2021 are recorded in the following accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ (6,987) ​ $ 17,334 ​ $ 7,932 Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ 2,624 ​ 1,090 ​ (653) Not Designated as Hedges ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net $ 1,828 ​ $ (5,784) ​ $ (1,709) ​ Items Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022, all of which are measured as Level 2: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 53,053 ​ $ 31,459 Foreign exchange contracts ​ 2,601 ​ 4,116 Total assets $ 55,654 ​ $ 35,575 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 62,999 ​ $ 70,798 Foreign exchange contracts ​ ​ — ​ ​ 435 Total liabilities $ 62,999 ​ $ 71,233 ​ There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. Items Measured at Fair Value on a Nonrecurring Basis The Company may be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with U.S. GAAP. These adjustments to fair value usually result from application of lower of cost or market accounting or impairment charges of individual assets. The fair market value of these assets was based on an internal valuation methodology, which used industry guide book values adjusted for recent remarketing history and was classified as Level 3 under the fair value hierarchy. The Company recorded net gains on the sale of the equipment held of $16,896, $27,525 and $12,140 for the years ended December 31, 2023, 2022 and 2021, respectively, and were included in “Other expenses, net” in the accompanying consolidated statements of income. 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 December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 13,455,717 ​ $ 13,224,506 ​ $ 10,741,820 ​ $ 10,433,949 Long-term debt ​ $ 7,859,629 ​ $ 7,739,874 ​ $ 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	12 Months Ended
	Dec. 31, 2023
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 11: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Revenues ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 860,081 ​ $ 626,754 ​ $ 630,848 Canada ​ 214,173 ​ 168,909 ​ 163,891 Eliminations ​ (1,601) ​ (3,828) ​ (5,555) Total $ 1,072,653 ​ $ 791,835 ​ $ 789,184 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 443,629 ​ $ 195,728 ​ $ 161,681 Canada ​ 92,211 ​ 49,907 ​ 39,652 Eliminations ​ (1,601) ​ (3,828) ​ (5,555) Total $ 534,239 ​ $ 241,807 ​ $ 195,778 Net income ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 167,403 ​ $ 175,752 ​ $ 181,259 Canada ​ 47,669 ​ 43,370 ​ 48,956 Total $ 215,072 ​ $ 219,122 ​ $ 230,215 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 129,247 ​ $ 152,871 ​ $ 190,255 Canada ​ 52,669 ​ 50,878 ​ 50,994 Total $ 181,916 ​ $ 203,749 ​ $ 241,249 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 354,015 ​ $ 354,817 ​ $ 388,665 Canada ​ 167,129 ​ 162,806 ​ 147,736 Total $ 521,144 ​ $ 517,623 ​ $ 536,401 Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 12,897 ​ $ 9,978 ​ $ (6,431) Canada ​ (1,318) ​ 1,263 ​ (1,029) Total $ 11,579 ​ $ 11,241 ​ $ (7,460) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Total assets ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 13,034,959 ​ $ 10,712,413 ​ $ 9,870,766 Canada ​ 3,077,089 ​ 2,683,722 ​ 2,538,581 Eliminations ​ (148,521) ​ (216,656) ​ (221,579) Total $ 15,963,527 ​ $ 13,179,479 ​ $ 12,187,768 Receivables ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 11,134,365 ​ $ 8,758,694 ​ $ 7,121,138 Canada ​ 2,436,097 ​ 2,108,138 ​ 1,946,114 Total $ 13,570,462 ​ $ 10,866,832 ​ $ 9,067,252 ​

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 12: RELATED-PARTY TRANSACTIONS The Company receives compensation from CNH North America for retail customer, wholesale and operating lease sales programs offered by CNH North America on which finance charges are waived or below market rate financing programs are offered. The Company receives compensation from CNH 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 North America. The summary of sources included in “Interest and other income from affiliates” in the accompanying consolidated statements of income at December 31, 2023, 2022, and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Subsidy from CNH North America ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 140,195 ​ $ 123,874 ​ $ 142,867 Operating lease ​ 40,852 ​ 47,194 ​ 58,965 Revolving charge accounts ​ ​ 4,106 ​ ​ — ​ ​ — Wholesale ​ ​ 242,062 ​ ​ 95,138 ​ ​ 94,678 Income from affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ CNH North America ​ 3,430 ​ 713 ​ 878 Banco CNH Industrial Capital Brazil ​ ​ 2,864 ​ ​ 983 ​ ​ — Other affiliates ​ ​ 748 ​ ​ 365 ​ ​ 191 Total interest and other income from affiliates $ 434,257 ​ $ 268,267 ​ $ 297,579 ​ Interest expense to affiliates was $33,746, $9,361 and $3,686, respectively, for the years ended December 31, 2023, 2022 and 2021. Fees charged by affiliates were $53,804, $50,858 and $47,369 for the years ended December 31, 2023, 2022 and 2021, respectively, which amounts consist of payroll and other human resource services CNH America performs on behalf of the Company. As of December 31, 2023 and 2022, the Company had various accounts and notes receivable and debt with the following affiliates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Rate Maturity Amount Rate Maturity Amount Affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH America 0% ​ — ​ $ 13,377 0% ​ — ​ $ 10 CNH Canada 0% ​ — ​ ​ 704 0% ​ — ​ ​ — Banco CNH Industrial Capital Brazil ​ Various ​ Various ​ ​ 47,997 ​ 0% ​ — ​ ​ 40,983 Other affiliates 0% ​ — ​ ​ 12,589 0% ​ — ​ ​ 12,516 Total affiliated receivables ​ ​ ​ ​ $ 74,667 ​ ​ ​ ​ ​ $ 53,509 Affiliated debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH America ​ 5.68% ​ 2024 ​ $ 86,234 ​ 5.39% ​ 2023 ​ $ 100,195 CNH Canada ​ 5.76% ​ 2024 ​ ​ 46,258 ​ 5.74% ​ 2023 ​ ​ 241,036 Other affiliates ​ 0% ​ — ​ ​ — ​ 5.05% ​ 2023 ​ ​ 300 Total affiliated debt ​ ​ ​ ​ $ 132,492 ​ ​ ​ ​ $ 341,531 ​ Accounts payable and other accrued liabilities, including tax payables, of $82,621 and $212,167 were payable to related parties as of December 31, 2023 and 2022, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13: COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations. Guarantees The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNHI for approximately $50,400. The guarantees are in effect for the term of the underlying funding facilities. Commitments As of December 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 ​ $ 7,746,096 ​ $ 5,039,432 ​ $ 2,706,664 Revolving charge accounts ​ $ 2,557,662 ​ $ 210,324 ​ $ 2,347,338 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 14: SUBSEQUENT EVENTS On January 16, 2024, the Company repaid the principal amount of $500,000 of its 4.200% unsecured notes due 2024. On January 24, 2024, the Company, through a bankruptcy-remote trust, issued $862,730 of amortizing asset-backed notes secured by U.S. retail receivables. On February 21, 2024, the Company, through a trust, issued C$398,380 ($294,834) of amortizing asset-backed notes secured by Canadian retail receivables. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. Certain prior period balances have been reclassified to conform to the current year presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of December 31, 2023, 2022 and 2021.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition Finance and interest income on receivables is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on receivables is suspended when management determines that collection of future income is not probable or when an account becomes 90 days past due, whichever occurs earlier. Income accrual is resumed if the receivable becomes contractually current and collection doubts are removed. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. A substantial portion of the Company’s interest income arises from retail sales programs offered by CNH North America on which finance charges are waived or below-market rate financing programs are offered. When the Company acquires retail notes and finance leases subject to below-market interest rates, including waived interest rate financing, the Company receives compensation from CNH North America based on the Company’s estimated costs and a targeted return on equity. This amount is initially recognized as an unearned finance charge and is recognized as interest income over the term of the retail customer receivables (which, as used herein, “retail customer receivables” refers primarily to retail notes and finance leases), and is included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. For selected wholesale receivables, CNH North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. These amounts are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. The Company is also compensated for lending funds to CNH North America. The amounts earned are included in “Interest and other income from affiliates” in the accompanying consolidated statements of income. Income from operating leases is recognized over the term of the lease on a straight-line basis. For selected operating leases, CNH North America compensates the Company based on the Company’s estimated costs and a targeted return on equity. The amounts from CNH North America recognized as rental income on operating leases are included in “Interest and other income from affiliates.”
Foreign Currency Translation	Foreign Currency Translation The Company’s non-U.S. subsidiaries maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non-U.S. subsidiaries are translated into U.S. dollars at period-end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income” in the accompanying consolidated balance sheets. Income and expense accounts of these non-U.S. subsidiaries are translated at the average exchange rates for the period. Gains and losses from foreign currency transactions are included in net income in the period that they arise. Net foreign currency transaction gains and losses are reflected in “Other expenses, net” in the accompanying consolidated statements of income.
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents Restricted cash includes principal and interest payments from retail notes and wholesale receivables owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements. Restricted cash equivalents are highly liquid investments with an original maturity of one month or less.
Receivables and Allowance for Credit Losses	Receivables Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. Periodically, the Company sells or transfers retail notes and wholesale receivables to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail notes and wholesale receivables sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Company’s receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of 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 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 retail customer receivables and wholesale 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.
Equipment on Operating Leases	Equipment on Operating Leases The Company purchases leases and equipment from CNH North America’s dealers and other independent third parties that have leased equipment to retail customers under operating leases. The Company’s investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination. Residual values are estimated at the inception of the lease and are reviewed quarterly. Realization of the residual values is dependent on the Company’s future ability to re-market the equipment under then prevailing market conditions. Equipment model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs are the responsibility of the lessee. The Company evaluates the carrying amount of equipment on operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event occurs, a test for recoverability is performed comparing projected undiscounted future cash flows to the carrying amount of the asset. If the test for recoverability identifies a possible impairment, the asset’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying amount of the asset exceeds its estimated fair value. Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated. Matured operating lease inventory is reported in “Equipment held for sale.”
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill is deemed to have an indefinite useful life and is reviewed for impairment at least annually. During 2023 and 2022, the Company performed its annual impairment review as of December 31, and concluded that there was no impairment in either year. Other intangible assets consist of software and are being amortized on a straight-line basis over ten years.
Income Taxes	​ Income Taxes The provision for income taxes is determined using the asset and liability method. The Company recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carryforwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence.
Derivatives	Derivatives The Company’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. The Company records derivative financial instruments in the consolidated balance sheets as either an asset or liability measured at fair value. The fair value of the Company’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. The fair value of the Company’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the gain or loss is initially reported in accumulated other comprehensive income and is subsequently reclassified into income when the forecasted transaction affects income. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. The Company formally documents the hedging relationship to the hedged item and its risk management strategy for all derivative financial instruments designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. The Company assesses the effectiveness of its hedging instruments both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term.
New Accounting Pronouncements Adopted	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 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
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 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 year ended December 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 ​ — ​ (620) ​ (3,810) ​ (4,430) Beginning balance, net of tax (151,254) ​ 1,943 ​ 11,478 ​ (137,833) Other comprehensive income (loss) before reclassifications ​ 8,456 ​ (43) ​ (6,987) ​ 1,426 Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (961) ​ (2,624) ​ (3,585) Tax effects ​ — ​ 247 ​ 2,437 ​ 2,684 Net current-period other comprehensive income (loss) 8,456 ​ (757) ​ (7,174) ​ 525 Total $ (142,798) ​ $ 1,186 ​ $ 4,304 ​ $ (137,308) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Translation ​ Pension ​ (Losses) Gains ​ ​ ​ ​ Adjustment Liability on Derivatives Total Beginning balance, gross $ (112,618) ​ $ 2,451 ​ $ (956) ​ $ (111,123) Tax liability ​ — ​ (587) ​ 253 ​ (334) Beginning balance, net of tax (112,618) ​ 1,864 ​ (703) ​ (111,457) Other comprehensive income (loss) before reclassifications ​ (38,636) ​ 1,067 ​ 17,334 ​ (20,235) Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ (955) ​ (1,090) ​ (2,045) Tax effects ​ — ​ (33) ​ (4,063) ​ (4,096) Net current-period other comprehensive income (loss) (38,636) ​ 79 ​ 12,181 ​ (26,376) Total $ (151,254) ​ $ 1,943 ​ $ 11,478 ​ $ (137,833)

