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Investments in Unconsolidated Subsidiaries and Affiliates | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Subsidiaries and Affiliates | Investments in Unconsolidated Subsidiaries and Affiliates A summary of investments in unconsolidated subsidiaries and affiliates as of December 31, 2020 and 2019 is as follows:
|  | 2020 |  | 2019
|  | (in millions)
Equity method |  | $ | 514 |  |  | $ | 513 |
Cost method(1) |  | 15 |  |  | 118 |
Total |  | $ | 529 |  |  | $ | 631 |
(1) At December 31, 2019, investments in unconsolidated subsidiaries and affiliates using the cost method included the investment in Nikola Corporation. This investment is now included in “Investments at fair value through profits and loss” on the Consolidated Balance Sheet as it is measured at fair value following the completion of Nikola Corporation’s business combination with VectoIQ Acquisition Corp. and listing of its shares on NASDAQ. See footnote 15 for further details. A summary of the combined results of operations and financial position as reported by the investees that CNH Industrial accounts for using the equity method is as follows (unaudited):
|  | For The Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (in millions)
Net revenue |  | $ | 2,716 |  |  | $ | 2,480 |  |  | $ | 2,875 |
Income before taxes |  | $ | 133 |  |  | $ | 71 |  |  | $ | 150 |
Net income |  | $ | 50 |  |  | $ | 29 |  |  | $ | 109 |
|  | As of December 31,
|  | 2020 |  | 2019
|  | (in millions)
Total Assets |  | $ | 8,529 |  |  | $ | 7,709 |
Total Liabilities |  | $ | 7,449 |  |  | $ | 6,611 |
Total Equity |  | $ | 1,080 |  |  | $ | 1,098 |
The investees included in these tables primarily consists of Al Ghazi Tractors Ltd. (43.2% ownership), Turk Traktor re Ziraat Makineteri A.S. (37.5% ownership), New Holland HFT Japan Inc. (50.0% ownership), CNH de Mexico S.A. de C.V. (50.0% ownership), CNH Industrial Capital Europe S.A.S. (49.9% ownership), Naveco (Nanjing Iveco Motor Co.) Ltd (50.0% ownership), SAIC Iveco Commercial Vehicle Investment Company Limited (50.0% ownership), Transolver Finance Establecimiento Financiero de Credito S.A. (49.0% ownership)

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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