CNH Industrial Capital 10-Q2 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024 shares
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Entity File Number	000-55510
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-1937630
Entity Address, Address Line One	5729 Washington Avenue
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53406
City Area Code	262
Local Phone Number	636-6011
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0
Entity Central Index Key	0001552493
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Interest income on retail notes and finance leases	$ 92,184	$ 69,626	$ 179,575	$ 137,850
Rental income on operating leases	57,540	57,451	117,346	114,500
Revolving charge account income	10,883	9,996	20,189	18,326
Interest income on wholesale notes	31,007	13,336	57,930	23,931
Interest and other income from affiliates	128,259	95,569	247,733	179,673
Other income	3,490	1,136	6,896	1,352
Total revenues	323,363	247,114	629,669	475,632
Interest expense:
Interest expense to third parties	174,896	117,103	337,699	212,359
Total interest expense	175,864	122,088	343,291	225,792
Administrative and operating expenses:
Provision for credit losses	11,771	2,649	22,283	4,568
Depreciation of equipment on operating leases	44,195	44,675	87,295	89,727
Other expenses, net	4,699	4,706	5,295	8,239
Total administrative and operating expenses	72,113	65,142	139,916	129,521
Total expenses	247,977	187,230	483,207	355,313
INCOME BEFORE TAXES	75,386	59,884	146,462	120,319
Income tax provision	16,548	12,186	33,151	26,320
NET INCOME	58,838	47,698	113,311	93,999
Related Party
Interest expense:
Interest expense to affiliates	968	4,985	5,592	13,433
Total interest expense	968	4,985	5,592	13,433
Administrative and operating expenses:
Fees charged by affiliates	$ 11,448	$ 13,112	$ 25,043	$ 26,987

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 58,838	$ 47,698	$ 113,311	$ 93,999
Other comprehensive income (loss):
Foreign currency translation adjustment	(4,298)	13,366	(14,778)	13,072
Pension liability adjustment	(112)	(186)	(220)	(367)
Change in derivative financial instruments	(489)	(387)	1,446	(2,780)
Total other comprehensive income (loss)	(4,899)	12,793	(13,552)	9,925
COMPREHENSIVE INCOME	$ 53,939	$ 60,491	$ 99,759	$ 103,924

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash	$ 81,128	$ 390,110
Restricted cash and cash equivalents	364,111	407,817
Receivables, less allowance for credit losses of $123,971 and $114,745, respectively	14,408,805	13,455,717
Equipment on operating leases, net	1,320,375	1,378,384
Equipment held for sale	29,835	20,215
Goodwill	108,261	109,118
Other intangible assets, net	17,987	19,352
Other assets	92,594	108,147
TOTAL	16,605,145	15,963,527
Liabilities:
Short-term debt (including current maturities of long-term debt)	5,780,961	5,519,792
Accounts payable and other accrued liabilities	837,147	852,638
Long-term debt	8,364,690	7,859,629
Total liabilities	14,982,798	14,364,551
Commitments and contingent liabilities (Note 11)
Stockholder's equity:
Member's capital
Paid-in capital	918,314	919,702
Accumulated other comprehensive loss	(150,860)	(137,308)
Retained earnings	854,893	816,582
Total stockholder's equity	1,622,347	1,598,976
TOTAL	16,605,145	15,963,527
Related Party
ASSETS
Affiliated accounts and notes receivable	$ 182,049	74,667
Liabilities:
Affiliated debt		$ 132,492

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 123,971	$ 114,745
Restricted cash and cash equivalents	364,111	407,817
Receivables, less allowance for credit losses of $57,008 and $54,889, respectively	14,408,805	13,455,717
TOTAL	16,605,145	15,963,527
Short-term debt (including current maturities of long-term debt)	5,780,961	5,519,792
Long-term debt	8,364,690	7,859,629
Total liabilities	14,982,798	14,364,551
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	57,008	54,889
Restricted cash and cash equivalents	364,111	407,817
Receivables, less allowance for credit losses of $57,008 and $54,889, respectively	8,507,730	8,103,838
TOTAL	8,871,841	8,511,655
Short-term debt (including current maturities of long-term debt)	4,046,399	3,824,385
Long-term debt	4,220,433	4,086,419
Total liabilities	$ 8,266,832	$ 7,910,804

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 58,838	$ 47,698	$ 113,311	$ 93,999
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases			87,299	89,731
Amortization of intangibles			1,582	1,400
Provision for credit losses	11,771	2,649	22,283	4,568
Deferred income tax benefit			(20,153)	(9,589)
Other non-cash items			29,125
Changes in components of working capital:
Change in affiliated accounts and notes receivables			15,083	(5,582)
Change in other assets and equipment held for sale			(5,361)	(14,881)
Change in accounts payable and other accrued liabilities			7,501	(109,013)
Net cash from (used in) operating activities			250,670	50,633
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired (retail customer, revolving charge accounts and wholesale)			(8,704,128)	(8,440,653)
Collections of receivables (retail customer, revolving charge accounts and wholesale)			7,660,929	7,305,071
Change in affiliated cash pooling receivables, net			(134,074)
Collections of affiliated notes receivables			10,800
Purchase of equipment on operating leases	(100,206)	(124,530)	(202,390)	(227,809)
Proceeds from disposal of equipment on operating leases			153,345	190,007
Change in property, equipment and software, net			(217)	(462)
Net cash from (used in) investing activities			(1,215,735)	(1,173,846)
CASH FLOWS FROM FINANCING ACTIVITIES
Change in affiliated debt, net			(131,366)	(83,515)
Proceeds from issuance of long-term debt			3,281,064	2,368,436
Payment of long-term debt			(2,365,410)	(1,361,216)
Change in committed asset-backed facilities, net			(282,739)	115,685
Change in short-term borrowings, net			185,828	(29,448)
Dividends paid to CNH Industrial America LLC			(75,000)
Net cash from (used in) financing activities			612,377	1,009,942
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS			(352,688)	(113,271)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of period			797,927	708,579
End of period	445,239	595,308	445,239	595,308
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash	81,128	198,036	81,128	198,036
Restricted cash and cash equivalents	364,111	397,272	364,111	397,272
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	$ 445,239	$ 595,308	445,239	595,308
CASH PAID DURING THE PERIOD FOR INTEREST			331,843	222,746
CASH PAID DURING THE PERIOD FOR TAXES			$ 49,174	$ 46,464

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, 2022	$ 844,022	$ (137,833)	$ 601,510	$ 1,307,699
Increase (Decrease) in Stockholder's Equity
Net income			46,301	46,301
Foreign currency translation adjustment		(294)		(294)
Stock compensation	196			196
Pension liability adjustment, net of tax		(181)		(181)
Change in derivative financial instruments, net of tax		(2,393)		(2,393)
BALANCE at Mar. 31, 2023	844,218	(140,701)	647,811	1,351,328
BALANCE at Dec. 31, 2022	844,022	(137,833)	601,510	1,307,699
Increase (Decrease) in Stockholder's Equity
Net income				93,999
Foreign currency translation adjustment				13,072
Pension liability adjustment, net of tax				(367)
Change in derivative financial instruments, net of tax				(2,780)
BALANCE at Jun. 30, 2023	844,471	(127,908)	695,509	1,412,072
BALANCE at Mar. 31, 2023	844,218	(140,701)	647,811	1,351,328
Increase (Decrease) in Stockholder's Equity
Net income			47,698	47,698
Foreign currency translation adjustment		13,366		13,366
Stock compensation	253			253
Pension liability adjustment, net of tax		(186)		(186)
Change in derivative financial instruments, net of tax		(387)		(387)
BALANCE at Jun. 30, 2023	844,471	(127,908)	695,509	1,412,072
BALANCE at Dec. 31, 2023	919,702	(137,308)	816,582	1,598,976
Increase (Decrease) in Stockholder's Equity
Net income			54,473	54,473
Dividends paid to CNH Industrial America LLC			(60,000)	(60,000)
Foreign currency translation adjustment		(10,480)		(10,480)
Stock compensation	(1,219)			(1,219)
Pension liability adjustment, net of tax		(108)		(108)
Change in derivative financial instruments, net of tax		1,935		1,935
BALANCE at Mar. 31, 2024	918,483	(145,961)	811,055	1,583,577
BALANCE at Dec. 31, 2023	919,702	(137,308)	816,582	1,598,976
Increase (Decrease) in Stockholder's Equity
Net income				113,311
Foreign currency translation adjustment				(14,778)
Pension liability adjustment, net of tax				(220)
Change in derivative financial instruments, net of tax				1,446
BALANCE at Jun. 30, 2024	918,314	(150,860)	854,893	1,622,347
BALANCE at Mar. 31, 2024	918,483	(145,961)	811,055	1,583,577
Increase (Decrease) in Stockholder's Equity
Net income			58,838	58,838
Dividends paid to CNH Industrial America LLC			(15,000)	(15,000)
Foreign currency translation adjustment		(4,298)		(4,298)
Stock compensation	(169)			(169)
Pension liability adjustment, net of tax		(112)		(112)
Change in derivative financial instruments, net of tax		(489)		(489)
BALANCE at Jun. 30, 2024	$ 918,314	$ (150,860)	$ 854,893	$ 1,622,347

