Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'CNHI |
Entity Registrant Name | 'CNH Industrial N.V. |
Entity Central Index Key | '0001567094 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Net sales | $32,632 | $31,529 | $32,224 |
Finance and interest income | 1,204 | 1,272 | 1,256 |
Total Revenues | 33,836 | 32,801 | 33,480 |
Costs and Expenses | ' | ' | ' |
Cost of goods sold | 26,551 | 25,569 | 26,270 |
Selling, general & administrative expenses | 3,094 | 3,036 | 3,214 |
Research and development expenses | 1,222 | 1,129 | 1,026 |
Restructuring expenses | 71 | 231 | 131 |
Interest expense | 1,196 | 1,209 | 1,324 |
Other, net | 328 | 280 | 335 |
Total Costs and Expenses | 32,462 | 31,454 | 32,300 |
Income (loss) before taxes and equity in income (loss) of unconsolidated subsidiaries and affiliates | 1,374 | 1,347 | 1,180 |
Income taxes | 671 | 564 | 652 |
Equity in income of unconsolidated subsidiaries and affiliates | 125 | 93 | 111 |
Net Income | 828 | 876 | 639 |
Net income attributable to noncontrolling interests | 151 | 120 | 94 |
Net income attributable to CNH Industrial N.V. | $677 | $756 | $545 |
Earnings per share attributable to common shareholders | ' | ' | ' |
Basic | $0.54 | $0.62 | $0.42 |
Diluted | $0.54 | $0.62 | $0.42 |
Preference Shareholders [Member] | ' | ' | ' |
Earnings per share attributable to preference/savings shareholders | ' | ' | ' |
Basic and diluted | ' | ' | $0.42 |
Savings Shareholders [Member] | ' | ' | ' |
Earnings per share attributable to preference/savings shareholders | ' | ' | ' |
Basic and diluted | ' | ' | $0.49 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $828 | $876 | $639 |
Other comprehensive income (loss), net of tax | ' | ' | ' |
Unrealized gain (loss) on cash flow hedges | 94 | 42 | -53 |
Changes in retirement plans' funded status | 87 | -219 | -68 |
Foreign currency translation | -510 | -185 | -265 |
Unrealized gain (loss) on available for sale securities | -1 | -1 | -6 |
Share of other comprehensive income of entities using the equity method | -23 | -59 | -12 |
Other comprehensive income (loss), net of tax | -353 | -422 | -404 |
Comprehensive income | 475 | 454 | 235 |
Less: comprehensive income attributable to noncontrolling interests | 132 | 80 | 36 |
Comprehensive income attributable to CNH Industrial N.V. | $343 | $374 | $199 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Cash and cash equivalents | $5,567 | $5,199 |
Restricted cash | 922 | 885 |
Trade receivables, net | 1,362 | 1,894 |
Financing receivables, net | 21,976 | 20,039 |
Inventories, net | 7,410 | 6,260 |
Property, plant and equipment, net | 7,090 | 6,154 |
Investments in unconsolidated subsidiaries and affiliates | 645 | 594 |
Equipment on operating leases, net | 1,059 | 821 |
Goodwill | 2,504 | 2,510 |
Other Intangible assets, net | 810 | 780 |
Deferred tax assets | 1,679 | 1,529 |
Derivative assets | 261 | 159 |
Other assets | 2,558 | 2,141 |
Total Assets | 53,843 | 48,965 |
Debt | 29,866 | 27,052 |
Trade payables | 7,369 | 6,389 |
Deferred tax liabilities | 385 | 210 |
Pension, postretirement and other post-employment benefits | 2,427 | 2,564 |
Derivative liabilities | 94 | 128 |
Other liabilities | 8,735 | 7,790 |
TOTAL LIABILITIES | 48,876 | 44,133 |
Redeemable Noncontrolling interest | 12 | 7 |
Common shares, € 0.01, par value; issued 1,350,073,530 common shares and 468,994,386 special voting shares in 2013; € 1.50 par value, issued 1,222,560,247 common shares in 2012 | 25 | 2,565 |
Additional paid in capital | 4,283 | 577 |
Retained earnings | 1,966 | 1,693 |
Accumulated other comprehensive income (loss) | -1,373 | -911 |
Noncontrolling interests | 54 | 901 |
Equity | 4,955 | 4,825 |
TOTAL EQUITY AND LIABILITIES | 53,843 | 48,965 |
Variable Interest Entities [Member] | ' | ' |
Restricted cash | 900 | 881 |
Financing receivables, net | 12,379 | 12,111 |
Equipment on operating leases, net | 116 | 125 |
Total Assets | 13,395 | 13,117 |
Debt | 12,871 | 12,535 |
TOTAL LIABILITIES | $12,871 | $12,535 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (EUR €) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' | ' |
Common shares, par value | € 0.01 | € 0.01 | € 1.50 |
Special voting shares, shares issued | 468,994,386 | 474,474,276 | ' |
Common shares, shares issued | 1,350,073,530 | 1,348,867,772 | 1,222,560,247 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $828 | $876 | $639 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization expense, net of assets under operating lease and assets sold under buy-back commitments | 690 | 677 | 709 |
Depreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments | 413 | 362 | 314 |
Loss (gain) from disposal of assets | 25 | 22 | -46 |
Undistributed income of unconsolidated subsidiaries | -44 | 11 | -31 |
Other non cash items | 196 | 398 | 537 |
Changes in operating assets and liabilities: | ' | ' | ' |
Provisions | 107 | 79 | 249 |
Deferred income taxes | -59 | -10 | 157 |
Trade and financing receivables related to sales, net | -658 | -1,145 | -701 |
Inventories, net | -1,205 | -103 | -1,290 |
Trade payables | 963 | -168 | 1,258 |
Other assets and liabilities | 266 | -157 | 370 |
Net cash provided (used) by operating activities | 1,522 | 842 | 2,165 |
Investing activities: | ' | ' | ' |
Additions to retail receivables | -7,511 | -7,048 | -6,797 |
Collections of retail receivables | 6,043 | 6,175 | 6,325 |
Proceeds from the sale of assets, net of assets under operating leases and assets sold under buy-back commitments | 7 | 97 | 15 |
Proceeds from the sale of assets previously under operating leases and assets sold under buy-back commitments | 466 | 412 | 539 |
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease and assets sold under buy-back commitments | -1,227 | -1,048 | -820 |
Expenditures for assets under operating leases and assets sold under buy-back commitments | -1,439 | -1,186 | -1,154 |
Other | -127 | 1 | -443 |
Net cash used by investing activities | -3,788 | -2,597 | -2,335 |
Financing activities: | ' | ' | ' |
Proceeds from long-term debt | 12,464 | 11,364 | 16,708 |
Payments of long-term debt | -9,988 | -9,505 | -7,312 |
Net increase (decrease) in other financial liabilities | 514 | -657 | -6,568 |
Dividends paid | -368 | -616 | -11 |
Other | -6 | 13 | -2 |
Net cash provided by financing activities | 2,616 | 599 | 2,815 |
Effect of foreign exchange rate changes on cash and cash equivalents | 18 | ' | -300 |
Increase (decrease) in cash and cash equivalents | 368 | -1,156 | 2,345 |
Cash and cash equivalents, beginning of year | 5,199 | 6,355 | 4,010 |
Cash and cash equivalents, end of year | $5,567 | $5,199 | $6,355 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | Total | Total | Common shares [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Redeemable Noncontrolling Interest [Member] |
In Millions | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | $4 |
Beginning balance at Dec. 31, 2010 | 4,559 | ' | 2,557 | 610 | 629 | -183 | 946 | ' |
Net income | 637 | ' | ' | ' | 545 | ' | 92 | ' |
Net income, excluding redeemable non controlling interests | ' | ' | ' | ' | ' | ' | ' | 2 |
Other comprehensive income, net of tax | -404 | ' | ' | ' | ' | -346 | -58 | ' |
Dividend paid | -10 | ' | ' | ' | ' | ' | -10 | -1 |
Increase in noncontrolling interest due to change in ownership | 17 | ' | ' | -11 | ' | ' | 28 | ' |
Other changes | 58 | ' | ' | ' | 33 | ' | 25 | ' |
Ending balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 5 |
Ending balance at Dec. 31, 2011 | 4,857 | ' | 2,557 | 599 | 1,207 | -529 | 1,023 | ' |
Net income | 872 | ' | ' | ' | 756 | ' | 116 | ' |
Net income, excluding redeemable non controlling interests | ' | ' | ' | ' | ' | ' | ' | 4 |
Other comprehensive income, net of tax | -422 | ' | ' | ' | ' | -382 | -40 | ' |
Dividend paid | -614 | ' | ' | ' | -308 | ' | -306 | -2 |
Increase in noncontrolling interest due to change in ownership | 63 | ' | ' | -14 | ' | ' | 77 | ' |
Increase/(decrease) in the reserve for share-based payment | 8 | ' | ' | ' | 8 | ' | ' | ' |
Capital increase | 13 | ' | 8 | -8 | ' | ' | 13 | ' |
Other changes | 48 | ' | ' | ' | 30 | ' | 18 | ' |
Ending balance at Dec. 31, 2012 | 7 | ' | ' | ' | ' | ' | ' | 7 |
Ending balance at Dec. 31, 2012 | 4,825 | ' | 2,565 | 577 | 1,693 | -911 | 901 | ' |
Net income | 821 | ' | ' | ' | 677 | ' | 144 | ' |
Net income, excluding redeemable non controlling interests | ' | ' | ' | ' | ' | ' | ' | 7 |
Other comprehensive income, net of tax | -353 | ' | ' | ' | ' | -334 | -19 | ' |
Dividend paid | -366 | ' | ' | ' | -366 | ' | ' | -2 |
Increase in noncontrolling interest due to change in ownership | 20 | ' | ' | -44 | ' | ' | 64 | ' |
Increase/(decrease) in the reserve for share-based payment | 21 | ' | ' | 29 | -8 | ' | ' | ' |
Other changes | -13 | ' | ' | ' | -30 | ' | 17 | ' |
Impact from the Merger -Cancellation of Fiat Industrial S.p.A. share capital and issuance of CNH Industrial N.V. share capital | ' | ' | -2,541 | 2,541 | ' | ' | ' | ' |
-Purchase of ownership interests in CNH Global N.V. from non-controlling interests | ' | ' | 1 | 1,180 | ' | -128 | -1,053 | ' |
Ending balance at Dec. 31, 2013 | 12 | ' | ' | ' | ' | ' | ' | 12 |
Ending balance at Dec. 31, 2013 | $4,955 | ' | $25 | $4,283 | $1,966 | ($1,373) | $54 | ' |
Nature_of_Operations
Nature of Operations | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Nature of Operations | ' | |||
Note 1: Nature of Operations | ||||
CNH Industrial N.V. (“CNH Industrial” or the “Company”) is incorporated in, and under the laws of, The Netherlands. CNH Industrial is a leading company in the capital goods sector that, through its various businesses, designs, produces and sells agricultural equipment and construction equipment, trucks, commercial vehicles, buses and specialty vehicles, in addition to a broad portfolio of powertrain applications (see “Note 19: Segment Reporting”). In addition, CNH Industrial’s Financial Services segment offers an array of financial products and services, including retail financing for the purchase or lease of new and used CNH Industrial and other manufacturers’ products and other retail financing programs and wholesale financing to dealers. | ||||
The Company was formed as a result of the business combination transaction between Fiat Industrial S.p.A. (“Fiat Industrial” and, together with its subsidiaries the “Fiat Industrial Group”) and CNH Global N.V. (“CNH Global”). | ||||
The deeds of merger for the mergers of Fiat Industrial and CNH Global with and into CNH Industrial (the “Merger”) were executed, respectively, on September 27 and 28, 2013. The effective date of the Merger was September 29, 2013. A primary objective of the Merger was to simplify the capital structure of Fiat Industrial (CNH Industrial subsequent to the Merger) by creating a single class of liquid stock listed on the New York Stock Exchange (“NYSE”) and on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A. (“MTA”). The principal steps in the Merger were: | ||||
• | the cross-border merger of Fiat Netherlands Holding N.V. (“FNH”) with and into Fiat Industrial (the “FNH Merger”), which occurred on August 1, 2013; | |||
• | the cross-border reverse merger of Fiat Industrial with and into FI CBM Holdings N.V. (now known as CNH Industrial) (the “FI Merger”); and | |||
• | the Dutch merger of CNH Global with and into FI CBM Holdings N.V. (the “CNH Merger”). | |||
All the companies (i.e., Fiat Industrial, FI CBM Holdings N.V. (now known as CNH Industrial), FNH and CNH Global) involved in the Merger were part of Fiat Industrial. In particular: | ||||
• | (i) FNH was a wholly-owned direct subsidiary of Fiat Industrial; | |||
• | (ii) FI CBM Holdings N.V. (now known as CNH Industrial) was a wholly-owned direct subsidiary of Fiat Industrial; and | |||
• | (iii) CNH Global was an indirect subsidiary of Fiat Industrial (controlled through FNH which owned approximately 87% of CNH Global’s capital stock). | |||
In connection with the FI Merger, Fiat Industrial shareholders received one newly allotted common share in CNH Industrial (having a nominal value of €0.01 each) for each ordinary share held in Fiat Industrial (having a nominal value of €1.57 each). In connection with the CNH Merger, CNH Global shareholders received 3.828 newly allotted CNH Industrial common shares (having a nominal value of €0.01 each) for each common share held in CNH Global (having a nominal value of €2.25 each). | ||||
Prior to the Merger, Fiat Industrial owned approximately 87% of CNH Global’s outstanding common shares (through their ownership of all of CNH Global’s common shares B), through Fiat Netherlands Holding N.V. (“Fiat Netherlands”). As the Merger represents a “business combination involving entities or businesses under common control”, it is outside the scope of application of Accounting Standards Codification 805—Business Combinations. Accordingly, no adjustments were made to the carrying amounts of the assets and liabilities of Fiat Industrial. This resulted in the amounts recognized in the consolidated balance sheet post-merger being equal to those reported in the consolidated balance sheet of Fiat Industrial pre-merger. The only significant accounting effect of the Merger was the post-merger attribution to owners of the parent company of the previous noncontrolling interests in CNH Global N.V. As a result of the Merger, $1,053 million of noncontrolling interests were reclassified to equity attributable to the parent. | ||||
During 2010, Fiat S.p.A. and its subsidiaries (the “Fiat Group”) initiated and completed a strategic project to separate the Agricultural Equipment and Construction Equipment (CNH) and Trucks and Commercial Vehicles (Iveco) activities, as well as the “Industrial & Marine” business line of FPT Powertrain Technologies (FPT Industrial), from the Automobile and Automobile-related Components and Production Systems activities, consisting of Fiat Group Automobiles, Maserati, Ferrari, Magneti Marelli, Teksid, Comau and the “Passenger & Commercial Vehicles” business line of FPT Powertrain Technologies. Separation of those businesses, through the demerger from Fiat S.p.A. and transfer to Fiat Industrial S.p.A. (the “Demerger”—a Partial and Proportional Demerger pursuant to Article 2506-bis of the Italian Civil Code), resulted in the creation of Fiat Industrial Group (consisting of CNH, Iveco and FPT Industrial) on January 1, 2011. Pursuant to the Demerger, on January 1, 2011, shareholders of Fiat S.p.A. received, for no consideration, one share in Fiat Industrial S.p.A. for each share of the same class already held in Fiat S.p.A. Accordingly, as a result of this statutory demerger, the share capital of Fiat Industrial S.p.A. increased by an amount of $2,556 million, equal to the corresponding reduction in the share capital of Fiat S.p.A. on January 1, 2011. Since January 3, 2011, Fiat S.p.A. and Fiat Industrial S.p.A. have been listed separately on the MTA (“Mercato Telematico Azionario di Milano”) and operate as independent companies, each with its own management and Board of Directors. | ||||
Following the Merger between Fiat Industrial and CNH Global, the Company has realigned its reportable segments reflecting the five businesses now directly managed by CNH Industrial N.V., consisting of: (i) Agricultural Equipment, which designs, produces and sells agricultural equipment (ii) Construction Equipment, which designs, produces and sells construction equipment (iii) Commercial Vehicles, which designs, produces and sell trucks, commercial vehicles, buses, and special vehicles (iv) Powertrain, which produces and sells engines and transmissions for those vehicles and engines for marine applications and (v) Financial Services, which provides financial services to the customers of our products. The Company’s worldwide agricultural equipment, construction equipment, commercial vehicles and powertrain operations are collectively referred to as “Industrial Activities”. Segment information for prior years has been recast to conform to the current year’s presentation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Significant Accounting Policies | ' | ||||
Note 2: Summary of Significant Accounting Policies | |||||
Principles of Consolidation and Basis of Presentation | |||||
CNH Industrial has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include CNH Industrial N.V. and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars and, unless otherwise indicated, all financial data set forth in these consolidated financial statements is expressed in U.S. dollars. The consolidated financial statements include the accounts of CNH Industrial’s subsidiaries in which CNH Industrial has a controlling financial interest, and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of an entity or based on CNH Industrial’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. | |||||
Investments in unconsolidated subsidiaries and affiliates are accounted for using the equity method when CNH Industrial does not have a controlling interest, but exercises significant influence. Under this method, the investment is initially recorded at cost and is increased or decreased by CNH Industrial’s proportionate share of the entity’s respective net income or loss. Dividends received from these entities reduce the carrying value of the investments. | |||||
Business Combinations | |||||
Business combinations are accounted for by applying the acquisition method. Under this method, the consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Company and the equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred. | |||||
There were no significant business combinations in 2013 or 2012. | |||||
In 2011, the Company acquired Iveco Finance Holdings Limited (“IFHL”), a previously unconsolidated joint venture which managed the financial services activities for Commercial Vehicles in Italy, Germany, France, the U.K. and Switzerland which was later renamed Iveco Capital Limited. The acquisition price was approximately $154 million, which was primarily allocated to acquired financing receivables of $3,381 million and assumed debt of $3,148 million. If the acquisition had occurred as of January 1, 2011, the Company’s revenues would have increased by $214 million and the impact on net income would have been insignificant. | |||||
Use of Estimates in the Preparation of Financial Statements | |||||
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the realizable value of property, plant and equipment, and goodwill and other intangibles; residual values of equipment on operating leases; allowance for credit losses; tax contingencies; liabilities for warranties; sales allowances; and assets and obligations related to employee benefits. | |||||
Revenue Recognition | |||||
Industrial Activities record sales of equipment and replacement parts when title and all risks of ownership have transferred to the independent dealer or other customer according to the terms of sale, generally upon shipment or delivery of goods. Revenue for certain transactions is recognized when the special order goods are available for a limited pickup period when requested in advance by a qualifying customer and risks and rewards of ownership have transferred. Dealers may not return equipment while the applicable dealer contract remains in place. Replacement parts may be returned on a limited basis. In the U.S. and Canada, if a dealer contract is terminated for any reason, CNH Industrial may be obligated to repurchase new equipment from the dealer. | |||||
For all sales, no significant uncertainty exists surrounding the purchaser’s obligation to pay for the equipment and replacement parts. CNH Industrial records appropriate allowance for credit losses and anticipated returns as necessary. Receivables are due upon the earlier of payment terms discussed below or sale to the retail customer. Fixed payment schedules exist for all sales to dealers, but payment terms vary by geographic market and product line. In connection with these payment terms, CNH Industrial offers wholesale financing to many of its dealers including “interest-free” financing for specified periods of time which also vary by geographic market and product line. Interest is charged to dealers after the end of the “interest-free” period. Sales to dealers that do not qualify for an “interest-free” period are generally subject to payment terms of 30 days or less. | |||||
New vehicle sales with a buy-back commitment are not recognized at the time of delivery but are accounted for as operating leases. More specifically, vehicles sold with a buy-back commitment by Commercial Vehicles are accounted for as Property, plant and equipment because agreements usually have a long-term buy-back commitment. The difference between the carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of refurbishing costs) at the end of the buy-back period is depreciated on a straight-line basis over the same period. The initial sale price received is recognized as an advance payment in Other Liability. The difference between the initial sale price and the buy-back price is recognized as rental revenue on a straight-line basis over the term of the operating lease. | |||||
Revenues from the sale of extended warranties and maintenance contracts are recognized over the life of the contract and matched to related costs. Given their nature, margins on these contracts are recognized only when all associated costs can be estimated reliably, which is generally in the final period of the contractual term. In the event that estimated costs to fulfill the contract obligations exceed contract revenues, the estimated contract loss is recognized as soon as it is identified and recorded in Other Liabilities. | |||||
Shipping and other transportation costs are recorded in cost of sales. | |||||
Finance and interest income on retail and other notes receivables and finance leases is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on loans is suspended when management determines that collection of future income is not probable or when an account becomes 120 days delinquent, whichever occurs earlier. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected. | |||||
Income from operating leases is recognized over the term of the lease on a straight-line basis. | |||||
Sales Allowances | |||||
CNH Industrial grants certain sales incentives to stimulate sales of its products to retail customers. The expense for such incentive programs is recorded as a deduction in arriving at the net sales amount at the time of the sale of the product to the dealer. The expense for new programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated based upon historical data, estimated future market demand for products, field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things. | |||||
Warranty Costs | |||||
At the time a sale of equipment or parts to a dealer is recognized, CNH Industrial records the estimated future warranty costs for the product, primarily basic warranty coverage. CNH Industrial determines its total warranty liability by applying historical claims rate experience to the estimated amount of equipment that has been sold and is still under warranty. Campaigns are formal post-production modification programs approved by management. The liabilities for such programs are recognized when approved, based on an estimate of the total cost of the program. | |||||
Advertising | |||||
CNH Industrial expenses advertising costs as incurred. Advertising expense totaled $241 million, $210 million, and $223 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
Research and Development | |||||
Research and development costs are expensed as incurred. | |||||
Borrowing Costs | |||||
Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalized and amortized over the useful life of the class of assets to which they refer. | |||||
All other borrowing costs are expensed when incurred. | |||||
Government Grants | |||||
Government grants are recognized in the financial statements when there is reasonable assurance that the Company concerned will comply with the conditions for receiving such grants and that the grants themselves will be received. Government grants are recognized as income over the periods necessary to match them with the related costs which they are intended to offset. | |||||
The benefit of a government loan at a below-market rate of interest is treated as a government grant. The benefit of the below-market rate of interest is measured as the difference between the initial carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and is accounted for in accordance with the policies already used for the recognition of government grants. | |||||
Foreign Currency Translation | |||||
Certain of CNH Industrial’s non-U.S. subsidiaries and affiliates maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non-U.S. subsidiaries are translated into U.S. dollars at period-end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income (loss)” in the accompanying consolidated balance sheets. Income and expense accounts of these non-U.S. subsidiaries are translated at the average exchange rates for the period. Gains and losses from foreign currency transactions are included in net income in the period during which they arise. Net foreign currency transaction gains and losses are reflected in “Other, net” in the accompanying consolidated statements of operations. For the years ended December 31, 2013, 2012, and 2011, the Company recorded a net loss of $68 million, $33 million and $40 million, respectively. For the year ended December 31, 2012, the Company also reclassified a foreign currency translation gain of $52 million previously deferred in accumulated other comprehensive loss into net income as a result of the sale of an investment in a foreign entity. For additional information, see “Note 6: Investment in Unconsolidated Subsidiaries and Affiliates”. | |||||
Cash and Cash Equivalents | |||||
Cash equivalents are highly liquid investments with an original maturity of three months or less. The carrying value of cash equivalents approximates fair value because of the short maturity of these investments. | |||||
Restricted Cash | |||||
Restricted cash includes principal and interest payments from retail notes, wholesale receivables and commercial revolving accounts receivable owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements. | |||||
Cash Flow Information | |||||
All cash flows from the changes in trade accounts and notes receivable are classified as operating activities in the consolidated statements of cash flows as these receivables arise from sales to CNH Industrial’s customers. Cash flows from financing receivables that are related to sales to CNH Industrial’s dealers are also included in operating activities. CNH Industrial’s financing of receivables related to equipment sold by dealers is included in investing activities. | |||||
Cash payments for interest totaled $1,013 million, $1,047 million, and $1,311 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
CNH Industrial paid taxes of $521 million, $673 million, and $433 million in 2013, 2012, and 2011, respectively. | |||||
Receivables | |||||
Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. | |||||
Periodically, the Company sells or transfers retail notes, wholesale receivables and commercial revolving accounts receivable to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail notes, wholesale receivables and commercial revolving accounts receivable sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of our receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment. | |||||
For those receivable securitizations that qualify as sales and are off-book, the Company retains interest-only strips, servicing rights and cash reserve accounts (collectively, “retained interests”), all of which are recorded at fair value. Changes in these fair values are recorded in other comprehensive income as an unrealized gain or loss on available-for-sale securities. With regards to other-than-temporary impairments (“OTTI”) of debt securities, any OTTI due to changes in the prepayment rate and the expected credit loss rate would be included in net income. An OTTI due to a change in the discount rates would be included in accumulated other comprehensive income. | |||||
Allowance for Credit Losses | |||||
The allowance for credit losses is the Company’s estimate of probable losses on receivables owned by the Company and consists of two components, depending on whether the receivable has been individually identified as being impaired. The first component of the allowance for credit losses covers the receivables specifically reviewed by management for which the Company has determined it is probable that it will not collect all of the contractual principal and interest. Receivables are individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables are subject to impairment measurement at the loan level based either on the present value of expected future cash flows discounted at the receivables’ effective interest rate or the fair value of the collateral for collateral-dependent receivables. | |||||
The second component of the allowance for credit losses covers all receivables that have not been individually reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations, generally by financial product. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The allowance for wholesale credit losses is based on loss forecast models that consider the same factors as the retail models plus dealer risk ratings. The loss forecast models are updated on a quarterly basis. In addition, qualitative factors that are not fully captured in the loss forecast models, including industry trends, and macroeconomic factors, are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment. | |||||
Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected. | |||||
Inventories | |||||
Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. The cost of finished goods and work-in-progress includes the cost of raw materials, other direct costs and production overheads. | |||||
Property, Plant and Equipment | |||||
Property, plant and equipment are stated at cost, less accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred. | |||||
Property, plant and equipment also include vehicles sold with a buy-back commitment, which are recognized under the method described in the paragraph Revenue Recognition . | |||||
Assets held under capital leases, which the Company assumes substantially all the risks and rewards of ownership, are recognized as assets of the Company at the lower of fair value or present value of the minimum lease payments. The corresponding liability to the lessor is included in the financial statements as debt. | |||||
Depreciation is recorded on a straight-line basis over the estimated useful lives of the respective assets as follows: | |||||
Category | Lives | ||||
Buildings and improvements | 10 — 40 years | ||||
Plant, machinery and equipment | 5 — 25 years | ||||
Other equipment | 3 — 10 years | ||||
CNH Industrial evaluates the recoverability of the carrying amount of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If circumstances require a long-lived asset to be tested for possible impairment, CNH Industrial compares the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. | |||||
Equipment on Operating Leases | |||||
Financial Services purchases leases and equipment from CNH Industrial dealers and other independent third parties that have leased equipment to retail customers under operating leases. Financial Services’ investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination, which is estimated at the inception of the lease. Realization of the residual values is dependent on Financial Services’ future ability to re-market the equipment under then prevailing market conditions. Model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs of the applicable equipment are the responsibility of the lessee. | |||||
Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded in inventory at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated. | |||||
Goodwill and Other Intangibles | |||||
Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets are reviewed for impairment at least annually. During 2013 and 2012, the Company performed its annual impairment review as of December 31 and concluded that there was no impairment in either year. | |||||
Other intangibles consist primarily of acquired dealer networks, trademarks, product drawings, patents, and software. Other intangibles with indefinite lives principally consist of acquired trademarks which have no legal, regulatory, contractual, competitive, economic, or other factor that limits their useful life. Intangible assets with an indefinite useful life are not amortized. Other intangible assets with definite lives are being amortized on a straight-line basis over 5 to 25 years. | |||||
Reference is made to “Note 8: Goodwill and Other Intangibles” for further information regarding goodwill and other intangible assets. | |||||
Income Taxes | |||||
The provision for income taxes is determined using the asset and liability method. CNH Industrial recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carry forwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence. | |||||
Retirement and Post-employment Benefits | |||||
CNH Industrial sponsors numerous defined benefit and defined contribution pension plans, the assets of which are held in separate trustee-administered funds. The pension plans are funded by payments from CNH Industrial. The cost of providing defined benefit pension and other postretirement benefits is calculated based upon actuarial valuations. The liability for termination indemnities is accrued in accordance with labor legislation in each country where such benefits are required. CNH Industrial contributions to defined contribution plans are charged to the income statement during the period of the employee’s service. | |||||
Derivatives | |||||
CNH Industrial’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. CNH Industrial records derivative financial instruments in the consolidated balance sheets as either an asset or a liability measured at fair value. The fair value of CNH Industrial’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). The fair value of CNH Industrial’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the effective portion of the derivative financial instrument’s gain or loss is initially reported in other comprehensive income (loss) and is subsequently reclassified into income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recorded in income immediately. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. | |||||
For derivative financial instruments designated as hedges, CNH Industrial formally documents the hedging relationship to the hedged item and its risk management strategy for all derivatives designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. CNH Industrial assesses the effectiveness of its hedging instruments both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, or the derivative is terminated, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term. | |||||
Reference is made to “Note 14: Financial Instruments,” for further information regarding CNH Industrial’s use of derivative financial instruments. | |||||
Share-Based Compensation Plans | |||||
CNH Industrial recognizes all share-based compensation as an expense based on the fair value of each award on the grant date. CNH Industrial recognizes share-based compensation costs on a straight-line basis over the requisite service period for each separately vesting portion of an award. | |||||
Earnings Per Share | |||||
Basic earnings per share is based on the weighted average number of shares outstanding during each period. Diluted earnings per share is based on the weighted average number of shares and dilutive share equivalents outstanding during each period. Unvested performance-based awards are considered outstanding and included in the computation of diluted earnings per share based on the number of shares that would vest if the end of the reporting period were the end of the contingency period. | |||||
In 2011, the Company applied the two-class method for calculating and presenting earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Under this method, undistributed earnings for 2011 were allocated to the Company’s common shares, preference shares and savings shares based on their contractual participation rights to share in those current earnings as if all of the earnings for the period had been distributed. | |||||
New Accounting Pronouncements Adopted | |||||
Troubled Debt Restructuring | |||||
In April 2011, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that clarifies a creditor’s determination of troubled debt restructurings. A troubled debt restructuring occurs when a creditor grants a concession it would not otherwise consider to a debtor that is experiencing financial difficulties. The guidance clarifies what would be considered a concession by the creditor and financial difficulties of the debtor. Certain disclosures are required for transactions that qualify as troubled debt restructurings. This new guidance was effective for the Company on January 1, 2011. The disclosures required by this guidance have been included in these notes to the consolidated financial statements. For further information see “Note 3: Receivables”. | |||||
Comprehensive Income | |||||
In June 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”). ASU 2011-05 increases the prominence of other comprehensive income in financial statements. ASU 2011-05 does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The standard initially required that reclassification adjustments from other comprehensive income be measured and presented by income statement line item on the face of the statement of operations. In December 2011, however, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05.” This standard defers the requirement to present components of reclassifications of other comprehensive income on the face of the statement of operations. The Company adopted these standards by consecutively presenting the consolidated statements of operations and the consolidated statements of comprehensive income. | |||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02”). ASU 2013-02 requires preparers to report information about reclassifications out of accumulated other comprehensive income. For significant items reclassified out of accumulated other comprehensive income to net income in their entirety in the same reporting period, reporting (either on the face of the statement where net income is presented or in the notes) is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under US GAAP (e.g., pension amounts that are included in inventory) is required in the notes. The above information must be presented in one place (parenthetically on the face of the financial statements by income statement line item or in a note). Please see “Note 18: Accumulated Other Comprehensive Income” for the disclosures required under this pronouncement. | |||||
Fair Value | |||||
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 clarifies existing fair value measurement concepts and continues the convergence towards a uniform framework for applying fair value measurement principles. This standard requires additional disclosures for fair value measurements, primarily Level 3 measurements. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011 and is to be applied prospectively. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements or footnote disclosures. |
Receivables
Receivables | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Receivables | ' | ||||||||||||||||||||||||||||||||
Note 3: Receivables | |||||||||||||||||||||||||||||||||
Trade Receivables, net | |||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company had trade receivables of $1,362 million and $1,894 million, respectively. Trade receivables are shown net of allowances for doubtful accounts of $248 million at December 31, 2013 ($223 million at December 31, 2012). Trade accounts have significant concentrations of credit risk in the Agricultural Equipment, Construction Equipment and Commercial Vehicles segments. On a geographic basis, there is not a disproportionate concentration of credit risk in any area. | |||||||||||||||||||||||||||||||||
The Industrial Activities businesses sell a significant portion of their trade receivables to Financial Services and provides compensation to Financial Services at approximate market rates of interest. | |||||||||||||||||||||||||||||||||
Financing Receivables, net | |||||||||||||||||||||||||||||||||
A summary of financing receivables included in the consolidated balance sheets as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Retail | $ | 12,730 | $ | 11,760 | |||||||||||||||||||||||||||||
Wholesale | 9,111 | 8,049 | |||||||||||||||||||||||||||||||
Other | 135 | 230 | |||||||||||||||||||||||||||||||
$ | 21,976 | $ | 20,039 | ||||||||||||||||||||||||||||||
CNH Industrial provides and administers financing for retail purchases of new and used equipment sold through its dealer network. The terms of retail and other notes and finance leases generally range from two to six years, and interest rates on retail and other notes and finance leases vary depending on prevailing market interest rates and certain incentive programs offered by Industrial Activities. | |||||||||||||||||||||||||||||||||
Wholesale receivables arise primarily from the sale of goods to dealers and distributors and, to a lesser extent, the financing of dealer operations. Under the standard terms of the wholesale receivable agreements, these receivables typically have “interest-free” periods of up to twelve months and stated original maturities of up to twenty-four months, with repayment accelerated upon the sale of the underlying equipment by the dealer. During the “interest free” period, Financial Services is compensated by Industrial Activities for the difference between market interest rates and the amount paid by the dealer. After the expiration of any “interest-free” period, interest is charged to dealers on outstanding balances until CNH Industrial receives payment in full. The “interest-free” periods are determined based on the type of equipment sold and the time of year of the sale. Interest rates are set based on market factors and based on Euribor or the equivalent financial market rate (e.g. FHBR, Finance House Base Rate for UK). CNH Industrial evaluates and assesses dealers on an ongoing basis as to their credit worthiness. CNH Industrial may be obligated to repurchase the dealer’s equipment upon cancellation or termination of the dealer’s contract for such causes as change in ownership, closeout of the business, or default. There were no significant losses in 2013, 2012 or 2011 relating to the termination of dealer contracts. | |||||||||||||||||||||||||||||||||
Financing receivables generally have significant concentrations of credit risk in the agriculture, construction and truck industries. On a geographic basis, there is not a disproportionate concentration of credit risk in any area. The Company retains as collateral a security interest in the equipment associated with retail notes, wholesale notes and finance leases. | |||||||||||||||||||||||||||||||||
As part of our overall funding strategy, the Company periodically transfers certain receivables into VIEs that are special purposes entities (SPEs) as part of its asset-back securitization program and are not available to the Company’s general creditors. Please see the securitization discussion at the end of this footnote. | |||||||||||||||||||||||||||||||||
Contractual maturities of financing receivables as of December 31, 2013 are as follows: | |||||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
2014 | $ | 13,241 | |||||||||||||||||||||||||||||||
2015 | 3,262 | ||||||||||||||||||||||||||||||||
2016 | 2,287 | ||||||||||||||||||||||||||||||||
2017 | 1,715 | ||||||||||||||||||||||||||||||||
2018 | 1,069 | ||||||||||||||||||||||||||||||||
2019 and thereafter | 402 | ||||||||||||||||||||||||||||||||
Total | $ | 21,976 | |||||||||||||||||||||||||||||||
It has been the Company’s experience that substantial portions of retail receivables are repaid before their contractual maturity dates. As a result, the above table should not be regarded as a forecast of future cash collections. | |||||||||||||||||||||||||||||||||
Past due balances of financing receivables still accruing finance income represent the total balance held (principal plus accrued interest) with any payment amounts 30 days or more past the contractual payment due date. Non-performing financing receivables represent loans for which the Company has ceased accruing finance income. These receivables are generally 120 days delinquent. Finance income for non-performing receivables is recognized on a cash basis. Accrual of finance income is resumed when the receivable becomes contractually current and collections are reasonably assured. | |||||||||||||||||||||||||||||||||
The aging of financing receivables as of December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total | Non | Total | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Performing | Performing | ||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 18 | $ | 5 | $ | 3 | $ | 26 | $ | 8,336 | $ | 8,362 | $ | 30 | $ | 8,392 | |||||||||||||||||
EMEA | 75 | 21 | 8 | 104 | 1,524 | 1,628 | 220 | 1,848 | |||||||||||||||||||||||||
LATAM | 4 | — | — | 4 | 1,651 | 1,655 | 51 | 1,706 | |||||||||||||||||||||||||
APAC | 40 | 9 | 6 | 55 | 727 | 782 | 2 | 784 | |||||||||||||||||||||||||
Total Retail | $ | 137 | $ | 35 | $ | 17 | $ | 189 | $ | 12,238 | $ | 12,427 | $ | 303 | $ | 12,730 | |||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | — | $ | — | $ | — | $ | — | $ | 3,536 | $ | 3,536 | $ | 30 | $ | 3,566 | |||||||||||||||||
EMEA | 180 | 36 | 1 | 217 | 4,052 | 4,269 | 241 | 4,510 | |||||||||||||||||||||||||
LATAM | — | — | — | — | 796 | 796 | 1 | 797 | |||||||||||||||||||||||||
APAC | 4 | 5 | 18 | 27 | 211 | 238 | — | 238 | |||||||||||||||||||||||||
Total Wholesale | $ | 184 | $ | 41 | $ | 19 | $ | 244 | $ | 8,595 | $ | 8,839 | $ | 272 | $ | 9,111 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total | Non | Total | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Performing | Performing | ||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 19 | $ | 5 | $ | 3 | $ | 27 | $ | 7,201 | $ | 7,228 | $ | 29 | $ | 7,257 | |||||||||||||||||
EMEA | 129 | 47 | — | 176 | 1,692 | 1,868 | 280 | 2,148 | |||||||||||||||||||||||||
LATAM | 3 | — | — | 3 | 1,218 | 1,221 | 94 | 1,315 | |||||||||||||||||||||||||
APAC | 28 | 8 | 1 | 37 | 997 | 1,034 | 6 | 1,040 | |||||||||||||||||||||||||
Total Retail | 179 | 60 | 4 | 243 | 11,108 | 11,351 | 409 | 11,760 | |||||||||||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | — | $ | — | $ | — | $ | — | $ | 3,192 | $ | 3,192 | $ | 61 | $ | 3,253 | |||||||||||||||||
EMEA | 141 | 51 | — | 192 | 3,522 | 3,714 | 194 | 3,908 | |||||||||||||||||||||||||
LATAM | — | — | — | — | 648 | 648 | 1 | 649 | |||||||||||||||||||||||||
APAC | 2 | — | — | 2 | 237 | 239 | — | 239 | |||||||||||||||||||||||||
Total Wholesale | $ | 143 | $ | 51 | $ | — | $ | 194 | $ | 7,599 | $ | 7,793 | $ | 256 | $ | 8,049 | |||||||||||||||||
Allowance for credit losses activity for the three years ended December 31, 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Retail | Wholesale | Other | Total | ||||||||||||||||||||||||||||||
Opening Balance | $ | 661 | $ | 120 | $ | 1 | $ | 782 | |||||||||||||||||||||||||
Provision | 62 | 1 | — | 63 | |||||||||||||||||||||||||||||
charge-offs, net of recoveries | (111 | ) | (8 | ) | — | (119 | ) | ||||||||||||||||||||||||||
Foreign Currency Translation and Other | 1 | (1 | ) | — | — | ||||||||||||||||||||||||||||
Ending Balance | 613 | 112 | 1 | 726 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 292 | 101 | — | 393 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | 321 | 11 | 1 | 333 | |||||||||||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||||||||
Ending Balance | 12,730 | 9,111 | 135 | 21,976 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 569 | 742 | — | 1,311 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | $ | 12,161 | $ | 8,369 | $ | 135 | $ | 20,665 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Retail | Wholesale | Other | Total | ||||||||||||||||||||||||||||||
Opening Balance | $ | 635 | $ | 95 | $ | — | $ | 730 | |||||||||||||||||||||||||
Provision | 90 | 33 | 1 | 124 | |||||||||||||||||||||||||||||
charge-offs, net of recoveries | (128 | ) | (8 | ) | — | (136 | ) | ||||||||||||||||||||||||||
Foreign Currency Translation and Other | 64 | — | — | 64 | |||||||||||||||||||||||||||||
Ending Balance | 661 | 120 | 1 | 782 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 247 | 108 | — | 355 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | 414 | 12 | 1 | 427 | |||||||||||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||||||||
Ending Balance | 11,760 | 8,049 | 230 | 20,039 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 531 | 788 | — | 1,319 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | $ | 11,229 | $ | 7,261 | $ | 230 | $ | 18,720 | |||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||
Retail | Wholesale | Other | Total | ||||||||||||||||||||||||||||||
Opening Balance | $ | 546 | $ | 112 | $ | — | $ | 658 | |||||||||||||||||||||||||
Provision | 362 | 19 | — | 381 | |||||||||||||||||||||||||||||
charge-offs, net of recoveries | (376 | ) | (50 | ) | — | (426 | ) | ||||||||||||||||||||||||||
Foreign Currency Translation and Other | 103 | 14 | — | 117 | |||||||||||||||||||||||||||||
Ending Balance | 635 | 95 | — | 730 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 236 | 66 | — | 302 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | 399 | 29 | — | 428 | |||||||||||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||||||||
Ending Balance | 11,041 | 6,783 | 129 | 17,953 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 517 | 590 | — | 1,107 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | $ | 10,524 | $ | 6,193 | $ | 129 | $ | 16,846 | |||||||||||||||||||||||||
Financing receivables are considered impaired when it is probable the Company will be unable to collect all amounts due according to the contractual terms. Receivables reviewed for impairment generally include those that are either past due, or have provided bankruptcy notification, or require significant collection efforts. Receivables, which are impaired, are generally classified as non-performing. | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Recorded | Unpaid | Related | Average | ||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Investment | Principal | Allowance | Investment | ||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
With no related allowance | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 17 | $ | 17 | $ | — | $ | 11 | $ | 6 | $ | 6 | $ | — | $ | 5 | |||||||||||||||||
EMEA | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
LATAM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
APAC | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
EMEA | $ | 42 | $ | 42 | $ | — | $ | 40 | $ | 130 | $ | 130 | $ | — | $ | 128 | |||||||||||||||||
LATAM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
APAC | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 27 | $ | 27 | $ | 13 | $ | 30 | $ | 43 | $ | 38 | $ | 28 | $ | 52 | |||||||||||||||||
EMEA | $ | 447 | $ | 447 | $ | 249 | $ | 473 | $ | 478 | $ | 478 | $ | 216 | $ | 522 | |||||||||||||||||
LATAM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
APAC | $ | 78 | $ | 78 | $ | 30 | $ | 69 | $ | 4 | $ | 4 | $ | 3 | $ | 4 | |||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | 31 | $ | 30 | $ | 6 | $ | 34 | $ | 62 | $ | 61 | $ | 10 | $ | 72 | |||||||||||||||||
EMEA | $ | 644 | $ | 644 | $ | 78 | $ | 655 | $ | 501 | $ | 501 | $ | 71 | $ | 568 | |||||||||||||||||
LATAM | $ | 13 | $ | 11 | $ | 10 | $ | 14 | $ | 80 | $ | 77 | $ | 19 | $ | 76 | |||||||||||||||||
APAC | $ | 12 | $ | 12 | $ | 7 | $ | 14 | $ | 15 | $ | 16 | $ | 8 | $ | 17 | |||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Retail | $ | 569 | $ | 569 | $ | 292 | $ | 583 | $ | 531 | $ | 526 | $ | 247 | $ | 583 | |||||||||||||||||
Wholesale | $ | 742 | $ | 739 | $ | 101 | $ | 757 | $ | 788 | $ | 785 | $ | 108 | $ | 861 | |||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
A troubled debt restructuring is generally the modification of debt in which a creditor grants a concession it would not otherwise consider to a debtor that is experiencing financial difficulties. These modifications may include extended contract maturities, inclusion of interest-only periods, modification of a contractual interest rate to a below market interest rate, extended skip payment period and waving interest and principal. As a collateral based lender, the Company typically will repossess collateral in lieu of restructuring receivables. As such, for retail contracts, concessions are typically provided based on bankruptcy or other court proceedings. | |||||||||||||||||||||||||||||||||
For the year ended December 31, 2013, the Company had approximately 765 retail and finance lease receivable contracts in NAFTA, of which the pre-modification value was $17 million and the post-modification value was $15 million. The court has determined the concession in 514 of these cases. The pre-modification value of these contracts was $9 million and the post-modification value was $8 million. For the year ended December 31, 2012, the Company had approximately 1,100 retail and finance lease receivable contracts in NAFTA, of which the pre-modification value was $40 million and the post-modification value was $38 million. The court has determined the concession in 609 of these cases. The pre-modification value of these contracts was $11 million and the post-modification value was $10 million. As the outcome of the bankruptcy cases is determined by the court based on available assets, subsequent re-defaults are unusual and were not material for retail and finance lease receivable contracts that were modified in a troubled debt restructuring during the twelve months ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the Company had approximately $206 million and $212 million, respectively, in retail and finance lease receivable contracts related to Commercial Vehicles classified as troubled debt restructurings. The primary concession was skip payments and extended contract maturities, and, as such, the post-modification value approximates the pre-modification value. Subsequent re-defaults were not material for retail and capital lease receivable contracts that were modified in a troubled debt restructuring during the twelve months ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
For the year ended December 31, 2013, the Company had approximately $74 million in retail and finance lease contracts in LATAM classified as troubled debt restructurings. The concessions granted on these receivables are primarily skip payments and extensions of contract maturities. For the year ended December 31, 2013, the amount of these receivables that subsequently re-defaulted was not material. For the year ended December 31, 2012, the Company had approximately $84 million in retail and finance lease contracts in LATAM classified as troubled debt restructurings. The amount of these receivables that subsequently re-defaulted in 2012 was approximately $6 million. | |||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company’s wholesale troubled debt restructurings agreements were immaterial. | |||||||||||||||||||||||||||||||||
Transfers of Financial Assets | |||||||||||||||||||||||||||||||||
The Company transfers a number of its financial receivables under securitization programs or factoring transactions. | |||||||||||||||||||||||||||||||||
A securitization transaction entails the sale of a portfolio of receivables to a securitization vehicle. This special purpose entity finances the purchase of the receivables by issuing asset-backed securities (i.e. securities whose repayment and interest flow depend upon the cash flow generated by the portfolio). SPEs utilized in securitizations differ from other entities included in the Company’s consolidated financial statements because the assets they hold are legally isolated. For bankruptcy analysis purposes, the Company has sold the receivables to the SPEs in a true sale and the SPEs are separate legal entities. Upon transfer of the receivables to the SPEs, the receivables and certain cash flows derived from them become restricted for use in meeting obligations to the SPEs creditors. The SPEs have ownership of cash balances that also have restrictions for the benefit of the SPEs’ investors. The Company’s interests in the SPEs’ receivables are subordinate to the interests of third party investors. None of the receivables that are directly or indirectly sold or transferred in any of these transactions are available to pay the Company’s creditors until all obligations of the SPE have been fulfilled. | |||||||||||||||||||||||||||||||||
These trusts were determined to be VIEs and, consequently, the Company has consolidated these trusts. In its role as servicer, the Company has the power to direct the trusts’ activities. Through its retained interests, the Company has an obligation to absorb certain losses or the right to receive certain benefits that could potentially be significant to the trusts. | |||||||||||||||||||||||||||||||||
No recourse provisions exist that allow holders of the asset-backed securities issued by the trusts to put those securities back to the Company although the Company provides customary representations and warranties that could give rise to an obligation to repurchase from the trusts any receivables for which there is a breach of the representations and warranties. Moreover, the Company does not guarantee any securities issued by the trusts. The trusts have a limited life and generally terminate upon final distribution of amounts owed to investors or upon exercise of a cleanup-call option by the Company, in its role as servicer. | |||||||||||||||||||||||||||||||||
Furthermore, factoring transactions may be either with recourse or without recourse; certain without recourse transfers include deferred payment clauses (for example, when the payment by the factor of a minor part of the purchase price is dependent on the total amount collected from the receivables), requiring first loss cover, meaning that the transferor takes priority participation in the losses, or require a significant exposure to the cash flows arising from the transferred receivables to be retained. These types of transactions do not qualify for the derecognition of the assets since the risks and rewards connected with collection are not substantially transferred, and accordingly the Company continues to recognize the receivables transferred by this means in its balance sheet and recognizes a financial liability of the same amount under asset-backed financing. | |||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the carrying amount of such restricted assets included in financing receivables above are the following (in millions): | |||||||||||||||||||||||||||||||||
Restricted Receivables | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Retail note and finance lease receivables | $ | 8,960 | $ | 8,209 | |||||||||||||||||||||||||||||
Wholesale receivables | 6,042 | 5,571 | |||||||||||||||||||||||||||||||
Total | $ | 15,002 | $ | 13,780 | |||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company also had $360 million and $100 million, respectively, of VAT receivables included in Other Assets that were used as collateral in certain borrowings. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 4: Inventories | |||||||||