RECEIVABLES (Tables)

RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
RECEIVABLES
Summary of receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Retail notes $ 1,291,559 $ 1,241,775 Revolving charge accounts ​ 205,872 ​ 207,744 Finance leases ​ 219,386 ​ 198,064 Wholesale ​ 1,575,142 ​ 875,628 Restricted receivables ​ ​ 10,278,503 ​ ​ 8,343,621 Gross receivables 13,570,462 10,866,832 Less: Allowance for credit losses ​ (114,745) ​ (125,012) Total receivables, net $ 13,455,717 $ 10,741,820
Maturities of receivables as of December 31, 2017, are as follows:	​ ​ ​ ​ ​ 2024 $ 7,640,811 2025 ​ 1,912,007 2026 ​ 1,638,278 2027 ​ 1,221,391 2028 and thereafter ​ 1,043,230 Total receivables $ 13,455,717
Summary of restricted receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Retail notes $ 6,693,525 ​ $ 5,835,445 Wholesale ​ 3,584,978 ​ 2,508,176 Total restricted receivables $ 10,278,503 ​ $ 8,343,621
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the year ended December 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 ​ (17,624) ​ ​ (6,512) ​ — ​ ​ (24,136) Recoveries ​ 1,785 ​ ​ 221 ​ 26 ​ ​ 2,032 Provision (benefit) ​ 6,920 ​ ​ 5,354 ​ (695) ​ ​ 11,579 Foreign currency translation and other ​ 227 ​ ​ 12 ​ 19 ​ ​ 258 Ending balance $ 101,649 $ 7,594 $ 5,502 ​ $ 114,745 Receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ 8,204,470 $ 205,872 $ 5,160,120 ​ $ 13,570,462 At December 31, 2023, the allowance for credit losses decreased due to lower specific reserve needs for retail customers and the continued strong outlook for the agricultural industry. The Company will update the macroeconomic factors and qualitative factors in future periods, as warranted. 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. Allowance for credit losses activity for the year ended December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ ​ ​ ​ ​ ​ ​ Customer ​ Wholesale ​ Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 126,851 ​ $ 9,285 ​ $ 136,136 Charge-offs ​ (14,929) ​ (179) ​ (15,108) Recoveries ​ 2,177 ​ 126 ​ 2,303 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 by vintage as of December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Greater ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 – 60 Days ​ 61 – 90 Days ​ Than ​ Total ​ ​ ​ ​ Total ​ Gross ​ Past Due Past Due 90 Days Past Due Current Receivables Charge-offs Retail customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 9,662 ​ $ 1,415 ​ $ 1,288 ​ $ 12,365 ​ $ 3,111,476 ​ $ 3,123,841 ​ $ 552 2022 ​ ​ 10,008 ​ ​ 2,583 ​ ​ 5,821 ​ ​ 18,412 ​ ​ 1,755,538 ​ ​ 1,773,950 ​ ​ 3,221 2021 ​ ​ 6,808 ​ ​ 2,118 ​ ​ 3,554 ​ ​ 12,480 ​ ​ 1,041,185 ​ ​ 1,053,665 ​ ​ 2,716 2020 ​ ​ 3,270 ​ ​ 1,106 ​ ​ 32,831 ​ ​ 37,207 ​ ​ 451,292 ​ ​ 488,499 ​ ​ 2,987 2019 ​ ​ 1,829 ​ ​ 529 ​ ​ 2,001 ​ ​ 4,359 ​ ​ 164,634 ​ ​ 168,993 ​ ​ 3,203 Prior to 2019 ​ ​ 631 ​ ​ 318 ​ ​ 3,831 ​ ​ 4,780 ​ ​ 56,779 ​ ​ 61,559 ​ ​ 2,849 Total $ 32,208 ​ $ 8,069 ​ $ 49,326 ​ $ 89,603 ​ $ 6,580,904 ​ $ 6,670,507 ​ $ 15,528 Canada ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 647 ​ $ 149 ​ $ 420 ​ $ 1,216 ​ $ 667,887 ​ $ 669,103 ​ $ 78 2022 ​ ​ 2,395 ​ ​ 60 ​ ​ 1,236 ​ ​ 3,691 ​ ​ 395,757 ​ ​ 399,448 ​ ​ 941 2021 ​ ​ 1,090 ​ ​ 159 ​ ​ 2,361 ​ ​ 3,610 ​ ​ 291,974 ​ ​ 295,584 ​ ​ 964 2020 ​ ​ 755 ​ ​ — ​ ​ 320 ​ ​ 1,075 ​ ​ 113,630 ​ ​ 114,705 ​ ​ (227) 2019 ​ ​ 158 ​ ​ 14 ​ ​ 201 ​ ​ 373 ​ ​ 44,042 ​ ​ 44,415 ​ ​ 253 Prior to 2019 ​ ​ 126 ​ ​ 152 ​ ​ 366 ​ ​ 644 ​ ​ 10,064 ​ ​ 10,708 ​ ​ 87 Total $ 5,171 ​ $ 534 ​ $ 4,904 ​ $ 10,609 ​ $ 1,523,354 ​ $ 1,533,963 ​ $ 2,096 Revolving charge accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 6,036 ​ $ 2,422 ​ $ 1,089 ​ $ 9,547 ​ $ 182,728 ​ $ 192,275 ​ $ 5,993 Canada ​ $ 374 ​ $ 169 ​ $ 122 ​ $ 665 ​ $ 12,932 ​ $ 13,597 ​ $ 519 Wholesale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,271,583 ​ $ 4,271,583 ​ $ — Canada ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 888,537 ​ $ 888,537 ​ $ — Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 37,379 ​ $ 8,603 ​ $ 54,230 ​ $ 100,212 ​ $ 8,104,258 ​ $ 8,204,470 ​ $ 17,624 Revolving charge accounts ​ $ 6,410 ​ $ 2,591 ​ $ 1,211 ​ $ 10,212 ​ $ 195,660 ​ $ 205,872 ​ $ 6,512 Wholesale ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 5,160,120 ​ $ 5,160,120 ​ $ — ​ ​ The aging of receivables by vintage 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 United States $ 55,564 $ 48,690 Canada ​ $ 5,321 ​ $ 4,852