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
NATURE OF OPERATIONS
BASIS OF PRESENTATION	NOTE 1: BASIS OF PRESENTATION CNH Industrial Capital LLC and its primary operating subsidiaries, including New Holland Credit Company, LLC (“New Holland Credit”), CNH Industrial Capital America LLC (“CNH 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” and, together with CNH America, “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, England, United Kingdom. The common shares of CNHI are listed on the New York Stock Exchange under the symbol “CNH.” The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, which should be read in conjunction with the audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2023. Certain financial information that is normally included in annual financial statements prepared in conformity with U.S. GAAP, which is not required for interim reporting purposes, has been condensed or omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our interim unaudited financial statements have been reflected. The consolidated financial statements include the Company and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars. The consolidated financial statements include the accounts of the Company’s subsidiaries in which the Company has a controlling financial interest and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of a subsidiary, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the allowance for credit losses and residual values of equipment on operating leases. Actual results could differ from these estimates. Certain reclassifications have been made to prior period amounts to conform to current period presentation. These reclassifications did not have an impact on the Company’s results of operations or financial position as of December 31, 2023 or June 30, 2023.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS	Jun. 30, 2024
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS	NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME	Jun. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income (“AOCI”) includes net income plus other comprehensive income, which includes foreign currency translation gains and losses, certain changes in pension plans and changes in fair value of certain derivatives designated as cash flow hedges. The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended June 30, 2024: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (153,278) $ 1,417 $ 8,335 $ (143,526) Tax liability — (339) (2,096) (2,435) Beginning balance, net of tax (153,278) 1,078 6,239 (145,961) Other comprehensive income (loss) before reclassifications (4,298) (94) 431 (3,961) Amounts reclassified from accumulated other comprehensive income (loss) — (54) (1,071) (1,125) Tax effects — 36 151 187 Net current-period other comprehensive income (loss) (4,298) (112) (489) (4,899) Total $ (157,576) $ 966 $ 5,750 $ (150,860) The following table summarized the change in the components of the Company’s AOCI balance and related tax effects for the six months ended June 30, 2024: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (142,798) $ 1,559 $ 5,677 $ (135,562) Tax liability — (373) (1,373) (1,746) Beginning balance, net of tax (142,798) 1,186 4,304 (137,308) Other comprehensive income (loss) before reclassifications (14,778) (182) 3,306 (11,654) Amounts reclassified from accumulated other comprehensive income (loss) — (108) (1,288) (1,396) Tax effects — 70 (572) (502) Net current-period other comprehensive income (loss) (14,778) (220) 1,446 (13,552) Total $ (157,576) $ 966 $ 5,750 $ (150,860) The following table summarized the change in the components of the Company’s AOCI balance and related tax effect for the three month ended June 30, 2023: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability Derivatives Total Beginning balance, gross $ (151,548) $ 2,323 $ 12,061 $ (137,164) Tax liability — (561) (2,976) (3,537) Beginning balance, net of tax (151,548) 1,762 9,085 (140,701) Other comprehensive income (loss) before reclassifications 13,366 (111) (56) 13,199 Amounts reclassified from accumulated other comprehensive income (loss) — (135) (400) (535) Tax effects — 60 69 129 Net current-period other comprehensive income (loss) 13,366 (186) (387) 12,793 Total $ (138,182) $ 1,576 $ 8,698 $ (127,908) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the six months ended June 30, 2023: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability 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 13,072 (216) (2,621) 10,235 Amounts reclassified from accumulated other comprehensive income (loss) — (270) (1,062) (1,332) Tax effects — 119 903 1,022 Net current-period other comprehensive income (loss) 13,072 (367) (2,780) 9,925 Total $ (138,182) $ 1,576 $ 8,698 $ (127,908) The reclassifications out of AOCI were immaterial for the three and six months ended June 30, 2024 and 2023.

