10-Q

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TABLE OF CONTENTS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2014
or
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to

Commission File Number: 333-182411

CNH INDUSTRIAL CAPITAL LLC
(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization)		39-1937630 (I.R.S. Employer Identification Number)
5729 Washington Avenue Racine, Wisconsin (Address of principal executive offices)	(262) 636-6011 (Registrant's telephone number, including area code)	53406 (Zip code)

        Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. o Yes    ý No*

        Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ý Yes    o No

        Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o Non-accelerated filer ý
(Do not check if a
smaller reporting company) Smaller reporting company o

        Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes    ý No

        As of September 30, 2014, all of the limited liability company interests of the registrant were held by CNH Industrial America LLC, a wholly-owned subsidiary of CNH Industrial N.V.

        The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with certain reduced disclosures as permitted by those instructions.

* The registrant currently is not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934. The registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months as if it were subject to such filing requirements during the entirety of such period.

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements		1
	Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2014 and 2013 (Unaudited)		1
	Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2014 and 2013 (Unaudited)		2
	Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 (Unaudited)		3
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2014 and 2013 (Unaudited)		5
	Consolidated Statements of Changes in Stockholder's Equity for the Nine Months Ended September 30, 2014 and 2013 (Unaudited)		6
	Condensed Notes to Consolidated Financial Statements (Unaudited)		7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		*
Item 4.	Controls and Procedures		50
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings		51
Item 1A.	Risk Factors		51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		*
Item 3.	Defaults Upon Senior Securities		*
Item 4.	Mine Safety Disclosures		51
Item 5.	Other Information		51
Item 6.	Exhibits		51

*

This item has been omitted pursuant to the reduced disclosure format as set forth in General Instruction (H)(2) of Form 10-Q

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013

(Dollars in thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
REVENUES
Interest income on retail notes and finance leases	$	50,718		$	49,718		$	150,334		$	143,128
Interest income on wholesale notes		20,086			15,776			52,913			46,153
Interest and other income from affiliates		105,872			102,153			324,971			300,386
Rental income on operating leases		43,025			34,843			119,228			102,015
Other income		14,259			15,697			41,266			44,502
Total revenues		233,960			218,187			688,712			636,184
EXPENSES
Interest expense:
Interest expense to third parties		66,040			58,525			190,414			170,543
Interest expense to affiliates		8,075			6,472			17,498			16,861
Total interest expense		74,115			64,997			207,912			187,404
Administrative and operating expenses:
Fees charged by affiliates		13,288			14,082			39,619			44,490
Provision (benefit) for credit losses, net		4,591			1,891			11,979			(5,469	)
Depreciation of equipment on operating leases		37,475			28,553			101,026			83,930
Other expenses		16,039			7,809			36,590			24,884
Total administrative and operating expenses		71,393			52,335			189,214			147,835
Total expenses		145,508			117,332			397,126			335,239
INCOME BEFORE TAXES		88,452			100,855			291,586			300,945
Income tax provision		29,762			35,527			97,167			102,745
NET INCOME		58,690			65,328			194,419			198,200
Net income attributed to noncontrolling interest		(273	)		(373	)		(935	)		(1,148	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	58,417		$	64,955		$	193,484		$	197,052

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

1

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013

(Dollars in thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
NET INCOME	$	58,690		$	65,328		$	194,419		$	198,200
Other comprehensive (loss) income :
Foreign currency translation adjustment		(32,256	)		11,959			(33,894	)		(22,155	)
Pension liability adjustment		92			101			249			329
Change in unrealized gains on retained interests		—			(276	)		(244	)		(1,566	)
Change in derivative financial instruments		683			535			2,146			3,074
Other comprehensive (loss) income		(31,481	)		12,319			(31,743	)		(20,318	)
COMPREHENSIVE INCOME		27,209			77,647			162,676			177,882
Less: comprehensive income attributable to noncontrolling interest		(273	)		(373	)		(935	)		(1,148	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	26,936		$	77,274		$	161,741		$	176,734

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

2

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2014 AND DECEMBER 31, 2013

(Dollars in thousands)

(Unaudited)

	September 30, 2014			December 31, 2013
ASSETS
Cash and cash equivalents	$	197,796		$	697,608
Restricted cash		667,579			784,508
Receivables, less allowance for credit losses of $104,014 and $101,953, respectively		13,625,494			12,183,281
Retained interests in securitized receivables		—			2,853
Affiliated accounts and notes receivable		12,321			110,148
Equipment on operating leases, net		1,298,765			974,307
Equipment held for sale		61,435			40,750
Goodwill		113,942			115,486
Other intangible assets, net		6,206			6,804
Other assets		151,974			70,959
TOTAL	$	16,135,512		$	14,986,704
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt (including current maturities of long-term debt)	$	4,077,366		$	4,289,189
Accounts payable and other accrued liabilities		544,003			490,506
Affiliated debt		1,073,111			351,004
Long-term debt		8,857,119			8,345,588
Total liabilities		14,551,599			13,476,287
Commitments and contingent liabilities (Note 10)
Stockholder's equity:
Member's capital		—			—
Paid-in capital		843,002			842,182
Accumulated other comprehensive (loss) income		(25,671	)		6,072
Retained earnings		707,219			603,735
Total CNH Industrial Capital LLC stockholder's equity		1,524,550			1,451,989
Noncontrolling interest		59,363			58,428
Total stockholder's equity		1,583,913			1,510,417
TOTAL	$	16,135,512		$	14,986,704

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

3

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2014 AND DECEMBER 31, 2013

(Dollars in thousands)

(Unaudited)

        The following table presents certain assets and liabilities of consolidated variable interest entities ("VIEs"), which are included in the consolidated balance sheets above. The assets in the table include only those assets that can be used to settle obligations of consolidated VIEs. The liabilities in the table include third-party liabilities of the consolidated VIEs, for which creditors do not have recourse to the general credit of CNH Industrial Capital LLC.

	September 30, 2014		December 31, 2013
Restricted cash	$	667,479	$	784,407
Receivables, less allowance for credit losses of $79,072 and $75,292, respectively		9,675,636		9,493,634
Equipment on operating leases, net		89,551		115,512
TOTAL	$	10,432,666	$	10,393,553
Short-term debt (including current maturities of long-term debt)	$	4,015,495	$	4,194,045
Long-term debt		5,848,769		5,796,434
TOTAL	$	9,864,264	$	9,990,479

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

4

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013

(Dollars in thousands)

(Unaudited)

	2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	194,419		$	198,200
Adjustments to reconcile net income to net cash from operating activities:
Depreciation on property and equipment and equipment on operating leases		101,056			83,955
Amortization of intangibles		813			717
Provision (benefit) for credit losses		11,979			(5,469	)
Deferred income tax expense		15,483			2,415
Stock compensation expense		820			957
Changes in components of working capital:
Decrease in affiliated accounts and notes receivables		97,827			81,398
(Increase) decrease in other assets and equipment held for sale		(103,879	)		25,603
Increase in accounts payable and other accrued liabilities		39,449			55,683
Net cash from operating activities		357,967			443,459
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired		(14,143,016	)		(14,698,562	)
Collections of receivables		12,573,528			12,708,024
Decrease in restricted cash		110,746			122,905
Purchase of equipment on operating leases		(645,319	)		(390,759	)
Proceeds from disposal of equipment on operating leases		208,158			168,359
Capital expenditures for property and equipment		(221	)		(277	)
Net cash used in investing activities		(1,896,124	)		(2,090,310	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt		1,732,223			1,273,602
Payment of affiliated debt		(995,044	)		(1,361,763	)
Proceeds from issuance of long-term debt		2,915,590			4,107,526
Payment of long-term debt		(2,168,473	)		(2,616,635	)
Decrease in revolving credit facilities, net		(355,951	)		(110,425	)
Dividends paid to CNH Industrial America LLC		(90,000	)		(200,000	)
Net cash from financing activities		1,038,345			1,092,305
DECREASE IN CASH AND CASH EQUIVALENTS		(499,812	)		(554,546	)
CASH AND CASH EQUIVALENTS:
Beginning of period		697,608			785,913
End of period	$	197,796		$	231,367
CASH PAID DURING THE PERIOD FOR INTEREST	$	183,680		$	163,048
CASH PAID DURING THE PERIOD FOR TAXES	$	150,470		$	98,015

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

5

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014 AND 2013

(Dollars in thousands)

(Unaudited)

	Company Stockholder
	Member's Capital		Paid-in Capital		Accumulated Other Comprehensive (Loss) Income			Retained Earnings			Non- Controlling Interest		Total
BALANCE—January 1, 2013	$	—	$	840,940	$	46,648		$	538,855		$	56,968	$	1,483,411
Net income		—		—		—			197,052			1,148		198,200
Dividend paid to CNH Industrial America LLC		—		—		—			(200,000	)		—		(200,000	)
Foreign currency translation adjustment		—		—		(22,155	)		—			—		(22,155	)
Stock compensation		—		957		—			—			—		957
Pension liability adjustment, net of tax		—		—		329			—			—		329
Change in unrealized gain on retained interests, net of tax		—		—		(1,566	)		—			—		(1,566	)
Change in derivative financial instruments, net of tax		—		—		3,074			—			—		3,074
BALANCE—September 30, 2013	$	—	$	841,897	$	26,330		$	535,907		$	58,116	$	1,462,250
BALANCE—January 1, 2014	$	—	$	842,182	$	6,072		$	603,735		$	58,428	$	1,510,417
Net income		—		—		—			193,484			935		194,419
Dividend paid to CNH Industrial America LLC		—		—		—			(90,000	)		—		(90,000	)
Foreign currency translation adjustment		—		—		(33,894	)		—			—		(33,894	)
Stock compensation		—		820		—			—			—		820
Pension liability adjustment, net of tax		—		—		249			—			—		249
Change in unrealized gain on retained interests, net of tax		—		—		(244	)		—			—		(244	)
Change in derivative financial instruments, net of tax		—		—		2,146			—			—		2,146
BALANCE—September 30, 2014	$	—	$	843,002	$	(25,671	)	$	707,219		$	59,363	$	1,583,913

See the accompanying Condensed Notes to Consolidated Financial Statements (Unaudited).

6

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

(Unaudited)

NOTE 1: BASIS OF PRESENTATION

        CNH Industrial Capital LLC (formerly known as CNH Capital LLC) and its wholly-owned operating subsidiaries, including New Holland Credit Company, LLC ("New Holland Credit") and CNH Industrial Capital America LLC ("CNH Industrial Capital America"), and its majority-owned operating subsidiary CNH Industrial Capital Canada Ltd. ("CNH Industrial Capital Canada") (collectively, "CNH Industrial Capital" or the "Company"), are each a wholly-owned subsidiary of CNH Industrial America LLC ("CNH Industrial America"), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. ("CNHI" and, together with its consolidated subsidiaries, "CNH Industrial"). CNH Industrial America and CNH Industrial Canada Ltd. (collectively, "CNH Industrial North America") design, manufacture, and sell agricultural and construction equipment. CNH Industrial Capital provides financial services for CNH Industrial North America customers primarily located in the United States and Canada.

        On September 29, 2013, Fiat Industrial S.p.A. and CNH Global N.V. ("CNH Global"), the former indirect parents of CNH Industrial Capital, completed a merger to combine their businesses, with CNHI as the surviving entity. As a result of the merger, CNH Industrial Capital LLC and its primary operating subsidiaries, including CNH Industrial Capital America, New Holland Credit and CNH Industrial Capital Canada, have become indirect wholly-owned subsidiaries of CNHI (with all of the equity interests in CNH Industrial Capital LLC owned by CNHI through intermediate companies, through which CNHI exercises indirect control over CNH Industrial Capital LLC). CNHI is incorporated in and under the laws of The Netherlands and its principal office is in Basildon, United Kingdom. The common shares of CNHI are listed on the New York Stock Exchange and on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A. under the symbol "CNHI."

        On February 28, 2014, CNH Capital LLC changed its name to CNH Industrial Capital LLC; CNH Capital America LLC changed its name to CNH Industrial Capital America LLC; and CNH Capital Canada Ltd. changed its name to CNH Industrial Capital Canada Ltd.

        The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States ("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, 2013. 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

7

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 1: BASIS OF PRESENTATION (Continued)

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 those estimates.

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

        In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers," which provides guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. This guidance will be effective for annual reporting periods beginning after December 15, 2016, and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the adoption impact of this ASU on its consolidated financial statements.

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

        Accumulated other comprehensive income ("AOCI") is comprised of net income and other adjustments, including foreign currency translation adjustments, pension plan adjustments, changes in fair value of the retained interests in the off-book retail transactions and changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges. The Company does not provide income taxes on currency translation adjustments ("CTA"), as the historical earnings from the Company's foreign subsidiaries are considered to be permanently reinvested. If current year earnings are repatriated, the amount to be repatriated is determined in U.S. dollars and converted to the equivalent amount of foreign currency at the time of repatriation; therefore, the repatriation of current year earnings will not have an impact on the CTA component of the Company's AOCI balance.

8

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME (Continued)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2014:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests		Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	13,124		$	(5,643	)	$	—	$	(5,530	)	$	1,951
Tax asset		—			2,058			—		1,801			3,859
Beginning balance, net of tax		13,124			(3,585	)		—		(3,729	)		5,810
Other comprehensive (loss) income before reclassifications		(32,256	)		—			—		128			(32,128	)
Amounts reclassified from accumulated other comprehensive income		—			143			—		878			1,021
Tax effects		—			(51	)		—		(323	)		(374	)
Net current-period other comprehensive (loss) income		(32,256	)		92			—		683			(31,481	)
BALANCE at September 30, 2014	$	(19,132	)	$	(3,493	)	$	—	$	(3,046	)	$	(25,671	)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2014:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	14,762		$	(5,891	)	$	388		$	(7,855	)	$	1,404
Tax asset (liability)		—			2,149			(144	)		2,663			4,668
Beginning balance, net of tax		14,762			(3,742	)		244			(5,192	)		6,072
Other comprehensive loss before reclassifications		(33,894	)		—			—			(401	)		(34,295	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			391			(388	)		3,732			3,735
Tax effects		—			(142	)		144			(1,185	)		(1,183	)
Net current-period other comprehensive (loss) income		(33,894	)		249			(244	)		2,146			(31,743	)
BALANCE at September 30, 2014	$	(19,132	)	$	(3,493	)	$	—		$	(3,046	)	$	(25,671	)

9

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME (Continued)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2013:

	Currency Translation Adjustment		Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	24,806	$	(8,475	)	$	941		$	(9,373	)	$	7,899
Tax asset (liability)		—		3,155			(355	)		3,312			6,112
Beginning balance, net of tax		24,806		(5,320	)		586			(6,061	)		14,011
Other comprehensive income (loss) before reclassifications		11,959		—			28			(597	)		11,390
Amounts reclassified from accumulated other comprehensive income (loss)		—		162			(471	)		1,514			1,205
Tax effects		—		(61	)		167			(382	)		(276	)
Net current-period other comprehensive income (loss)		11,959		101			(276	)		535			12,319
BALANCE at September 30, 2013	$	36,765	$	(5,219	)	$	310		$	(5,526	)	$	26,330

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	58,920		$	(8,834	)	$	3,012		$	(13,219	)	$	39,879
Tax asset (liability)		—			3,286			(1,136	)		4,619			6,769
Beginning balance, net of tax		58,920			(5,548	)		1,876			(8,600	)		46,648
Other comprehensive loss before reclassifications		(22,155	)		—			(368	)		(31	)		(22,554	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			521			(2,146	)		4,793			3,168
Tax effects		—			(192	)		948			(1,688	)		(932	)
Net current-period other comprehensive (loss) income		(22,155	)		329			(1,566	)		3,074			(20,318	)
BALANCE at September 30, 2013	$	36,765		$	(5,219	)	$	310		$	(5,526	)	$	26,330

10

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME (Continued)

        The reclassifications out of AOCI and the location on the consolidated statements of income for the three and nine months ended September 30, 2014 and 2013 are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013			Affected Line Item
Amortization of defined benefit pension items:
	$	(143	)	$	(162	)	$	(391	)	$	(521	)	Insignificant items
		(143	)		(162	)		(391	)		(521	)	Income before taxes
		51			61			142			192		Income tax benefit
	$	(92	)	$	(101	)	$	(249	)	$	(329	)	Net of tax
Unrealized gains on retained interests:
	$	—		$	471		$	388		$	2,146		Insignificant items
		—			471			388			2,146		Income before taxes
		—			(177	)		(144	)		(809	)	Income tax provision
	$	—		$	294		$	244		$	1,337		Net of tax
Unrealized losses on derivatives:
	$	(878	)	$	(1,514	)	$	(3,732	)	$	(4,793	)	Interest expense to third parties
		(878	)		(1,514	)		(3,732	)		(4,793	)	Income before taxes
		288			538			1,291			1,696		Income tax benefit
	$	(590	)	$	(976	)	$	(2,441	)	$	(3,097	)	Net of tax

11

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES

        A summary of receivables included in the consolidated balance sheets as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014			December 31, 2013
Retail note receivables	$	762,623		$	986,769
Wholesale receivables		317,142			362,870
Finance lease receivables		45,346			55,964
Restricted receivables		12,325,027			10,648,814
Commercial revolving accounts receivables		279,370			230,817
Gross receivables		13,729,508			12,285,234
Less
Allowance for credit losses		(104,014	)		(101,953	)
Total receivables, net	$	13,625,494		$	12,183,281

Restricted Receivables and Securitization

        As part of its overall funding strategy, the Company periodically transfers certain financial receivables into VIEs that are 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 retail restricted receivables are obligations that are payable as the receivables are collected.

12

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        The following table summarizes the restricted and off-book receivables and the related retained interests as of September 30, 2014 and December 31, 2013:

	Restricted Receivables				Off-Book Receivables				Retained Interests
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Retail note receivables	$	7,979,364	$	7,431,634	$	—	$	13,217	$	—	$	2,853
Wholesale receivables		4,342,502		3,210,654		—		—		—		—
Finance lease receivables		3,161		6,526		—		—		—		—
Total	$	12,325,027	$	10,648,814	$	—	$	13,217	$	—	$	2,853

        Within the U.S. retail receivables securitization programs, qualifying retail receivables are sold to limited purpose, bankruptcy remote SPEs. In turn, these SPEs establish separate trusts to which the receivables are transferred in exchange for proceeds from asset backed securities issued by the trusts. In Canada, the receivables are transferred directly to the trusts. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts' activities. Through its retained interests, the Company has an obligation to absorb certain losses, or the right to receive certain benefits, that could potentially be significant to the trusts. Consequently, the Company has consolidated these retail trusts.

        With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities which are limited-purpose, bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts' activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Industrial Capital has consolidated these wholesale trusts.

Allowance for Credit Losses

        The allowance for credit losses is the Company's estimate of probable losses for receivables owned by the Company and consists of two components, depending on whether the receivable has been individually identified as being impaired. The first component of the allowance for credit losses covers the receivables specifically reviewed by management for which the Company has determined it is probable that it will not collect all the principal and interest payments as per the terms of the contract. Receivables are individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables are subject to impairment measurement at the loan level based either on the present value of expected future cash flows discounted at the receivables' effective interest rate or the fair value of the collateral for collateral-dependent receivables.

        The second component of the allowance for credit losses covers all receivables that have not been individually reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations, generally by financial product. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience,

13

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

collateral value, portfolio balance and delinquency. The allowance for wholesale credit losses is based on loss forecast models that consider the same factors as the retail models plus dealer risk ratings. The loss forecast models are updated on a quarterly basis. In addition, qualitative factors that are not fully captured in the loss forecast models, including industry trends, and macroeconomic factors 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.

        Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected.

        The Company's allowance for credit losses is segregated into three portfolio segments: retail, wholesale and other. A portfolio segment is the level at which the Company develops a systematic methodology for determining its allowance for credit losses. The retail segment includes retail notes and finance lease receivables. The wholesale segment includes wholesale financing to CNH Industrial North America dealers, and the other portfolio includes the Company's commercial revolving accounts ("CRA") receivables.

        Further, the Company evaluates its portfolio segments by class of receivable: United States and Canada. Typically, the Company's receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. These classes align with management reporting.

        Allowance for credit losses activity for the three months ended September 30, 2014 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	86,609		$	7,615		$	7,991		$	102,215
Charge-offs		(2,769	)		—			(1,266	)		(4,035	)
Recoveries		953			390			651			1,994
Provision (benefit)		4,742			(1,189	)		1,038			4,591
Foreign currency translation and other		(651	)		(67	)		(33	)		(751	)
Ending balance	$	88,884		$	6,749		$	8,381		$	104,014

14

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        Allowance for credit losses activity for the nine months ended September 30, 2014 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	87,701		$	7,363		$	6,889		$	101,953
Charge-offs		(8,378	)		(799	)		(3,976	)		(13,153	)
Recoveries		2,208			445			1,802			4,455
Provision (benefit)		8,495			(215	)		3,699			11,979
Foreign currency translation and other		(1,142	)		(45	)		(33	)		(1,220	)
Ending balance	$	88,884		$	6,749		$	8,381		$	104,014
Ending balance: individually evaluated for impairment	$	12,086		$	3,035		$	—		$	15,121
Ending balance: collectively evaluated for impairment	$	76,798		$	3,714		$	8,381		$	88,893
Receivables:
Ending balance	$	8,790,494		$	4,659,644		$	279,370		$	13,729,508
Ending balance: individually evaluated for impairment	$	46,165		$	36,047		$	—		$	82,212
Ending balance: collectively evaluated for impairment	$	8,744,329		$	4,623,597		$	279,370		$	13,647,296

        Allowance for credit losses activity for the three months ended September 30, 2013 is as follows:

	Retail			Wholesale		Other			Total
Allowance for credit losses:
Beginning balance	$	93,702		$	7,661	$	8,056		$	109,419
Charge-offs		(2,567	)		—		(1,478	)		(4,045	)
Recoveries		1,100			332		754			2,186
(Benefit) provision		(530	)		1,177		1,244			1,891
Foreign currency translation and other		(238	)		26		13			(199	)
Ending balance	$	91,467		$	9,196	$	8,589		$	109,252

15

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        Allowance for credit losses activity for the nine months ended September 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(7,819	)		(127	)		(4,407	)		(12,353	)
Recoveries		2,882			573			2,349			5,804
(Benefit) provision		(5,166	)		(3,102	)		2,799			(5,469	)
Foreign currency translation and other		(990	)		(35	)		(25	)		(1,050	)
Ending balance	$	91,467		$	9,196		$	8,589		$	109,252
Ending balance: individually evaluated for impairment	$	19,213		$	5,939		$	—		$	25,152
Ending balance: collectively evaluated for impairment	$	72,254		$	3,257		$	8,589		$	84,100
Receivables:
Ending balance	$	8,157,358		$	4,318,968		$	287,055		$	12,763,381
Ending balance: individually evaluated for impairment	$	42,064		$	30,274		$	—		$	72,338
Ending balance: collectively evaluated for impairment	$	8,115,294		$	4,288,694		$	287,055		$	12,691,043

16

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        Allowance for credit losses activity for the year ended December 31, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(14,321	)		(238	)		(5,780	)		(20,339	)
Recoveries		3,488			674			3,066			7,228
(Benefit) provision		(2,778	)		(4,901	)		1,775			(5,904	)
Foreign currency translation and other		(1,248	)		(59	)		(45	)		(1,352	)
Ending balance	$	87,701		$	7,363		$	6,889		$	101,953
Ending balance: individually evaluated for impairment	$	12,946		$	3,865		$	—		$	16,811
Ending balance: collectively evaluated for impairment	$	74,755		$	3,498		$	6,889		$	85,142
Receivables:
Ending balance	$	8,480,893		$	3,573,524		$	230,817		$	12,285,234
Ending balance: individually evaluated for impairment	$	44,139		$	30,555		$	—		$	74,694
Ending balance: collectively evaluated for impairment	$	8,436,754		$	3,542,969		$	230,817		$	12,210,540

        Utilizing an internal credit scoring model, which considers customers' attributes, prior credit history and each retail transaction's attributes, the Company assigns a credit quality rating to each retail customer, by specific transaction, as part of the retail underwriting process. This rating is used in setting the terms on the transaction, including the interest rate. The credit quality rating is not updated after the transaction is finalized. A description of the general characteristics of the customers' risk grades is as follows:

        Titanium—Customers from whom the Company expects no collection or loss activity.

        Platinum—Customers from whom the Company expects minimal, if any, collection or loss activity.

        Gold, Silver, Bronze—Customers defined as those with the potential for collection or loss activity.

17

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        A breakdown of the retail portfolio by the customer's risk grade at the time of origination as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014		December 31, 2013
Titanium	$	4,910,770	$	4,750,422
Platinum		2,378,668		2,265,690
Gold		1,268,195		1,239,703
Silver		204,035		199,575
Bronze		28,826		25,503
Total	$	8,790,494	$	8,480,893

        As part of the ongoing monitoring of the credit quality of the wholesale portfolio, the Company utilizes an internal credit scoring model that assigns a risk grade for each dealer. The scoring model considers the strength of the dealer's financial condition and payment history. The Company considers the dealers' ratings in the quarterly credit allowance analysis. A description of the general characteristics of the dealer risk grades is as follows:

        Grades A and B—Includes receivables due from dealers that have significant capital strength, moderate leverage, stable earnings and growth, and excellent payment performance.

        Grade C—Includes receivables due from dealers with moderate credit risk. Dealers of this grade are differentiated from higher grades on a basis of leverage or payment performance.

        Grade D—Includes receivables due from dealers with additional credit risk. These dealers require additional monitoring due to their weaker financial condition or payment performance.

        A breakdown of the wholesale portfolio by its credit quality indicators as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014		December 31, 2013
A	$	2,547,000	$	1,981,226
B		1,621,189		1,236,828
C		349,728		232,101
D		141,727		123,369
Total	$	4,659,644	$	3,573,524

        The following tables present information at the level at which management assesses and monitors its credit risk. 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.

