CNH Industrial Capital LLC

CIK:0001552493|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Interest income on retail notes and finance leases	$ 98,282	$ 95,584	$ 198,826	$ 189,693
Rental income on operating leases	63,865	61,129	126,961	120,922
Revolving charge account income	12,390	11,648	23,300	22,064
Interest income on wholesale notes	24,801	37,920	49,710	72,496
Interest and other income from affiliates	120,896	123,024	235,399	244,893
Other income	4,791	2,784	9,261	6,114
Total revenues	325,025	332,089	643,457	656,182
Interest expense:
Interest expense to third parties	154,059	164,902	310,108	331,319
Total interest expense	154,463	165,384	310,512	332,036
Administrative and operating expenses:
Provision for credit losses	20,167	24,444	44,350	41,540
Depreciation of equipment on operating leases	49,164	48,154	97,821	94,486
Other expenses, net	8,268	3,004	16,256	9,662
Total administrative and operating expenses	90,496	88,161	184,375	170,291
Total expenses	244,959	253,545	494,887	502,327
INCOME BEFORE TAXES	80,066	78,544	148,570	153,855
Income tax provision	19,515	17,617	35,635	36,306
NET INCOME	60,551	60,927	112,935	117,549
Related Party
Interest expense:
Interest expense to affiliates	404	482	404	717
Total interest expense	404	482	404	717
Administrative and operating expenses:
Fees charged by affiliates	$ 12,897	$ 12,559	$ 25,948	$ 24,603

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 112,935	$ 117,549
Adjustments to reconcile net income to net cash from (used in) operating activities:
Depreciation on property and equipment and equipment on operating leases	97,879	94,486
Amortization of intangibles	2,168	1,654
Provision for credit losses	44,350	41,540
Deferred income tax expense (benefit)	8,664	(9,324)
Gains on sale of used equipment	(329)
Other non-cash items	18,114	21,749
Changes in components of working capital:
Change in affiliated accounts receivables	29,194	111,378
Change in other assets and equipment held for sale	(10,267)	(6,185)
Change in accounts payable and other accrued liabilities	(14,276)	(36,252)
Net cash from operating activities	288,432	336,595
CASH FLOWS FROM INVESTING ACTIVITIES
Cost of receivables acquired (retail customer, revolving charge accounts and wholesale)	(6,843,973)	(6,853,145)
Collections of receivables (retail customer, revolving charge accounts and wholesale)	6,693,954	6,933,776
Change in affiliated cash pooling receivables, net	208,077	75,983
Cost of affiliated notes receivables acquired	(3,000)
Collections of affiliated notes receivables	10,611	10,771
Purchase of equipment on operating leases	(280,905)	(319,793)
Proceeds from disposal of equipment on operating leases	134,562	171,504
Change in property, equipment and software, net	(2,839)	(5,078)
Net cash from (used in) investing activities	(83,513)	14,018
CASH FLOWS FROM FINANCING ACTIVITIES
Change in affiliated debt, net	(48,194)	75,351
Proceeds from issuance of long-term debt	3,647,182	2,048,711
Payment of long-term debt	(2,335,226)	(2,228,703)
Change in committed asset-backed facilities, net	(1,565,776)	(210,262)
Change in short-term borrowings, net	(100,522)	(300,268)
Dividends paid to CNH Industrial America LLC	(120,000)	(120,000)
Net cash (used in) from financing activities	(522,536)	(735,171)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(2,379)	3,643
DECREASE IN CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	(319,996)	(380,915)
CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Beginning of period	721,376	833,343
End of period	401,380	452,428
COMPONENTS OF CASH AND RESTRICTED CASH AND CASH EQUIVALENTS
Cash	80,792	84,975
Restricted cash and cash equivalents	320,588	367,453
TOTAL CASH AND RESTRICTED CASH AND CASH EQUIVALENTS	401,380	452,428
CASH PAID DURING THE PERIOD FOR INTEREST	311,900	322,879
CASH PAID DURING THE PERIOD FOR TAXES	$ 83,584	$ 45,530

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash	$ 80,792	$ 353,129
Restricted cash and cash equivalents	320,588	368,247
Receivables, less allowance for credit losses of $154,405 and $146,397, respectively	13,546,924	13,549,667
Equipment on operating leases, net	1,596,244	1,569,896
Equipment held for sale	46,853	40,458
Goodwill	107,324	108,283
Other intangible assets, net	25,965	25,329
Other assets	139,929	140,009
TOTAL	15,911,211	16,446,713
Liabilities:
Short-term debt (including current maturities of long-term debt)	4,522,116	6,008,699
Accounts payable and other accrued liabilities	698,739	711,307
Long-term debt	9,095,716	8,059,298
Total liabilities	14,316,571	14,827,801
Commitments and contingent liabilities (Note 12)
Stockholder's equity:
Member's capital
Paid-in capital	918,214	918,322
Accumulated other comprehensive loss	(176,641)	(159,542)
Retained earnings	853,067	860,132
Total stockholder's equity	1,594,640	1,618,912
TOTAL	15,911,211	16,446,713
Related Party
ASSETS
Affiliated accounts and notes receivable	$ 46,592	291,695
Liabilities:
Affiliated debt		$ 48,497