RECEIVABLES

RECEIVABLES	6 Months Ended
RECEIVABLES	Jun. 30, 2024
RECEIVABLES
RECEIVABLES	NOTE 4: RECEIVABLES A summary of receivables included in the consolidated balance sheets as of June 30, 2024 and December 31, 2023 is as follows: June 30, December 31, 2024 2023 Retail notes $ 1,047,146 $ 1,291,559 Revolving charge accounts 259,572 205,872 Finance leases 224,689 219,386 Wholesale 1,783,758 1,575,142 Restricted receivables 11,217,611 10,278,503 Gross receivables 14,532,776 13,570,462 Less: Allowance for credit losses (123,971) (114,745) Total receivables, net $ 14,408,805 $ 13,455,717 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 programs. SPEs utilized in the securitization programs differ from other entities included in the Company’s consolidated financial statements because the assets they hold are legally isolated from the Company’s assets. For bankruptcy analysis purposes, the Company has sold the receivables to the SPEs in a true sale and the SPEs are separate legal entities. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs’ creditors. The SPEs have ownership of cash balances that also have restrictions for the benefit of the SPEs’ investors. The Company’s interests in the SPEs’ receivables are subordinate to the interests of third-party investors. None of the receivables that are directly or indirectly sold or transferred in any of these transactions are available to pay the Company’s creditors until all obligations of the SPE have been fulfilled or the receivables are removed from the SPE. The secured borrowings related to the restricted receivables are obligations that are payable as the receivables are collected. The following table summarizes the restricted receivables as of June 30, 2024 and December 31, 2023: June 30, December 31, 2024 2023 Retail notes $ 7,232,463 $ 6,693,525 Wholesale 3,985,148 3,584,978 Total restricted receivables $ 11,217,611 $ 10,278,503 Within the U.S. retail notes securitization programs, qualifying retail notes are sold to bankruptcy-remote SPEs. In turn, these SPEs establish separate trusts, which are VIEs, to either transfer receivables in exchange for proceeds from asset-backed securities issued by the trusts, or pledge the receivables as collateral in exchange for proceeds from a committed asset-backed facility. In Canada, qualifying retail notes are transferred directly to trusts, which are also VIEs. The VIEs are consolidated since the Company has both the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities, which are bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, the Company has the power to direct the trusts’ activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, the Company has consolidated these wholesale trusts. Allowance for Credit Losses The allowance for credit losses is the Company’s estimate of the lifetime expected credit losses inherent in the receivables owned by the Company. Retail customer receivables primarily include retail notes and finance leases to end-use customers. Revolving charge accounts represent financing for customers to purchase parts, service, rentals, implements and attachments from CNH 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. When delinquency reaches 120 days Allowance for credit losses activity for the three months ended June 30, 2024 is as follows: Revolving Retail Charge Customer Accounts Wholesale Total Allowance for credit losses: Beginning balance $ 104,244 $ 8,396 $ 5,725 $ 118,365 Charge-offs (6,034) (1,146) — (7,180) Recoveries 910 206 8 1,124 Provision 7,116 2,302 2,353 11,771 Foreign currency translation and other (91) (7) (11) (109) Ending balance $ 106,145 $ 9,751 $ 8,075 $ 123,971 Allowance for credit losses activity for the six months ended June 30, 2024 is as follows: Revolving Retail Charge Customer Accounts Wholesale Total Allowance for credit losses: Beginning balance $ 101,649 $ 7,594 $ 5,502 $ 114,745 Charge-offs (11,887) (2,296) — (14,183) Recoveries 1,185 302 21 1,508 Provision (benefit) 15,529 4,170 2,584 22,283 Foreign currency translation and other (331) (19) (32) (382) Ending balance $ 106,145 $ 9,751 $ 8,075 $ 123,971 Gross receivables: Ending balance $ 8,504,298 $ 259,572 $ 5,768,906 $ 14,532,776 At June 30, 2024, the allowance for credit losses included an increase in reserves primarily due to higher specific reserve needs. Allowance for credit losses activity for the three months ended June 30, 2023 is as follows: Revolving Retail Charge Customer Accounts Wholesale Total Allowance for credit losses: Beginning balance, as previously reported $ 103,442 $ 7,345 $ 6,685 $ 117,472 Charge-offs (5,358) (447) — (5,805) Recoveries 521 1 5 527 Provision (benefit) 1,119 1,749 (219) 2,649 Foreign currency translation and other 241 14 22 277 Ending balance $ 99,965 $ 8,662 $ 6,493 $ 115,120 Allowance for credit losses activity for the six months ended June 30, 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 (10,970) (4,685) — (15,655) Recoveries 913 1 16 930 Benefit (550) 4,814 304 4,568 Foreign currency translation and other 231 13 21 265 Ending balance $ 99,965 $ 8,662 $ 6,493 $ 115,120 Gross receivables: Ending balance $ 7,369,084 $ 233,695 $ 4,430,693 $ 12,033,472 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 June 30, 2024 are 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 2024 $ 2,852 $ 934 $ — $ 3,786 $ 1,665,647 $ 1,669,433 $ 51 2023 17,034 7,332 6,000 30,366 2,484,144 2,514,510 2,579 2022 12,396 4,806 5,401 22,603 1,479,422 1,502,025 2,989 2021 6,946 2,713 3,337 12,996 822,854 835,850 2,115 2020 2,902 985 32,695 36,582 319,936 356,518 1,075 Prior to 2020 1,163 782 4,220 6,165 122,250 128,415 1,482 Total $ 43,293 $ 17,552 $ 51,653 $ 112,498 $ 6,894,253 $ 7,006,751 $ 10,291 Canada 2024 $ 90 $ — $ — $ 90 $ 392,357 $ 392,447 $ — 2023 1,302 1,130 1,166 3,598 466,795 470,393 251 2022 1,415 731 289 2,435 299,051 301,486 291 2021 811 91 629 1,531 221,520 223,051 542 2020 969 132 280 1,381 78,899 80,280 255 Prior to 2020 18 30 222 270 29,620 29,890 257 Total $ 4,605 $ 2,114 $ 2,586 $ 9,305 $ 1,488,242 $ 1,497,547 $ 1,596 Revolving charge accounts United States $ 6,238 $ 2,733 $ 1,748 $ 10,719 $ 230,945 $ 241,664 $ 2,132 Canada $ 412 $ 130 $ 61 $ 603 $ 17,305 $ 17,908 $ 164 Wholesale United States $ 196 $ 254 $ 440 $ 890 $ 4,633,379 $ 4,634,269 $ — Canada $ — $ — $ — $ — $ 1,134,637 $ 1,134,637 $ — Total Retail customer $ 47,898 $ 19,666 $ 54,239 $ 121,803 $ 8,382,495 $ 8,504,298 $ 11,887 Revolving charge accounts $ 6,650 $ 2,863 $ 1,809 $ 11,322 $ 248,250 $ 259,572 $ 2,296 Wholesale $ 196 $ 254 $ 440 $ 890 $ 5,768,016 $ 5,768,906 $ — 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 $ — Included in the receivables balance at June 30, 2024 and December 31, 2023 is accrued interest of $94,761 and $83,879, 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. The amount of interest income suspended was not material for the three and six months ended June 30, 2024 and 2023. 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 June 30, 2024 and December 31, 2023 are as follows: June 30, December 31, 2024 2023 United States $ 61,760 $ 55,564 Canada $ 3,183 $ 5,321 As of June 30, 2024 and December 31, 2023, total revolving charge account receivables on nonaccrual status were immaterial. As of June 30, 2024, there were $29,510 of wholesale receivables on nonaccrual status in the United States and no wholesale receivables on nonaccrual status in Canada. As of December 31, 2023, there were no wholesale receivables on nonaccrual status. As of June 30, 2024 and December 31, 2023, the Company’s receivables on non-accrual status without an allowance were immaterial. Interest income recognized for receivables on non-accrual status for the three and six months ended June 30, 2024 and 2023 was immaterial. Troubled Debt Restructurings A restructuring of a receivable constitutes a troubled debt restructuring (“TDR”) when the lender grants a concession it would not otherwise consider to a 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 June 30, 2024 and 2023, the Company’s TDRs were immaterial.

EQUIPMENT ON OPERATING LEASES

EQUIPMENT ON OPERATING LEASES	6 Months Ended
EQUIPMENT ON OPERATING LEASES	Jun. 30, 2024
EQUIPMENT ON OPERATING LEASES
EQUIPMENT ON OPERATING LEASES	NOTE 5: EQUIPMENT ON OPERATING LEASES Lease payments owed to the Company for equipment under non-cancelable operating leases (excluding deferred operating lease subsidy of $69,191) as of June 30, 2024 are as follows: 2024 $ 111,496 2025 165,697 2026 103,503 2027 44,424 2028 and thereafter 19,005 Total lease payments $ 444,125

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	6 Months Ended
CREDIT FACILITIES AND DEBT	Jun. 30, 2024
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT	NOTE 6: CREDIT FACILITIES AND DEBT On May 20, 2024, the Company, through a bankruptcy-remote trust, issued $908,970 of amortizing asset-backed notes secured by U.S. retail receivables. Repurchase Agreement The Company is a party to a Global Master Repurchase Agreement which expires in September 2025. As of June 30, 2024, the Company had sold, and not yet repurchased, C$450,000 ($328,374) of Canadian receivables under the repurchase agreement, with an obligation to repurchase such receivables in 30 days Unsecured Facilities and Debt Committed and uncommitted unsecured facilities with banks as of June 30, 2024, totaled $881,344. 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 June 30, 2024, the Company had $408,372 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 $387,142 as of June 30, 2024.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
INCOME TAXES
INCOME TAXES	NOTE 7: INCOME TAXES The effective tax rates for the three months ended June 30, 2024 and 2023 were 22.0% and 20.3%, respectively. The effective tax rate was 22.6% for the six months ended June 30, 2024, compared to 21.9% for the same period in 2023.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
FINANCIAL INSTRUMENTS	Jun. 30, 2024
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 8: FINANCIAL INSTRUMENTS The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company has not elected the fair value measurement option for eligible items. Fair-Value Hierarchy The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1 — Quoted prices for identical instruments in active markets. Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. Determination of Fair Value When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will use observable market-based inputs to calculate fair value, in which case the items are classified in Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. The following sections describe the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions. Derivatives The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. The Company designates derivatives that are effective at reducing the risk associated with the exposure being hedged as accounting hedges at the inception of the contract and does not hold or enter into derivative or other financial instruments for speculative purposes. The credit and market risk related to derivatives is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the consolidated statements of cash flows. Interest Rate Derivatives The Company has entered into interest rate derivatives in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated as cash flow hedges are being used by the Company to mitigate the risk of rising interest rates related to existing debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. As of June 30, 2024, 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 52 months. As of June 30, 2024, 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 ($3,030). The Company also enters into offsetting interest rate derivatives with substantially similar terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three and six months ended June 30, 2024 and 2023. All of the Company’s interest rate derivatives as of June 30, 2024 and December 31, 2023 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 $4,023,657 and $4,428,285 at June 30, 2024 and December 31, 2023, respectively. The seven-month average notional amounts for the six months ended June 30, 2024 and 2023 were $3,996,818 and $3,687,713, respectively. As a result of the reform and replacement of specific benchmark interest rates, the Company elected to make the replacement using the optional expedient under ASC 848, which allows the change in critical terms without dedesignation and the Company also elected the optional expedient to apply a spread adjustment to hedged items cash flows that resulted in no change to the cumulative basis adjustment reflected in earnings. 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 June 30, 2024 and December 31, 2023 in the consolidated balance sheets are recorded as follows: June 30, December 31, 2024 2023 Derivatives Designated as Hedging Instruments Other assets: Interest rate derivatives $ 10,694 $ 22,633 Accounts payable and other accrued liabilities: Interest rate derivatives $ 33,977 $ 32,579 Derivatives Not Designated as Hedging Instruments Other assets: Interest rate derivatives $ 26,490 $ 30,420 Foreign exchange contracts 1,755 2,601 Total $ 28,245 $ 33,021 Accounts payable and other accrued liabilities: Interest rate derivatives $ 26,490 $ 30,420 Pre-tax gains (losses) on the consolidated statements of income and comprehensive income related to the Company’s derivatives for the three and six months ended June 30, 2024 and 2023 are recorded in the following accounts: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss): Interest rate derivatives $ 431 $ (56) $ 3,306 $ (2,621) Reclassified from accumulated other comprehensive income (loss): Interest rate derivatives—Interest expense to third parties $ 1,071 $ 400 $ 1,288 $ 1,062 Not Designated as Hedges Foreign exchange contracts—Other expenses, net $ (339) $ 2,220 $ (1,243) $ 2,251 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 June 30, 2024 and December 31, 2023, all of which are measured as Level 2: June 30, December 31, 2024 2023 Assets Interest rate derivatives $ 37,184 $ 53,053 Foreign exchange contracts 1,755 2,601 Total assets $ 38,939 $ 55,654 Liabilities Interest rate derivatives $ 60,467 $ 62,999 There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented. Fair Value of Other Financial Instruments The carrying amount of cash, restricted cash and cash equivalents, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and restricted cash and cash equivalents are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2. Financial Instruments Not Carried at Fair Value The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of June 30, 2024 and December 31, 2023 are as follows: June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value * Amount Fair Value * Receivables $ 14,408,805 $ 14,326,605 $ 13,455,717 $ 13,224,506 Long-term debt $ 8,364,690 $ 8,226,539 $ 7,859,629 $ 7,739,874 ______________ * 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	6 Months Ended
GEOGRAPHICAL INFORMATION	Jun. 30, 2024
GEOGRAPHICAL INFORMATION
GEOGRAPHICAL INFORMATION	NOTE 9: GEOGRAPHICAL INFORMATION A summary of the Company’s geographical information is as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues United States $ 259,630 $ 197,024 $ 505,307 $ 379,919 Canada 63,920 50,630 124,764 96,738 Eliminations (187) (540) (402) (1,025) Total $ 323,363 $ 247,114 $ 629,669 $ 475,632 Interest expense United States $ 143,975 $ 101,441 $ 281,059 $ 187,093 Canada 32,076 21,187 62,634 39,724 Eliminations (187) (540) (402) (1,025) Total $ 175,864 $ 122,088 $ 343,291 $ 225,792 Net income United States $ 46,174 $ 35,823 $ 89,792 $ 72,082 Canada 12,664 11,875 23,519 21,917 Total $ 58,838 $ 47,698 $ 113,311 $ 93,999 Depreciation and amortization United States $ 31,230 $ 32,432 $ 61,412 $ 65,261 Canada 13,778 12,978 27,469 25,870 Total $ 45,008 $ 45,410 $ 88,881 $ 91,131 Expenditures for equipment on operating leases United States $ 58,338 $ 90,878 $ 138,260 $ 166,119 Canada 41,868 33,652 64,130 61,690 Total $ 100,206 $ 124,530 $ 202,390 $ 227,809 Provision (benefit) for credit losses United States $ 10,976 $ 3,279 $ 20,993 $ 6,438 Canada 795 (630) 1,290 (1,870) Total $ 11,771 $ 2,649 $ 22,283 $ 4,568 As of As of June 30, December 31, 2024 2023 Total assets United States $ 13,420,826 $ 13,034,959 Canada 3,312,789 3,077,089 Eliminations (128,470) (148,521) Total $ 16,605,145 $ 15,963,527 Gross receivables United States $ 11,882,684 $ 11,134,365 Canada 2,650,092 2,436,097 Total $ 14,532,776 $ 13,570,462