18

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        The aging of receivables as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	22,233	$	4,497	$	12,754	$	39,484	$	7,326,307	$	7,365,791	$	3,979
Canada	$	2,142	$	528	$	171	$	2,841	$	1,421,862	$	1,424,703	$	48
Wholesale
United States	$	911	$	18	$	85	$	1,014	$	3,761,884	$	3,762,898	$	47
Canada	$	182	$	10	$	117	$	309	$	896,437	$	896,746	$	85
Total
Retail	$	24,375	$	5,025	$	12,925	$	42,325	$	8,748,169	$	8,790,494	$	4,027
Wholesale	$	1,093	$	28	$	202	$	1,323	$	4,658,321	$	4,659,644	$	132

	December 31, 2013
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	15,167	$	5,135	$	14,154	$	34,456	$	7,011,299	$	7,045,755	$	3,736
Canada	$	2,471	$	206	$	395	$	3,072	$	1,432,066	$	1,435,138	$	25
Wholesale
United States	$	170	$	36	$	229	$	435	$	2,886,444	$	2,886,879	$	55
Canada	$	213	$	—	$	32	$	245	$	686,400	$	686,645	$	13
Total
Retail	$	17,638	$	5,341	$	14,549	$	37,528	$	8,443,365	$	8,480,893	$	3,761
Wholesale	$	383	$	36	$	261	$	680	$	3,572,844	$	3,573,524	$	68

        Impaired receivables are receivables for which the Company has determined it will not collect all the principal and interest payments as per the terms of the contract. As of September 30, 2014 and

19

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

December 31, 2013, the Company's recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances and allowances are as follows:

	September 30, 2014						December 31, 2013
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded
Retail
United States	$	13,575	$	13,435	$	—	$	16,640	$	16,517	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	31,473	$	30,704	$	11,710	$	26,951	$	26,143	$	12,757
Canada	$	1,117	$	1,111	$	376	$	548	$	547	$	189
Wholesale
United States	$	16,870	$	16,811	$	2,140	$	27,693	$	27,532	$	3,442
Canada	$	19,177	$	18,895	$	895	$	2,862	$	2,851	$	423
Total
Retail	$	46,165	$	45,250	$	12,086	$	44,139	$	43,207	$	12,946
Wholesale	$	36,047	$	35,706	$	3,035	$	30,555	$	30,383	$	3,865

20

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        For the three months ended September 30, 2014 and 2013, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows:

	2014				2013
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	13,493	$	254	$	8,030	$	92
Canada	$	—	$	—	$	1,556	$	58
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	32,625	$	196	$	31,843	$	163
Canada	$	1,345	$	8	$	590	$	—
Wholesale
United States	$	17,814	$	102	$	28,468	$	102
Canada	$	22,764	$	190	$	3,267	$	32
Total
Retail	$	47,463	$	458	$	42,019	$	313
Wholesale	$	40,578	$	292	$	31,735	$	134

21

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

        For the nine months ended September 30, 2014 and 2013, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a ten-month average) and the related interest income recognized are as follows:

	2014				2013
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	12,536	$	724	$	7,609	$	224
Canada	$	—	$	—	$	1,507	$	100
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	33,746	$	962	$	32,193	$	871
Canada	$	1,320	$	81	$	482	$	5
Wholesale
United States	$	19,164	$	344	$	30,228	$	656
Canada	$	26,706	$	542	$	3,686	$	92
Total
Retail	$	47,602	$	1,767	$	41,791	$	1,200
Wholesale	$	45,870	$	886	$	33,914	$	748

        Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 120 days delinquent, whichever occurs first. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of September 30, 2014 and December 31, 2013 are as follows:

	September 30, 2014						December 31, 2013
	Retail		Wholesale		Total		Retail		Wholesale		Total
United States	$	26,332	$	16,811	$	43,143	$	29,239	$	27,532	$	56,771
Canada	$	298	$	18,895	$	19,193	$	918	$	2,851	$	3,769

Troubled Debt Restructurings

        A restructuring of a receivable constitutes a troubled debt restructuring ("TDR") when the lender grants a concession it would not otherwise consider to a borrower experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables, concessions granted may include extended contract maturities, inclusion of

22

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 4: RECEIVABLES (Continued)

interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal.

        TDRs are reviewed along with other receivables as part of management's ongoing evaluation of the adequacy of the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current fair market value of the equipment collateral and considers credit enhancements such as additional collateral and third-party guarantees.

        Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review, the TDR classification is not removed from the receivable.

        As of September 30, 2014, the Company had approximately 684 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $16,953 and the post-modification value was $15,128. A court has determined the concession in 440 of these cases. The pre-modification value of these contracts was $7,774 and the post-modification value was $6,346. As of September 30, 2013, the Company had approximately 800 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $21,277 and the post-modification value was $18,839. A court has determined the concession in 540 of these cases. The pre-modification value of these contracts was $9,190 and the post-modification value was $7,579. As the outcome of the bankruptcy cases is determined by a court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease receivable contracts that were modified in a TDR during the previous 12 months ended September 30, 2014 and 2013.

        As of September 30, 2014 and 2013, the Company's wholesale TDRs were immaterial.

NOTE 5: DEBT

        On July 14, 2014, the Company extended a $200,000 U.S. wholesale committed asset-backed facility to a maturity date of October 17, 2014.

        On September 26, 2014, the Company extended a $1,200,000 U.S. retail committed asset-backed facility to a maturity date of September 27, 2016.

NOTE 6: INCOME TAXES

        The effective tax rates for the three months ended September 30, 2014 and 2013 were 33.6% and 35.2%, respectively. The effective tax rate was 33.3% for the nine-month period ended September 30, 2014, compared to 34.1% for the same period in 2013. The lower rates in 2014 were primarily due to the favorable discrete tax benefits recorded in 2014 and the change in the geographic mix of income earned within the U.S.

        The Company's provision for income taxes is based on an estimated tax rate for the year applied to the year-to-date federal, state and foreign income. The 2014 estimated annual tax rate is expected to be lower than the U.S. federal corporate income tax rate of 35% primarily due to the geographic mix of income earned within the U.S. and profits in tax jurisdictions with lower tax rates.

23

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS

        The Company may elect to measure many financial instruments and certain other items at fair value. This fair value option must 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 did not elect the fair value measurement option for eligible items.

Fair-Value Hierarchy

        U.S. GAAP specifies a hierarchy of valuation techniques 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 internally-developed 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 make use of observable market-based inputs to calculate fair value, in which case the items are classified in Level 2.

        If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.

        The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions.

Derivatives

        The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency fluctuations. Derivatives used as hedges are effective at reducing the risk associated with the

24

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

exposure being hedged and are designated as a hedge at the inception of the derivative contract. The Company does not hold or issue derivative or other financial instruments for speculative purposes. The credit risk for the interest rate hedges is reduced through diversification among counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified in Level 2 or 3 of 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 in cash flow hedging relationships are being used by the Company to mitigate the risk of rising interest rates related to debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments, to the extent that the hedge relationship has been effective, are deferred in accumulated other comprehensive (loss) income and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. Ineffectiveness recognized related to these hedging relationships was not significant for the nine months ended September 30, 2014 and 2013. These amounts are recorded in "Other expenses" in the consolidated statements of income. 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 51 months. The after-tax losses deferred in accumulated other comprehensive (loss) income that will be recognized in interest expense over the next 12 months are approximately $1,853.

        The Company also enters into interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company's committed asset-backed facilities. These facilities require the Company to enter into interest rate derivatives. To ensure that these transactions do not result in the Company being exposed to this risk, the Company enters into an offsetting position. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three and nine months ended September 30, 2014 and 2013.

        Most of the Company's interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input for forecasted benchmark interest rates and can be compared to actively traded derivatives. If the future notional amount of the Company's interest rate derivatives is not known in advance, the derivatives are considered Level 3 derivatives. The fair market value of these derivatives is calculated using market data input and a forecasted future notional balance. The total notional amount of the Company's interest rate derivatives was approximately $3,262,180 and $2,007,460 at September 30, 2014 and December 31, 2013, respectively. The ten-month average notional amounts as of September 30, 2014 and 2013 were $3,010,067 and $2,738,537, respectively.

Foreign Exchange Contracts

        The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in "Other expenses" and are expected to offset the foreign exchange gains or losses on the exposures being managed.

25

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

        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 September 30, 2014 and December 31, 2013 in the consolidated balance sheets are recorded as follows:

	September 30, 2014		December 31, 2013
Derivatives Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	1,290	$	98
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	—	$	860
Derivatives Not Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	7,496	$	6,023
Foreign exchange contracts		46		68
Total	$	7,542	$	6,091
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	7,496	$	6,023
Foreign exchange contracts		—		—
Total	$	7,496	$	6,023

26

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

        Pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives for the three and nine months ended September 30, 2014 and 2013 are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Cash Flow Hedges
Losses recognized in accumulated other comprehensive (loss) income (effective portion)
Interest rate derivatives	$	128		$	(598	)	$	(401	)	$	(32	)
Reclassified from accumulated other comprehensive (loss) income (effective portion)
Interest rate derivatives—Interest expense to third parties	$	(878	)	$	(1,514	)	$	(3,732	)	$	(4,793	)
Not Designated as Hedges
Interest rate derivatives—Other expenses	$	—		$	(32	)	$	—		$	54
Foreign exchange contracts—Other expenses		(70	)		16			(196	)		32

Items Measured at Fair Value on a Recurring Basis

        The following table presents for each of the fair-value hierarchy levels the Company's assets and liabilities that are measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013:

	Level 2				Level 3				Total
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Assets
Interest rate derivatives	$	8,786	$	6,121	$	—	$	—	$	8,786	$	6,121
Foreign exchange contracts		46		68		—		—		46		68
Retained interests		—		—		—		2,853		—		2,853
Total assets	$	8,832	$	6,189	$	—	$	2,853	$	8,832	$	9,042
Liabilities
Interest rate derivatives	$	7,496	$	6,883	$	—	$	—	$	7,496	$	6,883
Total liabilities	$	7,496	$	6,883	$	—	$	—	$	7,496	$	6,883

        There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented.

27

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 7: FINANCIAL INSTRUMENTS (Continued)

        The following table presents the changes in the Level 3 fair-value category for the nine months ended September 30, 2014 and 2013:

	Retained Interests
Balance at January 1, 2013	$	9,271
Total gains or losses (realized/unrealized):
Included in earnings		707
Included in other comprehensive loss		(368	)
Settlements		(6,841	)
Balance at September 30, 2013	$	2,769
Balance at January 1, 2014	$	2,853
Total gains or losses (realized/unrealized):
Included in earnings		220
Included in other comprehensive loss		—
Settlements		(3,073	)
Balance at September 30, 2014	$	—

Fair Value of Other Financial Instruments

        The carrying amount of cash and cash equivalents, restricted cash, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and cash equivalents and restricted cash are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2.

Financial Instruments Not Carried at Fair Value

        The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of September 30, 2014 and December 31, 2013 are as follows:

	September 30, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value*		Carrying Amount		Estimated Fair Value*
Receivables	$	13,625,494	$	13,628,725	$	12,183,281	$	12,216,915
Long-term debt	$	8,857,119	$	8,837,900	$	8,345,588	$	8,457,438

*

Under the fair value hierarchy, receivable measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

Financial Assets

        The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk.

Financial Liabilities

        The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

28

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION

        The Company's segment data is based on disclosure requirements of accounting guidance on segment reporting, which requires financial information be reported on the basis that is used internally for measuring segment performance. The Company's reportable segments are strategic business units that are organized around differences in geographic areas. Each segment is managed separately as they require different knowledge of regulatory environments and marketing strategies. The operating segments offer primarily the same services within each of the respective segments.

        A summary of the Company's reportable segment information is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenues
United States	$	184,997		$	169,737		$	544,904		$	493,408
Canada		50,214			49,751			147,491			146,620
Eliminations		(1,251	)		(1,301	)		(3,683	)		(3,844	)
Total	$	233,960		$	218,187		$	688,712		$	636,184
Interest expense
United States	$	61,155		$	53,136		$	171,703		$	152,584
Canada		14,211			13,162			39,892			38,664
Eliminations		(1,251	)		(1,301	)		(3,683	)		(3,844	)
Total	$	74,115		$	64,997		$	207,912		$	187,404
Segment net income
United States	$	41,090		$	45,942		$	139,954		$	146,614
Canada		17,600			19,386			54,465			51,586
Total	$	58,690		$	65,328		$	194,419		$	198,200
Depreciation and amortization
United States	$	28,940		$	20,466		$	76,167		$	60,063
Canada		8,848			8,316			25,702			24,609
Total	$	37,788		$	28,782		$	101,869		$	84,672
Expenditures for equipment on operating leases
United States	$	226,797		$	108,422		$	560,224		$	314,600
Canada		29,633			18,906			85,095			76,159
Total	$	256,430		$	127,328		$	645,319		$	390,759
Provision (benefit) for credit losses
United States	$	4,122		$	1,762		$	9,371		$	(8,070	)
Canada		469			129			2,608			2,601
Total	$	4,591		$	1,891		$	11,979		$	(5,469	)

29

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION (Continued)

	As of September 30, 2014			As of December 31, 2013
Segment assets
United States	$	13,454,558		$	12,536,638
Canada		2,897,697			2,664,096
Eliminations		(216,743	)		(214,030	)
Total	$	16,135,512		$	14,986,704
Managed receivables
United States	$	11,372,838		$	10,147,225
Canada		2,356,670			2,151,226
Total	$	13,729,508		$	12,298,451

NOTE 9: RELATED-PARTY TRANSACTIONS

        The Company receives compensation from CNH Industrial North America for retail installment sales contracts and finance leases that were created under certain low-rate financing programs and interest waiver programs offered to customers by CNH Industrial North America. For selected operating leases, CNH Industrial North America compensates the Company for the difference between the market rental rates and the amount paid by the customer. Similarly, for selected wholesale receivables, CNH Industrial North America and other affiliates compensate the Company for the difference between market rates and the amount paid by the dealer.

        The summary of sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2014 and 2013 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Retail subsidy from CNH Industrial North America	$	56,651	$	50,100	$	173,477	$	158,629
Wholesale subsidy:
CNH Industrial North America		36,680		43,389		117,492		114,660
Other affiliates		—		240		—		1,568
Operating lease subsidy from CNH Industrial North America		12,541		8,424		34,002		25,529
Total interest and other income from affiliates	$	105,872	$	102,153	$	324,971	$	300,386

        Fees charged by affiliates represent payroll and other human resource services CNH Industrial America performs on behalf of the Company.

30

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 9: RELATED-PARTY TRANSACTIONS (Continued)

        As of September 30, 2014 and December 31, 2013, the Company has various accounts and notes receivable and debt with the following affiliates:

	September 30, 2014		December 31, 2013
Affiliated receivables from:
CNH Industrial America	$	30	$	80,786
CNH Industrial Canada Ltd.		—		17,071
Other affiliates		12,291		12,291
Total affiliated receivables	$	12,321	$	110,148
Affiliated debt owed to:
CNH Industrial America	$	772,926	$	274,525
CNH Industrial Canada Ltd.		300,185		76,479
Total affiliated debt	$	1,073,111	$	351,004

        Included in other assets, tax receivables of $6,044 were due from related parties as of December 31, 2013. Also included in other assets are tax receivables purchased from CNH Industrial North America with a balance of $68,707 for which cash was received in October 2014. Accounts payable and other accrued liabilities of $58,160 and $3,716, respectively, as of September 30, 2014 and December 31, 2013, were payable to related parties. Interest expense to affiliates was $8,075 and $6,472, respectively, for the three months ended September 30, 2014 and 2013 and $17,498 and $16,861 respectively, for the nine months ended September 30, 2014 and 2013.

        CNH Industrial Canada Ltd., an affiliated entity, owns 76,618,488 shares of preferred stock in CNH Industrial Capital Canada, one of the Company's subsidiaries. This is recorded as "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets. These shares earn dividends of 12-month LIBOR plus 1.2% per annum. The dividends are accrued annually and are recorded in "Net income attributed to noncontrolling interest" in the consolidated statements of income. The accrued, but not declared, dividends are included in "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets.

NOTE 10: 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 $252,090. The guarantees are in effect for the term of the underlying funding facilities, which have various maturities through 2015.

31

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 10: COMMITMENTS AND CONTINGENCIES (Continued)

Commitments

        At September 30, 2014, the Company had various agreements to extend credit for the following managed portfolios:

	Total Credit Limit		Utilized		Not Utilized
Commercial revolving accounts	$	3,209,246	$	276,708	$	2,932,538
Wholesale and dealer financing	$	6,435,876	$	4,592,630	$	1,843,246

        The commercial revolving accounts are issued by the Company to retail customers for purchases of parts and services at CNH Industrial North America equipment dealers.

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

        CNH Industrial Capital America and New Holland Credit (collectively, "Guarantor Entities"), which are 100%-owned subsidiaries of CNH Industrial Capital LLC, guarantee certain indebtedness of CNH Industrial Capital LLC. As the guarantees are full, unconditional, and joint and several, and because the Guarantor Entities are 100%-owned by CNH Industrial Capital LLC, the Company has included the following condensed consolidating financial information as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013. The condensed consolidating financial information reflects investments in consolidated subsidiaries under the equity method of accounting.

32

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	889		$	49,829		$	—		$	50,718
Interest income on wholesale notes		—			(356	)		20,442			—			20,086
Interest and other income from affiliates		26,529			51,993			92,021			(64,671	)		105,872
Rental income on operating leases		—			28,684			14,341			—			43,025
Other income		—			37,536			2,013			(25,290	)		14,259
Total revenues		26,529			118,746			178,646			(89,961	)		233,960
EXPENSES
Interest expense:
Interest expense to third parties		33,188			(3,252	)		36,104			—			66,040
Interest expense to affiliates		—			60,547			12,199			(64,671	)		8,075
Total interest expense		33,188			57,295			48,303			(64,671	)		74,115
Administrative and operating expenses:
Fees charged by affiliates		—			10,908			27,670			(25,290	)		13,288
Provision for credit losses		—			408			4,183			—			4,591
Depreciation of equipment on operating leases		—			25,424			12,051			—			37,475
Other expenses (income)		—			16,576			(537	)		—			16,039
Total operating expenses		—			53,316			43,367			(25,290	)		71,393
Total expenses		33,188			110,611			91,670			(89,961	)		145,508
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(6,659	)		8,135			86,976			—			88,452
Income tax (benefit) provision		(2,567	)		3,375			28,954			—			29,762
Equity in income of consolidated subsidiaries accounted for under the equity method		62,509			57,749			—			(120,258	)		—
NET INCOME		58,417			62,509			58,022			(120,258	)		58,690
Net income attributed to noncontrolling interest		—			—			(273	)		—			(273	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	58,417		$	62,509		$	57,749		$	(120,258	)	$	58,417
COMPREHENSIVE INCOME	$	26,936		$	31,028		$	30,989		$	(61,744	)	$	27,209
Comprehensive income attributed to noncontrolling interest		—			—			(273	)		—			(273	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	26,936		$	31,028		$	30,716		$	(61,744	)	$	26,936

33

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	5,994		$	144,340		$	—		$	150,334
Interest income on wholesale notes		—			(948	)		53,861			—			52,913
Interest and other income from affiliates		69,873			160,548			285,236			(190,686	)		324,971
Rental income on operating leases		—			76,262			42,966			—			119,228
Other income		—			107,566			5,978			(72,278	)		41,266
Total revenues		69,873			349,422			532,381			(262,964	)		688,712
EXPENSES
Interest expense:
Interest expense to third parties		92,140			(7,532	)		105,806			—			190,414
Interest expense to affiliates		—			174,037			34,147			(190,686	)		17,498
Total interest expense		92,140			166,505			139,953			(190,686	)		207,912
Administrative and operating expenses:
Fees charged by affiliates		—			32,294			79,603			(72,278	)		39,619
(Benefit) provision for credit losses		—			(882	)		12,861			—			11,979
Depreciation of equipment on operating leases		—			64,916			36,110			—			101,026
Other expenses		—			36,308			282			—			36,590
Total operating expenses		—			132,636			128,856			(72,278	)		189,214
Total expenses		92,140			299,141			268,809			(262,964	)		397,126
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(22,267	)		50,281			263,572			—			291,586
Income tax (benefit) provision		(8,542	)		19,122			86,587			—			97,167
Equity in income of consolidated subsidiaries accounted for under the equity method		207,209			176,050			—			(383,259	)		—
NET INCOME		193,484			207,209			176,985			(383,259	)		194,419
Net income attributed to noncontrolling interest		—			—			(935	)		—			(935	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	193,484		$	207,209		$	176,050		$	(383,259	)	$	193,484
COMPREHENSIVE INCOME	$	161,741		$	175,466		$	150,027		$	(324,558	)	$	162,676
Comprehensive income attributed to noncontrolling interest		—			—			(935	)		—			(935	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	161,741		$	175,466		$	149,092		$	(324,558	)	$	161,741

34

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Balance Sheets as of September 30, 2014
	CNH Industrial Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	136,946		$	60,850	$	—		$	197,796
Restricted cash		—		100			667,479		—			667,579
Receivables, less allowance for credit losses		—		1,265,206			12,360,288		—			13,625,494
Affiliated accounts and notes receivable		2,664,244		2,598,895			1,511,373		(6,762,191	)		12,321
Equipment on operating leases, net		—		975,060			323,705		—			1,298,765
Equipment held for sale		—		52,019			9,416		—			61,435
Investments in consolidated subsidiaries accounted for under the equity method		1,879,650		2,283,716			—		(4,163,366	)		—
Goodwill and intangible assets, net		—		87,778			32,370		—			120,148
Other assets		22,695		(13,716	)		147,842		(4,847	)		151,974
TOTAL	$	4,566,589	$	7,386,004		$	15,113,323	$	(10,930,404	)	$	16,135,512
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	50,139		$	4,027,227	$	—		$	4,077,366
Accounts payable and other accrued liabilities		43,614		2,054,517			1,720,165		(3,274,293	)		544,003
Affiliated debt		—		3,397,219			1,168,637		(3,492,745	)		1,073,111
Long-term debt		2,998,425		4,479			5,854,215		—			8,857,119
Total liabilities		3,042,039		5,506,354			12,770,244		(6,767,038	)		14,551,599
Stockholder's equity		1,524,550		1,879,650			2,343,079		(4,163,366	)		1,583,913
TOTAL	$	4,566,589	$	7,386,004		$	15,113,323	$	(10,930,404	)	$	16,135,512

35

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(409,285	)	$	(861,938	)	$	1,186,657		$	442,533		$	357,967
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(11,775,670	)		(11,803,380	)		9,436,034			(14,143,016	)
Collections of receivables		—			12,015,926			9,993,733			(9,436,131	)		12,573,528
Decrease in restricted cash		—			—			110,746			—			110,746
Purchase of equipment on operating leases, net		—			(403,593	)		(33,568	)		—			(437,161	)
Expenditures for property and equipment		—			(215	)		(6	)		—			(221	)
Net cash used in investing activities		—			(163,552	)		(1,732,475	)		(97	)		(1,896,124	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			909,222			270,393			(442,436	)		737,179
Net increase (decrease) in indebtedness		499,285			(55,293	)		(52,826	)		—			391,166
Dividends paid to CNH Industrial America LLC		(90,000	)		—			—			—			(90,000	)
Net cash from financing activities		409,285			853,929			217,567			(442,436	)		1,038,345
DECREASE IN CASH AND CASH EQUIVALENTS		—			(171,561	)		(328,251	)		—			(499,812	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			308,507			389,101			—			697,608
End of period	$	—		$	136,946		$	60,850		$	—		$	197,796

36

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	3,316		$	46,402		$	—		$	49,718
Interest income on wholesale notes		—			(266	)		16,042			—			15,776
Interest and other income from affiliates		17,809			60,385			86,753			(62,794	)		102,153
Rental income on operating leases		—			20,152			14,691			—			34,843
Other income		—			34,790			3,129			(22,222	)		15,697
Total revenues		17,809			118,377			167,017			(85,016	)		218,187
EXPENSES
Interest expense:
Interest expense to third parties		24,280			346			33,899			—			58,525
Interest expense to affiliates		—			58,261			11,005			(62,794	)		6,472
Total interest expense		24,280			58,607			44,904			(62,794	)		64,997
Administrative and operating expenses:
Fees charged by affiliates		—			11,436			24,868			(22,222	)		14,082
Provision for credit losses		—			1,042			849			—			1,891
Depreciation of equipment on operating leases		—			16,116			12,437			—			28,553
Other expenses		1			6,857			951			—			7,809
Total operating expenses		1			35,451			39,105			(22,222	)		52,335
Total expenses		24,281			94,058			84,009			(85,016	)		117,332
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(6,472	)		24,319			83,008			—			100,855
Income tax (benefit) provision		(2,514	)		10,149			27,892			—			35,527
Equity in income of consolidated subsidiaries accounted for under the equity method		68,913			54,743			—			(123,656	)		—
NET INCOME		64,955			68,913			55,116			(123,656	)		65,328
Net income attributed to noncontrolling interest		—			—			(373	)		—			(373	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	64,955		$	68,913		$	54,743		$	(123,656	)	$	64,955
COMPREHENSIVE INCOME	$	77,274		$	81,233		$	65,559		$	(146,419	)	$	77,647
Comprehensive income attributed to noncontrolling interest		—			—			(373	)		—			(373	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	77,274		$	81,233		$	65,186		$	(146,419	)	$	77,274

37

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	8,913		$	134,215		$	—		$	143,128
Interest income on wholesale notes		—			(727	)		46,880			—			46,153
Interest and other income from affiliates		47,376			153,032			263,971			(163,993	)		300,386
Rental income on operating leases		—			58,541			43,474			—			102,015
Other income		—			100,275			7,867			(63,640	)		44,502
Total revenues		47,376			320,034			496,407			(227,633	)		636,184
EXPENSES
Interest expense:
Interest expense to third parties		66,555			1,947			102,041			—			170,543
Interest expense to affiliates		—			150,385			30,469			(163,993	)		16,861
Total interest expense		66,555			152,332			132,510			(163,993	)		187,404
Administrative and operating expenses:
Fees charged by affiliates		—			36,350			71,780			(63,640	)		44,490
(Benefit) provision for credit losses		—			(10,495	)		5,026			—			(5,469	)
Depreciation of equipment on operating leases		—			47,138			36,792			—			83,930
Other expenses (income)		1			25,914			(1,031	)		—			24,884
Total operating expenses		1			98,907			112,567			(63,640	)		147,835
Total expenses		66,556			251,239			245,077			(227,633	)		335,239
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(19,180	)		68,795			251,330			—			300,945
Income tax (benefit) provision		(7,494	)		27,314			82,925			—			102,745
Equity in income of consolidated subsidiaries accounted for under the equity method		208,738			167,257			—			(375,995	)		—
NET INCOME		197,052			208,738			168,405			(375,995	)		198,200
Net income attributed to noncontrolling interest		—			—			(1,148	)		—			(1,148	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	197,052		$	208,738		$	167,257		$	(375,995	)	$	197,052
COMPREHENSIVE INCOME	$	176,734		$	188,420		$	151,827		$	(339,099	)	$	177,882
Comprehensive income attributed to noncontrolling interest		—			—			(1,148	)		—			(1,148	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	176,734		$	188,420		$	150,679		$	(339,099	)	$	176,734

38

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Balance Sheets as of December 31, 2013
	CNH Industrial Capital LLC		Guarantor Entities		All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	308,507	$	389,101	$	—		$	697,608
Restricted cash		—		100		784,408		—			784,508
Receivables, less allowance for credit losses		—		1,504,614		10,678,667		—			12,183,281
Retained interests in securitized receivables		—		5,202		2,596		(4,945	)		2,853
Affiliated accounts and notes receivable		2,245,308		1,780,263		1,462,388		(5,377,811	)		110,148
Equipment on operating leases, net		—		636,383		337,924		—			974,307
Equipment held for sale		—		35,035		5,715		—			40,750
Investments in consolidated subsidiaries accounted for under the equity method		1,703,364		1,931,092		—		(3,634,456	)		0—
Goodwill and intangible assets		—		88,376		33,914		—			122,290
Other assets		23,142		15,857		31,960		—			70,959
TOTAL	$	3,971,814	$	6,305,429	$	13,726,673	$	(9,017,212	)	$	14,986,704
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	76,869	$	4,212,320	$	—		$	4,289,189
Accounts payable and other accrued liabilities		20,685		2,004,157		798,110		(2,332,446	)		490,506
Affiliated debt		—		2,487,997		913,317		(3,050,310	)		351,004
Long-term debt		2,499,140		33,042		5,813,406		—			8,345,588
Total liabilities		2,519,825		4,602,065		11,737,153		(5,382,756	)		13,476,287
Stockholder's equity		1,451,989		1,703,364		1,989,520		(3,634,456	)		1,510,417
TOTAL	$	3,971,814	$	6,305,429	$	13,726,673	$	(9,017,212	)	$	14,986,704

39

CNH INDUSTRIAL CAPITAL LLC AND SUBSIDIARIES

CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Dollars in thousands)

(Unaudited)

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Continued)

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(400,000	)	$	275,179		$	141,158		$	427,122		$	443,459
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(12,005,414	)		(12,267,832	)		9,574,684			(14,698,562	)
Collections of receivables		—			11,614,411			10,667,838			(9,574,225	)		12,708,024
Decrease in restricted cash		—			—			122,905			—			122,905
Purchase of equipment on operating leases, net		—			(167,675	)		(54,725	)		—			(222,400	)
Other investing activities		—			(250	)		(27	)		—			(277	)
Net cash used in investing activities		—			(558,928	)		(1,531,841	)		459			(2,090,310	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			277,908			61,512			(427,581	)		(88,161	)
Net increase (decrease) in indebtedness		600,000			(111,307	)		891,773			—			1,380,466
Dividends paid to CNH Industrial America LLC		(200,000	)		—			—			—			(200,000	)
Net cash from financing activities		400,000			166,601			953,285			(427,581	)		1,092,305
DECREASE IN CASH AND CASH EQUIVALENTS		—			(117,148	)		(437,398	)		—			(554,546	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			257,001			528,912			—			785,913
End of period	$	—		$	139,853		$	91,514		$	—		$	231,367

NOTE 12: SUBSEQUENT EVENTS

        On October 23, 2014, the Company, through a bankruptcy-remote trust, issued $999,066 of amortizing, asset-backed notes secured by U.S. retail loan contracts.