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	​ ​ ​ ​ ​ ​ ​ 2024 $ 203,767 2025 ​ 142,247 2026 ​ 78,339 2027 ​ 30,916 2028 and thereafter ​ 9,830 Total lease payments $ 465,099 ​
Property Subject to Operating Lease, Lessor
Summary of equipment on operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Equipment on operating leases $ 1,735,626 ​ $ 1,858,912 Accumulated depreciation ​ (357,242) ​ (385,939) Total equipment on operating leases, net $ 1,378,384 ​ $ 1,472,973

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Balance, beginning of year $ 108,567 ​ $ 110,226 Foreign currency translation adjustment ​ 551 ​ (1,659) Balance, end of year $ 109,118 ​ $ 108,567
Schedule of the Company's intangible asset and related accumulated amortization for its software	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Software $ 50,155 ​ $ 46,251 Accumulated amortization ​ (30,803) ​ (27,863) Total software, net $ 19,352 ​ $ 18,388

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER ASSETS
Schedule of components of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Derivative assets $ 55,654 ​ $ 35,575 Deferred tax assets ​ ​ 17,772 ​ ​ 9,463 Tax receivables ​ ​ 10,260 ​ ​ 3,162 Other current assets ​ 24,461 ​ 15,758 Total other assets $ 108,147 ​ $ 63,958 ​

CREDIT FACILITIES AND DEBT (Tab

CREDIT FACILITIES AND DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of the Company's debt and credit facilities	The following table summarizes the Company’s debt and credit facilities, borrowings thereunder and availability at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2025 $ 1,000,000 ​ $ — ​ $ 227,598 ​ $ 772,052 ​ $ 350 Retail - Canada Dec 2025 377,339 ​ — ​ 74,265 ​ 303,074 ​ — Wholesale VFN - U.S. Various 1,550,000 ​ 1,550,000 ​ — ​ — ​ — Wholesale VFN - Canada Dec 2025 377,339 ​ 377,339 ​ — ​ — ​ — ​ ​ 3,304,678 ​ 1,927,339 ​ 301,863 ​ 1,075,126 ​ 350 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various 4,620,565 ​ — ​ 1,595,183 ​ 3,025,382 ​ — Other ABS financing - N.A. Various 388,589 ​ — ​ 136,355 ​ 252,234 ​ — Repurchase agreement Sep 2024 ​ ​ 226,290 ​ ​ 226,290 ​ ​ — ​ ​ — ​ ​ — Unamortized issuance costs ​ (14,089) ​ — ​ — ​ (14,089) ​ — ​ ​ 5,221,355 ​ 226,290 ​ 1,731,538 ​ 3,263,527 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit lines Various 100,000 ​ 100,000 ​ — ​ — ​ — Revolving credit facilities Various ​ ​ 716,404 ​ ​ — ​ ​ 150,936 ​ ​ 165,468 ​ ​ 400,000 Unamortized issuance costs ​ ​ ​ (556) ​ ​ — ​ ​ — ​ ​ (556) ​ ​ — ​ ​ ​ 815,848 ​ ​ 100,000 ​ ​ 150,936 ​ ​ 164,912 ​ ​ 400,000 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Various ​ ​ 351,000 ​ ​ 351,000 ​ ​ — ​ ​ — ​ ​ — Notes Various 4,128,275 ​ — ​ 726,404 ​ 3,401,871 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ (41,385) ​ ​ (3,110) ​ ​ 7,532 ​ ​ (45,807) ​ ​ — ​ ​ 4,437,890 ​ 347,890 ​ 733,936 ​ 3,356,064 ​ — Total credit facilities and debt ​ $ 13,779,771 ​ $ 2,601,519 ​ $ 2,918,273 ​ $ 7,859,629 ​ $ 400,350 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility. ​ ​ ​ ​ ​ 2025 $ 2,693,669 2026 ​ 2,709,582 2027 ​ 827,117 2028 ​ 1,061,560 2029 and thereafter ​ 567,701 Total $ 7,859,629 ​ The following table summarizes the Company’s credit facilities, borrowings thereunder and availability at December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maturities of ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Short-Term ​ Long-Term ​ Long-Term ​ ​ ​ ​ Maturity (1) ​ Facility/Debt ​ Outstanding ​ Outstanding ​ Outstanding ​ Available Committed Asset-Backed Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail - U.S. Sep 2024 $ 1,000,000 ​ $ — ​ $ 83,667 ​ $ 227,799 ​ $ 688,534 Retail - Canada Dec 2024 443,186 ​ — ​ 53,130 ​ 245,930 ​ 144,126 Wholesale VFN - U.S. Various 1,000,000 ​ 1,000,000 ​ — ​ — ​ — Wholesale VFN - Canada Dec 2024 295,457 ​ 295,457 ​ — ​ — ​ — ​ ​ 2,738,643 ​ 1,295,457 ​ 136,797 ​ 473,729 ​ 832,660 Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortizing retail term ABS - N.A. Various 4,829,202 ​ — ​ 1,688,606 ​ 3,140,596 ​ — Other ABS financing - N.A. Various 98,451 ​ — ​ 77,644 ​ 20,807 ​ — Unamortized issuance costs ​ ​ (14,750) ​ ​ — ​ ​ — ​ ​ (14,750) ​ ​ — ​ ​ 4,912,903 ​ — ​ 1,766,250 ​ 3,146,653 ​ — Unsecured Facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving credit facilities Various ​ 606,820 ​ — ​ — ​ 110,796 ​ 496,024 Unamortized issuance costs ​ ​ ​ (1,284) ​ ​ — ​ ​ — ​ ​ (1,284) ​ ​ — ​ ​ ​ 605,536 ​ ​ — ​ ​ — ​ ​ 109,512 ​ ​ 496,024 Unsecured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial paper Various ​ 300,000 ​ 300,000 ​ — ​ — ​ — Notes Various 3,321,593 ​ — ​ 600,000 ​ 2,721,593 ​ — Hedging effects, discounts and unamortized issuance costs ​ ​ ​ (66,430) ​ ​ (1,445) ​ ​ (633) ​ ​ (64,352) ​ ​ — ​ ​ 3,555,163 ​ 298,555 ​ 599,367 ​ 2,657,241 ​ — Total credit facilities and debt ​ $ 11,812,245 ​ $ 1,594,012 ​ $ 2,502,414 ​ $ 6,387,135 ​ $ 1,328,684 (1) Maturity dates reflect maturities of the credit facility, which may be different than the maturities of the advances under the facility.
Summary of the minimum annual repayments of long-term debt	​ ​ ​ ​ ​ 2025 $ 2,693,669 2026 ​ 2,709,582 2027 ​ 827,117 2028 ​ 1,061,560 2029 and thereafter ​ 567,701 Total $ 7,859,629
Unsecured Debt
Schedule of the Company's debt and credit facilities	​ As of December 31, 2023, the Company’s outstanding unsecured senior notes were as follows: ​ ​ ​ ​ Issued by CNH Industrial Capital LLC (the ‘‘U.S. Senior Notes’’): (1) ​ ​ ​ 4.200% notes, due 2024 $ 500,000 3.950% notes, due 2025 ​ 500,000 5.450% notes, due 2025 ​ ​ 400,000 1.875% notes, due 2026 ​ ​ 500,000 1.450% notes, due 2026 ​ ​ 600,000 4.550% notes, due 2028 ​ ​ 600,000 5.500% notes, due 2029 ​ ​ 500,000 Hedging, discounts and unamortized issuance costs ​ ​ (35,937) ​ ​ 3,564,063 Issued by CNH Industrial Capital Canada Ltd. (the ‘‘Canadian Senior Notes’’): (2) ​ ​ ​ 1.500% notes, due 2024 ​ 226,404 5.500% notes, due 2026 ​ ​ 301,871 Discounts and unamortized issuance costs ​ ​ (2,338) ​ ​ 525,937 Total $ 4,090,000 (1) These notes, which are senior unsecured obligations of CNH Industrial Capital LLC, are guaranteed by CNH Capital America and New Holland Credit. (2) These notes, which are senior unsecured obligations of CNH Capital Canada, are guaranteed by CNH Industrial Capital LLC, CNH Capital America and New Holland Credit.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Schedule of sources of income before taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Domestic $ 218,113 ​ $ 232,873 ​ $ 235,309 Foreign ​ 58,915 ​ 57,129 ​ 64,841 Income before taxes $ 277,028 ​ $ 290,002 ​ $ 300,150
Schedule of provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Current income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ $ 109,762 ​ $ 112,615 ​ $ 63,346 Foreign ​ 17,626 ​ 12,717 ​ 16,630 Total current income tax expense ​ 127,388 ​ ​ 125,332 ​ ​ 79,976 Deferred income tax expense (benefit): ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ (59,051) ​ (55,494) ​ (9,296) Foreign ​ (6,381) ​ 1,042 ​ (745) Total deferred income tax expense ​ (65,432) ​ ​ (54,452) ​ ​ (10,041) Total tax provision $ 61,956 ​ $ 70,880 ​ $ 69,935
Schedule of reconciliation of statutory and effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Tax provision at statutory rate 21.0 % 21.0 % 21.0 % State taxes ​ 3.7 ​ 4.8 ​ 4.1 ​ Foreign taxes ​ (1.3) ​ (0.6) ​ (1.1) ​ Tax contingencies ​ — ​ — ​ — ​ Tax credits and incentives ​ (0.8) ​ (0.6) ​ (0.4) ​ Other ​ (0.2) ​ (0.2) ​ (0.3) ​ Total tax provision effective rate 22.4 % 24.4 % 23.3 %
Schedule of components of net deferred tax liability	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets: ​ ​ ​ ​ ​ Pension, postretirement and post-employment benefits ​ $ 1,173 ​ $ 1,180 Marketing and sales incentive programs ​ 75,631 ​ 46,587 Allowance for credit losses ​ 23,122 ​ 25,627 Other accrued liabilities ​ 38,576 ​ 36,805 Tax loss and tax credit carry forwards ​ 1,812 ​ 1,076 Total deferred tax assets $ 140,314 ​ $ 111,275 Deferred tax liability: ​ ​ ​ ​ ​ Equipment on operating lease ​ ​ 257,705 ​ ​ 297,152 Net deferred tax liabilities $ (117,391) ​ $ (185,877) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Deferred tax assets $ 17,772 ​ $ 9,463 Deferred tax liabilities ​ (135,163) ​ ​ (195,340) Net deferred tax liabilities $ (117,391) ​ $ (185,877)
Schedule of reconciliation of the gross amounts of tax contingencies at the beginning and end of the year	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Balance, beginning of year $ — ​ $ — ​ $ 4,274 Additions based on tax positions related to the current year ​ — ​ — ​ — Reductions for tax positions of prior years ​ — ​ — ​ — Settlements ​ — ​ — ​ (4,274) Balance, end of year $ — ​ $ — ​ $ —