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	6 Months Ended
RELATED-PARTY TRANSACTIONS	Jun. 30, 2024
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS	NOTE 10: 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 for the three and six months ended June 30, 2024 and 2023 is as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Subsidy from CNH North America Retail customer $ 49,675 $ 29,389 $ 99,082 $ 57,864 Operating lease 9,119 9,835 18,569 20,158 Revolving charge accounts 1,160 1,106 1,999 1,965 Wholesale 66,349 53,953 124,994 97,366 Income from affiliated receivables CNH North America 1,033 83 1,033 83 Banco CNH Industrial Capital Brazil 640 779 1,356 1,417 Other affiliates 283 424 700 820 Total interest and other income from affiliates $ 128,259 $ 95,569 $ 247,733 $ 179,673 Interest expense to affiliates was $968 and $4,985, respectively, for the three months ended June 30, 2024 and 2023 and $5,592 and $13,433, respectively, for the six months ended June 30, 2024 and 2023. Fees charged by affiliates were $11,448 and $13,112, respectively, for the three months ended June 30, 2024 and 2023, and $25,043 and $26,987, respectively, for the six months ended June 30, 2024 and 2023, which amounts consist of payroll and other human resource services CNH America performs on behalf of the Company. As of June 30, 2024 and December 31, 2023, the Company had various accounts and notes receivable and debt with the following affiliates: June 30, December 31, 2024 2023 Affiliated receivables CNH America $ 46,233 $ 13,377 CNH Canada 87,842 704 Banco CNH Industrial Capital Brazil 35,449 47,997 Other affiliates 12,525 12,589 Total affiliated receivables $ 182,049 $ 74,667 Affiliated debt CNH America $ — $ CNH Canada — 46,258 Total affiliated debt $ — $ 132,492 Accounts payable and other accrued liabilities, including tax payables, of $162,064 and $82,621 were payable to related parties as of June 30, 2024 and December 31, 2023, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11: COMMITMENTS AND CONTINGENCIES Legal Matters The Company is party to various litigation matters and claims arising from its operations. Management believes that the outcome of these proceedings, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or results of operations. Guarantees The Company provides payment guarantees on the financial debt of various foreign financial services subsidiaries of CNHI for approximately $50,400. The guarantees are in effect for the term of the underlying funding facilities. Commitments As of June 30, 2024, 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 $ 7,327,466 $ 5,715,800 $ 1,611,666 Revolving charge accounts $ 2,611,813 $ 263,332 $ 2,348,481

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

NEW ACCOUNTING PRONOUNCEMENTS (

NEW ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
NEW ACCOUNTING PRONOUNCEMENTS (Policies)	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
New Accounting Pronouncements Adopted	Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	Jun. 30, 2024
ACCUMULATED OTHER COMPREHENSIVE INCOME
Schedule of changes in the components of AOCI and related tax effects	The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the three months ended June 30, 2024: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (153,278) $ 1,417 $ 8,335 $ (143,526) Tax liability — (339) (2,096) (2,435) Beginning balance, net of tax (153,278) 1,078 6,239 (145,961) Other comprehensive income (loss) before reclassifications (4,298) (94) 431 (3,961) Amounts reclassified from accumulated other comprehensive income (loss) — (54) (1,071) (1,125) Tax effects — 36 151 187 Net current-period other comprehensive income (loss) (4,298) (112) (489) (4,899) Total $ (157,576) $ 966 $ 5,750 $ (150,860) The following table summarized the change in the components of the Company’s AOCI balance and related tax effects for the six months ended June 30, 2024: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability on Derivatives Total Beginning balance, gross $ (142,798) $ 1,559 $ 5,677 $ (135,562) Tax liability — (373) (1,373) (1,746) Beginning balance, net of tax (142,798) 1,186 4,304 (137,308) Other comprehensive income (loss) before reclassifications (14,778) (182) 3,306 (11,654) Amounts reclassified from accumulated other comprehensive income (loss) — (108) (1,288) (1,396) Tax effects — 70 (572) (502) Net current-period other comprehensive income (loss) (14,778) (220) 1,446 (13,552) Total $ (157,576) $ 966 $ 5,750 $ (150,860) The following table summarized the change in the components of the Company’s AOCI balance and related tax effect for the three month ended June 30, 2023: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability Derivatives Total Beginning balance, gross $ (151,548) $ 2,323 $ 12,061 $ (137,164) Tax liability — (561) (2,976) (3,537) Beginning balance, net of tax (151,548) 1,762 9,085 (140,701) Other comprehensive income (loss) before reclassifications 13,366 (111) (56) 13,199 Amounts reclassified from accumulated other comprehensive income (loss) — (135) (400) (535) Tax effects — 60 69 129 Net current-period other comprehensive income (loss) 13,366 (186) (387) 12,793 Total $ (138,182) $ 1,576 $ 8,698 $ (127,908) The following table summarizes the change in the components of the Company’s AOCI balance and related tax effects for the six months ended June 30, 2023: Currency Unrealized Translation Pension (Losses) Gains Adjustment Liability 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 13,072 (216) (2,621) 10,235 Amounts reclassified from accumulated other comprehensive income (loss) — (270) (1,062) (1,332) Tax effects — 119 903 1,022 Net current-period other comprehensive income (loss) 13,072 (367) (2,780) 9,925 Total $ (138,182) $ 1,576 $ 8,698 $ (127,908)

