CNH Industrial NV
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Investments in Unconsolidated Subsidiaries and Affiliates
Note 7: Investments in Unconsolidated Subsidiaries and Affiliates
A summary of investments in unconsolidated subsidiaries and affiliates as of December 31, 2023 and 2022 is as follows:
| (in millions of dollars) | 2023 | 2022 |
|---|---|---|
| Equity method | $509 | $331 |
| Other investments, at carrying value | 54 | 54 |
| Total | $563 | $385 |
A summary of the combined results of operations and financial position as reported by the investees that CNH accounts for using the equity method is as follows (unaudited):
| Years Ended December 31, | |||
|---|---|---|---|
| (in millions of dollars) | 2023 | 2022 | 2021 |
| Net revenue | $2,748 | $2,096 | $1,996 |
| Income before taxes | $888 | $348 | $332 |
| Net income | $733 | $280 | $247 |
| As of December 31, | ||
|---|---|---|
| (in millions of dollars) | 2023 | 2022 |
| Total assets | $7,792 | $7,290 |
| Total liabilities | $6,347 | $6,376 |
| Total equity | $1,445 | $914 |
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), CIFINS S.p.a (50.0% ownership) and CNH Industrial Capital Europe S.a.S (24.9% ownership owned directly by CIFINS S.p.a).
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