        On October 24, 2014, CNH Industrial Capital closed on a series of agreements with Citibank, N.A. and certain of its affiliates (together, "Citi") whereby Citi acquired CNH Industrial Capital's CRA portfolio. Pursuant to these agreements, Citi will offer a private-label CRA product through CNH Industrial North America dealers.

40

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview

Organization

        We offer a range of financial products and services to the dealers and customers of CNH Industrial North America. The principal products offered are retail financing for the purchase or lease of new and used CNH Industrial North America equipment and wholesale financing to CNH Industrial North America dealers. Wholesale financing consists primarily of floor plan financing as well as financing for equipment used in dealer-owned rental yards, parts inventory and working capital needs. In addition, we purchase equipment from dealers that is leased to retail customers under operating lease agreements, and we also finance customers' commercial revolving accounts.

Trends and Economic Conditions

        Our business is closely related to the agricultural and construction equipment industries because we offer financing products for such equipment. For the three months ended September 30, 2014, CNH Industrial's worldwide agricultural equipment net sales decreased 11.6% compared to the three months ended September 30, 2013. CNH Industrial's worldwide construction equipment net sales increased 14.7% for the three months ended September 30, 2014 compared to the three months ended September 30, 2013.

        In general, our receivable mix between agricultural and construction equipment financing directionally reflects the mix of equipment sales by CNH Industrial North America. As a higher proportion of our portfolio relates to agricultural equipment financing, changes in the agricultural industry or with respect to our agricultural equipment borrowers ("farmers") may affect the majority of our portfolio.

        During the past few years, farm income in North America has experienced some of its highest historical levels. The financing we provide to our borrowers is secured by the financed equipment, which typically has a long useful life and is a key component in the farmers' sources of income. All of these factors contributed to the strong credit performance of our portfolio in recent periods.

        Net income attributable to CNH Industrial Capital LLC was $58.4 million for the three months ended September 30, 2014, down $6.5 million compared to the same period in 2013, as higher costs relating to equipment on operating leases and a higher provision for credit losses more than offset the impact of a higher average portfolio. Net income attributable to CNH Industrial Capital LLC was $193.5 million for the nine months ended September 30, 2014, compared to $197.1 million for the nine months ended September 30, 2013. Net income decreased during the nine month period as higher costs relating to equipment on operating leases and a higher provision for credit losses more than offset the impact of a higher average portfolio. The receivables balance greater than 30 days past due as a percentage of managed receivables was 0.4% at September 30, 2014, December 31, 2013 and September 30, 2013.

        Macroeconomic issues for us include the uncertainty of governmental actions in respect to monetary, fiscal and legislative policies, the global economic recovery, capital market disruptions, trade agreements and financial regulatory changes. Significant volatility in the price of certain commodities could also impact CNH Industrial North America's and our results.

41

Results of Operations

Three and Nine Months Ended September 30, 2014 Compared to Three and Nine Months Ended September 30, 2013

Revenues

        Revenues for the three and nine months ended September 30, 2014 and 2013 were as follows (dollars in thousands):

	Three Months Ended September 30,
	2014		2013		$ Change			% Change
Interest income on retail notes and finance leases	$	50,718	$	49,718	$	1,000			2.0	%
Interest income on wholesale notes		20,086		15,776		4,310			27.3
Interest and other income from affiliates		105,872		102,153		3,719			3.6
Rental income on operating leases		43,025		34,843		8,182			23.5
Other income		14,259		15,697		(1,438	)		(9.2	)
Total revenues	$	233,960	$	218,187	$	15,773			7.2	%

	Nine Months Ended September 30,
	2014		2013		$ Change			% Change
Interest income on retail notes and finance leases	$	150,334	$	143,128	$	7,206			5.0	%
Interest income on wholesale notes		52,913		46,153		6,760			14.6
Interest and other income from affiliates		324,971		300,386		24,585			8.2
Rental income on operating leases		119,228		102,015		17,213			16.9
Other income		41,266		44,502		(3,236	)		(7.3	)
Total revenues	$	688,712	$	636,184	$	52,528			8.3	%

        Revenues totaled $234.0 million and $688.7 million for the three and nine months ended September 30, 2014, respectively, compared to $218.2 million and $636.2 million for the same periods in 2013. A higher average portfolio primarily drove the year-over-year increase, partially offset by a decrease in our average yield. The average yield for retail and other notes, finance leases, wholesale receivables and commercial revolving accounts receivables was 5.2% and 5.6% for the three months ended September 30, 2014 and 2013, respectively, and 5.4% and 5.7% for the nine months ended September 30, 2014 and 2013, respectively.

        Interest income on retail notes and finance leases for the three and nine months ended September 30, 2014 was $50.7 million and $150.3 million, respectively, representing increases of $1.0 million and $7.2 million from the same periods in 2013. For the third quarter, the increase was primarily due to a $4.7 million favorable impact from higher average earning assets, partially offset by a $3.7 million unfavorable impact from lower interest rates. For the nine months ended September 30, 2014, compared to the same period in 2013, the increase was primarily due to a $16.4 million favorable impact from higher average earning assets, partially offset by a $9.2 million unfavorable impact from lower interest rates.

        Interest income on wholesale notes for the three and nine months ended September 30, 2014 was $20.1 million and $52.9 million, representing an increase of $4.3 million and $6.8 million from the same periods in 2013. The increases were primarily due to the favorable impact from higher average earning assets.

        Interest and other income from affiliates for the three and nine months ended September 30, 2014 was $105.9 million and $325.0 million, respectively, compared to $102.2 million and $300.4 million,

42

respectively, for the three and nine months ended September 30, 2013. For the three and nine months ended September 30, 2014, compensation from CNH Industrial North America for retail low-rate financing programs and interest waiver programs offered to customers was $56.7 million and $173.5 million, respectively, an increase of $6.6 million and $14.8 million from the same periods in 2013. The increase was primarily due to higher average earning retail assets. For the three months ended September 30, 2014 and 2013, compensation from CNH Industrial North America for wholesale marketing programs was $36.7 million and $43.4 million, respectively. The decrease was primarily due to changes in the mix of programs and products. For the nine months ended September 30, 2014 and 2013, compensation from CNH Industrial North America for wholesale marketing programs was $117.5 million and $114.7 million, respectively. The increase was primarily due to higher average earning wholesale assets. For selected operating leases, compensation from CNH Industrial North America for the difference between market rental rates and the amounts paid by customers was $12.5 million and $34.0 million for the three and nine months ended September 30, 2014, an increase of $4.1 million and $8.5 million, respectively, from the same periods in 2013. This increase was primarily due to higher originations.

        Rental income on operating leases for the three and nine months ended September 30, 2014 was $43.0 million and $119.2 million, respectively, representing increases of $8.2 million and $17.2 million from the same periods in 2013. The third quarter increase was due to a $13.2 million favorable impact from higher average earning assets, partially offset by a $5.0 million unfavorable impact from lower interest rates on new and existing operating leases. The year-to-date increase was due to a $31.8 million favorable impact from higher average earning assets, partially offset by a $14.6 million unfavorable impact from lower interest rates on new and existing operating leases.

        Other income for the three and nine months ended September 30, 2014 was $14.3 million and $41.3 million, respectively, representing decreases of $1.4 million and $3.2 million from the same periods in 2013. The decreases in 2014 were primarily due to accretion on the retained interests related to the off-book receivables in 2013.

Expenses

        Expenses for the three and nine months ended September 30, 2014 and 2013 were as follows (dollars in thousands):

	Three Months Ended September 30,
	2014		2013		$ Change			% Change
Total interest expense	$	74,115	$	64,997	$	9,118			14.0	%
Fees charged by affiliates		13,288		14,082		(794	)		(5.6	)
Provision for credit losses		4,591		1,891		2,700			142.8
Depreciation of equipment on operating leases		37,475		28,553		8,922			31.2
Other expenses		16,039		7,809		8,230			105.4
Total expenses	$	145,508	$	117,332	$	28,176			24.0	%

43

	Nine Months Ended September 30,
	2014		2013			$ Change			% Change
Total interest expense	$	207,912	$	187,404		$	20,508			10.9	%
Fees charged by affiliates		39,619		44,490			(4,871	)		(10.9	)
Provision (benefit) for credit losses		11,979		(5,469	)		17,448			(319.0	)
Depreciation of equipment on operating leases		101,026		83,930			17,096			20.4
Other expenses		36,590		24,884			11,706			47.0
Total expenses	$	397,126	$	335,239		$	61,887			18.5	%

        Interest expense totaled $74.1 million and $207.9 million for the three and nine months ended September 30, 2014, respectively, compared to $65.0 million and $187.4 million for the same periods in 2013. For the third quarter, the increase was due to an $8.1 million unfavorable impact from higher average total debt and a $1.0 million unfavorable impact from higher average interest rates. For the nine months, the increase was due to a $24.1 million unfavorable impact from higher average total debt, partially offset by a $3.6 million favorable impact from lower average interest rates.

        The provision for credit losses was $4.6 million and $12.0 million for the three and nine months ended September 30, 2014, respectively, compared to a provision of $1.9 million and a benefit of $5.5 million for the same periods in 2013. The increase for the periods in 2014 was primarily due to a higher average portfolio, while the benefits recognized in 2013 primarily represented collections from certain customers previously identified as impaired.

        Depreciation of equipment on operating leases and other expenses increased for the three and nine months ended September 30, 2014, compared to the same periods in 2013, primarily due to costs associated with the operating lease portfolio.

        The effective tax rates for the three months ended September 30, 2014 and 2013 were 33.6% and 35.2%, respectively. The effective tax rate was 33.3% for the nine-month period ended September 30, 2014, compared to 34.1% for the same period in 2013. The lower rates in 2014 were primarily due to the favorable discrete tax benefits recorded in 2014 and the change in the geographic mix of income earned within the U.S.

Receivables and Equipment on Operating Leases Originated and Held

        Receivable and equipment on operating lease originations for the three and nine months ended September 30, 2014 and 2013 were as follows (dollars in thousands):

	Three Months Ended September 30,
	2014		2013		$ Change			% Change
Retail receivables	$	1,037,914	$	1,237,806	$	(199,892	)		(16.1	)%
Wholesale receivables		3,364,423		3,562,264		(197,841	)		(5.6	)
Other		275,172		270,487		4,685			1.7
Equipment on operating leases		256,430		127,328		129,102			101.4
Total originations	$	4,933,939	$	5,197,885	$	(263,946	)		(5.1	)%

44

	Nine Months Ended September 30,
	2014		2013		$ Change			% Change
Retail receivables	$	3,000,218	$	3,364,822	$	(364,604	)		(10.8	)%
Wholesale receivables		10,404,982		10,611,711		(206,729	)		(1.9	)
Other		726,787		718,607		8,180			1.1
Equipment on operating leases		645,319		390,759		254,560			65.1
Total originations	$	14,777,306	$	15,085,899	$	(308,593	)		(2.0	)%

        Retail receivable originations decreased for both the three and nine months ended September 30, 2014 compared to the same periods in 2013, primarily due to a decrease in unit sales of CNH Industrial North America equipment. The increase in equipment on operating lease originations for the three and nine months ended September 30, 2014 compared to the same period in 2013 was primarily due to financing programs offered in response to the expiration of additional depreciation deductions.

        Total receivables and equipment on operating leases held as of September 30, 2014, December 31, 2013 and September 30, 2013 were as follows (dollars in thousands):

	September 30, 2014		December 31, 2013		September 30, 2013
Retail receivables	$	8,790,494	$	8,480,893	$	8,157,358
Wholesale receivables		4,659,644		3,573,524		4,318,968
Other		279,370		230,817		287,055
Equipment on operating leases		1,298,765		974,307		885,538
Total receivables and equipment on operating leases	$	15,028,273	$	13,259,541	$	13,648,919

        The total retail receivables balance greater than 30 days past due as a percentage of the retail receivables was 0.5%, 0.4% and 0.5% at September 30, 2014, December 31, 2013 and September 30, 2013, respectively. At those same dates, the total wholesale receivables balance greater than 30 days past due as a percentage of the wholesale receivables was not significant. Total retail receivables on nonaccrual status, which represent receivables for which we have ceased accruing finance income, were $26.6 million, $30.2 million and $31.7 million at September 30, 2014, December 31, 2013 and September 30, 2013, respectively. Total wholesale receivables on nonaccrual status were $35.7 million, $30.4 million and $29.0 million at September 30, 2014, December 31, 2013 and September 30, 2013, respectively.

45

        Total receivable write-off amounts and recoveries, by product for the three and nine months ended September 30, 2014 and 2013 were as follows (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Write-offs:
Retail	$	2,769		$	2,567		$	8,378		$	7,819
Wholesale		—			—			799			127
Other		1,266			1,478			3,976			4,407
Total write-offs		4,035			4,045			13,153			12,353
Recoveries:
Retail		(953	)		(1,100	)		(2,208	)		(2,882	)
Wholesale		(390	)		(332	)		(445	)		(573	)
Other		(651	)		(754	)		(1,802	)		(2,349	)
Total recoveries		(1,994	)		(2,186	)		(4,455	)		(5,804	)
Write-offs, net of recoveries:
Retail		1,816			1,467			6,170			4,937
Wholesale		(390	)		(332	)		354			(446	)
Other		615			724			2,174			2,058
Total write-offs, net of recoveries	$	2,041		$	1,859		$	8,698		$	6,549

        Our allowance for credit losses on all receivables financed totaled $104.0 million at September 30, 2014, $102.0 million at December 31, 2013 and $109.3 million at September 30, 2013. The level of the allowance is based on quantitative and qualitative factors, including historical loss experience by product category, portfolio duration, delinquency trends, economic conditions, collateral value and credit risk quality. We believe our allowance is sufficient to provide for losses in our receivable portfolio as of September 30, 2014.

Liquidity and Capital Resources

        The following discussion of liquidity and capital resources principally focuses on our statements of cash flows, balance sheets and capitalization. CNH Industrial Capital's current funding strategy is to maintain sufficient liquidity and flexible access to a wide variety of financial instruments and funding options.

        In the past, securitization has been one of our most economical sources of funding and, therefore, the majority of our originated receivables are securitized, with the cash generated from such receivables utilized to repay the related debt or, in the case of wholesale receivables, to purchase new receivables. We expect securitization to continue to represent a substantial portion of our capital structure.

        In addition, we have committed secured and unsecured credit facilities, unsecured bonds, affiliate borrowings and cash to fund our liquidity and capital needs.

        Since 2011, we have accessed the unsecured bond market in order to add more diversity and stability to our funding sources. Our outstanding unsecured notes totaled $2.9 billion as of September 30, 2014. We expect continued changes to our funding profile, with less reliance on the securitization market, as costs and terms of accessing the unsecured term market continue to improve.

46

Cash Flows

        For the nine months ended September 30, 2014 and 2013, our cash flows were as follows (dollars in thousands):

	2014			2013
Cash flows provided by (used in):
Operating activities	$	357,967		$	443,459
Investing activities		(1,896,124	)		(2,090,310	)
Financing activities		1,038,345			1,092,305
Net cash decrease	$	(499,812	)	$	(554,546	)

        Operating activities in the nine months ended September 30, 2014 generated cash of $358 million, compared to $443 million for the same period in 2013, resulting primarily from net income of $194 million, adjusted by depreciation and amortization of $102 million and cash from working capital of $33 million. The decrease in cash provided by operating activities for the nine months ended September 30, 2014 compared to 2013 was primarily due to a $129 million net decline in working capital, partially offset by $17 million higher depreciation expense and $17 million higher provision for credit losses.

        Net cash used in investing activities in the nine months ended September 30, 2014 totaled $1,896 million, resulting primarily from a net growth in receivables of $1,570 million and $645 million in expenditures for equipment on operating leases, partially offset by proceeds from the sale of equipment on operating leases of $208 million and by a decrease in restricted cash of $111 million. The decrease of cash used in investing activities in the nine months ended September 30, 2014 compared to 2013 was primarily due to the decrease of receivables acquired, partially offset by the increase in net cash flows for equipment on operating leases.

        Financing activities in the nine months ended September 30, 2014 generated cash of $1,038 million, resulting primarily from net proceeds from long-term debt and affiliated debt of $747 million and $737 million, respectively, partially offset by net cash paid of $356 million for short-term borrowings and $90 million in dividends paid to CNH Industrial America. The decrease in cash provided by financing activities in the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 was primarily due to the decreased net cash received from long-term debt and increased net payments of short-term borrowings, partially offset by the increase in net cash received from affiliated debt and lower dividends paid to CNH Industrial America.

Securitization

        CNH Industrial Capital and its predecessor entities have been securitizing receivables since 1992. Because this market generally remains a cost-effective financing source and allows access to a wide investor base, we expect to continue utilizing securitization as one of our core sources of funding in the near future. CNH Industrial Capital has completed public and private issuances of asset-backed securities in both the U.S. and Canada and, as of September 30, 2014, the amounts outstanding were approximately $7.1 billion.

Committed Asset-Backed Facilities

        CNH Industrial Capital has committed asset-backed facilities with several banks, primarily through their commercial paper conduit programs. Committed asset-backed facilities for the U.S. and Canada totaled $3.2 billion at September 30, 2014, with original borrowing maturities of up to two years. The unused availability under the facilities varies during the year, depending on origination volume and the refinancing of receivables with term securitization transactions and/or other financing. At September 30, 2014, approximately $0.4 billion of funding was available for use under these facilities.

47

Unsecured Funding and Other Transactions

        As of September 30, 2014, we had outstanding unsecured notes of $750 million at an annual fixed rate of 3.875% due 2015, $500 million at an annual fixed rate of 6.250% due 2016, $500 million at an annual fixed rate of 3.250% due 2017, $600 million at an annual fixed rate of 3.625% due 2018 and $500 million at an annual fixed rate of 3.375% due 2019.

        As of September 30, 2014, we had a $250 million, unsecured credit facility, consisting of a $150 million term facility and a $100 million revolving credit facility, with a final maturity in July 2016. Additionally, as of September 30, 2014, we had a $250 million, unsecured credit facility with a consortium of banks, with a final maturity in June 2017.

Affiliate Sources

        CNH Industrial Capital borrows, as needed, from CNH Industrial. This source of funding is primarily used to finance various on-book assets and provides additional flexibility when evaluating market conditions and potential third-party financing options. We have obtained financing from CNHI treasury subsidiaries and, from time to time, have entered into term loan agreements. At September 30, 2014, affiliated debt was $1.1 billion, up from $351.0 million at December 31, 2013.

Equity Position

        Our equity position also supports our capabilities to access various funding sources. Our stockholder's equity as of September 30, 2014 and December 31, 2013 was $1.6 billion and $1.5 billion, respectively.

        On March 31, 2014, CNH Industrial Capital LLC paid a dividend of $90 million to CNH Industrial America.

Liquidity

        The majority of CNH Industrial Capital's debt is self-liquidating from the cash generated by the underlying amortizing receivables. Normally, additional liquidity should not be necessary for the repayment of such debt. New originations of retail receivables are usually warehoused in committed asset-backed facilities until refinanced in the term ABS market or with other third-party debt. New wholesale receivables are typically sold to a master trust, which is financed through a combination of variable funding notes, term securitization and internal sources. Our liquidity available for use as of September 30, 2014 is as follows (dollars in thousands):

	September 30, 2014
Cash, cash equivalents and restricted cash	$	865,375
Committed asset-backed facilities		3,248,430
Committed unsecured facilities		350,000
Total cash and facilities		4,463,805
Less: restricted cash		667,579
Less: facilities utilization		2,834,791
Total available for use	$	961,435

        The liquidity available for use varies due to changes in origination volumes, reflecting the financing needs of our customers, and is influenced by the timing of any refinancing of underlying receivables.

        In connection with a limited number of funding transactions, we provide financial guarantees to various parties on behalf of certain foreign financial services subsidiaries of CNHI for approximately $252.1 million as of September 30, 2014.

48

Cautionary Note Regarding Forward-Looking Statements

        All statements other than statements of historical fact contained in this quarterly report, including statements regarding our competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, capital expenditures, capital structure or other financial items; costs; and plans and objectives of management regarding operations, products and services, are forward-looking statements. These statements may include terminology such as "may," "will," "expect," "could," "should," "intend," "estimate," "anticipate," "believe," "outlook," "continue," "remain," "on track," "design," "target," "objective," "goal," or similar terminology.

        Our outlook is predominantly based on our interpretation of what we consider to be key economic assumptions and involves risks and uncertainties that could cause actual results to differ (possibly materially) from such forward looking statements. Macroeconomic factors including monetary policy, interest rates, currency exchange rates, inflation, deflation, credit availability and government intervention in an attempt to influence such factors may have a material impact on our customers and the demand for our financing products and services. The demand for CNH Industrial North America's products and, in turn, our financing products and services is influenced by a number of factors, including, among other things: general economic conditions; demand for food; commodity prices, raw material and component prices and stock levels; net farm income levels; availability of credit; developments in biofuels; infrastructure spending rates; housing starts; commercial construction; seasonality of demand; changes and uncertainties in the monetary and fiscal policies of various governmental and regulatory entities; CNH Industrial North America's ability to maintain key dealer relationships; currency exchange rates and interest rates; pricing policies by CNH Industrial North America or its competitors; political, economic and legislative changes; and the other risks described in "Risk Factors" in our most recent annual report on Form 10-K. Some of the other significant factors which may affect our results include our access to credit, restrictive covenants in our debt agreements, actions by rating agencies concerning the ratings on our debt and asset-backed securities and the credit rating of CNHI, weather, climate change and natural disasters, actions taken by our competitors, the effect of changes in laws and regulations, the results of legal proceedings and employee relations.

        Furthermore, in light of ongoing economic uncertainty, both globally and in the industries in which we operate, it is particularly difficult to forecast our results and any estimates or forecasts of particular periods that we provide are uncertain. We can give no assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. We undertake no obligation to update or revise publicly any forward-looking statements.

Critical Accounting Policies and Estimates

        See our critical accounting policies and estimates discussed in our annual report for the year ended December 31, 2013 under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Note 2 to our audited consolidated financial statements included in such annual report. There were no material changes to these policies or estimates during the three months ended September 30, 2014.

New Accounting Pronouncements

        In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers," which provides guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. This guidance will be effective for annual reporting periods beginning after December 15, 2016, and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are currently evaluating the adoption impact of this ASU on our consolidated financial statements.

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Item 4.    Controls and Procedures

Disclosure Controls and Procedures

        Under the supervision, and with the participation, of our management, including our President and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of September 30, 2014. Based on that evaluation, our President and Chief Financial Officer concluded that the disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed in our Exchange Act filings is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our management, including our President and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

        There has been no change in our internal control over financial reporting during the three months ended September 30, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

50

PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

        CNH Industrial Capital 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 CNH Industrial Capital's financial position or results of operations.

Item 1A.    Risk Factors

        See our most recent annual report on Form 10-K (Part I, Item 1A). There was no material change in our risk factors during the nine months ended September 30, 2014.

Item 4.    Mine Safety Disclosures

        Not applicable.

Item 5.    Other Information

        None.