RECEIVABLES (Tables)

RECEIVABLES (Tables)	6 Months Ended
RECEIVABLES (Tables)	Jun. 30, 2024
RECEIVABLES
Summary of receivables	June 30, December 31, 2024 2023 Retail notes $ 1,047,146 $ 1,291,559 Revolving charge accounts 259,572 205,872 Finance leases 224,689 219,386 Wholesale 1,783,758 1,575,142 Restricted receivables 11,217,611 10,278,503 Gross receivables 14,532,776 13,570,462 Less: Allowance for credit losses (123,971) (114,745) Total receivables, net $ 14,408,805 $ 13,455,717
Summary of restricted receivables	June 30, December 31, 2024 2023 Retail notes $ 7,232,463 $ 6,693,525 Wholesale 3,985,148 3,584,978 Total restricted receivables $ 11,217,611 $ 10,278,503
Schedule of allowance for credit losses activity	Allowance for credit losses activity for the three months ended June 30, 2024 is as follows: Revolving Retail Charge Customer Accounts Wholesale Total Allowance for credit losses: Beginning balance $ 104,244 $ 8,396 $ 5,725 $ 118,365 Charge-offs (6,034) (1,146) — (7,180) Recoveries 910 206 8 1,124 Provision 7,116 2,302 2,353 11,771 Foreign currency translation and other (91) (7) (11) (109) Ending balance $ 106,145 $ 9,751 $ 8,075 $ 123,971 Allowance for credit losses activity for the six months ended June 30, 2024 is as follows: Revolving Retail Charge Customer Accounts Wholesale Total Allowance for credit losses: Beginning balance $ 101,649 $ 7,594 $ 5,502 $ 114,745 Charge-offs (11,887) (2,296) — (14,183) Recoveries 1,185 302 21 1,508 Provision (benefit) 15,529 4,170 2,584 22,283 Foreign currency translation and other (331) (19) (32) (382) Ending balance $ 106,145 $ 9,751 $ 8,075 $ 123,971 Gross receivables: Ending balance $ 8,504,298 $ 259,572 $ 5,768,906 $ 14,532,776 At June 30, 2024, the allowance for credit losses included an increase in reserves primarily due to higher specific reserve needs. Allowance for credit losses activity for the three months ended June 30, 2023 is as follows: Revolving Retail Charge Customer Accounts Wholesale Total Allowance for credit losses: Beginning balance, as previously reported $ 103,442 $ 7,345 $ 6,685 $ 117,472 Charge-offs (5,358) (447) — (5,805) Recoveries 521 1 5 527 Provision (benefit) 1,119 1,749 (219) 2,649 Foreign currency translation and other 241 14 22 277 Ending balance $ 99,965 $ 8,662 $ 6,493 $ 115,120 Allowance for credit losses activity for the six months ended June 30, 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 (10,970) (4,685) — (15,655) Recoveries 913 1 16 930 Benefit (550) 4,814 304 4,568 Foreign currency translation and other 231 13 21 265 Ending balance $ 99,965 $ 8,662 $ 6,493 $ 115,120 Gross receivables: Ending balance $ 7,369,084 $ 233,695 $ 4,430,693 $ 12,033,472
Schedule of aging of financing receivables	The aging of receivables by vintage as of June 30, 2024 are 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 2024 $ 2,852 $ 934 $ — $ 3,786 $ 1,665,647 $ 1,669,433 $ 51 2023 17,034 7,332 6,000 30,366 2,484,144 2,514,510 2,579 2022 12,396 4,806 5,401 22,603 1,479,422 1,502,025 2,989 2021 6,946 2,713 3,337 12,996 822,854 835,850 2,115 2020 2,902 985 32,695 36,582 319,936 356,518 1,075 Prior to 2020 1,163 782 4,220 6,165 122,250 128,415 1,482 Total $ 43,293 $ 17,552 $ 51,653 $ 112,498 $ 6,894,253 $ 7,006,751 $ 10,291 Canada 2024 $ 90 $ — $ — $ 90 $ 392,357 $ 392,447 $ — 2023 1,302 1,130 1,166 3,598 466,795 470,393 251 2022 1,415 731 289 2,435 299,051 301,486 291 2021 811 91 629 1,531 221,520 223,051 542 2020 969 132 280 1,381 78,899 80,280 255 Prior to 2020 18 30 222 270 29,620 29,890 257 Total $ 4,605 $ 2,114 $ 2,586 $ 9,305 $ 1,488,242 $ 1,497,547 $ 1,596 Revolving charge accounts United States $ 6,238 $ 2,733 $ 1,748 $ 10,719 $ 230,945 $ 241,664 $ 2,132 Canada $ 412 $ 130 $ 61 $ 603 $ 17,305 $ 17,908 $ 164 Wholesale United States $ 196 $ 254 $ 440 $ 890 $ 4,633,379 $ 4,634,269 $ — Canada $ — $ — $ — $ — $ 1,134,637 $ 1,134,637 $ — Total Retail customer $ 47,898 $ 19,666 $ 54,239 $ 121,803 $ 8,382,495 $ 8,504,298 $ 11,887 Revolving charge accounts $ 6,650 $ 2,863 $ 1,809 $ 11,322 $ 248,250 $ 259,572 $ 2,296 Wholesale $ 196 $ 254 $ 440 $ 890 $ 5,768,016 $ 5,768,906 $ — 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 $ —
Schedule of receivables on nonaccrual status	June 30, December 31, 2024 2023 United States $ 61,760 $ 55,564 Canada $ 3,183 $ 5,321

EQUIPMENT ON OPERATING LEASES (

EQUIPMENT ON OPERATING LEASES (Tables)	6 Months Ended
EQUIPMENT ON OPERATING LEASES (Tables)	Jun. 30, 2024
EQUIPMENT ON OPERATING LEASES
Schedule of lease payments owed to the Company for equipment under non-cancelable operating leases	2024 $ 111,496 2025 165,697 2026 103,503 2027 44,424 2028 and thereafter 19,005 Total lease payments $ 444,125

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2024
FINANCIAL INSTRUMENTS
Schedule of fair values of derivatives in the consolidated balance sheets	June 30, December 31, 2024 2023 Derivatives Designated as Hedging Instruments Other assets: Interest rate derivatives $ 10,694 $ 22,633 Accounts payable and other accrued liabilities: Interest rate derivatives $ 33,977 $ 32,579 Derivatives Not Designated as Hedging Instruments Other assets: Interest rate derivatives $ 26,490 $ 30,420 Foreign exchange contracts 1,755 2,601 Total $ 28,245 $ 33,021 Accounts payable and other accrued liabilities: Interest rate derivatives $ 26,490 $ 30,420
Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Cash Flow Hedges Recognized in accumulated other comprehensive income (loss): Interest rate derivatives $ 431 $ (56) $ 3,306 $ (2,621) Reclassified from accumulated other comprehensive income (loss): Interest rate derivatives—Interest expense to third parties $ 1,071 $ 400 $ 1,288 $ 1,062 Not Designated as Hedges Foreign exchange contracts—Other expenses, net $ (339) $ 2,220 $ (1,243) $ 2,251
Schedule of assets and liabilities measured at fair value on a recurring basis	June 30, December 31, 2024 2023 Assets Interest rate derivatives $ 37,184 $ 53,053 Foreign exchange contracts 1,755 2,601 Total assets $ 38,939 $ 55,654 Liabilities Interest rate derivatives $ 60,467 $ 62,999
Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments	June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value * Amount Fair Value * Receivables $ 14,408,805 $ 14,326,605 $ 13,455,717 $ 13,224,506 Long-term debt $ 8,364,690 $ 8,226,539 $ 7,859,629 $ 7,739,874 ______________ * 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)	6 Months Ended
GEOGRAPHICAL INFORMATION (Tables)	Jun. 30, 2024
GEOGRAPHICAL INFORMATION
Summary of geographic information	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues United States $ 259,630 $ 197,024 $ 505,307 $ 379,919 Canada 63,920 50,630 124,764 96,738 Eliminations (187) (540) (402) (1,025) Total $ 323,363 $ 247,114 $ 629,669 $ 475,632 Interest expense United States $ 143,975 $ 101,441 $ 281,059 $ 187,093 Canada 32,076 21,187 62,634 39,724 Eliminations (187) (540) (402) (1,025) Total $ 175,864 $ 122,088 $ 343,291 $ 225,792 Net income United States $ 46,174 $ 35,823 $ 89,792 $ 72,082 Canada 12,664 11,875 23,519 21,917 Total $ 58,838 $ 47,698 $ 113,311 $ 93,999 Depreciation and amortization United States $ 31,230 $ 32,432 $ 61,412 $ 65,261 Canada 13,778 12,978 27,469 25,870 Total $ 45,008 $ 45,410 $ 88,881 $ 91,131 Expenditures for equipment on operating leases United States $ 58,338 $ 90,878 $ 138,260 $ 166,119 Canada 41,868 33,652 64,130 61,690 Total $ 100,206 $ 124,530 $ 202,390 $ 227,809 Provision (benefit) for credit losses United States $ 10,976 $ 3,279 $ 20,993 $ 6,438 Canada 795 (630) 1,290 (1,870) Total $ 11,771 $ 2,649 $ 22,283 $ 4,568 As of As of June 30, December 31, 2024 2023 Total assets United States $ 13,420,826 $ 13,034,959 Canada 3,312,789 3,077,089 Eliminations (128,470) (148,521) Total $ 16,605,145 $ 15,963,527 Gross receivables United States $ 11,882,684 $ 11,134,365 Canada 2,650,092 2,436,097 Total $ 14,532,776 $ 13,570,462