Inventories (stated at the lower of cost or market, cost being determined on a FIFO basis) as of December 31, 2013, and 2012 consist of the following: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Raw materials | $ | 1,956 | $ | 1,629 | |||||
Work-in-process | 949 | 882 | |||||||
Finished goods | 4,505 | 3,749 | |||||||
Total inventories | $ | 7,410 | $ | 6,260 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Note 5: Property, Plant and Equipment | |||||||||
A summary of property, plant and equipment as of December 31, 2013, and 2012 is as follows: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Land and industrial buildings | $ | 3,478 | $ | 3,136 | |||||
Plant, machinery and equipment | 8,481 | 8,096 | |||||||
Assets sold with buy-back commitment | 2,813 | 2,260 | |||||||
Construction in progress | 516 | 324 | |||||||
Other | 960 | 946 | |||||||
Gross property, plant and equipment | 16,248 | 14,762 | |||||||
Accumulated depreciation | (9,158 | ) | (8,608 | ) | |||||
Net property, plant and equipment | $ | 7,090 | $ | 6,154 | |||||
A summary of property, plant and equipment recorded under capital leases ¹ as of December 31, 2013, and 2012 is as follows: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Gross capital leases ² | $ | 158 | $ | 133 | |||||
Accumulated depreciation | (38 | ) | (32 | ) | |||||
Net capital leases | $ | 120 | $ | 101 | |||||
¹ | Included in Property, plant and equipment table above | ||||||||
² | Consists of industrial buildings, plant, machinery and equipment | ||||||||
Depreciation expense on the above property, plant and equipment totaled $854 million, $783 million, and $772 million for the years ended December 31, 2013, 2012, and 2011, respectively. Excluding depreciation for assets sold with buy-back commitments, depreciation expenses totaled $581 million, $564 million, and $583 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||
Commercial Vehicles recognized an impairment loss of $37 million, $19 million and $15 million on assets sold with a buy-back commitment for the years ended December 31, 2013, 2012 and 2011, respectively. The losses are recognized in the cost of goods sold. | |||||||||
The Company had contractual commitments of $348 million and $315 million for the acquisition of property, plant and equipment at December 31, 2013 and 2012, respectively. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Subsidiaries and Affiliates | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Investments in Unconsolidated Subsidiaries and Affiliates | ' | ||||||||||||
Note 6: Investments in Unconsolidated Subsidiaries and Affiliates | |||||||||||||
A summary of investments in unconsolidated subsidiaries and affiliates as of December 31, 2013, and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Equity method | $ | 638 | $ | 587 | |||||||||
Cost method | 7 | 7 | |||||||||||
Total | $ | 645 | $ | 594 | |||||||||
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: | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Net revenue | $ | 5,211 | $ | 5,619 | $ | 8,797 | |||||||
Income before taxes | $ | 321 | $ | 261 | $ | 487 | |||||||
Net income | $ | 289 | $ | 210 | $ | 354 | |||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Total assets | $ | 7,127 | $ | 6,177 | |||||||||
Total liabilities | $ | 5,460 | $ | 4,663 | |||||||||
Total equity | $ | 1,667 | $ | 1,514 | |||||||||
The investees included in these tables primarily consists of Al Ghazi Tractors Ltd. (43% ownership), Turk Traktor re Ziraat Makineteri A.S. (37% ownership), New Holland HFT Japan Inc. (50% ownership), CNH de Mexico S.A. de C.V. (50% ownership), CNH Industrial Capital Europe S.A.S. (50% ownership) and Naveco (Nanjing Inveco Motor Co.) Ltd (50% ownership), SAIC Iveco Commercial Vehicle Investment Company Limited (50% ownership) and Transolver Finance Establecimiento Financiero de Credito S.A. (50% ownership). The table for 2011 also include Kobelco Construction Machinery Co. Ltd. (20% ownership). | |||||||||||||
In October 2013, we established a joint venture, which we own 60%, with the LARIMAR Group, a leading South African public transport operator and bus manufacturer, named Iveco South Africa Works (Pty) Ltd. This joint venture will manufacture light, medium and heavy duty commercial vehicles and buses in Rosslyn, South Africa. | |||||||||||||
Effective December 31, 2012, the initial term of CNH Global’s global alliance with one of its Japanese joint ventures, Kobelco Construction Machinery Co., Ltd. (“KCM”) expired and CNH Global and KCM entered a new phase of the relationship. As a result, CNH sold its 20% ownership in KCM to Kobe Steel, Ltd (“KSL”) and recognized a loss of approximately $35 million in 2012. The dispute regarding the amount to be paid by KSL to CNH Global was resolved by binding arbitration pursuant to London Court of International Arbitration (“LCIA”) rules, as provided by the KCM Shareholders Agreement. In November 2013 the arbitrator issued his award and opinion, effectively ruling in favor of KSL. As a result, CNH Industrial recognized an additional loss of $26 million on the sale of investment in its consolidated statements of operations for the year ended December 31, 2013. Please see “Note 13: Commitments and Contingencies” for additional information. | |||||||||||||
In March 2011, CNH Global acquired full ownership of L&T Case Equipment Private Limited, an unconsolidated joint venture established in 1999 with Larsen & Toubro Limited to manufacture and sell construction and building equipment in India. The new wholly owned company took the name Case New Holland Construction Equipment India Private Limited. The purchase price was $50 million. The acquisition resulted in an allocation of $35 million to goodwill, $32 million to net tangible assets, $30 million to intangible assets such as dealer network and acquired technology. A gain of $34 million related to this transaction as a result of revaluing CNH Global’s previously held 50% ownership interest is included in “Other, net” in the accompanying consolidated statement of operations. The process of valuing the assets and the intangibles acquired in connection with this acquisition was completed during the fourth quarter of 2011. |
Equipment_on_Operating_Leases
Equipment on Operating Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Equipment on Operating Leases | ' | ||||||||
Note 7: Equipment on Operating Leases | |||||||||
Equipment on operating leases primarily include products leased to customers by Agricultural Equipment, Construction Equipment and Commercial Vehicles. A summary of equipment on operating leases as of December 31, 2013, and 2012 is as follows: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Equipment on operating leases | $ | 1,343 | $ | 1,070 | |||||
Accumulated depreciation | (284 | ) | (249 | ) | |||||
Net equipment on operating leases | $ | 1,059 | $ | 821 | |||||
Depreciation expense on equipment on operating leases is recorded in “Other” and amounted to $140 million, $143 million and $125 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Lease payments owed to CNH Industrial for equipment under non-cancelable operating leases as of December 31, 2013, are as follows: | |||||||||
Amount | |||||||||
(in millions) | |||||||||
2013 | $ | 145 | |||||||
2014 | 86 | ||||||||
2015 | 45 | ||||||||
2016 | 20 | ||||||||
2017 | 9 | ||||||||
Beyond 5 years | 9 | ||||||||
Total | $ | 314 | |||||||
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||||||||||||||||||
Note 8: Goodwill and Other Intangibles | |||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill, for the years ended December 31, 2013, and 2012 are as follows: | |||||||||||||||||||||||||||||
Agricultural | Construction | Commercial | Powertrain | Financial | Total | ||||||||||||||||||||||||
Equipment | Equipment | Vehicles | Services | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1,668 | $ | 597 | $ | 67 | $ | 6 | $ | 164 | $ | 2,502 | |||||||||||||||||
Acquisition | — | — | — | — | 2 | 2 | |||||||||||||||||||||||
Impact of foreign exchange | 3 | — | 2 | — | 1 | 6 | |||||||||||||||||||||||
Balance at December 31, 2012 | 1,671 | 597 | 69 | 6 | 167 | 2,510 | |||||||||||||||||||||||
Acquisition | — | 9 | — | — | — | 9 | |||||||||||||||||||||||
Impact of foreign exchange | (14 | ) | — | 2 | — | (3 | ) | (15 | ) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,657 | $ | 606 | $ | 71 | $ | 6 | $ | 164 | $ | 2,504 | |||||||||||||||||
Goodwill and other indefinite-lived intangible assets are tested for impairment annually or more frequently if a triggering event occurs. In 2013 and 2012, CNH Industrial performed its annual impairment review as of December 31 and concluded that there were no impairments in either year. | |||||||||||||||||||||||||||||
Impairment testing for goodwill is done at a reporting unit level using a two-step test. Under the first step of the goodwill impairment test, CNH Industrial’s estimate of the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and CNH Industrial must perform step two of the impairment test (measurement). Step two of the impairment test, when necessary, requires the identification and estimation of the fair value of the reporting unit’s individual assets, including intangible assets with definite and indefinite lives regardless of whether such intangible assets are currently recorded as an asset of the reporting unit, and liabilities in order to calculate the implied fair value of the reporting unit’s goodwill. Under step two, an impairment loss is recognized to the extent the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of goodwill. | |||||||||||||||||||||||||||||
The carrying values for each reporting unit include material allocations of the Company’s assets and liabilities and costs and expenses that are common to all of the reporting units. CNH Industrial believes that the basis for such allocations has been consistently applied and is reasonable. | |||||||||||||||||||||||||||||
CNH Industrial determines the fair value of its reporting units using multiple valuation methodologies, relying largely on an income approach but also incorporating value indicators from a market approach, with reference to the reporting units with the most significant allocated goodwill. | |||||||||||||||||||||||||||||
Under the income approach, CNH Industrial calculates the fair value of a reporting unit based on the present value of estimated future cash flows. The income approach is dependent on several critical management assumptions, including estimates of future sales, gross margins, operating costs, income tax rates, terminal value growth rates, capital expenditures, changes in working capital requirements, and the weighted average cost of capital (discount rate). Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the respective reporting units. Expected cash flows used under the income approach are developed in conjunction with CNH Industrial budgeting and forecasting process. | |||||||||||||||||||||||||||||
Under the market approach, CNH Industrial estimates the fair value of the Agricultural Equipment and Construction Equipment reporting units using revenue and EBITDA multiples and estimates the fair value of the Financial Services reporting unit using book value and interest margin multiples. The multiples are derived from comparable publicly-traded companies with similar operating and investment characteristics as the respective reporting units. The guideline company method makes use of market price data of corporations whose stock is actively traded in a public, free and open market, either on an exchange or over-the counter basis. Although it is clear no two companies are entirely alike, the corporations selected as guideline companies must be engaged in the same, or a similar, line of business or be subject to similar financial and business risks, including the opportunity for growth. | |||||||||||||||||||||||||||||
As of December 31, 2013, the estimated fair value of the Agricultural Equipment and Financial Services reporting units, as well as indefinite-lived intangible assets, substantially exceeded the respective carrying values. The Construction Equipment reporting unit’s excess of fair value over carrying value was approximately 16%. This reporting unit is considered to be at higher risk of potential failure of step one of the impairment test in future reporting periods, due primarily to decline in market demand for construction equipment, particularly in emerging markets and Europe. | |||||||||||||||||||||||||||||
The sum of the fair values of CNH Industrial’s reporting units was in excess of CNH Industrial’s market capitalization. CNH Industrial believes that the difference between the fair value and market capitalization is reasonable (in the context of assessing whether any asset impairment exists) when market-based control premiums are taken into consideration. | |||||||||||||||||||||||||||||
As of December 31, 2013, and 2012, the Company’s other intangible assets and related accumulated amortization consisted of the following: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Avg. Life | Amortization | Amortization | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Other intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Dealer Networks | 15 | $ | 252 | $ | 122 | $ | 130 | $ | 226 | $ | 113 | $ | 113 | ||||||||||||||||
Patents, concessions and licenses | 20-May | 992 | 806 | 186 | 940 | 728 | 212 | ||||||||||||||||||||||
Other intangible assets | 25-May | 513 | 291 | 222 | 444 | 261 | 183 | ||||||||||||||||||||||
1,757 | 1,219 | 538 | 1,610 | 1,102 | 508 | ||||||||||||||||||||||||
Other intangible assets not subject to amortization: | |||||||||||||||||||||||||||||
Trademarks | 272 | — | 272 | 272 | — | 272 | |||||||||||||||||||||||
Total other intangible assets | $ | 2,029 | $ | 1,219 | $ | 810 | $ | 1,882 | $ | 1,102 | $ | 780 | |||||||||||||||||
CNH Industrial recorded amortization expense of $109 million, $113 million, and $126 million during 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||
Based on the current amount of other intangible assets subject to amortization, the estimated annual amortization expense for each of the succeeding 5 years is expected to be as follows: $112 million in 2014; $98 million in 2015; $91 million in 2016, $86 million in 2017; and $81 million in 2018. |
Debt
Debt | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Debt | ' | ||||||||||||||||||||||||
Note 9: Debt | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
Lenders of committed credit facilities have the obligation to make advances up to the facility amount. Lenders of uncommitted facilities have the right to terminate the agreement with prior notice to CNH Industrial. At December 31, 2013, committed lines of credit available to the Company were $5.1 billion, of which $2.2 billion of these lines were unused. The Company has credit facilities available in varying currencies that have various maturity dates up to 2016. | |||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||
The following is a summary of the Company’s total debt: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Industrial | Financial | Consolidated | Industrial | Financial | Consolidated | ||||||||||||||||||||
Activities | Services | Activities | Services | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total debt | $ | 11,948 | $ | 25,408 | $ | 29,866 | $ | 12,032 | $ | 22,678 | $ | 27,052 | |||||||||||||
A summary of debt as of December 31, 2013 and 2012, including drawings under credit lines, is as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Industrial | Financial | Consolidated | Industrial | Financial | Consolidated | ||||||||||||||||||||
Activities | Services | Activities | Services | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Bonds (*): | |||||||||||||||||||||||||
Payable in 2015, interest rate of 5.250% | $ | 1,379 | $ | — | $ | 1,379 | $ | 1,319 | $ | — | $ | 1,319 | |||||||||||||
Payable in 2018, interest rate of 6.250% | 1,655 | — | 1,655 | 1,584 | — | 1,584 | |||||||||||||||||||
Payable in 2016, interest rate of 7.250% | 258 | — | 258 | 260 | — | 260 | |||||||||||||||||||
Payable in 2017, interest rate of 7.875% | 1,541 | — | 1,541 | 1,581 | — | 1,581 | |||||||||||||||||||
Payable in 2013, interest rate of 7.750% | — | — | — | 1,004 | — | 1,004 | |||||||||||||||||||
Payable in 2016, interest rate of 6.250% | — | 500 | 500 | — | 500 | 500 | |||||||||||||||||||
Payable in 2015, interest rate of 3.875% | — | 750 | 750 | — | 750 | 750 | |||||||||||||||||||
Payable in 2018, interest rate of 3.625% | — | 599 | 599 | — | — | — | |||||||||||||||||||
Payable in 2017, interest rate of 3.250% | — | 500 | 500 | — | — | — | |||||||||||||||||||
Other Debt: | |||||||||||||||||||||||||
Asset-backed debt | 15 | 14,697 | 14,712 | 147 | 12,613 | 12,760 | |||||||||||||||||||
Other debt | 5,290 | 2,682 | 7,972 | 4,569 | 2,725 | 7,294 | |||||||||||||||||||
Intersegment debt | 1,810 | 5,680 | — | 1,568 | 6,090 | — | |||||||||||||||||||
Total debt | $ | 11,948 | $ | 25,408 | $ | 29,866 | $ | 12,032 | $ | 22,678 | $ | 27,052 | |||||||||||||
(*) | Includes unamortized discounts/premiums and fair value hedge adjustments. | ||||||||||||||||||||||||
The weighted-average interest rate on consolidated debt at December 31, 2013, and 2012 was 3.7% and 3.9%, respectively. | |||||||||||||||||||||||||
In March 2011, CNH Industrial Finance Europe S.A. (formerly Fiat Industrial Finance Europe S.A.) issued €1.0 billion of notes, due 2015 and bearing fixed interest at a rate of 5.250% (the “5.250% CIFE Notes”). The 5.250% CIFE Notes have been issued under the €10 billion Global Medium Term Note Programme unconditionally and irrevocably guaranteed by CNH Industrial N.V., as successor to Fiat Industrial S.p.A. | |||||||||||||||||||||||||
In March 2011, CNH Industrial Finance Europe S.A. (formerly Fiat Industrial Finance Europe S.A.) issued €1.2 billion of notes, due 2018 and bearing fixed interest at a rate of 6.250% (the “6.250% CIFE Notes”). The 6.250% CIFE Notes have been issued under the €10 billion Global Medium Term Note Programme unconditionally and irrevocably guaranteed by CNH Industrial N.V., as successor to Fiat Industrial S.p.A. | |||||||||||||||||||||||||
In January 1996, Case Corp. (now CNH Industrial America LLC) issued $254 million 7.25% Senior Notes (the “7.250% Senior Notes”), due 2016. The 7.250% Senior Notes are redeemable in whole or in part at any time at the option of CNH Industrial America LLC at a price equal to the greater of (i) 100% of the principal amount of the notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the date of redemption on a semi-annual basis at the Treasury Rate (as defined in the notes) plus 20 basis points. Since 1999, the 7.250% Senior Notes have been fully guaranteed by CNH Global, and, after the Merger, by its successor CNH Industrial. | |||||||||||||||||||||||||
In June 2010, Case New Holland Industrial Inc. (formerly Case New Holland Inc.) issued $1.5 billion of debt securities at an annual fixed rate of 7.875% (the “7.875% Senior Notes”) due 2017. The 7.875% Senior Notes are fully and unconditionally guaranteed by CNH Industrial N.V. (as successor to CNH Global N.V.) and certain of its direct and indirect subsidiaries. The 7.875% Senior Notes contain certain covenants that limit the ability of CNH Industrial N.V. and its restricted subsidiaries to, among other things, incur secured funded debt or enter into certain leaseback transactions; the ability of CNH Industrial non-guarantor restricted subsidiaries other than Case New Holland Industrial Inc. or any credit subsidiaries to incur additional funded debt and the ability of CNH Industrial, Case New Holland Industrial Inc. and CNH Industrial guarantor subsidiaries to consolidate, merge, convey, transfer or lease out properties and assets. The 7.875% Senior Notes are redeemable at Case New Holland Industrial Inc.’s option at any time at a price equal to 100% of the principal amount of the notes plus a make-whole premium defined in the respective indentures. | |||||||||||||||||||||||||
In July 2011, CNH Industrial Capital LLC (formerly CNH Capital LLC) closed a $250 million, 5-year, unsecured committed credit facility. The facility includes a $150 million term loan which thereafter was fully drawn with a 5-year tenure, and a $100 million revolving credit facility that has remained fully available. | |||||||||||||||||||||||||
In November 2011, CNH Industrial Capital LLC issued $500 million of debt securities at an annual fixed rate of 6.250% (the “6.250% Notes”) due 2016. The 6.250% Notes are fully and unconditionally guaranteed by certain wholly owned subsidiaries of the issuer. | |||||||||||||||||||||||||
In October 2012, CNH Industrial Capital LLC issued $750 million of debt securities at an annual fixed rate of 3.875% (the “3.875% Notes”) due 2015. The 3.875% Notes are fully and unconditionally guaranteed by certain wholly owned subsidiaries of the issuer. | |||||||||||||||||||||||||
In April 2013, CNH Industrial Capital LLC issued $600 million of debt securities at an annual fixed rate of 3.625% (the “3.625% Notes”) due 2018. The 3.625% Notes are fully and unconditionally guaranteed by certain wholly owned subsidiaries of the issuer. | |||||||||||||||||||||||||
In October 2013, CNH Industrial Capital LLC issued $500 million of debt securities at an annual fixed rate of 3.250% (the “3.250% Notes”) due 2017. The 3.250% Notes are fully and unconditionally guaranteed by certain wholly owned subsidiaries of the issuer. | |||||||||||||||||||||||||
A summary of the minimum annual repayments of debt as of December 31, 2013, for 2014 and thereafter is as follows: | |||||||||||||||||||||||||
Industrial | Financial | Consolidated | |||||||||||||||||||||||
Activities | Services | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
2014 | $ | 1,640 | $ | 8,671 | $ | 10,311 | |||||||||||||||||||
2015 | 2,580 | 4,458 | 7,038 | ||||||||||||||||||||||
2016 | 2,082 | 2,932 | 5,014 | ||||||||||||||||||||||
2017 | 1,786 | 1,943 | 3,729 | ||||||||||||||||||||||
2018 | 1,847 | 1,445 | 3,292 | ||||||||||||||||||||||
2019 and thereafter | 203 | 279 | 482 | ||||||||||||||||||||||
Intersegment | 1,810 | 5,680 | — | ||||||||||||||||||||||
Total | $ | 11,948 | $ | 25,408 | $ | 29,866 | |||||||||||||||||||
The table above includes unamortized debt discounts/premiums and fair value hedge adjustments which are considered insignificant compared to the total balance of outstanding debt. | |||||||||||||||||||||||||
Please refer to Note 14—Financial Instruments for fair value information on debt. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 10: Income Taxes | |||||||||||||
In 2012, the Company announced the planned tax domicile of CNH Industrial N.V. in the United Kingdom. On August 13, 2013, the Dutch and United Kingdom competent authorities completed a mutual agreement procedure and issued a ruling that as of November 24, 2012, CNH Industrial N.V. should be treated solely as a tax resident in the United Kingdom and is subject to the United Kingdom corporate income tax system. As a result of the United Kingdom tax residence, the Company does not expect a significant impact on its corporate income tax liabilities. However, dividend distributions by CNH Industrial N.V. to its shareholders are not subject to withholding tax, as the United Kingdom currently does not levy a withholding tax on dividend distributions. CNH Industrial N.V.’s United Kingdom tax residency provides us enhanced financial flexibility for global cash management and repatriation strategies. | |||||||||||||
CNH Industrial N.V., through its subsidiaries, has substantial world-wide operations. Taxes are primarily paid on the earnings generated in various jurisdictions, including the United States, Brazil, Canada, France, and other countries. The subsidiaries through which CNH Industrial N.V. operate incur tax obligations in the jurisdictions in which they operate. The Company’s provision for income taxes as reported in its consolidated statements of operations for the year ended December 31, 2013 of $671 million consists almost entirely of the income taxes owed by the subsidiaries of CNH Industrial N.V. | |||||||||||||
The sources of income (loss) before taxes and equity in income (loss) of unconsolidated subsidiaries and affiliates for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Parent country source | $ | 14 | $ | (1,036 | ) | $ | (627 | ) | |||||
Foreign sources | 1,360 | 2,383 | 1,807 | ||||||||||
Income (loss) before taxes and equity in income (loss) of unconsolidated subsidiaries and affiliates | $ | 1,374 | $ | 1,347 | $ | 1,180 | |||||||
The provision for income taxes for the years ended December 31, 2013, 2012, and 2011 consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Current income taxes | $ | 755 | $ | 579 | $ | 474 | |||||||
Deferred income taxes | (84 | ) | (15 | ) | 178 | ||||||||
Total income tax provision | $ | 671 | $ | 564 | $ | 652 | |||||||
CNH Industrial N.V. is incorporated in The Netherlands, but we are tax resident of the United Kingdom as indicated above. However, for 2011 and 2012, Fiat Industrial was incorporated in Italy and a tax resident of that country until the Merger date of September 28, 2013. As such, the reconciliation of the differences between the provision for income taxes and the statutory rate for 2011 and 2012 is presented on the basis of the Italy statutory federal income tax rate of 27.5% as opposed to the United Kingdom and Dutch statutory rates of 23% and 25%, respectively. For 2013, the reconciliation of the differences between the provision for income taxes and the statutory rate is presented on the basis of the United Kingdom statutory federal income tax rate of 23%. A reconciliation of CNH Industrial’s statutory and effective income tax rate for the years ended December 31, 2013, 2012, and 2011 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in percentages) | |||||||||||||
Tax provision at the parent statutory rate | 23 | % | 28 | % | 28 | % | |||||||
Foreign income taxed at different rates | 11 | 6 | 7 | ||||||||||
Change in valuation allowance | 13 | 4 | 18 | ||||||||||
Italian IRAP Taxes | 2 | 3 | 4 | ||||||||||
Tax contingencies | 3 | 9 | (1 | ) | |||||||||
Tax credits and incentives | (7 | ) | (10 | ) | (5 | ) | |||||||
Other | 4 | 2 | 4 | ||||||||||
Total income tax provision | 49 | % | 42 | % | 55 | % | |||||||
The components of net deferred tax assets as of December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Inventories | $ | 237 | $ | 181 | |||||||||
Warranty and campaigns | 218 | 181 | |||||||||||
Allowance for credit losses | 228 | 211 | |||||||||||
Marketing and sales incentive programs | 405 | 358 | |||||||||||
Other risk and future charges reserve | 179 | 153 | |||||||||||
Pension, postretirement and post-employment benefits | 587 | 539 | |||||||||||
Research and development costs | 440 | 348 | |||||||||||
Other reserves | 444 | 397 | |||||||||||
Tax loss carry forwards | 647 | 759 | |||||||||||
Less: Valuation allowances | (1,432 | ) | (1,290 | ) | |||||||||
Total deferred tax assets | $ | 1,953 | $ | 1,837 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 138 | 143 | |||||||||||
Inventories | 134 | 104 | |||||||||||
Measurement of derivative financial instruments | 57 | - | |||||||||||
Other | 330 | 271 | |||||||||||
Total deferred tax liabilities | 659 | 518 | |||||||||||
Net deferred tax assets | $ | 1,294 | $ | 1,319 | |||||||||
Net deferred tax assets are reflected in the accompanying consolidated balance sheets as of December 31, 2013 and 2012 as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Deferred tax assets | $ | 1,679 | $ | 1,529 | |||||||||
Deferred tax liabilities | (385 | ) | (210 | ) | |||||||||
Net deferred tax assets | $ | 1,294 | $ | 1,319 | |||||||||
CNH Industrial has gross tax loss carry forwards in a number of tax jurisdictions. The years in which these tax losses expire are as follows: $13 million in 2014; $18 million in 2015; $15 million in 2016; $210 million in 2017; and $830 million in 2018 and beyond. CNH Industrial also has tax loss carry forwards of approximately $2 billion with indefinite lives. Certain countries have a “change in ownership” rule that results in forfeiture of tax loss carry forwards. Due to the Fiat Group Demerger on January 1, 2011, CNH Industrial forfeited nearly $1 billion of tax loss carry forwards that were offset by full long-standing valuation allowances, principally relating to Germany. | |||||||||||||
A reconciliation of the gross amounts of tax contingencies at the beginning and end of the year is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Balance, beginning of year | $ | 383 | $ | 305 | |||||||||
Additions based on tax positions related to the current year | 95 | 72 | |||||||||||
Additions for tax positions of prior years | 171 | 117 | |||||||||||
Reductions for tax positions of prior years | (73 | ) | (81 | ) | |||||||||
Reductions for tax positions as a result of lapse of statute | (12 | ) | (4 | ) | |||||||||
Settlements | (9 | ) | (26 | ) | |||||||||
Balance, end of year | $ | 555 | $ | 383 | |||||||||
The total amount of tax contingencies, if recognized, would affect the total income tax provision by $253 million. | |||||||||||||
The remaining tax contingencies included in the balance sheet at December 31, 2013 are principally related to tax positions for which there are offsetting tax receivables or tax contingencies related to timing items. Based on worldwide tax audits which are scheduled to close over the next twelve months, the Company expects to have decreases of approximately $192 million and increases of approximately $41 million to tax contingencies primarily related to transfer pricing. These changes in tax contingencies are not expected to have a material impact on the effective tax rate due to compensating adjustments to related tax receivables. | |||||||||||||
Included in the balance at December 31, 2013, are $10 million of tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. The disallowance of a shorter deductibility period would accelerate the payment of cash to the taxing authority to an earlier period. | |||||||||||||
The Company recognizes interest and penalties accrued related to tax contingencies as part of the income tax provision. During the years ended December 31, 2013, 2012 and 2011, the Company recognized approximately $(13) million, $(9) million and $(5) million in interest and penalties, respectively. The Company had approximately $26 million, $41 million and $48 million for the payment of interest and penalties accrued at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
In the third quarter 2012, New Holland Fiat (India) Pvt. Ltd (“NHFIPL”) lost its Indian Supreme Court case regarding the amount of excise tax duty imposed on the valuation of motor vehicles for the period April 1998 through June 2001. See “Note 21: Related Party Information” for additional information. | |||||||||||||
On January 2, 2013, President Obama signed The American Taxpayer Relief Act of 2012, legislation which extended many of the tax provisions that expired in 2011 or 2012. For financial reporting purposes, the tax impact of this legislation is taken into account in the quarter in which the legislation is enacted by Congress and signed into law by the President. Since President Obama signed the bill on January 2, 2013, the financial reporting for these legislative changes occurred in the first quarter 2013. In the first quarter 2013, the full 2012 research and development tax credit was recorded as a discrete tax benefit and the reduction of the 2012 active financing income was recorded. The total tax impact to the first quarter 2013 was approximately $9 million. | |||||||||||||
On July 17, 2012, the UK Finance Act 2012 received Royal Assent passing into law a number of tax measures including the tax rate reduction, CFC reform and the introduction of the “patent box” regime. The key measure is a phased-in 2% reduction to the corporate income tax rate. The reduction to 21% for the year beginning April 1, 2014 was included in the Finance Act 2013 and enacted in 2013. Pursuant to ASC 740-10-25-47, deferred taxes are required to be measured using the tax laws and rates that are fully enacted as of the balance sheet date. The effect of changes in tax laws, including those with retroactive application, should be recorded in the financial reporting period that includes the enactment date with the entire tax effect of a change allocated to continuing operations. The deferred tax balances have been adjusted for the enacted 21% tax rate change. | |||||||||||||
The Company files income tax returns in various foreign jurisdictions, of which the United States, Brazil, Canada, France, and Italy represent the major tax jurisdictions. The Company is currently under tax examinations by various taxing authorities for years 2001 through 2012 that are anticipated to be completed by the end of 2016. During 2013, the Company settled various tax examinations and has made cash payments of approximately $19 million. Certain taxing authorities have proposed adjustments to the Company for certain tax positions and the Company is currently engaged in competent authority proceedings. The Company reached a settlement with the U.S. and Canada competent authorities in 2013 settling transfer pricing disputes for the years 2005 through 2012 resulting in cash tax payments of $75 million in 2014, which will be offset by cash tax refunds of $80 million that should be received in 2014. The potential tax deficiency assessment relating to other tax examinations could result in cash payments in the range of $45 to $50 million. The Company has provided for tax contingencies and related competent authority recovery. The Company does not believe that the resolution of the tax examinations will have a material adverse effect on the Company’s financial position or its results of operations. | |||||||||||||
At December 31, 2013, undistributed earnings in certain subsidiaries outside the U.K. totaled $7.3 billion for which no provision for income taxes has been made because it is expected that such earnings will be reinvested outside the U.K. indefinitely. The Company has determined that the amount of unrecognized deferred tax liability on $7.3 billion of the total undistributed earnings is approximately $65 million attributable to foreign withholding taxes in certain jurisdictions. The repatriation of undistributed earnings to the U.K. is generally exempt from U.K. income taxes under a full participation exemption. |
Employee_Benefit_Plans_and_Pos
Employee Benefit Plans and Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Employee Benefit Plans and Postretirement Benefits | ' | ||||||||||||||||||||||||||||||||||||
Note 11: Employee Benefit Plans and Postretirement Benefits | |||||||||||||||||||||||||||||||||||||
CNH Industrial provides pension, health care and insurance plans and other post-employment benefits to their employees and retirees under defined contribution and defined benefit plans. | |||||||||||||||||||||||||||||||||||||
In the case of defined contribution plans, CNH Industrial makes contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. Once the contributions have been made, the Company has no further payment obligations. CNH Industrial recognizes the contribution cost when the employees have rendered their service and includes this cost by function in Cost of sales, Selling, general and administrative costs and Research and development costs. During the years ended December 31, 2013, 2012, and 2011, CNH Industrial recorded expense of $194 million, $199 million, and $166 million, respectively, for its defined contribution plans. | |||||||||||||||||||||||||||||||||||||
Define benefit plans are classified by CNH Industrial on the basis of the type of benefit provided as follows: pension plans, health care plans, and other post-employment benefit plans. | |||||||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||||||
Pension plan obligations primarily comprise the obligations of the Company’s operation in the U.S., U.K. and Germany (with respect to certain employees and former employees). | |||||||||||||||||||||||||||||||||||||
Under these plans, contributions are made to a separate fund (trust) which independently administers the plan assets. The Company’s funding policy is to contribute amounts to the plan equal to the amounts required to satisfy the minimum funding requirements pursuant to the laws of the applicable jurisdictions. In addition, the Company makes discretionary contributions in addition to the funding requirements. To the extent that a fund is overfunded, the Company is not required to make further contributions to the plan. | |||||||||||||||||||||||||||||||||||||
Health Care Plans | |||||||||||||||||||||||||||||||||||||
Health care plan obligations comprise obligations for health care and insurance plans granted to employees working in the U.S. and Canada. These plans generally cover employees retiring on or after reaching the age of 55 who have completed at least 10 years of employment. CNH Industrial U.S. salaried and non-represented hourly employees and Canadian employees hired after January 1, 2001 and January 1, 2002, respectively, are not eligible for postretirement health care and life insurance benefits under the CNH Industrial plans. These benefits may be subject to deductibles, co-payment provisions and other limitations, and CNH Industrial has reserved the right to change or terminate these benefits, subject to the provisions of any collective bargaining agreement. These plans are not required to be funded. However, beginning in 2007, the Company began making contributions on a voluntary basis to a separate and independently managed fund established to finance the North American health care plans. | |||||||||||||||||||||||||||||||||||||
Other Post-Employment Benefits | |||||||||||||||||||||||||||||||||||||
Other post-employment benefits consists of obligations for Italian Employee Leaving Entitlements (“TFR”) before December 31, 2006, loyalty bonus in Italy and various other similar plans in France, Germany and Belgium. Before December 31, 2006, Italian companies with more than 50 employees were required to accrue for benefits paid to employees upon them leaving the Company. The scheme has since changed to a defined contribution plan. The obligation on our consolidated balance sheet represents the residual reserve for years prior to December 31, 2006. Loyalty bonus is accrued for employees who have reached certain service seniority and are generally settled when employees leave the Company. These plans are not required to be funded and, therefore, have no plan assets. | |||||||||||||||||||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||||||||||||||||||
The following summarizes data from CNH Industrial’s defined benefit pension, health care and other post-employment plans for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Change in benefit obligations: | |||||||||||||||||||||||||||||||||||||
Actuarial present value of benefit obligation at beginning of year | $ | 3,483 | $ | 3,182 | $ | 1,212 | $ | 1,180 | $ | 552 | $ | 478 | |||||||||||||||||||||||||
Service cost | 27 | 23 | 9 | 9 | 16 | 12 | |||||||||||||||||||||||||||||||
Interest cost | 126 | 143 | 45 | 52 | 12 | 15 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | 3 | 4 | 6 | 6 | — | — | |||||||||||||||||||||||||||||||
Actuarial (gain) loss | (45 | ) | 259 | (72 | ) | 41 | 4 | 61 | |||||||||||||||||||||||||||||
Gross benefits paid | (195 | ) | (195 | ) | (79 | ) | (81 | ) | (43 | ) | (38 | ) | |||||||||||||||||||||||||
Currency translation adjustments and other | 42 | 67 | (4 | ) | 5 | 24 | 24 | ||||||||||||||||||||||||||||||
Actuarial present value of benefit obligation at end of year | 3,441 | 3,483 | 1,117 | 1,212 | 565 | 552 | |||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | 2,602 | 2,389 | 91 | 81 | — | — | |||||||||||||||||||||||||||||||
Actual return on plan assets | 176 | 221 | 10 | 12 | — | — | |||||||||||||||||||||||||||||||
Employer contributions | 54 | 119 | 70 | 69 | — | — | |||||||||||||||||||||||||||||||
Plan participants’ contributions | 3 | 4 | 6 | 6 | — | — | |||||||||||||||||||||||||||||||
Gross benefits paid | (182 | ) | (181 | ) | (78 | ) | (79 | ) | — | — | |||||||||||||||||||||||||||
Currency translation adjustments and other | 12 | 50 | (1 | ) | 2 | — | — | ||||||||||||||||||||||||||||||
Plan assets at fair value at end of year | 2,665 | 2,602 | 98 | 91 | — | — | |||||||||||||||||||||||||||||||
Funded status: | $ | (776 | ) | $ | (881 | ) | $ | (1,019 | ) | $ | (1,121 | ) | $ | (565 | ) | $ | (552 | ) | |||||||||||||||||||
Net amounts recognized in the consolidated balance sheets as of December 31, 2013 and 2012 consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Other assets | $ | 67 | $ | 10 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Pension, postretirement and other post-employment benefits | (843 | ) | (891 | ) | (1,019 | ) | (1,121 | ) | (565 | ) | (552 | ) | |||||||||||||||||||||||||
Net liability recognized at end of year | $ | (776 | ) | $ | (881 | ) | $ | (1,019 | ) | $ | (1,121 | ) | $ | (565 | ) | $ | (552 | ) | |||||||||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2013 consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Unrecognized actuarial losses | $ | 912 | $ | 141 | $ | 70 | |||||||||||||||||||||||||||||||
Unrecognized prior service cost (credit) | (4 | ) | (21 | ) | 23 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | 908 | $ | 120 | $ | 93 | |||||||||||||||||||||||||||||||
The following table summarizes CNH Industrial’s pension and other post-employment plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,002 | $ | 3,210 | $ | 529 | $ | 169 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,186 | $ | 2,385 | $ | — | $ | — | |||||||||||||||||||||||||||||
The following table summarizes CNH Industrial’s pension and other post-employment plans with projected benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,034 | $ | 3,282 | $ | 565 | $ | 552 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,186 | $ | 2,386 | $ | — | $ | — | |||||||||||||||||||||||||||||
The accumulated postretirement benefit obligation exceeds plan assets for all of our health care plans for all years presented. The total accumulated benefit obligation for pension and other post-employment plans was $3,407 million and $529 as of December 31, 2013 and $3,406 million and $169 million as of December 31,2012, respectively. | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||||||||||||||||||
The following 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 years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 27 | $ | 23 | $ | 25 | $ | 9 | $ | 9 | $ | 9 | $ | 16 | $ | 12 | $ | 16 | |||||||||||||||||||
Interest cost | 126 | 143 | 159 | 45 | 52 | 58 | 12 | 15 | 14 | ||||||||||||||||||||||||||||
Expected return on assets | (166 | ) | (161 | ) | (163 | ) | (7 | ) | (6 | ) | (6 | ) | — | ||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 2 | — | 2 | (12 | ) | (14 | ) | (26 | ) | 1 | 3 | 2 | |||||||||||||||||||||||||
Actuarial loss (gain) | 78 | 65 | 60 | 22 | 20 | 21 | (5 | ) | 11 | 3 | |||||||||||||||||||||||||||
Net periodic benefit cost | 67 | 70 | 83 | 57 | 61 | 56 | 24 | 41 | 35 | ||||||||||||||||||||||||||||
settlement loss | 1 | 1 | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 68 | $ | 71 | $ | 83 | $ | 57 | $ | 61 | $ | 56 | $ | 25 | $ | 41 | $ | 35 | |||||||||||||||||||
Net periodic benefit cost recognized in net income and other changes in plan assets and benefit obligations recognized in other comprehensive loss during 2013 consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 68 | $ | 57 | $ | 25 | |||||||||||||||||||||||||||||||
Benefit adjustments included in other comprehensive (income) loss: | |||||||||||||||||||||||||||||||||||||
Net actuarial (gains)/losses | (56 | ) | (76 | ) | 4 | ||||||||||||||||||||||||||||||||
Amortization of actuarial losses | (78 | ) | (22 | ) | 5 | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | (2 | ) | 12 | (1 | ) | ||||||||||||||||||||||||||||||||
Prior service cost | — | — | (1 | ) | |||||||||||||||||||||||||||||||||
Currency translation adjustments and other | 12 | — | 6 | ||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive (income) loss | (124 | ) | (86 | ) | 13 | ||||||||||||||||||||||||||||||||
Total recognized in comprehensive (income) loss | $ | (56 | ) | $ | (29 | ) | $ | 38 | |||||||||||||||||||||||||||||
Pre-tax amounts expected to be amortized in 2014 from accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Actuarial losses | $ | (65 | ) | $ | (6 | ) | $ | — | |||||||||||||||||||||||||||||
Prior service cost | (1 | ) | 12 | (2 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (66 | ) | $ | 6 | $ | (2 | ) | |||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
The following assumptions were utilized in determining the funded status as at December 31, 2013 and 2012, and the net periodic benefit cost of CNH Industrial’s defined benefit plans for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||
Pension plans | Health care plans | Other | |||||||||||||||||||||||||||||||||||
(in %) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Assumptions used to determine funded status at December 31 | |||||||||||||||||||||||||||||||||||||
Weighted-average discount rates | 4.05 | 3.75 | n/a | 4.67 | 3.79 | n/a | 3 | 3.27 | n/a | ||||||||||||||||||||||||||||
Weighted-average rate of compensation increase | 3.35 | 2.99 | n/a | 3.42 | 3.42 | n/a | 2.63 | 2.75 | n/a | ||||||||||||||||||||||||||||
Weigted-average, initial healthcare cost trend rate | n/a | n/a | n/a | 8.19 | 7.04 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Weighted-average, ultimate healthcare cost trend rate(*) | n/a | n/a | n/a | 5 | 5 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Assumptions used to determine expense for the years ended December 31 | |||||||||||||||||||||||||||||||||||||
Weighted-average discount rates | 3.75 | 4.61 | 5.08 | 3.79 | 4.57 | 5.18 | 3.27 | 4.63 | 4.34 | ||||||||||||||||||||||||||||
Weighted-average rate of compensation increase | 2.99 | 3.16 | 3.18 | 3.42 | 3.44 | 3.5 | 2.75 | 3.11 | 3.18 | ||||||||||||||||||||||||||||
Weighted-average long-term rates of return on plan assets | 5.95 | 6.79 | 6.98 | 7 | 7.25 | 7.5 | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Weigted-average, initial healthcare cost trend rate | n/a | n/a | n/a | 7.04 | 7.54 | 8.02 | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Weighted-average, ultimate healthcare cost trend rate(*) | n/a | n/a | n/a | 5 | 5 | 5 | n/a | n/a | n/a | ||||||||||||||||||||||||||||
* | CNH Industrial expects to achieve the ultimate health care cost trend rate in 2024 and 2018 for US and Canada plans, respectively. | ||||||||||||||||||||||||||||||||||||
Assumed discount rates are used in measurements of pension, health care and other post-employment benefit obligations and interest cost components of net periodic cost. CNH Industrial selects its assumed discount rates based on the consideration of equivalent yields on high-quality fixed income investments at the measurement date. The assumed discount rate is used to discount future benefit obligations back to today’s dollars. The discount rates for the U.S., European, U.K. and Canadian obligations are based on a benefit cash flow-matching approach and represent the rates at which the benefit obligations could effectively be settled as of the measurement date, December 31. The benefit cash flow-matching approach involves analyzing CNH Industrial’s projected cash flows against a high quality bond yield curve, mainly calculated using a wide population of AA-grade corporate bonds subject to minimum amounts outstanding and meeting other defined selection criteria. The discount rates for the CNH Industrial’s remaining obligations are based on benchmark yield data of high-quality fixed income investments for which the timing and amounts of payments approximate the timing and amounts of projected benefit payments. | |||||||||||||||||||||||||||||||||||||
The expected long-term rate of return on plan assets reflects management’s expectations on long-term average rates of return on funds invested to provide for benefits included in the projected benefit obligations. The expected return is based on the outlook for inflation, fixed income returns and equity returns, while also considering asset allocation and investment strategy, premiums for active management to the extent asset classes are actively managed and plan expenses. Return patterns and correlations, consensus return forecasts and other relevant financial factors are analyzed to check for reasonability and appropriateness. | |||||||||||||||||||||||||||||||||||||
The assumed health care trend rate represents the rate at which health care costs are assumed to increase. Rates are determined based on company-specific experience, consultation with actuaries and outside consultants, and various trend factors including general and health care sector-specific inflation projections from the United States Department of Health and Human Services Health Care Financing Administration. The initial trend is a short-term assumption based on recent experience and prevailing market conditions. The ultimate trend is a long-term assumption of health care cost inflation based on general inflation, incremental medical inflation, technology, new medicine, government cost-shifting, utilization changes, an aging population, and a changing mix of medical services. | |||||||||||||||||||||||||||||||||||||
A one percentage point change in the assumed health care cost trend rates would have the following effect: | |||||||||||||||||||||||||||||||||||||
One Percentage- | One Percentage- | ||||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Total increase/(decrease) in service cost and interest cost components of 2013 net post retirement benefit expense | $ | 6 | $ | (5 | ) | ||||||||||||||||||||||||||||||||
Total increase/(decrease) in accumulated postretirement benefit obligation as of December 31, 2013 | $ | 135 | $ | (104 | ) | ||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||||||
The investment strategy for the plan assets depends on the features of the plan and on the maturity of the obligations. Typically, less mature plan benefit obligations are funded by using more equity securities as they are expected to achieve long-term growth exceeding the rate of inflation. More mature plan benefit obligations are funded using more fixed income securities as they are expected to produce current income with limited volatility. Risk management practices include the use of multiple asset classes and investment managers within each asset class for diversification purposes. Specific guidelines for each asset class and investment manager are implemented and monitored. | |||||||||||||||||||||||||||||||||||||
Weighted average target asset allocation for all plans for 2013 are as follows: | |||||||||||||||||||||||||||||||||||||
All | |||||||||||||||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||||||
Equity securities | 24 | % | |||||||||||||||||||||||||||||||||||
Debt securities | 56 | % | |||||||||||||||||||||||||||||||||||
Cash/Other | 20 | % | |||||||||||||||||||||||||||||||||||
CNH Industrial determines the fair value of plan assets using observable market data obtained from independent sources when available. CNH Industrial classifies its plan assets according to the fair value hierarchy: | |||||||||||||||||||||||||||||||||||||
Level 1—Quoted prices for identical instruments in active markets. | |||||||||||||||||||||||||||||||||||||
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||||||||||||||||||||||||||||||||||
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||||||||||||||||||||||
The following summarizes the fair value of plan assets by asset category and level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
U.S. equities—Large cap | $ | 113 | $ | 113 | $ | — | $ | — | |||||||||||||||||||||||||||||
U.S. equities—Mid cap | 36 | 36 | — | — | |||||||||||||||||||||||||||||||||
U.S. equities—Small cap | 45 | 45 | — | — | |||||||||||||||||||||||||||||||||
Non-U.S. equities | 109 | 109 | — | — | |||||||||||||||||||||||||||||||||
Total equity securities | 303 | 303 | — | — | |||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||
U.S. government bonds | 345 | 345 | — | — | |||||||||||||||||||||||||||||||||
U.S. corporate bonds | 323 | — | 323 | — | |||||||||||||||||||||||||||||||||
Non-U.S. government bonds | 483 | 101 | 382 | — | |||||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | 110 | 1 | 109 | — | |||||||||||||||||||||||||||||||||
Mortgage backed securities | 9 | — | 9 | — | |||||||||||||||||||||||||||||||||
Other fixed income | 75 | 37 | 38 | — | |||||||||||||||||||||||||||||||||
Total fixed income securities | 1,345 | 484 | 861 | — | |||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||
Mutual funds(A) | 708 | — | 708 | — | |||||||||||||||||||||||||||||||||
Insurance contracts | 34 | 1 | — | 33 | |||||||||||||||||||||||||||||||||
Derivatives—credit contracts | 14 | — | 14 | — | |||||||||||||||||||||||||||||||||
Real estate | 35 | 35 | — | — | |||||||||||||||||||||||||||||||||
Other | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||
Total other types of investments | 1,054 | 36 | 985 | 33 | |||||||||||||||||||||||||||||||||
Cash: | 61 | 32 | 29 | — | |||||||||||||||||||||||||||||||||
Total | $ | 2,763 | $ | 855 | $ | 1,875 | $ | 33 | |||||||||||||||||||||||||||||
(A) | This category includes mutual funds, which primarily invest in non-U.S. equities and non-U.S. corporate bonds. | ||||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 plan assets for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 29 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets relating to assets still held at reporting date | 1 | ||||||||||||||||||||||||||||||||||||
Purchases | 89 | ||||||||||||||||||||||||||||||||||||
Settlements | (89 | ) | |||||||||||||||||||||||||||||||||||
Currency impact | 3 | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 33 | |||||||||||||||||||||||||||||||||||
The following summarizes the fair value of plan assets by asset category and level within the fair value hierarchy as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
U.S. equities—Large cap | $ | 152 | $ | 139 | $ | 13 | $ | — | |||||||||||||||||||||||||||||
U.S. equities—Mid cap | 45 | 45 | — | — | |||||||||||||||||||||||||||||||||
U.S. equities—Small cap | 67 | 67 | — | — | |||||||||||||||||||||||||||||||||
Non-U.S. equities—Large cap | 69 | 57 | 12 | — | |||||||||||||||||||||||||||||||||
Total equity securities | 333 | 308 | 25 | — | |||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||
U.S. government bonds | 250 | 247 | 3 | — | |||||||||||||||||||||||||||||||||
U.S. corporate bonds | 264 | — | 264 | — | |||||||||||||||||||||||||||||||||
Non-U.S. government bonds | 484 | 25 | 459 | — | |||||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | 92 | — | 92 | — | |||||||||||||||||||||||||||||||||
Mortgage backed securities | 11 | — | 11 | — | |||||||||||||||||||||||||||||||||
Other fixed income | 45 | 24 | 21 | — | |||||||||||||||||||||||||||||||||
Total fixed income securities | 1,146 | 296 | 850 | — | |||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||
Mutual funds(A) | 716 | — | 716 | — | |||||||||||||||||||||||||||||||||
Investment funds(B) | 349 | — | 349 | — | |||||||||||||||||||||||||||||||||
Insurance contracts | 29 | — | — | 29 | |||||||||||||||||||||||||||||||||
Derivatives—credit contracts | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||
Real estate(C) | 32 | — | 32 | — | |||||||||||||||||||||||||||||||||
Other | 59 | 4 | 55 | — | |||||||||||||||||||||||||||||||||
Total other types of investments | 1,186 | 4 | 1,153 | 29 | |||||||||||||||||||||||||||||||||
Cash: | 28 | 3 | 25 | — | |||||||||||||||||||||||||||||||||
Total | $ | 2,693 | $ | 611 | $ | 2,053 | $ | 29 | |||||||||||||||||||||||||||||
(A) | This category includes mutual funds, which primarily invest in non-U.S. equities and non-U.S. corporate bonds. | ||||||||||||||||||||||||||||||||||||
(B) | This category includes primarily commingled funds, which invest in equities. | ||||||||||||||||||||||||||||||||||||
(C) | This category includes also hedge funds. | ||||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 plan assets for the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 29 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets relating to assets still held at reporting date | 2 | ||||||||||||||||||||||||||||||||||||
Purchases, | 89 | ||||||||||||||||||||||||||||||||||||
Settlements | (89 | ) | |||||||||||||||||||||||||||||||||||
Currency impact | (2 | ) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 29 | |||||||||||||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||||||||||||
CNH Industrial expects to contribute (including direct benefit payments) approximately $69 million to its pension plans, $75 million to its healthcare plans and $24 million to its other post-employment plans in 2014, which include direct benefit payments by the Company. | |||||||||||||||||||||||||||||||||||||
The benefit expected to be paid from the benefit plans, which reflect expected future years of service, and the Medicare subsidy expected to be received are as follows: | |||||||||||||||||||||||||||||||||||||
Pension Plans | Health care | Medicare | Other | ||||||||||||||||||||||||||||||||||
Part D | |||||||||||||||||||||||||||||||||||||
Reimbursement | |||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
2014 | $ | 209 | $ | 79 | $ | (2 | ) | $ | 24 | ||||||||||||||||||||||||||||
2015 | 203 | 81 | (3 | ) | 19 | ||||||||||||||||||||||||||||||||
2016 | 202 | 81 | (3 | ) | 20 | ||||||||||||||||||||||||||||||||
2017 | 205 | 81 | (3 | ) | 24 | ||||||||||||||||||||||||||||||||
2018 | 207 | 80 | (4 | ) | 29 | ||||||||||||||||||||||||||||||||
2019 – 2023 | 1,049 | 369 | (22 | ) | 115 | ||||||||||||||||||||||||||||||||
Total | $ | 2,075 | $ | 771 | $ | (37 | ) | $ | 231 | ||||||||||||||||||||||||||||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||||||||
Other Liabilities | ' | ||||||||||||||||
Note 12: Other Liabilities | |||||||||||||||||
A summary of other liabilities as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in millions) | |||||||||||||||||
Advances on buy-back agreements | $ | 1,902 | $ | 1,415 | |||||||||||||
Warranty and campaign programs | 1,111 | 1,058 | |||||||||||||||
Marketing and sales incentive programs | 1,340 | 1,199 | |||||||||||||||
Tax payables | 973 | 792 | |||||||||||||||
Accrued expenses and Deferred income | 748 | 696 | |||||||||||||||
Accrued employee benefits | 844 | 862 | |||||||||||||||
Legal reserves | 551 | 490 | |||||||||||||||
Contract reserve | 467 | 427 | |||||||||||||||
Restructuring reserve | 77 | 155 | |||||||||||||||
Other | 722 | 696 | |||||||||||||||
Total | $ | 8,735 | $ | 7,790 | |||||||||||||
Warranty and Campaign Program | |||||||||||||||||
As described in “Note 2: Summary of Significant Accounting Policies”, CNH Industrial pays for basic warranty and other service action costs. A summary of recorded activity for the years ended December 31, 2013 and 2012 for the basic warranty and accruals for campaign programs are as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in millions) | |||||||||||||||||
Balance, beginning of year | $ | 1,058 | $ | 1,004 | |||||||||||||
Current year additions | 903 | 834 | |||||||||||||||
Claims paid | (815 | ) | (750 | ) | |||||||||||||
Currency translation adjustment and other | (35 | ) | (30 | ) | |||||||||||||