Item 6.    Exhibits

Exhibit			Description
	12.1		Statement regarding computation of ratio of earnings to fixed charges.
	31.1		Certifications of President Pursuant to Exchange Act Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2		Certifications of Chief Financial Officer Pursuant to Exchange Act Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1	†	Certification required by Exchange Act Rule 15(d)-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).
	101		Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013, (ii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2014 and 2013, (iii) Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013, (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2014 and 2013, (v) Consolidated Statements of Changes in Stockholder's Equity for the nine months ended September 30, 2014 and 2013 and (vi) Condensed Notes to Consolidated Financial Statements.

†

These certifications are deemed not filed for purposes of section 18 of the Exchange Act, or otherwise subject to the liability of that section; nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 (the "Securities Act") or the Exchange Act.

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SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CNH INDUSTRIAL CAPITAL LLC
Date: November 6, 2014	By:	/s/ STEVEN C. BIERMAN
		Name:	Steven C. Bierman
		Title:	Chairman and President

52

EX-12.1

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EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

        For the three and nine months ended September 30, 2014 and 2013, the computation of ratio of earnings to fixed charges is as follows (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Earnings:
Income before taxes	$	88,452	$	100,855	$	291,586	$	300,945
Fixed charges		74,133		65,013		207,965		187,461
Total earnings	$	162,585	$	165,868	$	499,551	$	488,406
Fixed charges:
Interest expense inclusive of amortized premiums, discounts and capitalized expenses related to indebtedness	$	74,115	$	64,997	$	207,912	$	187,404
Estimate of the interest component of rental expense		18		16		53		57
Total Fixed charges	$	74,133	$	65,013	$	207,965	$	187,461
Ratio of earnings to fixed charges		2.19		2.55		2.40		2.61

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EXHIBIT 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

EX-31.1

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EXHIBIT 31.1

CERTIFICATIONS

I, Steven C. Bierman, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of CNH Industrial Capital LLC;



2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;



3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;



4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:



(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;



(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;



(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and



(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and



5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and



(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2014	By:	/s/ STEVEN C. BIERMAN
	Name:	Steven C. Bierman
	Title:	President

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EXHIBIT 31.1

CERTIFICATIONS

EX-31.2

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EXHIBIT 31.2

CERTIFICATIONS

I, Douglas MacLeod, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of CNH Industrial Capital LLC;



2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;



3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;



4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:



(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;



(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;



(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and



(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and



5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and



(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 6, 2014	By:	/s/ DOUGLAS MACLEOD
	Name:	Douglas MacLeod
	Title:	Chief Financial Officer

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EXHIBIT 31.2

CERTIFICATIONS

EX-32.1

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EXHIBIT 32.1

CERTIFICATION

        Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of CNH Industrial Capital LLC (the "Company") does hereby certify, to such officer's knowledge, that:

        The Quarterly Report on Form 10-Q for the quarter ended September 30, 2014 of the Company (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ STEVEN C. BIERMAN
Steven C. Bierman
President

/s/ DOUGLAS MACLEOD
Douglas MacLeod
Chief Financial Officer

Date: November 6, 2014

        A signed original of this written statement has been provided to CNH Industrial Capital LLC and will be retained by CNH Industrial Capital LLC and furnished to the Securities and Exchange Commission or its staff upon request.

        The foregoing certification is being furnished solely pursuant to 18 U.S.C §1350 and is not being filed as part of the Report or as a separate disclosure document.

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EXHIBIT 32.1

CERTIFICATION

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FINANCIAL INSTRUMENTS (Details 3) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
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	8,786	6,121
Foreign exchange contracts	46	68
Total assets	8,832	6,189
Liabilities
Interest rate derivatives	7,496	6,883
Total liabilities	7,496	6,883
Recurring | Level 3
Assets
Retained interests		2,853
Total assets		2,853
Recurring | Total
Assets
Interest rate derivatives	8,786	6,121
Foreign exchange contracts	46	68
Retained interests		2,853
Total assets	8,832	9,042
Liabilities
Interest rate derivatives	7,496	6,883
Total liabilities	$ 7,496	$ 6,883

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SUBSEQUENT EVENTS (Details) (Subsequent event, Amortizing asset-backed notes, USD $) In Thousands, unless otherwise specified	Oct. 23, 2014
Subsequent event | Amortizing asset-backed notes
Subsequent events
Notes issue amount	$ 999,066

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SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 2) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 197,796	$ 697,608	$ 231,367	$ 785,913
Restricted cash	667,579	784,508
Receivables, less allowance for credit losses	13,625,494	12,183,281
Retained interests in securitized receivables		2,853
Affiliated accounts and notes receivable	12,321	110,148
Equipment on operating leases, net	1,298,765	974,307
Equipment held for sale	61,435	40,750
Goodwill and intangible assets, net	120,148	122,290
Other assets	151,974	70,959
TOTAL	16,135,512	14,986,704
Liabilities:
Short-term debt, including current maturities of long-term debt	4,077,366	4,289,189
Accounts payable and other accrued liabilities	544,003	490,506
Affiliated debt	1,073,111	351,004
Long-term debt	8,857,119	8,345,588
Total liabilities	14,551,599	13,476,287
Stockholder's equity	1,583,913	1,510,417	1,462,250	1,483,411
TOTAL	16,135,512	14,986,704
CNH Industrial Capital LLC
ASSETS
Affiliated accounts and notes receivable	2,664,244	2,245,308
Investments in consolidated subsidiaries accounted for under the equity method	1,879,650	1,703,364
Other assets	22,695	23,142
TOTAL	4,566,589	3,971,814
Liabilities:
Accounts payable and other accrued liabilities	43,614	20,685
Long-term debt	2,998,425	2,499,140
Total liabilities	3,042,039	2,519,825
Stockholder's equity	1,524,550	1,451,989
TOTAL	4,566,589	3,971,814
Guarantor Entities
ASSETS
Cash and cash equivalents	136,946	308,507	139,853	257,001
Restricted cash	100	100
Receivables, less allowance for credit losses	1,265,206	1,504,614
Retained interests in securitized receivables		5,202
Affiliated accounts and notes receivable	2,598,895	1,780,263
Equipment on operating leases, net	975,060	636,383
Equipment held for sale	52,019	35,035
Investments in consolidated subsidiaries accounted for under the equity method	2,283,716	1,931,092
Goodwill and intangible assets, net	87,778	88,376
Other assets	(13,716)	15,857
TOTAL	7,386,004	6,305,429
Liabilities:
Short-term debt, including current maturities of long-term debt	50,139	76,869
Accounts payable and other accrued liabilities	2,054,517	2,004,157
Affiliated debt	3,397,219	2,487,997
Long-term debt	4,479	33,042
Total liabilities	5,506,354	4,602,065
Stockholder's equity	1,879,650	1,703,364
TOTAL	7,386,004	6,305,429
All Other Subsidiaries
ASSETS
Cash and cash equivalents	60,850	389,101	91,514	528,912
Restricted cash	667,479	784,408
Receivables, less allowance for credit losses	12,360,288	10,678,667
Retained interests in securitized receivables		2,596
Affiliated accounts and notes receivable	1,511,373	1,462,388
Equipment on operating leases, net	323,705	337,924
Equipment held for sale	9,416	5,715
Goodwill and intangible assets, net	32,370	33,914
Other assets	147,842	31,960
TOTAL	15,113,323	13,726,673
Liabilities:
Short-term debt, including current maturities of long-term debt	4,027,227	4,212,320
Accounts payable and other accrued liabilities	1,720,165	798,110
Affiliated debt	1,168,637	913,317
Long-term debt	5,854,215	5,813,406
Total liabilities	12,770,244	11,737,153
Stockholder's equity	2,343,079	1,989,520
TOTAL	15,113,323	13,726,673
Eliminations
ASSETS
Retained interests in securitized receivables		(4,945)
Affiliated accounts and notes receivable	(6,762,191)	(5,377,811)
Investments in consolidated subsidiaries accounted for under the equity method	(4,163,366)	(3,634,456)
Other assets	(4,847)
TOTAL	(10,930,404)	(9,017,212)
Liabilities:
Accounts payable and other accrued liabilities	(3,274,293)	(2,332,446)
Affiliated debt	(3,492,745)	(3,050,310)
Total liabilities	(6,767,038)	(5,382,756)
Stockholder's equity	(4,163,366)	(3,634,456)
TOTAL	$ (10,930,404)	$ (9,017,212)

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RECEIVABLES (Details 5) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Unpaid Principal Balance
Period considered for average recorded investment	4 months	4 months	10 months	10 months
Interest Income Recognized
Delinquency period of accounts considered for recognition of income			120 days	120 days
Minimum account delinquency period for an account to be classified as past due			30 days	30 days
United States
Interest Income Recognized
Receivables on nonaccrual status	$ 43,143		$ 43,143		$ 56,771
Canada
Interest Income Recognized
Receivables on nonaccrual status	19,193		19,193		3,769
Retail | United States
Interest Income Recognized
Receivables on nonaccrual status	26,332		26,332		29,239
Retail | Canada
Interest Income Recognized
Receivables on nonaccrual status	298		298		918
Wholesale | United States
Interest Income Recognized
Receivables on nonaccrual status	16,811		16,811		27,532
Wholesale | Canada
Interest Income Recognized
Receivables on nonaccrual status	18,895		18,895		2,851
Individually evaluated for impairment | Retail
Recorded Investment
Total	46,165		46,165		44,139
Unpaid Principal Balance
Total	45,250		45,250		43,207
Related Allowance	12,086		12,086		12,946
Average Recorded Investment
Total	47,463	42,019	47,602	41,791
Interest Income Recognized
Total	458	313	1,767	1,200
Individually evaluated for impairment | Retail | United States
Recorded Investment
With no related allowance recorded	13,575		13,575		16,640
With an allowance recorded	31,473		31,473		26,951
Unpaid Principal Balance
With no related allowance recorded	13,435		13,435		16,517
With an allowance recorded	30,704		30,704		26,143
Related Allowance	11,710		11,710		12,757
Average Recorded Investment
With no related allowance recorded	13,493	8,030	12,536	7,609
With an allowance recorded	32,625	31,843	33,746	32,193
Interest Income Recognized
With no related allowance recorded	254	92	724	224
With an allowance recorded	196	163	962	871
Individually evaluated for impairment | Retail | Canada
Recorded Investment
With an allowance recorded	1,117		1,117		548
Unpaid Principal Balance
With an allowance recorded	1,111		1,111		547
Related Allowance	376		376		189
Average Recorded Investment
With no related allowance recorded		1,556		1,507
With an allowance recorded	1,345	590	1,320	482
Interest Income Recognized
With no related allowance recorded		58		100
With an allowance recorded	8		81	5
Individually evaluated for impairment | Wholesale
Recorded Investment
Total	36,047		36,047		30,555
Unpaid Principal Balance
Total	35,706		35,706		30,383
Related Allowance	3,035		3,035		3,865
Average Recorded Investment
Total	40,578	31,735	45,870	33,914
Interest Income Recognized
Total	292	134	886	748
Individually evaluated for impairment | Wholesale | United States
Recorded Investment
With an allowance recorded	16,870		16,870		27,693
Unpaid Principal Balance
With an allowance recorded	16,811		16,811		27,532
Related Allowance	2,140		2,140		3,442
Average Recorded Investment
With an allowance recorded	17,814	28,468	19,164	30,228
Interest Income Recognized
With an allowance recorded	102	102	344	656
Individually evaluated for impairment | Wholesale | Canada
Recorded Investment
With an allowance recorded	19,177		19,177		2,862
Unpaid Principal Balance
With an allowance recorded	18,895		18,895		2,851
Related Allowance	895		895		423
Average Recorded Investment
With an allowance recorded	22,764	3,267	26,706	3,686
Interest Income Recognized
With an allowance recorded	$ 190	$ 32	$ 542	$ 92

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COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2014

COMMITMENTS AND CONTINGENCIES

Schedule of commitments to extend credit for the managed portfolios

	Total Credit Limit		Utilized		Not Utilized
Commercial revolving accounts	$	3,209,246	$	276,708	$	2,932,538
Wholesale and dealer financing	$	6,435,876	$	4,592,630	$	1,843,246

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SEGMENT AND GEOGRAPHICAL INFORMATION (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment And Geographical Information
Revenues	$ 233,960	$ 218,187	$ 688,712	$ 636,184
Interest expense	74,115	64,997	207,912	187,404
Segment net income	58,690	65,328	194,419	198,200
Depreciation and amortization	37,788	28,782	101,869	84,672
Expenditures for equipment on operating leases	256,430	127,328	645,319	390,759
Provision (benefit) for credit losses	4,591	1,891	11,979	(5,469)	(5,904)
Additional disclosures
Segment assets	16,135,512		16,135,512		14,986,704
Managed receivables	13,729,508		13,729,508		12,298,451
Eliminations
Segment And Geographical Information
Revenues	(1,251)	(1,301)	(3,683)	(3,844)
Interest expense	(1,251)	(1,301)	(3,683)	(3,844)
Additional disclosures
Segment assets	(216,743)		(216,743)		(214,030)
United States
Segment And Geographical Information
Segment net income	41,090	45,942	139,954	146,614
Depreciation and amortization	28,940	20,466	76,167	60,063
Expenditures for equipment on operating leases	226,797	108,422	560,224	314,600
Provision (benefit) for credit losses	4,122	1,762	9,371	(8,070)
Additional disclosures
Managed receivables	11,372,838		11,372,838		10,147,225
United States | Operating segment
Segment And Geographical Information
Revenues	184,997	169,737	544,904	493,408
Interest expense	61,155	53,136	171,703	152,584
Additional disclosures
Segment assets	13,454,558		13,454,558		12,536,638
Canada
Segment And Geographical Information
Segment net income	17,600	19,386	54,465	51,586
Depreciation and amortization	8,848	8,316	25,702	24,609
Expenditures for equipment on operating leases	29,633	18,906	85,095	76,159
Provision (benefit) for credit losses	469	129	2,608	2,601
Additional disclosures
Managed receivables	2,356,670		2,356,670		2,151,226
Canada | Operating segment
Segment And Geographical Information
Revenues	50,214	49,751	147,491	146,620
Interest expense	14,211	13,162	39,892	38,664
Additional disclosures
Segment assets	$ 2,897,697		$ 2,897,697		$ 2,664,096

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FINANCIAL INSTRUMENTS (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
FINANCIAL INSTRUMENTS
Maximum length of time of interest rate derivative instruments designated in cash flow hedge relationships	51 months
After-tax losses deferred in accumulated other comprehensive (loss) income that will be recognized in interest expense over the next 12 months	$ 1,853

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SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details 3) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$ 357,967	$ 443,459
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(14,143,016)	(14,698,562)
Collections of receivables	12,573,528	12,708,024
Decrease in restricted cash	110,746	122,905
Purchase of equipment on operating leases, net	(437,161)	(222,400)
Other investing activities		(277)
Expenditures for property and equipment	(221)
Net cash used in investing activities	(1,896,124)	(2,090,310)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	737,179	(88,161)
Net increase (decrease) in indebtedness	391,166	1,380,466
Dividends paid to CNH Industrial America LLC	(90,000)	(200,000)
Net cash from financing activities	1,038,345	1,092,305
DECREASE IN CASH AND CASH EQUIVALENTS	(499,812)	(554,546)
CASH AND CASH EQUIVALENTS:
Beginning of period	697,608	785,913
End of period	197,796	231,367
CNH Industrial Capital LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	(409,285)	(400,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in indebtedness	499,285	600,000
Dividends paid to CNH Industrial America LLC	(90,000)	(200,000)
Net cash from financing activities	409,285	400,000
Guarantor Entities
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	(861,938)	275,179
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(11,775,670)	(12,005,414)
Collections of receivables	12,015,926	11,614,411
Purchase of equipment on operating leases, net	(403,593)	(167,675)
Other investing activities		(250)
Expenditures for property and equipment	(215)
Net cash used in investing activities	(163,552)	(558,928)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	909,222	277,908
Net increase (decrease) in indebtedness	(55,293)	(111,307)
Net cash from financing activities	853,929	166,601
DECREASE IN CASH AND CASH EQUIVALENTS	(171,561)	(117,148)
CASH AND CASH EQUIVALENTS:
Beginning of period	308,507	257,001
End of period	136,946	139,853
All Other Subsidiaries
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	1,186,657	141,158
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	(11,803,380)	(12,267,832)
Collections of receivables	9,993,733	10,667,838
Decrease in restricted cash	110,746	122,905
Purchase of equipment on operating leases, net	(33,568)	(54,725)
Other investing activities		(27)
Expenditures for property and equipment	(6)
Net cash used in investing activities	(1,732,475)	(1,531,841)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	270,393	61,512
Net increase (decrease) in indebtedness	(52,826)	891,773
Net cash from financing activities	217,567	953,285
DECREASE IN CASH AND CASH EQUIVALENTS	(328,251)	(437,398)
CASH AND CASH EQUIVALENTS:
Beginning of period	389,101	528,912
End of period	60,850	91,514
Eliminations
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	442,533	427,122
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired	9,436,034	9,574,684
Collections of receivables	(9,436,131)	(9,574,225)
Net cash used in investing activities	(97)	459
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity	(442,436)	(427,581)
Net cash from financing activities	$ (442,436)	$ (427,581)

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NEW ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Sep. 30, 2014

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

        In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers," which provides guidance for revenue recognition. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. This guidance will be effective for annual reporting periods beginning after December 15, 2016, and shall be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the adoption impact of this ASU on its consolidated financial statements.

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RELATED-PARTY TRANSACTIONS (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
RELATED-PARTY TRANSACTIONS
Total interest and other income from affiliates	$ 105,872	$ 102,153	$ 324,971	$ 300,386
Affiliated receivables	12,321		12,321		110,148
Affiliated debt	1,073,111		1,073,111		351,004
Tax receivable due from related party					6,044
Other information
Accounts payable and other accrued liabilities payable to related parties	58,160		58,160		3,716
Interest expense to related affiliates	8,075	6,472	17,498	16,861
CNH Industrial North America
RELATED-PARTY TRANSACTIONS
Retail subsidy	56,651	50,100	173,477	158,629
Wholesale subsidy	36,680	43,389	117,492	114,660
Operating lease subsidy	12,541	8,424	34,002	25,529
Tax receivable purchased from related party			68,707
CNH Industrial America
RELATED-PARTY TRANSACTIONS
Affiliated receivables	30		30		80,786
Affiliated debt	772,926		772,926		274,525
CNH Industrial Canada Ltd.
RELATED-PARTY TRANSACTIONS
Affiliated receivables					17,071
Affiliated debt	300,185		300,185		76,479
CNH Industrial Canada Ltd. | CNH Industrial Capital Canada Ltd
Other information
Shares of preferred stock owned by affiliated entity	76,618,488		76,618,488
Reference rate for dividends			12-month LIBOR
Margin on reference rate for dividends (as a percent)	1.20%		1.20%
Other affiliates
RELATED-PARTY TRANSACTIONS
Wholesale subsidy		240		1,568
Affiliated receivables	$ 12,291		$ 12,291		$ 12,291

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RECEIVABLES (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014 item	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Receivables
Gross receivables	$ 13,729,508		$ 12,285,234
Less: Allowance for credit losses	(104,014)	(102,215)	(101,953)	(109,252)	(109,419)	(122,320)
Total receivables, net	13,625,494		12,183,281
Restricted Receivables	12,325,027		10,648,814
Off-Book Receivables			13,217
Retained Interests			2,853
Receivables directly or indirectly sold or transferred and available to pay the entity's creditors prior to all obligations of the SPE having been fulfilled	0
Number of components of allowance for credit losses	2
Number of portfolio segments in which allowance for credit losses is segregated	3
Retail note receivables
Receivables
Gross receivables	762,623		986,769
Restricted Receivables	7,979,364		7,431,634
Off-Book Receivables			13,217
Retained Interests			2,853
Wholesale receivables
Receivables
Gross receivables	317,142		362,870
Restricted Receivables	4,342,502		3,210,654
Finance lease receivables
Receivables
Gross receivables	45,346		55,964
Restricted Receivables	3,161		6,526
Restricted receivables
Receivables
Gross receivables	12,325,027		10,648,814
Commercial revolving accounts receivables
Receivables
Gross receivables	$ 279,370		$ 230,817

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ACCUMULATED OTHER COMPREHENSIVE INCOME (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	$ (66,040)	$ (58,525)	$ (190,414)	$ (170,543)
Income before taxes	88,452	100,855	291,586	300,945
Income tax (benefit) provision	(29,762)	(35,527)	(97,167)	(102,745)
Net income	58,690	65,328	194,419	198,200
Amortization of defined benefit pension items | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Insignificant items	(143)	(162)	(391)	(521)
Income before taxes	(143)	(162)	(391)	(521)
Income tax (benefit) provision	51	61	142	192
Net income	(92)	(101)	(249)	(329)
Unrealized gains on retained interests | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Insignificant items		471	388	2,146
Income before taxes		471	388	2,146
Income tax (benefit) provision		(177)	(144)	(809)
Net income		294	244	1,337
Unrealized losses on derivatives | Amounts Reclassified from AOCI
Reclassifications out of accumulated other comprehensive income and the location on the consolidated statements of income
Interest expense to third parties	(878)	(1,514)	(3,732)	(4,793)
Income before taxes	(878)	(1,514)	(3,732)	(4,793)
Income tax (benefit) provision	288	538	1,291	1,696
Net income	$ (590)	$ (976)	$ (2,441)	$ (3,097)

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COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014
COMMITMENTS AND CONTINGENCIES
Payment guarantees on the financial debt of various foreign financial services subsidiaries	$ 252,090
Commercial revolving accounts
Commitments
Total credit limit	3,209,246
Utilized	276,708
Not Utilized	2,932,538
Wholesale and dealer financing
Commitments
Total credit limit	6,435,876
Utilized	4,592,630
Not Utilized	$ 1,843,246

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RECEIVABLES (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Allowance for credit losses:
Beginning balance	$ 102,215	$ 109,419	$ 101,953	$ 122,320	$ 122,320
Charge-offs	(4,035)	(4,045)	(13,153)	(12,353)	(20,339)
Recoveries	1,994	2,186	4,455	5,804	7,228
Provision (benefit)	4,591	1,891	11,979	(5,469)	(5,904)
Foreign currency translation and other	(751)	(199)	(1,220)	(1,050)	(1,352)
Ending balance	104,014	109,252	104,014	109,252	101,953
Ending balance: individually evaluated for impairment	15,121	25,152	15,121	25,152	16,811
Ending balance: collectively evaluated for impairment	88,893	84,100	88,893	84,100	85,142
Receivables:
Total Receivables	13,729,508	12,763,381	13,729,508	12,763,381	12,285,234
Ending balance: individually evaluated for impairment	82,212	72,338	82,212	72,338	74,694
Ending balance: collectively evaluated for impairment	13,647,296	12,691,043	13,647,296	12,691,043	12,210,540
Retail
Allowance for credit losses:
Beginning balance	86,609	93,702	87,701	102,560	102,560
Charge-offs	(2,769)	(2,567)	(8,378)	(7,819)	(14,321)
Recoveries	953	1,100	2,208	2,882	3,488
Provision (benefit)	4,742	(530)	8,495	(5,166)	(2,778)
Foreign currency translation and other	(651)	(238)	(1,142)	(990)	(1,248)
Ending balance	88,884	91,467	88,884	91,467	87,701
Ending balance: individually evaluated for impairment	12,086	19,213	12,086	19,213	12,946
Ending balance: collectively evaluated for impairment	76,798	72,254	76,798	72,254	74,755
Receivables:
Total Receivables	8,790,494	8,157,358	8,790,494	8,157,358	8,480,893
Ending balance: individually evaluated for impairment	46,165	42,064	46,165	42,064	44,139
Ending balance: collectively evaluated for impairment	8,744,329	8,115,294	8,744,329	8,115,294	8,436,754
Wholesale
Allowance for credit losses:
Beginning balance	7,615	7,661	7,363	11,887	11,887
Charge-offs			(799)	(127)	(238)
Recoveries	390	332	445	573	674
Provision (benefit)	(1,189)	1,177	(215)	(3,102)	(4,901)
Foreign currency translation and other	(67)	26	(45)	(35)	(59)
Ending balance	6,749	9,196	6,749	9,196	7,363
Ending balance: individually evaluated for impairment	3,035	5,939	3,035	5,939	3,865
Ending balance: collectively evaluated for impairment	3,714	3,257	3,714	3,257	3,498
Receivables:
Total Receivables	4,659,644	4,318,968	4,659,644	4,318,968	3,573,524
Ending balance: individually evaluated for impairment	36,047	30,274	36,047	30,274	30,555
Ending balance: collectively evaluated for impairment	4,623,597	4,288,694	4,623,597	4,288,694	3,542,969
Other
Allowance for credit losses:
Beginning balance	7,991	8,056	6,889	7,873	7,873
Charge-offs	(1,266)	(1,478)	(3,976)	(4,407)	(5,780)
Recoveries	651	754	1,802	2,349	3,066
Provision (benefit)	1,038	1,244	3,699	2,799	1,775
Foreign currency translation and other	(33)	13	(33)	(25)	(45)
Ending balance	8,381	8,589	8,381	8,589	6,889
Ending balance: collectively evaluated for impairment	8,381	8,589	8,381	8,589	6,889
Receivables:
Total Receivables	279,370	287,055	279,370	287,055	230,817
Ending balance: collectively evaluated for impairment	$ 279,370	$ 287,055	$ 279,370	$ 287,055	$ 230,817

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RECEIVABLES (Details 3) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Financing receivable, recorded investment
Gross receivables	$ 13,729,508	$ 12,285,234	$ 12,763,381
Retail
Financing receivable, recorded investment
Gross receivables	8,790,494	8,480,893	8,157,358
Retail | Titanium
Financing receivable, recorded investment
Gross receivables	4,910,770	4,750,422
Retail | Platinum
Financing receivable, recorded investment
Gross receivables	2,378,668	2,265,690
Retail | Gold
Financing receivable, recorded investment
Gross receivables	1,268,195	1,239,703
Retail | Silver
Financing receivable, recorded investment
Gross receivables	204,035	199,575
Retail | Bronze
Financing receivable, recorded investment
Gross receivables	28,826	25,503
Wholesale
Financing receivable, recorded investment
Gross receivables	4,659,644	3,573,524	4,318,968
Wholesale | Grade A
Financing receivable, recorded investment
Gross receivables	2,547,000	1,981,226
Wholesale | Grade B
Financing receivable, recorded investment
Gross receivables	1,621,189	1,236,828
Wholesale | Grade C
Financing receivable, recorded investment
Gross receivables	349,728	232,101
Wholesale | Grade D
Financing receivable, recorded investment
Gross receivables	$ 141,727	$ 123,369

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BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2014

BASIS OF PRESENTATION

BASIS OF PRESENTATION

NOTE 1: BASIS OF PRESENTATION

        CNH Industrial Capital LLC (formerly known as CNH Capital LLC) and its wholly-owned operating subsidiaries, including New Holland Credit Company, LLC ("New Holland Credit") and CNH Industrial Capital America LLC ("CNH Industrial Capital America"), and its majority-owned operating subsidiary CNH Industrial Capital Canada Ltd. ("CNH Industrial Capital Canada") (collectively, "CNH Industrial Capital" or the "Company"), are each a wholly-owned subsidiary of CNH Industrial America LLC ("CNH Industrial America"), which is an indirect wholly-owned subsidiary of CNH Industrial N.V. ("CNHI" and, together with its consolidated subsidiaries, "CNH Industrial"). CNH Industrial America and CNH Industrial Canada Ltd. (collectively, "CNH Industrial North America") design, manufacture, and sell agricultural and construction equipment. CNH Industrial Capital provides financial services for CNH Industrial North America customers primarily located in the United States and Canada.