RELATED-PARTY TRANSACTIONS (Tab

RELATED-PARTY TRANSACTIONS (Tables)	6 Months Ended
RELATED-PARTY TRANSACTIONS (Tables)	Jun. 30, 2024
RELATED-PARTY TRANSACTIONS
Summary of the sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Subsidy from CNH North America Retail customer $ 49,675 $ 29,389 $ 99,082 $ 57,864 Operating lease 9,119 9,835 18,569 20,158 Revolving charge accounts 1,160 1,106 1,999 1,965 Wholesale 66,349 53,953 124,994 97,366 Income from affiliated receivables CNH North America 1,033 83 1,033 83 Banco CNH Industrial Capital Brazil 640 779 1,356 1,417 Other affiliates 283 424 700 820 Total interest and other income from affiliates $ 128,259 $ 95,569 $ 247,733 $ 179,673
Schedule of various accounts and notes receivable and debt with the affiliates	June 30, December 31, 2024 2023 Affiliated receivables CNH America $ 46,233 $ 13,377 CNH Canada 87,842 704 Banco CNH Industrial Capital Brazil 35,449 47,997 Other affiliates 12,525 12,589 Total affiliated receivables $ 182,049 $ 74,667 Affiliated debt CNH America $ — $ CNH Canada — 46,258 Total affiliated debt $ — $ 132,492

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES
Commitments to Extend Credit	Total Credit Limit Utilized Not Utilized Wholesale and dealer financing $ 7,327,466 $ 5,715,800 $ 1,611,666 Revolving charge accounts $ 2,611,813 $ 263,332 $ 2,348,481

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Change in Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income by component
Beginning balance, gross					$ (143,526)	$ (135,562)	$ (137,164)	$ (133,403)
Tax liability					(2,435)	(1,746)	(3,537)	(4,430)
Beginning balance, net of tax	$ (145,961)	$ (140,701)	$ (137,308)	$ (137,833)
Other comprehensive income (loss) before reclassifications	(3,961)	13,199	(11,654)	10,235
Amounts reclassified from accumulated other comprehensive income (loss)	(1,125)	(535)	(1,396)	(1,332)
Tax effects	187	129	(502)	1,022
Total other comprehensive income (loss)	(4,899)	12,793	(13,552)	9,925
Ending balance	(150,860)	(127,908)	(150,860)	(127,908)
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(153,278)	(142,798)	(151,548)	(151,254)
Beginning balance, net of tax	(153,278)	(151,548)	(142,798)	(151,254)
Other comprehensive income (loss) before reclassifications	(4,298)	13,366	(14,778)	13,072
Total other comprehensive income (loss)	(4,298)	13,366	(14,778)	13,072
Ending balance	(157,576)	(138,182)	(157,576)	(138,182)
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross					1,417	1,559	2,323	2,563
Tax liability					(339)	(373)	(561)	(620)
Beginning balance, net of tax	1,078	1,762	1,186	1,943
Other comprehensive income (loss) before reclassifications	(94)	(111)	(182)	(216)
Amounts reclassified from accumulated other comprehensive income (loss)	(54)	(135)	(108)	(270)
Tax effects	36	60	70	119
Total other comprehensive income (loss)	(112)	(186)	(220)	(367)
Ending balance	966	1,576	966	1,576
Unrealized (Losses) Gains on Derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross					8,335	5,677	12,061	15,288
Tax liability					$ (2,096)	$ (1,373)	$ (2,976)	$ (3,810)
Beginning balance, net of tax	6,239	9,085	4,304	11,478
Other comprehensive income (loss) before reclassifications	431	(56)	3,306	(2,621)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,071)	(400)	(1,288)	(1,062)
Tax effects	151	69	(572)	903
Total other comprehensive income (loss)	(489)	(387)	1,446	(2,780)
Ending balance	$ 5,750	$ 8,698	$ 5,750	$ 8,698

RECEIVABLES - Summary of Receiv

RECEIVABLES - Summary of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Receivables
Gross receivables	$ 14,532,776		$ 13,570,462	$ 12,033,472
Less: Allowance for credit losses	(123,971)	$ (118,365)	(114,745)	$ (115,120)	$ (117,472)	$ (125,012)
Total receivables, net	14,408,805		13,455,717
Restricted receivables	11,217,611		10,278,503
Receivables directly or indirectly sold or transferred and available to pay the entity's creditors prior to all obligations of the SPE having been fulfilled	0
Retail notes
Receivables
Gross receivables	1,047,146		1,291,559
Restricted receivables	7,232,463		6,693,525
Revolving charge accounts
Receivables
Gross receivables	259,572		205,872
Finance leases
Receivables
Gross receivables	224,689		219,386
Wholesale
Receivables
Gross receivables	1,783,758		1,575,142
Restricted receivables	3,985,148		3,584,978
Restricted receivables
Receivables
Restricted receivables	$ 11,217,611		$ 10,278,503

RECEIVABLES - Allowance for Cre

RECEIVABLES - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Allowance for credit losses, Current:
Beginning balance	$ 118,365	$ 117,472	$ 114,745	$ 125,012
Charge-offs	(7,180)	(5,805)	(14,183)	(15,655)
Recoveries	1,124	527	1,508	930
Provision (benefit)	11,771	2,649	22,283	4,568
Foreign currency translation and other	(109)	277	(382)	265
Ending balance	123,971	115,120	123,971	115,120
Receivables:
Ending Balance	14,532,776	12,033,472	$ 14,532,776	12,033,472	$ 13,570,462
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	104,244	103,442	$ 101,649	110,341
Charge-offs	(6,034)	(5,358)	(11,887)	(10,970)
Recoveries	910	521	1,185	913
Provision (benefit)	7,116	1,119	15,529	(550)
Foreign currency translation and other	(91)	241	(331)	231
Ending balance	106,145	99,965	106,145	99,965
Receivables:
Ending Balance	8,504,298	7,369,084	8,504,298	7,369,084
Revolving charge accounts
Allowance for credit losses, Current:
Beginning balance	8,396	7,345	7,594	8,519
Charge-offs	(1,146)	(447)	(2,296)	(4,685)
Recoveries	206	1	302	1
Provision (benefit)	2,302	1,749	4,170	4,814
Foreign currency translation and other	(7)	14	(19)	13
Ending balance	9,751	8,662	9,751	8,662
Receivables:
Ending Balance	259,572	233,695	259,572	233,695
Wholesale.
Allowance for credit losses, Current:
Beginning balance	5,725	6,685	5,502	6,152
Recoveries	8	5	21	16
Provision (benefit)	2,353	(219)	2,584	304
Foreign currency translation and other	(11)	22	(32)	21
Ending balance	8,075	6,493	8,075	6,493
Receivables:
Ending Balance	$ 5,768,906	$ 4,430,693	$ 5,768,906	$ 4,430,693