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 Derivatives Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 22,633 ​ $ 3,597 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 32,579 ​ $ 42,936 Derivatives Not Designated as Hedging Instruments ​ ​ ​ ​ ​ Other assets: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 30,420 ​ $ 27,862 Foreign exchange contracts ​ 2,601 ​ 4,116 Total $ 33,021 ​ $ 31,978 Accounts payable and other accrued liabilities: ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 30,420 ​ $ 27,862 Foreign exchange contracts ​ ​ — ​ ​ 435 Total $ 30,420 ​ $ 28,297
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Cash Flow Hedges ​ ​ ​ ​ ​ ​ ​ ​ ​ Recognized in accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives ​ $ (6,987) ​ $ 17,334 ​ $ 7,932 Reclassified from accumulated other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Interest rate derivatives—Interest expense to third parties ​ 2,624 ​ 1,090 ​ (653) Not Designated as Hedges ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts—Other expenses, net $ 1,828 ​ $ (5,784) ​ $ (1,709)
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Assets ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 53,053 ​ $ 31,459 Foreign exchange contracts ​ 2,601 ​ 4,116 Total assets $ 55,654 ​ $ 35,575 Liabilities ​ ​ ​ ​ ​ Interest rate derivatives ​ $ 62,999 ​ $ 70,798 Foreign exchange contracts ​ ​ — ​ ​ 435 Total liabilities $ 62,999 ​ $ 71,233
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Carrying Estimated Carrying Estimated ​ ​ Amount ​ Fair Value * ​ Amount ​ Fair Value * Receivables $ 13,455,717 ​ $ 13,224,506 ​ $ 10,741,820 ​ $ 10,433,949 Long-term debt ​ $ 7,859,629 ​ $ 7,739,874 ​ $ 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)	12 Months Ended
	Dec. 31, 2023
GEOGRAPHICAL INFORMATION
Summary of geographic information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Revenues ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 860,081 ​ $ 626,754 ​ $ 630,848 Canada ​ 214,173 ​ 168,909 ​ 163,891 Eliminations ​ (1,601) ​ (3,828) ​ (5,555) Total $ 1,072,653 ​ $ 791,835 ​ $ 789,184 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 443,629 ​ $ 195,728 ​ $ 161,681 Canada ​ 92,211 ​ 49,907 ​ 39,652 Eliminations ​ (1,601) ​ (3,828) ​ (5,555) Total $ 534,239 ​ $ 241,807 ​ $ 195,778 Net income ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 167,403 ​ $ 175,752 ​ $ 181,259 Canada ​ 47,669 ​ 43,370 ​ 48,956 Total $ 215,072 ​ $ 219,122 ​ $ 230,215 Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 129,247 ​ $ 152,871 ​ $ 190,255 Canada ​ 52,669 ​ 50,878 ​ 50,994 Total $ 181,916 ​ $ 203,749 ​ $ 241,249 Expenditures for equipment on operating leases ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 354,015 ​ $ 354,817 ​ $ 388,665 Canada ​ 167,129 ​ 162,806 ​ 147,736 Total $ 521,144 ​ $ 517,623 ​ $ 536,401 Provision (benefit) for credit losses ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 12,897 ​ $ 9,978 ​ $ (6,431) Canada ​ (1,318) ​ 1,263 ​ (1,029) Total $ 11,579 ​ $ 11,241 ​ $ (7,460) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 2021 Total assets ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 13,034,959 ​ $ 10,712,413 ​ $ 9,870,766 Canada ​ 3,077,089 ​ 2,683,722 ​ 2,538,581 Eliminations ​ (148,521) ​ (216,656) ​ (221,579) Total $ 15,963,527 ​ $ 13,179,479 ​ $ 12,187,768 Receivables ​ ​ ​ ​ ​ ​ ​ ​ United States ​ $ 11,134,365 ​ $ 8,758,694 ​ $ 7,121,138 Canada ​ 2,436,097 ​ 2,108,138 ​ 1,946,114 Total $ 13,570,462 ​ $ 10,866,832 ​ $ 9,067,252 ​