Balance, end of year | $ | 1,111 | $ | 1,058 | |||||||||||||
Advance on Buy-back Agreements | |||||||||||||||||
As described in “Note 2: Summary of Significant Accounting Policies”, the initial sale price received for new vehicle sales with a buy-back commitment by Commercial Vehicles is recognized as Advances on buy-back agreements. The difference between the initial sale price and the buy-back price is recognized as rental revenue on a straight-line basis over the term of the operating lease. The balance of Advances on buy-back agreements at December 31, 2013 and 2012 represented a sum of the deferred rental revenue and the guaranteed buy-back price. | |||||||||||||||||
Restructuring Provision | |||||||||||||||||
The Company incurred restructuring costs of $71 million, $231 million and $131 million for the years ended December 31, 2013, 2012 and 2011, respectively. These costs were primarily related to the rationalization of Commercial Vehicles as follows: | |||||||||||||||||
• | In 2013 and 2012, the Company reorganized Commercial Vehicles’ manufacturing activities in Europe, by moving the heavy truck production at Ulm, Germany to Madrid, Spain in an effort to consolidate the heavy truck production. Additionally, the Company closed four European fire-fighting vehicle plants and moved their production to Ulm, Germany. | ||||||||||||||||
• | In 2011, the Company closed two bus assembly plants in Spain and Italy and incurred severance and other employee- related costs. | ||||||||||||||||
The following table sets forth restructuring activity for the year ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Severance | Facility | Other | Total | ||||||||||||||
and | Related | Restructuring | |||||||||||||||
Other | Costs | ||||||||||||||||
Employee | |||||||||||||||||
Costs | |||||||||||||||||
(in millions) | |||||||||||||||||
Balance at January 1, 2011 | $ | 3 | $ | 1 | $ | 65 | $ | 69 | |||||||||
Restructuring charges | 129 | 2 | — | 131 | |||||||||||||
Reserves utilized: cash | (88 | ) | (1 | ) | (41 | ) | (130 | ) | |||||||||
Reserves utilized: non-cash | (7 | ) | — | — | (7 | ) | |||||||||||
Currency translation adjustments | (7 | ) | — | (2 | ) | (9 | ) | ||||||||||
Balance at December 31, 2011 | 30 | 2 | 22 | 54 | |||||||||||||
Restructuring charges | 204 | (1 | ) | 28 | 231 | ||||||||||||
Reserves utilized: cash | (78 | ) | (1 | ) | (9 | ) | (88 | ) | |||||||||
Reserves utilized: non-cash | (22 | ) | — | — | (22 | ) | |||||||||||
Currency translation adjustments | (3 | ) | (17 | ) | (20 | ) | |||||||||||
Balance at December 31, 2012 | 131 | — | 24 | 155 | |||||||||||||
Restructuring charges | 67 | 1 | 3 | 71 | |||||||||||||
Reserves utilized: cash | (122 | ) | — | (16 | ) | (138 | ) | ||||||||||
Reserves utilized: non-cash | (8 | ) | — | (3 | ) | (11 | ) | ||||||||||
Currency translation adjustments | 1 | — | (1 | ) | — | ||||||||||||
Balance at December 31, 2013 | $ | 69 | $ | 1 | $ | 7 | $ | 77 | |||||||||
At December 31, 2013, the remaining cost expected to be incurred for existing restructuring plans is approximately $9 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies | ' | ||||||||||||
Note 13: Commitments and Contingencies | |||||||||||||
As a global company with a diverse business portfolio, CNH Industrial is exposed to numerous legal risks, particularly in the areas of product liability (including asbestos-related liability), product performance, retail and wholesale credit, competition and antitrust law, intellectual property matters (including patent infringement), disputes with dealers and suppliers and service providers, environmental risks, and tax and employment matters. The most significant of these matters are described below. | |||||||||||||
The outcome of any current or future proceedings cannot be predicted with certainty. It is therefore possible that legal judgments could give rise to expenses that are not covered, or not fully covered, by insurers’ compensation payments and could affect CNH Industrial’s financial position and results. When it is probable that such a loss has been incurred and the amount can be reasonably estimated, an accrual has been made against our earnings and included in “Other liabilities” on the consolidated balance sheet. | |||||||||||||
Although the ultimate outcome of legal matters pending against CNH Industrial and its subsidiaries cannot be predicted, the Company believes the reasonable possible range of losses for these unresolved legal matters in addition to the amounts accrued would not have a material effect on its financial statements. | |||||||||||||
Environmental | |||||||||||||
Pursuant to the U.S. Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), which imposes strict and, under certain circumstances, joint and several liability for remediation and liability for natural resource damages, and other federal and state laws that impose similar liabilities, CNH Industrial has received inquiries for information or notices of its potential liability regarding 63 non-owned U.S. sites at which regulated materials allegedly generated by CNH Industrial were released or disposed (“Waste Sites”). Of the Waste Sites, 15 are on the National Priority List (“NPL”) promulgated pursuant to CERCLA. For 57 of the Waste Sites, the monetary amount or extent of the Company’s liability has either been resolved; it has not been named as a potentially responsible party (“PRP”); or its liability is likely de minimis. | |||||||||||||
Because estimates of remediation costs are subject to revision as more information becomes available about the extent and cost of remediation and because settlement agreements can be reopened under certain circumstances, the Company’s potential liability for remediation costs associated with the 63 Waste Sites could change. Moreover, because liability under CERCLA and similar laws can be joint and several, CNH Industrial could be required to pay amounts in excess of its pro rata share of remediation costs. However, when appropriate, the financial strength of other PRPs has been considered in the determination of the Company’s potential liability. CNH Industrial believes that the costs associated with the Waste Sites will not have a material effect on the Company’s business, financial position or results of operations. | |||||||||||||
The Company is conducting environmental investigatory or remedial activities at certain properties that are currently or were formerly owned and/or operated or which are being decommissioned. The Company believes that the outcome of these activities will not have a material adverse effect on its business, financial position or results of operations. | |||||||||||||
The actual costs for environmental matters could differ materially from those costs currently anticipated due to the nature of historical handling and disposal of hazardous substances typical of manufacturing and related operations, the discovery of currently unknown conditions, and as a result of more aggressive enforcement by regulatory authorities and changes in existing laws. As in the past, CNH Industrial plans to continue funding its costs of environmental compliance from operating cash flows. | |||||||||||||
Investigation, analysis and remediation of environmental sites is a time consuming activity. The Company expects such costs to be incurred and claims to be resolved over an extended period of time which could exceed 30 years for some sites. As of December 31, 2013 and 2012, environmental reserves of approximately $46 million and $45 million, respectively, were established to address these specific estimated potential liabilities. Such reserves are undiscounted and do not include anticipated recoveries, if any, from insurance companies. After considering these reserves, management is of the opinion that the outcome of these matters will not have a material adverse effect on CNH Industrial’s financial position or results of operations. | |||||||||||||
Other Litigation and Investigation | |||||||||||||
Cheron: In connection with a logistics Services Agreement among CNH Global N.V., PGN Logistics Ltd. (“PGN”) and certain affiliated companies, PGN entered into a subcontract with Transport Cheron N.V. (“Cheron”). The subcontract was signed by Cheron and by PGN purportedly “in the name and on behalf of” CNH Global N.V. (“CNH Global”). CNH Global contended that it was not a party to the subcontract and that PGN was not authorized to sign the subcontract on its behalf. In early 2005 and as a result of the termination of the Services Agreement Cheron filed suit in the District Court in Haarlem, the Netherlands against both PGN and CNH Global for breach of the subcontract and for preliminary relief. In March 2005 the district court issued an order requiring CNH Global to pay €1.5 million ($2.4 million) to Cheron as a preliminary payment of lost profit damages. CNH Global appealed this decision to the Court of Appeals in Amsterdam, and, on November 24, 2005, the Court of Appeals rendered its decision in effect holding that liability had not been demonstrated with a degree of certainty sufficient to warrant a preliminary award of damages. At that point, the matter returned to the district court for a determination of liability. | |||||||||||||
On September 24, 2008, the district court issued its interim award with respect to liability. The district court held that CNH Global is liable under the subcontract for damages that Cheron suffered as a result of the alleged breach of the subcontract. Cheron and CNH Global reached a settlement of this matter on December 20, 2012. Cheron waived and released all claims against CNH Global in consideration for a settlement payment of 8 million euro, which was made on January 11, 2013. | |||||||||||||
Ligon: In this action alleging breach of contract and fraud following CNH America’s (now known as CNH Industrial America LLC) decision to change its supplier of hydraulic cylinders, Ligon and HTI sought damages related to unused inventory they claim HTI manufactured in reliance on CNH America’s planning numbers, alleged lost profits, equipment and improvement costs and punitive damages. Following trial in December 2011, the jury returned its verdict on December 16, 2011, finding in CNH America’s favor on HTI’s contract claim, and in plaintiffs’ favor on the fraudulent suppression claim. The jury awarded plaintiffs $3.8 million in compensatory damages and $7.6 million in punitive damages. CNH America appealed the case to the Alabama Supreme Court. On November 8, 2013 the Alabama Supreme Court, in a 6-2 decision, affirmed the jury award of compensatory and punitive damages. Following an agreement between plaintiffs and CNH America as to the verdict, interest and court-awarded costs, CNH America paid plaintiffs $12.8 million on January 7, 2014. The amount was accrued for in “Other provisions” at December 31, 2013. The judgment was marked in the trial court record as having been satisfied and the matter is closed. | |||||||||||||
Kobelco Construction Machinery Co., Ltd.: Effective as of December 31, 2012, the initial phase of the global construction equipment alliance between CNH Global NV, on the one hand, and Kobelco Construction Machinery Co. Ltd. (“KCM”) and Kobe Steel Ltd. (“KSL”), on the other hand, terminated. In connection with the termination of the initial phase of the global alliance, CNH Global was required to sell to KSL and KSL was required to repurchase from CNH Global its 20% ownership interest in KCM (the “KCM Interest”). In connection with the required repurchase, a dispute arose with respect to the price to be paid by KSL to CNH Global in consideration for the KCM Interest under the Shareholders’ Agreement, dated December 9, 2001 (the “KCM Shareholders Agreement”), by and between CNH Global, KSL, and New Holland Italia S.p.A. Despite the dispute regarding the amount to be paid by KSL to CNH Global in consideration for the KCM Interest, KSL and CNH Global entered into an escrow agreement (the “Escrow Agreement”), with Citibank N.A., as escrow agent, to facilitate a sale of the KCM Interest by December 31, 2012. Pursuant to the Escrow Agreement CNH Global delivered to Citibank, as escrow agent, the share certificates representing CNH Global’s 20% ownership interest in KCM as well as resignation letters signed by CNH Global’s representatives to the KCM Board (the “CNH Documents”). KSL transferred to Citibank, as escrow agent, approximately $83 million (the “CNH Global Price”); such amount being the amount calculated by CNH Global as the consideration to be paid by KSL for the KCM Interest. On December 31, 2012 Citibank delivered to KSL the CNH Documents. At the same time, Citibank transferred to CNH Global approximately $57 million (the “KSL Price”); such amount being the amount calculated by KSL as the consideration to be paid by KSL for the KCM Interest. Pursuant to the Escrow Agreement Citibank held in escrow the difference between the CNH Global Price and the KSL Price and was to distribute such funds pursuant to the terms of the arbitration award. On October 12, 2013 an arbitration proceeding between CNH Global and KSL was initiated in the London Court for International Arbitration to resolve the disputed issues relating to the purchase price of the KCM Interest. Hearings were held during the week of October 28, 2013. On November 21, 2013 the arbitrator issued his award and opinion, effectively ruling in favor of KSL. In December 2013 the remaining funds in the escrow account were paid to KSL and the matter is closed. CNH Industrial recognized an additional loss of $26 million on the sale of investment in its consolidated statements of operations for the year ended December 31, 2013. | |||||||||||||
European Commission anti-competition investigation: Starting in January 2011, Iveco and certain of its competitors have been subject to an investigation being conducted by the European Commission into certain business practices of the leading manufacturers of commercial vehicles in the European Union in relation to possible anti-competitive behavior. It is not possible at the present moment to predict when and in what way these investigations will be concluded. | |||||||||||||
Commitments | |||||||||||||
CNH Industrial has entered operating lease contracts for the right to use industrial buildings and equipment with an average term of 10-20 years and 3-5 years, respectively. Total future minimum lease payments under non-cancellable lease contracts are as follows: | |||||||||||||
Amount | |||||||||||||
(in millions) | |||||||||||||
2014 | $ | 64 | |||||||||||
2015 | 50 | ||||||||||||
2016 | 39 | ||||||||||||
2017 | 29 | ||||||||||||
2018 | 25 | ||||||||||||
2019 and beyond | 48 | ||||||||||||
Total minimum rental commitments | $ | 255 | |||||||||||
Total rental expense for all operating leases was $64 million, $60 million, and $67 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
At December 31, 2013, Financial Services has various agreements to extend credit for the following financing arrangements: | |||||||||||||
Facility | Total | Utilized | Not | ||||||||||
Credit | Utilized | ||||||||||||
Limit | |||||||||||||
(in millions) | |||||||||||||
Private label commercial revolving accounts | $ | 3,929 | $ | 227 | $ | 3,702 | |||||||
Wholesale and dealer financing | $ | 6,545 | $ | 3,648 | $ | 2,897 | |||||||
Guarantees | |||||||||||||
At December 31, 2013 and 2012, CNH Industrial provided guarantees of $513 million and $641 million, respectively, on the debt or commitments of third parties or non-consolidated affiliates. These guarantees consist of loan guarantees on behalf of certain dealers by Agricultural Equipment and Construction Equipment and performance guarantees on behalf of a joint venture by Commercial Vehicles. | |||||||||||||
Other Contingencies | |||||||||||||
Fiat Industrial was formed as a result of the Demerger. CNH Industrial, as successor to Fiat Industrial, continues to be liable jointly with Fiat for any liabilities of Fiat that arose prior to effectiveness of the Demerger and that remained unsatisfied at the effective date of the Demerger in the event that Fiat fails to satisfy such liabilities. The statutory liability assumed by CNH Industrial is limited to the value of the net assets transferred to Fiat Industrial in the Demerger and survives until all the liabilities of Fiat existing as of the Demerger are satisfied in full. Furthermore, CNH Industrial may be responsible jointly with Fiat in relation to tax liabilities, even if such liabilities exceed the value of the net assets transferred to Fiat Industrial in the Demerger. CNH Industrial estimates that the liabilities of Fiat that were outstanding as of December 31, 2013 for which CNH Industrial may be held jointly liable as described above in the event that Fiat fails to satisfy such obligations amount to approximately $ 5.7 billion. CNH Industrial evaluated as extremely remote the risk of Fiat’s insolvency and therefore no specific provision has been accrued in respect of the above mentioned joint-liabilities. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||
Note 14: Financial Instruments | |||||||||||||||||||||||||
The Company may elect to measure financial instruments and certain other items at fair value. This fair value option would be applied on an instrument-by-instrument basis with changes in fair value reported in earnings. The election can be made at the acquisition of an eligible financial asset, financial liability, or firm commitment or, when certain specified reconsideration events occur. The fair value election may not be revoked once made. The Company did not elect the fair value measurement option for eligible items. | |||||||||||||||||||||||||
Fair-Value Hierarchy | |||||||||||||||||||||||||
The hierarchy of valuation techniques for financial instruments is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: | |||||||||||||||||||||||||
Level 1—Quoted prices for identical instruments in active markets. | |||||||||||||||||||||||||
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||||||||||||||||||||||
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||||||||||||||||||||
This hierarchy requires the use of observable market data when available. | |||||||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||||||
When available, the Company uses quoted market prices to determine fair value and classifies such items in Level 1. In some cases where a market price is not available, the Company will make use of observable market based inputs to calculate fair value, in which case the items are classified in Level 2. | |||||||||||||||||||||||||
If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters such as interest rates, currency rates, or yield curves. Items valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. | |||||||||||||||||||||||||
The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. Where appropriate, the description includes details of the valuation models, and the key inputs to those models, as well as any significant assumptions. | |||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
CNH Industrial utilizes derivative instruments to mitigate its exposure to interest rate and foreign currency exposures. Derivatives used as hedges are effective at reducing the risk associated with the exposure being hedged and are designated as a hedge at the inception of the derivative contract. CNH Industrial does not hold or issue derivative or other financial instruments for speculative purposes. The credit and market risk for interest rate hedges is reduced through diversification among various counterparties, utilizing mandatory termination clauses and/or collateral support agreements. Derivative instruments are generally classified as Level 2 or 3 in the fair value hierarchy. The cash flows underlying all derivative contracts were recorded in operating activities in the statements of consolidated cash flows. | |||||||||||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||||||||||
CNH Industrial has entered into foreign exchange forward contracts, swaps, and options in order to manage and preserve the economic value of cash flows in non-functional currencies. CNH Industrial conducts its business on a global basis in a wide variety of foreign currencies and hedges foreign currency exposures arising from various receivables, liabilities and expected inventory purchases and sales. Derivative instruments that are utilized to hedge the foreign currency risk associated with anticipated inventory purchases and sales in foreign currencies are designated as cash flow hedges. Gains and losses on these instruments are deferred in accumulated other comprehensive income (loss) and recognized in earnings when the related transaction occurs. Ineffectiveness related to these hedge relationships is recognized currently in the consolidated statements of operations in the line “Other, net” and was not significant for all periods presented. The maturity of these instruments does not exceed 17 months and the after-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in net sales and cost of goods sold over the next twelve months assuming foreign exchange rates remain unchanged is approximately $110 million. If a derivative instrument is terminated because the hedge relationship is no longer effective or because the hedged item is a forecasted transaction that is no longer determined to be probable, the cumulative amount recorded in accumulated other comprehensive income is recognized immediately in earnings. Such amounts were insignificant in all periods presented. | |||||||||||||||||||||||||
CNH Industrial also uses forwards and swaps to hedge certain assets and liabilities denominated in foreign currencies. Such derivatives are considered economic hedges and not designated as hedging instruments. The changes in the fair values of these instruments are recognized directly in income in “Other, net” and are expected to offset the foreign exchange gains or losses on the exposures being managed. | |||||||||||||||||||||||||
All of CNH Industrial’s foreign exchange derivatives are considered Level 2 as the fair value is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of CNH Industrial’s foreign exchange derivatives was $9.7 billion and $9.2 billion at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||||||||
CNH Industrial has entered into interest rate derivatives (swaps and caps) in order to manage interest rate exposures arising in the normal course of business. Interest rate derivatives that have been designated in cash flow hedging relationships are being used by the Company to mitigate the risk of rising interest rates related to the current short-term debt and anticipated issuance of fixed-rate debt in future periods. Gains and losses on these instruments, to the extent that the hedge relationship has been effective, are deferred in accumulated other comprehensive income (loss) and recognized in interest expense over the period in which CNH Industrial recognizes interest expense on the related debt. Any ineffectiveness is recorded in “Other, net” in the consolidated statements of operations and was insignificant for all periods presented. The maximum length of time over which CNH Industrial is hedging its interest rate exposure through the use of derivative instruments designated in cash flow hedge relationships is 63 months. The after-tax losses deferred in accumulated other comprehensive income (loss) that will be recognized in interest expense over the next twelve months is approximately $3 million. | |||||||||||||||||||||||||
Interest rate derivatives that have been designated as fair value hedge relationships have been used by CNH Industrial to mitigate the risk of reductions in the fair value of existing fixed rate bonds and medium-term notes due to increases in LIBOR based interest rates. Gains and losses on these instruments are recorded in “Interest expense” in the period in which they occur and an offsetting gain or loss is also reflected in “Interest expense” based on changes in the fair value of the debt instrument being hedged due to changes in LIBOR based interest rates. Costs relating to the ineffectiveness of such transactions were insignificant in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
CNH Industrial also enters into offsetting interest rate derivatives with substantially similar terms that are not designated as hedging instruments to mitigate interest rate risk related to CNH Industrial’s committed asset-backed facilities. Unrealized and realized gains and losses resulting from fair value changes in these instruments are recognized directly in income. These facilities require CNH Industrial to enter into interest rate derivatives. To ensure that these transactions do not result in the Company being exposed to this risk, CNH Industrial enters into a compensating position. Net gains and losses on these instruments were insignificant for the years ending December 31, 2013, 2012, and 2011. | |||||||||||||||||||||||||
All of CNH Industrial’s interest rate derivatives outstanding as of December 31, 2013 and 2012 are considered Level 2. The fair market value of these derivatives is calculated using market data input and can be compared to actively traded derivatives. The total notional amount of CNH Industrial’s interest rate derivatives was approximately $5.7 billion and $5.8 billion at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Financial Statement impact of CNH Industrial Derivatives | |||||||||||||||||||||||||
The fair values of CNH Industrial’s derivatives as of December 31, 2013 and 2012 in the consolidated balance sheets are recorded as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | 159 | $ | 41 | |||||||||||||||||||||
Interest rate derivatives: | 49 | 89 | |||||||||||||||||||||||
Total assets | $ | 208 | $ | 130 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | (42 | ) | $ | (55 | ) | |||||||||||||||||||
Interest rate derivatives: | (14 | ) | (44 | ) | |||||||||||||||||||||
Total liabilities | $ | (56 | ) | $ | (99 | ) | |||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | 45 | $ | 22 | |||||||||||||||||||||
Interest rate derivatives: | 8 | 7 | |||||||||||||||||||||||
Total assets | $ | 53 | $ | 29 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | (28 | ) | $ | (22 | ) | |||||||||||||||||||
Interest rate derivatives: | (10 | ) | (7 | ) | |||||||||||||||||||||
Total liabilities | $ | (38 | ) | $ | (29 | ) | |||||||||||||||||||
Pre-tax gains (losses) on the consolidated statements of operations related to CNH Industrial’s derivatives for the year ended December 31, 2013, 2012 and 2011 are recorded in the following accounts: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||
Interest rate derivatives—Interest expense | $ | (45 | ) | $ | 17 | $ | 76 | ||||||||||||||||||
Gains/(losses) on hedged items—Interest expense | 45 | (17 | ) | (75 | ) | ||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
Recognized in accumulated other comprehensive income (Effective Portion): | |||||||||||||||||||||||||
Foreign exchange contracts—accumulated other comprehensive income | $ | 208 | $ | (72 | ) | $ | (22 | ) | |||||||||||||||||
Interest rate derivatives—accumulated other comprehensive income | $ | (7 | ) | $ | (23 | ) | $ | (65 | ) | ||||||||||||||||
Reclassified from accumulated other comprehensive income (Effective Portion): | |||||||||||||||||||||||||
Foreign exchange contracts—Net sales | $ | 15 | $ | (55 | ) | $ | (18 | ) | |||||||||||||||||
Foreign exchange contracts—Cost of goods sold | 7 | (68 | ) | 19 | |||||||||||||||||||||
Foreign exchange contracts—Other, net | 59 | (7 | ) | 3 | |||||||||||||||||||||
Interest rate derivatives—Interest expense | (14 | ) | (19 | ) | (28 | ) | |||||||||||||||||||
Not Designated as Hedges | |||||||||||||||||||||||||
Foreign exchange contracts—Other, net | $ | 64 | $ | (12 | ) | $ | (29 | ) | |||||||||||||||||
Interest rate derivatives—Interest expense | $ | — | $ | — | $ | (1 | ) | ||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
The following tables present for each of the fair-value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | — | $ | — | $ | 204 | $ | 63 | $ | 204 | $ | 63 | |||||||||||||
Interest rate derivatives | — | — | 57 | 96 | 57 | 96 | |||||||||||||||||||
Available for sale securities | 1 | 7 | — | — | 1 | 7 | |||||||||||||||||||
Total assets | $ | 1 | $ | 7 | $ | 261 | $ | 159 | $ | 262 | $ | 166 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | — | $ | — | $ | (70 | ) | $ | (77 | ) | $ | (70 | ) | $ | (77 | ) | |||||||||
Interest rate derivatives | — | — | (24 | ) | (51 | ) | (24 | ) | (51 | ) | |||||||||||||||
Total liabilities | $ | — | $ | — | $ | (94 | ) | $ | (128 | ) | $ | (94 | ) | $ | (128 | ) | |||||||||
Fair Value of Other Financial Instruments | |||||||||||||||||||||||||
The carrying value of cash and cash equivalents, restricted cash, trade accounts receivable and accounts payable included in the consolidated balance sheets approximates their fair value. | |||||||||||||||||||||||||
Financial Instruments Not Carried at Fair Value | |||||||||||||||||||||||||
The estimated fair market values of financial instruments not carried at fair value in the consolidated balance sheets as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financing receivables | $ | 21,976 | $ | 21,974 | $ | 20,039 | $ | 20,453 | |||||||||||||||||
Debt | $ | 29,866 | $ | 30,361 | $ | 27,052 | $ | 27,691 | |||||||||||||||||
Financing receivables | |||||||||||||||||||||||||
The fair value of financing receivables is based on the discounted values of their related cash flows at current market interest rates and they are classified as a Level 3 fair value measurement. | |||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||
All debt is classified as a Level 2 fair value measurement, with the exception of the bonds issued by CNH Industrial Finance Europe S.A. which are classified as a Level 1 fair value measurement. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||
Note 15: Shareholders’ Equity | |||||||||||||||||
The Articles of Association of CNH Industrial provide for authorized share capital of €40 million, divided into 2 billion common shares and 2 billion special voting shares, each with a per share par value of €0.01. As of December 31, 2013, the Company’s share capital was €18 million, fully paid-in, and consisted of 1,350,073,530 common shares and 468,994,386 special voting shares. | |||||||||||||||||
Post-merger | |||||||||||||||||
Upon the completion of the mergers of Fiat Industrial and CNH Global with and into CNH Industrial, CNH Industrial issued 1,348,867,772 common shares with a par value of €0.01 each, which were allotted to Fiat Industrial and CNH Global shareholders on the basis of the established exchange ratios of one common share of CNH Industrial for each share of Fiat Industrial and 3.828 common shares of CNH Industrial for each share of CNH Global. CNH Industrial also issued special voting shares (non-tradable) which were allotted to eligible Fiat Industrial and CNH Global shareholders who elected to receive special voting shares. On the basis of the requests received, CNH Industrial issued a total of 474,474,276 special voting shares with a par value of €0.01 each. | |||||||||||||||||
Special voting shares | |||||||||||||||||
In order to reward long-term ownership of CNH Industrial common shares and promote stability of CNH Industrial’s shareholder base, CNH Industrial’s Articles of Association provide for a loyalty voting structure that grants eligible long-term shareholders the equivalent of two votes for each CNH Industrial N.V. common share that they hold, through the issuance of special voting shares. | |||||||||||||||||
After closing of the Merger, a shareholder may at any time elect to participate in the loyalty voting structure by requesting the registration of all or some of the common shares held by such shareholder in a separate register (the “Loyalty Register”) of the Company. If such common shares have been registered in the Loyalty Register for an uninterrupted period of three years in the name of the same shareholder, such shares will become “Qualifying Common Shares” and the relevant shareholder will be entitled to receive one special voting share for each such Qualifying Common Share. | |||||||||||||||||
As mentioned above, CNH Industrial issued special voting shares with a nominal value of €0.01 each to those eligible shareholders who elected to receive such special voting shares upon completion of the merger of Fiat Industrial and of CNH Global respectively with and into CNH Industrial. | |||||||||||||||||
The electing shareholders are not required to pay any amount to the Company in connection with the allocation of the special voting shares. | |||||||||||||||||
CNH Industrial common shares are freely transferable, while, special voting shares are transferable exclusively in limited circumstances and they are not listed on the New York Stock Exchange or the Mercato Telematico Azionario, organized and managed by Borsa Italian S.p.A. (“MTA”). In particular, at any time, a holder of common shares that are Qualifying Common Shares who wants to transfer such common shares other than in limited specified circumstances (e.g., transfers to affiliates or relatives through succession, donation or other transfers) must request a de-registration of such Qualifying Common Shares from the Loyalty Register. After de-registration from the Loyalty Register, such common shares no longer qualify as Qualifying Common Shares and, as a result, the holder of such common shares is required to transfer the special voting shares associated with the transferred common shares to the Company for no consideration. | |||||||||||||||||
The special voting shares have minimal economic entitlements as the purpose of the special voting shares is to grant long-term shareholders with an extra voting right by means of granting an additional special voting share, without granting such shareholders with any additional economic rights. However, as a matter of Dutch law, such special voting shares cannot be fully excluded from economic entitlements. Therefore, the Articles of Association provide that only a minimal dividend accrues to the special voting shares, which is not distributed, but allocated to a separate special dividend reserve. The impact of this special voting dividend reserve on the earnings per share of the common shares is not material. | |||||||||||||||||
The following table shows a reconciliation between the composition of the share capital of CNH Industrial N.V. at September 30, 2013 on the basis of the shares issued according to the exchange ratios with Fiat Industrial and CNH Global shares upon the completion of the mergers, and the composition of the share capital of CNH Industrial at December 31, 2013: | |||||||||||||||||
(number of shares) | Common shares | CNH Industrial | CNH Industrial N.V. | Total CNH | |||||||||||||
pre-merger | N.V. common | special voting shares | Industrial N.V. | ||||||||||||||
shares | shares | ||||||||||||||||
Fiat Industrial S.p.A. common shares | 1,222,560,247 | (a) | 1,222,560,247 | (*) | 451,262,083 | (**) | 1,673,822,330 | ||||||||||
CNH Global N.V. common shares (non-controlling interests) | 32,995,696 | 126,307,525 | (*) | 23,212,193 | (**) | 149,519,718 | |||||||||||
Total CNH Industrial N.V. shares at September 30, 2013 | 1,348,867,772 | 474,474,276 | 1,823,342,048 | ||||||||||||||
Capital increase | 1,205,758 | — | 1,205,758 | ||||||||||||||
Retirement of special voting shares | — | (5,479,890 | ) | (5,479,890 | ) | ||||||||||||
Total CNH Industrial N.V. shares at December 31, 2013 | 1,350,073,530 | 468,994,386 | 1,819,067,916 | ||||||||||||||
(a) | Total n. 1,222,568,882 Fiat Industrial S.p.A. common shares are shown net of 8,635 treasury shares that have been cancelled at the closing of the merger. | ||||||||||||||||
(*) | Allotted on the basis of the established exchange ratios of one common share of CNH Industrial N.V. for each share of Fiat Industrial S.p.A. and 3.828 common shares of CNH Industrial N.V for each share of CNH Global N.V. | ||||||||||||||||
(**) | Allotted to eligible Fiat Industrial N.V. and CNH Global N.V. shareholders who had elected to receive special voting shares. | ||||||||||||||||
As of December 31, 2013, 5,479,890 special voting shares were acquired by the Company following the de-registration of the corresponding number of qualifying common shares from the Loyalty Register. | |||||||||||||||||
Furthermore, the Company during the fourth quarter of 2013 issued a total of 1,205,758 new common shares in relation to certain share-based payment plans granted by CNH Global before the completion of the mergers. See “Note 16: Share Based Compensation” for further discussion. | |||||||||||||||||
Pre-merger | |||||||||||||||||
At December 31, 2012, the share capital of Fiat Industrial was €1,919 million, fully paid-in, and consisted of 1,222,568,882 common shares, including 8,635 treasury shares that were cancelled at the closing of the merger. | |||||||||||||||||
Dividend | |||||||||||||||||
On February 27, 2014, the Board of Directors of CNH Industrial N.V. recommended to the Company’s shareholders that the Company declare a dividend of €0.20 per common share, totaling approximately €270 million. The proposal was approved by the Company’s shareholders at the Annual General Meeting of Shareholders (AGM) held on April 16, 2014. | |||||||||||||||||
At the Fiat Industrial AGM held on April 8, 2013, shareholders approved the payment of a dividend of €0.225 per common share, equivalent to a maximum amount of approximately €275.1 million ($366 million). The dividend was paid in April 2013. | |||||||||||||||||
At the Fiat Industrial AGM held on April 5, 2012, shareholders approved the payment of a dividend of €0.185 per common share, €0.185 per preference share and €0.2315 per savings share, for approximately €240 million ($308 million). The dividend was paid in April 2012. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||||||||||||
Note 16: Share-Based Compensation | |||||||||||||||||||||||||||||||||
In connection with the mergers of Fiat Industrial and CNH Global with and into CNH Industrial, CNH Industrial assumed the sponsorship of the Fiat Industrial Long-Term Incentive Plan (the “Fiat Industrial Plan”), the CNH Global N.V. Equity Incentive Plan (the “CNH EIP”) and the CNH Global N.V. Directors’ Compensation Plan (“CNH DCP”), effective as of September 29, 2013 (the “Effective Date”). | |||||||||||||||||||||||||||||||||
On the Effective Date, outstanding stock options, unvested restricted share units and performance share units under the CNH EIP became exercisable or convertible for common shares of CNH Industrial N.V. The number of shares of outstanding equity awards was increased and exercise price of stock options reduced to take into account the CNH Global exchange ratio of 3.828 CNH Industrial shares for each CNH Global common share. | |||||||||||||||||||||||||||||||||
On the Effective Date, the unvested equity awards under the former Fiat Industrial Plan became convertible for common shares of CNH Industrial N.V. on a one-for-one basis. | |||||||||||||||||||||||||||||||||
The conversion did not change the aggregate fair value of the outstanding equity awards and, therefore, resulted in no additional share-based compensation expense in 2013. | |||||||||||||||||||||||||||||||||
Furthermore, on September 9, 2013 the CNH Industrial N.V. Directors’ Compensation Plan (the “CNH Industrial DCP”) was approved by the shareholders and adopted by the Board of Directors of CNH Industrial. | |||||||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, CNH Industrial recognized total share-based compensation expense of $39 million, $67 million and $63 million, respectively. For the years ended December 31, 2013, 2012, and 2011, CNH Industrial recognized a total tax benefit relating to share-based compensation expense of $9 million, $18 million, and $17 million, respectively. As of December 31, 2013, CNH Industrial had unrecognized share-based compensation expense related to non-vested awards of approximately $20 million based on current assumptions related to achievement of specified performance objectives, when applicable. Unrecognized share-based compensation costs will be recognized over a weighted-average period of 1 year. | |||||||||||||||||||||||||||||||||
CNH Industrial N.V. Directors’ Compensation Plan (“CNH Industrial DCP”) | |||||||||||||||||||||||||||||||||
The CNH Industrial DCP provides for the payment of the following to eligible members of the CNH Industrial Board in the form of cash, and/or common shares of CNH Industrial, and/or options to purchase common shares of CNH Industrial, provided that such members do not receive salary or other employment compensation from CNH Industrial or Fiat S.p.A., and their subsidiaries and affiliates: | |||||||||||||||||||||||||||||||||
• | an annual retainer fee of $125,000; | ||||||||||||||||||||||||||||||||
• | an Audit Committee membership fee of $25,000; | ||||||||||||||||||||||||||||||||
• | a Governance and Sustainability Committee membership fee of $20,000; | ||||||||||||||||||||||||||||||||
• | a Compensation Committee membership fee of $20,000; | ||||||||||||||||||||||||||||||||
• | an Audit Committee chair fee of $35,000; | ||||||||||||||||||||||||||||||||
• | a Governance and Sustainability Committee chair fee of $25,000; and | ||||||||||||||||||||||||||||||||
• | a Compensation Committee chair fee of $25,000 (collectively, the “fees”). | ||||||||||||||||||||||||||||||||
Each quarter of the CNH Industrial DCP year, the eligible directors elect the form of payment of their fees. If the elected form is common shares, the eligible director will receive as many common shares as equal to the amount of fees the director elects to be paid in common shares, divided by the fair market value of a CNH Industrial common share on the date that the quarterly payment is made. Common shares issued to the eligible director vest immediately upon grant. If an eligible director elects to receive all or a portion of fees in the form of a stock option, the number of common shares underlying the stock option is determined by dividing (i) by (ii) where (i) equals the dollar amount of the quarterly payment that the eligible director elects to receive in the form of stock options multiplied by four and (ii) the fair market value of the common shares on the date that the quarterly payment is made. The CNH Industrial DCP defines fair market value, as applied to each ordinary share, to be equal to the average of the highest and lowest sale price of a CNH Industrial common share during normal trading hours on the last trading day of each plan quarter in which sales of common shares on the New York Stock Exchange are recorded. Stock options granted as a result of such an election vest immediately, but shares purchased under options cannot be sold for six months following the date of exercise. Stock options terminate upon the earlier of: (1) ten years after the grant date; or (2) six months after the date an individual ceases to be a director. | |||||||||||||||||||||||||||||||||
At December 31, 2013, there were 200,000 common shares, reserved for issuance under the CNH Industrial DCP. In 2013, 6,402 stock options were issued under the CNH Industrial DCP at an exercise price of $11.325. | |||||||||||||||||||||||||||||||||
CNH Global Directors’ Compensation Plan (“CNH DCP”) | |||||||||||||||||||||||||||||||||
Directors of former CNH Global were compensated in the form of cash, and/or common shares of CNH Global N.V., and/or options to purchase common shares of CNH Global N.V. under the CNH DCP. Stock options issued under the CNH DCP were converted using the ratio of 3.828 and exercisable for common shares of CNH Industrial N.V. upon the Effective Date. As of December 31, 2013, 186,000 stock options from the CNH DCP were still outstanding. The CNH DCP was terminated effective as of the Merger and no new equity awards will be issued under the CNH DCP. | |||||||||||||||||||||||||||||||||
CNH Global Equity Incentive Plan (the “CNH EIP”) | |||||||||||||||||||||||||||||||||
The CNH EIP provides for grants of stock options, restricted share units and performance share units to former officers and employees of CNH Global. CNH Industrial can not issue any new equity awards under the CNH EIP; however, CNH Industrial is required to issue shares under the CNH EIP to settle the exercise or vesting of the existing equity awards. | |||||||||||||||||||||||||||||||||
Modification | |||||||||||||||||||||||||||||||||
On December 28, 2012, CNH Global had paid a special dividend of $10 per common share to its minority shareholders of record as of December 20, 2012, as part of the merger agreement with Fiat Industrial. In accordance with the anti-dilutive provisions of both the CNH EIP and CNH DCP, on January 28, 2013, the CNH Global Corporate Governance and Compensation Committee approved required equitable adjustments to outstanding equity awards. The adjustments were retrospectively made to outstanding options under the CNH EIP and CNH DCP, unvested performance share units and unvested restricted share units under the CNH EIP, as of the ex-dividend date on December 18, 2012. The exercise price was reduced and the number of outstanding shares increased for stock options, and the number of unvested share units was increased for performance share units and restricted share units, to maintain the pre-dividend fair value. The weighted average exercise price of outstanding options decreased from $40.45 to $33.34, the number of outstanding options increased from 4.6 million to 5.6 million, the number of unvested performance share units increased from 1.9 million to 2.3 million and the number of unvested restricted share units increased from 451,000 to 548,000. These additional shares were issued in January 2013. The aggregate fair value, the aggregate intrinsic value and the ratio of the exercise price to the market price are approximately equal immediately before and after the adjustment. Therefore, no additional compensation expense was recognized in 2012 and 2013. | |||||||||||||||||||||||||||||||||
The information disclosed below was adjusted retrospectively for the conversion ratio of 3.828 CNH Industrial common shares for each CNH Global common share. | |||||||||||||||||||||||||||||||||
Stock option plan | |||||||||||||||||||||||||||||||||
In September 2012, approximately 2,680,000 performance-based stock options (at target award levels) were issued under the CNH EIP (the “2012 Grant”). As CNH Global exceeded its 2012 target performance objective, approximately four million of these options were granted overall, of which 171,575 options were granted in February 2013. One-third of the options vested in February 2013 following Board of Directors’ approval of the 2012 financial results of CNH Global. The remaining options will vest equally on the first and second anniversary of the initial vesting date. Options granted under the CNH EIP have a contractual life of five years from the initial vesting date. | |||||||||||||||||||||||||||||||||
The following table summarizes outstanding stock options under the CNH EIP at December 31, 2013: | |||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||||||
Range of | Shares | Weighted- | Weighted- | Aggregate | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||||||||||||||
Exercise Price | Outstanding | Average | Average | Intrinsic | Exercisable | Average | Average | Intrinsic | |||||||||||||||||||||||||
Remaining | Exercise | Value(A) | Remaining | Exercise | Value(A) | ||||||||||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||||||||||
$2.92–$5.00 | 495,631 | 1.1 | $ | 2.92 | $ | 4,178,169 | 495,631 | 1.1 | $ | 2.92 | $ | 4,178,169 | |||||||||||||||||||||
$5.01–$10.00 | 6,522,657 | 3.4 | $ | 8.03 | $ | 21,634,112 | 3,306,154 | 2.6 | $ | 7.32 | $ | 13,335,535 | |||||||||||||||||||||
$10.01–$15.00 | 5,603,457 | 3.1 | $ | 10.16 | $ | 6,694,717 | 2,929,934 | 3 | $ | 10.16 | $ | 3,486,489 | |||||||||||||||||||||
$ | 32,506,998 | $ | 21,000,193 | ||||||||||||||||||||||||||||||
(A) | The difference between the exercise price of share-based compensation and the year-end market price of CNH Industrial common shares of $11.35. No amount is shown for awards with an exercise price that is greater than the year-end market price. | ||||||||||||||||||||||||||||||||
Changes during the period in stock option plans are as follows: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 17,666,452 | $ | 10.57 | ||||||||||||||||||||||||||||||
Anti-dilution adjustment for the special dividend | 3,796,996 | $ | 8.7 | ||||||||||||||||||||||||||||||
Additional shares issued for the 2012 Grant | 171,575 | $ | 8.77 | ||||||||||||||||||||||||||||||
Forfeited | (390,612 | ) | $ | 9.36 | |||||||||||||||||||||||||||||
Expired | (345,348 | ) | $ | 11.04 | |||||||||||||||||||||||||||||
Exercised | (8,277,318 | ) | $ | 8.45 | |||||||||||||||||||||||||||||
Outstanding at end of year | 12,621,745 | $ | 8.77 | ||||||||||||||||||||||||||||||
Exercisable at end of year | 6,731,719 | $ | 8.23 | ||||||||||||||||||||||||||||||
The Black-Scholes pricing model was used to calculate the fair value of stock options for options granted in 2012 and 2011 under the CNH EIP. The assumptions used under the Black-Scholes pricing model were as follows: | |||||||||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.4 | % | 1.4 | % | |||||||||||||||||||||||||||||
Expected Dividend yield | 0 | % | 0.3 | % | |||||||||||||||||||||||||||||
Price volatility of CNH Global N.V. shares | 51.7 | % | 75.1 | % | |||||||||||||||||||||||||||||
Option life (years) | 3.39 | 3.81 | |||||||||||||||||||||||||||||||
The risk-free interest rate was based on the U.S. Treasury rate for a bond of approximately the expected life of the options. The expected volatility was based on the historical activity of common shares of CNH Global N.V. over a period at least equal to the expected life of the options. The expected life for the CNH EIP grant was based on the average of the vesting period of each tranche and the original contract term of 65 to 70 months. The expected dividend yield was determined to be zero as management did not expect CNH Global. to pay ordinary dividends. | |||||||||||||||||||||||||||||||||
Based on this model, the fair values of stock options awarded for the years ended December 31, 2012 and 2011 under CNH EIP was $3.60 and $6.85, respectively. | |||||||||||||||||||||||||||||||||
Performance Share Units | |||||||||||||||||||||||||||||||||
Performance-based shares were granted to selected key employees and executive officers of former CNH Global under the CNH EIP. Performance-based shares vest upon the attainment of specified performance objectives. | |||||||||||||||||||||||||||||||||
No performance-based shares were granted in 2013. In 2012, CNH Global issued several grants of performance-based shares throughout the year. These shares will cliff vest in February 2015 based on the achievement of their respective performance targets. The total number of shares granted in 2012 was 520,371 with a weighted average fair value of $10.62 per share. | |||||||||||||||||||||||||||||||||
In 2011, CNH Global granted approximately 0.6 million performance-based share awards under the CNH EIP with a weighted average fair value of $10.21 per share. The performance targets for these performance shares are designated on a cumulative basis for the three-, four- and five-year periods ended December 31, 2012, 2013, and 2014. The first two tranches of the performance shares vested in February 2013 and 2014 following the achievement of the performance targets for the three and four years ended December 31, 2012 and 2013. The remaining shares will vest in February 2015 if the respective performance target for the tranche is achieved. | |||||||||||||||||||||||||||||||||
The following table reflects performance-based share activity under the CNH EIP for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Performance | Weighted | ||||||||||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 7,367,897 | $ | 9.21 | ||||||||||||||||||||||||||||||
Anti-dilution adjustment for the special dividend | 1,584,060 | $ | 7.58 | ||||||||||||||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||||||||||||||
Forfeited | (415,239 | ) | $ | 7.54 | |||||||||||||||||||||||||||||
Vested | (2,921,194 | ) | $ | 7.54 | |||||||||||||||||||||||||||||
Nonvested at end of year | 5,615,524 | $ | 7.61 | ||||||||||||||||||||||||||||||
Restricted Share Units | |||||||||||||||||||||||||||||||||
In 2013, no restricted share units were granted. In 2012 and 2011, 0.7 million and 1 million restricted share units were granted under the CNH EIP with a weighted average fair value of $11.40 and $7.03 per share, respectively. Restricted share units are service based and vest in three equal installments over three years starting from the grant date. Compensation cost for the restricted share units is recognized on a straight-line basis over the requisite service period for each separate vesting portion of the award as of the award was, in substance, multiple awards. | |||||||||||||||||||||||||||||||||
The following table reflects restricted share activity under the CNH EIP for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Restricted | Weighted | ||||||||||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 1,696,715 | $ | 9.28 | ||||||||||||||||||||||||||||||
Anti-dilution adjustment for the special dividend | 363,988 | $ | 7.64 | ||||||||||||||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||||||||||||||
Forfeited | (102,703 | ) | $ | 7.66 | |||||||||||||||||||||||||||||
Vested | (1,027,475 | ) | $ | 7.36 | |||||||||||||||||||||||||||||
Nonvested at end of year | 930,525 | $ | 7.95 | ||||||||||||||||||||||||||||||
The fair value of performance-based shares and restricted shares under the CNH EIP was based on the market value of CNH Global’s common shares on the date of the grant. | |||||||||||||||||||||||||||||||||
Fiat Industrial Plan | |||||||||||||||||||||||||||||||||
In the AGM held on April 5, 2012, Fiat Industrial shareholders approved the adoption of a Long Term Incentive Plan consisting of two components (Company Performance LTI and Retention LTI) taking the form of stock grants. According to the Fiat Industrial Plan, Fiat Industrial granted the Chairman of Fiat Industrial 1 million rights as part of the Company Performance LTI and 1.1 million rights as part of the Retention LTI. | |||||||||||||||||||||||||||||||||
In the case of the Retention LTI, one third of the rights vested on February 22, 2013 and each of the remaining two thirds will vest on February 22, 2014 and February 22, 2015, on condition that Mr. Marchionne remains Chairman of CNH Industrial. | |||||||||||||||||||||||||||||||||
Under the terms of the Long Term Incentive Plan, the rights to the Company Performance LTI will vest on condition that predetermined financial performance targets for the period from January 1, 2012 to December 31, 2014 are met and on condition that the beneficiary remains in office up to the date of approval of the consolidated financial statements at December 31, 2014 by the Board of Directors; the rights will become exercisable and may be exercised in a single installment subsequent to the date of approval of the consolidated financial statements at December 31, 2014 by the Board of Directors. | |||||||||||||||||||||||||||||||||
The two awards will be settled by issuing new shares. | |||||||||||||||||||||||||||||||||
On October 31, 2013, upon recommendation of the Compensation Committee, the Board of Directors of CNH Industrial resolved to consider the performance conditions met for the Chairman’s Company performance share units (“PSU”s). The units will vest February 1, 2015. This modification did not result in any additional compensation expenses. | |||||||||||||||||||||||||||||||||
At December 31, 2013, the contractual terms of the Long Term Incentive Plan were therefore as follows: | |||||||||||||||||||||||||||||||||
Plan | Beneficiary | Number of | Vesting date | Vesting | |||||||||||||||||||||||||||||
shares | portion | ||||||||||||||||||||||||||||||||
Company Performance LTI | Chairman | 1,000,000 | February 1, 2015 | 1,000,000 | |||||||||||||||||||||||||||||
Retention LTI | Chairman | 1,100,000 | February 22, 2013 | (*) | 366,667 | ||||||||||||||||||||||||||||
February 22, 2014 | (*) | 366,667 | |||||||||||||||||||||||||||||||
22-Feb-15 | 366,666 | ||||||||||||||||||||||||||||||||
(*) | As of February 27, 2014 the beneficiary has not exercised his rights with respect to the restricted share units vested. | ||||||||||||||||||||||||||||||||
The following table reflects share activity under the Company Performance LTI for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Number of | Grant-Date | ||||||||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||||||||
(in €) | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 1,000,000 | € | 7.795 | ||||||||||||||||||||||||||||||
Granted | — | € | — | ||||||||||||||||||||||||||||||
Forfeited | — | € | — | ||||||||||||||||||||||||||||||
Vested | — | € | — | ||||||||||||||||||||||||||||||
Nonvested at end of year | 1,000,000 | € | 7.795 | ||||||||||||||||||||||||||||||
The following table reflects share activity under the Retention LTI for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Number of | Grant-Date | ||||||||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||||||||
(in €) | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 1,100,000 | € | 7.795 | ||||||||||||||||||||||||||||||
Granted | — | € | — | ||||||||||||||||||||||||||||||
Forfeited | — | € | — | ||||||||||||||||||||||||||||||
Vested | (366.667 | )(a) | € | 7.795 | |||||||||||||||||||||||||||||
Nonvested at end of year | 733,333 | € | 7.795 | ||||||||||||||||||||||||||||||
(a) | As of February 27, 2014 the beneficiary has not exercised his rights with respect to the restricted share units vested. | ||||||||||||||||||||||||||||||||
The fair value of these awards was based on the market value of Fiat Industrial’s common shares on the date of the grant. | |||||||||||||||||||||||||||||||||
Additional Share-Based Compensation Information | |||||||||||||||||||||||||||||||||
The table below provides additional share-based compensation information for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Total intrinsic value of options exercised | $ | 30 | $ | 45 | $ | 28 | |||||||||||||||||||||||||||
Fair value of shares vested | $ | 50 | $ | 7 | $ | 3 | |||||||||||||||||||||||||||
Cash received from share award exercises | $ | 63 | $ | 68 | $ | 31 | |||||||||||||||||||||||||||
Tax benefit of options exercised and shares vested | $ | 3 | $ | 3 | $ | 3 |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Note 17: Earnings per Share | |||||||||||||||||
The Company’s basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. For 2013, net income available to common shareholders included the impact from the acquisition of the CNH Global’s noncontrolling interest on September 29, 2013. Accordingly, newly issued CNH Industrial common shares were weighted for the period of three months when they were outstanding in 2013. The basic EPS for 2012 and 2011 reflected the net income and weighted-average number of all classes of shares outstanding of Fiat Industrial. | |||||||||||||||||
The diluted EPS takes into consideration potential common share outstanding when inclusion is not anti-dilutive. The effect of dilutive securities is calculated using the treasury stock method. | |||||||||||||||||