        On September 29, 2013, Fiat Industrial S.p.A. and CNH Global N.V. ("CNH Global"), the former indirect parents of CNH Industrial Capital, completed a merger to combine their businesses, with CNHI as the surviving entity. As a result of the merger, CNH Industrial Capital LLC and its primary operating subsidiaries, including CNH Industrial Capital America, New Holland Credit and CNH Industrial Capital Canada, have become indirect wholly-owned subsidiaries of CNHI (with all of the equity interests in CNH Industrial Capital LLC owned by CNHI through intermediate companies, through which CNHI exercises indirect control over CNH Industrial Capital LLC). CNHI is incorporated in and under the laws of The Netherlands and its principal office is in Basildon, United Kingdom. The common shares of CNHI are listed on the New York Stock Exchange and on the Mercato Telematico Azionario managed by Borsa Italiana S.p.A. under the symbol "CNHI."

        On February 28, 2014, CNH Capital LLC changed its name to CNH Industrial Capital LLC; CNH Capital America LLC changed its name to CNH Industrial Capital America LLC; and CNH Capital Canada Ltd. changed its name to CNH Industrial Capital Canada Ltd.

        The Company has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States ("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, 2013. 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 those estimates.

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RECEIVABLES (Details 4) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Financing receivable, recorded investment
Total Receivables	$ 13,729,508	$ 12,285,234	$ 12,763,381
Retail
Financing receivable, recorded investment
31-60 Days Past Due	24,375	17,638
61-90 Days Past Due	5,025	5,341
Greater Than 90 Days	12,925	14,549
Total Past Due	42,325	37,528
Current	8,748,169	8,443,365
Total Receivables	8,790,494	8,480,893	8,157,358
Recorded Investment > 90 Days and Accruing	4,027	3,761
Retail | United States
Financing receivable, recorded investment
31-60 Days Past Due	22,233	15,167
61-90 Days Past Due	4,497	5,135
Greater Than 90 Days	12,754	14,154
Total Past Due	39,484	34,456
Current	7,326,307	7,011,299
Total Receivables	7,365,791	7,045,755
Recorded Investment > 90 Days and Accruing	3,979	3,736
Retail | Canada
Financing receivable, recorded investment
31-60 Days Past Due	2,142	2,471
61-90 Days Past Due	528	206
Greater Than 90 Days	171	395
Total Past Due	2,841	3,072
Current	1,421,862	1,432,066
Total Receivables	1,424,703	1,435,138
Recorded Investment > 90 Days and Accruing	48	25
Wholesale
Financing receivable, recorded investment
31-60 Days Past Due	1,093	383
61-90 Days Past Due	28	36
Greater Than 90 Days	202	261
Total Past Due	1,323	680
Current	4,658,321	3,572,844
Total Receivables	4,659,644	3,573,524	4,318,968
Recorded Investment > 90 Days and Accruing	132	68
Wholesale | United States
Financing receivable, recorded investment
31-60 Days Past Due	911	170
61-90 Days Past Due	18	36
Greater Than 90 Days	85	229
Total Past Due	1,014	435
Current	3,761,884	2,886,444
Total Receivables	3,762,898	2,886,879
Recorded Investment > 90 Days and Accruing	47	55
Wholesale | Canada
Financing receivable, recorded investment
31-60 Days Past Due	182	213
61-90 Days Past Due	10
Greater Than 90 Days	117	32
Total Past Due	309	245
Current	896,437	686,400
Total Receivables	896,746	686,645
Recorded Investment > 90 Days and Accruing	$ 85	$ 13

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FINANCIAL INSTRUMENTS (Details 4) (Retained Interests, USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Retained Interests
Changes in Level 3 fair-value category
Balance at the beginning of the period	$ 2,853	$ 9,271
Total gains or losses (realized/unrealized) included in earnings	220	707
Total gains or losses (realized/unrealized) included in other comprehensive income		(368)
Settlements	(3,073)	(6,841)
Balance at the end of the period		$ 2,769

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CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
REVENUES
Interest income on retail notes and finance leases	$ 50,718	$ 49,718	$ 150,334	$ 143,128
Interest income on wholesale notes	20,086	15,776	52,913	46,153
Interest and other income from affiliates	105,872	102,153	324,971	300,386
Rental income on operating leases	43,025	34,843	119,228	102,015
Other income	14,259	15,697	41,266	44,502
Total revenues	233,960	218,187	688,712	636,184
Interest expense:
Interest expense to third parties	66,040	58,525	190,414	170,543
Interest expense to affiliates	8,075	6,472	17,498	16,861
Total interest expense	74,115	64,997	207,912	187,404
Administrative and operating expenses:
Fees charged by affiliates	13,288	14,082	39,619	44,490
Provision (benefit) for credit losses, net	4,591	1,891	11,979	(5,469)	(5,904)
Depreciation of equipment on operating leases	37,475	28,553	101,026	83,930
Other expenses	16,039	7,809	36,590	24,884
Total administrative and operating expenses	71,393	52,335	189,214	147,835
Total expenses	145,508	117,332	397,126	335,239
INCOME BEFORE TAXES	88,452	100,855	291,586	300,945
Income tax provision	29,762	35,527	97,167	102,745
NET INCOME	58,690	65,328	194,419	198,200
Net income attributed to noncontrolling interest	(273)	(373)	(935)	(1,148)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 58,417	$ 64,955	$ 193,484	$ 197,052

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SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
REVENUES
Interest income on retail notes and finance leases	$ 50,718	$ 49,718	$ 150,334	$ 143,128
Interest income on wholesale notes	20,086	15,776	52,913	46,153
Interest and other income from affiliates	105,872	102,153	324,971	300,386
Rental income on operating leases	43,025	34,843	119,228	102,015
Other income	14,259	15,697	41,266	44,502
Total revenues	233,960	218,187	688,712	636,184
Interest expense:
Interest expense to third parties	66,040	58,525	190,414	170,543
Interest expense to affiliates	8,075	6,472	17,498	16,861
Total interest expense	74,115	64,997	207,912	187,404
Administrative and operating expenses:
Fees charged by affiliates	13,288	14,082	39,619	44,490
(Benefit) provision for credit losses	4,591	1,891	11,979	(5,469)	(5,904)
Depreciation of equipment on operating leases	37,475	28,553	101,026	83,930
Other expenses (income)	16,039	7,809	36,590	24,884
Total administrative and operating expenses	71,393	52,335	189,214	147,835
Total expenses	145,508	117,332	397,126	335,239
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	88,452	100,855	291,586	300,945
Income tax (benefit) provision	29,762	35,527	97,167	102,745
NET INCOME	58,690	65,328	194,419	198,200
Net income attributed to noncontrolling interest	(273)	(373)	(935)	(1,148)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	58,417	64,955	193,484	197,052
COMPREHENSIVE INCOME	27,209	77,647	162,676	177,882
Comprehensive income attributed to noncontrolling interest	(273)	(373)	(935)	(1,148)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	26,936	77,274	161,741	176,734
CNH Industrial Capital LLC
REVENUES
Interest and other income from affiliates	26,529	17,809	69,873	47,376
Total revenues	26,529	17,809	69,873	47,376
Interest expense:
Interest expense to third parties	33,188	24,280	92,140	66,555
Total interest expense	33,188	24,280	92,140	66,555
Administrative and operating expenses:
Other expenses (income)		1		1
Total administrative and operating expenses		1		1
Total expenses	33,188	24,281	92,140	66,556
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	(6,659)	(6,472)	(22,267)	(19,180)
Income tax (benefit) provision	(2,567)	(2,514)	(8,542)	(7,494)
Equity in income of consolidated subsidiaries accounted for under the equity method	62,509	68,913	207,209	208,738
NET INCOME	58,417	64,955	193,484	197,052
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	58,417	64,955	193,484	197,052
COMPREHENSIVE INCOME	26,936	77,274	161,741	176,734
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	26,936	77,274	161,741	176,734
Guarantor Entities
REVENUES
Interest income on retail notes and finance leases	889	3,316	5,994	8,913
Interest income on wholesale notes	(356)	(266)	(948)	(727)
Interest and other income from affiliates	51,993	60,385	160,548	153,032
Rental income on operating leases	28,684	20,152	76,262	58,541
Other income	37,536	34,790	107,566	100,275
Total revenues	118,746	118,377	349,422	320,034
Interest expense:
Interest expense to third parties	(3,252)	346	(7,532)	1,947
Interest expense to affiliates	60,547	58,261	174,037	150,385
Total interest expense	57,295	58,607	166,505	152,332
Administrative and operating expenses:
Fees charged by affiliates	10,908	11,436	32,294	36,350
(Benefit) provision for credit losses	408	1,042	(882)	(10,495)
Depreciation of equipment on operating leases	25,424	16,116	64,916	47,138
Other expenses (income)	16,576	6,857	36,308	25,914
Total administrative and operating expenses	53,316	35,451	132,636	98,907
Total expenses	110,611	94,058	299,141	251,239
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	8,135	24,319	50,281	68,795
Income tax (benefit) provision	3,375	10,149	19,122	27,314
Equity in income of consolidated subsidiaries accounted for under the equity method	57,749	54,743	176,050	167,257
NET INCOME	62,509	68,913	207,209	208,738
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	62,509	68,913	207,209	208,738
COMPREHENSIVE INCOME	31,028	81,233	175,466	188,420
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	31,028	81,233	175,466	188,420
CNH Industrial Capital America LLC
Statements
Ownership percentage	100.00%		100.00%
New Holland Credit Company LLC
Statements
Ownership percentage	100.00%		100.00%
All Other Subsidiaries
REVENUES
Interest income on retail notes and finance leases	49,829	46,402	144,340	134,215
Interest income on wholesale notes	20,442	16,042	53,861	46,880
Interest and other income from affiliates	92,021	86,753	285,236	263,971
Rental income on operating leases	14,341	14,691	42,966	43,474
Other income	2,013	3,129	5,978	7,867
Total revenues	178,646	167,017	532,381	496,407
Interest expense:
Interest expense to third parties	36,104	33,899	105,806	102,041
Interest expense to affiliates	12,199	11,005	34,147	30,469
Total interest expense	48,303	44,904	139,953	132,510
Administrative and operating expenses:
Fees charged by affiliates	27,670	24,868	79,603	71,780
(Benefit) provision for credit losses	4,183	849	12,861	5,026
Depreciation of equipment on operating leases	12,051	12,437	36,110	36,792
Other expenses (income)	(537)	951	282	(1,031)
Total administrative and operating expenses	43,367	39,105	128,856	112,567
Total expenses	91,670	84,009	268,809	245,077
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method	86,976	83,008	263,572	251,330
Income tax (benefit) provision	28,954	27,892	86,587	82,925
NET INCOME	58,022	55,116	176,985	168,405
Net income attributed to noncontrolling interest	(273)	(373)	(935)	(1,148)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	57,749	54,743	176,050	167,257
COMPREHENSIVE INCOME	30,989	65,559	150,027	151,827
Comprehensive income attributed to noncontrolling interest	(273)	(373)	(935)	(1,148)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	30,716	65,186	149,092	150,679
Eliminations
REVENUES
Interest and other income from affiliates	(64,671)	(62,794)	(190,686)	(163,993)
Other income	(25,290)	(22,222)	(72,278)	(63,640)
Total revenues	(89,961)	(85,016)	(262,964)	(227,633)
Interest expense:
Interest expense to affiliates	(64,671)	(62,794)	(190,686)	(163,993)
Total interest expense	(64,671)	(62,794)	(190,686)	(163,993)
Administrative and operating expenses:
Fees charged by affiliates	(25,290)	(22,222)	(72,278)	(63,640)
Total administrative and operating expenses	(25,290)	(22,222)	(72,278)	(63,640)
Total expenses	(89,961)	(85,016)	(262,964)	(227,633)
Equity in income of consolidated subsidiaries accounted for under the equity method	(120,258)	(123,656)	(383,259)	(375,995)
NET INCOME	(120,258)	(123,656)	(383,259)	(375,995)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	(120,258)	(123,656)	(383,259)	(375,995)
COMPREHENSIVE INCOME	(61,744)	(146,419)	(324,558)	(339,099)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ (61,744)	$ (146,419)	$ (324,558)	$ (339,099)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 194,419	$ 198,200
Adjustments to reconcile net income to net cash from operating activities:
Depreciation on property and equipment and equipment on operating leases	101,056	83,955
Amortization of intangibles	813	717
Provision (benefit) for credit losses	11,979	(5,469)
Deferred income tax expense	15,483	2,415
Stock compensation expense	820	957
Changes in components of working capital:
Decrease in affiliated accounts and notes receivables	97,827	81,398
(Increase) decrease in other assets and equipment held for sale	(103,879)	25,603
Increase in accounts payable and other accrued liabilities	39,449	55,683
Net cash from operating activities	357,967	443,459
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired	(14,143,016)	(14,698,562)
Collections of receivables	12,573,528	12,708,024
Decrease in restricted cash	110,746	122,905
Purchase of equipment on operating leases	(645,319)	(390,759)
Proceeds from disposal of equipment on operating leases	208,158	168,359
Capital expenditures for property and equipment	(221)	(277)
Net cash used in investing activities	(1,896,124)	(2,090,310)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of affiliated debt	1,732,223	1,273,602
Payment of affiliated debt	(995,044)	(1,361,763)
Proceeds from issuance of long-term debt	2,915,590	4,107,526
Payment of long-term debt	(2,168,473)	(2,616,635)
Decrease in revolving credit facilities, net	(355,951)	(110,425)
Dividends paid to CNH Industrial America LLC	(90,000)	(200,000)
Net cash from financing activities	1,038,345	1,092,305
DECREASE IN CASH AND CASH EQUIVALENTS	(499,812)	(554,546)
CASH AND CASH EQUIVALENTS:
Beginning of period	697,608	785,913
End of period	197,796	231,367
CASH PAID DURING THE PERIOD FOR INTEREST	183,680	163,048
CASH PAID DURING THE PERIOD FOR TAXES	$ 150,470	$ 98,015

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DEBT (Details) (USD $) In Thousands, unless otherwise specified	Jul. 14, 2014 U.S. wholesale committed asset-backed facility extended in July 2014	Sep. 26, 2014 U.S. retail committed asset-backed facility extended in September 2014
Debt
Maximum borrowing capacity extended	$ 200,000	$ 1,200,000

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FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2014

FINANCIAL INSTRUMENTS

Schedule of fair values of derivatives in the consolidated balance sheets

	September 30, 2014		December 31, 2013
Derivatives Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	1,290	$	98
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	—	$	860
Derivatives Not Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	7,496	$	6,023
Foreign exchange contracts		46		68
Total	$	7,542	$	6,091
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	7,496	$	6,023
Foreign exchange contracts		—		—
Total	$	7,496	$	6,023

Schedule of pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Cash Flow Hedges
Losses recognized in accumulated other comprehensive (loss) income (effective portion)
Interest rate derivatives	$	128		$	(598	)	$	(401	)	$	(32	)
Reclassified from accumulated other comprehensive (loss) income (effective portion)
Interest rate derivatives—Interest expense to third parties	$	(878	)	$	(1,514	)	$	(3,732	)	$	(4,793	)
Not Designated as Hedges
Interest rate derivatives—Other expenses	$	—		$	(32	)	$	—		$	54
Foreign exchange contracts—Other expenses		(70	)		16			(196	)		32

Schedule of fair-value hierarchy levels of assets and liabilities measured at fair value on a recurring basis

	Level 2				Level 3				Total
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Assets
Interest rate derivatives	$	8,786	$	6,121	$	—	$	—	$	8,786	$	6,121
Foreign exchange contracts		46		68		—		—		46		68
Retained interests		—		—		—		2,853		—		2,853
Total assets	$	8,832	$	6,189	$	—	$	2,853	$	8,832	$	9,042
Liabilities
Interest rate derivatives	$	7,496	$	6,883	$	—	$	—	$	7,496	$	6,883
Total liabilities	$	7,496	$	6,883	$	—	$	—	$	7,496	$	6,883

Schedule of changes in Level 3 fair-value category

	Retained Interests
Balance at January 1, 2013	$	9,271
Total gains or losses (realized/unrealized):
Included in earnings		707
Included in other comprehensive loss		(368	)
Settlements		(6,841	)
Balance at September 30, 2013	$	2,769
Balance at January 1, 2014	$	2,853
Total gains or losses (realized/unrealized):
Included in earnings		220
Included in other comprehensive loss		—
Settlements		(3,073	)
Balance at September 30, 2014	$	—

Schedule of carrying amount and estimated fair value of assets and liabilities considered financial instruments

	September 30, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value*		Carrying Amount		Estimated Fair Value*
Receivables	$	13,625,494	$	13,628,725	$	12,183,281	$	12,216,915
Long-term debt	$	8,857,119	$	8,837,900	$	8,345,588	$	8,457,438

*

Under the fair value hierarchy, receivable measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

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INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Effective tax rate (as a percent)	33.60%	35.20%	33.30%	34.10%
Tax provision at statutory rate (as a percent)			35.00%

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RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Retail subsidy from CNH Industrial North America	$	56,651	$	50,100	$	173,477	$	158,629
Wholesale subsidy:
CNH Industrial North America		36,680		43,389		117,492		114,660
Other affiliates		—		240		—		1,568
Operating lease subsidy from CNH Industrial North America		12,541		8,424		34,002		25,529
Total interest and other income from affiliates	$	105,872	$	102,153	$	324,971	$	300,386

Schedule of various accounts and notes receivable and debt with the affiliates

	September 30, 2014		December 31, 2013
Affiliated receivables from:
CNH Industrial America	$	30	$	80,786
CNH Industrial Canada Ltd.		—		17,071
Other affiliates		12,291		12,291
Total affiliated receivables	$	12,321	$	110,148
Affiliated debt owed to:
CNH Industrial America	$	772,926	$	274,525
CNH Industrial Canada Ltd.		300,185		76,479
Total affiliated debt	$	1,073,111	$	351,004

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY (USD $) In Thousands, unless otherwise specified	Total	Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Noncontrolling Interest
BALANCE at Dec. 31, 2012	$ 1,483,411	$ 840,940	$ 46,648	$ 538,855	$ 56,968
Increase (Decrease) in Stockholder's Equity
Net income	198,200			197,052	1,148
Dividend paid to CNH Industrial America LLC	(200,000)			(200,000)
Foreign currency translation adjustment	(22,155)		(22,155)
Stock compensation	957	957
Pension liability adjustment, net of tax	329		329
Change in unrealized gain on retained interests, net of tax	(1,566)		(1,566)
Change in derivative financial instruments, net of tax	3,074		3,074
BALANCE at Sep. 30, 2013	1,462,250	841,897	26,330	535,907	58,116
BALANCE at Dec. 31, 2013	1,510,417	842,182	6,072	603,735	58,428
Increase (Decrease) in Stockholder's Equity
Net income	194,419			193,484	935
Dividend paid to CNH Industrial America LLC	(90,000)			(90,000)
Foreign currency translation adjustment	(33,894)		(33,894)
Stock compensation	820	820
Pension liability adjustment, net of tax	249		249
Change in unrealized gain on retained interests, net of tax	(244)		(244)
Change in derivative financial instruments, net of tax	2,146		2,146
BALANCE at Sep. 30, 2014	$ 1,583,913	$ 843,002	$ (25,671)	$ 707,219	$ 59,363

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET INCOME	$ 58,690	$ 65,328	$ 194,419	$ 198,200
Other comprehensive (loss) income :
Foreign currency translation adjustment	(32,256)	11,959	(33,894)	(22,155)
Pension liability adjustment	92	101	249	329
Change in unrealized gains on retained interests		(276)	(244)	(1,566)
Change in derivative financial instruments	683	535	2,146	3,074
Other comprehensive (loss) income	(31,481)	12,319	(31,743)	(20,318)
COMPREHENSIVE INCOME	27,209	77,647	162,676	177,882
Less: comprehensive income attributable to noncontrolling interest	(273)	(373)	(935)	(1,148)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$ 26,936	$ 77,274	$ 161,741	$ 176,734

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2014

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 10: 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 $252,090. The guarantees are in effect for the term of the underlying funding facilities, which have various maturities through 2015.

Commitments

        At September 30, 2014, the Company had various agreements to extend credit for the following managed portfolios:

	Total Credit Limit		Utilized		Not Utilized
Commercial revolving accounts	$	3,209,246	$	276,708	$	2,932,538
Wholesale and dealer financing	$	6,435,876	$	4,592,630	$	1,843,246

        The commercial revolving accounts are issued by the Company to retail customers for purchases of parts and services at CNH Industrial North America equipment dealers.

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Document and Entity Information	9 Months Ended
	Sep. 30, 2014
Document and Entity Information
Entity Registrant Name	CNH INDUSTRIAL CAPITAL LLC
Entity Central Index Key	0001552493
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

XML

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

9 Months Ended

Sep. 30, 2014

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

NOTE 11: SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

        CNH Industrial Capital America and New Holland Credit (collectively, "Guarantor Entities"), which are 100%-owned subsidiaries of CNH Industrial Capital LLC, guarantee certain indebtedness of CNH Industrial Capital LLC. As the guarantees are full, unconditional, and joint and several, and because the Guarantor Entities are 100%-owned by CNH Industrial Capital LLC, the Company has included the following condensed consolidating financial information as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013. The condensed consolidating financial information reflects investments in consolidated subsidiaries under the equity method of accounting.

	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	889		$	49,829		$	—		$	50,718
Interest income on wholesale notes		—			(356	)		20,442			—			20,086
Interest and other income from affiliates		26,529			51,993			92,021			(64,671	)		105,872
Rental income on operating leases		—			28,684			14,341			—			43,025
Other income		—			37,536			2,013			(25,290	)		14,259
Total revenues		26,529			118,746			178,646			(89,961	)		233,960
EXPENSES
Interest expense:
Interest expense to third parties		33,188			(3,252	)		36,104			—			66,040
Interest expense to affiliates		—			60,547			12,199			(64,671	)		8,075
Total interest expense		33,188			57,295			48,303			(64,671	)		74,115
Administrative and operating expenses:
Fees charged by affiliates		—			10,908			27,670			(25,290	)		13,288
Provision for credit losses		—			408			4,183			—			4,591
Depreciation of equipment on operating leases		—			25,424			12,051			—			37,475
Other expenses (income)		—			16,576			(537	)		—			16,039
Total operating expenses		—			53,316			43,367			(25,290	)		71,393
Total expenses		33,188			110,611			91,670			(89,961	)		145,508
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(6,659	)		8,135			86,976			—			88,452
Income tax (benefit) provision		(2,567	)		3,375			28,954			—			29,762
Equity in income of consolidated subsidiaries accounted for under the equity method		62,509			57,749			—			(120,258	)		—
NET INCOME		58,417			62,509			58,022			(120,258	)		58,690
Net income attributed to noncontrolling interest		—			—			(273	)		—			(273	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	58,417		$	62,509		$	57,749		$	(120,258	)	$	58,417
COMPREHENSIVE INCOME	$	26,936		$	31,028		$	30,989		$	(61,744	)	$	27,209
Comprehensive income attributed to noncontrolling interest		—			—			(273	)		—			(273	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	26,936		$	31,028		$	30,716		$	(61,744	)	$	26,936

	Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	5,994		$	144,340		$	—		$	150,334
Interest income on wholesale notes		—			(948	)		53,861			—			52,913
Interest and other income from affiliates		69,873			160,548			285,236			(190,686	)		324,971
Rental income on operating leases		—			76,262			42,966			—			119,228
Other income		—			107,566			5,978			(72,278	)		41,266
Total revenues		69,873			349,422			532,381			(262,964	)		688,712
EXPENSES
Interest expense:
Interest expense to third parties		92,140			(7,532	)		105,806			—			190,414
Interest expense to affiliates		—			174,037			34,147			(190,686	)		17,498
Total interest expense		92,140			166,505			139,953			(190,686	)		207,912
Administrative and operating expenses:
Fees charged by affiliates		—			32,294			79,603			(72,278	)		39,619
(Benefit) provision for credit losses		—			(882	)		12,861			—			11,979
Depreciation of equipment on operating leases		—			64,916			36,110			—			101,026
Other expenses		—			36,308			282			—			36,590
Total operating expenses		—			132,636			128,856			(72,278	)		189,214
Total expenses		92,140			299,141			268,809			(262,964	)		397,126
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(22,267	)		50,281			263,572			—			291,586
Income tax (benefit) provision		(8,542	)		19,122			86,587			—			97,167
Equity in income of consolidated subsidiaries accounted for under the equity method		207,209			176,050			—			(383,259	)		—
NET INCOME		193,484			207,209			176,985			(383,259	)		194,419
Net income attributed to noncontrolling interest		—			—			(935	)		—			(935	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	193,484		$	207,209		$	176,050		$	(383,259	)	$	193,484
COMPREHENSIVE INCOME	$	161,741		$	175,466		$	150,027		$	(324,558	)	$	162,676
Comprehensive income attributed to noncontrolling interest		—			—			(935	)		—			(935	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	161,741		$	175,466		$	149,092		$	(324,558	)	$	161,741