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 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 2021 Subsidy from CNH North America ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail customer ​ $ 140,195 ​ $ 123,874 ​ $ 142,867 Operating lease ​ 40,852 ​ 47,194 ​ 58,965 Revolving charge accounts ​ ​ 4,106 ​ ​ — ​ ​ — Wholesale ​ ​ 242,062 ​ ​ 95,138 ​ ​ 94,678 Income from affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ CNH North America ​ 3,430 ​ 713 ​ 878 Banco CNH Industrial Capital Brazil ​ ​ 2,864 ​ ​ 983 ​ ​ — Other affiliates ​ ​ 748 ​ ​ 365 ​ ​ 191 Total interest and other income from affiliates $ 434,257 ​ $ 268,267 ​ $ 297,579
Schedule of various accounts and notes receivable and debt with the affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Rate Maturity Amount Rate Maturity Amount Affiliated receivables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH America 0% ​ — ​ $ 13,377 0% ​ — ​ $ 10 CNH Canada 0% ​ — ​ ​ 704 0% ​ — ​ ​ — Banco CNH Industrial Capital Brazil ​ Various ​ Various ​ ​ 47,997 ​ 0% ​ — ​ ​ 40,983 Other affiliates 0% ​ — ​ ​ 12,589 0% ​ — ​ ​ 12,516 Total affiliated receivables ​ ​ ​ ​ $ 74,667 ​ ​ ​ ​ ​ $ 53,509 Affiliated debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CNH America ​ 5.68% ​ 2024 ​ $ 86,234 ​ 5.39% ​ 2023 ​ $ 100,195 CNH Canada ​ 5.76% ​ 2024 ​ ​ 46,258 ​ 5.74% ​ 2023 ​ ​ 241,036 Other affiliates ​ 0% ​ — ​ ​ — ​ 5.05% ​ 2023 ​ ​ 300 Total affiliated debt ​ ​ ​ ​ $ 132,492 ​ ​ ​ ​ $ 341,531

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Commitments to Extend Credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ Credit Limit ​ Utilized ​ Not Utilized Wholesale and dealer financing ​ $ 7,746,096 ​ $ 5,039,432 ​ $ 2,706,664 Revolving charge accounts ​ $ 2,557,662 ​ $ 210,324 ​ $ 2,347,338 ​

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Recognition
Delinquency period of accounts considered for recognition of income	90 days
Minimum account delinquency period for an account to be classified as past due	30 days
Minimum account delinquency period for revolving charge accounts to be classified as past due	120 days
Goodwill and Intangible Assets
Impairment of goodwill	$ 0	$ 0	$ 0
Amortization period of other intangible assets consisting of software	10 years

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	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	1,426	(20,235)
Amounts reclassified from accumulated other comprehensive income (loss)	(3,585)	(2,045)
Tax effects	2,684	(4,096)
Total other comprehensive income (loss)	525	(26,376)	8,778
Ending balance	(137,308)	(137,833)	(111,457)
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	8,456	(38,636)
Total other comprehensive income (loss)	8,456	(38,636)
Ending balance	(142,798)	(151,254)	(112,618)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross		2,563	2,451
Tax asset (liability)		(620)	(587)
Beginning balance, net of tax	1,943	1,864
Other comprehensive income (loss) before reclassifications	(43)	1,067
Amounts reclassified from accumulated other comprehensive income (loss)	(961)	(955)
Tax effects	247	(33)
Total other comprehensive income (loss)	(757)	79
Ending balance	1,186	1,943	1,864
Unrealized (Losses) Gains on Derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross		15,288	(956)
Tax asset (liability)		(3,810)	253
Beginning balance, net of tax	11,478	(703)
Other comprehensive income (loss) before reclassifications	(6,987)	17,334
Amounts reclassified from accumulated other comprehensive income (loss)	(2,624)	(1,090)
Tax effects	2,437	(4,063)
Total other comprehensive income (loss)	(7,174)	12,181
Ending balance	$ 4,304	$ 11,478	$ (703)

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Receivables
Gross receivables	$ 13,570,462	$ 10,866,832	$ 9,067,252
Less: Allowance for credit losses	(114,745)	(125,012)	$ (115,953)	$ (136,136)
Total receivables, net	13,455,717	10,741,820
Restricted receivables	10,278,503	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
Number of portfolio segments in which allowance for credit losses is segregated | item	3
Retail notes
Receivables
Gross receivables	$ 1,291,559	1,241,775
Restricted receivables	$ 6,693,525	5,835,445
Retail notes | Minimum
Receivables
Stated original maturities	2 years
Retail notes | Maximum
Receivables
Stated original maturities	7 years
Revolving charge accounts
Receivables
Gross receivables	$ 205,872	207,744
Finance leases
Receivables
Gross receivables	219,386	198,064
Wholesale
Receivables
Gross receivables	1,575,142	875,628
Restricted receivables	$ 3,584,978	2,508,176
Wholesale | Maximum
Receivables
Stated original maturities	24 months
Interest-free periods	12 months
Restricted receivables
Receivables
Restricted receivables	$ 10,278,503	$ 8,343,621

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for credit losses, Current:
Beginning balance	$ 125,012	$ 115,953	$ 136,136
Charge-offs	(24,136)	(12,882)	(15,108)
Recoveries	2,032	2,788	2,303
Provision (benefit)	11,579	11,241	(7,460)
Foreign currency translation and other	258	7,912	82
Ending balance	114,745	125,012	115,953
Receivables:
Ending Balance	$ 13,570,462	10,866,832	9,067,252
Minimum account delinquency period for revolving charge accounts to be classified as past due	120 days
Retail customer
Allowance for credit losses, Current:
Beginning balance	$ 110,341	109,742	126,851
Charge-offs	(17,624)	(8,202)	(14,929)
Recoveries	1,785	2,262	2,177
Provision (benefit)	6,920	7,311	(4,437)
Foreign currency translation and other	227	(772)	80
Ending balance	101,649	110,341	109,742
Receivables:
Ending Balance	8,204,470	7,275,284	6,722,247
Revolving charge accounts
Allowance for credit losses, Current:
Beginning balance	8,519
Charge-offs	(6,512)	(49)
Recoveries	221
Provision (benefit)	5,354	(169)
Foreign currency translation and other	12	8,737
Ending balance	7,594	8,519
Receivables:
Ending Balance	205,872	207,744
Wholesale.
Allowance for credit losses, Current:
Beginning balance	6,152	6,211	9,285
Charge-offs		(4,631)	(179)
Recoveries	26	526	126
Provision (benefit)	(695)	4,099	(3,023)
Foreign currency translation and other	19	(53)	2
Ending balance	5,502	6,152	6,211
Receivables:
Ending Balance	$ 5,160,120	$ 3,383,804	$ 2,345,005

RECEIVABLES - Maturities of rec

RECEIVABLES - Maturities of receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
RECEIVABLES
2024	$ 7,640,811
2025	1,912,007
2026	1,638,278
2027	1,221,391
2028 and thereafter	1,043,230
Total receivables, net	$ 13,455,717	$ 10,741,820