RECEIVABLES - Aging of Receivab

RECEIVABLES - Aging of Receivables (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Financing receivable, recorded investment
Minimum account delinquency period for an account to be classified as past due	30 days	30 days
Retail customer
Financing receivable, recorded investment
Total	$ 8,504,298	$ 8,204,470
Charge-offs
Total	11,887	17,624
Retail customer \| Total Past Due
Financing receivable, recorded investment
Total	121,803	100,212
Retail customer \| 31-60 Days Past Due
Financing receivable, recorded investment
Total	47,898	37,379
Retail customer \| 61-90 Days Past Due
Financing receivable, recorded investment
Total	19,666	8,603
Retail customer \| Greater than 90 Days
Financing receivable, recorded investment
Total	54,239	54,230
Retail customer \| Current
Financing receivable, recorded investment
Total	8,382,495	8,104,258
Retail customer \| United States
Financing receivable, recorded investment
Originated in current fiscal year	1,669,433	3,123,841
Originated in fiscal year before latest fiscal year	2,514,510	1,773,950
Originated two years before latest fiscal year	1,502,025	1,053,665
Originated three years before latest fiscal year	835,850	488,499
Originated four years before latest fiscal year	356,518	168,993
Originated five years before latest fiscal year	128,415	61,559
Total	7,006,751	6,670,507
Charge-offs
2024/2023	51	552
2023/2022	2,579	3,221
2022/2021	2,989	2,716
2021/2020	2,115	2,987
2020/2019	1,075	3,203
Prior to 2020/Prior to 2019	1,482	2,849
Total	10,291	15,528
Retail customer \| United States \| Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	3,786	12,365
Originated in fiscal year before latest fiscal year	30,366	18,412
Originated two years before latest fiscal year	22,603	12,480
Originated three years before latest fiscal year	12,996	37,207
Originated four years before latest fiscal year	36,582	4,359
Originated five years before latest fiscal year	6,165	4,780
Total	112,498	89,603
Retail customer \| United States \| 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	2,852	9,662
Originated in fiscal year before latest fiscal year	17,034	10,008
Originated two years before latest fiscal year	12,396	6,808
Originated three years before latest fiscal year	6,946	3,270
Originated four years before latest fiscal year	2,902	1,829
Originated five years before latest fiscal year	1,163	631
Total	43,293	32,208
Retail customer \| United States \| 61-90 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	934	1,415
Originated in fiscal year before latest fiscal year	7,332	2,583
Originated two years before latest fiscal year	4,806	2,118
Originated three years before latest fiscal year	2,713	1,106
Originated four years before latest fiscal year	985	529
Originated five years before latest fiscal year	782	318
Total	17,552	8,069
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	6,000	5,821
Originated two years before latest fiscal year	5,401	3,554
Originated three years before latest fiscal year	3,337	32,831
Originated four years before latest fiscal year	32,695	2,001
Originated five years before latest fiscal year	4,220	3,831
Total	51,653	49,326
Retail customer \| United States \| Current
Financing receivable, recorded investment
Originated in current fiscal year	1,665,647	3,111,476
Originated in fiscal year before latest fiscal year	2,484,144	1,755,538
Originated two years before latest fiscal year	1,479,422	1,041,185
Originated three years before latest fiscal year	822,854	451,292
Originated four years before latest fiscal year	319,936	164,634
Originated five years before latest fiscal year	122,250	56,779
Total	6,894,253	6,580,904
Retail customer \| Canada
Financing receivable, recorded investment
Originated in current fiscal year	392,447	669,103
Originated in fiscal year before latest fiscal year	470,393	399,448
Originated two years before latest fiscal year	301,486	295,584
Originated three years before latest fiscal year	223,051	114,705
Originated four years before latest fiscal year	80,280	44,415
Originated five years before latest fiscal year	29,890	10,708
Total	1,497,547	1,533,963
Charge-offs
2024/2023		78
2023/2022	251	941
2022/2021	291	964
2021/2020	542
2021/2020		(227)
2020/2019	255	253
Prior to 2020/Prior to 2019	257	87
Total	1,596	2,096
Retail customer \| Canada \| Total Past Due
Financing receivable, recorded investment
Originated in current fiscal year	90	1,216
Originated in fiscal year before latest fiscal year	3,598	3,691
Originated two years before latest fiscal year	2,435	3,610
Originated three years before latest fiscal year	1,531	1,075
Originated four years before latest fiscal year	1,381	373
Originated five years before latest fiscal year	270	644
Total	9,305	10,609
Retail customer \| Canada \| 31-60 Days Past Due
Financing receivable, recorded investment
Originated in current fiscal year	90	647
Originated in fiscal year before latest fiscal year	1,302	2,395
Originated two years before latest fiscal year	1,415	1,090
Originated three years before latest fiscal year	811	755
Originated four years before latest fiscal year	969	158
Originated five years before latest fiscal year	18	126
Total	4,605	5,171
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	1,130	60
Originated two years before latest fiscal year	731	159
Originated three years before latest fiscal year	91
Originated four years before latest fiscal year	132	14
Originated five years before latest fiscal year	30	152
Total	2,114	534
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	1,166	1,236
Originated two years before latest fiscal year	289	2,361
Originated three years before latest fiscal year	629	320
Originated four years before latest fiscal year	280	201
Originated five years before latest fiscal year	222	366
Total	2,586	4,904
Retail customer \| Canada \| Current
Financing receivable, recorded investment
Originated in current fiscal year	392,357	667,887
Originated in fiscal year before latest fiscal year	466,795	395,757
Originated two years before latest fiscal year	299,051	291,974
Originated three years before latest fiscal year	221,520	113,630
Originated four years before latest fiscal year	78,899	44,042
Originated five years before latest fiscal year	29,620	10,064
Total	1,488,242	1,523,354
Wholesale.
Financing receivable, recorded investment
Total	5,768,906	5,160,120
Wholesale. \| Total Past Due
Financing receivable, recorded investment
Total	890
Wholesale. \| 31-60 Days Past Due
Financing receivable, recorded investment
Total	196
Wholesale. \| 61-90 Days Past Due
Financing receivable, recorded investment
Total	254
Wholesale. \| Greater than 90 Days
Financing receivable, recorded investment
Total	440
Wholesale. \| Current
Financing receivable, recorded investment
Total	5,768,016	5,160,120
Wholesale. \| United States
Financing receivable, recorded investment
Total	4,634,269	4,271,583
Wholesale. \| United States \| Total Past Due
Financing receivable, recorded investment
Total	890
Wholesale. \| United States \| 31-60 Days Past Due
Financing receivable, recorded investment
Total	196
Wholesale. \| United States \| 61-90 Days Past Due
Financing receivable, recorded investment
Total	254
Wholesale. \| United States \| Greater than 90 Days
Financing receivable, recorded investment
Total	440
Wholesale. \| United States \| Current
Financing receivable, recorded investment
Total	4,633,379	4,271,583
Wholesale. \| Canada
Financing receivable, recorded investment
Total	1,134,637	888,537
Wholesale. \| Canada \| Current
Financing receivable, recorded investment
Total	1,134,637	888,537
Revolving charge accounts
Financing receivable, recorded investment
Total	259,572	205,872
Charge-offs
Total	2,296	6,512
Revolving charge accounts \| Total Past Due
Financing receivable, recorded investment
Total	11,322	10,212
Revolving charge accounts \| 31-60 Days Past Due
Financing receivable, recorded investment
Total	6,650	6,410
Revolving charge accounts \| 61-90 Days Past Due
Financing receivable, recorded investment
Total	2,863	2,591
Revolving charge accounts \| Greater than 90 Days
Financing receivable, recorded investment
Total	1,809	1,211
Revolving charge accounts \| Current
Financing receivable, recorded investment
Total	248,250	195,660
Revolving charge accounts \| United States
Financing receivable, recorded investment
Total	241,664	192,275
Charge-offs
Total	2,132	5,993
Revolving charge accounts \| United States \| Total Past Due
Financing receivable, recorded investment
Total	10,719	9,547
Revolving charge accounts \| United States \| 31-60 Days Past Due
Financing receivable, recorded investment
Total	6,238	6,036
Revolving charge accounts \| United States \| 61-90 Days Past Due
Financing receivable, recorded investment
Total	2,733	2,422
Revolving charge accounts \| United States \| Greater than 90 Days
Financing receivable, recorded investment
Total	1,748	1,089
Revolving charge accounts \| United States \| Current
Financing receivable, recorded investment
Total	230,945	182,728
Revolving charge accounts \| Canada
Financing receivable, recorded investment
Total	17,908	13,597
Charge-offs
Total	164	519
Revolving charge accounts \| Canada \| Total Past Due
Financing receivable, recorded investment
Total	603	665
Revolving charge accounts \| Canada \| 31-60 Days Past Due
Financing receivable, recorded investment
Total	412	374
Revolving charge accounts \| Canada \| 61-90 Days Past Due
Financing receivable, recorded investment
Total	130	169
Revolving charge accounts \| Canada \| Greater than 90 Days
Financing receivable, recorded investment
Total	61	122
Revolving charge accounts \| Canada \| Current
Financing receivable, recorded investment
Total	$ 17,305	$ 12,932