In connection with the Mergers, CNH Industrial assumed the sponsorship of the share-based payment awards pursuant to which shares of Fiat Industrial or CNH Global were to be issued. The diluted weighted-average number of common shares outstanding for 2013 was determined by including the potential common shares from these equity awards pro-rated for the three-month period when they were outstanding. Before the mergers, Fiat Industrial did not have any equity instruments with potential dilutive effect. | |||||||||||||||||
The following table sets forth the computation of basic EPS and diluted EPS for the years ended December 31, 2013 and 2012. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in millions, except | |||||||||||||||||
per share data) | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to CNH Industrial | $ | 678 | $ | 757 | |||||||||||||
Weighted average common shares outstanding—basic | 1,255 | 1,223 | |||||||||||||||
Basic earnings per share | $ | 0.54 | $ | 0.62 | |||||||||||||
Diluted: | |||||||||||||||||
Net income attributable to CNH Industrial | $ | 678 | $ | 757 | |||||||||||||
Weighted average common shares outstanding—basic | 1,255 | 1,223 | |||||||||||||||
Effect of dilutive securities (when dilutive): | |||||||||||||||||
Stock Compensation Plans | 2 | — | |||||||||||||||
Weighted average common shares outstanding—diluted | 1,257 | 1,223 | |||||||||||||||
Diluted earnings per share | $ | 0.54 | $ | 0.62 | |||||||||||||
For the year ended December 31, 2011, Fiat Industrial had three classes of shares: common shares, preference shares and savings shares, all of which participate in undistributed earnings. On May 21, 2012, following the resolution adopted by shareholders in an extraordinary general meeting held on April 5, 2012, the procedure commenced for the mandatory conversion of all the 103,292,310 preference shares and 79,912,800 savings shares of Fiat Industrial S.p.A. into 130,241,397 of Fiat Industrial’s ordinary shares having the same features as the outstanding ordinary shares, with enjoyment rights from January 1, 2012, using a ratio of 0.700 for the preference shares and 0.725 for the savings shares. For the purpose of EPS calculation, net income attributable to controlling interest for 2011 was allocated to each class of shares based on their contractual participation rights to share in the current earnings as if all of the earnings for the period had been distributed in accordance with the two-class method. The following table sets forth the computation of basic and diluted net income per share under the two-class method for the year ended December 31, 2011. | |||||||||||||||||
Common | Preference | Savings | Total | ||||||||||||||
shares | shares | shares | |||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Basic and Diluted: | |||||||||||||||||
Net income attributable to controlling interest. | $ | 462 | $ | 44 | $ | 39 | $ | 545 | |||||||||
Weighted average shares outstanding—basic and diluted | 1,092 | 103 | 80 | 1,275 | |||||||||||||
Basic and diluted earnings per share | $ | 0.42 | $ | 0.42 | $ | 0.49 | |||||||||||
Fiat Industrial S.p.A. had no transactions which could have a dilutive effect in 2011. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
Note 18: Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
The Company’s share of comprehensive income (loss) includes net income plus other comprehensive income, which includes changes in fair value of certain derivatives designated as cash flow hedges, certain changes in pension and other retirement benefit plans, foreign currency translations gains and losses, changes in the fair value of available-for-sale securities, the Company’s share of other comprehensive income of entities accounted for using the equity method, and reclassifications for amounts included in net income less net income and other comprehensive income attributable to the noncontrolling interest. For more information on our derivative instruments, see “Note 14: Financial Instruments”. For more information on our pensions and retirement benefit obligations, see “Note 11: Employee Benefit Plans and Postretirement Benefits”. The Company’s other comprehensive income (loss) amounts are aggregated within accumulated other comprehensive income (loss). The tax effect for each component of other comprehensive income (loss) consisted of the following: | |||||||||||||||||||||||||
Year ended December 31, 2013 | Gross | Income | Net | ||||||||||||||||||||||
Amount | Taxes | Amount | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | 134 | $ | (40 | ) | $ | 94 | ||||||||||||||||||
Changes in retirement plans’ funded status | 197 | (110 | ) | 87 | |||||||||||||||||||||
Foreign currency translation | (510 | ) | — | (510 | ) | ||||||||||||||||||||
Unrealized gain (loss) on available for sale securities | (2 | ) | 1 | (1 | ) | ||||||||||||||||||||
Share of other comprehensive income of entities using the equity method | (23 | ) | — | (23 | ) | ||||||||||||||||||||
Other comprehensive income (loss) | $ | (204 | ) | $ | (149 | ) | $ | (353 | ) | ||||||||||||||||
Year ended December 31, 2012 | Gross | Income | Net | ||||||||||||||||||||||
Amount | Taxes | Amount | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | 54 | $ | (12 | ) | $ | 42 | ||||||||||||||||||
Changes in retirement plans’ funded status | (242 | ) | 23 | (219 | ) | ||||||||||||||||||||
Foreign currency translation | (185 | ) | — | (185 | ) | ||||||||||||||||||||
Unrealized gain (loss) on available for sale securities | (2 | ) | 1 | (1 | ) | ||||||||||||||||||||
Share of other comprehensive income of entities using the equity method | (59 | ) | — | (59 | ) | ||||||||||||||||||||
Other comprehensive income (loss) | $ | (434 | ) | $ | 12 | $ | (422 | ) | |||||||||||||||||
Year ended December 31, 2011 | Gross | Income | Net | ||||||||||||||||||||||
Amount | Taxes | Amount | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | (63 | ) | $ | 10 | $ | (53 | ) | |||||||||||||||||
Changes in retirement plans’ funded status | (87 | ) | 19 | (68 | ) | ||||||||||||||||||||
Foreign currency translation | (265 | ) | — | (265 | ) | ||||||||||||||||||||
Unrealized gain (loss) on available for sale securities | (10 | ) | 4 | (6 | ) | ||||||||||||||||||||
Share of other comprehensive income of entities using the equity method | (12 | ) | — | (12 | ) | ||||||||||||||||||||
Other comprehensive income (loss) | $ | (437 | ) | $ | 33 | $ | (404 | ) | |||||||||||||||||
The changes, net of tax, in each component of accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||||||||
Unrealized | Change in | Foreign Currency | Unrealized | Share of Other | Total | ||||||||||||||||||||
gain (Loss) on | Retirement Plans’ | Translation | gain (Loss) on | Comprehensive | |||||||||||||||||||||
Cash Flow | Funded Status | Available For | Income of | ||||||||||||||||||||||
Hedges | Sale | Entities Using | |||||||||||||||||||||||
Securities | the Equity | ||||||||||||||||||||||||
Method | |||||||||||||||||||||||||
Balance, December 31, 2010 | $ | (31 | ) | $ | (562 | ) | $ | 332 | $ | 8 | $ | 70 | $ | (183 | ) | ||||||||||
Other comprehensive income (loss)¹ | (48 | ) | (58 | ) | (225 | ) | (5 | ) | (10 | ) | (346 | ) | |||||||||||||
Balance, December 31, 2011 | (79 | ) | (620 | ) | 107 | 3 | 60 | (529 | ) | ||||||||||||||||
Other comprehensive income (loss)¹ | 38 | (190 | ) | (177 | ) | (1 | ) | (52 | ) | (382 | ) | ||||||||||||||
Balance, December 31, 2012 | (41 | ) | (810 | ) | (70 | ) | 2 | 8 | (911 | ) | |||||||||||||||
Other comprehensive income (loss), before reclassifications | 144 | 53 | (492 | ) | — | (20 | ) | (315 | ) | ||||||||||||||||
Amounts reclassified from other comprehensive income (loss) | (55 | ) | 38 | — | (2 | ) | — | (19 | ) | ||||||||||||||||
Other comprehensive income (loss)¹ | 89 | 91 | (492 | ) | (2 | ) | (20 | ) | (334 | ) | |||||||||||||||
Purchase of noncontrolling interest | 1 | (107 | ) | (12 | ) | — | (10 | ) | (128 | ) | |||||||||||||||
Balance, December 31, 2013 | $ | 49 | $ | (826 | ) | $ | (574 | ) | $ | — | $ | (22 | ) | $ | (1,373 | ) | |||||||||
¹ | Excluded from the table above is other comprehensive income (loss) allocated to noncontrolling interests of $(19), $(40) and $(58) for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in 2013 consisted of the following: | |||||||||||||||||||||||||
Amount | Consolidated Statement | ||||||||||||||||||||||||
reclassified | of Operations line | ||||||||||||||||||||||||
from other | |||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||
income (loss) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Cash flow hedges | $ | (15 | ) | Net sales | |||||||||||||||||||||
(7 | ) | Cost of goods sold | |||||||||||||||||||||||
(59 | ) | Other, net | |||||||||||||||||||||||
14 | Interest expense | ||||||||||||||||||||||||
12 | Income taxes | ||||||||||||||||||||||||
$ | (55 | ) | |||||||||||||||||||||||
Change in retirement plans’ funded status: | |||||||||||||||||||||||||
Amortization of actuarial losses | $ | 95 | * | ||||||||||||||||||||||
Amortization of prior service cost | (9 | ) | * | ||||||||||||||||||||||
(48 | ) | Income taxes | |||||||||||||||||||||||
$ | 38 | ||||||||||||||||||||||||
Available-for-sale securities | $ | (3 | ) | Other, net | |||||||||||||||||||||
1 | Income taxes | ||||||||||||||||||||||||
$ | (2 | ) | |||||||||||||||||||||||
Total reclassifications, net of tax | $ | (19 | ) | ||||||||||||||||||||||
* | These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 11: Employee Benefit Plans and Postretirement Benefits” for addition information. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
Note 19: Segment Reporting | |||||||||||||
The operating segments through which the Company manages its operations are based on the internal reporting used by the Company’s Chief Operating Decision Maker (“CODM”) to assess performance and make decisions about resource allocation. The segments are organized based on products and services provided by the Company. | |||||||||||||
Following the Merger between Fiat Industrial and CNH Global, the Company has realigned its reportable segments reflecting the five businesses now directly managed by CNH Industrial N.V., consisting of: (i) Agricultural Equipment, (ii) Construction Equipment, (iii) Commercial Vehicles, (iv) Powertrain, and (v) Financial Services. Segment information for prior years has been recast to conform to the current year’s presentation. | |||||||||||||
CNH Industrial has the following five operating segments: | |||||||||||||
Agricultural Equipment which designs, manufactures and distributes a full line of farm machinery and implements, including two-wheel and four-wheel drive tractors, crawler tractors (Quadtrac®), combines, cotton pickers, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements and material handling equipment. Agricultural equipment is sold under the New Holland Agriculture and Case IH Agriculture brands, as well as the Steyr brand in Europe. | |||||||||||||
Construction Equipment which designs, manufactures and distributes a full line of construction equipment including excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, telehandlers and trenchers. Construction equipment is sold under the New Holland Construction and Case Construction brands. | |||||||||||||
Commercial Vehicles which designs, produces and sells a full range of light, medium and heavy vehicles for the transportation and distribution of goods through the Iveco brand, commuter buses and touring coaches through the Iveco Bus (previously Iveco Irisbus) and Heuliez Bus brands, quarry and mining equipment through Iveco Astra, and firefighting vehicles through the Magirus brand and vehicles for civil defense and peace-keeping missions under the Iveco Defence Vehicles brand. | |||||||||||||
Powertrain which designs, manufactures and offers a range of propulsion and transmission systems for on- and off-road applications, as well as engines for marine application and power generation through FPT Industrial brand. | |||||||||||||
Financial Services which offers a range of financial services to dealers and customers. Financial Services provides and administers retail financing to customers for the purchase or lease of new and used industrial equipment or vehicles and other equipment sold by CNH Industrial dealers. In addition, Financial Services provides wholesale financing to CNH Industrial dealers. Wholesale financing consists primarily of floor plan financing and allows the dealers to purchase and maintain a representative inventory of products. | |||||||||||||
Revenues for each reported segment are those directly generated by or attributable to the segment as a result of its usual business activities and include revenues from transactions with third parties as well as those deriving from transactions with other segments, recognized at normal market prices. Segment expenses represent expenses deriving from each segment’s business activities both with third parties and other operating segments or which may otherwise be directly attributable to it. Expenses deriving from business activities with other segments are recognized at normal market prices. | |||||||||||||
The CODM assessed the performance of the operating segments mainly on the basis of trading profit/(loss), earned by those segments, prepared in accordance with IFRS. Trading profit, which is a non-GAAP measure, is defined as income before restructuring, gains/(losses) on disposal of investments and other unusual items, interest expense of Industrial Activities, income taxes, equity in income (loss) of unconsolidated subsidiaries and affiliates, and noncontrolling interests. | |||||||||||||
A reconciliation from consolidated trading profit under IFRS to income before income taxes and equity in income of unconsolidated subsidiaries and affiliates under U.S. GAAP for the years ended December 31, 2013, 2012 and 2011 are provided below. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Trading profit under IFRS | $ | 2,637 | $ | 2,650 | $ | 2,353 | |||||||
Adjustments/reclassifications to convert from trading profit to U.S. GAAP income before income taxes and equity in income of unconsolidated subsidiaries: | |||||||||||||
Accounting for development costs | (443 | ) | (429 | ) | (330 | ) | |||||||
Restructuring | (71 | ) | (231 | ) | (131 | ) | |||||||
Interest expenses of Industrial Activities, net of interest income and eliminations | (548 | ) | (515 | ) | (640 | ) | |||||||
Other | (201 | ) | (128 | ) | (72 | ) | |||||||
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates under U.S. GAAP | $ | 1,374 | $ | 1,347 | $ | 1,180 | |||||||
Segment Information | |||||||||||||
The following summarizes trading profit under IFRS by reportable segment: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Agricultural Equipment | $ | 1,949 | $ | 1,609 | $ | 1,262 | |||||||
Construction Equipment | (109 | ) | (39 | ) | 27 | ||||||||
Commercial Vehicles | 145 | 647 | 899 | ||||||||||
Powertrain | 210 | 181 | 148 | ||||||||||
Other Activities and Adjustments | (76 | ) | (125 | ) | (90 | ) | |||||||
Total Trading profit of Industrial Activities under IFRS | $ | 2,119 | $ | 2,273 | $ | 2,246 | |||||||
Financial Services | 518 | 377 | 107 | ||||||||||
Trading profit under IFRS | $ | 2,637 | $ | 2,650 | $ | 2,353 | |||||||
A summary of additional operating segment information, compiled under IFRS, as of and for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Revenues: | |||||||||||||
Agricultural Equipment | $ | 16,763 | $ | 15,657 | $ | 14,183 | |||||||
Construction Equipment | 3,258 | 3,770 | 3,876 | ||||||||||
Commercial Vehicles | 11,447 | 11,221 | 13,148 | ||||||||||
Powertrain | 4,423 | 3,769 | 4,482 | ||||||||||
Other Activities & Adjustments | (3,050 | ) | (2,706 | ) | (3,269 | ) | |||||||
Net revenues of Industrial Activities under IFRS | 32,841 | 31,711 | 32,420 | ||||||||||
Financial Services | 1,950 | 1,938 | 1,820 | ||||||||||
Other Activities & Adjustments | (560 | ) | (521 | ) | (431 | ) | |||||||
Net revenues under IFRS | 34,231 | 33,128 | 33,809 | ||||||||||
Difference, principally classification proceeds from the final sale of equipment sold under buy-back commitment or leased, net of finance income of Industrial Activities | (395 | ) | (327 | ) | (329 | ) | |||||||
Revenues under U.S. GAAP | $ | 33,836 | $ | 32,801 | $ | 33,480 | |||||||
Depreciation and Amortization (*): | |||||||||||||
Agricultural Equipment | $ | 392 | $ | 332 | $ | 302 | |||||||
Construction Equipment | 114 | 114 | 101 | ||||||||||
Commercial Vehicles | 283 | 281 | 324 | ||||||||||
Powertrain | 208 | 196 | 202 | ||||||||||
Other activities & adjustments | (3 | ) | (3 | ) | (5 | ) | |||||||
Depreciation and amortization of Industrial Activities under IFRS | 994 | 920 | 924 | ||||||||||
Financial Services | 3 | 4 | 3 | ||||||||||
Depreciation and amortization under IFRS | 997 | 924 | 927 | ||||||||||
Difference, principally amortization of development costs capitalized under IFRS | (307 | ) | (247 | ) | (218 | ) | |||||||
Depreciation and amortization under U.S. GAAP | $ | 690 | $ | 677 | $ | 709 | |||||||
Expenditures for long-lived assets *: | |||||||||||||
Agricultural Equipment | $ | 879 | $ | 808 | $ | 531 | |||||||
Construction Equipment | 157 | 162 | 155 | ||||||||||
Commercial Vehicles | 732 | 561 | 477 | ||||||||||
Powertrain | 210 | 194 | 216 | ||||||||||
Other Activities | 1 | 1 | 1 | ||||||||||
Expenditures for long-lived assets of Industrial Activities under IFRS | 1,979 | 1,726 | 1,380 | ||||||||||
Financial Services | 6 | 7 | 2 | ||||||||||
Expenditures for long-lived assets under IFRS | 1,985 | 1,733 | 1,382 | ||||||||||
Difference, development costs capitalized under IFRS | (758 | ) | (685 | ) | (562 | ) | |||||||
Expenditures for long-lived assets under U.S. GAAP | $ | 1,227 | $ | 1,048 | $ | 820 | |||||||
* | Excluding assets sold with buy-back commitments and equipment on operating leases | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Total assets: | |||||||||||||
Agricultural Equipment | $ | 9,207 | $ | 8,206 | |||||||||
Construction Equipment | 2,688 | 2,573 | |||||||||||
Commercial Vehicles | 9,902 | 8,766 | |||||||||||
Powertrain | 2,815 | 2,521 | |||||||||||
Other activities | 7,538 | 10,339 | |||||||||||
Unallocated items & adjustments | (8,595 | ) | (11,227 | ) | |||||||||
Total identifiable assets of Industrial Activities under IFRS | 23,555 | 21,178 | |||||||||||
Financial Services | 28,616 | 25,891 | |||||||||||
Unallocated items & adjustments | (2,217 | ) | (2,072 | ) | |||||||||
Total identifiable assets under IFRS | 49,954 | 44,997 | |||||||||||
Tax assets** | 2,020 | 2,019 | |||||||||||
Treasury assets*** | 4,488 | 4,257 | |||||||||||
Total assets under IFRS | 56,462 | 51,273 | |||||||||||
Difference, principally development costs capitalized under IFRS | (2,619 | ) | (2,308 | ) | |||||||||
Total assets under U.S. GAAP | $ | 53,843 | $ | 48,965 | |||||||||
Investments in unconsolidated subsidiaries and affiliates: | |||||||||||||
Agricultural Equipment | $ | 251 | $ | 248 | |||||||||
Construction Equipment | 1 | 1 | |||||||||||
Commercial Vehicles | 312 | 264 | |||||||||||
Powertrain | 5 | 5 | |||||||||||
Unallocated items & adjustments | (17 | ) | (14 | ) | |||||||||
Investments in unconsolidated subsidiaries and affiliates of Industrial Activities under IFRS | 552 | 504 | |||||||||||
Financial Services | 129 | 116 | |||||||||||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 681 | 620 | |||||||||||
Difference, development costs capitalized under IFRS | (36 | ) | (26 | ) | |||||||||
Investments in unconsolidated subsidiaries and affiliates under U.S. GAAP | $ | 645 | $ | 594 | |||||||||
** | Includes deferred tax assets and direct tax receivables | ||||||||||||
*** | Includes cash and cash equivalents, financing receivables, securities and derivative assets of Industrial Activities. | ||||||||||||
Geographic Information | |||||||||||||
CNH Industrial has its registered office in Basildon, U.K. Revenues earned in the U.K. from external customers were $993 million, $962 million and $988 million for the years ended December 31, 2013, 2012 and 2011, respectively. Revenues earned in the rest of the world from external customers were $32,843 million, $31,839 million and $32,492 million for the years ended December 31, 2013, 2012 and 2011, respectively. The following highlights revenues earned from external customers in the rest of the world by destination: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in million) | |||||||||||||
United States | $ | 7,687 | $ | 7,408 | $ | 6,612 | |||||||
Brazil | 4,750 | 3,853 | 4,637 | ||||||||||
France | 3,030 | 2,733 | 2,968 | ||||||||||
Italy | 2,688 | 2,624 | 3,438 | ||||||||||
Germany | 1,677 | 1,600 | 1,705 | ||||||||||
Canada | 1,687 | 1,779 | 1,546 | ||||||||||
Australia | 1,015 | 1,227 | 1,148 | ||||||||||
Argentina | 937 | 718 | 757 | ||||||||||
Spain | 666 | 665 | 897 | ||||||||||
Poland | 504 | 578 | 531 | ||||||||||
Other | 8,202 | 8,654 | 8,253 | ||||||||||
Total revenues from external customers in the rest of world | $ | 32,843 | $ | 31,839 | $ | 32,492 | |||||||
Total long-lived tangible and intangible assets located in the U.K. were $223 million and $215 million at December 31, 2013 and 2012, respectively, and the total of such assets located in the rest of the world totaled $11,240 million and $10,050 million at December 31, 2013 and 2012, respectively. The following highlights long-lived tangible and intangible assets by geographic in the rest of the world: | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
($ million) | |||||||||||||
United States | $ | 4,474 | $ | 4,175 | |||||||||
Italy | 1,974 | 1,572 | |||||||||||
France | 899 | 842 | |||||||||||
Spain | 564 | 503 | |||||||||||
Germany | 850 | 778 | |||||||||||
Brazil | 523 | 540 | |||||||||||
Canada | 465 | 459 | |||||||||||
China | 246 | 175 | |||||||||||
Other | 1,245 | 1,006 | |||||||||||
Total long-lived assets in the rest of the world | $ | 11,240 | $ | 10,050 | |||||||||
In 2013, 2012 and 2011, no single external customer of CNH Industrial accounted for 10 per cent or more of consolidated revenues. |
IFRS_to_US_GAAP_Reconciliation
IFRS to US GAAP Reconciliation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
IFRS to US GAAP Reconciliation | ' | ||||||||||||||||
Note 20: IFRS to US GAAP Reconciliation | |||||||||||||||||
CNH Industrial has prepared its consolidated financial statements in this annual report on Form 20-F in accordance with U.S. GAAP. However, CNH Industrial’s predecessor, Fiat Industrial had prepared financial statements in accordance with IFRS, which statements were included in CNH Industrial’s registration statement on Form F-4 in accordance with the Merger and the listing of CNH Industrial’s shares on the New York Stock Exchange. CNH Industrial also prepared the consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 in accordance with the IFRS to meet the requirements of European laws for companies listed in Europe, as well as those of Dutch corporate law. Additionally, financial information gathered for the Company’s internal management reporting has been historically prepared in accordance with IFRS. | |||||||||||||||||
IFRS differs in certain significant respects from U.S. GAAP. In order to help readers understand the difference between the Company’s two sets of financial statements, CNH Industrial has provided, on a voluntary basis, a reconciliation from IFRS to U.S. GAAP as follows: | |||||||||||||||||
Reconciliation of Profit | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
Note | 2013 | 2012 | 2011 | ||||||||||||||
(in millions) | |||||||||||||||||
Profit in accordance with IFRS | $ | 1,218 | $ | 1,162 | $ | 977 | |||||||||||
Adjustments to conform with U.S. GAAP: | |||||||||||||||||
Development costs, net | (a | ) | (443 | ) | (429 | ) | (330 | ) | |||||||||
Goodwill and other intangible assets | (b | ) | (8 | ) | (9 | ) | (8 | ) | |||||||||
Defined benefit plans | (c | ) | (16 | ) | (6 | ) | (20 | ) | |||||||||
Restructuring provisions | (d | ) | (17 | ) | (18 | ) | — | ||||||||||
Other adjustments | (e | ) | (19 | ) | 21 | 22 | |||||||||||
Tax impact on adjustments | (f | ) | 158 | 132 | 113 | ||||||||||||
Deferred tax assets and tax contingencies recognition | (g | ) | (45 | ) | 23 | (115 | ) | ||||||||||
Total adjustments | (390 | ) | (286 | ) | (338 | ) | |||||||||||
Net income in accordance with U.S. GAAP | $ | 828 | $ | 876 | $ | 639 | |||||||||||
Reconciliation of Total Equity | |||||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2013 | 2012 | |||||||||||||||
(in millions) | |||||||||||||||||
Total Equity in accordance with IFRS | $ | 7,662 | $ | 7,093 | |||||||||||||
Adjustments to conform with U.S. GAAP: | |||||||||||||||||
Development costs, net | (a | ) | (2,862 | ) | (2,361 | ) | |||||||||||
Goodwill and other intangible assets | (b | ) | 130 | 142 | |||||||||||||
Defined benefit plans | (c | ) | 29 | (11 | ) | ||||||||||||
Restructuring provisions | (d | ) | 6 | 22 | |||||||||||||
Other adjustments | (e | ) | 15 | 26 | |||||||||||||
Tax impact on adjustments | (f | ) | 773 | 638 | |||||||||||||
Deferred tax assets and tax contingencies recognition | (g | ) | (798 | ) | (724 | ) | |||||||||||
Total adjustments | (2,707 | ) | (2,268 | ) | |||||||||||||
Total Equity in accordance with U.S. GAAP | $ | 4,955 | $ | 4,825 | |||||||||||||
Description of reconciling items | |||||||||||||||||
Reconciling items presented in the tables above are described as follows: | |||||||||||||||||
(a) | Development costs | ||||||||||||||||
Under IFRS, costs relating to development projects are recognized as intangible assets when costs can be measured reliably and the technical feasibility of the product, volumes and pricing support the view that the development expenditure will generate future economic benefits. Under U.S. GAAP, development costs are expensed as incurred. As a result, costs incurred related to development projects that have been capitalized under IFRS are expensed as incurred under U.S. GAAP. Amortization expenses, net of result on disposal and impairment charges of previously capitalized development costs recorded under IFRS, have been reversed under U.S. GAAP. In 2013, under IFRS the Company capitalized $759 million ($685 million in 2012 and $556 million in 2011) of development costs and amortized $316 million ($256 million in 2012 and $226 million in 2011) of previously capitalized development costs that were reversed under U.S. GAAP (no impairment charges and no result on disposal were recorded in 2013, 2012 and 2011). | |||||||||||||||||
(b) | Goodwill and other intangible assets | ||||||||||||||||
Goodwill is not amortized but rather tested for impairment at least annually under both IFRS and U.S. GAAP. The difference in goodwill and other intangible assets between the Company’s two sets of financial statements is primarily due to the different times when IFRS and ASC 350—Intangibles—Goodwill and Other, were adopted. CNH Industrial adopted ASC 350 on January 1, 2002. Under U.S. GAAP through December 31, 2001, goodwill was recorded as an intangible asset and amortized to income on a straight-line basis over a period not exceeding 40 years. CNH Industrial transitioned to IFRS on January 1, 2004. Prior to the adoption of IFRS, goodwill was recorded as an intangible asset and amortized on a straight-line basis over its estimated period of recoverability, not exceeding 20 years. In addition, IFRS and U.S. GAAP differ in the determination of the goodwill impairment amount, if any goodwill impairment needs to be recognized. However, no difference arose as no goodwill impairment was required in 2013, 2012 and 2011. | |||||||||||||||||
(c) | Defined benefit plans | ||||||||||||||||
The differences related to defined benefit plans are mainly due to the different accounting for actuarial gains and losses and the net interest component of the defined benefit cost between IFRS and U.S. GAAP. Under IFRS, gains and losses are recognized immediately in other comprehensive income without reclassification to profit or loss in subsequent years; net interest expense or income is recognized by applying the discount rate to the net defined benefit liability or asset (the defined benefit obligation less the fair value of plan assets, allowing for any asset ceiling restriction). Under U.S. GAAP, gains and losses are deferred through use of the corridor method; interest cost applicable to the liability is recognized using the discount rate, while an expected return on assets is recognized reflecting management’s expectations on long-term average rates of return on funds invested to provide for benefits included in the projected benefit obligations. | |||||||||||||||||
(d) | Restructuring provisions | ||||||||||||||||
The principal difference between IFRS and U.S. GAAP with respect to accruing for restructuring costs is that IFRS places emphasis on the recognition of the costs of the exit plan as a whole, whereas U.S. GAAP requires that each type of cost is examined individually to determine when it may be accrued. Under IAS 37—Provisions, Contingent Liabilities and Contingent Assets, a provision for restructuring costs is recognized when the Company has a constructive obligation to restructure. Under U.S. GAAP, termination benefits are recognized in the period in which a liability is incurred. The application of U.S. GAAP often results in different timing recognition for the Company’s restructuring activities. | |||||||||||||||||
(e) | Other adjustments | ||||||||||||||||
Other adjustments refer to differences that are not individually material for the Company and are therefore shown as a combined total. | |||||||||||||||||
(f) | Tax impact on adjustments | ||||||||||||||||
This item includes the tax effects of adjustments from (a) to (e) and mainly refers to development costs. | |||||||||||||||||
(g) | Deferred tax assets and tax contingencies recognition | ||||||||||||||||
The Company’s policy for accounting for deferred income taxes under U.S. GAAP is described in “Note 2: Summary of Significant Accounting Policies”. This policy is similar to IFRS which states that deferred tax assets shall be recognized for the carry forward of unused tax losses and unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilized. The most significant accounting difference between U.S. GAAP and IFRS relates to development costs, which also has a significant impact on accumulated deferred tax assets or liabilities and on U.S. GAAP pretax book income or loss in certain jurisdictions. As a result, the assessment of tax contingencies and recoverability of deferred tax assets in each jurisdiction can vary significantly between U.S. GAAP and IFRS for financial reporting purposes. This adjustment relates primarily to deferred tax asset valuation allowances which have been established for U.S. GAAP purposes in certain foreign jurisdictions with U.S. GAAP pretax book losses in recent years higher than those recorded for IFRS purposes. |
Related_Party_Information
Related Party Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Information | ' | ||||||||||||
Note 21: Related Party Information | |||||||||||||
CNH Industrial’s related parties are primarily Exor S.p.A. and the companies belonging to the Exor group of companies, including Fiat Group. As of December 31, 2013, Exor S.p.A. held 40.22% of CNH Industrial’s voting power and had the ability to significantly influence the decisions submitted to a vote of CNH Industrial’s shareholders, including approval of annual dividends, the election and removal of directors, mergers or other business combinations, the acquisition or disposition of assets and issuances of equity and the incurrence of indebtedness. In addition, CNH Industrial engages in transactions with its unconsolidated subsidiaries and affiliates, over which CNH Industrial has significant influence or joint control. | |||||||||||||
For material related party transactions involving the purchase of goods and services, CNH Industrial generally solicits and evaluates bid proposals prior to entering into any such transactions. The Company’s Audit Committee conducts a review to determine that all related party transactions are on what the Committee believes to be arm’s-length terms. | |||||||||||||
Transactions with the Fiat Group and Exor | |||||||||||||
In connection with the Demerger, Fiat and Fiat Industrial entered into a Master Services Agreement (“MSA”) which sets forth the primary terms and conditions pursuant to which the various service provider subsidiaries of such entities provide services (such as purchasing, tax, accounting and other back office services, security and training) to the various service receiving subsidiaries. As structured, the applicable service provider and service receiver subsidiaries become parties to the MSA through the execution of an Opt-In letter which may contain additional terms and conditions. Pursuant to the MSA, service receivers are required to pay to service providers the actual cost of the services plus a negotiated margin. In 2011, various entities of CNH Industrial approved the MSA and the applicable related Opt-In letters. Subsidiaries of the Fiat Group provide CNH Industrial with administrative services such as accounting, cash management, maintenance of plant and equipment, security, research and development, information systems and training under the terms and conditions of the MSA and the applicable Opt-in Letters. | |||||||||||||
On October 20, 2011, CNH Global pre-merger acquired Fiat Switzerland SA from Fiat for $19 million. As the purchase price approximated the equity of the acquired company, this transaction did not significantly impact the Company’s financial position. | |||||||||||||
During 2012, CNH America LLC (now known as CNH Industrial America LLC) pre-merger entered into an aircraft operating lease agreement with Chrysler Group LLC in which CNH Industrial America LLC leases an aircraft to Chrysler Group LLC with an initial term of two years and annual rent of approximately $1.3 million. | |||||||||||||
During 2012, Fiat India Private Limited (“FIPL”) lost its Indian Supreme Court case regarding the proper amount of excise duty imposed on the valuation of motor vehicles for the period April 1998 through June 2001. As the successor company of the amalgamation, New Holland Fiat (India) Pvt. Ltd. (“NHFIPL”) is liable for the payment of the $59 million excise duty. Although the Indian Supreme Court did not rule on interest, the Indian Excise Department has demanded interest, which was not quantified in the demand letter (but which could aggregate to as much as approximately $128 million). Since this liability pertains to the period prior to the amalgamation, the indemnification clause in the Merger Agreement signed on February 22, 2008 requires Fiat Group Automobiles S.p.A. (“FGA”) to fully reimburse CNH Asian Holdings (or NHFIPL) for this excise duty and any interest related thereto. The Company had recorded the excise duty accrual and related indemnification receivable from FGA within other liabilities and other assets, respectively. The interest would also be indemnified by FGA and, therefore, would not have any net impact to the consolidated statements of operations or cash flows for the Company. As of December 31, 2012 the remaining balance of both excise duty accrual and related indemnification receivable from FGA amounted to $45 million. The accrual and receivable were settled in 2013. | |||||||||||||
Additionally, CNH Industrial sells engines and light commercial vehicles to, and purchases engine blocks and other components from, the Fiat Group subsidiaries. | |||||||||||||
These transactions with the Fiat Group are reflected on our consolidated statements of operations as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Net sales | $ | 904 | $ | 818 | $ | 1,159 | |||||||
Cost of goods sold | $ | 631 | $ | 561 | $ | 578 | |||||||
Selling, general and administrative expenses | $ | 275 | $ | 278 | $ | 306 | |||||||
12/31/13 | 12/31/12 | ||||||||||||
(in millions) | |||||||||||||
Trade receivables | $ | 36 | $ | 73 | |||||||||
Trade payables | $ | 178 | $ | 179 | |||||||||
Exor is a major investment holding company in Europe. Among other things, Exor manages a portfolio that includes investments in Fiat and Cushman & Wakefield, Inc. CNH Industrial purchases real estate services from Cushman & Wakefield. The related transaction amounts were insignificant for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
Transactions with the unconsolidated subsidiaries and affiliates | |||||||||||||
CNH Industrial sells commercial vehicles, agricultural equipment, and construction equipment, and provides technical services to unconsolidated subsidiaries and affiliates such as Iveco Oto Melara Societa consortile, CNH de Mexico SA de CV, Turk Traktor re Ziraat Makineteri A.S. and New Holland HFT Japan Inc. CNH Industrial also purchases equipment from unconsolidated subsidiaries and affiliates, such as Turk Traktor re Ziraat Makineteri A.S. These transactions primarily affected revenues, finance and interest income, cost of goods sold, trade receivables and payables and are presented as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Net sales | $ | 718 | $ | 747 | $ | 1,010 | |||||||
Cost of goods sold | $ | 505 | $ | 653 | $ | 539 | |||||||
12/31/13 | 12/31/12 | ||||||||||||
(in millions) | |||||||||||||
Trade receivables | $ | 83 | $ | 120 | |||||||||
Trade payables | $ | 162 | $ | 149 | |||||||||
At December 31, 2013 and 2012, CNH Industrial had pledged guarantees on commitments of the joint venture Iveco—Oto Melara Società consortile for an amount of $272 million and $284 million, respectively. | |||||||||||||
Transactions with other related parties | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company’s cost of goods sold includes $25 million, $46 million and $56 million, respectively, related to purchases of components from the Brembo Group which is controlled by Alberto Bombassei, a member of the Fiat Industrial Board of Directors until September 30, 2013. |
Supplemental_Information
Supplemental Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Supplemental Information | ' | ||||||||||||||||||||||||
Note 22: Supplemental Information | |||||||||||||||||||||||||
The operations and key financial measures and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, management believes that certain supplemental disclosures are important in understanding the consolidated operations and financial results of CNH Industrial. This supplemental information does not purport to represent the operations of each group as if each group were to operate on a standalone basis. For example, Industrial Activities presents the cost of “interest free” periods for wholesale receivables as Interest Compensation to Financial Services, and not as a reduction of sales in their Statements of Operations. This supplemental data is as follows: | |||||||||||||||||||||||||
Industrial Activities—The financial information captioned “Industrial Activities” reflects the consolidation of all majority-owned subsidiaries except for Financial Services business. Financial Services business has been included using the equity method of accounting whereby the net income and net assets of Financial Services business are reflected, respectively, in “Equity in income of unconsolidated subsidiaries and affiliates” in the accompanying consolidated statements of operations, and in “Investment in Financial Services” in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||
Financial Services—The financial information captioned “Financial Services” reflects the consolidation or combination of Financial Services business. | |||||||||||||||||||||||||
Transactions between the “Industrial Activities” and “Financial Services” have been eliminated to arrive at the consolidated financial statements. | |||||||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||||||
Industrial Activities | Financial Services | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(in millions, except share data) | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | 32,661 | $ | 31,566 | $ | 32,241 | $ | — | $ | — | $ | — | |||||||||||||
Finance and interest income | 271 | 268 | 291 | 1,679 | 1,698 | 1,564 | |||||||||||||||||||
Total Revenues | $ | 32,932 | $ | 31,834 | $ | 32,532 | $ | 1,679 | $ | 1,698 | $ | 1,564 | |||||||||||||
Costs and Expenses | |||||||||||||||||||||||||
Cost of goods sold | $ | 26,580 | $ | 25,606 | $ | 26,287 | $ | — | $ | — | $ | — | |||||||||||||
Selling, general & administrative expenses | 2,764 | 2,604 | 2,597 | 330 | 432 | 617 | |||||||||||||||||||
Research and development expenses | 1,222 | 1,129 | 1,026 | — | — | — | |||||||||||||||||||
Restructuring expenses | 71 | 231 | 131 | — | — | — | |||||||||||||||||||
Interest expense | 799 | 763 | 885 | 658 | 700 | 648 | |||||||||||||||||||
Interest compensation to Financial Services | 352 | 344 | 334 | — | — | — | |||||||||||||||||||
Other, net | 251 | 195 | 218 | 210 | 181 | 173 | |||||||||||||||||||
Total Costs and Expenses | 32,039 | 30,872 | 31,478 | 1,198 | 1,313 | 1,438 | |||||||||||||||||||
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 893 | 962 | 1,054 | 481 | 385 | 126 | |||||||||||||||||||
Income taxes | 518 | 401 | 538 | 153 | 163 | 114 | |||||||||||||||||||
Equity income of unconsolidated subsidiaries and affiliates | 110 | 80 | 110 | 15 | 13 | 1 | |||||||||||||||||||
Results from intersegment investments | 343 | 235 | 13 | (1 | ) | — | 3 | ||||||||||||||||||
Net Income | $ | 828 | $ | 876 | $ | 639 | $ | 342 | $ | 235 | $ | 16 | |||||||||||||
Balance Sheets | |||||||||||||||||||||||||
Industrial Activities | Financial Services | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in millions, except share data) | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,010 | $ | 3,890 | $ | 1,557 | $ | 1,309 | |||||||||||||||||
Restricted cash | — | — | 922 | 885 | |||||||||||||||||||||
Trade receivables | 1,338 | 1,821 | 88 | 157 | |||||||||||||||||||||
Financing receivables | 5,826 | 6,189 | 23,640 | 21,508 | |||||||||||||||||||||
Inventories, net | 7,314 | 6,144 | 96 | 116 | |||||||||||||||||||||
Property, plant and equipment, net | 7,085 | 6,149 | 5 | 5 | |||||||||||||||||||||
Investments in unconsolidated subsidiaries and affiliates | 3,049 | 3,039 | 129 | 116 | |||||||||||||||||||||
Equipment under operating leases | 34 | 36 | 1,025 | 785 | |||||||||||||||||||||
Goodwill | 2,340 | 2,343 | 164 | 167 | |||||||||||||||||||||
Other Intangible assets, net | 796 | 768 | 14 | 12 | |||||||||||||||||||||
Deferred tax assets | 1,437 | 1,290 | 242 | 239 | |||||||||||||||||||||
Derivative assets | 254 | 160 | 10 | 3 | |||||||||||||||||||||
Other assets | 1,884 | 1,690 | 1,040 | 856 | |||||||||||||||||||||
TOTAL ASSETS | $ | 35,367 | $ | 33,519 | $ | 28,932 | $ | 26,158 | |||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Debt | $ | 11,948 | $ | 12,032 | $ | 25,408 | $ | 22,678 | |||||||||||||||||
Trade payables | 7,162 | 6,239 | 273 | 234 | |||||||||||||||||||||
Deferred tax liabilities | 225 | 78 | 160 | 132 | |||||||||||||||||||||
Pension, postretirement and other post employment benefits | 2,419 | 2,553 | 8 | 11 | |||||||||||||||||||||
Derivative liability | 78 | 103 | 19 | 29 | |||||||||||||||||||||
Other liabilities | 8,568 | 7,682 | 531 | 513 | |||||||||||||||||||||
TOTAL LIABILITIES | $ | 30,400 | $ | 28,687 | $ | 26,399 | $ | 23,597 | |||||||||||||||||
Equity | 4,967 | 4,832 | 2,533 | 2,561 | |||||||||||||||||||||
TOTAL EQUITY AND LIABILITIES | $ | 35,367 | $ | 33,519 | $ | 28,932 | $ | 26,158 | |||||||||||||||||
Cash Flow Statements | |||||||||||||||||||||||||
Industrial Activities | Financial Services | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net income | $ | 828 | $ | 876 | $ | 639 | $ | 342 | $ | 235 | $ | 16 | |||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization expense, net of assets under operating lease and assets sold under buy-back commitments | 686 | 673 | 706 | 4 | 4 | 3 | |||||||||||||||||||
Depreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments | 286 | 229 | 195 | 127 | 133 | 119 | |||||||||||||||||||
Loss (gain) from disposal of assets | 25 | 25 | (34 | ) | — | (3 | ) | (12 | ) | ||||||||||||||||
Undistributed income of unconsolidated subsidiaries | (108 | ) | (151 | ) | 31 | (8 | ) | (6 | ) | 3 | |||||||||||||||
Other non cash items | 72 | 180 | 118 | 124 | 218 | 420 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Provisions | 104 | 72 | 248 | 3 | 7 | 1 | |||||||||||||||||||
Deferred income taxes | (62 | ) | (22 | ) | 129 | 3 | 12 | 28 | |||||||||||||||||
Trade and financing receivables related to sales, net | 306 | 85 | 452 | (943 | ) | (1,149 | ) | (1,170 | ) | ||||||||||||||||
Inventories, net | (1,225 | ) | (103 | ) | (1,322 | ) | 20 | — | 32 | ||||||||||||||||
Trade payables | 903 | (255 | ) | 1,322 | 39 | 6 | (44 | ) | |||||||||||||||||
Other assets and liabilities | 395 | (29 | ) | 249 | (129 | ) | (128 | ) | 118 | ||||||||||||||||
Net cash provided (used) by operating activities | 2,210 | 1,580 | 2,733 | (418 | ) | (671 | ) | (486 | ) | ||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Additions to retail receivables | — | — | — | (7,511 | ) | (7,048 | ) | (6,797 | ) | ||||||||||||||||
Collections of retail receivables | — | — | — | 6,043 | 6,175 | 6,325 | |||||||||||||||||||
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments | 7 | 99 | 15 | — | 32 | — | |||||||||||||||||||
Proceeds from sale of assets under operating leases and assets sold under buy-back commitments | 194 | 181 | 304 | 272 | 231 | 235 | |||||||||||||||||||
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease and sold under buy-back commitments | (1,220 | ) | (1,042 | ) | (818 | ) | (7 | ) | (6 | ) | (2 | ) | |||||||||||||
Expenditures for assets under operating lease and assets sold under buy-back commitments | (805 | ) | (709 | ) | (761 | ) | (634 | ) | (477 | ) | (393 | ) | |||||||||||||
Other | 525 | (2,334 | ) | (340 | ) | (663 | ) | 2,076 | (322 | ) | |||||||||||||||
Net cash (used) provided by investing activities | (1,299 | ) | (3,805 | ) | (1,600 | ) | (2,500 | ) | 983 | (954 | ) | ||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Proceeds from long-term debt | 1,339 | 1,879 | 7,220 | 11,125 | 9,485 | 9,488 | |||||||||||||||||||
Payments of long-term debt | (2,049 | ) | (660 | ) | (464 | ) | (7,939 | ) | (8,845 | ) | (6,848 | ) | |||||||||||||
Net increase (decrease) in other financial liabilities | 265 | 10 | (5,452 | ) | 249 | (667 | ) | (1,116 | ) | ||||||||||||||||
Dividends paid | (368 | ) | (616 | ) | (11 | ) | (270 | ) | (67 | ) | (82 | ) | |||||||||||||
Other | (6 | ) | 13 | (2 | ) | 11 | 225 | 219 | |||||||||||||||||
Net cash (used) provided by financing activities | (819 | ) | 626 | 1,291 | 3,176 | 131 | 1,661 | ||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 28 | 7 | (281 | ) | (10 | ) | (7 | ) | (19 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 120 | (1,592 | ) | 2,143 | 248 | 436 | 202 | ||||||||||||||||||
Cash and cash equivalents, beginning of year | 3,890 | 5,482 | 3,339 | 1,309 | 873 | 671 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 4,010 | $ | 3,890 | $ | 5,482 | $ | 1,557 | $ | 1,309 | $ | 873 | |||||||||||||
Supplemental_Condensed_Consoli
Supplemental Condensed Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Supplemental Condensed Consolidating Financial Information | ' | ||||||||||||||||||||||||
Note 23: Supplemental Condensed Consolidating Financial Information | |||||||||||||||||||||||||
CNH Industrial and certain 100% owned subsidiaries of CNH Industrial (the “Guarantor Subsidiaries”) guarantee the 7.875% Senior Notes issued by Case New Holland Industrial Inc. (formerly Case New Holland Inc.) in 2010. As the guarantees are fully unconditional, irrevocable and joint and several with all other guarantees and as the Guarantor Subsidiaries are all 100% owned by CNH Industrial, the Company has included the following condensed consolidating financial information as of December 31, 2013, and 2012 and for the three years ended December 31, 2013. The condensed consolidating financial information reflects investments in consolidated subsidiaries on the equity method of accounting. The goodwill and other intangible assets are allocated to reporting units and are primarily reported by the Guarantor Subsidiaries, except for the portion related to Financial Services which is reported by All Other Subsidiaries. It is not practicable to allocate goodwill and other intangibles to the individual Guarantor Subsidiaries and All Other Subsidiaries. | |||||||||||||||||||||||||
Prior to the merger, CNH Global was the parent company of Case New Holland Industrial Inc. In accordance with the merger terms, CNH Global, Fiat Industrial and Fiat Netherlands merged with and into CNH Industrial N.V., which succeeded to all of the assets and liabilities of the three companies. Subsequent to the merger, CNH Industrial is the parent company of Case New Holland Industrial Inc. For comparative purposes, the condensed financial statements for 2012 and 2011 have been reclassified to include CNH Global, Fiat Industrial and Fiat Netherlands as part of the parent entity (CNH Industrial). | |||||||||||||||||||||||||
In an effort to reduce the complexity of the Company’s legal structure and as a part of the Company’s tax planning strategies, CNH Industrial has actively eliminated and transferred legal entities. These transactions between entities under common control are accounted for at historical cost in accordance with existing accounting guidance. As a consequence, any material future transactions related to CNH Industrial’s legal entity rationalization activities and tax planning strategies may result in a retroactive restatement of the information contained in this note as these transactions are completed. | |||||||||||||||||||||||||
The following condensed financial statements present CNH Industrial, Case New Holland Industrial Inc., the Guarantor Subsidiaries, and all other subsidiaries as of December 31, 2013, and 2012, and for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||||||
Condensed Statements of Operations For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total revenues | $ | 56 | $ | 10 | $ | 15,714 | $ | 25,472 | $ | (7,416 | ) | $ | 33,836 | ||||||||||||
Cost and Expenses: | |||||||||||||||||||||||||
Cost of goods sold | — | — | 12,647 | 20,615 | (6,711 | ) | 26,551 | ||||||||||||||||||
Selling, general and administrative expenses | 92 | 2 | 750 | 2,250 | — | 3,094 | |||||||||||||||||||
Research and development expenses | — | — | 455 | 767 | — | 1,222 | |||||||||||||||||||
Restructuring expenses | — | — | 1 | 70 | — | 71 | |||||||||||||||||||
Interest expense | 173 | 262 | 136 | 1,124 | (499 | ) | 1,196 | ||||||||||||||||||
Interest compensation to Financial Services | — | — | 206 | — | (206 | ) | — | ||||||||||||||||||
Other, net | 395 | 1 | (108 | ) | 40 | — | 328 | ||||||||||||||||||
660 | 265 | 14,087 | 24,866 | (7,416 | ) | 32,462 | |||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | (604 | ) | (255 | ) | 1,627 | 606 | — | 1,374 | |||||||||||||||||
Income taxes | 41 | (95 | ) | 372 | 353 | — | 671 | ||||||||||||||||||
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 1,322 | 1,056 | 355 | 601 | (3,209 | ) | 125 | ||||||||||||||||||
Net income (loss) | 677 | 896 | 1,610 | 854 | (3,209 | ) | 828 | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 151 | — | 151 | |||||||||||||||||||
Net income attributable to owners of the parent | $ | 677 | $ | 896 | $ | 1,610 | $ | 703 | $ | (3,209 | ) | $ | 677 | ||||||||||||
Condensed Statements of Comprehensive Income For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 343 | $ | 896 | $ | 1,807 | $ | 514 | $ | (3,085 | ) | $ | 475 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 132 | — | 132 | |||||||||||||||||||
Comprehensive income (loss) attributable to parent | $ | 343 | $ | 896 | $ | 1,807 | $ | 382 | $ | (3,085 | ) | $ | 343 | ||||||||||||
Condensed Balance Sheets As of December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 42 | $ | 5,524 | $ | — | $ | 5,567 | |||||||||||||
Deposits in subsidiaries’ cash management pools | — | — | 3,739 | — | (3,739 | ) | — | ||||||||||||||||||
Receivables | 72 | 1,242 | 5,934 | 35,328 | (19,238 | ) | 23,338 | ||||||||||||||||||
Inventories, net | — | — | 2,096 | 5,314 | — | 7,410 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 1,293 | 5,797 | — | 7,090 | |||||||||||||||||||
Equipment on operating leases | — | — | — | 1,059 | — | 1,059 | |||||||||||||||||||
Investments in unconsolidated subsidiaries and affiliates | 239 | — | 1 | 405 | — | 645 | |||||||||||||||||||
Investments in consolidated subsidiaries | 10,937 | 6,288 | 1,967 | 1,589 | (20,781 | ) | — | ||||||||||||||||||
Goodwill and intangibles | 2 | — | 2,761 | 551 | — | 3,314 | |||||||||||||||||||
Other | 147 | 29 | 1,500 | 4,846 | (1,102 | ) | 5,420 | ||||||||||||||||||
Total Assets | $ | 11,398 | $ | 7,559 | $ | 19,333 | $ | 60,413 | $ | (44,860 | ) | $ | 53,843 | ||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Debt | $ | 5,321 | $ | 4,872 | $ | 3,355 | $ | 35,775 | $ | (19,457 | ) | $ | 29,866 | ||||||||||||
Trade payables | 23 | 98 | 3,085 | 7,612 | (3,449 | ) | 7,369 | ||||||||||||||||||
Other liabilities | 1,153 | 132 | 4,217 | 7,324 | (1,173 | ) | 11,653 | ||||||||||||||||||
Total equity | 4,901 | 2,457 | 8,676 | 9,702 | (20,781 | ) | 4,955 | ||||||||||||||||||
Total Equity and Liabilities | $ | 11,398 | $ | 7,559 | $ | 19,333 | $ | 60,413 | $ | (44,860 | ) | $ | 53,843 | ||||||||||||
Condensed Statements of Cash Flow For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||
Net income (loss) | $ | 677 | $ | 896 | $ | 1,610 | $ | 854 | $ | (3,209 | ) | $ | 828 | ||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 190 | 913 | — | 1,103 | |||||||||||||||||||
Other, net | (464 | ) | (1,154 | ) | 1,101 | (649 | ) | 757 | (409 | ) | |||||||||||||||
Net cash provided (used) by operating activities | 213 | (258 | ) | 2,901 | 1,118 | (2,452 | ) | 1,522 | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy-back commitment and intangible assets | — | — | (235 | ) | (2,431 | ) | — | (2,666 | ) | ||||||||||||||||
Net additions from retail receivables and related securitizations | — | — | — | (1,468 | ) | — | (1,468 | ) | |||||||||||||||||
(Deposits in) withdrawals from subsidiaries’ cash management pools | 69 | — | (842 | ) | — | 773 | — | ||||||||||||||||||
Other, net | (1,937 | ) | — | (917 | ) | 81 | 3,119 | 346 | |||||||||||||||||
Net cash (used) provided by investing activities | (1,868 | ) | — | (1,994 | ) | (3,818 | ) | 3,892 | (3,788 | ) | |||||||||||||||
Financing Activities: | |||||||||||||||||||||||||
Net (decrease) increase in indebtedness | 1,612 | 58 | (310 | ) | 1,721 | (91 | ) | 2,990 | |||||||||||||||||
Dividends paid | (365 | ) | — | (586 | ) | (1,385 | ) | 1,968 | (368 | ) | |||||||||||||||
Other, net | 304 | — | — | 3,007 | (3,317 | ) | (6 | ) | |||||||||||||||||
Net cash provided (used) by financing activities | 1,551 | 58 | (896 | ) | 3,343 | (1,440 | ) | 2,616 | |||||||||||||||||
Other, net | — | — | (1 | ) | 19 | — | 18 | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (104 | ) | (200 | ) | 10 | 662 | — | 368 | |||||||||||||||||
Cash and cash equivalents, beginning of year | 105 | 200 | 32 | 4,862 | — | 5,199 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 1 | $ | — | $ | 42 | $ | 5,524 | $ | — | $ | 5,567 | |||||||||||||
Condensed Statements of Operations For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total revenues | $ | 101 | $ | 11 | $ | 15,365 | $ | 24,155 | $ | (6,831 | ) | $ | 32,801 | ||||||||||||
Cost and Expenses: | |||||||||||||||||||||||||
Cost of goods sold | — | — | 12,543 | 19,197 | (6,171 | ) | 25,569 | ||||||||||||||||||
Selling, general and administrative expenses | 68 | 1 | 752 | 2,215 | — | 3,036 | |||||||||||||||||||
Research and development expenses | — | — | 425 | 704 | — | 1,129 | |||||||||||||||||||
Restructuring expenses | — | — | — | 231 | — | 231 | |||||||||||||||||||
Interest expense | 147 | 280 | 116 | 1,128 | (462 | ) | 1,209 | ||||||||||||||||||
Interest compensation to Financial Services | — | — | 198 | — | (198 | ) | — | ||||||||||||||||||
Other, net | 36 | — | 235 | 9 | — | 280 | |||||||||||||||||||
251 | 281 | 14,269 | 23,484 | (6,831 | ) | 31,454 | |||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | (150 | ) | (270 | ) | 1,096 | 671 | — | 1,347 | |||||||||||||||||
Income taxes | 20 | (101 | ) | 281 | 364 | — | 564 | ||||||||||||||||||
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 926 | 682 | 453 | 256 | (2,224 | ) | 93 | ||||||||||||||||||
Net income (loss) | 756 | 513 | 1,268 | 563 | (2,224 | ) | 876 | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 120 | — | 120 | |||||||||||||||||||
Net income attributable to owners of the parent | $ | 756 | $ | 513 | $ | 1,268 | $ | 443 | $ | (2,224 | ) | $ | 756 | ||||||||||||
Condensed Statements of Comprehensive Income For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 374 | $ | 513 | $ | 1,223 | $ | 369 | $ | (2,025 | ) | $ | 454 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 80 | — | 80 | |||||||||||||||||||
Comprehensive income (loss) attributable to parent | $ | 374 | $ | 513 | $ | 1,223 | $ | 289 | $ | (2,025 | ) | $ | 374 | ||||||||||||
Condensed Balance Sheets As of December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 105 | $ | 200 | $ | 32 | $ | 4,862 | $ | — | $ | 5,199 | |||||||||||||
Deposits in subsidiaries’ cash management pools | 69 | — | 2,876 | — | (2,945 | ) | — | ||||||||||||||||||
Receivables | 2,191 | 796 | 5,192 | 32,692 | (18,938 | ) | 21,933 | ||||||||||||||||||
Inventories, net | — | — | 1,763 | 4,497 | — | 6,260 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 1,151 | 5,003 | — | 6,154 | |||||||||||||||||||
Equipment on operating leases | — | — | — | 821 | — | 821 | |||||||||||||||||||
Investments in unconsolidated subsidiaries and affiliates | 209 | — | 2 | 383 | — | 594 | |||||||||||||||||||
Investments in consolidated subsidiaries | 6,716 | 5,081 | 2,546 | 1,010 | (15,353 | ) | — | ||||||||||||||||||
Goodwill and intangibles | 1 | — | 2,755 | 534 | — | 3,290 | |||||||||||||||||||
Other | 195 | 164 | 1,364 | 3,973 | (982 | ) | 4,714 | ||||||||||||||||||
Total Assets | $ | 9,486 | $ | 6,241 | $ | 17,681 | $ | 53,775 | $ | (38,218 | ) | $ | 48,965 | ||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Debt | $ | 4,537 | $ | 4,841 | $ | 3,589 | $ | 33,533 | $ | (19,448 | ) | $ | 27,052 | ||||||||||||
Trade payables | 14 | 4 | 2,491 | 6,259 | (2,379 | ) | 6,389 | ||||||||||||||||||
Other liabilities | 1,011 | (13 | ) | 4,159 | 6,580 | (1,038 | ) | 10,699 | |||||||||||||||||
Total equity | 3,924 | 1,409 | 7,442 | 7,403 | (15,353 | ) | 4,825 | ||||||||||||||||||
Total Equity and Liabilities | $ | 9,486 | $ | 6,241 | $ | 17,681 | $ | 53,775 | $ | (38,218 | ) | $ | 48,965 | ||||||||||||
Condensed Statements of Cash Flow For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||
Net income (loss) | $ | 756 | $ | 513 | $ | 1,268 | $ | 563 | $ | (2,224 | ) | $ | 876 | ||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 175 | 864 | — | 1,039 | |||||||||||||||||||
Other, net | (416 | ) | (853 | ) | (106 | ) | (318 | ) | 620 | (1,073 | ) | ||||||||||||||
Net cash provided (used) by operating activities | 340 | (340 | ) | 1,337 | 1,109 | (1,604 | ) | 842 | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy-back commitment and intangible assets | — | — | (259 | ) | (1,975 | ) | — | (2,234 | ) | ||||||||||||||||
Net additions from retail receivables and related securitizations | — | — | — | (873 | ) | — | (873 | ) | |||||||||||||||||
(Deposits in) withdrawals from subsidiaries’ cash management pools | 344 | — | 266 | — | (610 | ) | — | ||||||||||||||||||
Other, net | (696 | ) | — | (387 | ) | 156 | 1,437 | 510 | |||||||||||||||||
Net cash (used) provided by investing activities | (352 | ) | — | (380 | ) | (2,692 | ) | 827 | (2,597 | ) | |||||||||||||||
Financing Activities: | |||||||||||||||||||||||||