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing receivable, recorded investment
Minimum account delinquency period for an account to be classified as past due	30 days
Retail customer
Financing receivable, recorded investment
Total	$ 8,204,470	$ 7,275,284
Charge-offs
Total	17,624
Retail customer | Total Past Due
Financing receivable, recorded investment
Total	100,212	85,866
Retail customer | 31-60 Days Past Due
Financing receivable, recorded investment
Total	37,379	27,549
Retail customer | 61-90 Days Past Due
Financing receivable, recorded investment
Total	8,603	6,347
Retail customer | Greater than 90 Days
Financing receivable, recorded investment
Total	54,230	51,970
Retail customer | Current
Financing receivable, recorded investment
Total	8,104,258	7,189,418
Retail customer | United States
Financing receivable, recorded investment
Originated in current fiscal year	3,123,841
Originated in fiscal year before latest fiscal year	1,773,950	2,735,831
Originated two years before latest fiscal year	1,053,665	1,621,755
Originated three years before latest fiscal year	488,499	846,488
Originated four years before latest fiscal year	168,993	389,681
Originated five years before latest fiscal year	61,559	190,434
Originated six or more years prior to latest fiscal year		60,417
Total	6,670,507	5,844,606
Charge-offs
2023/2022	552
2022/2021	3,221
2021/2020	2,716
2020/2019	2,987
2019/2018	3,203
Prior to 2019/Prior to 2018	2,849
Total	15,528
Retail customer | United States | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	12,365
Originated in fiscal year before latest fiscal year	18,412	7,584
Originated two years before latest fiscal year	12,480	11,580
Originated three years before latest fiscal year	37,207	38,498
Originated four years before latest fiscal year	4,359	7,513
Originated five years before latest fiscal year	4,780	3,537
Originated six or more years prior to latest fiscal year		5,851
Total	89,603	74,563
Retail customer | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	9,662
Originated in fiscal year before latest fiscal year	10,008	6,258
Originated two years before latest fiscal year	6,808	6,610
Originated three years before latest fiscal year	3,270	4,490
Originated four years before latest fiscal year	1,829	2,365
Originated five years before latest fiscal year	631	1,579
Originated six or more years prior to latest fiscal year		765
Total	32,208	22,067
Retail customer | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	1,415
Originated in fiscal year before latest fiscal year	2,583	976
Originated two years before latest fiscal year	2,118	1,269
Originated three years before latest fiscal year	1,106	1,503
Originated four years before latest fiscal year	529	1,034
Originated five years before latest fiscal year	318	465
Originated six or more years prior to latest fiscal year		131
Total	8,069	5,378
Retail customer | United States | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year	1,288
Originated in fiscal year before latest fiscal year	5,821	350
Originated two years before latest fiscal year	3,554	3,701
Originated three years before latest fiscal year	32,831	32,505
Originated four years before latest fiscal year	2,001	4,114
Originated five years before latest fiscal year	3,831	1,493
Originated six or more years prior to latest fiscal year		4,955
Total	49,326	47,118
Retail customer | United States | Current
Financing receivable, recorded investment
Originated in current fiscal year	3,111,476
Originated in fiscal year before latest fiscal year	1,755,538	2,728,247
Originated two years before latest fiscal year	1,041,185	1,610,175
Originated three years before latest fiscal year	451,292	807,990
Originated four years before latest fiscal year	164,634	382,168
Originated five years before latest fiscal year	56,779	186,897
Originated six or more years prior to latest fiscal year		54,566
Total	6,580,904	5,770,043
Retail customer | Canada
Financing receivable, recorded investment
Originated in current fiscal year	669,103
Originated in fiscal year before latest fiscal year	399,448	654,529
Originated two years before latest fiscal year	295,584	441,431
Originated three years before latest fiscal year	114,705	192,803
Originated four years before latest fiscal year	44,415	91,894
Originated five years before latest fiscal year	10,708	39,305
Originated six or more years prior to latest fiscal year		10,716
Total	1,533,963	1,430,678
Charge-offs
2023/2022	78
2022/2021	941
2021/2020	964
2020/2019	(227)
2019/2018	253
Prior to 2019/Prior to 2018	87
Total	2,096
Retail customer | Canada | Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	1,216
Originated in fiscal year before latest fiscal year	3,691	1,953
Originated two years before latest fiscal year	3,610	5,293
Originated three years before latest fiscal year	1,075	1,898
Originated four years before latest fiscal year	373	926
Originated five years before latest fiscal year	644	828
Originated six or more years prior to latest fiscal year		405
Total	10,609	11,303
Retail customer | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	647
Originated in fiscal year before latest fiscal year	2,395	1,544
Originated two years before latest fiscal year	1,090	2,420
Originated three years before latest fiscal year	755	810
Originated four years before latest fiscal year	158	197
Originated five years before latest fiscal year	126	388
Originated six or more years prior to latest fiscal year		123
Total	5,171	5,482
Retail customer | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	149
Originated in fiscal year before latest fiscal year	60	22
Originated two years before latest fiscal year	159	502
Originated three years before latest fiscal year		128
Originated four years before latest fiscal year	14	114
Originated five years before latest fiscal year	152	178
Originated six or more years prior to latest fiscal year		25
Total	534	969
Retail customer | Canada | Greater than 90 Days
Financing receivable, recorded investment
Originated in current fiscal year	420
Originated in fiscal year before latest fiscal year	1,236	387
Originated two years before latest fiscal year	2,361	2,371
Originated three years before latest fiscal year	320	960
Originated four years before latest fiscal year	201	615
Originated five years before latest fiscal year	366	262
Originated six or more years prior to latest fiscal year		257
Total	4,904	4,852
Retail customer | Canada | Current
Financing receivable, recorded investment
Originated in current fiscal year	667,887
Originated in fiscal year before latest fiscal year	395,757	652,576
Originated two years before latest fiscal year	291,974	436,138
Originated three years before latest fiscal year	113,630	190,905
Originated four years before latest fiscal year	44,042	90,968
Originated five years before latest fiscal year	10,064	38,477
Originated six or more years prior to latest fiscal year		10,311
Total	1,523,354	1,419,375
Wholesale.
Financing receivable, recorded investment
Total	5,160,120	3,383,804
Wholesale. | Total Past Due
Financing receivable, recorded investment
Total		11
Wholesale. | 31-60 Days Past Due
Financing receivable, recorded investment
Total		7
Wholesale. | Greater than 90 Days
Financing receivable, recorded investment
Total		4
Wholesale. | Current
Financing receivable, recorded investment
Total	5,160,120	3,383,793
Wholesale. | United States
Financing receivable, recorded investment
Total	4,271,583	2,721,293
Wholesale. | United States | Total Past Due
Financing receivable, recorded investment
Total		11
Wholesale. | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total		7
Wholesale. | United States | Greater than 90 Days
Financing receivable, recorded investment
Total		4
Wholesale. | United States | Current
Financing receivable, recorded investment
Total	4,271,583	2,721,282
Wholesale. | Canada
Financing receivable, recorded investment
Total	888,537	662,511
Wholesale. | Canada | Current
Financing receivable, recorded investment
Total	888,537	662,511
Revolving charge accounts
Financing receivable, recorded investment
Total	205,872	207,744
Charge-offs
Total	6,512
Revolving charge accounts | Total Past Due
Financing receivable, recorded investment
Total	10,212	24,940
Revolving charge accounts | 31-60 Days Past Due
Financing receivable, recorded investment
Total	6,410	14,216
Revolving charge accounts | 61-90 Days Past Due
Financing receivable, recorded investment
Total	2,591	10,724
Revolving charge accounts | Greater than 90 Days
Financing receivable, recorded investment
Total	1,211
Revolving charge accounts | Current
Financing receivable, recorded investment
Total	195,660	182,804
Revolving charge accounts | United States
Financing receivable, recorded investment
Total	192,275	192,795
Charge-offs
Total	5,993
Revolving charge accounts | United States | Total Past Due
Financing receivable, recorded investment
Total	9,547	22,944
Revolving charge accounts | United States | 31-60 Days Past Due
Financing receivable, recorded investment
Total	6,036	12,979
Revolving charge accounts | United States | 61-90 Days Past Due
Financing receivable, recorded investment
Total	2,422	9,965
Revolving charge accounts | United States | Greater than 90 Days
Financing receivable, recorded investment
Total	1,089
Revolving charge accounts | United States | Current
Financing receivable, recorded investment
Total	182,728	169,851
Revolving charge accounts | Canada
Financing receivable, recorded investment
Total	13,597	14,949
Charge-offs
Total	519
Revolving charge accounts | Canada | Total Past Due
Financing receivable, recorded investment
Total	665	1,996
Revolving charge accounts | Canada | 31-60 Days Past Due
Financing receivable, recorded investment
Total	374	1,237
Revolving charge accounts | Canada | 61-90 Days Past Due
Financing receivable, recorded investment
Total	169	759
Revolving charge accounts | Canada | Greater than 90 Days
Financing receivable, recorded investment
Total	122
Revolving charge accounts | Canada | Current
Financing receivable, recorded investment
Total	$ 12,932	$ 12,953

RECEIVABLES - Receivables Secur

RECEIVABLES - Receivables Securitizations (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2023 CAD ($)
Receivables
Maximum borrowing capacity	$ 13,779,771	$ 11,812,245
Number of conduit facilities | item	3
Number of portfolio segments in which allowance for credit losses is segregated | item	3
Retail committed asset-backed facilities
Receivables
Asset-backed transactions securitized	$ 2,198,864	2,798,457
Outstanding amount of transactions securitized	$ 4,620,565	$ 4,927,653
Remaining period of transactions securitized	39 months
Maximum borrowing capacity	$ 1,377,339
Term of credit agreement	2 years
Conduit facilities, $850 million renewable in 2024
Receivables
Maximum borrowing capacity	$ 850,000
Conduit facilities, $400 million renewable in 2025
Receivables
Maximum borrowing capacity	400,000
Conduit facilities, $300 million renewable in 2024.
Receivables
Maximum borrowing capacity	300,000
Conduit facilities renewable in December 2025 | Canada
Receivables
Maximum borrowing capacity	$ 377,339		$ 500,000

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing receivable, impaired
Accrued interest	$ 83,879	$ 57,831
Delinquency period of accounts considered for recognition of income	90 days
Retail customer | United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 55,564	48,690
Retail customer | Canada
Financing receivable, impaired
Receivables on nonaccrual status	5,321	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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation	$ 178,969	$ 201,582	$ 239,331
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	74,775
2024	203,767
2025	142,247
2026	78,339
2027	30,916
2028 and thereafter	9,830
Total lease payments	465,099
Property Subject to Operating Lease, Lessor
Equipment on operating lease	1,735,626	1,858,912
Accumulated depreciation	(357,242)	(385,939)
Total equipment on operating leases, net	1,378,384	1,472,973
Depreciation	$ 178,969	$ 201,582	$ 239,331