RECEIVABLES - Impaired Receivab

RECEIVABLES - Impaired Receivables (Details) $ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 CAD ($)
Financing receivable, impaired
Accrued interest	$ 94,761	$ 83,879
Delinquency period of accounts considered for recognition of income	90 days	90 days
Retail customer \| United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 61,760	$ 55,564
Retail customer \| Canada
Financing receivable, impaired
Receivables on nonaccrual status	3,183	5,321
Wholesale.
Financing receivable, impaired
Receivables on nonaccrual status		$ 0
Wholesale. \| United States
Financing receivable, impaired
Receivables on nonaccrual status	$ 29,510
Wholesale. \| Canada
Financing receivable, impaired
Receivables on nonaccrual status			$ 0

EQUIPMENT ON OPERATING LEASES_2

EQUIPMENT ON OPERATING LEASES (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Lease payments owed to the company for equipment under non-cancelable operating leases
Deferred operating lease subsidy	$ 69,191
2024	111,496
2025	165,697
2026	103,503
2027	44,424
2028 and thereafter	19,005
Total lease payments	$ 444,125

CREDIT FACILITIES AND DEBT (Det

CREDIT FACILITIES AND DEBT (Details) $ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2024 CAD ($)	May 20, 2024 USD ($)
Unsecured Facilities \| Revolving credit facilities
Debt
Maximum borrowing capacity	$ 881,344
Line of credit, outstanding amount	408,372
Unsecured Facilities \| Commercial paper
Debt
Short-Term Outstanding	387,142
Secured Debt \| Repurchase agreement
Debt
Debt amount	$ 328,374	$ 450,000
Repurchase receivable obligation term	30 days
Secured Debt \| Amortizing Retail Term ABS
Debt
Debt amount			$ 908,970

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of statutory and effective income tax rate
Effective tax rate (as a percent)	22%	20.30%	22.60%	21.90%

FINANCIAL INSTRUMENTS - General

FINANCIAL INSTRUMENTS - General Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Interest Rate Derivatives
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	52 months
After-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next 12 months	$ (3,030)

FINANCIAL INSTRUMENTS - Fair Ma

FINANCIAL INSTRUMENTS - Fair Market Value of Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 10,694		$ 10,694		$ 22,633
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities	33,977		33,977		32,579
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	26,490		26,490		30,420
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	1,755		1,755		2,601
Derivative assets not designated as hedging instruments, classified in other assets	28,245		28,245		33,021
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	26,490		26,490		30,420
Cash Flow Hedges, Recognized in accumulated other comprehensive income (loss), Interest rate derivatives	431	$ (56)	3,306	$ (2,621)
Cash Flow Hedges, Reclassified from accumulated other comprehensive Income (loss), Interest rate derivatives - Interest expense to third parties	1,071	400	1,288	1,062
Foreign exchange contracts, other expenses, net, not designated as hedges	(339)	$ 2,220	(1,243)	2,251
Interest rate derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	$ 4,023,657		4,023,657		$ 4,428,285
Seven-month average notional amounts of interest rate derivatives			$ 3,996,818	$ 3,687,713

FINANCIAL INSTRUMENTS - Items M

FINANCIAL INSTRUMENTS - Items Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Foreign exchange contracts	$ 1,755	$ 2,601
Liabilities
Assets transferred between Level 1, Level 2 and Level 3	0	0
Liabilities transferred between Level 1, Level 2 and Level 3	0	0
Recurring \| Level 2
Assets
Interest rate derivatives	37,184	53,053
Foreign exchange contracts	1,755	2,601
Total assets	38,939	55,654
Liabilities
Interest rate derivatives	$ 60,467	$ 62,999

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Instruments Not Carried at Fair Value
Receivables, less allowance for credit losses of $57,008 and $54,889, respectively	$ 14,408,805	$ 13,455,717
Long-term debt	8,364,690	7,859,629
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables, less allowance for credit losses of $57,008 and $54,889, respectively	14,408,805	13,455,717
Long-term debt	8,364,690	7,859,629
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables, less allowance for credit losses of $57,008 and $54,889, respectively	14,326,605	13,224,506
Long-term debt	$ 8,226,539	$ 7,739,874

GEOGRAPHICAL INFORMATION (Detai

GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
GEOGRAPHICAL INFORMATION (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Geographical Information
Revenues	$ 323,363		$ 247,114		$ 629,669	$ 475,632
Interest expense	175,864		122,088		343,291	225,792
Net income	58,838	$ 54,473	47,698	$ 46,301	113,311	93,999
Depreciation and amortization	45,008		45,410		88,881	91,131
Expenditures for equipment on operating leases	100,206		124,530		202,390	227,809
Provision (benefit)	11,771		2,649		22,283	4,568
Additional disclosures
Total assets	16,605,145				16,605,145		$ 15,963,527
Managed receivables	14,532,776				14,532,776		13,570,462
Eliminations
Geographical Information
Revenues	(187)		(540)		(402)	(1,025)
Interest expense	(187)		(540)		(402)	(1,025)
Additional disclosures
Total assets	(128,470)				(128,470)		(148,521)
United States.
Geographical Information
Net income	46,174		35,823		89,792	72,082
Depreciation and amortization	31,230		32,432		61,412	65,261
Expenditures for equipment on operating leases	58,338		90,878		138,260	166,119
Provision (benefit)	10,976		3,279		20,993	6,438
Additional disclosures
Managed receivables	11,882,684				11,882,684		11,134,365
United States. \| Operating segment
Geographical Information
Revenues	259,630		197,024		505,307	379,919
Interest expense	143,975		101,441		281,059	187,093
Additional disclosures
Total assets	13,420,826				13,420,826		13,034,959
Canada.
Geographical Information
Net income	12,664		11,875		23,519	21,917
Depreciation and amortization	13,778		12,978		27,469	25,870
Expenditures for equipment on operating leases	41,868		33,652		64,130	61,690
Provision (benefit)	795		(630)		1,290	(1,870)
Additional disclosures
Managed receivables	2,650,092				2,650,092		2,436,097
Canada. \| Operating segment
Geographical Information
Revenues	63,920		50,630		124,764	96,738
Interest expense	32,076		$ 21,187		62,634	$ 39,724
Additional disclosures
Total assets	$ 3,312,789				$ 3,312,789		$ 3,077,089

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
RELATED-PARTY TRANSACTIONS
Retail customer	$ 92,184	$ 69,626	$ 179,575	$ 137,850
Operating lease	57,540	57,451	117,346	114,500
Revolving charge accounts	10,883	9,996	20,189	18,326
Wholesale	31,007	13,336	57,930	23,931
Total interest and other income from affiliates	128,259	95,569	247,733	179,673
Other information
Interest expense to affiliates	175,864	122,088	343,291	225,792
Related Party
RELATED-PARTY TRANSACTIONS
Affiliated receivables	182,049		182,049		$ 74,667
Affiliated debt					132,492
Other information
Interest expense to affiliates	968	4,985	5,592	13,433
Fees charged by affiliates	11,448	13,112	25,043	26,987
Accounts payable and other accrued liabilities payable to related parties	162,064		162,064		82,621
CNH North America
RELATED-PARTY TRANSACTIONS
Retail customer	49,675	29,389	99,082	57,864
Operating lease	9,119	9,835	18,569	20,158
Revolving charge accounts	1,160	1,106	1,999	1,965
Wholesale	66,349	53,953	124,994	97,366
Lending funds	1,033	83	1,033	83
CNH America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	46,233		46,233		13,377
Affiliated debt					86,234
CNH Canada
RELATED-PARTY TRANSACTIONS
Affiliated receivables	87,842		87,842		704
Affiliated debt					46,258
Banco CNH Industrial Capital Brazil
RELATED-PARTY TRANSACTIONS
Lending funds	640	779	1,356	1,417
Affiliated receivables	35,449		35,449		47,997
Other affiliates
RELATED-PARTY TRANSACTIONS
Lending funds	283	$ 424	700	$ 820
Affiliated receivables	$ 12,525		$ 12,525		$ 12,589

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Guarantees
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 50,400
Wholesale and dealer financing
Guarantees
Total credit limit	7,327,466
Utilized	5,715,800
Not Utilized	1,611,666
Revolving charge accounts
Guarantees
Total credit limit	2,611,813
Utilized	263,332
Not Utilized	$ 2,348,481