Net (decrease) increase in indebtedness | 12 | 538 | (761 | ) | 462 | 951 | 1,202 | ||||||||||||||||||
Dividends paid | (567 | ) | — | (257 | ) | (399 | ) | 607 | (616 | ) | |||||||||||||||
Other, net | 70 | 2 | — | 722 | (781 | ) | 13 | ||||||||||||||||||
Net cash provided (used) by financing activities | (485 | ) | 540 | (1,018 | ) | 785 | 777 | 599 | |||||||||||||||||
Other, net | — | — | 1 | (1 | ) | — | — | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (497 | ) | 200 | (60 | ) | (799 | ) | — | (1,156 | ) | |||||||||||||||
Cash and cash equivalents, beginning of year | 602 | — | 92 | 5,661 | — | 6,355 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 105 | $ | 200 | $ | 32 | $ | 4,862 | $ | — | $ | 5,199 | |||||||||||||
Condensed Statements of Operations For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total revenues | $ | 59 | $ | 43 | $ | 13,739 | $ | 25,843 | $ | (6,204 | ) | $ | 33,480 | ||||||||||||
Cost and Expenses: | |||||||||||||||||||||||||
Cost of goods sold | — | — | 11,364 | 20,527 | (5,621 | ) | 26,270 | ||||||||||||||||||
Selling, general and administrative expenses | 53 | 2 | 687 | 2,472 | — | 3,214 | |||||||||||||||||||
Research and development expenses | — | — | 334 | 692 | — | 1,026 | |||||||||||||||||||
Restructuring expenses | — | — | (2 | ) | 133 | — | 131 | ||||||||||||||||||
Interest expense | 227 | 209 | 141 | 1,137 | (390 | ) | 1,324 | ||||||||||||||||||
Interest compensation to Financial Services | — | — | 193 | — | (193 | ) | — | ||||||||||||||||||
Other, net | (9 | ) | — | 185 | 159 | — | 335 | ||||||||||||||||||
271 | 211 | 12,902 | 25,120 | (6,204 | ) | 32,300 | |||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | (212 | ) | (168 | ) | 837 | 723 | — | 1,180 | |||||||||||||||||
Income taxes | (37 | ) | (67 | ) | 195 | 561 | — | 652 | |||||||||||||||||
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 720 | 621 | 428 | 188 | (1,846 | ) | 111 | ||||||||||||||||||
Net income (loss) | 545 | 520 | 1,070 | 350 | (1,846 | ) | 639 | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 94 | — | 94 | |||||||||||||||||||
Net income attributable to owners of the parent | $ | 545 | $ | 520 | $ | 1,070 | $ | 256 | $ | (1,846 | ) | $ | 545 | ||||||||||||
Condensed Statements of Comprehensive Income For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 199 | $ | 520 | $ | 922 | $ | (82 | ) | $ | (1,324 | ) | $ | 235 | |||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 36 | — | 36 | |||||||||||||||||||
Comprehensive income (loss) attributable to parent | $ | 199 | $ | 520 | $ | 922 | $ | (118 | ) | $ | (1,324 | ) | $ | 199 | |||||||||||
Condensed Statements of Cash Flow For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||
Net income (loss) | $ | 545 | $ | 520 | $ | 1,070 | $ | 350 | $ | (1,846 | ) | $ | 639 | ||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 175 | 848 | — | 1,023 | |||||||||||||||||||
Other, net | 818 | (872 | ) | 627 | 1,365 | (1,435 | ) | 503 | |||||||||||||||||
Net cash provided (used) by operating activities | 1,363 | (352 | ) | 1,872 | 2,563 | (3,281 | ) | 2,165 | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy—back commitment and intangible assets | — | — | (194 | ) | (1,780 | ) | — | (1,974 | ) | ||||||||||||||||
Net additions from retail receivables and related securitizations | — | — | — | (472 | ) | — | (472 | ) | |||||||||||||||||
(Deposits in) withdrawals from subsidiaries’ cash management pools | (393 | ) | — | (1,832 | ) | — | 2,225 | — | |||||||||||||||||
Other, net | 1,139 | — | (454 | ) | 425 | (999 | ) | 111 | |||||||||||||||||
Net cash (used) provided by investing activities | 746 | — | (2,480 | ) | (1,827 | ) | 1,226 | (2,335 | ) | ||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||
Net (decrease) increase in indebtedness | (2,642 | ) | 259 | 1 | 1,761 | 3,449 | 2,828 | ||||||||||||||||||
Dividends paid | — | (799 | ) | (354 | ) | (457 | ) | 1,599 | (11 | ) | |||||||||||||||
Other, net | 34 | — | 897 | 2,060 | (2,993 | ) | (2 | ) | |||||||||||||||||
Net cash provided (used) by financing activities | (2,608 | ) | (540 | ) | 544 | 3,364 | 2,055 | 2,815 | |||||||||||||||||
Other, net | — | — | — | (300 | ) | — | (300 | ) | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | (499 | ) | (892 | ) | (64 | ) | 3,800 | — | 2,345 | ||||||||||||||||
Cash and cash equivalents, beginning of year | 1,101 | 892 | 156 | 1,861 | — | 4,010 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 602 | $ | — | $ | 92 | $ | 5,661 | $ | — | $ | 6,355 | |||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 24: Subsequent Events | |
On January 28, 2014, CNH Industrial and BNP Paribas Leasing Solutions, the two shareholders of CNH Industrial Capital Europe, agreed on the extension of the joint-venture services to CNH Industrial Trucks and Commercial Vehicles businesses in Italy, Germany, France, the United Kingdom and other major European markets. As a result of this increase in scope, CNH Industrial Capital Europe is now the captive finance company for all the current CNH Industrial businesses in major European countries. | |
On March 18, 2014, CNH Industrial closed its offering of €1 billion in principal amount of 2.75% notes due March 2019, which was priced on March 13, 2014. The notes have been issued by CNH Industrial Finance Europe S.A., a wholly-owned subsidiary of CNH Industrial N.V., under the Global Medium Term Note Programme guaranteed by CNH Industrial N.V. | |
Based on recent changes to the way Venezuela’s exchange rate mechanism operates, CNH Industrial is changing the bolivar fuerte (“Bs.F.”) rate used to re-measure its Venezuelan Iveco truck and bus business operations financial statements in U.S. dollars. Effective March 31, 2014, CNH Industrial has started to use the exchange rate determined by U.S. dollar auctions conducted under Venezuela’s Complementary System of Foreign Currency Administration (SICAD I). From this date CNH Industrial is using an exchange rate of 10.7 Bs.F. to the U.S. dollar compared with the previously used Official Exchange Rate of 6.3 Bs.F. to the U.S. dollar. As a result, CNH Industrial expects to record a pre-tax re-measurement charge of approximately $64 million in the first quarter of 2014. | |
Additionally, in April 2014, Commercial Vehicles announced it was temporarily suspending its manufacturing operations in Venezuela effectively immediately, due to the continuing currency crisis which has caused difficulties for Venezuelan industry in the importation of key components and materials. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Principles of Consolidation and Basis of Presentation | ' | ||||
Principles of Consolidation and Basis of Presentation | |||||
CNH Industrial has prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include CNH Industrial N.V. and its consolidated subsidiaries. The consolidated financial statements are expressed in U.S. dollars and, unless otherwise indicated, all financial data set forth in these consolidated financial statements is expressed in U.S. dollars. The consolidated financial statements include the accounts of CNH Industrial’s subsidiaries in which CNH Industrial has a controlling financial interest, and reflect the noncontrolling interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. A controlling financial interest may exist based on ownership of a majority of the voting interest of an entity or based on CNH Industrial’s determination that it is the primary beneficiary of a variable interest entity (“VIE”). The primary beneficiary of a VIE is the party that has the power to direct the activities that most significantly impact the economic performance of the entity and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the entity. The Company assesses whether it is the primary beneficiary on an ongoing basis, as prescribed by the accounting guidance on the consolidation of VIEs. The consolidated status of the VIEs with which the Company is involved may change as a result of such reassessments. | |||||
Investments in unconsolidated subsidiaries and affiliates are accounted for using the equity method when CNH Industrial does not have a controlling interest, but exercises significant influence. Under this method, the investment is initially recorded at cost and is increased or decreased by CNH Industrial’s proportionate share of the entity’s respective net income or loss. Dividends received from these entities reduce the carrying value of the investments. | |||||
Business Combinations | ' | ||||
Business Combinations | |||||
Business combinations are accounted for by applying the acquisition method. Under this method, the consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred and liabilities assumed by the Company and the equity interests issued in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred. | |||||
There were no significant business combinations in 2013 or 2012. | |||||
In 2011, the Company acquired Iveco Finance Holdings Limited (“IFHL”), a previously unconsolidated joint venture which managed the financial services activities for Commercial Vehicles in Italy, Germany, France, the U.K. and Switzerland which was later renamed Iveco Capital Limited. The acquisition price was approximately $154 million, which was primarily allocated to acquired financing receivables of $3,381 million and assumed debt of $3,148 million. If the acquisition had occurred as of January 1, 2011, the Company’s revenues would have increased by $214 million and the impact on net income would have been insignificant. | |||||
Use of Estimates in the Preparation of Financial Statements | ' | ||||
Use of Estimates in the Preparation of Financial Statements | |||||
The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and reported amounts of revenues and expenses. Significant estimates in these consolidated financial statements include the realizable value of property, plant and equipment, and goodwill and other intangibles; residual values of equipment on operating leases; allowance for credit losses; tax contingencies; liabilities for warranties; sales allowances; and assets and obligations related to employee benefits. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
Industrial Activities record sales of equipment and replacement parts when title and all risks of ownership have transferred to the independent dealer or other customer according to the terms of sale, generally upon shipment or delivery of goods. Revenue for certain transactions is recognized when the special order goods are available for a limited pickup period when requested in advance by a qualifying customer and risks and rewards of ownership have transferred. Dealers may not return equipment while the applicable dealer contract remains in place. Replacement parts may be returned on a limited basis. In the U.S. and Canada, if a dealer contract is terminated for any reason, CNH Industrial may be obligated to repurchase new equipment from the dealer. | |||||
For all sales, no significant uncertainty exists surrounding the purchaser’s obligation to pay for the equipment and replacement parts. CNH Industrial records appropriate allowance for credit losses and anticipated returns as necessary. Receivables are due upon the earlier of payment terms discussed below or sale to the retail customer. Fixed payment schedules exist for all sales to dealers, but payment terms vary by geographic market and product line. In connection with these payment terms, CNH Industrial offers wholesale financing to many of its dealers including “interest-free” financing for specified periods of time which also vary by geographic market and product line. Interest is charged to dealers after the end of the “interest-free” period. Sales to dealers that do not qualify for an “interest-free” period are generally subject to payment terms of 30 days or less. | |||||
New vehicle sales with a buy-back commitment are not recognized at the time of delivery but are accounted for as operating leases. More specifically, vehicles sold with a buy-back commitment by Commercial Vehicles are accounted for as Property, plant and equipment because agreements usually have a long-term buy-back commitment. The difference between the carrying value (corresponding to the manufacturing cost) and the estimated resale value (net of refurbishing costs) at the end of the buy-back period is depreciated on a straight-line basis over the same period. The initial sale price received is recognized as an advance payment in Other Liability. The difference between the initial sale price and the buy-back price is recognized as rental revenue on a straight-line basis over the term of the operating lease. | |||||
Revenues from the sale of extended warranties and maintenance contracts are recognized over the life of the contract and matched to related costs. Given their nature, margins on these contracts are recognized only when all associated costs can be estimated reliably, which is generally in the final period of the contractual term. In the event that estimated costs to fulfill the contract obligations exceed contract revenues, the estimated contract loss is recognized as soon as it is identified and recorded in Other Liabilities. | |||||
Shipping and other transportation costs are recorded in cost of sales. | |||||
Finance and interest income on retail and other notes receivables and finance leases is recorded using the effective yield method. Deferred costs on the origination of financing receivables are recognized as a reduction in finance revenue over the expected lives of the receivables using the effective yield method. Recognition of income on loans is suspended when management determines that collection of future income is not probable or when an account becomes 120 days delinquent, whichever occurs earlier. Interest accrual is resumed if the receivable becomes contractually current and collection becomes probable. Previously suspended income is recognized at that time. The Company applies cash received on nonaccrual financing receivables to first reduce any unrecognized interest and then the recorded investment and any other fees. Receivables are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Delinquency is reported on receivables greater than 30 days past due. Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected. | |||||
Income from operating leases is recognized over the term of the lease on a straight-line basis. | |||||
Sales Allowances | ' | ||||
Sales Allowances | |||||
CNH Industrial grants certain sales incentives to stimulate sales of its products to retail customers. The expense for such incentive programs is recorded as a deduction in arriving at the net sales amount at the time of the sale of the product to the dealer. The expense for new programs is accrued at the inception of the program. The amounts of incentives to be paid are estimated based upon historical data, estimated future market demand for products, field inventory levels, announced incentive programs, competitive pricing and interest rates, among other things. | |||||
Warranty Costs | ' | ||||
Warranty Costs | |||||
At the time a sale of equipment or parts to a dealer is recognized, CNH Industrial records the estimated future warranty costs for the product, primarily basic warranty coverage. CNH Industrial determines its total warranty liability by applying historical claims rate experience to the estimated amount of equipment that has been sold and is still under warranty. Campaigns are formal post-production modification programs approved by management. The liabilities for such programs are recognized when approved, based on an estimate of the total cost of the program. | |||||
Advertising | ' | ||||
Advertising | |||||
CNH Industrial expenses advertising costs as incurred. Advertising expense totaled $241 million, $210 million, and $223 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
Research and Development | ' | ||||
Research and Development | |||||
Research and development costs are expensed as incurred. | |||||
Borrowing Costs | ' | ||||
Borrowing Costs | |||||
Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalized and amortized over the useful life of the class of assets to which they refer. | |||||
All other borrowing costs are expensed when incurred. | |||||
Government Grants | ' | ||||
Government Grants | |||||
Government grants are recognized in the financial statements when there is reasonable assurance that the Company concerned will comply with the conditions for receiving such grants and that the grants themselves will be received. Government grants are recognized as income over the periods necessary to match them with the related costs which they are intended to offset. | |||||
The benefit of a government loan at a below-market rate of interest is treated as a government grant. The benefit of the below-market rate of interest is measured as the difference between the initial carrying amount of the loan (fair value plus transaction costs) and the proceeds received, and is accounted for in accordance with the policies already used for the recognition of government grants. | |||||
Foreign Currency Translation | ' | ||||
Foreign Currency Translation | |||||
Certain of CNH Industrial’s non-U.S. subsidiaries and affiliates maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of these non-U.S. subsidiaries are translated into U.S. dollars at period-end exchange rates, and net exchange gains or losses resulting from such translation are included in “Accumulated other comprehensive income (loss)” in the accompanying consolidated balance sheets. Income and expense accounts of these non-U.S. subsidiaries are translated at the average exchange rates for the period. Gains and losses from foreign currency transactions are included in net income in the period during which they arise. Net foreign currency transaction gains and losses are reflected in “Other, net” in the accompanying consolidated statements of operations. For the years ended December 31, 2013, 2012, and 2011, the Company recorded a net loss of $68 million, $33 million and $40 million, respectively. For the year ended December 31, 2012, the Company also reclassified a foreign currency translation gain of $52 million previously deferred in accumulated other comprehensive loss into net income as a result of the sale of an investment in a foreign entity. For additional information, see “Note 6: Investment in Unconsolidated Subsidiaries and Affiliates”. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
Cash equivalents are highly liquid investments with an original maturity of three months or less. The carrying value of cash equivalents approximates fair value because of the short maturity of these investments. | |||||
Restricted Cash | ' | ||||
Restricted Cash | |||||
Restricted cash includes principal and interest payments from retail notes, wholesale receivables and commercial revolving accounts receivable owned by the consolidated VIEs that are payable to the VIEs’ investors, and cash pledged as a credit enhancement to the same investors. These amounts are held by depository banks in order to comply with contractual agreements. | |||||
Cash Flow Information | ' | ||||
Cash Flow Information | |||||
All cash flows from the changes in trade accounts and notes receivable are classified as operating activities in the consolidated statements of cash flows as these receivables arise from sales to CNH Industrial’s customers. Cash flows from financing receivables that are related to sales to CNH Industrial’s dealers are also included in operating activities. CNH Industrial’s financing of receivables related to equipment sold by dealers is included in investing activities. | |||||
Cash payments for interest totaled $1,013 million, $1,047 million, and $1,311 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
CNH Industrial paid taxes of $521 million, $673 million, and $433 million in 2013, 2012, and 2011, respectively. | |||||
Receivables | ' | ||||
Receivables | |||||
Receivables are recorded at amortized cost, net of allowances for credit losses and deferred fees and costs. | |||||
Periodically, the Company sells or transfers retail notes, wholesale receivables and commercial revolving accounts receivable to funding facilities or in securitization transactions. In accordance with the accounting guidance regarding transfers of financial assets and the consolidation of VIEs, the majority of the retail notes, wholesale receivables and commercial revolving accounts receivable sold in securitizations do not qualify as sales and are recorded as secured borrowings with no gains or losses recognized at the time of securitization. Receivables associated with these securitization transactions and receivables that the Company has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of our receivables, which include unrestricted receivables and restricted receivables for securitization investors, are classified as held for investment. | |||||
For those receivable securitizations that qualify as sales and are off-book, the Company retains interest-only strips, servicing rights and cash reserve accounts (collectively, “retained interests”), all of which are recorded at fair value. Changes in these fair values are recorded in other comprehensive income as an unrealized gain or loss on available-for-sale securities. With regards to other-than-temporary impairments (“OTTI”) of debt securities, any OTTI due to changes in the prepayment rate and the expected credit loss rate would be included in net income. An OTTI due to a change in the discount rates would be included in accumulated other comprehensive income. | |||||
Allowance for Credit Losses | ' | ||||
Allowance for Credit Losses | |||||
The allowance for credit losses is the Company’s estimate of probable losses on receivables owned by the Company and consists of two components, depending on whether the receivable has been individually identified as being impaired. The first component of the allowance for credit losses covers the receivables specifically reviewed by management for which the Company has determined it is probable that it will not collect all of the contractual principal and interest. Receivables are individually reviewed for impairment based on, among other items, amounts outstanding, days past due and prior collection history. These receivables are subject to impairment measurement at the loan level based either on the present value of expected future cash flows discounted at the receivables’ effective interest rate or the fair value of the collateral for collateral-dependent receivables. | |||||
The second component of the allowance for credit losses covers all receivables that have not been individually reviewed for impairment. The allowance for these receivables is based on aggregated portfolio evaluations, generally by financial product. The allowance for retail credit losses is based on loss forecast models that consider a variety of factors that include, but are not limited to, historical loss experience, collateral value, portfolio balance and delinquency. The allowance for wholesale credit losses is based on loss forecast models that consider the same factors as the retail models plus dealer risk ratings. The loss forecast models are updated on a quarterly basis. In addition, qualitative factors that are not fully captured in the loss forecast models, including industry trends, and macroeconomic factors, are considered in the evaluation of the adequacy of the allowance for credit losses. These qualitative factors are subjective and require a degree of management judgment. | |||||
Charge-offs of principal amounts of receivables outstanding are deducted from the allowance at the point when it is determined to be probable that all amounts due will not be collected. | |||||
Inventories | ' | ||||
Inventories | |||||
Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. The cost of finished goods and work-in-progress includes the cost of raw materials, other direct costs and production overheads. | |||||
Property, Plant and Equipment | ' | ||||
Property, Plant and Equipment | |||||
Property, plant and equipment are stated at cost, less accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred. | |||||
Property, plant and equipment also include vehicles sold with a buy-back commitment, which are recognized under the method described in the paragraph Revenue Recognition . | |||||
Assets held under capital leases, which the Company assumes substantially all the risks and rewards of ownership, are recognized as assets of the Company at the lower of fair value or present value of the minimum lease payments. The corresponding liability to the lessor is included in the financial statements as debt. | |||||
Depreciation is recorded on a straight-line basis over the estimated useful lives of the respective assets as follows: | |||||
Category | Lives | ||||
Buildings and improvements | 10 — 40 years | ||||
Plant, machinery and equipment | 5 — 25 years | ||||
Other equipment | 3 — 10 years | ||||
CNH Industrial evaluates the recoverability of the carrying amount of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If circumstances require a long-lived asset to be tested for possible impairment, CNH Industrial compares the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of the long-lived asset is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. | |||||
Equipment on Operating Leases | ' | ||||
Equipment on Operating Leases | |||||
Financial Services purchases leases and equipment from CNH Industrial dealers and other independent third parties that have leased equipment to retail customers under operating leases. Financial Services’ investment in operating leases is based on the purchase price paid for the equipment. Income from these operating leases is recognized over the term of the lease. The equipment is depreciated on a straight-line basis over the term of the lease to the estimated residual value at lease termination, which is estimated at the inception of the lease. Realization of the residual values is dependent on Financial Services’ future ability to re-market the equipment under then prevailing market conditions. Model changes and updates, as well as market strength and product acceptance, are monitored and adjustments are made to residual values in accordance with the significance of any such changes. Management believes that the estimated residual values are realizable. Expenditures for maintenance and repairs of the applicable equipment are the responsibility of the lessee. | |||||
Equipment returned to the Company upon termination of leases and held for subsequent sale or lease is recorded in inventory at the lower of net book value or estimated fair value of the equipment, less cost to sell, and is not depreciated. | |||||
Goodwill and Other Intangibles | ' | ||||
Goodwill and Other Intangibles | |||||
Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets are reviewed for impairment at least annually. During 2013 and 2012, the Company performed its annual impairment review as of December 31 and concluded that there was no impairment in either year. | |||||
Other intangibles consist primarily of acquired dealer networks, trademarks, product drawings, patents, and software. Other intangibles with indefinite lives principally consist of acquired trademarks which have no legal, regulatory, contractual, competitive, economic, or other factor that limits their useful life. Intangible assets with an indefinite useful life are not amortized. Other intangible assets with definite lives are being amortized on a straight-line basis over 5 to 25 years. | |||||
Reference is made to “Note 8: Goodwill and Other Intangibles” for further information regarding goodwill and other intangible assets. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
The provision for income taxes is determined using the asset and liability method. CNH Industrial recognizes a current tax liability or asset for the estimated taxes payable or refundable on tax returns for the current year and tax contingencies estimated to be settled with taxing authorities within one year. A deferred tax liability or asset is recognized for the estimated future tax effects attributable to temporary differences and tax loss carry forwards. The measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax law. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized based on available evidence. | |||||
Retirement and Post-employment Benefits | ' | ||||
Retirement and Post-employment Benefits | |||||
CNH Industrial sponsors numerous defined benefit and defined contribution pension plans, the assets of which are held in separate trustee-administered funds. The pension plans are funded by payments from CNH Industrial. The cost of providing defined benefit pension and other postretirement benefits is calculated based upon actuarial valuations. The liability for termination indemnities is accrued in accordance with labor legislation in each country where such benefits are required. CNH Industrial contributions to defined contribution plans are charged to the income statement during the period of the employee’s service. | |||||
Derivatives | ' | ||||
Derivatives | |||||
CNH Industrial’s policy is to enter into derivative transactions to manage exposures that arise in the normal course of business and not for trading or speculative purposes. CNH Industrial records derivative financial instruments in the consolidated balance sheets as either an asset or a liability measured at fair value. The fair value of CNH Industrial’s foreign exchange derivatives is based on quoted market exchange rates, adjusted for the respective interest rate differentials (premiums or discounts). The fair value of CNH Industrial’s interest rate derivatives is based on discounting expected cash flows, using market interest rates, over the remaining term of the instrument. Changes in the fair value of derivative financial instruments are recognized in current income unless specific hedge accounting criteria are met. For derivative financial instruments designated to hedge exposure to changes in the fair value of a recognized asset or liability, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the related hedged item. For derivative financial instruments designated to hedge exposure to variable cash flows of a forecasted transaction, the effective portion of the derivative financial instrument’s gain or loss is initially reported in other comprehensive income (loss) and is subsequently reclassified into income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recorded in income immediately. For derivative financial instruments that are not designated as hedges but held as economic hedges, the gain or loss is recognized immediately in income. | |||||
For derivative financial instruments designated as hedges, CNH Industrial formally documents the hedging relationship to the hedged item and its risk management strategy for all derivatives designated as hedges. This includes linking all derivatives that are designated as fair value hedges to specific assets and liabilities contained in the consolidated balance sheets and linking cash flow hedges to specific forecasted transactions or variability of cash flow. CNH Industrial assesses the effectiveness of its hedging instruments both at inception and on an ongoing basis. If a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer probable of occurring, or the derivative is terminated, the hedge accounting described above is discontinued and the derivative is marked to fair value and recorded in income through the remainder of its term. | |||||
Reference is made to “Note 14: Financial Instruments,” for further information regarding CNH Industrial’s use of derivative financial instruments. | |||||
Share-Based Compensation Plans | ' | ||||
Share-Based Compensation Plans | |||||
CNH Industrial recognizes all share-based compensation as an expense based on the fair value of each award on the grant date. CNH Industrial recognizes share-based compensation costs on a straight-line basis over the requisite service period for each separately vesting portion of an award. | |||||
Earnings Per Share | ' | ||||
Earnings Per Share | |||||
Basic earnings per share is based on the weighted average number of shares outstanding during each period. Diluted earnings per share is based on the weighted average number of shares and dilutive share equivalents outstanding during each period. Unvested performance-based awards are considered outstanding and included in the computation of diluted earnings per share based on the number of shares that would vest if the end of the reporting period were the end of the contingency period. | |||||
In 2011, the Company applied the two-class method for calculating and presenting earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common shareholders. Under this method, undistributed earnings for 2011 were allocated to the Company’s common shares, preference shares and savings shares based on their contractual participation rights to share in those current earnings as if all of the earnings for the period had been distributed. | |||||
New Accounting Pronouncements Adopted | ' | ||||
New Accounting Pronouncements Adopted | |||||
Troubled Debt Restructuring | |||||
In April 2011, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that clarifies a creditor’s determination of troubled debt restructurings. A troubled debt restructuring occurs when a creditor grants a concession it would not otherwise consider to a debtor that is experiencing financial difficulties. The guidance clarifies what would be considered a concession by the creditor and financial difficulties of the debtor. Certain disclosures are required for transactions that qualify as troubled debt restructurings. This new guidance was effective for the Company on January 1, 2011. The disclosures required by this guidance have been included in these notes to the consolidated financial statements. For further information see “Note 3: Receivables”. | |||||
Comprehensive Income | |||||
In June 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”). ASU 2011-05 increases the prominence of other comprehensive income in financial statements. ASU 2011-05 does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The standard initially required that reclassification adjustments from other comprehensive income be measured and presented by income statement line item on the face of the statement of operations. In December 2011, however, the FASB issued ASU 2011-12, “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05.” This standard defers the requirement to present components of reclassifications of other comprehensive income on the face of the statement of operations. The Company adopted these standards by consecutively presenting the consolidated statements of operations and the consolidated statements of comprehensive income. | |||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02”). ASU 2013-02 requires preparers to report information about reclassifications out of accumulated other comprehensive income. For significant items reclassified out of accumulated other comprehensive income to net income in their entirety in the same reporting period, reporting (either on the face of the statement where net income is presented or in the notes) is required about the effect of the reclassifications on the respective line items in the statement where net income is presented. For items that are not reclassified to net income in their entirety in the same reporting period, a cross reference to other disclosures currently required under US GAAP (e.g., pension amounts that are included in inventory) is required in the notes. The above information must be presented in one place (parenthetically on the face of the financial statements by income statement line item or in a note). Please see “Note 18: Accumulated Other Comprehensive Income” for the disclosures required under this pronouncement. | |||||
Fair Value | |||||
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU 2011-04”). ASU 2011-04 clarifies existing fair value measurement concepts and continues the convergence towards a uniform framework for applying fair value measurement principles. This standard requires additional disclosures for fair value measurements, primarily Level 3 measurements. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011 and is to be applied prospectively. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements or footnote disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Estimated Useful Lives of Respective Assets | ' | ||||
Depreciation is recorded on a straight-line basis over the estimated useful lives of the respective assets as follows: | |||||
Category | Lives | ||||
Buildings and improvements | 10 — 40 years | ||||
Plant, machinery and equipment | 5 — 25 years | ||||
Other equipment | 3 — 10 years |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Financing Receivables | ' | ||||||||||||||||||||||||||||||||
A summary of financing receivables included in the consolidated balance sheets as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Retail | $ | 12,730 | $ | 11,760 | |||||||||||||||||||||||||||||
Wholesale | 9,111 | 8,049 | |||||||||||||||||||||||||||||||
Other | 135 | 230 | |||||||||||||||||||||||||||||||
$ | 21,976 | $ | 20,039 | ||||||||||||||||||||||||||||||
Maturities of Financing Receivables | ' | ||||||||||||||||||||||||||||||||
Contractual maturities of financing receivables as of December 31, 2013 are as follows: | |||||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
2014 | $ | 13,241 | |||||||||||||||||||||||||||||||
2015 | 3,262 | ||||||||||||||||||||||||||||||||
2016 | 2,287 | ||||||||||||||||||||||||||||||||
2017 | 1,715 | ||||||||||||||||||||||||||||||||
2018 | 1,069 | ||||||||||||||||||||||||||||||||
2019 and thereafter | 402 | ||||||||||||||||||||||||||||||||
Total | $ | 21,976 | |||||||||||||||||||||||||||||||
Summary of Aging of Receivables | ' | ||||||||||||||||||||||||||||||||
The aging of financing receivables as of December 31, 2013 and 2012 is as follows (in millions): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total | Non | Total | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Performing | Performing | ||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 18 | $ | 5 | $ | 3 | $ | 26 | $ | 8,336 | $ | 8,362 | $ | 30 | $ | 8,392 | |||||||||||||||||
EMEA | 75 | 21 | 8 | 104 | 1,524 | 1,628 | 220 | 1,848 | |||||||||||||||||||||||||
LATAM | 4 | — | — | 4 | 1,651 | 1,655 | 51 | 1,706 | |||||||||||||||||||||||||
APAC | 40 | 9 | 6 | 55 | 727 | 782 | 2 | 784 | |||||||||||||||||||||||||
Total Retail | $ | 137 | $ | 35 | $ | 17 | $ | 189 | $ | 12,238 | $ | 12,427 | $ | 303 | $ | 12,730 | |||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | — | $ | — | $ | — | $ | — | $ | 3,536 | $ | 3,536 | $ | 30 | $ | 3,566 | |||||||||||||||||
EMEA | 180 | 36 | 1 | 217 | 4,052 | 4,269 | 241 | 4,510 | |||||||||||||||||||||||||
LATAM | — | — | — | — | 796 | 796 | 1 | 797 | |||||||||||||||||||||||||
APAC | 4 | 5 | 18 | 27 | 211 | 238 | — | 238 | |||||||||||||||||||||||||
Total Wholesale | $ | 184 | $ | 41 | $ | 19 | $ | 244 | $ | 8,595 | $ | 8,839 | $ | 272 | $ | 9,111 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater Than | Total Past | Current | Total | Non | Total | ||||||||||||||||||||||||||
Past Due | Past Due | 90 Days | Due | Performing | Performing | ||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 19 | $ | 5 | $ | 3 | $ | 27 | $ | 7,201 | $ | 7,228 | $ | 29 | $ | 7,257 | |||||||||||||||||
EMEA | 129 | 47 | — | 176 | 1,692 | 1,868 | 280 | 2,148 | |||||||||||||||||||||||||
LATAM | 3 | — | — | 3 | 1,218 | 1,221 | 94 | 1,315 | |||||||||||||||||||||||||
APAC | 28 | 8 | 1 | 37 | 997 | 1,034 | 6 | 1,040 | |||||||||||||||||||||||||
Total Retail | 179 | 60 | 4 | 243 | 11,108 | 11,351 | 409 | 11,760 | |||||||||||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | — | $ | — | $ | — | $ | — | $ | 3,192 | $ | 3,192 | $ | 61 | $ | 3,253 | |||||||||||||||||
EMEA | 141 | 51 | — | 192 | 3,522 | 3,714 | 194 | 3,908 | |||||||||||||||||||||||||
LATAM | — | — | — | — | 648 | 648 | 1 | 649 | |||||||||||||||||||||||||
APAC | 2 | — | — | 2 | 237 | 239 | — | 239 | |||||||||||||||||||||||||
Total Wholesale | $ | 143 | $ | 51 | $ | — | $ | 194 | $ | 7,599 | $ | 7,793 | $ | 256 | $ | 8,049 | |||||||||||||||||
Allowance for Credit Losses Activity | ' | ||||||||||||||||||||||||||||||||
Allowance for credit losses activity for the three years ended December 31, 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Retail | Wholesale | Other | Total | ||||||||||||||||||||||||||||||
Opening Balance | $ | 661 | $ | 120 | $ | 1 | $ | 782 | |||||||||||||||||||||||||
Provision | 62 | 1 | — | 63 | |||||||||||||||||||||||||||||
charge-offs, net of recoveries | (111 | ) | (8 | ) | — | (119 | ) | ||||||||||||||||||||||||||
Foreign Currency Translation and Other | 1 | (1 | ) | — | — | ||||||||||||||||||||||||||||
Ending Balance | 613 | 112 | 1 | 726 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 292 | 101 | — | 393 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | 321 | 11 | 1 | 333 | |||||||||||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||||||||
Ending Balance | 12,730 | 9,111 | 135 | 21,976 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 569 | 742 | — | 1,311 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | $ | 12,161 | $ | 8,369 | $ | 135 | $ | 20,665 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Retail | Wholesale | Other | Total | ||||||||||||||||||||||||||||||
Opening Balance | $ | 635 | $ | 95 | $ | — | $ | 730 | |||||||||||||||||||||||||
Provision | 90 | 33 | 1 | 124 | |||||||||||||||||||||||||||||
charge-offs, net of recoveries | (128 | ) | (8 | ) | — | (136 | ) | ||||||||||||||||||||||||||
Foreign Currency Translation and Other | 64 | — | — | 64 | |||||||||||||||||||||||||||||
Ending Balance | 661 | 120 | 1 | 782 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 247 | 108 | — | 355 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | 414 | 12 | 1 | 427 | |||||||||||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||||||||
Ending Balance | 11,760 | 8,049 | 230 | 20,039 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 531 | 788 | — | 1,319 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | $ | 11,229 | $ | 7,261 | $ | 230 | $ | 18,720 | |||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||
Retail | Wholesale | Other | Total | ||||||||||||||||||||||||||||||
Opening Balance | $ | 546 | $ | 112 | $ | — | $ | 658 | |||||||||||||||||||||||||
Provision | 362 | 19 | — | 381 | |||||||||||||||||||||||||||||
charge-offs, net of recoveries | (376 | ) | (50 | ) | — | (426 | ) | ||||||||||||||||||||||||||
Foreign Currency Translation and Other | 103 | 14 | — | 117 | |||||||||||||||||||||||||||||
Ending Balance | 635 | 95 | — | 730 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 236 | 66 | — | 302 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | 399 | 29 | — | 428 | |||||||||||||||||||||||||||||
Receivables: | |||||||||||||||||||||||||||||||||
Ending Balance | 11,041 | 6,783 | 129 | 17,953 | |||||||||||||||||||||||||||||
Ending Balance: Individually Evaluated for Impairment | 517 | 590 | — | 1,107 | |||||||||||||||||||||||||||||
Ending Balance: Collectively Evaluated for Impairment | $ | 10,524 | $ | 6,193 | $ | 129 | $ | 16,846 | |||||||||||||||||||||||||
Summary of Financing Receivable Impairment | ' | ||||||||||||||||||||||||||||||||
Financing receivables are considered impaired when it is probable the Company will be unable to collect all amounts due according to the contractual terms. Receivables reviewed for impairment generally include those that are either past due, or have provided bankruptcy notification, or require significant collection efforts. Receivables, which are impaired, are generally classified as non-performing. | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Recorded | Unpaid | Related | Average | ||||||||||||||||||||||||||
Investment | Principal | Allowance | Investment | Investment | Principal | Allowance | Investment | ||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
With no related allowance | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 17 | $ | 17 | $ | — | $ | 11 | $ | 6 | $ | 6 | $ | — | $ | 5 | |||||||||||||||||
EMEA | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
LATAM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
APAC | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
EMEA | $ | 42 | $ | 42 | $ | — | $ | 40 | $ | 130 | $ | 130 | $ | — | $ | 128 | |||||||||||||||||
LATAM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
APAC | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
With an allowance recorded | |||||||||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||||||||
NAFTA | $ | 27 | $ | 27 | $ | 13 | $ | 30 | $ | 43 | $ | 38 | $ | 28 | $ | 52 | |||||||||||||||||
EMEA | $ | 447 | $ | 447 | $ | 249 | $ | 473 | $ | 478 | $ | 478 | $ | 216 | $ | 522 | |||||||||||||||||
LATAM | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
APAC | $ | 78 | $ | 78 | $ | 30 | $ | 69 | $ | 4 | $ | 4 | $ | 3 | $ | 4 | |||||||||||||||||
Wholesale | |||||||||||||||||||||||||||||||||
NAFTA | $ | 31 | $ | 30 | $ | 6 | $ | 34 | $ | 62 | $ | 61 | $ | 10 | $ | 72 | |||||||||||||||||
EMEA | $ | 644 | $ | 644 | $ | 78 | $ | 655 | $ | 501 | $ | 501 | $ | 71 | $ | 568 | |||||||||||||||||
LATAM | $ | 13 | $ | 11 | $ | 10 | $ | 14 | $ | 80 | $ | 77 | $ | 19 | $ | 76 | |||||||||||||||||
APAC | $ | 12 | $ | 12 | $ | 7 | $ | 14 | $ | 15 | $ | 16 | $ | 8 | $ | 17 | |||||||||||||||||
Total | |||||||||||||||||||||||||||||||||
Retail | $ | 569 | $ | 569 | $ | 292 | $ | 583 | $ | 531 | $ | 526 | $ | 247 | $ | 583 | |||||||||||||||||
Wholesale | $ | 742 | $ | 739 | $ | 101 | $ | 757 | $ | 788 | $ | 785 | $ | 108 | $ | 861 | |||||||||||||||||
Carrying Amount of Restricted Assets Included In Financing Receivables | ' | ||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the carrying amount of such restricted assets included in financing receivables above are the following (in millions): | |||||||||||||||||||||||||||||||||
Restricted Receivables | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
Retail note and finance lease receivables | $ | 8,960 | $ | 8,209 | |||||||||||||||||||||||||||||
Wholesale receivables | 6,042 | 5,571 | |||||||||||||||||||||||||||||||
Total | $ | 15,002 | $ | 13,780 | |||||||||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories (stated at the lower of cost or market, cost being determined on a FIFO basis) as of December 31, 2013, and 2012 consist of the following: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Raw materials | $ | 1,956 | $ | 1,629 | |||||
Work-in-process | 949 | 882 | |||||||
Finished goods | 4,505 | 3,749 | |||||||
Total inventories | $ | 7,410 | $ | 6,260 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Property, Plant and Equipment | ' | ||||||||
A summary of property, plant and equipment as of December 31, 2013, and 2012 is as follows: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Land and industrial buildings | $ | 3,478 | $ | 3,136 | |||||
Plant, machinery and equipment | 8,481 | 8,096 | |||||||
Assets sold with buy-back commitment | 2,813 | 2,260 | |||||||
Construction in progress | 516 | 324 | |||||||
Other | 960 | 946 | |||||||
Gross property, plant and equipment | 16,248 | 14,762 | |||||||
Accumulated depreciation | (9,158 | ) | (8,608 | ) | |||||
Net property, plant and equipment | $ | 7,090 | $ | 6,154 | |||||
Summary of Property, Plant and Equipment Recorded under Finance Leases | ' | ||||||||
A summary of property, plant and equipment recorded under capital leases ¹ as of December 31, 2013, and 2012 is as follows: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Gross capital leases ² | $ | 158 | $ | 133 | |||||
Accumulated depreciation | (38 | ) | (32 | ) | |||||
Net capital leases | $ | 120 | $ | 101 | |||||
¹ | Included in Property, plant and equipment table above | ||||||||
² | Consists of industrial buildings, plant, machinery and equipment |
Investments_in_Unconsolidated_1
Investments in Unconsolidated Subsidiaries and Affiliates (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Summary of Investments in Unconsolidated Subsidiaries and Affiliates | ' | ||||||||||||
A summary of investments in unconsolidated subsidiaries and affiliates as of December 31, 2013, and 2012 is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Equity method | $ | 638 | $ | 587 | |||||||||
Cost method | 7 | 7 | |||||||||||
Total | $ | 645 | $ | 594 | |||||||||
Summary of Results of Operations and Financial Position Using Equity Method | ' | ||||||||||||
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: | |||||||||||||
For the Years Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Net revenue | $ | 5,211 | $ | 5,619 | $ | 8,797 | |||||||
Income before taxes | $ | 321 | $ | 261 | $ | 487 | |||||||
Net income | $ | 289 | $ | 210 | $ | 354 | |||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Total assets | $ | 7,127 | $ | 6,177 | |||||||||
Total liabilities | $ | 5,460 | $ | 4,663 | |||||||||
Total equity | $ | 1,667 | $ | 1,514 | |||||||||
Equipment_on_Operating_Leases_
Equipment on Operating Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Summary of Equipment on Operating Leases | ' | ||||||||
A summary of equipment on operating leases as of December 31, 2013, and 2012 is as follows: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Equipment on operating leases | $ | 1,343 | $ | 1,070 | |||||
Accumulated depreciation | (284 | ) | (249 | ) | |||||
Net equipment on operating leases | $ | 1,059 | $ | 821 | |||||
Lease Payments Owed for Equipment Under Operating Leases | ' | ||||||||
Lease payments owed to CNH Industrial for equipment under non-cancelable operating leases as of December 31, 2013, are as follows: | |||||||||
Amount | |||||||||
(in millions) | |||||||||
2013 | $ | 145 | |||||||
2014 | 86 | ||||||||
2015 | 45 | ||||||||
2016 | 20 | ||||||||
2017 | 9 | ||||||||
Beyond 5 years | 9 | ||||||||
Total | $ | 314 | |||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Changes in the Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||||||
Changes in the carrying amount of goodwill, for the years ended December 31, 2013, and 2012 are as follows: | |||||||||||||||||||||||||||||
Agricultural | Construction | Commercial | Powertrain | Financial | Total | ||||||||||||||||||||||||
Equipment | Equipment | Vehicles | Services | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 1,668 | $ | 597 | $ | 67 | $ | 6 | $ | 164 | $ | 2,502 | |||||||||||||||||
Acquisition | — | — | — | — | 2 | 2 | |||||||||||||||||||||||
Impact of foreign exchange | 3 | — | 2 | — | 1 | 6 | |||||||||||||||||||||||
Balance at December 31, 2012 | 1,671 | 597 | 69 | 6 | 167 | 2,510 | |||||||||||||||||||||||
Acquisition | — | 9 | — | — | — | 9 | |||||||||||||||||||||||
Impact of foreign exchange | (14 | ) | — | 2 | — | (3 | ) | (15 | ) | ||||||||||||||||||||
Balance at December 31, 2013 | $ | 1,657 | $ | 606 | $ | 71 | $ | 6 | $ | 164 | $ | 2,504 | |||||||||||||||||
Other Intangible Assets and Related Accumulated Amortization | ' | ||||||||||||||||||||||||||||
As of December 31, 2013, and 2012, the Company’s other intangible assets and related accumulated amortization consisted of the following: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Avg. Life | Amortization | Amortization | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Other intangible assets subject to amortization: | |||||||||||||||||||||||||||||
Dealer Networks | 15 | $ | 252 | $ | 122 | $ | 130 | $ | 226 | $ | 113 | $ | 113 | ||||||||||||||||
Patents, concessions and licenses | 20-May | 992 | 806 | 186 | 940 | 728 | 212 | ||||||||||||||||||||||
Other intangible assets | 25-May | 513 | 291 | 222 | 444 | 261 | 183 | ||||||||||||||||||||||
1,757 | 1,219 | 538 | 1,610 | 1,102 | 508 | ||||||||||||||||||||||||
Other intangible assets not subject to amortization: | |||||||||||||||||||||||||||||
Trademarks | 272 | — | 272 | 272 | — | 272 | |||||||||||||||||||||||
Total other intangible assets | $ | 2,029 | $ | 1,219 | $ | 810 | $ | 1,882 | $ | 1,102 | $ | 780 | |||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Total Debt | ' | ||||||||||||||||||||||||
The following is a summary of the Company’s total debt: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Industrial | Financial | Consolidated | Industrial | Financial | Consolidated | ||||||||||||||||||||
Activities | Services | Activities | Services | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total debt | $ | 11,948 | $ | 25,408 | $ | 29,866 | $ | 12,032 | $ | 22,678 | $ | 27,052 | |||||||||||||
Summary of Debt | ' | ||||||||||||||||||||||||
A summary of debt as of December 31, 2013 and 2012, including drawings under credit lines, is as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Industrial | Financial | Consolidated | Industrial | Financial | Consolidated | ||||||||||||||||||||
Activities | Services | Activities | Services | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Bonds (*): | |||||||||||||||||||||||||
Payable in 2015, interest rate of 5.250% | $ | 1,379 | $ | — | $ | 1,379 | $ | 1,319 | $ | — | $ | 1,319 | |||||||||||||
Payable in 2018, interest rate of 6.250% | 1,655 | — | 1,655 | 1,584 | — | 1,584 | |||||||||||||||||||
Payable in 2016, interest rate of 7.250% | 258 | — | 258 | 260 | — | 260 | |||||||||||||||||||
Payable in 2017, interest rate of 7.875% | 1,541 | — | 1,541 | 1,581 | — | 1,581 | |||||||||||||||||||
Payable in 2013, interest rate of 7.750% | — | — | — | 1,004 | — | 1,004 | |||||||||||||||||||
Payable in 2016, interest rate of 6.250% | — | 500 | 500 | — | 500 | 500 | |||||||||||||||||||
Payable in 2015, interest rate of 3.875% | — | 750 | 750 | — | 750 | 750 | |||||||||||||||||||
Payable in 2018, interest rate of 3.625% | — | 599 | 599 | — | — | — | |||||||||||||||||||
Payable in 2017, interest rate of 3.250% | — | 500 | 500 | — | — | — | |||||||||||||||||||
Other Debt: | |||||||||||||||||||||||||
Asset-backed debt | 15 | 14,697 | 14,712 | 147 | 12,613 | 12,760 | |||||||||||||||||||
Other debt | 5,290 | 2,682 | 7,972 | 4,569 | 2,725 | 7,294 | |||||||||||||||||||
Intersegment debt | 1,810 | 5,680 | — | 1,568 | 6,090 | — | |||||||||||||||||||
Total debt | $ | 11,948 | $ | 25,408 | $ | 29,866 | $ | 12,032 | $ | 22,678 | $ | 27,052 | |||||||||||||
(*) | Includes unamortized discounts/premiums and fair value hedge adjustments. | ||||||||||||||||||||||||
Minimum Annual Repayment of Debt | ' | ||||||||||||||||||||||||
A summary of the minimum annual repayments of debt as of December 31, 2013, for 2014 and thereafter is as follows: | |||||||||||||||||||||||||
Industrial | Financial | Consolidated | |||||||||||||||||||||||
Activities | Services | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
2014 | $ | 1,640 | $ | 8,671 | $ | 10,311 | |||||||||||||||||||
2015 | 2,580 | 4,458 | 7,038 | ||||||||||||||||||||||
2016 | 2,082 | 2,932 | 5,014 | ||||||||||||||||||||||
2017 | 1,786 | 1,943 | 3,729 | ||||||||||||||||||||||
2018 | 1,847 | 1,445 | 3,292 | ||||||||||||||||||||||
2019 and thereafter | 203 | 279 | 482 | ||||||||||||||||||||||
Intersegment | 1,810 | 5,680 | — | ||||||||||||||||||||||
Total | $ | 11,948 | $ | 25,408 | $ | 29,866 | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes - Sources of Income (Loss) Before Taxes and Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates | ' | ||||||||||||
The sources of income (loss) before taxes and equity in income (loss) of unconsolidated subsidiaries and affiliates for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Parent country source | $ | 14 | $ | (1,036 | ) | $ | (627 | ) | |||||
Foreign sources | 1,360 | 2,383 | 1,807 | ||||||||||
Income (loss) before taxes and equity in income (loss) of unconsolidated subsidiaries and affiliates | $ | 1,374 | $ | 1,347 | $ | 1,180 | |||||||
Income Taxes - Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012, and 2011 consisted of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Current income taxes | $ | 755 | $ | 579 | $ | 474 | |||||||
Deferred income taxes | (84 | ) | (15 | ) | 178 | ||||||||
Total income tax provision | $ | 671 | $ | 564 | $ | 652 | |||||||
Income Taxes - Reconciliation of Statutory and Effective Income Tax Rate | ' | ||||||||||||
A reconciliation of CNH Industrial’s statutory and effective income tax rate for the years ended December 31, 2013, 2012, and 2011 is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in percentages) | |||||||||||||
Tax provision at the parent statutory rate | 23 | % | 28 | % | 28 | % | |||||||
Foreign income taxed at different rates | 11 | 6 | 7 | ||||||||||
Change in valuation allowance | 13 | 4 | 18 | ||||||||||
Italian IRAP Taxes | 2 | 3 | 4 | ||||||||||
Tax contingencies | 3 | 9 | (1 | ) | |||||||||
Tax credits and incentives | (7 | ) | (10 | ) | (5 | ) | |||||||
Other | 4 | 2 | 4 | ||||||||||
Total income tax provision | 49 | % | 42 | % | 55 | % | |||||||
Components of Net deferred Tax Assets | ' | ||||||||||||
The components of net deferred tax assets as of December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Inventories | $ | 237 | $ | 181 | |||||||||
Warranty and campaigns | 218 | 181 | |||||||||||
Allowance for credit losses | 228 | 211 | |||||||||||
Marketing and sales incentive programs | 405 | 358 | |||||||||||
Other risk and future charges reserve | 179 | 153 | |||||||||||
Pension, postretirement and post-employment benefits | 587 | 539 | |||||||||||
Research and development costs | 440 | 348 | |||||||||||
Other reserves | 444 | 397 | |||||||||||
Tax loss carry forwards | 647 | 759 | |||||||||||
Less: Valuation allowances | (1,432 | ) | (1,290 | ) | |||||||||
Total deferred tax assets | $ | 1,953 | $ | 1,837 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property, plant and equipment | 138 | 143 | |||||||||||
Inventories | 134 | 104 | |||||||||||
Measurement of derivative financial instruments | 57 | - | |||||||||||
Other | 330 | 271 | |||||||||||
Total deferred tax liabilities | 659 | 518 | |||||||||||
Net deferred tax assets | $ | 1,294 | $ | 1,319 | |||||||||
Net deferred tax assets are reflected in the accompanying consolidated balance sheets as of December 31, 2013 and 2012 as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Deferred tax assets | $ | 1,679 | $ | 1,529 | |||||||||
Deferred tax liabilities | (385 | ) | (210 | ) | |||||||||
Net deferred tax assets | $ | 1,294 | $ | 1,319 | |||||||||
Income Taxes - Reconciliation of Gross Amounts of Tax Contingencies | ' | ||||||||||||
A reconciliation of the gross amounts of tax contingencies at the beginning and end of the year is as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Balance, beginning of year | $ | 383 | $ | 305 | |||||||||
Additions based on tax positions related to the current year | 95 | 72 | |||||||||||
Additions for tax positions of prior years | 171 | 117 | |||||||||||
Reductions for tax positions of prior years | (73 | ) | (81 | ) | |||||||||
Reductions for tax positions as a result of lapse of statute | (12 | ) | (4 | ) | |||||||||
Settlements | (9 | ) | (26 | ) | |||||||||
Balance, end of year | $ | 555 | $ | 383 | |||||||||
Employee_Benefit_Plans_and_Pos1
Employee Benefit Plans and Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Defined Benefit Pension, Healthcare and Other Plans | ' | ||||||||||||||||||||||||||||||||||||
The following summarizes data from CNH Industrial’s defined benefit pension, health care and other post-employment plans for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Change in benefit obligations: | |||||||||||||||||||||||||||||||||||||
Actuarial present value of benefit obligation at beginning of year | $ | 3,483 | $ | 3,182 | $ | 1,212 | $ | 1,180 | $ | 552 | $ | 478 | |||||||||||||||||||||||||
Service cost | 27 | 23 | 9 | 9 | 16 | 12 | |||||||||||||||||||||||||||||||