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in the carrying amount of goodwill
Balance, beginning of year	$ 108,567	$ 110,226
Foreign currency translation adjustment	551	(1,659)
Balance, end of year	109,118	108,567	$ 110,226
Impairment of goodwill	0	0	0
Company's intangible asset and related accumulated amortization for its software
Software	50,155	46,251
Accumulated amortization	(30,803)	(27,863)
Software, net	19,352	18,388
Amortization expense	2,939	$ 2,159	$ 1,910
Estimated annual amortization expense
2024	3,035
2025	2,904
2026	2,638
2027	2,274
2028	1,307
2029 and thereafter	$ 1,855

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER ASSETS
Derivative assets	$ 55,654	$ 35,575
Deferred tax assets	17,772	9,463
Tax receivables	10,260	3,162
Other current assets	24,461	15,758
Total other assets	$ 108,147	$ 63,958

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) $ in Thousands, $ in Thousands				12 Months Ended
	Sep. 13, 2023 USD ($)	Aug. 11, 2023 USD ($)	Apr. 10, 2023 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 CAD ($)	Aug. 11, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Debt
Maximum borrowing capacity				$ 13,779,771			$ 11,812,245
Short-Term Outstanding				2,601,519			1,594,012
Current Maturities of Long-Term Outstanding				2,918,273			2,502,414
Long-Term Outstanding				7,859,629			6,387,135
Available				400,350			$ 1,328,684
Minimum annual repayments of long-term debt
2025				2,693,669
2026				2,709,582
2027				827,117
2028				1,061,560
2029 and thereafter				$ 567,701
Other disclosure
Weighted-average interest rate on total short-term debt outstanding (as a percent)				6.10%	6.10%		4.80%
Weighted- average interest rate on total long-term debt (as a percent)				4.30%	4.30%		2.90%
CNH
Support Agreement
Number of preceding fiscal quarters added to the current quarter used in calculating the consolidated fixed charges coverage ratio under support agreement | item				3
Period of prior written notice				30 days
Long-term rated indebtedness outstanding				$ 0
CNH | Minimum
Support Agreement
Consolidated fixed charges coverage ratio				1.05
Ownership percentage required to be maintained in the company				51%
Consolidated tangible net worth threshold				$ 50,000
Unsecured Facilities
Debt
Maximum borrowing capacity				815,848			$ 605,536
Short-Term Outstanding				100,000
Current Maturities of Long-Term Outstanding				150,936
Long-Term Outstanding				164,912			109,512
Available				400,000			496,024
Revolving credit facilities
Debt
Maximum borrowing capacity				716,404			606,820
Current Maturities of Long-Term Outstanding				150,936
Long-Term Outstanding				165,468			110,796
Available				400,000			496,024
Unamortized issuance costs				(556)			(1,284)
Committed Asset-Backed Facilities
Debt
Maximum borrowing capacity				3,304,678			2,738,643
Short-Term Outstanding				1,927,339			1,295,457
Current Maturities of Long-Term Outstanding				301,863			136,797
Long-Term Outstanding				1,075,126			473,729
Available				$ 350			832,660
Committed Asset-Backed Facilities | Maximum
Other disclosure
Maturity period of receivables				7 years
Retail | Maximum
Debt
Maximum borrowing capacity				$ 1,377,339
Retail | United States
Debt
Maximum borrowing capacity				1,000,000			1,000,000
Current Maturities of Long-Term Outstanding				227,598			83,667
Long-Term Outstanding				772,052			227,799
Available				350			688,534
Retail | Canada
Debt
Maximum borrowing capacity				377,339			443,186
Current Maturities of Long-Term Outstanding				74,265			53,130
Long-Term Outstanding				303,074			245,930
Available							144,126
Wholesale VFN | United States
Debt
Maximum borrowing capacity				1,550,000			1,000,000
Short-Term Outstanding				1,550,000			1,000,000
Wholesale VFN | Canada
Debt
Maximum borrowing capacity				377,339			295,457
Short-Term Outstanding				377,339			295,457
Secured Debt
Debt
Maximum borrowing capacity				5,221,355			4,912,903
Short-Term Outstanding				226,290
Current Maturities of Long-Term Outstanding				1,731,538			1,766,250
Long-Term Outstanding				3,263,527			3,146,653
Unamortized issuance costs				(14,089)			(14,750)
Other ABS Financing
Debt
Maximum borrowing capacity				388,589			98,451
Current Maturities of Long-Term Outstanding				136,355			77,644
Long-Term Outstanding				252,234			20,807
Repurchase agreement
Debt
Maximum borrowing capacity				226,290
Short-Term Outstanding				226,290
Uncommitted credit line
Debt
Maximum borrowing capacity				100,000
Short-Term Outstanding				100,000
Amortizing Retail Term ABS
Debt
Maximum borrowing capacity				4,620,565			4,829,202
Current Maturities of Long-Term Outstanding				1,595,183			1,688,606
Long-Term Outstanding				3,025,382			3,140,596
Unsecured Debt
Debt
Maximum borrowing capacity				4,437,890			3,555,163
Short-Term Outstanding				347,890			298,555
Current Maturities of Long-Term Outstanding				733,936			599,367
Long-Term Outstanding				3,356,064			2,657,241
Hedging effects, discounts and unamortized issuance costs				(41,385)			(66,430)
Hedging effects, discounts and unamortized issuance costs, short-term outstanding				(3,110)			(1,445)
Hedging effects, discounts and unamortized issuance costs, current maturities				7,532			(633)
Hedging effects, discounts and unamortized issuance costs, long-term				(45,807)			(64,352)
Notes
Debt
Maximum borrowing capacity				4,128,275			3,321,593
Current Maturities of Long-Term Outstanding				726,404			600,000
Long-Term Outstanding				3,401,871			2,721,593
Commercial paper
Debt
Maximum borrowing capacity				351,000			300,000
Short-Term Outstanding				351,000			$ 300,000
Short-Term Outstanding, net				347,890
Unsecured Senior Notes
Debt
Debt amount				4,090,000
Unsecured Senior Notes | CNH Industrial Capital LLC
Debt
Debt amount				3,564,063
Hedging effects, discounts and unamortized issuance costs				(35,937)
Unsecured Senior Notes | CNH Industrial Capital Canada Ltd
Debt
Debt amount				525,937
Unamortized issuance costs				(2,338)
1.500% unsecured notes, due 2024 | CNH Industrial Capital Canada Ltd
Debt
Debt amount				$ 226,404
Interest rate (as a percent)				1.50%	1.50%
4.200% unsecured notes due 2024 | CNH Industrial Capital LLC
Debt
Debt amount				$ 500,000
Interest rate (as a percent)				4.20%	4.20%
3.950% unsecured notes due 2025 | CNH Industrial Capital LLC
Debt
Debt amount				$ 500,000
Interest rate (as a percent)				3.95%	3.95%
5.450 % unsecured notes due 2025 | CNH Industrial Capital LLC
Debt
Debt amount				$ 400,000
Interest rate (as a percent)				5.45%	5.45%
1.875 % unsecured notes due 2026 | CNH Industrial Capital LLC
Debt
Debt amount				$ 500,000
Interest rate (as a percent)				1.875%	1.875%
5.500% unsecured notes due 2026 | CNH Industrial Capital Canada Ltd
Debt
Debt amount		$ 297,640		$ 301,871		$ 400,000
Interest rate (as a percent)		5.50%		5.50%	5.50%	5.50%
Issue price of debt (as a percent)		99.883%
5.500% unsecured notes due 2029 | CNH Industrial Capital LLC
Debt
Debt amount	$ 500,000			$ 500,000
Interest rate (as a percent)	5.50%			5.50%	5.50%
Issue price of debt (as a percent)	99.399%
1.450% unsecured notes, due 2026 | CNH Industrial Capital LLC
Debt
Debt amount				$ 600,000
Interest rate (as a percent)				1.45%	1.45%
4.550 % unsecured notes, due 2028 | CNH Industrial Capital LLC
Debt
Debt amount			$ 600,000	$ 600,000
Interest rate (as a percent)			4.55%	4.55%	4.55%
Issue price of debt (as a percent)			98.857%
Unsecured Facilities
Debt
Maximum borrowing capacity				$ 815,848
Line of credit, outstanding amount				415,848
Secured Debt | Repurchase agreement
Debt
Debt amount				$ 226,290	$ 299,850
Repurchase receivable obligation term				30 days