	Condensed Balance Sheets as of September 30, 2014
	CNH Industrial Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	136,946		$	60,850	$	—		$	197,796
Restricted cash		—		100			667,479		—			667,579
Receivables, less allowance for credit losses		—		1,265,206			12,360,288		—			13,625,494
Affiliated accounts and notes receivable		2,664,244		2,598,895			1,511,373		(6,762,191	)		12,321
Equipment on operating leases, net		—		975,060			323,705		—			1,298,765
Equipment held for sale		—		52,019			9,416		—			61,435
Investments in consolidated subsidiaries accounted for under the equity method		1,879,650		2,283,716			—		(4,163,366	)		—
Goodwill and intangible assets, net		—		87,778			32,370		—			120,148
Other assets		22,695		(13,716	)		147,842		(4,847	)		151,974
TOTAL	$	4,566,589	$	7,386,004		$	15,113,323	$	(10,930,404	)	$	16,135,512
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	50,139		$	4,027,227	$	—		$	4,077,366
Accounts payable and other accrued liabilities		43,614		2,054,517			1,720,165		(3,274,293	)		544,003
Affiliated debt		—		3,397,219			1,168,637		(3,492,745	)		1,073,111
Long-term debt		2,998,425		4,479			5,854,215		—			8,857,119
Total liabilities		3,042,039		5,506,354			12,770,244		(6,767,038	)		14,551,599
Stockholder's equity		1,524,550		1,879,650			2,343,079		(4,163,366	)		1,583,913
TOTAL	$	4,566,589	$	7,386,004		$	15,113,323	$	(10,930,404	)	$	16,135,512

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(409,285	)	$	(861,938	)	$	1,186,657		$	442,533		$	357,967
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(11,775,670	)		(11,803,380	)		9,436,034			(14,143,016	)
Collections of receivables		—			12,015,926			9,993,733			(9,436,131	)		12,573,528
Decrease in restricted cash		—			—			110,746			—			110,746
Purchase of equipment on operating leases, net		—			(403,593	)		(33,568	)		—			(437,161	)
Expenditures for property and equipment		—			(215	)		(6	)		—			(221	)
Net cash used in investing activities		—			(163,552	)		(1,732,475	)		(97	)		(1,896,124	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			909,222			270,393			(442,436	)		737,179
Net increase (decrease) in indebtedness		499,285			(55,293	)		(52,826	)		—			391,166
Dividends paid to CNH Industrial America LLC		(90,000	)		—			—			—			(90,000	)
Net cash from financing activities		409,285			853,929			217,567			(442,436	)		1,038,345
DECREASE IN CASH AND CASH EQUIVALENTS		—			(171,561	)		(328,251	)		—			(499,812	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			308,507			389,101			—			697,608
End of period	$	—		$	136,946		$	60,850		$	—		$	197,796

	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	3,316		$	46,402		$	—		$	49,718
Interest income on wholesale notes		—			(266	)		16,042			—			15,776
Interest and other income from affiliates		17,809			60,385			86,753			(62,794	)		102,153
Rental income on operating leases		—			20,152			14,691			—			34,843
Other income		—			34,790			3,129			(22,222	)		15,697
Total revenues		17,809			118,377			167,017			(85,016	)		218,187
EXPENSES
Interest expense:
Interest expense to third parties		24,280			346			33,899			—			58,525
Interest expense to affiliates		—			58,261			11,005			(62,794	)		6,472
Total interest expense		24,280			58,607			44,904			(62,794	)		64,997
Administrative and operating expenses:
Fees charged by affiliates		—			11,436			24,868			(22,222	)		14,082
Provision for credit losses		—			1,042			849			—			1,891
Depreciation of equipment on operating leases		—			16,116			12,437			—			28,553
Other expenses		1			6,857			951			—			7,809
Total operating expenses		1			35,451			39,105			(22,222	)		52,335
Total expenses		24,281			94,058			84,009			(85,016	)		117,332
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(6,472	)		24,319			83,008			—			100,855
Income tax (benefit) provision		(2,514	)		10,149			27,892			—			35,527
Equity in income of consolidated subsidiaries accounted for under the equity method		68,913			54,743			—			(123,656	)		—
NET INCOME		64,955			68,913			55,116			(123,656	)		65,328
Net income attributed to noncontrolling interest		—			—			(373	)		—			(373	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	64,955		$	68,913		$	54,743		$	(123,656	)	$	64,955
COMPREHENSIVE INCOME	$	77,274		$	81,233		$	65,559		$	(146,419	)	$	77,647
Comprehensive income attributed to noncontrolling interest		—			—			(373	)		—			(373	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	77,274		$	81,233		$	65,186		$	(146,419	)	$	77,274

	Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	8,913		$	134,215		$	—		$	143,128
Interest income on wholesale notes		—			(727	)		46,880			—			46,153
Interest and other income from affiliates		47,376			153,032			263,971			(163,993	)		300,386
Rental income on operating leases		—			58,541			43,474			—			102,015
Other income		—			100,275			7,867			(63,640	)		44,502
Total revenues		47,376			320,034			496,407			(227,633	)		636,184
EXPENSES
Interest expense:
Interest expense to third parties		66,555			1,947			102,041			—			170,543
Interest expense to affiliates		—			150,385			30,469			(163,993	)		16,861
Total interest expense		66,555			152,332			132,510			(163,993	)		187,404
Administrative and operating expenses:
Fees charged by affiliates		—			36,350			71,780			(63,640	)		44,490
(Benefit) provision for credit losses		—			(10,495	)		5,026			—			(5,469	)
Depreciation of equipment on operating leases		—			47,138			36,792			—			83,930
Other expenses (income)		1			25,914			(1,031	)		—			24,884
Total operating expenses		1			98,907			112,567			(63,640	)		147,835
Total expenses		66,556			251,239			245,077			(227,633	)		335,239
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(19,180	)		68,795			251,330			—			300,945
Income tax (benefit) provision		(7,494	)		27,314			82,925			—			102,745
Equity in income of consolidated subsidiaries accounted for under the equity method		208,738			167,257			—			(375,995	)		—
NET INCOME		197,052			208,738			168,405			(375,995	)		198,200
Net income attributed to noncontrolling interest		—			—			(1,148	)		—			(1,148	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	197,052		$	208,738		$	167,257		$	(375,995	)	$	197,052
COMPREHENSIVE INCOME	$	176,734		$	188,420		$	151,827		$	(339,099	)	$	177,882
Comprehensive income attributed to noncontrolling interest		—			—			(1,148	)		—			(1,148	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	176,734		$	188,420		$	150,679		$	(339,099	)	$	176,734

	Condensed Balance Sheets as of December 31, 2013
	CNH Industrial Capital LLC		Guarantor Entities		All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	308,507	$	389,101	$	—		$	697,608
Restricted cash		—		100		784,408		—			784,508
Receivables, less allowance for credit losses		—		1,504,614		10,678,667		—			12,183,281
Retained interests in securitized receivables		—		5,202		2,596		(4,945	)		2,853
Affiliated accounts and notes receivable		2,245,308		1,780,263		1,462,388		(5,377,811	)		110,148
Equipment on operating leases, net		—		636,383		337,924		—			974,307
Equipment held for sale		—		35,035		5,715		—			40,750
Investments in consolidated subsidiaries accounted for under the equity method		1,703,364		1,931,092		—		(3,634,456	)		0—
Goodwill and intangible assets		—		88,376		33,914		—			122,290
Other assets		23,142		15,857		31,960		—			70,959
TOTAL	$	3,971,814	$	6,305,429	$	13,726,673	$	(9,017,212	)	$	14,986,704
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	76,869	$	4,212,320	$	—		$	4,289,189
Accounts payable and other accrued liabilities		20,685		2,004,157		798,110		(2,332,446	)		490,506
Affiliated debt		—		2,487,997		913,317		(3,050,310	)		351,004
Long-term debt		2,499,140		33,042		5,813,406		—			8,345,588
Total liabilities		2,519,825		4,602,065		11,737,153		(5,382,756	)		13,476,287
Stockholder's equity		1,451,989		1,703,364		1,989,520		(3,634,456	)		1,510,417
TOTAL	$	3,971,814	$	6,305,429	$	13,726,673	$	(9,017,212	)	$	14,986,704

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(400,000	)	$	275,179		$	141,158		$	427,122		$	443,459
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(12,005,414	)		(12,267,832	)		9,574,684			(14,698,562	)
Collections of receivables		—			11,614,411			10,667,838			(9,574,225	)		12,708,024
Decrease in restricted cash		—			—			122,905			—			122,905
Purchase of equipment on operating leases, net		—			(167,675	)		(54,725	)		—			(222,400	)
Other investing activities		—			(250	)		(27	)		—			(277	)
Net cash used in investing activities		—			(558,928	)		(1,531,841	)		459			(2,090,310	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			277,908			61,512			(427,581	)		(88,161	)
Net increase (decrease) in indebtedness		600,000			(111,307	)		891,773			—			1,380,466
Dividends paid to CNH Industrial America LLC		(200,000	)		—			—			—			(200,000	)
Net cash from financing activities		400,000			166,601			953,285			(427,581	)		1,092,305
DECREASE IN CASH AND CASH EQUIVALENTS		—			(117,148	)		(437,398	)		—			(554,546	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			257,001			528,912			—			785,913
End of period	$	—		$	139,853		$	91,514		$	—		$	231,367

XML

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 197,796	$ 697,608
Restricted cash	667,579	784,508
Receivables, less allowance for credit losses of $104,014 and $101,953, respectively	13,625,494	12,183,281
Retained interests in securitized receivables		2,853
Affiliated accounts and notes receivable	12,321	110,148
Equipment on operating leases, net	1,298,765	974,307
Equipment held for sale	61,435	40,750
Goodwill	113,942	115,486
Other intangible assets, net	6,206	6,804
Other assets	151,974	70,959
TOTAL	16,135,512	14,986,704
Liabilities:
Short-term debt (including current maturities of long-term debt)	4,077,366	4,289,189
Accounts payable and other accrued liabilities	544,003	490,506
Affiliated debt	1,073,111	351,004
Long-term debt	8,857,119	8,345,588
Total liabilities	14,551,599	13,476,287
Commitments and contingent liabilities (Note 10)
Stockholder's equity:
Member's capital
Paid-in capital	843,002	842,182
Accumulated other comprehensive (loss) income	(25,671)	6,072
Retained earnings	707,219	603,735
Total CNH Industrial Capital LLC stockholder's equity	1,524,550	1,451,989
Noncontrolling interest	59,363	58,428
Total stockholder's equity	1,583,913	1,510,417
TOTAL	$ 16,135,512	$ 14,986,704

XML

DEBT

9 Months Ended

Sep. 30, 2014

DEBT

DEBT

NOTE 5: DEBT

        On July 14, 2014, the Company extended a $200,000 U.S. wholesale committed asset-backed facility to a maturity date of October 17, 2014.

        On September 26, 2014, the Company extended a $1,200,000 U.S. retail committed asset-backed facility to a maturity date of September 27, 2016.

XML

RECEIVABLES

9 Months Ended

Sep. 30, 2014

RECEIVABLES

RECEIVABLES

NOTE 4: RECEIVABLES

        A summary of receivables included in the consolidated balance sheets as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014			December 31, 2013
Retail note receivables	$	762,623		$	986,769
Wholesale receivables		317,142			362,870
Finance lease receivables		45,346			55,964
Restricted receivables		12,325,027			10,648,814
Commercial revolving accounts receivables		279,370			230,817
Gross receivables		13,729,508			12,285,234
Less
Allowance for credit losses		(104,014	)		(101,953	)
Total receivables, net	$	13,625,494		$	12,183,281

Restricted Receivables and Securitization

        As part of its overall funding strategy, the Company periodically transfers certain financial receivables into VIEs that are 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 retail restricted receivables are obligations that are payable as the receivables are collected.

        The following table summarizes the restricted and off-book receivables and the related retained interests as of September 30, 2014 and December 31, 2013:

	Restricted Receivables				Off-Book Receivables				Retained Interests
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Retail note receivables	$	7,979,364	$	7,431,634	$	—	$	13,217	$	—	$	2,853
Wholesale receivables		4,342,502		3,210,654		—		—		—		—
Finance lease receivables		3,161		6,526		—		—		—		—
Total	$	12,325,027	$	10,648,814	$	—	$	13,217	$	—	$	2,853

        Within the U.S. retail receivables securitization programs, qualifying retail receivables are sold to limited purpose, bankruptcy remote SPEs. In turn, these SPEs establish separate trusts to which the receivables are transferred in exchange for proceeds from asset backed securities issued by the trusts. In Canada, the receivables are transferred directly to the trusts. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts' activities. Through its retained interests, the Company has an obligation to absorb certain losses, or the right to receive certain benefits, that could potentially be significant to the trusts. Consequently, the Company has consolidated these retail trusts.

        With regard to the wholesale receivable securitization programs, the Company sells eligible receivables on a revolving basis to structured master trust facilities which are limited-purpose, bankruptcy-remote SPEs. These trusts were determined to be VIEs. In its role as servicer, CNH Industrial Capital has the power to direct the trusts' activities. Through its retained interests, the Company provides security to investors in the event that cash collections from the receivables are not sufficient to make principal and interest payments on the securities. Consequently, CNH Industrial Capital has consolidated these wholesale trusts.

Allowance for Credit Losses

        The allowance for credit losses is the Company's estimate of probable losses for receivables owned by the Company and consists of two components, depending on whether the receivable has been individually identified as being impaired. The first component of the allowance for credit losses covers the receivables specifically reviewed by management for which the Company has determined it is probable that it will not collect all the principal and interest payments as per the terms of the contract. Receivables are individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables are subject to impairment measurement at the loan level based either on the present value of expected future cash flows discounted at the receivables' effective interest rate or the fair value of the collateral for collateral-dependent receivables.

        The second component of the allowance for credit losses covers all receivables that have not been individually reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations, generally by financial product. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The allowance for wholesale credit losses is based on loss forecast models that consider the same factors as the retail models plus dealer risk ratings. The loss forecast models are updated on a quarterly basis. In addition, qualitative factors that are not fully captured in the loss forecast models, including industry trends, and macroeconomic factors 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.

        Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected.

        The Company's allowance for credit losses is segregated into three portfolio segments: retail, wholesale and other. A portfolio segment is the level at which the Company develops a systematic methodology for determining its allowance for credit losses. The retail segment includes retail notes and finance lease receivables. The wholesale segment includes wholesale financing to CNH Industrial North America dealers, and the other portfolio includes the Company's commercial revolving accounts ("CRA") receivables.

        Further, the Company evaluates its portfolio segments by class of receivable: United States and Canada. Typically, the Company's receivables within a geographic area have similar risk profiles and methods for assessing and monitoring risk. These classes align with management reporting.

        Allowance for credit losses activity for the three months ended September 30, 2014 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	86,609		$	7,615		$	7,991		$	102,215
Charge-offs		(2,769	)		—			(1,266	)		(4,035	)
Recoveries		953			390			651			1,994
Provision (benefit)		4,742			(1,189	)		1,038			4,591
Foreign currency translation and other		(651	)		(67	)		(33	)		(751	)
Ending balance	$	88,884		$	6,749		$	8,381		$	104,014

        Allowance for credit losses activity for the nine months ended September 30, 2014 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	87,701		$	7,363		$	6,889		$	101,953
Charge-offs		(8,378	)		(799	)		(3,976	)		(13,153	)
Recoveries		2,208			445			1,802			4,455
Provision (benefit)		8,495			(215	)		3,699			11,979
Foreign currency translation and other		(1,142	)		(45	)		(33	)		(1,220	)
Ending balance	$	88,884		$	6,749		$	8,381		$	104,014
Ending balance: individually evaluated for impairment	$	12,086		$	3,035		$	—		$	15,121
Ending balance: collectively evaluated for impairment	$	76,798		$	3,714		$	8,381		$	88,893
Receivables:
Ending balance	$	8,790,494		$	4,659,644		$	279,370		$	13,729,508
Ending balance: individually evaluated for impairment	$	46,165		$	36,047		$	—		$	82,212
Ending balance: collectively evaluated for impairment	$	8,744,329		$	4,623,597		$	279,370		$	13,647,296

        Allowance for credit losses activity for the three months ended September 30, 2013 is as follows:

	Retail			Wholesale		Other			Total
Allowance for credit losses:
Beginning balance	$	93,702		$	7,661	$	8,056		$	109,419
Charge-offs		(2,567	)		—		(1,478	)		(4,045	)
Recoveries		1,100			332		754			2,186
(Benefit) provision		(530	)		1,177		1,244			1,891
Foreign currency translation and other		(238	)		26		13			(199	)
Ending balance	$	91,467		$	9,196	$	8,589		$	109,252

        Allowance for credit losses activity for the nine months ended September 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(7,819	)		(127	)		(4,407	)		(12,353	)
Recoveries		2,882			573			2,349			5,804
(Benefit) provision		(5,166	)		(3,102	)		2,799			(5,469	)
Foreign currency translation and other		(990	)		(35	)		(25	)		(1,050	)
Ending balance	$	91,467		$	9,196		$	8,589		$	109,252
Ending balance: individually evaluated for impairment	$	19,213		$	5,939		$	—		$	25,152
Ending balance: collectively evaluated for impairment	$	72,254		$	3,257		$	8,589		$	84,100
Receivables:
Ending balance	$	8,157,358		$	4,318,968		$	287,055		$	12,763,381
Ending balance: individually evaluated for impairment	$	42,064		$	30,274		$	—		$	72,338
Ending balance: collectively evaluated for impairment	$	8,115,294		$	4,288,694		$	287,055		$	12,691,043

        Allowance for credit losses activity for the year ended December 31, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(14,321	)		(238	)		(5,780	)		(20,339	)
Recoveries		3,488			674			3,066			7,228
(Benefit) provision		(2,778	)		(4,901	)		1,775			(5,904	)
Foreign currency translation and other		(1,248	)		(59	)		(45	)		(1,352	)
Ending balance	$	87,701		$	7,363		$	6,889		$	101,953
Ending balance: individually evaluated for impairment	$	12,946		$	3,865		$	—		$	16,811
Ending balance: collectively evaluated for impairment	$	74,755		$	3,498		$	6,889		$	85,142
Receivables:
Ending balance	$	8,480,893		$	3,573,524		$	230,817		$	12,285,234
Ending balance: individually evaluated for impairment	$	44,139		$	30,555		$	—		$	74,694
Ending balance: collectively evaluated for impairment	$	8,436,754		$	3,542,969		$	230,817		$	12,210,540

        Utilizing an internal credit scoring model, which considers customers' attributes, prior credit history and each retail transaction's attributes, the Company assigns a credit quality rating to each retail customer, by specific transaction, as part of the retail underwriting process. This rating is used in setting the terms on the transaction, including the interest rate. The credit quality rating is not updated after the transaction is finalized. A description of the general characteristics of the customers' risk grades is as follows:

        Titanium—Customers from whom the Company expects no collection or loss activity.

        Platinum—Customers from whom the Company expects minimal, if any, collection or loss activity.

        Gold, Silver, Bronze—Customers defined as those with the potential for collection or loss activity.

        A breakdown of the retail portfolio by the customer's risk grade at the time of origination as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014		December 31, 2013
Titanium	$	4,910,770	$	4,750,422
Platinum		2,378,668		2,265,690
Gold		1,268,195		1,239,703
Silver		204,035		199,575
Bronze		28,826		25,503
Total	$	8,790,494	$	8,480,893

        As part of the ongoing monitoring of the credit quality of the wholesale portfolio, the Company utilizes an internal credit scoring model that assigns a risk grade for each dealer. The scoring model considers the strength of the dealer's financial condition and payment history. The Company considers the dealers' ratings in the quarterly credit allowance analysis. A description of the general characteristics of the dealer risk grades is as follows:

        Grades A and B—Includes receivables due from dealers that have significant capital strength, moderate leverage, stable earnings and growth, and excellent payment performance.

        Grade C—Includes receivables due from dealers with moderate credit risk. Dealers of this grade are differentiated from higher grades on a basis of leverage or payment performance.

        Grade D—Includes receivables due from dealers with additional credit risk. These dealers require additional monitoring due to their weaker financial condition or payment performance.

        A breakdown of the wholesale portfolio by its credit quality indicators as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014		December 31, 2013
A	$	2,547,000	$	1,981,226
B		1,621,189		1,236,828
C		349,728		232,101
D		141,727		123,369
Total	$	4,659,644	$	3,573,524

        The following tables present information at the level at which management assesses and monitors its credit risk. 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.

        The aging of receivables as of September 30, 2014 and December 31, 2013 is as follows:

	September 30, 2014
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	22,233	$	4,497	$	12,754	$	39,484	$	7,326,307	$	7,365,791	$	3,979
Canada	$	2,142	$	528	$	171	$	2,841	$	1,421,862	$	1,424,703	$	48
Wholesale
United States	$	911	$	18	$	85	$	1,014	$	3,761,884	$	3,762,898	$	47
Canada	$	182	$	10	$	117	$	309	$	896,437	$	896,746	$	85
Total
Retail	$	24,375	$	5,025	$	12,925	$	42,325	$	8,748,169	$	8,790,494	$	4,027
Wholesale	$	1,093	$	28	$	202	$	1,323	$	4,658,321	$	4,659,644	$	132

	December 31, 2013
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	15,167	$	5,135	$	14,154	$	34,456	$	7,011,299	$	7,045,755	$	3,736
Canada	$	2,471	$	206	$	395	$	3,072	$	1,432,066	$	1,435,138	$	25
Wholesale
United States	$	170	$	36	$	229	$	435	$	2,886,444	$	2,886,879	$	55
Canada	$	213	$	—	$	32	$	245	$	686,400	$	686,645	$	13
Total
Retail	$	17,638	$	5,341	$	14,549	$	37,528	$	8,443,365	$	8,480,893	$	3,761
Wholesale	$	383	$	36	$	261	$	680	$	3,572,844	$	3,573,524	$	68

        Impaired receivables are receivables for which the Company has determined it will not collect all the principal and interest payments as per the terms of the contract. As of September 30, 2014 and December 31, 2013, the Company's recorded investment in impaired receivables individually evaluated for impairment and the related unpaid principal balances and allowances are as follows:

	September 30, 2014						December 31, 2013
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded
Retail
United States	$	13,575	$	13,435	$	—	$	16,640	$	16,517	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	31,473	$	30,704	$	11,710	$	26,951	$	26,143	$	12,757
Canada	$	1,117	$	1,111	$	376	$	548	$	547	$	189
Wholesale
United States	$	16,870	$	16,811	$	2,140	$	27,693	$	27,532	$	3,442
Canada	$	19,177	$	18,895	$	895	$	2,862	$	2,851	$	423
Total
Retail	$	46,165	$	45,250	$	12,086	$	44,139	$	43,207	$	12,946
Wholesale	$	36,047	$	35,706	$	3,035	$	30,555	$	30,383	$	3,865

        For the three months ended September 30, 2014 and 2013, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows:

	2014				2013
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	13,493	$	254	$	8,030	$	92
Canada	$	—	$	—	$	1,556	$	58
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	32,625	$	196	$	31,843	$	163
Canada	$	1,345	$	8	$	590	$	—
Wholesale
United States	$	17,814	$	102	$	28,468	$	102
Canada	$	22,764	$	190	$	3,267	$	32
Total
Retail	$	47,463	$	458	$	42,019	$	313
Wholesale	$	40,578	$	292	$	31,735	$	134

        For the nine months ended September 30, 2014 and 2013, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a ten-month average) and the related interest income recognized are as follows:

	2014				2013
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	12,536	$	724	$	7,609	$	224
Canada	$	—	$	—	$	1,507	$	100
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	33,746	$	962	$	32,193	$	871
Canada	$	1,320	$	81	$	482	$	5
Wholesale
United States	$	19,164	$	344	$	30,228	$	656
Canada	$	26,706	$	542	$	3,686	$	92
Total
Retail	$	47,602	$	1,767	$	41,791	$	1,200
Wholesale	$	45,870	$	886	$	33,914	$	748

        Recognition of income is generally suspended when management determines that collection of future finance income is not probable or when an account becomes 120 days delinquent, whichever occurs first. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The receivables on nonaccrual status as of September 30, 2014 and December 31, 2013 are as follows:

	September 30, 2014						December 31, 2013
	Retail		Wholesale		Total		Retail		Wholesale		Total
United States	$	26,332	$	16,811	$	43,143	$	29,239	$	27,532	$	56,771
Canada	$	298	$	18,895	$	19,193	$	918	$	2,851	$	3,769

Troubled Debt Restructurings

        A restructuring of a receivable constitutes a troubled debt restructuring ("TDR") when the lender grants a concession it would not otherwise consider to a borrower experiencing financial difficulties. As a collateral-based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail receivables, concessions are typically provided based on bankruptcy court proceedings. For wholesale receivables, concessions granted may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate and waiving of interest and principal.

        TDRs are reviewed along with other receivables as part of management's ongoing evaluation of the adequacy of the allowance for credit losses. The allowance for credit losses attributable to TDRs is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current fair market value of the equipment collateral and considers credit enhancements such as additional collateral and third-party guarantees.

        Before removing a receivable from TDR classification, a review of the borrower is conducted. If concerns exist about the future ability of the borrower to meet its obligations under the loans based on a credit review, the TDR classification is not removed from the receivable.

        As of September 30, 2014, the Company had approximately 684 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $16,953 and the post-modification value was $15,128. A court has determined the concession in 440 of these cases. The pre-modification value of these contracts was $7,774 and the post-modification value was $6,346. As of September 30, 2013, the Company had approximately 800 retail and finance lease receivable contracts classified as TDRs, of which the pre-modification value was $21,277 and the post-modification value was $18,839. A court has determined the concession in 540 of these cases. The pre-modification value of these contracts was $9,190 and the post-modification value was $7,579. As the outcome of the bankruptcy cases is determined by a court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease receivable contracts that were modified in a TDR during the previous 12 months ended September 30, 2014 and 2013.

        As of September 30, 2014 and 2013, the Company's wholesale TDRs were immaterial.

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SEGMENT AND GEOGRAPHICAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2014

SEGMENT AND GEOGRAPHICAL INFORMATION

Summary of reportable segment information

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenues
United States	$	184,997		$	169,737		$	544,904		$	493,408
Canada		50,214			49,751			147,491			146,620
Eliminations		(1,251	)		(1,301	)		(3,683	)		(3,844	)
Total	$	233,960		$	218,187		$	688,712		$	636,184
Interest expense
United States	$	61,155		$	53,136		$	171,703		$	152,584
Canada		14,211			13,162			39,892			38,664
Eliminations		(1,251	)		(1,301	)		(3,683	)		(3,844	)
Total	$	74,115		$	64,997		$	207,912		$	187,404
Segment net income
United States	$	41,090		$	45,942		$	139,954		$	146,614
Canada		17,600			19,386			54,465			51,586
Total	$	58,690		$	65,328		$	194,419		$	198,200
Depreciation and amortization
United States	$	28,940		$	20,466		$	76,167		$	60,063
Canada		8,848			8,316			25,702			24,609
Total	$	37,788		$	28,782		$	101,869		$	84,672
Expenditures for equipment on operating leases
United States	$	226,797		$	108,422		$	560,224		$	314,600
Canada		29,633			18,906			85,095			76,159
Total	$	256,430		$	127,328		$	645,319		$	390,759
Provision (benefit) for credit losses
United States	$	4,122		$	1,762		$	9,371		$	(8,070	)
Canada		469			129			2,608			2,601
Total	$	4,591		$	1,891		$	11,979		$	(5,469	)

	As of September 30, 2014			As of December 31, 2013
Segment assets
United States	$	13,454,558		$	12,536,638
Canada		2,897,697			2,664,096
Eliminations		(216,743	)		(214,030	)
Total	$	16,135,512		$	14,986,704
Managed receivables
United States	$	11,372,838		$	10,147,225
Canada		2,356,670			2,151,226
Total	$	13,729,508		$	12,298,451

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SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2014

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 12: SUBSEQUENT EVENTS

        On October 23, 2014, the Company, through a bankruptcy-remote trust, issued $999,066 of amortizing, asset-backed notes secured by U.S. retail loan contracts.