Interest cost | 126 | 143 | 45 | 52 | 12 | 15 | |||||||||||||||||||||||||||||||
Plan participants’ contributions | 3 | 4 | 6 | 6 | — | — | |||||||||||||||||||||||||||||||
Actuarial (gain) loss | (45 | ) | 259 | (72 | ) | 41 | 4 | 61 | |||||||||||||||||||||||||||||
Gross benefits paid | (195 | ) | (195 | ) | (79 | ) | (81 | ) | (43 | ) | (38 | ) | |||||||||||||||||||||||||
Currency translation adjustments and other | 42 | 67 | (4 | ) | 5 | 24 | 24 | ||||||||||||||||||||||||||||||
Actuarial present value of benefit obligation at end of year | 3,441 | 3,483 | 1,117 | 1,212 | 565 | 552 | |||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of year | 2,602 | 2,389 | 91 | 81 | — | — | |||||||||||||||||||||||||||||||
Actual return on plan assets | 176 | 221 | 10 | 12 | — | — | |||||||||||||||||||||||||||||||
Employer contributions | 54 | 119 | 70 | 69 | — | — | |||||||||||||||||||||||||||||||
Plan participants’ contributions | 3 | 4 | 6 | 6 | — | — | |||||||||||||||||||||||||||||||
Gross benefits paid | (182 | ) | (181 | ) | (78 | ) | (79 | ) | — | — | |||||||||||||||||||||||||||
Currency translation adjustments and other | 12 | 50 | (1 | ) | 2 | — | — | ||||||||||||||||||||||||||||||
Plan assets at fair value at end of year | 2,665 | 2,602 | 98 | 91 | — | — | |||||||||||||||||||||||||||||||
Funded status: | $ | (776 | ) | $ | (881 | ) | $ | (1,019 | ) | $ | (1,121 | ) | $ | (565 | ) | $ | (552 | ) | |||||||||||||||||||
Net Amounts Recognized in Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||
Net amounts recognized in the consolidated balance sheets as of December 31, 2013 and 2012 consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Other assets | $ | 67 | $ | 10 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Pension, postretirement and other post-employment benefits | (843 | ) | (891 | ) | (1,019 | ) | (1,121 | ) | (565 | ) | (552 | ) | |||||||||||||||||||||||||
Net liability recognized at end of year | $ | (776 | ) | $ | (881 | ) | $ | (1,019 | ) | $ | (1,121 | ) | $ | (565 | ) | $ | (552 | ) | |||||||||||||||||||
Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||
Pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2013 consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Unrecognized actuarial losses | $ | 912 | $ | 141 | $ | 70 | |||||||||||||||||||||||||||||||
Unrecognized prior service cost (credit) | (4 | ) | (21 | ) | 23 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | $ | 908 | $ | 120 | $ | 93 | |||||||||||||||||||||||||||||||
Accumulated Benefit Obligations in Excess of Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes CNH Industrial’s pension and other post-employment plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,002 | $ | 3,210 | $ | 529 | $ | 169 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,186 | $ | 2,385 | $ | — | $ | — | |||||||||||||||||||||||||||||
Projected Benefit Obligations in Excess of Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes CNH Industrial’s pension and other post-employment plans with projected benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,034 | $ | 3,282 | $ | 565 | $ | 552 | |||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,186 | $ | 2,386 | $ | — | $ | — | |||||||||||||||||||||||||||||
Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||||||||||||
The following 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 years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 27 | $ | 23 | $ | 25 | $ | 9 | $ | 9 | $ | 9 | $ | 16 | $ | 12 | $ | 16 | |||||||||||||||||||
Interest cost | 126 | 143 | 159 | 45 | 52 | 58 | 12 | 15 | 14 | ||||||||||||||||||||||||||||
Expected return on assets | (166 | ) | (161 | ) | (163 | ) | (7 | ) | (6 | ) | (6 | ) | — | ||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 2 | — | 2 | (12 | ) | (14 | ) | (26 | ) | 1 | 3 | 2 | |||||||||||||||||||||||||
Actuarial loss (gain) | 78 | 65 | 60 | 22 | 20 | 21 | (5 | ) | 11 | 3 | |||||||||||||||||||||||||||
Net periodic benefit cost | 67 | 70 | 83 | 57 | 61 | 56 | 24 | 41 | 35 | ||||||||||||||||||||||||||||
settlement loss | 1 | 1 | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 68 | $ | 71 | $ | 83 | $ | 57 | $ | 61 | $ | 56 | $ | 25 | $ | 41 | $ | 35 | |||||||||||||||||||
Net Periodic Benefit Cost Recognized in Net Income and Other Changes in Plan Assets and Benefit Obligation | ' | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost recognized in net income and other changes in plan assets and benefit obligations recognized in other comprehensive loss during 2013 consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 68 | $ | 57 | $ | 25 | |||||||||||||||||||||||||||||||
Benefit adjustments included in other comprehensive (income) loss: | |||||||||||||||||||||||||||||||||||||
Net actuarial (gains)/losses | (56 | ) | (76 | ) | 4 | ||||||||||||||||||||||||||||||||
Amortization of actuarial losses | (78 | ) | (22 | ) | 5 | ||||||||||||||||||||||||||||||||
Amortization of prior service cost | (2 | ) | 12 | (1 | ) | ||||||||||||||||||||||||||||||||
Prior service cost | — | — | (1 | ) | |||||||||||||||||||||||||||||||||
Currency translation adjustments and other | 12 | — | 6 | ||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive (income) loss | (124 | ) | (86 | ) | 13 | ||||||||||||||||||||||||||||||||
Total recognized in comprehensive (income) loss | $ | (56 | ) | $ | (29 | ) | $ | 38 | |||||||||||||||||||||||||||||
Pre-tax Amounts Expected to be Amortized from Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||||
Pre-tax amounts expected to be amortized in 2014 from accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||||||||||||||
Pension | Health care | Other | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Actuarial losses | $ | (65 | ) | $ | (6 | ) | $ | — | |||||||||||||||||||||||||||||
Prior service cost | (1 | ) | 12 | (2 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (66 | ) | $ | 6 | $ | (2 | ) | |||||||||||||||||||||||||||||
Assumptions Utilized in Determining the Funded Status and Net Periodic Cost of Defined Benefit Pension Plans and Other Postretirement Benefit Plans | ' | ||||||||||||||||||||||||||||||||||||
The following assumptions were utilized in determining the funded status as at December 31, 2013 and 2012, and the net periodic benefit cost of CNH Industrial’s defined benefit plans for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||
Pension plans | Health care plans | Other | |||||||||||||||||||||||||||||||||||
(in %) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Assumptions used to determine funded status at December 31 | |||||||||||||||||||||||||||||||||||||
Weighted-average discount rates | 4.05 | 3.75 | n/a | 4.67 | 3.79 | n/a | 3 | 3.27 | n/a | ||||||||||||||||||||||||||||
Weighted-average rate of compensation increase | 3.35 | 2.99 | n/a | 3.42 | 3.42 | n/a | 2.63 | 2.75 | n/a | ||||||||||||||||||||||||||||
Weigted-average, initial healthcare cost trend rate | n/a | n/a | n/a | 8.19 | 7.04 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Weighted-average, ultimate healthcare cost trend rate(*) | n/a | n/a | n/a | 5 | 5 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Assumptions used to determine expense for the years ended December 31 | |||||||||||||||||||||||||||||||||||||
Weighted-average discount rates | 3.75 | 4.61 | 5.08 | 3.79 | 4.57 | 5.18 | 3.27 | 4.63 | 4.34 | ||||||||||||||||||||||||||||
Weighted-average rate of compensation increase | 2.99 | 3.16 | 3.18 | 3.42 | 3.44 | 3.5 | 2.75 | 3.11 | 3.18 | ||||||||||||||||||||||||||||
Weighted-average long-term rates of return on plan assets | 5.95 | 6.79 | 6.98 | 7 | 7.25 | 7.5 | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Weigted-average, initial healthcare cost trend rate | n/a | n/a | n/a | 7.04 | 7.54 | 8.02 | n/a | n/a | n/a | ||||||||||||||||||||||||||||
Weighted-average, ultimate healthcare cost trend rate(*) | n/a | n/a | n/a | 5 | 5 | 5 | n/a | n/a | n/a | ||||||||||||||||||||||||||||
* | CNH Industrial expects to achieve the ultimate health care cost trend rate in 2024 and 2018 for US and Canada plans, respectively. | ||||||||||||||||||||||||||||||||||||
Effect of One Percentage Point Change in Assumed Healthcare Cost Trend Rates | ' | ||||||||||||||||||||||||||||||||||||
A one percentage point change in the assumed health care cost trend rates would have the following effect: | |||||||||||||||||||||||||||||||||||||
One Percentage- | One Percentage- | ||||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Total increase/(decrease) in service cost and interest cost components of 2013 net post retirement benefit expense | $ | 6 | $ | (5 | ) | ||||||||||||||||||||||||||||||||
Total increase/(decrease) in accumulated postretirement benefit obligation as of December 31, 2013 | $ | 135 | $ | (104 | ) | ||||||||||||||||||||||||||||||||
Weighted Average Target Asset Allocation For All Plans | ' | ||||||||||||||||||||||||||||||||||||
Weighted average target asset allocation for all plans for 2013 are as follows: | |||||||||||||||||||||||||||||||||||||
All | |||||||||||||||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||||||||||||||
Asset category: | |||||||||||||||||||||||||||||||||||||
Equity securities | 24 | % | |||||||||||||||||||||||||||||||||||
Debt securities | 56 | % | |||||||||||||||||||||||||||||||||||
Cash/Other | 20 | % | |||||||||||||||||||||||||||||||||||
Summary of Fair Value of Plan Assets by Asset Category and Level Within Fair Value Hierarchy | ' | ||||||||||||||||||||||||||||||||||||
The following summarizes the fair value of plan assets by asset category and level within the fair value hierarchy as of December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
U.S. equities—Large cap | $ | 113 | $ | 113 | $ | — | $ | — | |||||||||||||||||||||||||||||
U.S. equities—Mid cap | 36 | 36 | — | — | |||||||||||||||||||||||||||||||||
U.S. equities—Small cap | 45 | 45 | — | — | |||||||||||||||||||||||||||||||||
Non-U.S. equities | 109 | 109 | — | — | |||||||||||||||||||||||||||||||||
Total equity securities | 303 | 303 | — | — | |||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||
U.S. government bonds | 345 | 345 | — | — | |||||||||||||||||||||||||||||||||
U.S. corporate bonds | 323 | — | 323 | — | |||||||||||||||||||||||||||||||||
Non-U.S. government bonds | 483 | 101 | 382 | — | |||||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | 110 | 1 | 109 | — | |||||||||||||||||||||||||||||||||
Mortgage backed securities | 9 | — | 9 | — | |||||||||||||||||||||||||||||||||
Other fixed income | 75 | 37 | 38 | — | |||||||||||||||||||||||||||||||||
Total fixed income securities | 1,345 | 484 | 861 | — | |||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||
Mutual funds(A) | 708 | — | 708 | — | |||||||||||||||||||||||||||||||||
Insurance contracts | 34 | 1 | — | 33 | |||||||||||||||||||||||||||||||||
Derivatives—credit contracts | 14 | — | 14 | — | |||||||||||||||||||||||||||||||||
Real estate | 35 | 35 | — | — | |||||||||||||||||||||||||||||||||
Other | 263 | — | 263 | — | |||||||||||||||||||||||||||||||||
Total other types of investments | 1,054 | 36 | 985 | 33 | |||||||||||||||||||||||||||||||||
Cash: | 61 | 32 | 29 | — | |||||||||||||||||||||||||||||||||
Total | $ | 2,763 | $ | 855 | $ | 1,875 | $ | 33 | |||||||||||||||||||||||||||||
(A) | This category includes mutual funds, which primarily invest in non-U.S. equities and non-U.S. corporate bonds. | ||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||
U.S. equities—Large cap | $ | 152 | $ | 139 | $ | 13 | $ | — | |||||||||||||||||||||||||||||
U.S. equities—Mid cap | 45 | 45 | — | — | |||||||||||||||||||||||||||||||||
U.S. equities—Small cap | 67 | 67 | — | — | |||||||||||||||||||||||||||||||||
Non-U.S. equities—Large cap | 69 | 57 | 12 | — | |||||||||||||||||||||||||||||||||
Total equity securities | 333 | 308 | 25 | — | |||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||
U.S. government bonds | 250 | 247 | 3 | — | |||||||||||||||||||||||||||||||||
U.S. corporate bonds | 264 | — | 264 | — | |||||||||||||||||||||||||||||||||
Non-U.S. government bonds | 484 | 25 | 459 | — | |||||||||||||||||||||||||||||||||
Non-U.S. corporate bonds | 92 | — | 92 | — | |||||||||||||||||||||||||||||||||
Mortgage backed securities | 11 | — | 11 | — | |||||||||||||||||||||||||||||||||
Other fixed income | 45 | 24 | 21 | — | |||||||||||||||||||||||||||||||||
Total fixed income securities | 1,146 | 296 | 850 | — | |||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||
Mutual funds(A) | 716 | — | 716 | — | |||||||||||||||||||||||||||||||||
Investment funds(B) | 349 | — | 349 | — | |||||||||||||||||||||||||||||||||
Insurance contracts | 29 | — | — | 29 | |||||||||||||||||||||||||||||||||
Derivatives—credit contracts | 1 | — | 1 | — | |||||||||||||||||||||||||||||||||
Real estate(C) | 32 | — | 32 | — | |||||||||||||||||||||||||||||||||
Other | 59 | 4 | 55 | — | |||||||||||||||||||||||||||||||||
Total other types of investments | 1,186 | 4 | 1,153 | 29 | |||||||||||||||||||||||||||||||||
Cash: | 28 | 3 | 25 | — | |||||||||||||||||||||||||||||||||
Total | $ | 2,693 | $ | 611 | $ | 2,053 | $ | 29 | |||||||||||||||||||||||||||||
(A) | This category includes mutual funds, which primarily invest in non-U.S. equities and non-U.S. corporate bonds. | ||||||||||||||||||||||||||||||||||||
(B) | This category includes primarily commingled funds, which invest in equities. | ||||||||||||||||||||||||||||||||||||
(C) | This category includes also hedge funds. | ||||||||||||||||||||||||||||||||||||
Changes in Level 3 Plan Assets | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 plan assets for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 29 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets relating to assets still held at reporting date | 1 | ||||||||||||||||||||||||||||||||||||
Purchases | 89 | ||||||||||||||||||||||||||||||||||||
Settlements | (89 | ) | |||||||||||||||||||||||||||||||||||
Currency impact | 3 | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 33 | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 plan assets for the year ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 29 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets relating to assets still held at reporting date | 2 | ||||||||||||||||||||||||||||||||||||
Purchases, | 89 | ||||||||||||||||||||||||||||||||||||
Settlements | (89 | ) | |||||||||||||||||||||||||||||||||||
Currency impact | (2 | ) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 29 | |||||||||||||||||||||||||||||||||||
Cash Flows Related to Total Benefits Expected to be Paid | ' | ||||||||||||||||||||||||||||||||||||
The benefit expected to be paid from the benefit plans, which reflect expected future years of service, and the Medicare subsidy expected to be received are as follows: | |||||||||||||||||||||||||||||||||||||
Pension Plans | Health care | Medicare | Other | ||||||||||||||||||||||||||||||||||
Part D | |||||||||||||||||||||||||||||||||||||
Reimbursement | |||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
2014 | $ | 209 | $ | 79 | $ | (2 | ) | $ | 24 | ||||||||||||||||||||||||||||
2015 | 203 | 81 | (3 | ) | 19 | ||||||||||||||||||||||||||||||||
2016 | 202 | 81 | (3 | ) | 20 | ||||||||||||||||||||||||||||||||
2017 | 205 | 81 | (3 | ) | 24 | ||||||||||||||||||||||||||||||||
2018 | 207 | 80 | (4 | ) | 29 | ||||||||||||||||||||||||||||||||
2019 – 2023 | 1,049 | 369 | (22 | ) | 115 | ||||||||||||||||||||||||||||||||
Total | $ | 2,075 | $ | 771 | $ | (37 | ) | $ | 231 | ||||||||||||||||||||||||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Other Liabilities | ' | ||||||||||||||||
A summary of other liabilities as of December 31, 2013 and 2012 is as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in millions) | |||||||||||||||||
Advances on buy-back agreements | $ | 1,902 | $ | 1,415 | |||||||||||||
Warranty and campaign programs | 1,111 | 1,058 | |||||||||||||||
Marketing and sales incentive programs | 1,340 | 1,199 | |||||||||||||||
Tax payables | 973 | 792 | |||||||||||||||
Accrued expenses and Deferred income | 748 | 696 | |||||||||||||||
Accrued employee benefits | 844 | 862 | |||||||||||||||
Legal reserves | 551 | 490 | |||||||||||||||
Contract reserve | 467 | 427 | |||||||||||||||
Restructuring reserve | 77 | 155 | |||||||||||||||
Other | 722 | 696 | |||||||||||||||
Total | $ | 8,735 | $ | 7,790 | |||||||||||||
Summary of Recorded Activity for Basic Warranty and Accruals for Campaign Programs | ' | ||||||||||||||||
A summary of recorded activity for the years ended December 31, 2013 and 2012 for the basic warranty and accruals for campaign programs are as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in millions) | |||||||||||||||||
Balance, beginning of year | $ | 1,058 | $ | 1,004 | |||||||||||||
Current year additions | 903 | 834 | |||||||||||||||
Claims paid | (815 | ) | (750 | ) | |||||||||||||
Currency translation adjustment and other | (35 | ) | (30 | ) | |||||||||||||
Balance, end of year | $ | 1,111 | $ | 1,058 | |||||||||||||
Schedule Of Restructuring Activity | ' | ||||||||||||||||
The following table sets forth restructuring activity for the year ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
Severance | Facility | Other | Total | ||||||||||||||
and | Related | Restructuring | |||||||||||||||
Other | Costs | ||||||||||||||||
Employee | |||||||||||||||||
Costs | |||||||||||||||||
(in millions) | |||||||||||||||||
Balance at January 1, 2011 | $ | 3 | $ | 1 | $ | 65 | $ | 69 | |||||||||
Restructuring charges | 129 | 2 | — | 131 | |||||||||||||
Reserves utilized: cash | (88 | ) | (1 | ) | (41 | ) | (130 | ) | |||||||||
Reserves utilized: non-cash | (7 | ) | — | — | (7 | ) | |||||||||||
Currency translation adjustments | (7 | ) | — | (2 | ) | (9 | ) | ||||||||||
Balance at December 31, 2011 | 30 | 2 | 22 | 54 | |||||||||||||
Restructuring charges | 204 | (1 | ) | 28 | 231 | ||||||||||||
Reserves utilized: cash | (78 | ) | (1 | ) | (9 | ) | (88 | ) | |||||||||
Reserves utilized: non-cash | (22 | ) | — | — | (22 | ) | |||||||||||
Currency translation adjustments | (3 | ) | (17 | ) | (20 | ) | |||||||||||
Balance at December 31, 2012 | 131 | — | 24 | 155 | |||||||||||||
Restructuring charges | 67 | 1 | 3 | 71 | |||||||||||||
Reserves utilized: cash | (122 | ) | — | (16 | ) | (138 | ) | ||||||||||
Reserves utilized: non-cash | (8 | ) | — | (3 | ) | (11 | ) | ||||||||||
Currency translation adjustments | 1 | — | (1 | ) | — | ||||||||||||
Balance at December 31, 2013 | $ | 69 | $ | 1 | $ | 7 | $ | 77 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Minimum Rental Commitments Under Non Cancelable Operating Leases with Lease Terms in excess of One Year | ' | ||||||||||||
Total future minimum lease payments under non-cancellable lease contracts are as follows: | |||||||||||||
Amount | |||||||||||||
(in millions) | |||||||||||||
2014 | $ | 64 | |||||||||||
2015 | 50 | ||||||||||||
2016 | 39 | ||||||||||||
2017 | 29 | ||||||||||||
2018 | 25 | ||||||||||||
2019 and beyond | 48 | ||||||||||||
Total minimum rental commitments | $ | 255 | |||||||||||
Financial Services has Various Agreements to Extend Credit | ' | ||||||||||||
At December 31, 2013, Financial Services has various agreements to extend credit for the following financing arrangements: | |||||||||||||
Facility | Total | Utilized | Not | ||||||||||
Credit | Utilized | ||||||||||||
Limit | |||||||||||||
(in millions) | |||||||||||||
Private label commercial revolving accounts | $ | 3,929 | $ | 227 | $ | 3,702 | |||||||
Wholesale and dealer financing | $ | 6,545 | $ | 3,648 | $ | 2,897 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||||||
Fair Values of Derivatives | ' | ||||||||||||||||||||||||
The fair values of CNH Industrial’s derivatives as of December 31, 2013 and 2012 in the consolidated balance sheets are recorded as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | 159 | $ | 41 | |||||||||||||||||||||
Interest rate derivatives: | 49 | 89 | |||||||||||||||||||||||
Total assets | $ | 208 | $ | 130 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | (42 | ) | $ | (55 | ) | |||||||||||||||||||
Interest rate derivatives: | (14 | ) | (44 | ) | |||||||||||||||||||||
Total liabilities | $ | (56 | ) | $ | (99 | ) | |||||||||||||||||||
Derivatives Not Designated as Hedging Instruments: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | 45 | $ | 22 | |||||||||||||||||||||
Interest rate derivatives: | 8 | 7 | |||||||||||||||||||||||
Total assets | $ | 53 | $ | 29 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange contracts: | $ | (28 | ) | $ | (22 | ) | |||||||||||||||||||
Interest rate derivatives: | (10 | ) | (7 | ) | |||||||||||||||||||||
Total liabilities | $ | (38 | ) | $ | (29 | ) | |||||||||||||||||||
Pre Tax Gains losses on Consolidated Statements of Operations | ' | ||||||||||||||||||||||||
Pre-tax gains (losses) on the consolidated statements of operations related to CNH Industrial’s derivatives for the year ended December 31, 2013, 2012 and 2011 are recorded in the following accounts: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||
Interest rate derivatives—Interest expense | $ | (45 | ) | $ | 17 | $ | 76 | ||||||||||||||||||
Gains/(losses) on hedged items—Interest expense | 45 | (17 | ) | (75 | ) | ||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
Recognized in accumulated other comprehensive income (Effective Portion): | |||||||||||||||||||||||||
Foreign exchange contracts—accumulated other comprehensive income | $ | 208 | $ | (72 | ) | $ | (22 | ) | |||||||||||||||||
Interest rate derivatives—accumulated other comprehensive income | $ | (7 | ) | $ | (23 | ) | $ | (65 | ) | ||||||||||||||||
Reclassified from accumulated other comprehensive income (Effective Portion): | |||||||||||||||||||||||||
Foreign exchange contracts—Net sales | $ | 15 | $ | (55 | ) | $ | (18 | ) | |||||||||||||||||
Foreign exchange contracts—Cost of goods sold | 7 | (68 | ) | 19 | |||||||||||||||||||||
Foreign exchange contracts—Other, net | 59 | (7 | ) | 3 | |||||||||||||||||||||
Interest rate derivatives—Interest expense | (14 | ) | (19 | ) | (28 | ) | |||||||||||||||||||
Not Designated as Hedges | |||||||||||||||||||||||||
Foreign exchange contracts—Other, net | $ | 64 | $ | (12 | ) | $ | (29 | ) | |||||||||||||||||
Interest rate derivatives—Interest expense | $ | — | $ | — | $ | (1 | ) | ||||||||||||||||||
Fair Value Hierarchy Levels of Assets and Liabilities Value on Recurring Basis | ' | ||||||||||||||||||||||||
The following tables present for each of the fair-value hierarchy levels the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||||||||||
Level 1 | Level 2 | Total | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | — | $ | — | $ | 204 | $ | 63 | $ | 204 | $ | 63 | |||||||||||||
Interest rate derivatives | — | — | 57 | 96 | 57 | 96 | |||||||||||||||||||
Available for sale securities | 1 | 7 | — | — | 1 | 7 | |||||||||||||||||||
Total assets | $ | 1 | $ | 7 | $ | 261 | $ | 159 | $ | 262 | $ | 166 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange derivatives | $ | — | $ | — | $ | (70 | ) | $ | (77 | ) | $ | (70 | ) | $ | (77 | ) | |||||||||
Interest rate derivatives | — | — | (24 | ) | (51 | ) | (24 | ) | (51 | ) | |||||||||||||||
Total liabilities | $ | — | $ | — | $ | (94 | ) | $ | (128 | ) | $ | (94 | ) | $ | (128 | ) | |||||||||
Estimated Fair Market Values of Financial Instruments Not Carried at Fair Value in Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
The estimated fair market values of financial instruments not carried at fair value in the consolidated balance sheets as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Financing receivables | $ | 21,976 | $ | 21,974 | $ | 20,039 | $ | 20,453 | |||||||||||||||||
Debt | $ | 29,866 | $ | 30,361 | $ | 27,052 | $ | 27,691 |
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in Common Shares Issued According to the Exchange Ratio | ' | ||||||||||||||||
The following table shows a reconciliation between the composition of the share capital of CNH Industrial N.V. at September 30, 2013 on the basis of the shares issued according to the exchange ratios with Fiat Industrial and CNH Global shares upon the completion of the mergers, and the composition of the share capital of CNH Industrial at December 31, 2013: | |||||||||||||||||
(number of shares) | Common shares | CNH Industrial | CNH Industrial N.V. | Total CNH | |||||||||||||
pre-merger | N.V. common | special voting shares | Industrial N.V. | ||||||||||||||
shares | shares | ||||||||||||||||
Fiat Industrial S.p.A. common shares | 1,222,560,247 | (a) | 1,222,560,247 | (*) | 451,262,083 | (**) | 1,673,822,330 | ||||||||||
CNH Global N.V. common shares (non-controlling interests) | 32,995,696 | 126,307,525 | (*) | 23,212,193 | (**) | 149,519,718 | |||||||||||
Total CNH Industrial N.V. shares at September 30, 2013 | 1,348,867,772 | 474,474,276 | 1,823,342,048 | ||||||||||||||
Capital increase | 1,205,758 | — | 1,205,758 | ||||||||||||||
Retirement of special voting shares | — | (5,479,890 | ) | (5,479,890 | ) | ||||||||||||
Total CNH Industrial N.V. shares at December 31, 2013 | 1,350,073,530 | 468,994,386 | 1,819,067,916 | ||||||||||||||
(a) | Total n. 1,222,568,882 Fiat Industrial S.p.A. common shares are shown net of 8,635 treasury shares that have been cancelled at the closing of the merger. | ||||||||||||||||
(*) | Allotted on the basis of the established exchange ratios of one common share of CNH Industrial N.V. for each share of Fiat Industrial S.p.A. and 3.828 common shares of CNH Industrial N.V for each share of CNH Global N.V. | ||||||||||||||||
(**) | Allotted to eligible Fiat Industrial N.V. and CNH Global N.V. shareholders who had elected to receive special voting shares. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Summary of Contractual Terms of Long Term Incentive Plan | ' | ||||||||||||||||||||||||||||||||
At December 31, 2013, the contractual terms of the Long Term Incentive Plan were therefore as follows: | |||||||||||||||||||||||||||||||||
Plan | Beneficiary | Number of | Vesting date | Vesting | |||||||||||||||||||||||||||||
shares | portion | ||||||||||||||||||||||||||||||||
Company Performance LTI | Chairman | 1,000,000 | February 1, 2015 | 1,000,000 | |||||||||||||||||||||||||||||
Retention LTI | Chairman | 1,100,000 | February 22, 2013 | (*) | 366,667 | ||||||||||||||||||||||||||||
February 22, 2014 | (*) | 366,667 | |||||||||||||||||||||||||||||||
22-Feb-15 | 366,666 | ||||||||||||||||||||||||||||||||
(*) | As of February 27, 2014 the beneficiary has not exercised his rights with respect to the restricted share units vested. | ||||||||||||||||||||||||||||||||
Performance-Based Share Activity | ' | ||||||||||||||||||||||||||||||||
The following table reflects share activity under the Company Performance LTI for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Number of | Grant-Date | ||||||||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||||||||
(in €) | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 1,000,000 | € | 7.795 | ||||||||||||||||||||||||||||||
Granted | — | € | — | ||||||||||||||||||||||||||||||
Forfeited | — | € | — | ||||||||||||||||||||||||||||||
Vested | — | € | — | ||||||||||||||||||||||||||||||
Nonvested at end of year | 1,000,000 | € | 7.795 | ||||||||||||||||||||||||||||||
The following table reflects share activity under the Retention LTI for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Number of | Grant-Date | ||||||||||||||||||||||||||||||||
Shares | Fair Value | ||||||||||||||||||||||||||||||||
(in €) | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 1,100,000 | € | 7.795 | ||||||||||||||||||||||||||||||
Granted | — | € | — | ||||||||||||||||||||||||||||||
Forfeited | — | € | — | ||||||||||||||||||||||||||||||
Vested | (366.667 | )(a) | € | 7.795 | |||||||||||||||||||||||||||||
Nonvested at end of year | 733,333 | € | 7.795 | ||||||||||||||||||||||||||||||
(a) | As of February 27, 2014 the beneficiary has not exercised his rights with respect to the restricted share units vested. | ||||||||||||||||||||||||||||||||
Additional Share Based Compensation Information | ' | ||||||||||||||||||||||||||||||||
The table below provides additional share-based compensation information for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Total intrinsic value of options exercised | $ | 30 | $ | 45 | $ | 28 | |||||||||||||||||||||||||||
Fair value of shares vested | $ | 50 | $ | 7 | $ | 3 | |||||||||||||||||||||||||||
Cash received from share award exercises | $ | 63 | $ | 68 | $ | 31 | |||||||||||||||||||||||||||
Tax benefit of options exercised and shares vested | $ | 3 | $ | 3 | $ | 3 | |||||||||||||||||||||||||||
CNH EIP [Member] | ' | ||||||||||||||||||||||||||||||||
Summary of Outstanding Stock Options | ' | ||||||||||||||||||||||||||||||||
The following table summarizes outstanding stock options under the CNH EIP at December 31, 2013: | |||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||||||
Range of | Shares | Weighted- | Weighted- | Aggregate | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||||||||||||||
Exercise Price | Outstanding | Average | Average | Intrinsic | Exercisable | Average | Average | Intrinsic | |||||||||||||||||||||||||
Remaining | Exercise | Value(A) | Remaining | Exercise | Value(A) | ||||||||||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||||||||||
Life | Life | ||||||||||||||||||||||||||||||||
$2.92–$5.00 | 495,631 | 1.1 | $ | 2.92 | $ | 4,178,169 | 495,631 | 1.1 | $ | 2.92 | $ | 4,178,169 | |||||||||||||||||||||
$5.01–$10.00 | 6,522,657 | 3.4 | $ | 8.03 | $ | 21,634,112 | 3,306,154 | 2.6 | $ | 7.32 | $ | 13,335,535 | |||||||||||||||||||||
$10.01–$15.00 | 5,603,457 | 3.1 | $ | 10.16 | $ | 6,694,717 | 2,929,934 | 3 | $ | 10.16 | $ | 3,486,489 | |||||||||||||||||||||
$ | 32,506,998 | $ | 21,000,193 | ||||||||||||||||||||||||||||||
(A) | The difference between the exercise price of share-based compensation and the year-end market price of CNH Industrial common shares of $11.35. No amount is shown for awards with an exercise price that is greater than the year-end market price. | ||||||||||||||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||||||||||||||
Changes during the period in stock option plans are as follows: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Shares | Weighted- | ||||||||||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||||||||
Exercise | |||||||||||||||||||||||||||||||||
Price | |||||||||||||||||||||||||||||||||
Outstanding at beginning of year | 17,666,452 | $ | 10.57 | ||||||||||||||||||||||||||||||
Anti-dilution adjustment for the special dividend | 3,796,996 | $ | 8.7 | ||||||||||||||||||||||||||||||
Additional shares issued for the 2012 Grant | 171,575 | $ | 8.77 | ||||||||||||||||||||||||||||||
Forfeited | (390,612 | ) | $ | 9.36 | |||||||||||||||||||||||||||||
Expired | (345,348 | ) | $ | 11.04 | |||||||||||||||||||||||||||||
Exercised | (8,277,318 | ) | $ | 8.45 | |||||||||||||||||||||||||||||
Outstanding at end of year | 12,621,745 | $ | 8.77 | ||||||||||||||||||||||||||||||
Exercisable at end of year | 6,731,719 | $ | 8.23 | ||||||||||||||||||||||||||||||
Summary of Weighted-Average Assumptions Used under Black-Scholes | ' | ||||||||||||||||||||||||||||||||
The assumptions used under the Black-Scholes pricing model were as follows: | |||||||||||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.4 | % | 1.4 | % | |||||||||||||||||||||||||||||
Expected Dividend yield | 0 | % | 0.3 | % | |||||||||||||||||||||||||||||
Price volatility of CNH Global N.V. shares | 51.7 | % | 75.1 | % | |||||||||||||||||||||||||||||
Option life (years) | 3.39 | 3.81 | |||||||||||||||||||||||||||||||
Performance Shares [Member] | CNH EIP [Member] | ' | ||||||||||||||||||||||||||||||||
Schedule of Performance-Based Share Activity | ' | ||||||||||||||||||||||||||||||||
The following table reflects performance-based share activity under the CNH EIP for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Performance | Weighted | ||||||||||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 7,367,897 | $ | 9.21 | ||||||||||||||||||||||||||||||
Anti-dilution adjustment for the special dividend | 1,584,060 | $ | 7.58 | ||||||||||||||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||||||||||||||
Forfeited | (415,239 | ) | $ | 7.54 | |||||||||||||||||||||||||||||
Vested | (2,921,194 | ) | $ | 7.54 | |||||||||||||||||||||||||||||
Nonvested at end of year | 5,615,524 | $ | 7.61 | ||||||||||||||||||||||||||||||
Restricted Stock Units [Member] | CNH EIP [Member] | ' | ||||||||||||||||||||||||||||||||
Schedule of Restricted-Based Share Activity | ' | ||||||||||||||||||||||||||||||||
The following table reflects restricted share activity under the CNH EIP for the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Restricted | Weighted | ||||||||||||||||||||||||||||||||
Shares | Average | ||||||||||||||||||||||||||||||||
Grant-Date | |||||||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||||||
Nonvested at beginning of year | 1,696,715 | $ | 9.28 | ||||||||||||||||||||||||||||||
Anti-dilution adjustment for the special dividend | 363,988 | $ | 7.64 | ||||||||||||||||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||||||||||||||
Forfeited | (102,703 | ) | $ | 7.66 | |||||||||||||||||||||||||||||
Vested | (1,027,475 | ) | $ | 7.36 | |||||||||||||||||||||||||||||
Nonvested at end of year | 930,525 | $ | 7.95 | ||||||||||||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciles Numerator and Denominator of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic EPS and diluted EPS for the years ended December 31, 2013 and 2012. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in millions, except | |||||||||||||||||
per share data) | |||||||||||||||||
Basic: | |||||||||||||||||
Net income attributable to CNH Industrial | $ | 678 | $ | 757 | |||||||||||||
Weighted average common shares outstanding—basic | 1,255 | 1,223 | |||||||||||||||
Basic earnings per share | $ | 0.54 | $ | 0.62 | |||||||||||||
Diluted: | |||||||||||||||||
Net income attributable to CNH Industrial | $ | 678 | $ | 757 | |||||||||||||
Weighted average common shares outstanding—basic | 1,255 | 1,223 | |||||||||||||||
Effect of dilutive securities (when dilutive): | |||||||||||||||||
Stock Compensation Plans | 2 | — | |||||||||||||||
Weighted average common shares outstanding—diluted | 1,257 | 1,223 | |||||||||||||||
Diluted earnings per share | $ | 0.54 | $ | 0.62 | |||||||||||||
The following table sets forth the computation of basic and diluted net income per share under the two-class method for the year ended December 31, 2011. | |||||||||||||||||
Common | Preference | Savings | Total | ||||||||||||||
shares | shares | shares | |||||||||||||||
(in millions, except per share data) | |||||||||||||||||
Basic and Diluted: | |||||||||||||||||
Net income attributable to controlling interest. | $ | 462 | $ | 44 | $ | 39 | $ | 545 | |||||||||
Weighted average shares outstanding—basic and diluted | 1,092 | 103 | 80 | 1,275 | |||||||||||||
Basic and diluted earnings per share | $ | 0.42 | $ | 0.42 | $ | 0.49 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Components of Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The tax effect for each component of other comprehensive income (loss) consisted of the following: | |||||||||||||||||||||||||
Year ended December 31, 2013 | Gross | Income | Net | ||||||||||||||||||||||
Amount | Taxes | Amount | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | 134 | $ | (40 | ) | $ | 94 | ||||||||||||||||||
Changes in retirement plans’ funded status | 197 | (110 | ) | 87 | |||||||||||||||||||||
Foreign currency translation | (510 | ) | — | (510 | ) | ||||||||||||||||||||
Unrealized gain (loss) on available for sale securities | (2 | ) | 1 | (1 | ) | ||||||||||||||||||||
Share of other comprehensive income of entities using the equity method | (23 | ) | — | (23 | ) | ||||||||||||||||||||
Other comprehensive income (loss) | $ | (204 | ) | $ | (149 | ) | $ | (353 | ) | ||||||||||||||||
Year ended December 31, 2012 | Gross | Income | Net | ||||||||||||||||||||||
Amount | Taxes | Amount | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | 54 | $ | (12 | ) | $ | 42 | ||||||||||||||||||
Changes in retirement plans’ funded status | (242 | ) | 23 | (219 | ) | ||||||||||||||||||||
Foreign currency translation | (185 | ) | — | (185 | ) | ||||||||||||||||||||
Unrealized gain (loss) on available for sale securities | (2 | ) | 1 | (1 | ) | ||||||||||||||||||||
Share of other comprehensive income of entities using the equity method | (59 | ) | — | (59 | ) | ||||||||||||||||||||
Other comprehensive income (loss) | $ | (434 | ) | $ | 12 | $ | (422 | ) | |||||||||||||||||
Year ended December 31, 2011 | Gross | Income | Net | ||||||||||||||||||||||
Amount | Taxes | Amount | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedges | $ | (63 | ) | $ | 10 | $ | (53 | ) | |||||||||||||||||
Changes in retirement plans’ funded status | (87 | ) | 19 | (68 | ) | ||||||||||||||||||||
Foreign currency translation | (265 | ) | — | (265 | ) | ||||||||||||||||||||
Unrealized gain (loss) on available for sale securities | (10 | ) | 4 | (6 | ) | ||||||||||||||||||||
Share of other comprehensive income of entities using the equity method | (12 | ) | — | (12 | ) | ||||||||||||||||||||
Other comprehensive income (loss) | $ | (437 | ) | $ | 33 | $ | (404 | ) | |||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||
The changes, net of tax, in each component of accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||||||||||
Unrealized | Change in | Foreign Currency | Unrealized | Share of Other | Total | ||||||||||||||||||||
gain (Loss) on | Retirement Plans’ | Translation | gain (Loss) on | Comprehensive | |||||||||||||||||||||
Cash Flow | Funded Status | Available For | Income of | ||||||||||||||||||||||
Hedges | Sale | Entities Using | |||||||||||||||||||||||
Securities | the Equity | ||||||||||||||||||||||||
Method | |||||||||||||||||||||||||
Balance, December 31, 2010 | $ | (31 | ) | $ | (562 | ) | $ | 332 | $ | 8 | $ | 70 | $ | (183 | ) | ||||||||||
Other comprehensive income (loss)¹ | (48 | ) | (58 | ) | (225 | ) | (5 | ) | (10 | ) | (346 | ) | |||||||||||||
Balance, December 31, 2011 | (79 | ) | (620 | ) | 107 | 3 | 60 | (529 | ) | ||||||||||||||||
Other comprehensive income (loss)¹ | 38 | (190 | ) | (177 | ) | (1 | ) | (52 | ) | (382 | ) | ||||||||||||||
Balance, December 31, 2012 | (41 | ) | (810 | ) | (70 | ) | 2 | 8 | (911 | ) | |||||||||||||||
Other comprehensive income (loss), before reclassifications | 144 | 53 | (492 | ) | — | (20 | ) | (315 | ) | ||||||||||||||||
Amounts reclassified from other comprehensive income (loss) | (55 | ) | 38 | — | (2 | ) | — | (19 | ) | ||||||||||||||||
Other comprehensive income (loss)¹ | 89 | 91 | (492 | ) | (2 | ) | (20 | ) | (334 | ) | |||||||||||||||
Purchase of noncontrolling interest | 1 | (107 | ) | (12 | ) | — | (10 | ) | (128 | ) | |||||||||||||||
Balance, December 31, 2013 | $ | 49 | $ | (826 | ) | $ | (574 | ) | $ | — | $ | (22 | ) | $ | (1,373 | ) | |||||||||
¹ | Excluded from the table above is other comprehensive income (loss) allocated to noncontrolling interests of $(19), $(40) and $(58) for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
Schedule of Reclassification Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
Significant amounts reclassified out of each component of accumulated other comprehensive income (loss) in 2013 consisted of the following: | |||||||||||||||||||||||||
Amount | Consolidated Statement | ||||||||||||||||||||||||
reclassified | of Operations line | ||||||||||||||||||||||||
from other | |||||||||||||||||||||||||
comprehensive | |||||||||||||||||||||||||
income (loss) | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Cash flow hedges | $ | (15 | ) | Net sales | |||||||||||||||||||||
(7 | ) | Cost of goods sold | |||||||||||||||||||||||
(59 | ) | Other, net | |||||||||||||||||||||||
14 | Interest expense | ||||||||||||||||||||||||
12 | Income taxes | ||||||||||||||||||||||||
$ | (55 | ) | |||||||||||||||||||||||
Change in retirement plans’ funded status: | |||||||||||||||||||||||||
Amortization of actuarial losses | $ | 95 | * | ||||||||||||||||||||||
Amortization of prior service cost | (9 | ) | * | ||||||||||||||||||||||
(48 | ) | Income taxes | |||||||||||||||||||||||
$ | 38 | ||||||||||||||||||||||||
Available-for-sale securities | $ | (3 | ) | Other, net | |||||||||||||||||||||
1 | Income taxes | ||||||||||||||||||||||||
$ | (2 | ) | |||||||||||||||||||||||
Total reclassifications, net of tax | $ | (19 | ) | ||||||||||||||||||||||
* | These amounts are included in net periodic pension and other postretirement benefit cost. See “Note 11: Employee Benefit Plans and Postretirement Benefits” for addition information. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule Of Reconciliation of Profit Under IFRS And US GAAP | ' | ||||||||||||
A reconciliation from consolidated trading profit under IFRS to income before income taxes and equity in income of unconsolidated subsidiaries and affiliates under U.S. GAAP for the years ended December 31, 2013, 2012 and 2011 are provided below. | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Trading profit under IFRS | $ | 2,637 | $ | 2,650 | $ | 2,353 | |||||||
Adjustments/reclassifications to convert from trading profit to U.S. GAAP income before income taxes and equity in income of unconsolidated subsidiaries: | |||||||||||||
Accounting for development costs | (443 | ) | (429 | ) | (330 | ) | |||||||
Restructuring | (71 | ) | (231 | ) | (131 | ) | |||||||
Interest expenses of Industrial Activities, net of interest income and eliminations | (548 | ) | (515 | ) | (640 | ) | |||||||
Other | (201 | ) | (128 | ) | (72 | ) | |||||||
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates under U.S. GAAP | $ | 1,374 | $ | 1,347 | $ | 1,180 | |||||||
Schedule of Profit By Reportable Segment | ' | ||||||||||||
The following summarizes trading profit under IFRS by reportable segment: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Agricultural Equipment | $ | 1,949 | $ | 1,609 | $ | 1,262 | |||||||
Construction Equipment | (109 | ) | (39 | ) | 27 | ||||||||
Commercial Vehicles | 145 | 647 | 899 | ||||||||||
Powertrain | 210 | 181 | 148 | ||||||||||
Other Activities and Adjustments | (76 | ) | (125 | ) | (90 | ) | |||||||
Total Trading profit of Industrial Activities under IFRS | $ | 2,119 | $ | 2,273 | $ | 2,246 | |||||||
Financial Services | 518 | 377 | 107 | ||||||||||
Trading profit under IFRS | $ | 2,637 | $ | 2,650 | $ | 2,353 | |||||||
Summary of Operating Segment Information | ' | ||||||||||||
A summary of additional operating segment information, compiled under IFRS, as of and for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Revenues: | |||||||||||||
Agricultural Equipment | $ | 16,763 | $ | 15,657 | $ | 14,183 | |||||||
Construction Equipment | 3,258 | 3,770 | 3,876 | ||||||||||
Commercial Vehicles | 11,447 | 11,221 | 13,148 | ||||||||||
Powertrain | 4,423 | 3,769 | 4,482 | ||||||||||
Other Activities & Adjustments | (3,050 | ) | (2,706 | ) | (3,269 | ) | |||||||
Net revenues of Industrial Activities under IFRS | 32,841 | 31,711 | 32,420 | ||||||||||
Financial Services | 1,950 | 1,938 | 1,820 | ||||||||||
Other Activities & Adjustments | (560 | ) | (521 | ) | (431 | ) | |||||||
Net revenues under IFRS | 34,231 | 33,128 | 33,809 | ||||||||||
Difference, principally classification proceeds from the final sale of equipment sold under buy-back commitment or leased, net of finance income of Industrial Activities | (395 | ) | (327 | ) | (329 | ) | |||||||
Revenues under U.S. GAAP | $ | 33,836 | $ | 32,801 | $ | 33,480 | |||||||
Depreciation and Amortization (*): | |||||||||||||
Agricultural Equipment | $ | 392 | $ | 332 | $ | 302 | |||||||
Construction Equipment | 114 | 114 | 101 | ||||||||||
Commercial Vehicles | 283 | 281 | 324 | ||||||||||
Powertrain | 208 | 196 | 202 | ||||||||||
Other activities & adjustments | (3 | ) | (3 | ) | (5 | ) | |||||||
Depreciation and amortization of Industrial Activities under IFRS | 994 | 920 | 924 | ||||||||||
Financial Services | 3 | 4 | 3 | ||||||||||
Depreciation and amortization under IFRS | 997 | 924 | 927 | ||||||||||
Difference, principally amortization of development costs capitalized under IFRS | (307 | ) | (247 | ) | (218 | ) | |||||||
Depreciation and amortization under U.S. GAAP | $ | 690 | $ | 677 | $ | 709 | |||||||
Expenditures for long-lived assets *: | |||||||||||||
Agricultural Equipment | $ | 879 | $ | 808 | $ | 531 | |||||||
Construction Equipment | 157 | 162 | 155 | ||||||||||
Commercial Vehicles | 732 | 561 | 477 | ||||||||||
Powertrain | 210 | 194 | 216 | ||||||||||
Other Activities | 1 | 1 | 1 | ||||||||||
Expenditures for long-lived assets of Industrial Activities under IFRS | 1,979 | 1,726 | 1,380 | ||||||||||
Financial Services | 6 | 7 | 2 | ||||||||||
Expenditures for long-lived assets under IFRS | 1,985 | 1,733 | 1,382 | ||||||||||
Difference, development costs capitalized under IFRS | (758 | ) | (685 | ) | (562 | ) | |||||||
Expenditures for long-lived assets under U.S. GAAP | $ | 1,227 | $ | 1,048 | $ | 820 | |||||||
* | Excluding assets sold with buy-back commitments and equipment on operating leases | ||||||||||||
Reconciliation Of Assets From Segments | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Total assets: | |||||||||||||
Agricultural Equipment | $ | 9,207 | $ | 8,206 | |||||||||
Construction Equipment | 2,688 | 2,573 | |||||||||||
Commercial Vehicles | 9,902 | 8,766 | |||||||||||
Powertrain | 2,815 | 2,521 | |||||||||||
Other activities | 7,538 | 10,339 | |||||||||||
Unallocated items & adjustments | (8,595 | ) | (11,227 | ) | |||||||||
Total identifiable assets of Industrial Activities under IFRS | 23,555 | 21,178 | |||||||||||
Financial Services | 28,616 | 25,891 | |||||||||||
Unallocated items & adjustments | (2,217 | ) | (2,072 | ) | |||||||||
Total identifiable assets under IFRS | 49,954 | 44,997 | |||||||||||
Tax assets** | 2,020 | 2,019 | |||||||||||
Treasury assets*** | 4,488 | 4,257 | |||||||||||
Total assets under IFRS | 56,462 | 51,273 | |||||||||||
Difference, principally development costs capitalized under IFRS | (2,619 | ) | (2,308 | ) | |||||||||
Total assets under U.S. GAAP | $ | 53,843 | $ | 48,965 | |||||||||
Investments in unconsolidated subsidiaries and affiliates: | |||||||||||||
Agricultural Equipment | $ | 251 | $ | 248 | |||||||||
Construction Equipment | 1 | 1 | |||||||||||
Commercial Vehicles | 312 | 264 | |||||||||||
Powertrain | 5 | 5 | |||||||||||
Unallocated items & adjustments | (17 | ) | (14 | ) | |||||||||
Investments in unconsolidated subsidiaries and affiliates of Industrial Activities under IFRS | 552 | 504 | |||||||||||
Financial Services | 129 | 116 | |||||||||||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 681 | 620 | |||||||||||
Difference, development costs capitalized under IFRS | (36 | ) | (26 | ) | |||||||||
Investments in unconsolidated subsidiaries and affiliates under U.S. GAAP | $ | 645 | $ | 594 | |||||||||
** | Includes deferred tax assets and direct tax receivables | ||||||||||||
*** | Includes cash and cash equivalents, financing receivables, securities and derivative assets of Industrial Activities. | ||||||||||||
Schedule Of Revenue By Geographical Area | ' | ||||||||||||
The following highlights revenues earned from external customers in the rest of the world by destination: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in million) | |||||||||||||
United States | $ | 7,687 | $ | 7,408 | $ | 6,612 | |||||||
Brazil | 4,750 | 3,853 | 4,637 | ||||||||||
France | 3,030 | 2,733 | 2,968 | ||||||||||
Italy | 2,688 | 2,624 | 3,438 | ||||||||||
Germany | 1,677 | 1,600 | 1,705 | ||||||||||
Canada | 1,687 | 1,779 | 1,546 | ||||||||||
Australia | 1,015 | 1,227 | 1,148 | ||||||||||
Argentina | 937 | 718 | 757 | ||||||||||
Spain | 666 | 665 | 897 | ||||||||||
Poland | 504 | 578 | 531 | ||||||||||
Other | 8,202 | 8,654 | 8,253 | ||||||||||
Total revenues from external customers in the rest of world | $ | 32,843 | $ | 31,839 | $ | 32,492 | |||||||
Schedule Of Long-lived Assets By Geographical Area | ' | ||||||||||||
The following highlights long-lived tangible and intangible assets by geographic in the rest of the world: | |||||||||||||
At December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
($ million) | |||||||||||||
United States | $ | 4,474 | $ | 4,175 | |||||||||
Italy | 1,974 | 1,572 | |||||||||||
France | 899 | 842 | |||||||||||
Spain | 564 | 503 | |||||||||||
Germany | 850 | 778 | |||||||||||
Brazil | 523 | 540 | |||||||||||
Canada | 465 | 459 | |||||||||||
China | 246 | 175 | |||||||||||
Other | 1,245 | 1,006 | |||||||||||
Total long-lived assets in the rest of the world | $ | 11,240 | $ | 10,050 | |||||||||
IFRS_to_US_GAAP_Reconciliation1
IFRS to US GAAP Reconciliation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
IFRS To US-GAAP - Reconciliation Of Profit | ' | ||||||||||||||||
Reconciliation of Profit | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
Note | 2013 | 2012 | 2011 | ||||||||||||||
(in millions) | |||||||||||||||||
Profit in accordance with IFRS | $ | 1,218 | $ | 1,162 | $ | 977 | |||||||||||
Adjustments to conform with U.S. GAAP: | |||||||||||||||||
Development costs, net | (a | ) | (443 | ) | (429 | ) | (330 | ) | |||||||||
Goodwill and other intangible assets | (b | ) | (8 | ) | (9 | ) | (8 | ) | |||||||||
Defined benefit plans | (c | ) | (16 | ) | (6 | ) | (20 | ) | |||||||||
Restructuring provisions | (d | ) | (17 | ) | (18 | ) | — | ||||||||||
Other adjustments | (e | ) | (19 | ) | 21 | 22 | |||||||||||
Tax impact on adjustments | (f | ) | 158 | 132 | 113 | ||||||||||||
Deferred tax assets and tax contingencies recognition | (g | ) | (45 | ) | 23 | (115 | ) | ||||||||||
Total adjustments | (390 | ) | (286 | ) | (338 | ) | |||||||||||
Net income in accordance with U.S. GAAP | $ | 828 | $ | 876 | $ | 639 | |||||||||||
IFRS To US-GAAP - Reconciliation Of Total Equity | ' | ||||||||||||||||
Reconciliation of Total Equity | |||||||||||||||||
As of December 31, | |||||||||||||||||
Note | 2013 | 2012 | |||||||||||||||
(in millions) | |||||||||||||||||
Total Equity in accordance with IFRS | $ | 7,662 | $ | 7,093 | |||||||||||||
Adjustments to conform with U.S. GAAP: | |||||||||||||||||
Development costs, net | (a | ) | (2,862 | ) | (2,361 | ) | |||||||||||
Goodwill and other intangible assets | (b | ) | 130 | 142 | |||||||||||||
Defined benefit plans | (c | ) | 29 | (11 | ) | ||||||||||||
Restructuring provisions | (d | ) | 6 | 22 | |||||||||||||
Other adjustments | (e | ) | 15 | 26 | |||||||||||||
Tax impact on adjustments | (f | ) | 773 | 638 | |||||||||||||
Deferred tax assets and tax contingencies recognition | (g | ) | (798 | ) | (724 | ) | |||||||||||
Total adjustments | (2,707 | ) | (2,268 | ) | |||||||||||||
Total Equity in accordance with U.S. GAAP | $ | 4,955 | $ | 4,825 | |||||||||||||
Related_Party_Information_Tabl
Related Party Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||
These transactions primarily affected revenues, finance and interest income, cost of goods sold, trade receivables and payables and are presented as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Net sales | $ | 718 | $ | 747 | $ | 1,010 | |||||||
Cost of goods sold | $ | 505 | $ | 653 | $ | 539 | |||||||
12/31/13 | 12/31/12 | ||||||||||||
(in millions) | |||||||||||||
Trade receivables | $ | 83 | $ | 120 | |||||||||
Trade payables | $ | 162 | $ | 149 | |||||||||
Supplemental_Information_Table
Supplemental Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Supplemental Information of Income Statement | ' | ||||||||||||||||||||||||
Statement of Operations | |||||||||||||||||||||||||
Industrial Activities | Financial Services | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(in millions, except share data) | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||
Net sales | $ | 32,661 | $ | 31,566 | $ | 32,241 | $ | — | $ | — | $ | — | |||||||||||||
Finance and interest income | 271 | 268 | 291 | 1,679 | 1,698 | 1,564 | |||||||||||||||||||
Total Revenues | $ | 32,932 | $ | 31,834 | $ | 32,532 | $ | 1,679 | $ | 1,698 | $ | 1,564 | |||||||||||||
Costs and Expenses | |||||||||||||||||||||||||
Cost of goods sold | $ | 26,580 | $ | 25,606 | $ | 26,287 | $ | — | $ | — | $ | — | |||||||||||||
Selling, general & administrative expenses | 2,764 | 2,604 | 2,597 | 330 | 432 | 617 | |||||||||||||||||||
Research and development expenses | 1,222 | 1,129 | 1,026 | — | — | — | |||||||||||||||||||
Restructuring expenses | 71 | 231 | 131 | — | — | — | |||||||||||||||||||
Interest expense | 799 | 763 | 885 | 658 | 700 | 648 | |||||||||||||||||||
Interest compensation to Financial Services | 352 | 344 | 334 | — | — | — | |||||||||||||||||||
Other, net | 251 | 195 | 218 | 210 | 181 | 173 | |||||||||||||||||||
Total Costs and Expenses | 32,039 | 30,872 | 31,478 | 1,198 | 1,313 | 1,438 | |||||||||||||||||||
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 893 | 962 | 1,054 | 481 | 385 | 126 | |||||||||||||||||||
Income taxes | 518 | 401 | 538 | 153 | 163 | 114 | |||||||||||||||||||
Equity income of unconsolidated subsidiaries and affiliates | 110 | 80 | 110 | 15 | 13 | 1 | |||||||||||||||||||
Results from intersegment investments | 343 | 235 | 13 | (1 | ) | — | 3 | ||||||||||||||||||
Net Income | $ | 828 | $ | 876 | $ | 639 | $ | 342 | $ | 235 | $ | 16 | |||||||||||||
Supplemental Information of Balance Sheet | ' | ||||||||||||||||||||||||
Balance Sheets | |||||||||||||||||||||||||
Industrial Activities | Financial Services | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in millions, except share data) | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 4,010 | $ | 3,890 | $ | 1,557 | $ | 1,309 | |||||||||||||||||
Restricted cash | — | — | 922 | 885 | |||||||||||||||||||||
Trade receivables | 1,338 | 1,821 | 88 | 157 | |||||||||||||||||||||
Financing receivables | 5,826 | 6,189 | 23,640 | 21,508 | |||||||||||||||||||||
Inventories, net | 7,314 | 6,144 | 96 | 116 | |||||||||||||||||||||
Property, plant and equipment, net | 7,085 | 6,149 | 5 | 5 | |||||||||||||||||||||
Investments in unconsolidated subsidiaries and affiliates | 3,049 | 3,039 | 129 | 116 | |||||||||||||||||||||
Equipment under operating leases | 34 | 36 | 1,025 | 785 | |||||||||||||||||||||
Goodwill | 2,340 | 2,343 | 164 | 167 | |||||||||||||||||||||
Other Intangible assets, net | 796 | 768 | 14 | 12 | |||||||||||||||||||||
Deferred tax assets | 1,437 | 1,290 | 242 | 239 | |||||||||||||||||||||
Derivative assets | 254 | 160 | 10 | 3 | |||||||||||||||||||||
Other assets | 1,884 | 1,690 | 1,040 | 856 | |||||||||||||||||||||
TOTAL ASSETS | $ | 35,367 | $ | 33,519 | $ | 28,932 | $ | 26,158 | |||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Debt | $ | 11,948 | $ | 12,032 | $ | 25,408 | $ | 22,678 | |||||||||||||||||
Trade payables | 7,162 | 6,239 | 273 | 234 | |||||||||||||||||||||
Deferred tax liabilities | 225 | 78 | 160 | 132 | |||||||||||||||||||||
Pension, postretirement and other post employment benefits | 2,419 | 2,553 | 8 | 11 | |||||||||||||||||||||
Derivative liability | 78 | 103 | 19 | 29 | |||||||||||||||||||||
Other liabilities | 8,568 | 7,682 | 531 | 513 | |||||||||||||||||||||
TOTAL LIABILITIES | $ | 30,400 | $ | 28,687 | $ | 26,399 | $ | 23,597 | |||||||||||||||||
Equity | 4,967 | 4,832 | 2,533 | 2,561 | |||||||||||||||||||||
TOTAL EQUITY AND LIABILITIES | $ | 35,367 | $ | 33,519 | $ | 28,932 | $ | 26,158 | |||||||||||||||||
Supplemental Information of Cash Flow | ' | ||||||||||||||||||||||||
Cash Flow Statements | |||||||||||||||||||||||||
Industrial Activities | Financial Services | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net income | $ | 828 | $ | 876 | $ | 639 | $ | 342 | $ | 235 | $ | 16 | |||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization expense, net of assets under operating lease and assets sold under buy-back commitments | 686 | 673 | 706 | 4 | 4 | 3 | |||||||||||||||||||
Depreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments | 286 | 229 | 195 | 127 | 133 | 119 | |||||||||||||||||||
Loss (gain) from disposal of assets | 25 | 25 | (34 | ) | — | (3 | ) | (12 | ) | ||||||||||||||||
Undistributed income of unconsolidated subsidiaries | (108 | ) | (151 | ) | 31 | (8 | ) | (6 | ) | 3 | |||||||||||||||
Other non cash items | 72 | 180 | 118 | 124 | 218 | 420 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Provisions | 104 | 72 | 248 | 3 | 7 | 1 | |||||||||||||||||||
Deferred income taxes | (62 | ) | (22 | ) | 129 | 3 | 12 | 28 | |||||||||||||||||
Trade and financing receivables related to sales, net | 306 | 85 | 452 | (943 | ) | (1,149 | ) | (1,170 | ) | ||||||||||||||||
Inventories, net | (1,225 | ) | (103 | ) | (1,322 | ) | 20 | — | 32 | ||||||||||||||||
Trade payables | 903 | (255 | ) | 1,322 | 39 | 6 | (44 | ) | |||||||||||||||||
Other assets and liabilities | 395 | (29 | ) | 249 | (129 | ) | (128 | ) | 118 | ||||||||||||||||
Net cash provided (used) by operating activities | 2,210 | 1,580 | 2,733 | (418 | ) | (671 | ) | (486 | ) | ||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Additions to retail receivables | — | — | — | (7,511 | ) | (7,048 | ) | (6,797 | ) | ||||||||||||||||
Collections of retail receivables | — | — | — | 6,043 | 6,175 | 6,325 | |||||||||||||||||||
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments | 7 | 99 | 15 | — | 32 | — | |||||||||||||||||||
Proceeds from sale of assets under operating leases and assets sold under buy-back commitments | 194 | 181 | 304 | 272 | 231 | 235 | |||||||||||||||||||
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease and sold under buy-back commitments | (1,220 | ) | (1,042 | ) | (818 | ) | (7 | ) | (6 | ) | (2 | ) | |||||||||||||
Expenditures for assets under operating lease and assets sold under buy-back commitments | (805 | ) | (709 | ) | (761 | ) | (634 | ) | (477 | ) | (393 | ) | |||||||||||||
Other | 525 | (2,334 | ) | (340 | ) | (663 | ) | 2,076 | (322 | ) | |||||||||||||||
Net cash (used) provided by investing activities | (1,299 | ) | (3,805 | ) | (1,600 | ) | (2,500 | ) | 983 | (954 | ) | ||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Proceeds from long-term debt | 1,339 | 1,879 | 7,220 | 11,125 | 9,485 | 9,488 | |||||||||||||||||||
Payments of long-term debt | (2,049 | ) | (660 | ) | (464 | ) | (7,939 | ) | (8,845 | ) | (6,848 | ) | |||||||||||||
Net increase (decrease) in other financial liabilities | 265 | 10 | (5,452 | ) | 249 | (667 | ) | (1,116 | ) | ||||||||||||||||
Dividends paid | (368 | ) | (616 | ) | (11 | ) | (270 | ) | (67 | ) | (82 | ) | |||||||||||||
Other | (6 | ) | 13 | (2 | ) | 11 | 225 | 219 | |||||||||||||||||
Net cash (used) provided by financing activities | (819 | ) | 626 | 1,291 | 3,176 | 131 | 1,661 | ||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 28 | 7 | (281 | ) | (10 | ) | (7 | ) | (19 | ) | |||||||||||||||
Increase (decrease) in cash and cash equivalents | 120 | (1,592 | ) | 2,143 | 248 | 436 | 202 | ||||||||||||||||||
Cash and cash equivalents, beginning of year | 3,890 | 5,482 | 3,339 | 1,309 | 873 | 671 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 4,010 | $ | 3,890 | $ | 5,482 | $ | 1,557 | $ | 1,309 | $ | 873 | |||||||||||||
Supplemental_Condensed_Consoli1
Supplemental Condensed Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Statements of Operations | ' | ||||||||||||||||||||||||
The following condensed financial statements present CNH Industrial, Case New Holland Industrial Inc., the Guarantor Subsidiaries, and all other subsidiaries as of December 31, 2013, and 2012, and for the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||||||
Condensed Statements of Operations For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total revenues | $ | 56 | $ | 10 | $ | 15,714 | $ | 25,472 | $ | (7,416 | ) | $ | 33,836 | ||||||||||||
Cost and Expenses: | |||||||||||||||||||||||||
Cost of goods sold | — | — | 12,647 | 20,615 | (6,711 | ) | 26,551 | ||||||||||||||||||