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sources of income before taxes
Domestic	$ 218,113	$ 232,873	$ 235,309
Foreign	58,915	57,129	64,841
INCOME BEFORE TAXES	277,028	290,002	300,150
Current income tax expense (benefit):
Domestic	109,762	112,615	63,346
Foreign	17,626	12,717	16,630
Total current income tax expense	127,388	125,332	79,976
Deferred income tax expense (benefit):
Domestic	(59,051)	(55,494)	(9,296)
Foreign	(6,381)	1,042	(745)
Total deferred income tax expense	(65,432)	(54,452)	(10,041)
Total tax provision	$ 61,956	$ 70,880	$ 69,935
Reconciliation of statutory and effective income tax rate
Tax provision at statutory rate (as a percent)	21%	21%	21%
State taxes (as a percent)	3.70%	4.80%	4.10%
Foreign taxes (as a percent)	(1.30%)	(0.60%)	(1.10%)
Tax credits and incentives (as a percent)	(0.80%)	(0.60%)	(0.40%)
Other (as a percent)	(0.20%)	(0.20%)	(0.30%)
Total tax provision effective rate (as a percent)	22.40%	24.40%	23.30%

INCOME TAXES - Components of De

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Components of net deferred tax assets
Pension, postretirement and post employment benefits	$ 1,173	$ 1,180
Marketing and sales incentive programs	75,631	46,587
Allowance for credit losses	23,122	25,627
Other accrued liabilities	38,576	36,805
Tax loss and tax credit carry forwards	1,812	1,076
Total deferred tax assets	140,314	111,275
Deferred tax liabilities:
Equipment on operating lease	257,705	297,152
Deferred tax assets	17,772	9,463
Deferred tax liabilities	(135,163)	(195,340)
Deferred tax liability, net	$ (117,391)	$ (185,877)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Tax Contingencies and Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the gross amounts of tax contingencies at the beginning and end of the year
Balance, beginning of year			$ 4,274
Settlements			$ (4,274)
Income tax examinations
U.S. federal corporate income tax rate (as a percent)	21%	21%	21%
Undistributed earnings of non-U.S. subsidiaries	$ 0

FINANCIAL INSTRUMENTS - General

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	57 months
After-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months	$ 2,378

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 22,633	$ 3,597
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	32,579	42,936
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	30,420	27,862
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	2,601	4,116
Derivative assets not designated as hedging instruments, classified in other assets	33,021	31,978
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	30,420	27,862
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in accounts payable and other accrued liabilities		435
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	30,420	28,297
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	$ (6,987)	$ 17,334	$ 7,932
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	$ 2,624	$ 1,090	$ (653)
Foreign exchange contracts, other expenses, net, not designated as hedges	1,828	(5,784)	$ (1,709)
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	4,428,285	3,628,725
Thirteen-month average notional amounts of interest rate derivatives	$ 3,803,373	$ 3,715,399

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Foreign exchange contracts	$ 2,601	$ 4,116
Liabilities
Foreign exchange contracts		435
Assets transferred between Level 1, Level 2 and Level 3	0	0
Recurring | Level 2
Assets
Interest rate derivatives	53,053	31,459
Foreign exchange contracts	2,601	4,116
Total assets	55,654	35,575
Liabilities
Interest rate derivatives	62,999	70,798
Foreign exchange contracts		435
Total liabilities	$ 62,999	$ 71,233

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Instruments Not Carried at Fair Value
Receivables	$ 13,455,717	$ 10,741,820
Long-term debt	7,859,629	6,387,135
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	13,455,717	10,741,820
Long-term debt	7,859,629	6,387,135
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	13,224,506	10,433,949
Long-term debt	$ 7,739,874	$ 6,032,997

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value on a Nonrecurring Basis and Other Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equipment
Assets
(Gains) losses on assets held for sale	$ (16,896)	$ (27,525)	$ (12,140)

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Geographical Information
Revenues	$ 1,072,653	$ 791,835	$ 789,184
Interest expense	534,239	241,807	195,778
Net income	215,072	219,122	230,215
Depreciation and amortization	181,916	203,749	241,249
Expenditures for equipment on operating leases	521,144	517,623	536,401
Provision (benefit) for credit losses	11,579	11,241	(7,460)
Additional disclosures
Total assets	15,963,527	13,179,479	12,187,768
Managed receivables	13,570,462	10,866,832	9,067,252
Eliminations
Geographical Information
Revenues	(1,601)	(3,828)	(5,555)
Interest expense	(1,601)	(3,828)	(5,555)
Additional disclosures
Total assets	(148,521)	(216,656)	(221,579)
United States.
Geographical Information
Net income	167,403	175,752	181,259
Depreciation and amortization	129,247	152,871	190,255
Expenditures for equipment on operating leases	354,015	354,817	388,665
Provision (benefit) for credit losses	12,897	9,978	(6,431)
Additional disclosures
Managed receivables	11,134,365	8,758,694	7,121,138
United States. | Operating segment
Geographical Information
Revenues	860,081	626,754	630,848
Interest expense	443,629	195,728	161,681
Additional disclosures
Total assets	13,034,959	10,712,413	9,870,766
Canada.
Geographical Information
Net income	47,669	43,370	48,956
Depreciation and amortization	52,669	50,878	50,994
Expenditures for equipment on operating leases	167,129	162,806	147,736
Provision (benefit) for credit losses	(1,318)	1,263	(1,029)
Additional disclosures
Managed receivables	2,436,097	2,108,138	1,946,114
Canada. | Operating segment
Geographical Information
Revenues	214,173	168,909	163,891
Interest expense	92,211	49,907	39,652
Additional disclosures
Total assets	$ 3,077,089	$ 2,683,722	$ 2,538,581

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RELATED-PARTY TRANSACTIONS
Retail customer	$ 288,067	$ 216,528	$ 154,994
Operating lease	237,178	248,335	267,606
Revolving charge accounts	39,568
Wholesale	66,015	28,659	31,011
Total interest and other income from affiliates	434,257	268,267	297,579
Other information
Interest expense to affiliates	534,239	241,807	195,778
Related Party
RELATED-PARTY TRANSACTIONS
Affiliated receivables	74,667	53,509
Affiliated debt	132,492	341,531
Other information
Interest expense to affiliates	33,746	9,361	3,686
Fees charged by affiliates	53,804	50,858	47,369
Accounts payable and other accrued liabilities payable to related parties	82,621	212,167
CNH North America
RELATED-PARTY TRANSACTIONS
Retail customer	140,195	123,874	142,867
Operating lease	40,852	47,194	58,965
Revolving charge accounts	4,106
Wholesale	242,062	95,138	94,678
CNH North America
RELATED-PARTY TRANSACTIONS
Lending funds	3,430	713	878
CNH America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	$ 13,377	$ 10
Rate of accounts and notes receivable (as a percent)	0%	0%
Rate of debt due (as a percent)	5.68%	5.39%
Affiliated debt	$ 86,234	$ 100,195
CNH Canada
RELATED-PARTY TRANSACTIONS
Affiliated receivables	$ 704
Rate of accounts and notes receivable (as a percent)	0%	0%
Rate of debt due (as a percent)	5.76%	5.74%
Affiliated debt	$ 46,258	$ 241,036
Banco CNH Industrial Capital Brazil
RELATED-PARTY TRANSACTIONS
Lending funds	2,864	983
Affiliated receivables	47,997	$ 40,983
Rate of accounts and notes receivable (as a percent)		0%
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	748	$ 365	$ 191
Affiliated receivables	$ 12,589	$ 12,516
Rate of accounts and notes receivable (as a percent)	0%	0%
Rate of debt due (as a percent)	0%	5.05%
Affiliated debt		$ 300

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 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	7,746,096
Utilized	5,039,432
Not Utilized	2,706,664
Revolving charge accounts
Guarantees
Total credit limit	2,557,662
Utilized	210,324
Not Utilized	$ 2,347,338

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands, $ in Thousands	Jan. 16, 2024 USD ($)	Feb. 21, 2024 CAD ($)	Feb. 21, 2024 USD ($)	Jan. 24, 2024 USD ($)	Dec. 31, 2023 USD ($)
4.200% unsecured notes due 2024 | CNH Industrial Capital LLC
Subsequent Events
Interest rate (as a percent)					4.20%
Debt amount					$ 500,000
Secured Debt | Subsequent event | US Retail receivables
Subsequent Events
Debt amount				$ 862,730
Secured Debt | Subsequent event | Amortizing Retail Term ABS
Subsequent Events
Debt amount		$ 398,380	$ 294,834
Unsecured Senior Notes | Subsequent event | 4.200% unsecured notes due 2024 | CNH Industrial Capital LLC
Subsequent Events
Repayment of debt	$ 500,000
Interest rate (as a percent)	4.20%

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false