        On October 24, 2014, CNH Industrial Capital closed on a series of agreements with Citibank, N.A. and certain of its affiliates (together, "Citi") whereby Citi acquired CNH Industrial Capital's CRA portfolio. Pursuant to these agreements, Citi will offer a private-label CRA product through CNH Industrial North America dealers.

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SEGMENT AND GEOGRAPHICAL INFORMATION

9 Months Ended

Sep. 30, 2014

SEGMENT AND GEOGRAPHICAL INFORMATION

SEGMENT AND GEOGRAPHICAL INFORMATION

NOTE 8: SEGMENT AND GEOGRAPHICAL INFORMATION

        The Company's segment data is based on disclosure requirements of accounting guidance on segment reporting, which requires financial information be reported on the basis that is used internally for measuring segment performance. The Company's reportable segments are strategic business units that are organized around differences in geographic areas. Each segment is managed separately as they require different knowledge of regulatory environments and marketing strategies. The operating segments offer primarily the same services within each of the respective segments.

        A summary of the Company's reportable segment information is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenues
United States	$	184,997		$	169,737		$	544,904		$	493,408
Canada		50,214			49,751			147,491			146,620
Eliminations		(1,251	)		(1,301	)		(3,683	)		(3,844	)
Total	$	233,960		$	218,187		$	688,712		$	636,184
Interest expense
United States	$	61,155		$	53,136		$	171,703		$	152,584
Canada		14,211			13,162			39,892			38,664
Eliminations		(1,251	)		(1,301	)		(3,683	)		(3,844	)
Total	$	74,115		$	64,997		$	207,912		$	187,404
Segment net income
United States	$	41,090		$	45,942		$	139,954		$	146,614
Canada		17,600			19,386			54,465			51,586
Total	$	58,690		$	65,328		$	194,419		$	198,200
Depreciation and amortization
United States	$	28,940		$	20,466		$	76,167		$	60,063
Canada		8,848			8,316			25,702			24,609
Total	$	37,788		$	28,782		$	101,869		$	84,672
Expenditures for equipment on operating leases
United States	$	226,797		$	108,422		$	560,224		$	314,600
Canada		29,633			18,906			85,095			76,159
Total	$	256,430		$	127,328		$	645,319		$	390,759
Provision (benefit) for credit losses
United States	$	4,122		$	1,762		$	9,371		$	(8,070	)
Canada		469			129			2,608			2,601
Total	$	4,591		$	1,891		$	11,979		$	(5,469	)

	As of September 30, 2014			As of December 31, 2013
Segment assets
United States	$	13,454,558		$	12,536,638
Canada		2,897,697			2,664,096
Eliminations		(216,743	)		(214,030	)
Total	$	16,135,512		$	14,986,704
Managed receivables
United States	$	11,372,838		$	10,147,225
Canada		2,356,670			2,151,226
Total	$	13,729,508		$	12,298,451

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INCOME TAXES

9 Months Ended

Sep. 30, 2014

INCOME TAXES

INCOME TAXES

NOTE 6: INCOME TAXES

        The effective tax rates for the three months ended September 30, 2014 and 2013 were 33.6% and 35.2%, respectively. The effective tax rate was 33.3% for the nine-month period ended September 30, 2014, compared to 34.1% for the same period in 2013. The lower rates in 2014 were primarily due to the favorable discrete tax benefits recorded in 2014 and the change in the geographic mix of income earned within the U.S.

        The Company's provision for income taxes is based on an estimated tax rate for the year applied to the year-to-date federal, state and foreign income. The 2014 estimated annual tax rate is expected to be lower than the U.S. federal corporate income tax rate of 35% primarily due to the geographic mix of income earned within the U.S. and profits in tax jurisdictions with lower tax rates.

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FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2014

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

NOTE 7: FINANCIAL INSTRUMENTS

        The Company may elect to measure many financial instruments and certain other items at fair value. This fair value option must 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 did not elect the fair value measurement option for eligible items.

Fair-Value Hierarchy

        U.S. GAAP specifies a hierarchy of valuation techniques 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 internally-developed 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 make use of observable market-based inputs to calculate fair value, in which case the items are classified in Level 2.

        If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.

        The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models and the key inputs to those models, as well as any significant assumptions.

Derivatives

        The Company utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency fluctuations. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. The Company does not hold or issue derivative or other financial instruments for speculative purposes. The credit risk for the interest rate hedges is reduced through diversification among counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified in Level 2 or 3 of 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 in cash flow hedging relationships are being used by the Company to mitigate the risk of rising interest rates related to debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments, to the extent that the hedge relationship has been effective, are deferred in accumulated other comprehensive (loss) income and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt. Ineffectiveness recognized related to these hedging relationships was not significant for the nine months ended September 30, 2014 and 2013. These amounts are recorded in "Other expenses" in the consolidated statements of income. 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 51 months. The after-tax losses deferred in accumulated other comprehensive (loss) income that will be recognized in interest expense over the next 12 months are approximately $1,853.

        The Company also enters into interest rate derivatives with substantially similar economic terms that are not designated as hedging instruments to mitigate interest rate risk related to the Company's committed asset-backed facilities. These facilities require the Company to enter into interest rate derivatives. To ensure that these transactions do not result in the Company being exposed to this risk, the Company enters into an offsetting position. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income and were insignificant for the three and nine months ended September 30, 2014 and 2013.

        Most of the Company's interest rate derivatives are considered Level 2. The fair market value of these derivatives is calculated using market data input for forecasted benchmark interest rates and can be compared to actively traded derivatives. If the future notional amount of the Company's interest rate derivatives is not known in advance, the derivatives are considered Level 3 derivatives. The fair market value of these derivatives is calculated using market data input and a forecasted future notional balance. The total notional amount of the Company's interest rate derivatives was approximately $3,262,180 and $2,007,460 at September 30, 2014 and December 31, 2013, respectively. The ten-month average notional amounts as of September 30, 2014 and 2013 were $3,010,067 and $2,738,537, respectively.

Foreign Exchange Contracts

        The Company uses forward contracts to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and are not designated as hedging instruments. The changes in the fair value of these instruments are recognized directly as income in "Other expenses" and are expected to offset the foreign exchange gains or losses on the exposures being managed.

        All of the Company's foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives.

Financial Statement Impact of the Company's Derivatives

        The fair values of the Company's derivatives as of September 30, 2014 and December 31, 2013 in the consolidated balance sheets are recorded as follows:

	September 30, 2014		December 31, 2013
Derivatives Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	1,290	$	98
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	—	$	860
Derivatives Not Designated as Hedging Instruments:
Other assets:
Interest rate derivatives	$	7,496	$	6,023
Foreign exchange contracts		46		68
Total	$	7,542	$	6,091
Accounts payable and other accrued liabilities:
Interest rate derivatives	$	7,496	$	6,023
Foreign exchange contracts		—		—
Total	$	7,496	$	6,023

        Pre-tax gains (losses) on the consolidated statements of income related to the Company's derivatives for the three and nine months ended September 30, 2014 and 2013 are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Cash Flow Hedges
Losses recognized in accumulated other comprehensive (loss) income (effective portion)
Interest rate derivatives	$	128		$	(598	)	$	(401	)	$	(32	)
Reclassified from accumulated other comprehensive (loss) income (effective portion)
Interest rate derivatives—Interest expense to third parties	$	(878	)	$	(1,514	)	$	(3,732	)	$	(4,793	)
Not Designated as Hedges
Interest rate derivatives—Other expenses	$	—		$	(32	)	$	—		$	54
Foreign exchange contracts—Other expenses		(70	)		16			(196	)		32

Items Measured at Fair Value on a Recurring Basis

        The following table presents for each of the fair-value hierarchy levels the Company's assets and liabilities that are measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013:

	Level 2				Level 3				Total
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Assets
Interest rate derivatives	$	8,786	$	6,121	$	—	$	—	$	8,786	$	6,121
Foreign exchange contracts		46		68		—		—		46		68
Retained interests		—		—		—		2,853		—		2,853
Total assets	$	8,832	$	6,189	$	—	$	2,853	$	8,832	$	9,042
Liabilities
Interest rate derivatives	$	7,496	$	6,883	$	—	$	—	$	7,496	$	6,883
Total liabilities	$	7,496	$	6,883	$	—	$	—	$	7,496	$	6,883

        There were no transfers between Level 1, Level 2 and Level 3 hierarchy levels during the periods presented.

        The following table presents the changes in the Level 3 fair-value category for the nine months ended September 30, 2014 and 2013:

	Retained Interests
Balance at January 1, 2013	$	9,271
Total gains or losses (realized/unrealized):
Included in earnings		707
Included in other comprehensive loss		(368	)
Settlements		(6,841	)
Balance at September 30, 2013	$	2,769
Balance at January 1, 2014	$	2,853
Total gains or losses (realized/unrealized):
Included in earnings		220
Included in other comprehensive loss		—
Settlements		(3,073	)
Balance at September 30, 2014	$	—

Fair Value of Other Financial Instruments

        The carrying amount of cash and cash equivalents, restricted cash, floating-rate affiliated accounts and notes receivable, floating-rate short-term debt, interest payable and short-term affiliated debt was assumed to approximate its fair value. Under the fair value hierarchy, cash and cash equivalents and restricted cash are classified as Level 1 and the remainder of the financial instruments listed is classified as Level 2.

Financial Instruments Not Carried at Fair Value

        The carrying amount and estimated fair value of assets and liabilities considered financial instruments as of September 30, 2014 and December 31, 2013 are as follows:

	September 30, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value*		Carrying Amount		Estimated Fair Value*
Receivables	$	13,625,494	$	13,628,725	$	12,183,281	$	12,216,915
Long-term debt	$	8,857,119	$	8,837,900	$	8,345,588	$	8,457,438

*

Under the fair value hierarchy, receivable measurements are classified as Level 3 and long-term debt measurements are classified as Level 2.

Financial Assets

        The fair value of receivables was determined by discounting the estimated future payments using a discount rate which includes an estimate for credit risk.

Financial Liabilities

        The fair values of long-term debt were based on current market quotes for identical or similar borrowings and credit risk.

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RELATED-PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2014

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

NOTE 9: RELATED-PARTY TRANSACTIONS

        The Company receives compensation from CNH Industrial North America for retail installment sales contracts and finance leases that were created under certain low-rate financing programs and interest waiver programs offered to customers by CNH Industrial North America. For selected operating leases, CNH Industrial North America compensates the Company for the difference between the market rental rates and the amount paid by the customer. Similarly, for selected wholesale receivables, CNH Industrial North America and other affiliates compensate the Company for the difference between market rates and the amount paid by the dealer.

        The summary of sources included in "Interest and other income from affiliates" in the accompanying consolidated statements of income for the three and nine months ended September 30, 2014 and 2013 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Retail subsidy from CNH Industrial North America	$	56,651	$	50,100	$	173,477	$	158,629
Wholesale subsidy:
CNH Industrial North America		36,680		43,389		117,492		114,660
Other affiliates		—		240		—		1,568
Operating lease subsidy from CNH Industrial North America		12,541		8,424		34,002		25,529
Total interest and other income from affiliates	$	105,872	$	102,153	$	324,971	$	300,386

        Fees charged by affiliates represent payroll and other human resource services CNH Industrial America performs on behalf of the Company.

        As of September 30, 2014 and December 31, 2013, the Company has various accounts and notes receivable and debt with the following affiliates:

	September 30, 2014		December 31, 2013
Affiliated receivables from:
CNH Industrial America	$	30	$	80,786
CNH Industrial Canada Ltd.		—		17,071
Other affiliates		12,291		12,291
Total affiliated receivables	$	12,321	$	110,148
Affiliated debt owed to:
CNH Industrial America	$	772,926	$	274,525
CNH Industrial Canada Ltd.		300,185		76,479
Total affiliated debt	$	1,073,111	$	351,004

        Included in other assets, tax receivables of $6,044 were due from related parties as of December 31, 2013. Also included in other assets are tax receivables purchased from CNH Industrial North America with a balance of $68,707 for which cash was received in October 2014. Accounts payable and other accrued liabilities of $58,160 and $3,716, respectively, as of September 30, 2014 and December 31, 2013, were payable to related parties. Interest expense to affiliates was $8,075 and $6,472, respectively, for the three months ended September 30, 2014 and 2013 and $17,498 and $16,861 respectively, for the nine months ended September 30, 2014 and 2013.

        CNH Industrial Canada Ltd., an affiliated entity, owns 76,618,488 shares of preferred stock in CNH Industrial Capital Canada, one of the Company's subsidiaries. This is recorded as "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets. These shares earn dividends of 12-month LIBOR plus 1.2% per annum. The dividends are accrued annually and are recorded in "Net income attributed to noncontrolling interest" in the consolidated statements of income. The accrued, but not declared, dividends are included in "Noncontrolling interest" in the stockholder's equity in the accompanying consolidated balance sheets.

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RECEIVABLES (Details 6) (Retail and finance lease, USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014 item	Sep. 30, 2013 item
Retail and finance lease
Troubled Debt Restructurings
Number of contracts classified as TDRs	684	800
Pre-modification value	$ 16,953	$ 21,277
Post-modification value	15,128	18,839
Number of cases in which the court has determined the concession	440	540
Pre-modification value for cases in which the court has determined the concession	7,774	9,190
Post-modification value for cases in which the court has determined the concession	$ 6,346	$ 7,579

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RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2014

Receivables

Summary of receivables

	September 30, 2014			December 31, 2013
Retail note receivables	$	762,623		$	986,769
Wholesale receivables		317,142			362,870
Finance lease receivables		45,346			55,964
Restricted receivables		12,325,027			10,648,814
Commercial revolving accounts receivables		279,370			230,817
Gross receivables		13,729,508			12,285,234
Less
Allowance for credit losses		(104,014	)		(101,953	)
Total receivables, net	$	13,625,494		$	12,183,281

Summary of restricted and off-book receivables and the related retained interests

	Restricted Receivables				Off-Book Receivables				Retained Interests
	September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Retail note receivables	$	7,979,364	$	7,431,634	$	—	$	13,217	$	—	$	2,853
Wholesale receivables		4,342,502		3,210,654		—		—		—		—
Finance lease receivables		3,161		6,526		—		—		—		—
Total	$	12,325,027	$	10,648,814	$	—	$	13,217	$	—	$	2,853

Schedule of allowance for credit losses activity

Allowance for credit losses activity for the three months ended September 30, 2014 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	86,609		$	7,615		$	7,991		$	102,215
Charge-offs		(2,769	)		—			(1,266	)		(4,035	)
Recoveries		953			390			651			1,994
Provision (benefit)		4,742			(1,189	)		1,038			4,591
Foreign currency translation and other		(651	)		(67	)		(33	)		(751	)
Ending balance	$	88,884		$	6,749		$	8,381		$	104,014

        Allowance for credit losses activity for the nine months ended September 30, 2014 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	87,701		$	7,363		$	6,889		$	101,953
Charge-offs		(8,378	)		(799	)		(3,976	)		(13,153	)
Recoveries		2,208			445			1,802			4,455
Provision (benefit)		8,495			(215	)		3,699			11,979
Foreign currency translation and other		(1,142	)		(45	)		(33	)		(1,220	)
Ending balance	$	88,884		$	6,749		$	8,381		$	104,014
Ending balance: individually evaluated for impairment	$	12,086		$	3,035		$	—		$	15,121
Ending balance: collectively evaluated for impairment	$	76,798		$	3,714		$	8,381		$	88,893
Receivables:
Ending balance	$	8,790,494		$	4,659,644		$	279,370		$	13,729,508
Ending balance: individually evaluated for impairment	$	46,165		$	36,047		$	—		$	82,212
Ending balance: collectively evaluated for impairment	$	8,744,329		$	4,623,597		$	279,370		$	13,647,296

        Allowance for credit losses activity for the three months ended September 30, 2013 is as follows:

	Retail			Wholesale		Other			Total
Allowance for credit losses:
Beginning balance	$	93,702		$	7,661	$	8,056		$	109,419
Charge-offs		(2,567	)		—		(1,478	)		(4,045	)
Recoveries		1,100			332		754			2,186
(Benefit) provision		(530	)		1,177		1,244			1,891
Foreign currency translation and other		(238	)		26		13			(199	)
Ending balance	$	91,467		$	9,196	$	8,589		$	109,252

        Allowance for credit losses activity for the nine months ended September 30, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(7,819	)		(127	)		(4,407	)		(12,353	)
Recoveries		2,882			573			2,349			5,804
(Benefit) provision		(5,166	)		(3,102	)		2,799			(5,469	)
Foreign currency translation and other		(990	)		(35	)		(25	)		(1,050	)
Ending balance	$	91,467		$	9,196		$	8,589		$	109,252
Ending balance: individually evaluated for impairment	$	19,213		$	5,939		$	—		$	25,152
Ending balance: collectively evaluated for impairment	$	72,254		$	3,257		$	8,589		$	84,100
Receivables:
Ending balance	$	8,157,358		$	4,318,968		$	287,055		$	12,763,381
Ending balance: individually evaluated for impairment	$	42,064		$	30,274		$	—		$	72,338
Ending balance: collectively evaluated for impairment	$	8,115,294		$	4,288,694		$	287,055		$	12,691,043

        Allowance for credit losses activity for the year ended December 31, 2013 is as follows:

	Retail			Wholesale			Other			Total
Allowance for credit losses:
Beginning balance	$	102,560		$	11,887		$	7,873		$	122,320
Charge-offs		(14,321	)		(238	)		(5,780	)		(20,339	)
Recoveries		3,488			674			3,066			7,228
(Benefit) provision		(2,778	)		(4,901	)		1,775			(5,904	)
Foreign currency translation and other		(1,248	)		(59	)		(45	)		(1,352	)
Ending balance	$	87,701		$	7,363		$	6,889		$	101,953
Ending balance: individually evaluated for impairment	$	12,946		$	3,865		$	—		$	16,811
Ending balance: collectively evaluated for impairment	$	74,755		$	3,498		$	6,889		$	85,142
Receivables:
Ending balance	$	8,480,893		$	3,573,524		$	230,817		$	12,285,234
Ending balance: individually evaluated for impairment	$	44,139		$	30,555		$	—		$	74,694
Ending balance: collectively evaluated for impairment	$	8,436,754		$	3,542,969		$	230,817		$	12,210,540

Schedule of aging of financing receivables

	September 30, 2014
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	22,233	$	4,497	$	12,754	$	39,484	$	7,326,307	$	7,365,791	$	3,979
Canada	$	2,142	$	528	$	171	$	2,841	$	1,421,862	$	1,424,703	$	48
Wholesale
United States	$	911	$	18	$	85	$	1,014	$	3,761,884	$	3,762,898	$	47
Canada	$	182	$	10	$	117	$	309	$	896,437	$	896,746	$	85
Total
Retail	$	24,375	$	5,025	$	12,925	$	42,325	$	8,748,169	$	8,790,494	$	4,027
Wholesale	$	1,093	$	28	$	202	$	1,323	$	4,658,321	$	4,659,644	$	132

	December 31, 2013
	31 - 60 Days Past Due		61 - 90 Days Past Due		Greater Than 90 Days		Total Past Due		Current		Total Receivables		Recorded Investment > 90 Days and Accruing
Retail
United States	$	15,167	$	5,135	$	14,154	$	34,456	$	7,011,299	$	7,045,755	$	3,736
Canada	$	2,471	$	206	$	395	$	3,072	$	1,432,066	$	1,435,138	$	25
Wholesale
United States	$	170	$	36	$	229	$	435	$	2,886,444	$	2,886,879	$	55
Canada	$	213	$	—	$	32	$	245	$	686,400	$	686,645	$	13
Total
Retail	$	17,638	$	5,341	$	14,549	$	37,528	$	8,443,365	$	8,480,893	$	3,761
Wholesale	$	383	$	36	$	261	$	680	$	3,572,844	$	3,573,524	$	68

Schedule of recorded investment in impaired receivables and the related unpaid principal balances and allowances

	September 30, 2014						December 31, 2013
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Recorded Investment		Unpaid Principal Balance		Related Allowance
With no related allowance recorded
Retail
United States	$	13,575	$	13,435	$	—	$	16,640	$	16,517	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
Wholesale
United States	$	—	$	—	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	31,473	$	30,704	$	11,710	$	26,951	$	26,143	$	12,757
Canada	$	1,117	$	1,111	$	376	$	548	$	547	$	189
Wholesale
United States	$	16,870	$	16,811	$	2,140	$	27,693	$	27,532	$	3,442
Canada	$	19,177	$	18,895	$	895	$	2,862	$	2,851	$	423
Total
Retail	$	46,165	$	45,250	$	12,086	$	44,139	$	43,207	$	12,946
Wholesale	$	36,047	$	35,706	$	3,035	$	30,555	$	30,383	$	3,865

Schedule of average recorded investment in impaired receivables and the related interest income recognized

For the three months ended September 30, 2014 and 2013, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a four-month average) and the related interest income recognized are as follows:

	2014				2013
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	13,493	$	254	$	8,030	$	92
Canada	$	—	$	—	$	1,556	$	58
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	32,625	$	196	$	31,843	$	163
Canada	$	1,345	$	8	$	590	$	—
Wholesale
United States	$	17,814	$	102	$	28,468	$	102
Canada	$	22,764	$	190	$	3,267	$	32
Total
Retail	$	47,463	$	458	$	42,019	$	313
Wholesale	$	40,578	$	292	$	31,735	$	134

        For the nine months ended September 30, 2014 and 2013, the Company's average recorded investment in impaired receivables individually evaluated for impairment (based on a ten-month average) and the related interest income recognized are as follows:

	2014				2013
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Retail
United States	$	12,536	$	724	$	7,609	$	224
Canada	$	—	$	—	$	1,507	$	100
Wholesale
United States	$	—	$	—	$	—	$	—
Canada	$	—	$	—	$	—	$	—
With an allowance recorded
Retail
United States	$	33,746	$	962	$	32,193	$	871
Canada	$	1,320	$	81	$	482	$	5
Wholesale
United States	$	19,164	$	344	$	30,228	$	656
Canada	$	26,706	$	542	$	3,686	$	92
Total
Retail	$	47,602	$	1,767	$	41,791	$	1,200
Wholesale	$	45,870	$	886	$	33,914	$	748

Schedule of receivables on nonaccrual status

	September 30, 2014						December 31, 2013
	Retail		Wholesale		Total		Retail		Wholesale		Total
United States	$	26,332	$	16,811	$	43,143	$	29,239	$	27,532	$	56,771
Canada	$	298	$	18,895	$	19,193	$	918	$	2,851	$	3,769

Retail

Receivables

Schedule of breakdown of the portfolio by its credit quality indicators

	September 30, 2014		December 31, 2013
Titanium	$	4,910,770	$	4,750,422
Platinum		2,378,668		2,265,690
Gold		1,268,195		1,239,703
Silver		204,035		199,575
Bronze		28,826		25,503
Total	$	8,790,494	$	8,480,893

Wholesale

Receivables

Schedule of breakdown of the portfolio by its credit quality indicators

	September 30, 2014		December 31, 2013
A	$	2,547,000	$	1,981,226
B		1,621,189		1,236,828
C		349,728		232,101
D		141,727		123,369
Total	$	4,659,644	$	3,573,524

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SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)

9 Months Ended

Sep. 30, 2014

SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Schedule of condensed statements of comprehensive income

	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	889		$	49,829		$	—		$	50,718
Interest income on wholesale notes		—			(356	)		20,442			—			20,086
Interest and other income from affiliates		26,529			51,993			92,021			(64,671	)		105,872
Rental income on operating leases		—			28,684			14,341			—			43,025
Other income		—			37,536			2,013			(25,290	)		14,259
Total revenues		26,529			118,746			178,646			(89,961	)		233,960
EXPENSES
Interest expense:
Interest expense to third parties		33,188			(3,252	)		36,104			—			66,040
Interest expense to affiliates		—			60,547			12,199			(64,671	)		8,075
Total interest expense		33,188			57,295			48,303			(64,671	)		74,115
Administrative and operating expenses:
Fees charged by affiliates		—			10,908			27,670			(25,290	)		13,288
Provision for credit losses		—			408			4,183			—			4,591
Depreciation of equipment on operating leases		—			25,424			12,051			—			37,475
Other expenses (income)		—			16,576			(537	)		—			16,039
Total operating expenses		—			53,316			43,367			(25,290	)		71,393
Total expenses		33,188			110,611			91,670			(89,961	)		145,508
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(6,659	)		8,135			86,976			—			88,452
Income tax (benefit) provision		(2,567	)		3,375			28,954			—			29,762
Equity in income of consolidated subsidiaries accounted for under the equity method		62,509			57,749			—			(120,258	)		—
NET INCOME		58,417			62,509			58,022			(120,258	)		58,690
Net income attributed to noncontrolling interest		—			—			(273	)		—			(273	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	58,417		$	62,509		$	57,749		$	(120,258	)	$	58,417
COMPREHENSIVE INCOME	$	26,936		$	31,028		$	30,989		$	(61,744	)	$	27,209
Comprehensive income attributed to noncontrolling interest		—			—			(273	)		—			(273	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	26,936		$	31,028		$	30,716		$	(61,744	)	$	26,936

	Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	5,994		$	144,340		$	—		$	150,334
Interest income on wholesale notes		—			(948	)		53,861			—			52,913
Interest and other income from affiliates		69,873			160,548			285,236			(190,686	)		324,971
Rental income on operating leases		—			76,262			42,966			—			119,228
Other income		—			107,566			5,978			(72,278	)		41,266
Total revenues		69,873			349,422			532,381			(262,964	)		688,712
EXPENSES
Interest expense:
Interest expense to third parties		92,140			(7,532	)		105,806			—			190,414
Interest expense to affiliates		—			174,037			34,147			(190,686	)		17,498
Total interest expense		92,140			166,505			139,953			(190,686	)		207,912
Administrative and operating expenses:
Fees charged by affiliates		—			32,294			79,603			(72,278	)		39,619
(Benefit) provision for credit losses		—			(882	)		12,861			—			11,979
Depreciation of equipment on operating leases		—			64,916			36,110			—			101,026
Other expenses		—			36,308			282			—			36,590
Total operating expenses		—			132,636			128,856			(72,278	)		189,214
Total expenses		92,140			299,141			268,809			(262,964	)		397,126
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(22,267	)		50,281			263,572			—			291,586
Income tax (benefit) provision		(8,542	)		19,122			86,587			—			97,167
Equity in income of consolidated subsidiaries accounted for under the equity method		207,209			176,050			—			(383,259	)		—
NET INCOME		193,484			207,209			176,985			(383,259	)		194,419
Net income attributed to noncontrolling interest		—			—			(935	)		—			(935	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	193,484		$	207,209		$	176,050		$	(383,259	)	$	193,484
COMPREHENSIVE INCOME	$	161,741		$	175,466		$	150,027		$	(324,558	)	$	162,676
Comprehensive income attributed to noncontrolling interest		—			—			(935	)		—			(935	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	161,741		$	175,466		$	149,092		$	(324,558	)	$	161,741

	Condensed Statements of Comprehensive Income for the Three Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	3,316		$	46,402		$	—		$	49,718
Interest income on wholesale notes		—			(266	)		16,042			—			15,776
Interest and other income from affiliates		17,809			60,385			86,753			(62,794	)		102,153
Rental income on operating leases		—			20,152			14,691			—			34,843
Other income		—			34,790			3,129			(22,222	)		15,697
Total revenues		17,809			118,377			167,017			(85,016	)		218,187
EXPENSES
Interest expense:
Interest expense to third parties		24,280			346			33,899			—			58,525
Interest expense to affiliates		—			58,261			11,005			(62,794	)		6,472
Total interest expense		24,280			58,607			44,904			(62,794	)		64,997
Administrative and operating expenses:
Fees charged by affiliates		—			11,436			24,868			(22,222	)		14,082
Provision for credit losses		—			1,042			849			—			1,891
Depreciation of equipment on operating leases		—			16,116			12,437			—			28,553
Other expenses		1			6,857			951			—			7,809
Total operating expenses		1			35,451			39,105			(22,222	)		52,335
Total expenses		24,281			94,058			84,009			(85,016	)		117,332
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(6,472	)		24,319			83,008			—			100,855
Income tax (benefit) provision		(2,514	)		10,149			27,892			—			35,527
Equity in income of consolidated subsidiaries accounted for under the equity method		68,913			54,743			—			(123,656	)		—
NET INCOME		64,955			68,913			55,116			(123,656	)		65,328
Net income attributed to noncontrolling interest		—			—			(373	)		—			(373	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	64,955		$	68,913		$	54,743		$	(123,656	)	$	64,955
COMPREHENSIVE INCOME	$	77,274		$	81,233		$	65,559		$	(146,419	)	$	77,647
Comprehensive income attributed to noncontrolling interest		—			—			(373	)		—			(373	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	77,274		$	81,233		$	65,186		$	(146,419	)	$	77,274

	Condensed Statements of Comprehensive Income for the Nine Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
REVENUES
Interest income on retail notes and finance leases	$	—		$	8,913		$	134,215		$	—		$	143,128
Interest income on wholesale notes		—			(727	)		46,880			—			46,153
Interest and other income from affiliates		47,376			153,032			263,971			(163,993	)		300,386
Rental income on operating leases		—			58,541			43,474			—			102,015
Other income		—			100,275			7,867			(63,640	)		44,502
Total revenues		47,376			320,034			496,407			(227,633	)		636,184
EXPENSES
Interest expense:
Interest expense to third parties		66,555			1,947			102,041			—			170,543
Interest expense to affiliates		—			150,385			30,469			(163,993	)		16,861
Total interest expense		66,555			152,332			132,510			(163,993	)		187,404
Administrative and operating expenses:
Fees charged by affiliates		—			36,350			71,780			(63,640	)		44,490
(Benefit) provision for credit losses		—			(10,495	)		5,026			—			(5,469	)
Depreciation of equipment on operating leases		—			47,138			36,792			—			83,930
Other expenses (income)		1			25,914			(1,031	)		—			24,884
Total operating expenses		1			98,907			112,567			(63,640	)		147,835
Total expenses		66,556			251,239			245,077			(227,633	)		335,239
(Loss) income before income taxes and equity in income of consolidated subsidiaries accounted for under the equity method		(19,180	)		68,795			251,330			—			300,945
Income tax (benefit) provision		(7,494	)		27,314			82,925			—			102,745
Equity in income of consolidated subsidiaries accounted for under the equity method		208,738			167,257			—			(375,995	)		—
NET INCOME		197,052			208,738			168,405			(375,995	)		198,200
Net income attributed to noncontrolling interest		—			—			(1,148	)		—			(1,148	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	197,052		$	208,738		$	167,257		$	(375,995	)	$	197,052
COMPREHENSIVE INCOME	$	176,734		$	188,420		$	151,827		$	(339,099	)	$	177,882
Comprehensive income attributed to noncontrolling interest		—			—			(1,148	)		—			(1,148	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO CNH INDUSTRIAL CAPITAL LLC	$	176,734		$	188,420		$	150,679		$	(339,099	)	$	176,734

Schedule of condensed balance sheets

	Condensed Balance Sheets as of September 30, 2014
	CNH Industrial Capital LLC		Guarantor Entities			All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	136,946		$	60,850	$	—		$	197,796
Restricted cash		—		100			667,479		—			667,579
Receivables, less allowance for credit losses		—		1,265,206			12,360,288		—			13,625,494
Affiliated accounts and notes receivable		2,664,244		2,598,895			1,511,373		(6,762,191	)		12,321
Equipment on operating leases, net		—		975,060			323,705		—			1,298,765
Equipment held for sale		—		52,019			9,416		—			61,435
Investments in consolidated subsidiaries accounted for under the equity method		1,879,650		2,283,716			—		(4,163,366	)		—
Goodwill and intangible assets, net		—		87,778			32,370		—			120,148
Other assets		22,695		(13,716	)		147,842		(4,847	)		151,974
TOTAL	$	4,566,589	$	7,386,004		$	15,113,323	$	(10,930,404	)	$	16,135,512
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	50,139		$	4,027,227	$	—		$	4,077,366
Accounts payable and other accrued liabilities		43,614		2,054,517			1,720,165		(3,274,293	)		544,003
Affiliated debt		—		3,397,219			1,168,637		(3,492,745	)		1,073,111
Long-term debt		2,998,425		4,479			5,854,215		—			8,857,119
Total liabilities		3,042,039		5,506,354			12,770,244		(6,767,038	)		14,551,599
Stockholder's equity		1,524,550		1,879,650			2,343,079		(4,163,366	)		1,583,913
TOTAL	$	4,566,589	$	7,386,004		$	15,113,323	$	(10,930,404	)	$	16,135,512

	Condensed Balance Sheets as of December 31, 2013
	CNH Industrial Capital LLC		Guarantor Entities		All Other Subsidiaries		Eliminations			Consolidated
ASSETS
Cash and cash equivalents	$	—	$	308,507	$	389,101	$	—		$	697,608
Restricted cash		—		100		784,408		—			784,508
Receivables, less allowance for credit losses		—		1,504,614		10,678,667		—			12,183,281
Retained interests in securitized receivables		—		5,202		2,596		(4,945	)		2,853
Affiliated accounts and notes receivable		2,245,308		1,780,263		1,462,388		(5,377,811	)		110,148
Equipment on operating leases, net		—		636,383		337,924		—			974,307
Equipment held for sale		—		35,035		5,715		—			40,750
Investments in consolidated subsidiaries accounted for under the equity method		1,703,364		1,931,092		—		(3,634,456	)		0—
Goodwill and intangible assets		—		88,376		33,914		—			122,290
Other assets		23,142		15,857		31,960		—			70,959
TOTAL	$	3,971,814	$	6,305,429	$	13,726,673	$	(9,017,212	)	$	14,986,704
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Short-term debt, including current maturities of long-term debt	$	—	$	76,869	$	4,212,320	$	—		$	4,289,189
Accounts payable and other accrued liabilities		20,685		2,004,157		798,110		(2,332,446	)		490,506
Affiliated debt		—		2,487,997		913,317		(3,050,310	)		351,004
Long-term debt		2,499,140		33,042		5,813,406		—			8,345,588
Total liabilities		2,519,825		4,602,065		11,737,153		(5,382,756	)		13,476,287
Stockholder's equity		1,451,989		1,703,364		1,989,520		(3,634,456	)		1,510,417
TOTAL	$	3,971,814	$	6,305,429	$	13,726,673	$	(9,017,212	)	$	14,986,704

Schedule of condensed statements of cash flows

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2014
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(409,285	)	$	(861,938	)	$	1,186,657		$	442,533		$	357,967
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(11,775,670	)		(11,803,380	)		9,436,034			(14,143,016	)
Collections of receivables		—			12,015,926			9,993,733			(9,436,131	)		12,573,528
Decrease in restricted cash		—			—			110,746			—			110,746
Purchase of equipment on operating leases, net		—			(403,593	)		(33,568	)		—			(437,161	)
Expenditures for property and equipment		—			(215	)		(6	)		—			(221	)
Net cash used in investing activities		—			(163,552	)		(1,732,475	)		(97	)		(1,896,124	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			909,222			270,393			(442,436	)		737,179
Net increase (decrease) in indebtedness		499,285			(55,293	)		(52,826	)		—			391,166
Dividends paid to CNH Industrial America LLC		(90,000	)		—			—			—			(90,000	)
Net cash from financing activities		409,285			853,929			217,567			(442,436	)		1,038,345
DECREASE IN CASH AND CASH EQUIVALENTS		—			(171,561	)		(328,251	)		—			(499,812	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			308,507			389,101			—			697,608
End of period	$	—		$	136,946		$	60,850		$	—		$	197,796

	Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2013
	CNH Industrial Capital LLC			Guarantor Entities			All Other Subsidiaries			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) from operating activities	$	(400,000	)	$	275,179		$	141,158		$	427,122		$	443,459
CASH FLOWS FROM INVESTING ACTIVITIES:
Cost of receivables acquired		—			(12,005,414	)		(12,267,832	)		9,574,684			(14,698,562	)
Collections of receivables		—			11,614,411			10,667,838			(9,574,225	)		12,708,024
Decrease in restricted cash		—			—			122,905			—			122,905
Purchase of equipment on operating leases, net		—			(167,675	)		(54,725	)		—			(222,400	)
Other investing activities		—			(250	)		(27	)		—			(277	)
Net cash used in investing activities		—			(558,928	)		(1,531,841	)		459			(2,090,310	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Intercompany activity		—			277,908			61,512			(427,581	)		(88,161	)
Net increase (decrease) in indebtedness		600,000			(111,307	)		891,773			—			1,380,466
Dividends paid to CNH Industrial America LLC		(200,000	)		—			—			—			(200,000	)
Net cash from financing activities		400,000			166,601			953,285			(427,581	)		1,092,305
DECREASE IN CASH AND CASH EQUIVALENTS		—			(117,148	)		(437,398	)		—			(554,546	)
CASH AND CASH EQUIVALENTS:
Beginning of period		—			257,001			528,912			—			785,913
End of period	$	—		$	139,853		$	91,514		$	—		$	231,367

XML

FINANCIAL INSTRUMENTS (Details 5) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Financial Instruments Not Carried at Fair Value
Receivables	$ 13,625,494	$ 12,183,281
Long-term debt	8,857,119	8,345,588
Carrying Amount
Financial Instruments Not Carried at Fair Value
Receivables	13,625,494	12,183,281
Long-term debt	8,857,119	8,345,588
Estimated Fair Value
Financial Instruments Not Carried at Fair Value
Receivables	13,628,725	12,216,915
Long-term debt	$ 8,837,900	$ 8,457,438

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Allowance for credit losses	$ 104,014	$ 101,953
Restricted cash	667,579	784,508
Receivables, less allowance for credit losses of $79,072 and $75,292, respectively	13,625,494	12,183,281
Equipment on operating leases, net	1,298,765	974,307
TOTAL	16,135,512	14,986,704
Short-term debt (including current maturities of long-term debt)	4,077,366	4,289,189
Long-term debt	8,857,119	8,345,588
Total liabilities	14,551,599	13,476,287
Consolidated variable interest entities ("VIEs")
Allowance for credit losses	79,072	75,292
Restricted cash	667,479	784,407
Receivables, less allowance for credit losses of $79,072 and $75,292, respectively	9,675,636	9,493,634
Equipment on operating leases, net	89,551	115,512
TOTAL	10,432,666	10,393,553
Short-term debt (including current maturities of long-term debt)	4,015,495	4,194,045
Long-term debt	5,848,769	5,796,434
Total liabilities	$ 9,864,264	$ 9,990,479

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2014

ACCUMULATED OTHER COMPREHENSIVE INCOME

ACCUMULATED OTHER COMPREHENSIVE INCOME

NOTE 3: ACCUMULATED OTHER COMPREHENSIVE INCOME

        Accumulated other comprehensive income ("AOCI") is comprised of net income and other adjustments, including foreign currency translation adjustments, pension plan adjustments, changes in fair value of the retained interests in the off-book retail transactions and changes in the fair value of certain derivative financial instruments qualifying as cash flow hedges. The Company does not provide income taxes on currency translation adjustments ("CTA"), as the historical earnings from the Company's foreign subsidiaries are considered to be permanently reinvested. If current year earnings are repatriated, the amount to be repatriated is determined in U.S. dollars and converted to the equivalent amount of foreign currency at the time of repatriation; therefore, the repatriation of current year earnings will not have an impact on the CTA component of the Company's AOCI balance.

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2014:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests		Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	13,124		$	(5,643	)	$	—	$	(5,530	)	$	1,951
Tax asset		—			2,058			—		1,801			3,859
Beginning balance, net of tax		13,124			(3,585	)		—		(3,729	)		5,810
Other comprehensive (loss) income before reclassifications		(32,256	)		—			—		128			(32,128	)
Amounts reclassified from accumulated other comprehensive income		—			143			—		878			1,021
Tax effects		—			(51	)		—		(323	)		(374	)
Net current-period other comprehensive (loss) income		(32,256	)		92			—		683			(31,481	)
BALANCE at September 30, 2014	$	(19,132	)	$	(3,493	)	$	—	$	(3,046	)	$	(25,671	)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2014:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	14,762		$	(5,891	)	$	388		$	(7,855	)	$	1,404
Tax asset (liability)		—			2,149			(144	)		2,663			4,668
Beginning balance, net of tax		14,762			(3,742	)		244			(5,192	)		6,072
Other comprehensive loss before reclassifications		(33,894	)		—			—			(401	)		(34,295	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			391			(388	)		3,732			3,735
Tax effects		—			(142	)		144			(1,185	)		(1,183	)
Net current-period other comprehensive (loss) income		(33,894	)		249			(244	)		2,146			(31,743	)
BALANCE at September 30, 2014	$	(19,132	)	$	(3,493	)	$	—		$	(3,046	)	$	(25,671	)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2013:

	Currency Translation Adjustment		Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	24,806	$	(8,475	)	$	941		$	(9,373	)	$	7,899
Tax asset (liability)		—		3,155			(355	)		3,312			6,112
Beginning balance, net of tax		24,806		(5,320	)		586			(6,061	)		14,011
Other comprehensive income (loss) before reclassifications		11,959		—			28			(597	)		11,390
Amounts reclassified from accumulated other comprehensive income (loss)		—		162			(471	)		1,514			1,205
Tax effects		—		(61	)		167			(382	)		(276	)
Net current-period other comprehensive income (loss)		11,959		101			(276	)		535			12,319
BALANCE at September 30, 2013	$	36,765	$	(5,219	)	$	310		$	(5,526	)	$	26,330

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	58,920		$	(8,834	)	$	3,012		$	(13,219	)	$	39,879
Tax asset (liability)		—			3,286			(1,136	)		4,619			6,769
Beginning balance, net of tax		58,920			(5,548	)		1,876			(8,600	)		46,648
Other comprehensive loss before reclassifications		(22,155	)		—			(368	)		(31	)		(22,554	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			521			(2,146	)		4,793			3,168
Tax effects		—			(192	)		948			(1,688	)		(932	)
Net current-period other comprehensive (loss) income		(22,155	)		329			(1,566	)		3,074			(20,318	)
BALANCE at September 30, 2013	$	36,765		$	(5,219	)	$	310		$	(5,526	)	$	26,330

        The reclassifications out of AOCI and the location on the consolidated statements of income for the three and nine months ended September 30, 2014 and 2013 are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013			Affected Line Item
Amortization of defined benefit pension items:
	$	(143	)	$	(162	)	$	(391	)	$	(521	)	Insignificant items
		(143	)		(162	)		(391	)		(521	)	Income before taxes
		51			61			142			192		Income tax benefit
	$	(92	)	$	(101	)	$	(249	)	$	(329	)	Net of tax
Unrealized gains on retained interests:
	$	—		$	471		$	388		$	2,146		Insignificant items
		—			471			388			2,146		Income before taxes
		—			(177	)		(144	)		(809	)	Income tax provision
	$	—		$	294		$	244		$	1,337		Net of tax
Unrealized losses on derivatives:
	$	(878	)	$	(1,514	)	$	(3,732	)	$	(4,793	)	Interest expense to third parties
		(878	)		(1,514	)		(3,732	)		(4,793	)	Income before taxes
		288			538			1,291			1,696		Income tax benefit
	$	(590	)	$	(976	)	$	(2,441	)	$	(3,097	)	Net of tax

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Changes in accumulated other comprehensive income by component
Beginning balance, gross					$ 1,951	$ 1,404	$ 7,899	$ 39,879
Tax asset					3,859	4,668	6,112	6,769
Beginning balance	5,810	14,011	6,072	46,648
Other comprehensive (loss) income before reclassifications	(32,128)	11,390	(34,295)	(22,554)
Amounts reclassified from accumulated other comprehensive income (loss)	1,021	1,205	3,735	3,168
Tax effects	(374)	(276)	(1,183)	(932)
Other comprehensive (loss) income	(31,481)	12,319	(31,743)	(20,318)
Ending balance	(25,671)	26,330	(25,671)	26,330
Currency Translation Adjustment
Changes in accumulated other comprehensive income by component
Beginning balance, gross					13,124	14,762	24,806	58,920
Beginning balance	13,124	24,806	14,762	58,920
Other comprehensive (loss) income before reclassifications	(32,256)	11,959	(33,894)	(22,155)
Other comprehensive (loss) income	(32,256)	11,959	(33,894)	(22,155)
Ending balance	(19,132)	36,765	(19,132)	36,765
Pension Liability
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(5,643)	(5,891)	(8,475)	(8,834)
Tax asset					2,058	2,149	3,155	3,286
Beginning balance	(3,585)	(5,320)	(3,742)	(5,548)
Amounts reclassified from accumulated other comprehensive income (loss)	143	162	391	521
Tax effects	(51)	(61)	(142)	(192)
Other comprehensive (loss) income	92	101	249	329
Ending balance	(3,493)	(5,219)	(3,493)	(5,219)
Unrealized Gains on Retained Interests
Changes in accumulated other comprehensive income by component
Beginning balance, gross						388	941	3,012
Tax asset						(144)	(355)	(1,136)
Beginning balance		586	244	1,876
Other comprehensive (loss) income before reclassifications		28		(368)
Amounts reclassified from accumulated other comprehensive income (loss)		(471)	(388)	(2,146)
Tax effects		167	144	948
Other comprehensive (loss) income		(276)	(244)	(1,566)
Ending balance		310		310
Unrealized losses on derivatives
Changes in accumulated other comprehensive income by component
Beginning balance, gross					(5,530)	(7,855)	(9,373)	(13,219)
Tax asset					1,801	2,663	3,312	4,619
Beginning balance	(3,729)	(6,061)	(5,192)	(8,600)
Other comprehensive (loss) income before reclassifications	128	(597)	(401)	(31)
Amounts reclassified from accumulated other comprehensive income (loss)	878	1,514	3,732	4,793
Tax effects	(323)	(382)	(1,185)	(1,688)
Other comprehensive (loss) income	683	535	2,146	3,074
Ending balance	$ (3,046)	$ (5,526)	$ (3,046)	$ (5,526)

XML

FINANCIAL INSTRUMENTS (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair market value of derivatives
Derivative assets designated as hedging instruments, classified in other assets	$ 1,290		$ 1,290		$ 98
Derivative liabilities designated as hedging instruments, classified in accounts payable and other accrued liabilities					860
Interest rate derivatives, derivative assets not designated as hedging instruments, classified in other assets	7,496		7,496		6,023
Foreign exchange contracts, derivatives not designated as hedging instruments, classified in other assets	46		46		68
Derivative assets not designated as hedging instruments, classified in other assets	7,542		7,542		6,091
Interest rate derivatives, derivative not designated as hedging instruments, classified in accounts payable and other accrued liabilities	7,496		7,496		6,023
Derivative liabilities not designated as hedging instruments, classified in accounts payable and other accrued liabilities	7,496		7,496		6,023
Cash Flow Hedges, losses recognized in accumulated other comprehensive (loss) income (effective portion), Interest rate derivatives	128	(598)	(401)	(32)
Cash Flow Hedges, Reclassified from accumulated other comprehensive (loss) income (effective portion), Interest rate derivatives - Interest expense to third parties	(878)	(1,514)	(3,732)	(4,793)
Interest rate derivatives, other expenses, not designated as hedges		(32)		54
Foreign exchange contracts, other expenses, not designated as hedges	(70)	16	(196)	32
Interest Rate Derivatives
Fair market value of derivatives
Total notional amount of interest rate derivatives	3,262,180		3,262,180		2,007,460
Ten-month average notional amounts of interest rate derivatives			$ 3,010,067	$ 2,738,537

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

9 Months Ended

Sep. 30, 2014

ACCUMULATED OTHER COMPREHENSIVE INCOME

Schedule of changes in the components of AOCI and related tax effects

 The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2014:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests		Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	13,124		$	(5,643	)	$	—	$	(5,530	)	$	1,951
Tax asset		—			2,058			—		1,801			3,859
Beginning balance, net of tax		13,124			(3,585	)		—		(3,729	)		5,810
Other comprehensive (loss) income before reclassifications		(32,256	)		—			—		128			(32,128	)
Amounts reclassified from accumulated other comprehensive income		—			143			—		878			1,021
Tax effects		—			(51	)		—		(323	)		(374	)
Net current-period other comprehensive (loss) income		(32,256	)		92			—		683			(31,481	)
BALANCE at September 30, 2014	$	(19,132	)	$	(3,493	)	$	—	$	(3,046	)	$	(25,671	)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2014:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	14,762		$	(5,891	)	$	388		$	(7,855	)	$	1,404
Tax asset (liability)		—			2,149			(144	)		2,663			4,668
Beginning balance, net of tax		14,762			(3,742	)		244			(5,192	)		6,072
Other comprehensive loss before reclassifications		(33,894	)		—			—			(401	)		(34,295	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			391			(388	)		3,732			3,735
Tax effects		—			(142	)		144			(1,185	)		(1,183	)
Net current-period other comprehensive (loss) income		(33,894	)		249			(244	)		2,146			(31,743	)
BALANCE at September 30, 2014	$	(19,132	)	$	(3,493	)	$	—		$	(3,046	)	$	(25,671	)

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the three months ended September 30, 2013:

	Currency Translation Adjustment		Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	24,806	$	(8,475	)	$	941		$	(9,373	)	$	7,899
Tax asset (liability)		—		3,155			(355	)		3,312			6,112
Beginning balance, net of tax		24,806		(5,320	)		586			(6,061	)		14,011
Other comprehensive income (loss) before reclassifications		11,959		—			28			(597	)		11,390
Amounts reclassified from accumulated other comprehensive income (loss)		—		162			(471	)		1,514			1,205
Tax effects		—		(61	)		167			(382	)		(276	)
Net current-period other comprehensive income (loss)		11,959		101			(276	)		535			12,319
BALANCE at September 30, 2013	$	36,765	$	(5,219	)	$	310		$	(5,526	)	$	26,330

        The following table summarizes the change in the components of the Company's AOCI balance and related tax effects for the nine months ended September 30, 2013:

	Currency Translation Adjustment			Pension Liability			Unrealized Gains on Retained Interests			Unrealized Losses on Derivatives			Total
Beginning balance, gross	$	58,920		$	(8,834	)	$	3,012		$	(13,219	)	$	39,879
Tax asset (liability)		—			3,286			(1,136	)		4,619			6,769
Beginning balance, net of tax		58,920			(5,548	)		1,876			(8,600	)		46,648
Other comprehensive loss before reclassifications		(22,155	)		—			(368	)		(31	)		(22,554	)
Amounts reclassified from accumulated other comprehensive income (loss)		—			521			(2,146	)		4,793			3,168
Tax effects		—			(192	)		948			(1,688	)		(932	)
Net current-period other comprehensive (loss) income		(22,155	)		329			(1,566	)		3,074			(20,318	)
BALANCE at September 30, 2013	$	36,765		$	(5,219	)	$	310		$	(5,526	)	$	26,330

Schedule of reclassifications out of AOCI and the location on the consolidated statements of income

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013			Affected Line Item
Amortization of defined benefit pension items:
	$	(143	)	$	(162	)	$	(391	)	$	(521	)	Insignificant items
		(143	)		(162	)		(391	)		(521	)	Income before taxes
		51			61			142			192		Income tax benefit
	$	(92	)	$	(101	)	$	(249	)	$	(329	)	Net of tax
Unrealized gains on retained interests:
	$	—		$	471		$	388		$	2,146		Insignificant items
		—			471			388			2,146		Income before taxes
		—			(177	)		(144	)		(809	)	Income tax provision
	$	—		$	294		$	244		$	1,337		Net of tax
Unrealized losses on derivatives:
	$	(878	)	$	(1,514	)	$	(3,732	)	$	(4,793	)	Interest expense to third parties
		(878	)		(1,514	)		(3,732	)		(4,793	)	Income before taxes
		288			538			1,291			1,696		Income tax benefit
	$	(590	)	$	(976	)	$	(2,441	)	$	(3,097	)	Net of tax