Selling, general and administrative expenses | 92 | 2 | 750 | 2,250 | — | 3,094 | |||||||||||||||||||
Research and development expenses | — | — | 455 | 767 | — | 1,222 | |||||||||||||||||||
Restructuring expenses | — | — | 1 | 70 | — | 71 | |||||||||||||||||||
Interest expense | 173 | 262 | 136 | 1,124 | (499 | ) | 1,196 | ||||||||||||||||||
Interest compensation to Financial Services | — | — | 206 | — | (206 | ) | — | ||||||||||||||||||
Other, net | 395 | 1 | (108 | ) | 40 | — | 328 | ||||||||||||||||||
660 | 265 | 14,087 | 24,866 | (7,416 | ) | 32,462 | |||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | (604 | ) | (255 | ) | 1,627 | 606 | — | 1,374 | |||||||||||||||||
Income taxes | 41 | (95 | ) | 372 | 353 | — | 671 | ||||||||||||||||||
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 1,322 | 1,056 | 355 | 601 | (3,209 | ) | 125 | ||||||||||||||||||
Net income (loss) | 677 | 896 | 1,610 | 854 | (3,209 | ) | 828 | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 151 | — | 151 | |||||||||||||||||||
Net income attributable to owners of the parent | $ | 677 | $ | 896 | $ | 1,610 | $ | 703 | $ | (3,209 | ) | $ | 677 | ||||||||||||
Condensed Statements of Operations For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total revenues | $ | 101 | $ | 11 | $ | 15,365 | $ | 24,155 | $ | (6,831 | ) | $ | 32,801 | ||||||||||||
Cost and Expenses: | |||||||||||||||||||||||||
Cost of goods sold | — | — | 12,543 | 19,197 | (6,171 | ) | 25,569 | ||||||||||||||||||
Selling, general and administrative expenses | 68 | 1 | 752 | 2,215 | — | 3,036 | |||||||||||||||||||
Research and development expenses | — | — | 425 | 704 | — | 1,129 | |||||||||||||||||||
Restructuring expenses | — | — | — | 231 | — | 231 | |||||||||||||||||||
Interest expense | 147 | 280 | 116 | 1,128 | (462 | ) | 1,209 | ||||||||||||||||||
Interest compensation to Financial Services | — | — | 198 | — | (198 | ) | — | ||||||||||||||||||
Other, net | 36 | — | 235 | 9 | — | 280 | |||||||||||||||||||
251 | 281 | 14,269 | 23,484 | (6,831 | ) | 31,454 | |||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | (150 | ) | (270 | ) | 1,096 | 671 | — | 1,347 | |||||||||||||||||
Income taxes | 20 | (101 | ) | 281 | 364 | — | 564 | ||||||||||||||||||
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 926 | 682 | 453 | 256 | (2,224 | ) | 93 | ||||||||||||||||||
Net income (loss) | 756 | 513 | 1,268 | 563 | (2,224 | ) | 876 | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 120 | — | 120 | |||||||||||||||||||
Net income attributable to owners of the parent | $ | 756 | $ | 513 | $ | 1,268 | $ | 443 | $ | (2,224 | ) | $ | 756 | ||||||||||||
Condensed Statements of Operations For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Total revenues | $ | 59 | $ | 43 | $ | 13,739 | $ | 25,843 | $ | (6,204 | ) | $ | 33,480 | ||||||||||||
Cost and Expenses: | |||||||||||||||||||||||||
Cost of goods sold | — | — | 11,364 | 20,527 | (5,621 | ) | 26,270 | ||||||||||||||||||
Selling, general and administrative expenses | 53 | 2 | 687 | 2,472 | — | 3,214 | |||||||||||||||||||
Research and development expenses | — | — | 334 | 692 | — | 1,026 | |||||||||||||||||||
Restructuring expenses | — | — | (2 | ) | 133 | — | 131 | ||||||||||||||||||
Interest expense | 227 | 209 | 141 | 1,137 | (390 | ) | 1,324 | ||||||||||||||||||
Interest compensation to Financial Services | — | — | 193 | — | (193 | ) | — | ||||||||||||||||||
Other, net | (9 | ) | — | 185 | 159 | — | 335 | ||||||||||||||||||
271 | 211 | 12,902 | 25,120 | (6,204 | ) | 32,300 | |||||||||||||||||||
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | (212 | ) | (168 | ) | 837 | 723 | — | 1,180 | |||||||||||||||||
Income taxes | (37 | ) | (67 | ) | 195 | 561 | — | 652 | |||||||||||||||||
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 720 | 621 | 428 | 188 | (1,846 | ) | 111 | ||||||||||||||||||
Net income (loss) | 545 | 520 | 1,070 | 350 | (1,846 | ) | 639 | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 94 | — | 94 | |||||||||||||||||||
Net income attributable to owners of the parent | $ | 545 | $ | 520 | $ | 1,070 | $ | 256 | $ | (1,846 | ) | $ | 545 | ||||||||||||
Condensed Statements of Comprehensive Income | ' | ||||||||||||||||||||||||
Condensed Statements of Comprehensive Income For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 343 | $ | 896 | $ | 1,807 | $ | 514 | $ | (3,085 | ) | $ | 475 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 132 | — | 132 | |||||||||||||||||||
Comprehensive income (loss) attributable to parent | $ | 343 | $ | 896 | $ | 1,807 | $ | 382 | $ | (3,085 | ) | $ | 343 | ||||||||||||
Condensed Statements of Comprehensive Income For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 374 | $ | 513 | $ | 1,223 | $ | 369 | $ | (2,025 | ) | $ | 454 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 80 | — | 80 | |||||||||||||||||||
Comprehensive income (loss) attributable to parent | $ | 374 | $ | 513 | $ | 1,223 | $ | 289 | $ | (2,025 | ) | $ | 374 | ||||||||||||
Condensed Statements of Comprehensive Income For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Comprehensive income (loss) | $ | 199 | $ | 520 | $ | 922 | $ | (82 | ) | $ | (1,324 | ) | $ | 235 | |||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 36 | — | 36 | |||||||||||||||||||
Comprehensive income (loss) attributable to parent | $ | 199 | $ | 520 | $ | 922 | $ | (118 | ) | $ | (1,324 | ) | $ | 199 | |||||||||||
Condensed Balance Sheets | ' | ||||||||||||||||||||||||
Condensed Balance Sheets As of December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 42 | $ | 5,524 | $ | — | $ | 5,567 | |||||||||||||
Deposits in subsidiaries’ cash management pools | — | — | 3,739 | — | (3,739 | ) | — | ||||||||||||||||||
Receivables | 72 | 1,242 | 5,934 | 35,328 | (19,238 | ) | 23,338 | ||||||||||||||||||
Inventories, net | — | — | 2,096 | 5,314 | — | 7,410 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 1,293 | 5,797 | — | 7,090 | |||||||||||||||||||
Equipment on operating leases | — | — | — | 1,059 | — | 1,059 | |||||||||||||||||||
Investments in unconsolidated subsidiaries and affiliates | 239 | — | 1 | 405 | — | 645 | |||||||||||||||||||
Investments in consolidated subsidiaries | 10,937 | 6,288 | 1,967 | 1,589 | (20,781 | ) | — | ||||||||||||||||||
Goodwill and intangibles | 2 | — | 2,761 | 551 | — | 3,314 | |||||||||||||||||||
Other | 147 | 29 | 1,500 | 4,846 | (1,102 | ) | 5,420 | ||||||||||||||||||
Total Assets | $ | 11,398 | $ | 7,559 | $ | 19,333 | $ | 60,413 | $ | (44,860 | ) | $ | 53,843 | ||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Debt | $ | 5,321 | $ | 4,872 | $ | 3,355 | $ | 35,775 | $ | (19,457 | ) | $ | 29,866 | ||||||||||||
Trade payables | 23 | 98 | 3,085 | 7,612 | (3,449 | ) | 7,369 | ||||||||||||||||||
Other liabilities | 1,153 | 132 | 4,217 | 7,324 | (1,173 | ) | 11,653 | ||||||||||||||||||
Total equity | 4,901 | 2,457 | 8,676 | 9,702 | (20,781 | ) | 4,955 | ||||||||||||||||||
Total Equity and Liabilities | $ | 11,398 | $ | 7,559 | $ | 19,333 | $ | 60,413 | $ | (44,860 | ) | $ | 53,843 | ||||||||||||
Condensed Balance Sheets As of December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 105 | $ | 200 | $ | 32 | $ | 4,862 | $ | — | $ | 5,199 | |||||||||||||
Deposits in subsidiaries’ cash management pools | 69 | — | 2,876 | — | (2,945 | ) | — | ||||||||||||||||||
Receivables | 2,191 | 796 | 5,192 | 32,692 | (18,938 | ) | 21,933 | ||||||||||||||||||
Inventories, net | — | — | 1,763 | 4,497 | — | 6,260 | |||||||||||||||||||
Property, plant and equipment, net | — | — | 1,151 | 5,003 | — | 6,154 | |||||||||||||||||||
Equipment on operating leases | — | — | — | 821 | — | 821 | |||||||||||||||||||
Investments in unconsolidated subsidiaries and affiliates | 209 | — | 2 | 383 | — | 594 | |||||||||||||||||||
Investments in consolidated subsidiaries | 6,716 | 5,081 | 2,546 | 1,010 | (15,353 | ) | — | ||||||||||||||||||
Goodwill and intangibles | 1 | — | 2,755 | 534 | — | 3,290 | |||||||||||||||||||
Other | 195 | 164 | 1,364 | 3,973 | (982 | ) | 4,714 | ||||||||||||||||||
Total Assets | $ | 9,486 | $ | 6,241 | $ | 17,681 | $ | 53,775 | $ | (38,218 | ) | $ | 48,965 | ||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Debt | $ | 4,537 | $ | 4,841 | $ | 3,589 | $ | 33,533 | $ | (19,448 | ) | $ | 27,052 | ||||||||||||
Trade payables | 14 | 4 | 2,491 | 6,259 | (2,379 | ) | 6,389 | ||||||||||||||||||
Other liabilities | 1,011 | (13 | ) | 4,159 | 6,580 | (1,038 | ) | 10,699 | |||||||||||||||||
Total equity | 3,924 | 1,409 | 7,442 | 7,403 | (15,353 | ) | 4,825 | ||||||||||||||||||
Total Equity and Liabilities | $ | 9,486 | $ | 6,241 | $ | 17,681 | $ | 53,775 | $ | (38,218 | ) | $ | 48,965 | ||||||||||||
Condensed Statements of Cash Flow | ' | ||||||||||||||||||||||||
Condensed Statements of Cash Flow For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||
Net income (loss) | $ | 677 | $ | 896 | $ | 1,610 | $ | 854 | $ | (3,209 | ) | $ | 828 | ||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 190 | 913 | — | 1,103 | |||||||||||||||||||
Other, net | (464 | ) | (1,154 | ) | 1,101 | (649 | ) | 757 | (409 | ) | |||||||||||||||
Net cash provided (used) by operating activities | 213 | (258 | ) | 2,901 | 1,118 | (2,452 | ) | 1,522 | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy-back commitment and intangible assets | — | — | (235 | ) | (2,431 | ) | — | (2,666 | ) | ||||||||||||||||
Net additions from retail receivables and related securitizations | — | — | — | (1,468 | ) | — | (1,468 | ) | |||||||||||||||||
(Deposits in) withdrawals from subsidiaries’ cash management pools | 69 | — | (842 | ) | — | 773 | — | ||||||||||||||||||
Other, net | (1,937 | ) | — | (917 | ) | 81 | 3,119 | 346 | |||||||||||||||||
Net cash (used) provided by investing activities | (1,868 | ) | — | (1,994 | ) | (3,818 | ) | 3,892 | (3,788 | ) | |||||||||||||||
Financing Activities: | |||||||||||||||||||||||||
Net (decrease) increase in indebtedness | 1,612 | 58 | (310 | ) | 1,721 | (91 | ) | 2,990 | |||||||||||||||||
Dividends paid | (365 | ) | — | (586 | ) | (1,385 | ) | 1,968 | (368 | ) | |||||||||||||||
Other, net | 304 | — | — | 3,007 | (3,317 | ) | (6 | ) | |||||||||||||||||
Net cash provided (used) by financing activities | 1,551 | 58 | (896 | ) | 3,343 | (1,440 | ) | 2,616 | |||||||||||||||||
Other, net | — | — | (1 | ) | 19 | — | 18 | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (104 | ) | (200 | ) | 10 | 662 | — | 368 | |||||||||||||||||
Cash and cash equivalents, beginning of year | 105 | 200 | 32 | 4,862 | — | 5,199 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 1 | $ | — | $ | 42 | $ | 5,524 | $ | — | $ | 5,567 | |||||||||||||
Condensed Statements of Cash Flow For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||
Net income (loss) | $ | 756 | $ | 513 | $ | 1,268 | $ | 563 | $ | (2,224 | ) | $ | 876 | ||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 175 | 864 | — | 1,039 | |||||||||||||||||||
Other, net | (416 | ) | (853 | ) | (106 | ) | (318 | ) | 620 | (1,073 | ) | ||||||||||||||
Net cash provided (used) by operating activities | 340 | (340 | ) | 1,337 | 1,109 | (1,604 | ) | 842 | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy-back commitment and intangible assets | — | — | (259 | ) | (1,975 | ) | — | (2,234 | ) | ||||||||||||||||
Net additions from retail receivables and related securitizations | — | — | — | (873 | ) | — | (873 | ) | |||||||||||||||||
(Deposits in) withdrawals from subsidiaries’ cash management pools | 344 | — | 266 | — | (610 | ) | — | ||||||||||||||||||
Other, net | (696 | ) | — | (387 | ) | 156 | 1,437 | 510 | |||||||||||||||||
Net cash (used) provided by investing activities | (352 | ) | — | (380 | ) | (2,692 | ) | 827 | (2,597 | ) | |||||||||||||||
Financing Activities: | |||||||||||||||||||||||||
Net (decrease) increase in indebtedness | 12 | 538 | (761 | ) | 462 | 951 | 1,202 | ||||||||||||||||||
Dividends paid | (567 | ) | — | (257 | ) | (399 | ) | 607 | (616 | ) | |||||||||||||||
Other, net | 70 | 2 | — | 722 | (781 | ) | 13 | ||||||||||||||||||
Net cash provided (used) by financing activities | (485 | ) | 540 | (1,018 | ) | 785 | 777 | 599 | |||||||||||||||||
Other, net | — | — | 1 | (1 | ) | — | — | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (497 | ) | 200 | (60 | ) | (799 | ) | — | (1,156 | ) | |||||||||||||||
Cash and cash equivalents, beginning of year | 602 | — | 92 | 5,661 | — | 6,355 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 105 | $ | 200 | $ | 32 | $ | 4,862 | $ | — | $ | 5,199 | |||||||||||||
Condensed Statements of Cash Flow For the Year Ended December 31, 2011 | |||||||||||||||||||||||||
CNH | Case New | Guarantor | All Other | Eliminations | Consolidated | ||||||||||||||||||||
Industrial | Holland | Subsidiaries | Subsidiaries | ||||||||||||||||||||||
N.V. | Industrial | ||||||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
Operating Activities: | |||||||||||||||||||||||||
Net income (loss) | $ | 545 | $ | 520 | $ | 1,070 | $ | 350 | $ | (1,846 | ) | $ | 639 | ||||||||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | — | — | 175 | 848 | — | 1,023 | |||||||||||||||||||
Other, net | 818 | (872 | ) | 627 | 1,365 | (1,435 | ) | 503 | |||||||||||||||||
Net cash provided (used) by operating activities | 1,363 | (352 | ) | 1,872 | 2,563 | (3,281 | ) | 2,165 | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy—back commitment and intangible assets | — | — | (194 | ) | (1,780 | ) | — | (1,974 | ) | ||||||||||||||||
Net additions from retail receivables and related securitizations | — | — | — | (472 | ) | — | (472 | ) | |||||||||||||||||
(Deposits in) withdrawals from subsidiaries’ cash management pools | (393 | ) | — | (1,832 | ) | — | 2,225 | — | |||||||||||||||||
Other, net | 1,139 | — | (454 | ) | 425 | (999 | ) | 111 | |||||||||||||||||
Net cash (used) provided by investing activities | 746 | — | (2,480 | ) | (1,827 | ) | 1,226 | (2,335 | ) | ||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||
Net (decrease) increase in indebtedness | (2,642 | ) | 259 | 1 | 1,761 | 3,449 | 2,828 | ||||||||||||||||||
Dividends paid | — | (799 | ) | (354 | ) | (457 | ) | 1,599 | (11 | ) | |||||||||||||||
Other, net | 34 | — | 897 | 2,060 | (2,993 | ) | (2 | ) | |||||||||||||||||
Net cash provided (used) by financing activities | (2,608 | ) | (540 | ) | 544 | 3,364 | 2,055 | 2,815 | |||||||||||||||||
Other, net | — | — | — | (300 | ) | — | (300 | ) | |||||||||||||||||
Increase (decrease) in cash and cash equivalents | (499 | ) | (892 | ) | (64 | ) | 3,800 | — | 2,345 | ||||||||||||||||
Cash and cash equivalents, beginning of year | 1,101 | 892 | 156 | 1,861 | — | 4,010 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | 602 | $ | — | $ | 92 | $ | 5,661 | $ | — | $ | 6,355 | |||||||||||||
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
USD ($) | EUR (€) | EUR (€) | EUR (€) | Fiat Industrial [Member] | Fiat Industrial [Member] | Fiat Industrial [Member] | CNH Global N.V. [Member] | CNH Global N.V. [Member] | |
USD ($) | EUR (€) | CNH Global N.V. [Member] | EUR (€) | ||||||
Nature Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | 87.00% | ' | ' |
Share exchange ratio with new entity | ' | ' | ' | ' | ' | 1 | ' | 3.828 | 3.828 |
Nominal value per share | ' | € 0.01 | € 0.01 | € 1.50 | ' | € 1.57 | ' | € 2.25 | ' |
Noncontrolling interests reclassified to equity attributable to parent | $1,053 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in share capital as a result of statutory demerger | ' | ' | ' | ' | $2,556 | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Maximum Period of Payment terms for which sales to dealers do not qualify for an "interest free" period | '30 days | ' | ' |
Delinquent period in which recognition of income on loans is suspended | '120 days | ' | ' |
Minimum period of delinquency reported on receivables past due date | '30 days | ' | ' |
Advertising expense | $241,000,000 | $210,000,000 | $223,000,000 |
Foreign currency translation net loss | 68,000,000 | 33,000,000 | 40,000,000 |
Foreign currency translation gain of deferred in accumulated other comprehensive loss | ' | 52,000,000 | ' |
Cash payments for interest | 1,013,000,000 | 1,047,000,000 | 1,311,000,000 |
CNH paid taxes | 521,000,000 | 673,000,000 | 433,000,000 |
Gain Loss at the time of securitization | 0 | ' | ' |
Impairment of goodwill and other intangible assets | 0 | 0 | ' |
Iveco Finance Holdings Limited [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Cash consideration paid on acquisition | ' | ' | 154,000,000 |
Acquired receivables | ' | ' | 3,381,000,000 |
Assumed debt | ' | ' | 3,148,000,000 |
Increase in revenue if acquisition had occurred as of January 1, 2011 | ' | ' | $214,000,000 |
Minimum [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Weighted Average Life | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Weighted Average Life | '25 years | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives of Respective Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Building and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Minimum [Member] | Plant, machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Minimum [Member] | Other equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '3 years |
Maximum [Member] | Building and Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '40 years |
Maximum [Member] | Plant, machinery and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Maximum [Member] | Other equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '10 years |
Receivables_Additional_Informa
Receivables - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contract | Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Trade receivables | $1,362 | $1,894 |
Allowances for doubtful accounts | 248 | 223 |
Wholesale receivables interest free period | '12 months | ' |
Wholesale receivables stated original maturities | '24 months | ' |
Contractual payments period | '30 days | ' |
Receivables delinquency period | '120 days | ' |
VAT receivables included in Other Assets | 360 | 100 |
Commercial Vehicles [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Retail and finance lease receivable contracts that are classified as trouble debt restructuring | 206 | 212 |
NAFTA [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance lease receivable, contracts | 765 | 1,100 |
Finance lease receivable, pre-modification value | 17 | 40 |
Finance lease receivable, post-modification value | 15 | 38 |
NAFTA [Member] | Concession [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance lease receivable, contracts | 514 | 609 |
Finance lease receivable, pre-modification value | 9 | 11 |
Finance lease receivable, post-modification value | 8 | 10 |
LATAM [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Retail and finance lease receivable contracts that are classified as trouble debt restructuring | 74 | 84 |
Retail and finance lease receivable that subsequently re-defaulted | ' | $6 |
Minimum [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance leases, term | '2 years | ' |
Maximum [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Finance leases, term | '6 years | ' |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable - Summary of Accounts and Notes Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Receivables from financing activities, net | $21,976 | $20,039 | $17,953 |
Retail [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Receivables from financing activities, net | 12,730 | 11,760 | 11,041 |
Wholesale [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Receivables from financing activities, net | 9,111 | 8,049 | 6,783 |
Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Receivables from financing activities, net | $135 | $230 | $129 |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable - Maturities of Long Term Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
2014 | $13,241 | ' | ' |
2015 | 3,262 | ' | ' |
2016 | 2,287 | ' | ' |
2017 | 1,715 | ' | ' |
2018 | 1,069 | ' | ' |
2019 and thereafter | 402 | ' | ' |
Total | $21,976 | $20,039 | $17,953 |
Accounts_and_Notes_Receivable_2
Accounts and Notes Receivable - Summary of Aging of Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | $21,976 | $20,039 | $17,953 |
Retail [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 137 | 179 | ' |
60-89 Days Past Due | 35 | 60 | ' |
Greater Than 90 Days | 17 | 4 | ' |
Total Past Due | 189 | 243 | ' |
Current | 12,238 | 11,108 | ' |
Total | 12,730 | 11,760 | 11,041 |
Retail [Member] | NAFTA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 18 | 19 | ' |
60-89 Days Past Due | 5 | 5 | ' |
Greater Than 90 Days | 3 | 3 | ' |
Total Past Due | 26 | 27 | ' |
Current | 8,336 | 7,201 | ' |
Total | 8,392 | 7,257 | ' |
Retail [Member] | EMEA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 75 | 129 | ' |
60-89 Days Past Due | 21 | 47 | ' |
Greater Than 90 Days | 8 | ' | ' |
Total Past Due | 104 | 176 | ' |
Current | 1,524 | 1,692 | ' |
Total | 1,848 | 2,148 | ' |
Retail [Member] | LATAM [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 4 | 3 | ' |
Total Past Due | 4 | 3 | ' |
Current | 1,651 | 1,218 | ' |
Total | 1,706 | 1,315 | ' |
Retail [Member] | APAC [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 40 | 28 | ' |
60-89 Days Past Due | 9 | 8 | ' |
Greater Than 90 Days | 6 | 1 | ' |
Total Past Due | 55 | 37 | ' |
Current | 727 | 997 | ' |
Total | 784 | 1,040 | ' |
Wholesale [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 184 | 143 | ' |
60-89 Days Past Due | 41 | 51 | ' |
Greater Than 90 Days | 19 | ' | ' |
Total Past Due | 244 | 194 | ' |
Current | 8,595 | 7,599 | ' |
Total | 9,111 | 8,049 | 6,783 |
Wholesale [Member] | NAFTA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 3,536 | 3,192 | ' |
Total | 3,566 | 3,253 | ' |
Wholesale [Member] | EMEA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 180 | 141 | ' |
60-89 Days Past Due | 36 | 51 | ' |
Greater Than 90 Days | 1 | ' | ' |
Total Past Due | 217 | 192 | ' |
Current | 4,052 | 3,522 | ' |
Total | 4,510 | 3,908 | ' |
Wholesale [Member] | LATAM [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 796 | 648 | ' |
Total | 797 | 649 | ' |
Wholesale [Member] | APAC [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30-59 Days Past Due | 4 | 2 | ' |
60-89 Days Past Due | 5 | ' | ' |
Greater Than 90 Days | 18 | ' | ' |
Total Past Due | 27 | 2 | ' |
Current | 211 | 237 | ' |
Total | 238 | 239 | ' |
Performing Financing Receivable [Member] | Retail [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 12,427 | 11,351 | ' |
Performing Financing Receivable [Member] | Retail [Member] | NAFTA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 8,362 | 7,228 | ' |
Performing Financing Receivable [Member] | Retail [Member] | EMEA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 1,628 | 1,868 | ' |
Performing Financing Receivable [Member] | Retail [Member] | LATAM [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 1,655 | 1,221 | ' |
Performing Financing Receivable [Member] | Retail [Member] | APAC [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 782 | 1,034 | ' |
Performing Financing Receivable [Member] | Wholesale [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 8,839 | 7,793 | ' |
Performing Financing Receivable [Member] | Wholesale [Member] | NAFTA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 3,536 | 3,192 | ' |
Performing Financing Receivable [Member] | Wholesale [Member] | EMEA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 4,269 | 3,714 | ' |
Performing Financing Receivable [Member] | Wholesale [Member] | LATAM [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 796 | 648 | ' |
Performing Financing Receivable [Member] | Wholesale [Member] | APAC [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 238 | 239 | ' |
Nonperforming Financing Receivable [Member] | Retail [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 303 | 409 | ' |
Nonperforming Financing Receivable [Member] | Retail [Member] | NAFTA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 30 | 29 | ' |
Nonperforming Financing Receivable [Member] | Retail [Member] | EMEA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 220 | 280 | ' |
Nonperforming Financing Receivable [Member] | Retail [Member] | LATAM [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 51 | 94 | ' |
Nonperforming Financing Receivable [Member] | Retail [Member] | APAC [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 2 | 6 | ' |
Nonperforming Financing Receivable [Member] | Wholesale [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 272 | 256 | ' |
Nonperforming Financing Receivable [Member] | Wholesale [Member] | NAFTA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 30 | 61 | ' |
Nonperforming Financing Receivable [Member] | Wholesale [Member] | EMEA [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | 241 | 194 | ' |
Nonperforming Financing Receivable [Member] | Wholesale [Member] | LATAM [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Total | $1 | $1 | ' |
Accounts_and_Notes_Receivable_3
Accounts and Notes Receivable - Allowance for Credit Losses Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Opening Balance | $782 | $730 | $658 |
Provision | 63 | 124 | 381 |
Charge-offs, net of recoveries | -119 | -136 | -426 |
Foreign Currency Translation and Other | ' | 64 | 117 |
Ending Balance | 726 | 782 | 730 |
Ending Balance: Individually Evaluated for Impairment | 393 | 355 | 302 |
Ending Balance: Collectively Evaluated for Impairment | 333 | 427 | 428 |
Financing receivables, net | 21,976 | 20,039 | 17,953 |
Ending Balance: Individually Evaluated for Impairment | 1,311 | 1,319 | 1,107 |
Ending Balance: Collectively Evaluated for Impairment | 20,665 | 18,720 | 16,846 |
Retail [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Opening Balance | 661 | 635 | 546 |
Provision | 62 | 90 | 362 |
Charge-offs, net of recoveries | -111 | -128 | -376 |
Foreign Currency Translation and Other | 1 | 64 | 103 |
Ending Balance | 613 | 661 | 635 |
Ending Balance: Individually Evaluated for Impairment | 292 | 247 | 236 |
Ending Balance: Collectively Evaluated for Impairment | 321 | 414 | 399 |
Financing receivables, net | 12,730 | 11,760 | 11,041 |
Ending Balance: Individually Evaluated for Impairment | 569 | 531 | 517 |
Ending Balance: Collectively Evaluated for Impairment | 12,161 | 11,229 | 10,524 |
Wholesale [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Opening Balance | 120 | 95 | 112 |
Provision | 1 | 33 | 19 |
Charge-offs, net of recoveries | -8 | -8 | -50 |
Foreign Currency Translation and Other | -1 | ' | 14 |
Ending Balance | 112 | 120 | 95 |
Ending Balance: Individually Evaluated for Impairment | 101 | 108 | 66 |
Ending Balance: Collectively Evaluated for Impairment | 11 | 12 | 29 |
Financing receivables, net | 9,111 | 8,049 | 6,783 |
Ending Balance: Individually Evaluated for Impairment | 742 | 788 | 590 |
Ending Balance: Collectively Evaluated for Impairment | 8,369 | 7,261 | 6,193 |
Other [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Opening Balance | 1 | ' | ' |
Provision | ' | 1 | ' |
Charge-offs, net of recoveries | ' | ' | ' |
Foreign Currency Translation and Other | ' | ' | ' |
Ending Balance | 1 | 1 | ' |
Ending Balance: Collectively Evaluated for Impairment | 1 | 1 | ' |
Financing receivables, net | 135 | 230 | 129 |
Ending Balance: Collectively Evaluated for Impairment | $135 | $230 | $129 |
Accounts_and_Notes_Receivable_4
Accounts and Notes Receivable - Investment in Impaired Receivables (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Retail [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Total | $569 | $531 |
Unpaid Principal Balance, Total | 569 | 526 |
Related Allowance, Total | 292 | 247 |
Average recorded investment, Total | 583 | 583 |
Retail [Member] | NAFTA [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, Recorded Investment | 17 | 6 |
With no related allowance recorded, Unpaid Principal Balance | 17 | 6 |
With no related allowance recorded, Average recorded investment | 11 | 5 |
With an allowance recorded, Recorded Investment | 27 | 43 |
With an allowance recorded, Unpaid Principal Balance | 27 | 38 |
Related Allowance, Total | 13 | 28 |
With an allowance recorded, Average recorded investment | 30 | 52 |
Retail [Member] | EMEA [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With an allowance recorded, Recorded Investment | 447 | 478 |
With an allowance recorded, Unpaid Principal Balance | 447 | 478 |
Related Allowance, Total | 249 | 216 |
With an allowance recorded, Average recorded investment | 473 | 522 |
Retail [Member] | APAC [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With an allowance recorded, Recorded Investment | 78 | 4 |
With an allowance recorded, Unpaid Principal Balance | 78 | 4 |
Related Allowance, Total | 30 | 3 |
With an allowance recorded, Average recorded investment | 69 | 4 |
Wholesale [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Total | 742 | 788 |
Unpaid Principal Balance, Total | 739 | 785 |
Related Allowance, Total | 101 | 108 |
Average recorded investment, Total | 757 | 861 |
Wholesale [Member] | NAFTA [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With an allowance recorded, Recorded Investment | 31 | 62 |
With an allowance recorded, Unpaid Principal Balance | 30 | 61 |
Related Allowance, Total | 6 | 10 |
With an allowance recorded, Average recorded investment | 34 | 72 |
Wholesale [Member] | EMEA [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, Recorded Investment | 42 | 130 |
With no related allowance recorded, Unpaid Principal Balance | 42 | 130 |
With no related allowance recorded, Average recorded investment | 40 | 128 |
With an allowance recorded, Recorded Investment | 644 | 501 |
With an allowance recorded, Unpaid Principal Balance | 644 | 501 |
Related Allowance, Total | 78 | 71 |
With an allowance recorded, Average recorded investment | 655 | 568 |
Wholesale [Member] | LATAM [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With an allowance recorded, Recorded Investment | 13 | 80 |
With an allowance recorded, Unpaid Principal Balance | 11 | 77 |
Related Allowance, Total | 10 | 19 |
With an allowance recorded, Average recorded investment | 14 | 76 |
Wholesale [Member] | APAC [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With an allowance recorded, Recorded Investment | 12 | 15 |
With an allowance recorded, Unpaid Principal Balance | 12 | 16 |
Related Allowance, Total | 7 | 8 |
With an allowance recorded, Average recorded investment | $14 | $17 |
Accounts_and_Notes_Receivable_5
Accounts and Notes Receivable - Carrying Amount of Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Restricted Receivables | $15,002 | $13,780 |
Retail note and finance lease receivables [Member] | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Restricted Receivables | 8,960 | 8,209 |
Wholesale [Member] | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' |
Restricted Receivables | $6,042 | $5,571 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,956 | $1,629 |
Work-in-process | 949 | 882 |
Finished goods | 4,505 | 3,749 |
Total inventories | $7,410 | $6,260 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | $16,248 | $14,762 |
Accumulated depreciation | -9,158 | -8,608 |
Net property, plant and equipment | 7,090 | 6,154 |
Land and industrial buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 3,478 | 3,136 |
Plant, machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 8,481 | 8,096 |
Assets sold with buy-back commitment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 2,813 | 2,260 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | 516 | 324 |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property, plant and equipment | $960 | $946 |
Property_Plant_and_Equipment_S1
Property, Plant and Equipment - Summary of Property, Plant and Equipment Recorded under Finance Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Capital Leases Balance Sheet Assets By Major Class Net Lessee Balance Sheet [Abstract] | ' | ' | ||
Gross capital leases B2 | $158 | [1],[2] | $133 | [1],[2] |
Accumulated depreciation | -38 | -32 | ||
Net capital leases | $120 | $101 | ||
[1] | Consists of industrial buildings, plant, machinery and equipment | |||
[2] | Included in Property, plant and equipment table above |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $854 | $783 | $772 |
Acquisition of property, plant and equipment | 348 | 315 | ' |
Property, Plant and Equipment, Excluding Assets Sold Under a Buy-Back Commitment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | 581 | 564 | 583 |
Commercial Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment losses on assets sold with a buy-back commitment | $37 | $19 | $15 |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Subsidiaries and Affiliates - Summary of Investments in Unconsolidated Subsidiaries and Affiliates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | ' | ' |
Equity method | $638 | $587 |
Cost method | 7 | 7 |
Total | $645 | $594 |
Investments_in_Unconsolidated_3
Investments in Unconsolidated Subsidiaries and Affiliates - Summary of Combined Results of Operations and Financial Position Reported By Investees Accounted Using Equity Method (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | ' | ' | ' |
Net revenue | $5,211 | $5,619 | $8,797 |
Income before taxes | 321 | 261 | 487 |
Net income | 289 | 210 | 354 |
Total assets | 7,127 | 6,177 | ' |
Total liabilities | 5,460 | 4,663 | ' |
Total equity | $1,667 | $1,514 | ' |
Investments_in_Unconsolidated_4
Investments in Unconsolidated Subsidiaries and Affiliates - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
L And T Case Equipment Private Limited [Member] | Al Ghazi Tractors Ltd. [Member] | Turk Traktor re Ziraat Makineteri A.S. [Member] | New Holland HFT Japan Inc. [Member] | CNH de Mexico S.A. de C.V. [Member] | CNH Industrial Capital Europe S.A.S. [Member] | Naveco (Nanjing Inveco Motor Co.) Ltd [Member] | SAIC Iveco Commercial Vehicle Investment Company Limited [Member] | Transolver Finance Establecimiento Financiero de Credito S.A. [Member] | Kobelco Construction Machinery Co. Ltd. ("KCM") [Member] | Kobelco Construction Machinery Co. Ltd. ("KCM") [Member] | Kobelco Construction Machinery Co. Ltd. ("KCM") [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | 43.00% | 37.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ' | 0.00% | 20.00% |
joint venture investment ownership percentage | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized loss on the sale of investment | ($26) | ' | ($35) | ' | ' | $34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' |
Acquisition purchase price | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Goodwill | ' | ' | 2,510 | 2,504 | 2,502 | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired net tangible assets | ' | ' | ' | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired intangible assets | ' | ' | ' | ' | ' | $30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equipment_on_Operating_Leases_1
Equipment on Operating Leases - Summary of Equipment on Operating Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property Subject To Or Available For Operating Lease Net [Abstract] | ' | ' |
Equipment on operating leases | $1,343 | $1,070 |
Accumulated depreciation | -284 | -249 |
Net equipment on operating leases | $1,059 | $821 |
Equipment_on_Operating_Leases_2
Equipment on Operating Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Subject To Or Available For Operating Lease Net [Abstract] | ' | ' | ' |
Depreciation expense on equipment on operating leases | $140 | $143 | $125 |
Equipment_on_Operating_Leases_3
Equipment on Operating Leases - Lease Payments Owed for Equipment Under Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating Leases Future Minimum Payments Receivable [Abstract] | ' |
2013 | $145 |
2014 | 86 |
2015 | 45 |
2016 | 20 |
2017 | 9 |
Beyond 5 years | 9 |
Total | $314 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles - Changes in the Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Balance at beginning | $2,510 | $2,502 |
Acquisition | 9 | 2 |
Impact of foreign exchange | -15 | 6 |
Balance at ending | 2,504 | 2,510 |
Agricultural Equipment Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning | 1,671 | 1,668 |
Impact of foreign exchange | -14 | 3 |
Balance at ending | 1,657 | 1,671 |
Construction Equipment Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning | 597 | 597 |
Acquisition | 9 | ' |
Impact of foreign exchange | ' | ' |
Balance at ending | 606 | 597 |
Truck and Commercial Vehicles Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning | 69 | 67 |
Impact of foreign exchange | 2 | 2 |
Balance at ending | 71 | 69 |
Powertrain Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning | 6 | 6 |
Acquisition | ' | ' |
Impact of foreign exchange | ' | ' |
Balance at ending | 6 | 6 |
Financial Services Segment [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning | 167 | 164 |
Acquisition | ' | 2 |
Impact of foreign exchange | -3 | 1 |
Balance at ending | $164 | $167 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Impairments of goodwill and other indefinite-lived intangible assets | $0 | $0 | ' |
Indefinite-lived intangible assets, excess of fair value over carrying value percentage | 16.00% | ' | ' |
Amortization of Intangible Assets, Total | 109,000,000 | 113,000,000 | 126,000,000 |
Amortization expense in 2014 | 112,000,000 | ' | ' |
Amortization expense in 2015 | 98,000,000 | ' | ' |
Amortization expense in 2016 | 91,000,000 | ' | ' |
Amortization expense in 2017 | 86,000,000 | ' | ' |
Amortization expense in 2018 | $81,000,000 | ' | ' |
Goodwill_and_Other_Intangibles4
Goodwill and Other Intangibles - Other Intangible Assets and Related Accumulated Amortization (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Gross | $1,757 | $1,610 |
Other intangible assets subject to amortization, Accumulated Amortization | 1,219 | 1,102 |
Other intangible assets subject to amortization, Net | 538 | 508 |
Total other intangible assets, Gross | 2,029 | 1,882 |
Total other intangible assets, Net | 810 | 780 |
Minimum [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Weighted Avg. Life | '5 years | ' |
Maximum [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Weighted Avg. Life | '25 years | ' |
Dealer Networks [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Weighted Avg. Life | '15 years | ' |
Other intangible assets subject to amortization, Gross | 252 | 226 |
Other intangible assets subject to amortization, Accumulated Amortization | 122 | 113 |
Other intangible assets subject to amortization, Net | 130 | 113 |
Patents, concessions and licenses [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Gross | 992 | 940 |
Other intangible assets subject to amortization, Accumulated Amortization | 806 | 728 |
Other intangible assets subject to amortization, Net | 186 | 212 |
Patents, concessions and licenses [Member] | Minimum [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Weighted Avg. Life | '5 years | ' |
Patents, concessions and licenses [Member] | Maximum [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Weighted Avg. Life | '20 years | ' |
Other [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Gross | 513 | 444 |
Other intangible assets subject to amortization, Accumulated Amortization | 291 | 261 |
Other intangible assets subject to amortization, Net | 222 | 183 |
Other [Member] | Minimum [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Weighted Avg. Life | '5 years | ' |
Other [Member] | Maximum [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets subject to amortization, Weighted Avg. Life | '25 years | ' |
Trademarks [Member] | ' | ' |
Schedule Of Indefinite And Finite Lived Intangible Assets [Line Items] | ' | ' |
Other intangible assets not subject to amortization | $272 | $272 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Jul. 31, 2011 | Jul. 31, 2011 | Jul. 31, 2011 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Nov. 30, 2011 | Jun. 30, 2010 | Mar. 31, 2011 | Mar. 31, 2011 | Jan. 31, 1996 | Dec. 31, 2013 | Jan. 31, 1996 |
USD ($) | Global Medium Term Note Programme [Member] | CNH Industrial Capital LLC (formerly CNH Capital LLC) [Member] | CNH Industrial Capital LLC (formerly CNH Capital LLC) [Member] | CNH Industrial Capital LLC (formerly CNH Capital LLC) [Member] | 3.250% Notes [Member] | 3.625% Notes [Member] | 3.875% Notes [Member] | 6.250% Notes [Member] | 7.875% Senior Notes [Member] | 5.250% CIFE Notes [Member] | 6.250% CIFE Notes [Member] | Seven Point Two Five Percent Senior Notes [Member] | Seven Point Two Five Percent Senior Notes [Member] | Seven Point Two Five Percent Senior Notes [Member] | ||
EUR (€) | USD ($) | Term Loan [Member] | Revolving Credit Facility [Member] | CNH Industrial Capital LLC (formerly CNH Capital LLC) [Member] | CNH Industrial Capital LLC (formerly CNH Capital LLC) [Member] | CNH Industrial Capital LLC (formerly CNH Capital LLC) [Member] | CNH Industrial Capital LLC (formerly CNH Capital LLC) [Member] | Case New Holland Industrial Inc. (formerly Case New Holland Inc.) [Member] | CNH Industrial Finance Europe S.A. (formerly Fiat Industrial Finance Europe S.A.) [Member] | CNH Industrial Finance Europe S.A. (formerly Fiat Industrial Finance Europe S.A.) [Member] | Case Corp. (now CNH Industrial America LLC) [Member] | Case Corp. (now CNH Industrial America LLC) [Member] | Case Corp. (now CNH Industrial America LLC) [Member] | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Global Medium Term Note Programme [Member] | Global Medium Term Note Programme [Member] | USD ($) | Minimum [Member] | ||||||
EUR (€) | EUR (€) | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, available | $5,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, unused | 2,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate on consolidated debt | 3.70% | 3.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued | ' | ' | 10,000,000,000 | ' | ' | ' | 500,000,000 | 600,000,000 | 750,000,000 | 500,000,000 | 1,500,000,000 | 1,000,000,000 | 1,200,000,000 | 254,000,000 | ' | ' |
Debt, maturity year | ' | ' | ' | ' | ' | ' | '2017 | '2018 | '2015 | '2016 | '2017 | '2015 | '2018 | '2016 | ' | ' |
Debt, fixed interest rate | ' | ' | ' | ' | ' | ' | 3.25% | 3.63% | 3.88% | 6.25% | 7.88% | 5.25% | 6.25% | 7.25% | ' | ' |
Debt, redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% |
Debt, redemption description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The 7.250% Senior Notes are redeemable in whole or in part at any time at the option of CNH Industrial America LLC at a price equal to the greater of (i) 100% of the principal amount of the notes being redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the date of redemption on a semi-annual basis at the Treasury Rate (as defined in the notes) plus 20 basis points. | ' |
Credit facility | ' | ' | ' | $250,000,000 | $150,000,000 | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, term | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_Total_Debt_Det
Debt - Summary of Total Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt | $29,866 | $27,052 |
Industrial Activities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | 11,948 | 12,032 |
Financial services [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt | $25,408 | $22,678 |
Debt_Summary_of_Debt_Including
Debt - Summary of Debt, Including Drawings Under Credit Lines (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Debt | $29,866 | $27,052 | ||
Payable in 2015, interest rate of 5.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 1,379 | [1] | 1,319 | [1] |
Payable in 2018, interest rate of 6.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 1,655 | [1] | 1,584 | [1] |
Payable in 2016, interest rate of 7.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 258 | [1] | 260 | [1] |
Payable in 2017, interest rate of 7.875% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 1,541 | [1] | 1,581 | [1] |
Payable in 2013, interest rate of 7.750% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | ' | 1,004 | [1] | |
Payable in 2016, interest rate of 6.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 500 | [1] | 500 | [1] |
Payable in 2015, interest rate of 3.875% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 750 | [1] | 750 | [1] |
Payable in 2018, interest rate of 3.625% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 599 | [1] | ' | |
Payable in 2017, interest rate of 3.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 500 | [1] | ' | |
Asset-backed debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 14,712 | 12,760 | ||
Other debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 7,972 | 7,294 | ||
Industrial Activities [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 11,948 | 12,032 | ||
Industrial Activities [Member] | Intersegment Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 1,810 | 1,568 | ||
Industrial Activities [Member] | Payable in 2015, interest rate of 5.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 1,379 | [1] | 1,319 | [1] |
Industrial Activities [Member] | Payable in 2018, interest rate of 6.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 1,655 | [1] | 1,584 | [1] |
Industrial Activities [Member] | Payable in 2016, interest rate of 7.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 258 | [1] | 260 | [1] |
Industrial Activities [Member] | Payable in 2017, interest rate of 7.875% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 1,541 | [1] | 1,581 | [1] |
Industrial Activities [Member] | Payable in 2013, interest rate of 7.750% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | ' | 1,004 | [1] | |
Industrial Activities [Member] | Asset-backed debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 15 | 147 | ||
Industrial Activities [Member] | Other debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 5,290 | 4,569 | ||
Financial services [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 25,408 | 22,678 | ||
Financial services [Member] | Intersegment Eliminations [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 5,680 | 6,090 | ||
Financial services [Member] | Payable in 2016, interest rate of 6.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 500 | [1] | 500 | [1] |
Financial services [Member] | Payable in 2015, interest rate of 3.875% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 750 | [1] | 750 | [1] |
Financial services [Member] | Payable in 2018, interest rate of 3.625% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 599 | [1] | ' | |
Financial services [Member] | Payable in 2017, interest rate of 3.250% [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 500 | [1] | ' | |
Financial services [Member] | Asset-backed debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | 14,697 | 12,613 | ||
Financial services [Member] | Other debt [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Debt | $2,682 | $2,725 | ||
[1] | Includes unamortized discounts/premiums and fair value hedge adjustments. |
Debt_Summary_of_Debt_Including1
Debt - Summary of Debt, Including Drawings Under Credit Lines (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Payable in 2015, interest rate of 5.250% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2015 |
Bonds, interest rate | 5.25% |
Payable in 2018, interest rate of 6.250% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2018 |
Bonds, interest rate | 6.25% |
Payable in 2016, interest rate of 7.250% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2016 |
Bonds, interest rate | 7.25% |
Payable in 2017, interest rate of 7.875% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2017 |
Bonds, interest rate | 7.88% |
Payable in 2013, interest rate of 7.750% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2013 |
Bonds, interest rate | 7.75% |
Payable in 2016, interest rate of 6.250% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2016 |
Bonds, interest rate | 6.25% |
Payable in 2015, interest rate of 3.875% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2015 |
Bonds, interest rate | 3.88% |
Payable in 2018, interest rate of 3.625% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2018 |
Bonds, interest rate | 3.63% |
Payable in 2017, interest rate of 3.250% [Member] | ' |
Debt Instrument [Line Items] | ' |
Bonds, maturity year | '2017 |
Bonds, interest rate | 3.25% |
Debt_Minimum_Annual_Repayments
Debt - Minimum Annual Repayments of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $10,311 | ' |
2015 | 7,038 | ' |
2016 | 5,014 | ' |
2017 | 3,729 | ' |
2018 | 3,292 | ' |
2019 and thereafter | 482 | ' |
Total | 29,866 | 27,052 |
Industrial Activities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 1,640 | ' |
2015 | 2,580 | ' |
2016 | 2,082 | ' |
2017 | 1,786 | ' |
2018 | 1,847 | ' |
2019 and thereafter | 203 | ' |
Total | 11,948 | 12,032 |
Industrial Activities [Member] | Intersegment Eliminations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 1,810 | 1,568 |
Financial services [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 8,671 | ' |
2015 | 4,458 | ' |
2016 | 2,932 | ' |
2017 | 1,943 | ' |
2018 | 1,445 | ' |
2019 and thereafter | 279 | ' |
Total | 25,408 | 22,678 |
Financial services [Member] | Intersegment Eliminations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | $5,680 | $6,090 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Jul. 17, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum [Member] | Maximum [Member] | Scenario, Decrease [Member] | Scenario, Increase [Member] | Scenario, Forecast [Member] | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2018 and beyond [Member] | ITALY | ITALY | U.K. | U.K. | U.K. | U.K. | NETHERLANDS | NETHERLANDS | ||||||
Scenario, Forecast [Member] | |||||||||||||||||||||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for income taxes | ' | ' | $671,000,000 | $564,000,000 | $652,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory federal income tax rate | ' | ' | 23.00% | 28.00% | 28.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.50% | 27.50% | 23.00% | 23.00% | 23.00% | 21.00% | 25.00% | 25.00% |
Gross tax loss carry forwards, subject to expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | 18,000,000 | 15,000,000 | 210,000,000 | 830,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gross tax loss carry forwards with indefinite lives | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax loss carry forwards that were offset by full long-standing valuation allowances | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of tax contingencies, that would affect the total income tax provision, if recognized | ' | ' | 253,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decreases) to tax contingencies expected over the next twelve months | ' | ' | ' | ' | ' | ' | ' | -192,000,000 | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax positions for which the ultimate deductibility is highly certain | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and penalties recognized | ' | ' | -13,000,000 | -9,000,000 | -5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of interest and penalties accrued | ' | ' | 26,000,000 | 41,000,000 | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total tax impact of extended tax provisions | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction to corporate income tax rate | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax examination year | ' | ' | ' | ' | ' | '2001 | '2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for tax examination settlements | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash tax refunds that should be received in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment resulting from potential tax deficiency assessment | ' | ' | ' | ' | ' | 45,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undistributed earnings in subsidiaries | ' | ' | 7,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax liability on total undistributed earnings | ' | ' | $65,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Sources_of_Income
Income Taxes - Sources of Income (Loss) Before Taxes and Equity in Income (Loss) of Unconsolidated Subsidiaries and Affiliates (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Parent country source | $14 | ($1,036) | ($627) |
Foreign sources | 1,360 | 2,383 | 1,807 |
Income (loss) before taxes and equity in income (loss) of unconsolidated subsidiaries and affiliates | $1,374 | $1,347 | $1,180 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current income taxes | $755 | $579 | $474 |
Deferred income taxes | -84 | -15 | 178 |
Total income tax provision | $671 | $564 | $652 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Statutory and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Tax provision at the parent statutory rate | 23.00% | 28.00% | 28.00% |
Foreign income taxed at different rates | 11.00% | 6.00% | 7.00% |
Change in valuation allowance | 13.00% | 4.00% | 18.00% |
Italian IRAP Taxes | 2.00% | 3.00% | 4.00% |
Tax contingencies | 3.00% | 9.00% | -1.00% |
Tax credits and incentives | -7.00% | -10.00% | -5.00% |
Other | 4.00% | 2.00% | 4.00% |
Total income tax provision | 49.00% | 42.00% | 55.00% |
Income_Taxes_Components_of_Net
Income Taxes - Components of Net Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Inventories | $237 | $181 |
Warranty and campaigns | 218 | 181 |
Allowance for credit losses | 228 | 211 |
Marketing and sales incentive programs | 405 | 358 |
Other risk and future charges reserve | 179 | 153 |
Pension, postretirement and post-employment benefits | 587 | 539 |
Research and development costs | 440 | 348 |
Other reserves | 444 | 397 |
Tax loss carry forwards | 647 | 759 |
Less: Valuation allowances | -1,432 | -1,290 |
Total deferred tax assets | 1,953 | 1,837 |
Deferred tax liabilities: | ' | ' |
Property, plant and equipment | 138 | 143 |
Inventories | 134 | 104 |
Measurement of derivative financial instruments | 57 | ' |
Other | 330 | 271 |
Total deferred tax liabilities | 659 | 518 |
Net deferred tax assets | $1,294 | $1,319 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Assets Reflected in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Deferred tax assets | $1,679 | $1,529 |
Deferred tax liabilities | -385 | -210 |
Net deferred tax assets | $1,294 | $1,319 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Gross Amounts of Tax Contingencies (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Balance, beginning of year | $383 | $305 |
Additions based on tax positions related to the current year | 95 | 72 |
Additions for tax positions of prior years | 171 | 117 |
Reductions for tax positions of prior years | -73 | -81 |
Reductions for tax positions as a result of lapse of statute | -12 | -4 |
Settlements | -9 | -26 |
Balance, end of year | $555 | $383 |
Employee_Benefit_Plans_and_Pos2
Employee Benefit Plans and Postretirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expense on defined contribution plan | $194 | $199 | $166 |
Health Care [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer contributions | 75 | ' | ' |
Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total accumulated benefit obligation | 3,407 | 3,406 | ' |
Employer contributions | 69 | ' | ' |
Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total accumulated benefit obligation | 529 | 169 | ' |
Employer contributions | $24 | ' | ' |
Employee_Benefit_Plans_and_Pos3
Employee Benefit Plans and Postretirement Benefits - Defined Benefit Pension, Healthcare and Other Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets: | ' | ' | ' |
Plan assets at fair value at end of year | $2,763 | $2,693 | ' |
Pension [Member] | ' | ' | ' |
Change in benefit obligations: | ' | ' | ' |
Actuarial present value of benefit obligation at beginning of year | 3,483 | 3,182 | ' |
Service cost | 27 | 23 | 25 |
Interest cost | 126 | 143 | 159 |
Plan participants' contributions | 3 | 4 | ' |
Actuarial (gain) loss | -45 | 259 | ' |
Gross benefits paid | -195 | -195 | ' |
Currency translation adjustments and other | 42 | 67 | ' |
Actuarial present value of benefit obligation at end of year | 3,441 | 3,483 | 3,182 |
Change in plan assets: | ' | ' | ' |
Plan assets at fair value at beginning of year | 2,602 | 2,389 | ' |
Actual return on plan assets | 176 | 221 | ' |
Employer contributions | 54 | 119 | ' |
Plan participants' contributions | 3 | 4 | ' |
Gross benefits paid | -182 | -181 | ' |
Currency translation adjustments and other | 12 | 50 | ' |
Plan assets at fair value at end of year | 2,665 | 2,602 | 2,389 |
Funded status: | -776 | -881 | ' |
Health Care [Member] | ' | ' | ' |
Change in benefit obligations: | ' | ' | ' |
Actuarial present value of benefit obligation at beginning of year | 1,212 | 1,180 | ' |
Service cost | 9 | 9 | 9 |
Interest cost | 45 | 52 | 58 |
Plan participants' contributions | 6 | 6 | ' |
Actuarial (gain) loss | -72 | 41 | ' |
Gross benefits paid | -79 | -81 | ' |
Currency translation adjustments and other | -4 | 5 | ' |
Actuarial present value of benefit obligation at end of year | 1,117 | 1,212 | 1,180 |
Change in plan assets: | ' | ' | ' |
Plan assets at fair value at beginning of year | 91 | 81 | ' |
Actual return on plan assets | 10 | 12 | ' |
Employer contributions | 70 | 69 | ' |
Plan participants' contributions | 6 | 6 | ' |
Gross benefits paid | -78 | -79 | ' |
Currency translation adjustments and other | -1 | 2 | ' |
Plan assets at fair value at end of year | 98 | 91 | 81 |
Funded status: | -1,019 | -1,121 | ' |
Other [Member] | ' | ' | ' |
Change in benefit obligations: | ' | ' | ' |
Actuarial present value of benefit obligation at beginning of year | 552 | 478 | ' |
Service cost | 16 | 12 | 16 |
Interest cost | 12 | 15 | 14 |
Actuarial (gain) loss | 4 | 61 | ' |
Gross benefits paid | -43 | -38 | ' |
Currency translation adjustments and other | 24 | 24 | ' |
Actuarial present value of benefit obligation at end of year | 565 | 552 | 478 |
Change in plan assets: | ' | ' | ' |
Funded status: | ($565) | ($552) | ' |
Employee_Benefit_Plans_and_Pos4
Employee Benefit Plans and Postretirement Benefits - Net Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension, postretirement and other post-employment benefits | ($2,427) | ($2,564) |
Pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other assets | 67 | 10 |
Pension, postretirement and other post-employment benefits | -843 | -891 |
Net liability recognized at end of year | -776 | -881 |
Health Care [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension, postretirement and other post-employment benefits | -1,019 | -1,121 |
Net liability recognized at end of year | -1,019 | -1,121 |
Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension, postretirement and other post-employment benefits | -565 | -552 |
Net liability recognized at end of year | ($565) | ($552) |
Employee_Benefit_Plans_and_Pos5
Employee Benefit Plans and Postretirement Benefits - Pre-tax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized actuarial losses | $912 |
Unrecognized prior service cost (credit) | -4 |
Accumulated Other Comprehensive Loss | 908 |
Health Care [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized actuarial losses | 141 |
Unrecognized prior service cost (credit) | -21 |
Accumulated Other Comprehensive Loss | 120 |
Other [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Unrecognized actuarial losses | 70 |
Unrecognized prior service cost (credit) | 23 |
Accumulated Other Comprehensive Loss | $93 |
Employee_Benefit_Plans_and_Pos6
Employee Benefit Plans and Postretirement Benefits - Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $2,002 | $3,210 |
Fair value of plan assets | 1,186 | 2,385 |
Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $529 | $169 |
Employee_Benefit_Plans_and_Pos7
Employee Benefit Plans and Postretirement Benefits - Projected Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $2,034 | $3,282 |
Fair value of plan assets | 1,186 | 2,386 |
