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EMPLOYEE BENEFIT PLANS AND POSTRETIREMENT BENEFITS | 3 Months Ended
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Mar. 31, 2022
Postemployment Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS AND POSTRETIREMENT BENEFITS | EMPLOYEE BENEFIT PLANS AND POSTRETIREMENT BENEFITS The following table summarizes the components of net periodic benefit cost of CNH Industrial’s defined benefit pension plans and postretirement health and life insurance plans for the three months ended March 31, 2022 and 2021:
| Pension |  | Healthcare |  | Other
| Three Months Ended March 31, |  | Three Months Ended March 31, |  | Three Months Ended March 31,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Service cost | $ | 3 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 2 |
Interest cost | 7 |  |  | 5 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |
Expected return on assets | (12) |  |  | (13) |  |  | (1) |  |  | (2) |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Prior service credit | — |  |  | — |  |  | (31) |  |  | (34) |  |  | — |  |  | — |
Actuarial loss | 5 |  |  | 6 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 3 |  |  | $ | 1 |  |  | $ | (30) |  |  | $ | (33) |  |  | $ | 2 |  |  | $ | 2 |
On February 20, 2018, CNH Industrial announced that the United States Supreme Court ruled in its favor in Reese vs. CNH Industrial N.V. and CNH Industrial America LLC. The decision allowed CNH Industrial to terminate or modify various retiree healthcare benefits previously provided to certain UAW Union represented Company retirees. On April 16, 2018, CNH Industrial announced its determination to modify the benefits provided to the applicable retirees (“Benefit Modification”) to make them consistent with the benefits provided to current eligible CNH Industrial retirees who had been represented by the UAW. The Benefit Modification resulted in a reduction of the plan liability by $527 million. This amount will be amortized from Other Comprehensive Income ("OCI") to the income statement over approximately 4.5 years, which represents the average service period to attain eligibility conditions for active participants. For the three months ended March 31, 2022 and 2021, $30 million and $30 million of amortization (“Benefit Modification Amortization”) was recorded as a pre-tax gain in Other, net, respectively. In 2021, CNH Industrial communicated plan changes for the US retiree medical plan. The plan changes resulted in a reduction of the plan liability by $100 million. This amount will be amortized from OCI to the income statement over approximately 4 years, which represents the average service period to attain eligibility conditions for active participants. For the three months ended March 31, 2022, $6 million of amortization was recorded as a pre-tax gain in Other, Net.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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