XML 30 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Investments in Unconsolidated Subsidiaries and Affiliates
 12 Months Ended
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:
 
20202019
(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,
202020192018
(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,
20202019
(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)