Other [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $565 | $552 |
Employee_Benefit_Plans_and_Pos8
Employee Benefit Plans and Postretirement Benefits - Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $27 | $23 | $25 |
Interest cost | 126 | 143 | 159 |
Expected return on assets | -166 | -161 | -163 |
Amortization of: | ' | ' | ' |
Prior service cost (credit) | 2 | ' | 2 |
Actuarial loss (gain) | 78 | 65 | 60 |
Net periodic benefit cost | 67 | 70 | 83 |
settlement loss | 1 | 1 | ' |
Net periodic benefit cost | 68 | 71 | 83 |
Health Care [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 9 | 9 | 9 |
Interest cost | 45 | 52 | 58 |
Expected return on assets | -7 | -6 | -6 |
Amortization of: | ' | ' | ' |
Prior service cost (credit) | -12 | -14 | -26 |
Actuarial loss (gain) | 22 | 20 | 21 |
Net periodic benefit cost | 57 | 61 | 56 |
Net periodic benefit cost | 57 | 61 | 56 |
Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 16 | 12 | 16 |
Interest cost | 12 | 15 | 14 |
Amortization of: | ' | ' | ' |
Prior service cost (credit) | 1 | 3 | 2 |
Actuarial loss (gain) | -5 | 11 | 3 |
Net periodic benefit cost | 24 | 41 | 35 |
settlement loss | 1 | ' | ' |
Net periodic benefit cost | $25 | $41 | $35 |
Employee_Benefit_Plans_and_Pos9
Employee Benefit Plans and Postretirement Benefits - Net Periodic Benefit Cost Recognized in Net Income and Other Changes in Plan Assets and Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Benefit adjustments included in other comprehensive (income) loss: | ' | ' | ' |
Amortization of prior service cost | $9 | ' | ' |
Currency translation adjustments and other | 510 | 185 | 265 |
Total recognized in other comprehensive (income) loss | 197 | -242 | -87 |
Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit cost | 68 | 71 | 83 |
Benefit adjustments included in other comprehensive (income) loss: | ' | ' | ' |
Net actuarial (gains)/losses | -56 | ' | ' |
Amortization of actuarial losses | -78 | ' | ' |
Amortization of prior service cost | -2 | ' | ' |
Currency translation adjustments and other | 12 | ' | ' |
Total recognized in other comprehensive (income) loss | -124 | ' | ' |
Total recognized in comprehensive (income) loss | -56 | ' | ' |
Health Care [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit cost | 57 | 61 | 56 |
Benefit adjustments included in other comprehensive (income) loss: | ' | ' | ' |
Net actuarial (gains)/losses | -76 | ' | ' |
Amortization of actuarial losses | -22 | ' | ' |
Amortization of prior service cost | 12 | ' | ' |
Total recognized in other comprehensive (income) loss | -86 | ' | ' |
Total recognized in comprehensive (income) loss | -29 | ' | ' |
Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net periodic benefit cost | 25 | 41 | 35 |
Benefit adjustments included in other comprehensive (income) loss: | ' | ' | ' |
Net actuarial (gains)/losses | 4 | ' | ' |
Amortization of actuarial losses | 5 | ' | ' |
Amortization of prior service cost | -1 | ' | ' |
Prior service cost | -1 | ' | ' |
Currency translation adjustments and other | 6 | ' | ' |
Total recognized in other comprehensive (income) loss | 13 | ' | ' |
Total recognized in comprehensive (income) loss | $38 | ' | ' |
Recovered_Sheet1
Employee Benefit Plans and Postretirement Benefits - Pre-tax Amounts Expected to be Amortized from Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actuarial losses | ($65) |
Prior service cost | -1 |
Total | -66 |
Health Care [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actuarial losses | -6 |
Prior service cost | 12 |
Total | 6 |
Other [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost | -2 |
Total | ($2) |
Recovered_Sheet2
Employee Benefit Plans and Postretirement Benefits - Assumptions Utilized in Determining the Funded Status and Net Periodic Cost of Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Detail) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Pension [Member] | ' | ' | ' | |||
Assumptions used to determine funded status at December 31 | ' | ' | ' | |||
Weighted-average discount rates | 4.05% | 3.75% | ' | |||
Weighted-average rate of compensation increase | 3.35% | 2.99% | ' | |||
Assumptions used to determine expense for the years ended December 31 | ' | ' | ' | |||
Weighted-average discount rates | 3.75% | 4.61% | 5.08% | |||
Weighted-average rate of compensation increase | 2.99% | 3.16% | 3.18% | |||
Weighted-average long-term rates of return on plan assets | 5.95% | 6.79% | 6.98% | |||
Health Care [Member] | ' | ' | ' | |||
Assumptions used to determine funded status at December 31 | ' | ' | ' | |||
Weighted-average discount rates | 4.67% | 3.79% | ' | |||
Weighted-average rate of compensation increase | 3.42% | 3.42% | ' | |||
Weigted-average, initial healthcare cost trend rate | 8.19% | 7.04% | ' | |||
Weighted-average, ultimate healthcare cost trend rate | 5.00% | [1] | 5.00% | [1] | ' | |
Assumptions used to determine expense for the years ended December 31 | ' | ' | ' | |||
Weighted-average discount rates | 3.79% | 4.57% | 5.18% | |||
Weighted-average rate of compensation increase | 3.42% | 3.44% | 3.50% | |||
Weighted-average long-term rates of return on plan assets | 7.00% | 7.25% | 7.50% | |||
Weigted-average, initial healthcare cost trend rate | 7.04% | 7.54% | 8.02% | |||
Weighted-average, ultimate healthcare cost trend rate | 5.00% | [1] | 5.00% | [1] | 5.00% | [1] |
Other [Member] | ' | ' | ' | |||
Assumptions used to determine funded status at December 31 | ' | ' | ' | |||
Weighted-average discount rates | 3.00% | 3.27% | ' | |||
Weighted-average rate of compensation increase | 2.63% | 2.75% | ' | |||
Assumptions used to determine expense for the years ended December 31 | ' | ' | ' | |||
Weighted-average discount rates | 3.27% | 4.63% | 4.34% | |||
Weighted-average rate of compensation increase | 2.75% | 3.11% | 3.18% | |||
[1] | CNH Industrial expects to achieve the ultimate health care cost trend rate in 2024 and 2018 for US and Canada plans, respectively. |
Recovered_Sheet3
Employee Benefit Plans and Postretirement Benefits - Effect of One Percentage Point Change in Assumed Healthcare Cost Trend Rates (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' |
Total increase/(decrease) in service cost and interest cost components of 2013 net post retirement benefit expense, One Percentage-Point Increase | $6 |
Total increase/(decrease) in accumulated postretirement benefit obligation as of end period, One Percentage-Point Increase | 135 |
Total increase/(decrease) in service cost and interest cost components of 2013 net post retirement benefit expense, One Percentage-Point Decrease | -5 |
Total increase/(decrease) in accumulated postretirement benefit obligation as of end period, One Percentage-Point Decrease | ($104) |
Recovered_Sheet4
Employee Benefit Plans and Postretirement Benefits - Weighted Average Target Asset Allocation For All Plans (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Equity securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Asset allocation for all plans in asset categories | 24.00% |
Fixed income securities [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Asset allocation for all plans in asset categories | 56.00% |
Cash/Other [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Asset allocation for all plans in asset categories | 20.00% |
Recovered_Sheet5
Employee Benefit Plans and Postretirement Benefits - Summary of Fair Value of Plan Assets by Asset Category and Level Within Fair Value Hierarchy (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | $2,763 | $2,693 | ' | ||
Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 303 | 333 | ' | ||
Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 1,345 | 1,146 | ' | ||
Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 1,054 | 1,186 | ' | ||
Cash [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 61 | 28 | ' | ||
U.S. equities-Large cap [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 113 | 152 | ' | ||
U.S. equities-Mid cap [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 36 | 45 | ' | ||
U.S. equities-Small cap [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 45 | 67 | ' | ||
Non-U.S. equities [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 109 | 69 | ' | ||
U.S. government bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 345 | 250 | ' | ||
U.S. corporate bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 323 | 264 | ' | ||
Non-U.S. government bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 483 | 484 | ' | ||
Non-U.S. corporate bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 110 | 92 | ' | ||
Mortgage backed securities [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 9 | 11 | ' | ||
Other Fixed Income Securities [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 75 | 45 | ' | ||
Mutual funds [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 708 | [1] | 716 | [1] | ' |
Insurance contracts [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 34 | 29 | ' | ||
Derivatives-credit contracts [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 14 | 1 | ' | ||
Real Estate [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 35 | 32 | [2] | ' | |
Other [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 263 | 59 | ' | ||
Investment funds [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 349 | [3] | ' | |
Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 855 | 611 | ' | ||
Level 1 [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 303 | 308 | ' | ||
Level 1 [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 484 | 296 | ' | ||
Level 1 [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 36 | 4 | ' | ||
Level 1 [Member] | Cash [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 32 | 3 | ' | ||
Level 1 [Member] | U.S. equities-Large cap [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 113 | 139 | ' | ||
Level 1 [Member] | U.S. equities-Mid cap [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 36 | 45 | ' | ||
Level 1 [Member] | U.S. equities-Small cap [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 45 | 67 | ' | ||
Level 1 [Member] | Non-U.S. equities [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 109 | 57 | ' | ||
Level 1 [Member] | U.S. government bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 345 | 247 | ' | ||
Level 1 [Member] | Non-U.S. government bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 101 | 25 | ' | ||
Level 1 [Member] | Non-U.S. corporate bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 1 | ' | ' | ||
Level 1 [Member] | Other Fixed Income Securities [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 37 | 24 | ' | ||
Level 1 [Member] | Insurance contracts [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 1 | ' | ' | ||
Level 1 [Member] | Real Estate [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 35 | ' | ' | ||
Level 1 [Member] | Other [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 4 | ' | ||
Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 1,875 | 2,053 | ' | ||
Level 2 [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 25 | ' | ||
Level 2 [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 861 | 850 | ' | ||
Level 2 [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 985 | 1,153 | ' | ||
Level 2 [Member] | Cash [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 29 | 25 | ' | ||
Level 2 [Member] | U.S. equities-Large cap [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 13 | ' | ||
Level 2 [Member] | Non-U.S. equities [Member] | Equity securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 12 | ' | ||
Level 2 [Member] | U.S. government bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 3 | ' | ||
Level 2 [Member] | U.S. corporate bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 323 | 264 | ' | ||
Level 2 [Member] | Non-U.S. government bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 382 | 459 | ' | ||
Level 2 [Member] | Non-U.S. corporate bonds [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 109 | 92 | ' | ||
Level 2 [Member] | Mortgage backed securities [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 9 | 11 | ' | ||
Level 2 [Member] | Other Fixed Income Securities [Member] | Other fixed income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 38 | 21 | ' | ||
Level 2 [Member] | Mutual funds [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 708 | [1] | 716 | [1] | ' |
Level 2 [Member] | Derivatives-credit contracts [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 14 | 1 | ' | ||
Level 2 [Member] | Real Estate [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 32 | [2] | ' | |
Level 2 [Member] | Other [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 263 | 55 | ' | ||
Level 2 [Member] | Investment funds [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | ' | 349 | [3] | ' | |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 33 | 29 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | 33 | 29 | ' | ||
Fair Value, Inputs, Level 3 [Member] | Insurance contracts [Member] | Total other types of investments [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets by asset category | $33 | $29 | $29 | ||
[1] | This category includes mutual funds, which primarily invest in non-U.S. equities and non-U.S. corporate bonds. | ||||
[2] | This category includes also hedge funds. | ||||
[3] | This category includes primarily commingled funds, which invest in equities. |
Recovered_Sheet6
Employee Benefit Plans and Postretirement Benefits - Changes in Level 3 Plan Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value at end of year | $2,763 | $2,693 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value at end of year | 33 | 29 |
Total other types of investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value at end of year | 1,054 | 1,186 |
Total other types of investments [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value at end of year | 33 | 29 |
Total other types of investments [Member] | Insurance contracts [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value at end of year | 34 | 29 |
Total other types of investments [Member] | Insurance contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Plan assets at fair value at beginning of year | 29 | 29 |
Actual return on plan assets relating to assets still held at reporting date | 1 | 2 |
Purchases | 89 | 89 |
Settlements | -89 | -89 |
Currency impact | 3 | -2 |
Plan assets at fair value at end of year | $33 | $29 |
Recovered_Sheet7
Employee Benefit Plans and Postretirement Benefits - Cash Flows Related to Total Benefits Expected to be Paid (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $209 |
2015 | 203 |
2016 | 202 |
2017 | 205 |
2018 | 207 |
2019 - 2023 | 1,049 |
Total | 2,075 |
Health Care [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 79 |
2015 | 81 |
2016 | 81 |
2017 | 81 |
2018 | 80 |
2019 - 2023 | 369 |
Total | 771 |
Medicare Part D Reimbursement [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | -2 |
2015 | -3 |
2016 | -3 |
2017 | -3 |
2018 | -4 |
2019 - 2023 | -22 |
Total | -37 |
Other [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 24 |
2015 | 19 |
2016 | 20 |
2017 | 24 |
2018 | 29 |
2019 - 2023 | 115 |
Total | $231 |
Other_Liabilities_Summary_of_O
Other Liabilities - Summary of Other Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Other Liabilities Disclosure [Abstract] | ' | ' | ' | ' |
Advances on buy-back agreements | $1,902 | $1,415 | ' | ' |
Warranty and campaign programs | 1,111 | 1,058 | 1,004 | ' |
Marketing and sales incentive programs | 1,340 | 1,199 | ' | ' |
Tax payables | 973 | 792 | ' | ' |
Accrued expenses and Deferred income | 748 | 696 | ' | ' |
Accrued employee benefits | 844 | 862 | ' | ' |
Legal reserves | 551 | 490 | ' | ' |
Contract reserve | 467 | 427 | ' | ' |
Restructuring reserve | 77 | 155 | 54 | 69 |
Other | 722 | 696 | ' | ' |
Total | $8,735 | $7,790 | ' | ' |
Other_Liabilities_Summary_of_R
Other Liabilities - Summary of Recorded Activity for Basic Warranty and Accruals for Campaign Programs (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ' | ' |
Balance, beginning of year | $1,058 | $1,004 |
Current year additions | 903 | 834 |
Claims paid | -815 | -750 |
Currency translation adjustment and other | -35 | -30 |
Balance, end of year | $1,111 | $1,058 |
Other_Liabilities_Additional_I
Other Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Liabilities [Line Items] | ' | ' | ' |
Restructuring costs | $71 | $231 | $131 |
Remaining cost expected to be incurred for existing restructuring plans | $9 | ' | ' |
Fire-fighting vehicle plants [Member] | ' | ' | ' |
Other Liabilities [Line Items] | ' | ' | ' |
Number of vehicle plants closed | 4 | ' | ' |
Bus assembly plants [Member] | ' | ' | ' |
Other Liabilities [Line Items] | ' | ' | ' |
Number of vehicle plants closed | ' | ' | 2 |
Restructuring_Activity_Detail
Restructuring Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning balance | $155 | $54 | $69 |
Restructuring charges | 71 | 231 | 131 |
Reserves utilized cash | -138 | -88 | -130 |
Reserves utilized non-cash | -11 | -22 | -7 |
Currency translation adjustments | ' | -20 | -9 |
Ending balance | 77 | 155 | 54 |
Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning balance | 131 | 30 | 3 |
Restructuring charges | 67 | 204 | 129 |
Reserves utilized cash | -122 | -78 | -88 |
Reserves utilized non-cash | -8 | -22 | -7 |
Currency translation adjustments | 1 | -3 | -7 |
Ending balance | 69 | 131 | 30 |
Facility Related Costs [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning balance | ' | 2 | 1 |
Restructuring charges | 1 | -1 | 2 |
Reserves utilized cash | ' | -1 | -1 |
Ending balance | 1 | ' | 2 |
Other Restructuring [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Beginning balance | 24 | 22 | 65 |
Restructuring charges | 3 | 28 | ' |
Reserves utilized cash | -16 | -9 | -41 |
Reserves utilized non-cash | -3 | ' | ' |
Currency translation adjustments | -1 | -17 | -2 |
Ending balance | $7 | $24 | $22 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 11, 2013 | Mar. 31, 2005 | Mar. 31, 2005 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 07, 2014 |
USD ($) | USD ($) | USD ($) | Building [Member] | Building [Member] | Equipment [Member] | Equipment [Member] | Fiat Industrial [Member] | Cheron [Member] | Cheron [Member] | Cheron [Member] | Ligon [Member] | Ligon [Member] | Kobelco Construction Machinery Co Ltd [Member] | Kobelco Construction Machinery Co Ltd [Member] | Subsequent Event [Member] | |
site | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | USD ($) | EUR (€) | Compensatory Damages [Member] | Compensatory Damages [Member] | Compensatory Damages [Member] | Punitive Damages [Member] | USD ($) | USD ($) | Ligon [Member] | |||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | ||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non owned sites | 63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of national priority list | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of sites not named as a potentially responsible party (PRP) the company's liability has been resolved or has been deemed de minimis | 57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incurred and claims to be resolved over extended period of time | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental reserves | $46 | $45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages awarded to plaintiff's | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | 1.5 | 3.8 | 7.6 | ' | ' | ' |
Consideration for settlement payment | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | 12.8 |
Sale of ownership percentage after transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' |
Money paid due to stock transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83 | ' |
Money received due to sale of stock transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57 | ' |
Loss on sale of investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26 | ' | ' |
Operating lease term | ' | ' | ' | '10 years | '20 years | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental expense for all operating leases | 64 | 60 | 67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantees at carrying value | 513 | 641 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other contingencies | ' | ' | ' | ' | ' | ' | ' | $5,700 | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Rental Commitments Under Non Cancelable Operating Leases with Lease Terms in Excess of One Year (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $64 |
2015 | 50 |
2016 | 39 |
2017 | 29 |
2018 | 25 |
2019 and beyond | 48 |
Total minimum rental commitments | $255 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Financial Services has Various Agreements to Extend Credit (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Private label commercial revolving accounts [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Total Credit Limit | $3,929 |
Utilized | 227 |
Not Utilized | 3,702 |
Wholesale and dealer financing [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Total Credit Limit | 6,545 |
Utilized | 3,648 |
Not Utilized | $2,897 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Foreign exchange derivatives [Member] | Foreign exchange derivatives [Member] | Interest rate derivatives [Member] | Interest rate derivatives [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' |
Maturity of foreign exchange contracts | '17 months | ' | ' | ' | ' |
After-tax losses deferred in AOCI to be reclassified to earnings over the next 12 months | $110,000,000 | ' | ' | ' | ' |
Notional amount | ' | 9,700,000,000 | 9,200,000,000 | 5,700,000,000 | 5,800,000,000 |
Maximum time for hedging interest rate cash flow hedge | '63 months | ' | ' | ' | ' |
After-tax losses deferred in AOCI to be reclassified to earnings over the next 12 months | $3,000,000 | ' | ' | ' | ' |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Values of Derivatives (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | $261 | $159 |
Derivative Liabilities, Total | -94 | -128 |
Derivatives Designated as Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | 208 | 130 |
Derivative Liabilities, Total | -56 | -99 |
Derivatives Designated as Hedging Instruments [Member] | Foreign exchange derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | 159 | 41 |
Derivative Liabilities, Total | -42 | -55 |
Derivatives Designated as Hedging Instruments [Member] | Interest rate derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | 49 | 89 |
Derivative Liabilities, Total | -14 | -44 |
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | 53 | 29 |
Derivative Liabilities, Total | -38 | -29 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign exchange derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | 45 | 22 |
Derivative Liabilities, Total | -28 | -22 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest rate derivatives [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets, Total | 8 | 7 |
Derivative Liabilities, Total | ($10) | ($7) |
Financial_Instruments_Pre_Tax_
Financial Instruments - Pre Tax Gains losses on Consolidated Statements of Operation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flow Hedges | ' | ' | ' |
Foreign exchange contracts-accumulated other comprehensive income ((Effective Portion) | $208 | ($72) | ($22) |
Interest rate derivatives-accumulated other comprehensive ((Effective Portion) | -7 | -23 | -65 |
Interest expense [Member] | ' | ' | ' |
Fair Value Hedges | ' | ' | ' |
Interest rate derivatives | -45 | 17 | 76 |
Gains/(losses) on hedged items | 45 | -17 | -75 |
Cash Flow Hedges | ' | ' | ' |
Interest rate derivatives-Reclassified from accumulated other comprehensive income (Effective Portion) | -14 | -19 | -28 |
Not Designated as Hedges | ' | ' | ' |
Non Designated as Hedges, Interest rate derivatives | ' | ' | -1 |
Sales Revenue, Net [Member] | ' | ' | ' |
Cash Flow Hedges | ' | ' | ' |
Foreign exchange contracts, Reclassified from accumulated other comprehensive income (Effective Portion) | 15 | -55 | -18 |
Cost of goods sold [Member] | ' | ' | ' |
Cash Flow Hedges | ' | ' | ' |
Foreign exchange contracts, Reclassified from accumulated other comprehensive income (Effective Portion) | 7 | -68 | 19 |
Other, net [Member] | ' | ' | ' |
Cash Flow Hedges | ' | ' | ' |
Foreign exchange contracts, Reclassified from accumulated other comprehensive income (Effective Portion) | 59 | -7 | 3 |
Not Designated as Hedges | ' | ' | ' |
Non Designated as Hedges, Foreign exchange contracts | $64 | ($12) | ($29) |
Financial_Instruments_Fair_Val1
Financial Instruments - Fair Value Hierarchy Levels of Assets and Liabilities Value on Recurring Basis (Detail) (Fair Value Measurements Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $262 | $166 |
Total liabilities | -94 | -128 |
Available for sale securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 1 | 7 |
Foreign exchange derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 204 | 63 |
Total liabilities | -70 | -77 |
Interest rate derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 57 | 96 |
Total liabilities | -24 | -51 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 1 | 7 |
Level 1 [Member] | Available for sale securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 1 | 7 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 261 | 159 |
Total liabilities | -94 | -128 |
Level 2 [Member] | Foreign exchange derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 204 | 63 |
Total liabilities | -70 | -77 |
Level 2 [Member] | Interest rate derivatives [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 57 | 96 |
Total liabilities | ($24) | ($51) |
Financial_Instruments_Estimate
Financial Instruments - Estimated Fair Market Values of Financial Instruments Not Carried at Fair Value in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Debt Instrument Fair Value Carrying Value [Abstract] | ' | ' | ' |
Financing receivables, carrying value | $21,976 | $20,039 | $17,953 |
Debt | 29,866 | 27,052 | ' |
Financing receivables, fair value | 21,974 | 20,453 | ' |
Debt, fair value | $30,361 | $27,691 | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Apr. 08, 2013 | Apr. 08, 2013 | Apr. 05, 2012 | Apr. 05, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 05, 2012 | Apr. 05, 2012 | Apr. 05, 2012 | Feb. 27, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | ||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | Common shares [Member] | Preference Shareholders [Member] | Savings Shareholders [Member] | Subsequent Event [Member] | CNH Global N.V. [Member] | CNH Global N.V. [Member] | Fiat Industrial [Member] | Fiat Industrial [Member] | Special Voting Shares [Member] | |||
EUR (€) | EUR (€) | EUR (€) | Dividend Declared [Member] | EUR (€) | EUR (€) | EUR (€) | ||||||||||||||||
EUR (€) | ||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Authorized share capital amount | ' | ' | ' | ' | ' | € 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common and special voting shares | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock, shares authorized | ' | ' | ' | ' | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common shares, shares issued | ' | ' | ' | ' | 1,350,073,530 | 1,350,073,530 | 1,350,073,530 | 1,222,560,247 | ' | 1,348,867,772 | ' | ' | ' | ' | ' | 126,307,525 | [1] | ' | 1,222,560,247 | [1] | ' | ' |
Common shares, par value | ' | ' | ' | ' | ' | € 0.01 | ' | ' | ' | € 0.01 | € 1.50 | ' | ' | ' | ' | € 2.25 | ' | € 1.57 | ' | ' | ||
Special voting shares, shares issued | ' | ' | ' | ' | 468,994,386 | 468,994,386 | 468,994,386 | ' | ' | 474,474,276 | ' | ' | ' | ' | ' | 23,212,193 | [2] | ' | 451,262,083 | [2] | ' | ' |
Special voting shares, shares authorized | ' | ' | ' | ' | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Special voting shares, per share par value | ' | ' | ' | ' | $0.01 | ' | $0.01 | ' | ' | € 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share exchange ratio with new entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.828 | 3.828 | 1 | ' | ' | ||
Voting Right | ' | ' | ' | ' | ' | ' | 'In order to reward long-term ownership of CNH Industrial common shares and promote stability of CNH Industrial's shareholder base, CNH Industrial's Articles of Association provide for a loyalty voting structure that grants eligible long-term shareholders the equivalent of two votes for each CNH Industrial N.V. common share that they hold, through the issuance of special voting shares. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common Shares, Registered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Three years | ||
Special Voting Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Shares will become "Qualifying Common Shares" and the relevant shareholder will be entitled to receive one special voting share for each such Qualifying Common Share | ||
Retirement of special voting shares | ' | ' | ' | ' | 5,479,890 | 5,479,890 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capital increase | ' | ' | ' | ' | 1,205,758 | 1,205,758 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Common stock, value | ' | ' | ' | ' | 25 | ' | 25 | 2,565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,919 | ' | ||
Common shares, shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,222,568,882 | 1,222,568,882 | ' | ||
Treasury shares cancelled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,635 | ' | ' | ||
Dividend declared per share | $0.23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 0.19 | € 0.19 | € 0.23 | € 0.20 | ' | ' | ' | ' | ' | ||
Dividend declared amount | $366 | € 275.10 | $308 | € 240 | ' | ' | $366 | $614 | $10 | ' | ' | ' | ' | ' | € 270 | ' | ' | ' | ' | ' | ||
[1] | Allotted on the basis of the established exchange ratios of one common share of CNH Industrial N.V. for each share of Fiat Industrial S.p.A. and 3.828 common shares of CNH Industrial N.V for each share of CNH Global N.V. | |||||||||||||||||||||
[2] | Allotted to eligible Fiat Industrial N.V. and CNH Global N.V. shareholders who had elected to receive special voting shares. |
Shareholders_Equity_Changes_in
Shareholders Equity - Changes in Common Shares Issued According to Exchange Ratio (Detail) | 3 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | |
Capital increase | 1,205,758 | ' | ' | |
Retirement of special voting shares | -5,479,890 | ' | ' | |
Common shares, shares outstanding | 1,350,073,530 | 1,348,867,772 | 1,222,560,247 | |
Special voting shares, shares outstanding | 468,994,386 | ' | ' | |
Common and special voting shares shares, shares outstanding | 1,819,067,916 | ' | ' | |
Special voting shares, shares issued | 468,994,386 | 474,474,276 | ' | |
Common and special voting shares shares, shares issued | ' | 1,823,342,048 | ' | |
Fiat Industrial [Member] | ' | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | |
Common shares, shares outstanding | ' | 1,222,560,247 | [1] | ' |
Special voting shares, shares issued | ' | 451,262,083 | [2] | ' |
Common and special voting shares shares, shares issued | ' | 1,673,822,330 | ' | |
Fiat Industrial [Member] | Before Merger [Member] | ' | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | |
Common shares, shares outstanding | ' | 1,222,560,247 | [3] | ' |
CNH Global N.V. [Member] | ' | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | |
Common shares, shares outstanding | ' | 126,307,525 | [1] | ' |
Special voting shares, shares issued | ' | 23,212,193 | [2] | ' |
Common and special voting shares shares, shares issued | ' | 149,519,718 | ' | |
CNH Global N.V. [Member] | Before Merger [Member] | ' | ' | ' | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | |
Common shares, shares outstanding | ' | 32,995,696 | ' | |
[1] | Allotted on the basis of the established exchange ratios of one common share of CNH Industrial N.V. for each share of Fiat Industrial S.p.A. and 3.828 common shares of CNH Industrial N.V for each share of CNH Global N.V. | |||
[2] | Allotted to eligible Fiat Industrial N.V. and CNH Global N.V. shareholders who had elected to receive special voting shares. | |||
[3] | Total n. 1,222,568,882 Fiat Industrial S.p.A. common shares are shown net of 8,635 treasury shares that have been cancelled at the closing of the merger. |
Shareholders_Equity_Changes_in1
Shareholders Equity - Changes in Common Shares Issued According to Exchange Ratio (Parenthetical) (Detail) | 9 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | |
Fiat Industrial [Member] | Fiat Industrial [Member] | CNH Global N.V. [Member] | CNH Global N.V. [Member] | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' |
Common shares, shares issued | 1,222,568,882 | 1,222,568,882 | ' | ' |
Treasury shares cancelled | 8,635 | ' | ' | ' |
Share exchange ratio with new entity | 1 | ' | 3.828 | 3.828 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Feb. 22, 2013 | Dec. 28, 2012 | Apr. 05, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 05, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 05, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | Incentive_Plan | USD ($) | USD ($) | USD ($) | on February 22, 2014 and February 22, 2015 [Member] | CNH Global Stock Options Outstanding Pre-modification [Member] | CNH Global Stock Options Outstanding Post-modification [Member] | Cnh Global Performance Shares Pre-modification [Member] | Cnh Global Performance Shares Post-modification [Member] | Cnh Global Restricted Shares Pre-modification [Member] | Cnh Global Restricted Shares Post-modification [Member] | CNH Global N.V. [Member] | CNH Global N.V. [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH DCP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | CNH EIP [Member] | Fiat Industrial, Performance LTI [Member] | Fiat Industrial, Performance LTI [Member] | Fiat Industrial, Performance LTI [Member] | Fiat Industrial, Retention LTI [Member] | Fiat Industrial, Retention LTI [Member] | Fiat Industrial, Retention LTI [Member] | ||
USD ($) | USD ($) | USD ($) | Annual Retainer [Member] | Audit Committee Membership [Member] | Governance and Sustainability Committee membership [Member] | Compensation Committee Membership [Member] | Audit Committee Chair [Member] | Governance and Sustainability Committee Chair [Member] | Compensation Committee Chair [Member] | CNH Global N.V. [Member] | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | EUR (€) | EUR (€) | ||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share exchange ratio with new entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.828 | 3.828 | ' | ' | ' | ' | ' | ' | ' | ' | 3.828 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion basis | ' | ' | ' | 'On the Effective Date, the unvested equity awards under the former Fiat Industrial Plan became convertible for common shares of CNH Industrial N.V. on a one-for-one basis. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional compensation expense | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | 39,000,000 | 67,000,000 | 63,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit relating to share-based compensation expense | ' | ' | ' | 9,000,000 | 18,000,000 | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation expense | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized share-based compensation costs weighted-average period | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual board of directors member fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $125,000 | $25,000 | $20,000 | $20,000 | $35,000 | $25,000 | $25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lock in Period for sale of common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options terminate after grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option termination date after individual ceases to director | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares available for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,402 | ' | ' | ' | ' | ' | ' | ' | ' | 171,575 | ' | ' | ' | ' | 171,575 | 2,680,000 | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation, exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of outstanding options | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | 186,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,621,745 | 17,666,452 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend per share paid by subsidiary's to minority share holder | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price of outstanding options | ' | ' | ' | ' | ' | ' | ' | $40.45 | $33.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.77 | $10.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unvested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 2,300,000 | 451,000 | 548,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,615,524 | 7,367,897 | ' | 930,525 | 1,696,715 | ' | ' | 1,000,000 | 1,000,000 | ' | 733,333 | 1,100,000 |
Vesting percentage | 0.33% | ' | ' | ' | ' | ' | 0.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original contract term of option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '65 months | '70 months | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock options awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.60 | $6.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 520,371 | 600,000 | ' | 700,000 | 1,000,000 | 1,000,000 | ' | ' | 1,100,000 | ' | ' |
Fair value of stock awarded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.62 | $10.21 | ' | $11.40 | $7.03 | ' | ' | ' | ' | ' | ' |
Share vest description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The performance targets for these performance shares are designated on a cumulative basis for the three-, four- and five-year periods ended December 31, 2012, 2013, and 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Number of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of long term incentive plan | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Outsta
Share-Based Compensation - Outstanding Stock Options (Detail) (CNH EIP [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Options Outstanding, Aggregate Intrinsic Value | $32,506,998 | [1] |
Options Exercisable, Aggregate Intrinsic Value | 21,000,193 | [1] |
Range of Exercise Price, $2.92-$5.00 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Minimum Exercise Price | $2.92 | |
Maximum Exercise Price | $5 | |
Shares Outstanding | 495,631 | |
Options Outstanding, Weighted-Average Contractual Life | '1 year 1 month 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $2.92 | |
Options Outstanding, Aggregate Intrinsic Value | 4,178,169 | [1] |
Shares Exercisable | 495,631 | |
Options Exercisable, Weighted-Average Contractual Life | '1 year 1 month 6 days | |
Options Exercisable, Weighted-Average Exercise Price | $2.92 | |
Options Exercisable, Aggregate Intrinsic Value | 4,178,169 | [1] |
Range of Exercise Price, $5.01-$10.00 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Minimum Exercise Price | $5.01 | |
Maximum Exercise Price | $10 | |
Shares Outstanding | 6,522,657 | |
Options Outstanding, Weighted-Average Contractual Life | '3 years 4 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $8.03 | |
Options Outstanding, Aggregate Intrinsic Value | 21,634,112 | [1] |
Shares Exercisable | 3,306,154 | |
Options Exercisable, Weighted-Average Contractual Life | '2 years 7 months 6 days | |
Options Exercisable, Weighted-Average Exercise Price | $7.32 | |
Options Exercisable, Aggregate Intrinsic Value | 13,335,535 | [1] |
Range of Exercise Price, $10.01-$15.00 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Minimum Exercise Price | $10.01 | |
Maximum Exercise Price | $15 | |
Shares Outstanding | 5,603,457 | |
Options Outstanding, Weighted-Average Contractual Life | '3 years 1 month 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $10.16 | |
Options Outstanding, Aggregate Intrinsic Value | 6,694,717 | [1] |
Shares Exercisable | 2,929,934 | |
Options Exercisable, Weighted-Average Contractual Life | '3 years | |
Options Exercisable, Weighted-Average Exercise Price | $10.16 | |
Options Exercisable, Aggregate Intrinsic Value | $3,486,489 | [1] |
[1] | The difference between the exercise price of share-based compensation and the year-end market price of CNH Industrial common shares of $11.35. No amount is shown for awards with an exercise price that is greater than the year-end market price. |
ShareBased_Compensation_Outsta1
Share-Based Compensation - Outstanding Stock Options (Parenthetical) (Detail) (CNH EIP [Member], USD $) | Dec. 31, 2013 |
CNH EIP [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Year-end market price of common shares | $11.35 |
ShareBased_Compensation_Schedu
Share-Based Compensation - Schedule of Stock Option Activity (Detail) (CNH EIP [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
CNH EIP [Member] | ' |
Shares | ' |
Outstanding at beginning of year | 17,666,452 |
Anti-dilution adjustment for the special dividend | 3,796,996 |
Additional shares issued for the 2012 Grant | 171,575 |
Forfeited | -390,612 |
Expired | -345,348 |
Exercised | -8,277,318 |
Outstanding at ending of year | 12,621,745 |
Exercisable at end of year | 6,731,719 |
Weighted-Average Exercise Price | ' |
Outstanding at beginning of year | $10.57 |
Anti-dilution adjustment for the special dividend | $8.70 |
Additional shares issued for the 2012 Grant | $8.77 |
Forfeited | $9.36 |
Expired | $11.04 |
Exercised | $8.45 |
Outstanding at ending of year | $8.77 |
Exercisable at end of year | $8.23 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Weighted-Average Assumptions Used under Black-Scholes (Detail) (CNH EIP [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CNH EIP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | ' | 0.40% | 1.40% |
Expected Dividend yield | 0.00% | 0.00% | 0.30% |
Price volatility of CNH Global N.V. shares | ' | 51.70% | 75.10% |
Option life (years) | ' | '3 years 4 months 21 days | '3 years 9 months 22 days |
ShareBased_Compensation_Share_
Share-Based Compensation - Share Activity Performance (Detail) (Performance Shares [Member], CNH EIP [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Performance Shares [Member] | CNH EIP [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Nonvested at beginning of year | 7,367,897 | ' | ' |
Anti-dilution adjustment for the special dividend | 1,584,060 | ' | ' |
Granted | ' | 520,371 | 600,000 |
Forfeited | -415,239 | ' | ' |
Vested | -2,921,194 | ' | ' |
Nonvested at end of year | 5,615,524 | 7,367,897 | ' |
Weighted Average Grant-Date Fair Value | ' | ' | ' |
Nonvested at beginning of year | $9.21 | ' | ' |
Anti-dilution adjustment for the special dividend | $7.58 | ' | ' |
Granted | ' | $10.62 | $10.21 |
Forfeited | $7.54 | ' | ' |
Vested | $7.54 | ' | ' |
Nonvested at end of year | $7.61 | $9.21 | ' |
ShareBased_Compensation_Schedu1
Share-Based Compensation - Schedule of Restricted-Based Share Activity (Detail) (CNH EIP [Member], Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CNH EIP [Member] | Restricted Stock Units [Member] | ' | ' | ' |
Shares | ' | ' | ' |
Nonvested at beginning of year | 1,696,715 | ' | ' |
Anti-dilution adjustment for the special dividend | 363,988 | ' | ' |
Granted | ' | 700,000 | 1,000,000 |
Forfeited | -102,703 | ' | ' |
Vested | -1,027,475 | ' | ' |
Nonvested at end of year | 930,525 | 1,696,715 | ' |
Weighted Average Grant-Date Fair Value | ' | ' | ' |
Nonvested at beginning of year | $9.28 | ' | ' |
Anti-dilution adjustment for the special dividend | $7.64 | ' | ' |
Granted | ' | $11.40 | $7.03 |
Forfeited | $7.66 | ' | ' |
Vested | $7.36 | ' | ' |
Nonvested at end of year | $7.95 | $9.28 | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Contractual Terms of Long Term Incentive Plan (Detail) | 12 Months Ended | |
Dec. 31, 2013 | ||
Fiat Industrial, Performance LTI [Member] | Vesting Period One [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Beneficiary | 'Chairman | |
Number of shares | 1,000,000 | |
Vesting date | 1-Feb-15 | |
Vesting portion | 1,000,000 | |
Fiat Industrial, Retention LTI [Member] | Vesting Period One [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Beneficiary | 'Chairman | |
Number of shares | 1,100,000 | |
Vesting date | 22-Feb-13 | [1] |
Vesting portion | 366,667 | |
Fiat Industrial, Retention LTI [Member] | Vesting Period Two [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Vesting date | 22-Feb-14 | [1] |
Vesting portion | 366,667 | |
Fiat Industrial, Retention LTI [Member] | Vesting Period Three [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Vesting date | 22-Feb-15 | |
Vesting portion | 366,666 | |
[1] | As of February 27, 2014 the beneficiary has not exercised his rights with respect to the restricted share units vested. |
ShareBased_Compensation_Share_1
Share-Based Compensation - Share Activity Performance LTI (Detail) (Fiat Industrial, Performance LTI [Member], EUR €) | 0 Months Ended | 12 Months Ended |
Apr. 05, 2012 | Dec. 31, 2013 | |
Fiat Industrial, Performance LTI [Member] | ' | ' |
Shares | ' | ' |
Nonvested at beginning of year | ' | 1,000,000 |
Granted | 1,000,000 | ' |
Forfeited | ' | ' |
Vested | ' | ' |
Nonvested at end of year | ' | 1,000,000 |
Grant-Date Fair Value | ' | ' |
Nonvested at beginning of year | ' | € 7.80 |
Granted | ' | ' |
Forfeited | ' | ' |
Vested | ' | ' |
Nonvested at end of year | ' | € 7.80 |
ShareBased_Compensation_Share_2
Share-Based Compensation - Share Activity Retention LTI (Detail) (Fiat Industrial, Retention LTI [Member], EUR €) | 0 Months Ended | 12 Months Ended | |
Apr. 05, 2012 | Dec. 31, 2013 | ||
Fiat Industrial, Retention LTI [Member] | ' | ' | |
Shares | ' | ' | |
Nonvested at beginning of year | ' | 1,100,000 | |
Granted | 1,100,000 | ' | |
Forfeited | ' | ' | |
Vested | ' | -366.667 | [1] |
Nonvested at end of year | ' | 733,333 | |
Grant-Date Fair Value | ' | ' | |
Nonvested at beginning of year | ' | € 7.80 | |
Granted | ' | ' | |
Forfeited | ' | ' | |
Vested | ' | € 7.80 | |
Nonvested at end of year | ' | € 7.80 | |
[1] | As of February 27, 2014 the beneficiary has not exercised his rights with respect to the restricted share units vested. |
ShareBased_Compensation_Additi1
Share-Based Compensation - Additional Share Based Compensation Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Total intrinsic value of options exercised | $30 | $45 | $28 |
Fair value of shares vested | 50 | 7 | 3 |
Cash received from share award exercises | 63 | 68 | 31 |
Tax benefit of options exercised and shares vested | $3 | $3 | $3 |
Earning_Per_Share_Computation_
Earning Per Share - Computation of Basic EPS and Diluted EPS (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic: | ' | ' | ' |
Net income attributable to CNH Industrial | $678 | $757 | ' |
Weighted average common shares outstanding-basic | 1,255 | 1,223 | ' |
Basic earnings per share | $0.54 | $0.62 | $0.42 |
Diluted: | ' | ' | ' |
Net income attributable to CNH Industrial | $678 | $757 | ' |
Weighted average common shares outstanding-basic | 1,255 | 1,223 | ' |
Effect of dilutive securities (when dilutive): | ' | ' | ' |
Stock Compensation Plans | 2 | ' | ' |
Weighted average common shares outstanding-diluted | 1,257 | 1,223 | ' |
Diluted earnings per share | $0.54 | $0.62 | $0.42 |
Earning_Per_Share_Additional_I
Earning Per Share - Additional Information (Detail) (Fiat Industrial [Member]) | 0 Months Ended |
21-May-12 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' |
Ordinary shares issued upon conversion | 130,241,397 |
Preference shares [Member] | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' |
Conversion of shares into ordinary shares | 103,292,310 |
Shares conversion ratio | 0.7 |
Savings shares [Member] | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' |
Conversion of shares into ordinary shares | 79,912,800 |
Shares conversion ratio | 0.725 |
Earning_Per_Share_Computation_1
Earning Per Share - Computation of Basic and Diluted Net Income Per Share Under Two-Class Method (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic and Diluted: | ' | ' | ' |
Net income attributable to controlling interest. | $677 | $756 | $545 |
Weighted average shares outstanding-basic and diluted | ' | ' | 1,275 |
Common shares [Member] | ' | ' | ' |
Basic and Diluted: | ' | ' | ' |
Net income attributable to controlling interest. | ' | ' | 462 |
Weighted average shares outstanding-basic and diluted | ' | ' | 1,092 |
Basic and diluted earnings per share | ' | ' | $0.42 |
Preference shares [Member] | ' | ' | ' |
Basic and Diluted: | ' | ' | ' |
Net income attributable to controlling interest. | ' | ' | 44 |
Weighted average shares outstanding-basic and diluted | ' | ' | 103 |
Basic and diluted earnings per share | ' | ' | $0.42 |
Savings shares [Member] | ' | ' | ' |
Basic and Diluted: | ' | ' | ' |
Net income attributable to controlling interest. | ' | ' | $39 |
Weighted average shares outstanding-basic and diluted | ' | ' | 80 |
Basic and diluted earnings per share | ' | ' | $0.49 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Unrealized gain (loss) on cash flow hedges | $134 | $54 | ($63) |
Changes in retirement plans' funded status, Gross Amount | 197 | -242 | -87 |
Foreign currency translation, Gross Amount | -510 | -185 | -265 |
Unrealized gain (loss) on available for sale securities | -2 | -2 | -10 |
Share of other comprehensive income of entities using the equity method, Gross Amount | -23 | -59 | -12 |
Other comprehensive income (loss), Gross Amount | -204 | -434 | -437 |
Unrealized gain (loss) on cash flow hedges | -40 | -12 | 10 |
Changes in retirement plans' funded status, Income Taxes | -110 | 23 | 19 |
Foreign currency translation, Income Taxes | ' | ' | ' |
Unrealized gain (loss) on available for sale securities | 1 | 1 | 4 |
Share of other comprehensive income of entities using the equity method, Income Taxes | ' | ' | ' |
Other comprehensive income (loss), Income Taxes | -149 | 12 | 33 |
Unrealized gain (loss) on cash flow hedges | 94 | 42 | -53 |
Changes in retirement plans' funded status, Net Amount | 87 | -219 | -68 |
Foreign currency translation, Net Amount | -510 | -185 | -265 |
Unrealized gain (loss) on available for sale securities | -1 | -1 | -6 |
Share of other comprehensive income of entities using the equity method, Net Amount | -23 | -59 | -12 |
Other comprehensive income (loss), Net Amount | ($353) | ($422) | ($404) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning balance | ($911) | ($529) | ($183) | |||
Other comprehensive income (loss), before reclassifications | -315 | ' | ' | |||
Amounts reclassified from other comprehensive income (loss) | -19 | ' | ' | |||
Other comprehensive income (loss) | -334 | [1] | -382 | [1] | -346 | [1] |
Purchase of noncontrolling interest | -128 | ' | ' | |||
Ending balance | -1,373 | -911 | -529 | |||
Gain (Loss) on Cash Flow Hedges [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning balance | -41 | -79 | -31 | |||
Other comprehensive income (loss), before reclassifications | 144 | ' | ' | |||
Amounts reclassified from other comprehensive income (loss) | -55 | ' | ' | |||
Other comprehensive income (loss) | 89 | [1] | 38 | [1] | -48 | [1] |
Purchase of noncontrolling interest | 1 | ' | ' | |||
Ending balance | 49 | -41 | -79 | |||
Change in Retirement Plans' Funded Status [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning balance | -810 | -620 | -562 | |||
Other comprehensive income (loss), before reclassifications | 53 | ' | ' | |||
Amounts reclassified from other comprehensive income (loss) | 38 | ' | ' | |||
Other comprehensive income (loss) | 91 | [1] | -190 | [1] | -58 | [1] |
Purchase of noncontrolling interest | -107 | ' | ' | |||
Ending balance | -826 | -810 | -620 | |||
Foreign Currency Translation [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning balance | -70 | 107 | 332 | |||
Other comprehensive income (loss), before reclassifications | -492 | ' | ' | |||
Other comprehensive income (loss) | -492 | [1] | -177 | [1] | -225 | [1] |
Purchase of noncontrolling interest | -12 | ' | ' | |||
Ending balance | -574 | -70 | 107 | |||
Gain (Loss) on Available For Sale Securities [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning balance | 2 | 3 | 8 | |||
Amounts reclassified from other comprehensive income (loss) | -2 | ' | ' | |||
Other comprehensive income (loss) | -2 | [1] | -1 | [1] | -5 | [1] |
Ending balance | ' | 2 | 3 | |||
Share of Other Comprehensive Income of Entities Using the Equity Method [Member] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning balance | 8 | 60 | 70 | |||
Other comprehensive income (loss), before reclassifications | -20 | ' | ' | |||
Other comprehensive income (loss) | -20 | [1] | -52 | [1] | -10 | [1] |
Purchase of noncontrolling interest | -10 | ' | ' | |||
Ending balance | ($22) | $8 | $60 | |||
[1] | Excluded from the table above is other comprehensive income (loss) allocated to noncontrolling interests of $(19), $(40) and $(58) for the years ended December 31, 2013, 2012 and 2011, respectively. |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity [Abstract] | ' | ' | ' |
Other comprehensive income (loss) allocated to noncontrolling interests | ($19) | ($40) | ($58) |
Accumulated_Other_Comprehensiv5
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassification Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Amount reclassified from other comprehensive (loss), Cash flow hedges, Income tax | $12 |
Amount reclassified from other comprehensive (loss), Cash flow hedges, net of tax | -55 |
Amount reclassified from other comprehensive (loss), Change in retirement plans' funded status, before tax, Amortization of actuarial losses | 95 |
Amount reclassified from other comprehensive (loss), Change in retirement plans' funded status, before tax, Amortization of prior service cost | -9 |
Amount reclassified from other comprehensive (loss), Change in retirement plans' funded status, tax | -48 |
Amount reclassified from other comprehensive (loss), Change in retirement plans' funded status, net of tax | 38 |
Amount reclassified from other comprehensive (loss), Available-for-sale securities, tax | 1 |
Amount reclassified from other comprehensive (loss), Available-for-sale securities, net of tax | -2 |
Total reclassifications, net of tax | -19 |
Net sales [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Amount reclassified from other comprehensive (loss), Cash flow hedges, before tax | -15 |
Cost of goods sold [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Amount reclassified from other comprehensive (loss), Cash flow hedges, before tax | -7 |
Other, net [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Amount reclassified from other comprehensive (loss), Cash flow hedges, before tax | -59 |
Amount reclassified from other comprehensive (loss), Available-for-sale securities, before tax | -3 |
Interest expense [Member] | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Amount reclassified from other comprehensive (loss), Cash flow hedges, before tax | $14 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of segments | 5 | ' | ' |
Total revenues, Net | $33,836 | $32,801 | $33,480 |
U.K. | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 993 | 962 | 988 |
Total long-lived assets | 223 | 215 | ' |
Rest of World and Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 32,843 | 31,839 | 32,492 |
Total long-lived assets | $11,240 | $10,050 | ' |
Reconciliation_From_Trading_Pr
Reconciliation From Trading Profit Under IFRS To Income Before Income Taxes OF Unconsolidated Subsidiaries And Affiliates Under US GAAP (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | $2,637 | $2,650 | $2,353 |
Adjustments/reclassifications to convert from trading profit to U.S. GAAP income before income taxes and equity in income of unconsolidated subsidiaries | -71 | -231 | -131 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates under U.S. GAAP | 1,374 | 1,347 | 1,180 |
Development costs, net [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Adjustments/reclassifications to convert from trading profit to U.S. GAAP income before income taxes and equity in income of unconsolidated subsidiaries | -443 | -429 | -330 |
Restructuring provisions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Adjustments/reclassifications to convert from trading profit to U.S. GAAP income before income taxes and equity in income of unconsolidated subsidiaries | -71 | -231 | -131 |
Interest Expense Net [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Adjustments/reclassifications to convert from trading profit to U.S. GAAP income before income taxes and equity in income of unconsolidated subsidiaries | -548 | -515 | -640 |
Other Adjustments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Adjustments/reclassifications to convert from trading profit to U.S. GAAP income before income taxes and equity in income of unconsolidated subsidiaries | ($201) | ($128) | ($72) |
Reconciliation_From_Trading_Pr1
Reconciliation From Trading Profit Under IFRS And Under US GAAP (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | $2,637 | $2,650 | $2,353 |
Industrial Activities [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | 2,119 | 2,273 | 2,246 |
Industrial Activities [Member] | Agricultural equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | 1,949 | 1,609 | 1,262 |
Industrial Activities [Member] | Construction equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | -109 | -39 | 27 |
Industrial Activities [Member] | Commercial Vehicle Products Group [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | 145 | 647 | 899 |
Industrial Activities [Member] | Powertrain [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | 210 | 181 | 148 |
Industrial Activities [Member] | Other Activity [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | -76 | -125 | -90 |
Financial services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Trading profit under IFRS | $518 | $377 | $107 |
Revenue_From_Operating_Segment
Revenue From Operating Segments Under IFRS (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | $34,231 | $33,128 | $33,809 |
Revenues under U.S. GAAP | 33,836 | 32,801 | 33,480 |
Depreciation and amortization under IFRS | 997 | 924 | 927 |
Depreciation and amortization under U.S. GAAP | 690 | 677 | 709 |
Expenditures for long-lived assets under IFRS | 1,985 | 1,733 | 1,382 |
Expenditures for long-lived assets under U.S. GAAP | 1,227 | 1,048 | 820 |
Other Activity [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | -560 | -521 | -431 |
Ifrs Adjustments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | -395 | -327 | -329 |
Depreciation and amortization under IFRS | -307 | -247 | -218 |
Expenditures for long-lived assets under IFRS | -758 | -685 | -562 |
Industrial Activities [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | 32,841 | 31,711 | 32,420 |
Revenues under U.S. GAAP | 32,932 | 31,834 | 32,532 |
Depreciation and amortization under IFRS | 994 | 920 | 924 |
Depreciation and amortization under U.S. GAAP | 686 | 673 | 706 |
Expenditures for long-lived assets under IFRS | 1,979 | 1,726 | 1,380 |
Expenditures for long-lived assets under U.S. GAAP | 1,220 | 1,042 | 818 |
Industrial Activities [Member] | Agricultural equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | 16,763 | 15,657 | 14,183 |
Depreciation and amortization under IFRS | 392 | 332 | 302 |
Expenditures for long-lived assets under IFRS | 879 | 808 | 531 |
Industrial Activities [Member] | Construction equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | 3,258 | 3,770 | 3,876 |
Depreciation and amortization under IFRS | 114 | 114 | 101 |
Expenditures for long-lived assets under IFRS | 157 | 162 | 155 |
Industrial Activities [Member] | Commercial Vehicle Products Group [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | 11,447 | 11,221 | 13,148 |
Depreciation and amortization under IFRS | 283 | 281 | 324 |
Expenditures for long-lived assets under IFRS | 732 | 561 | 477 |
Industrial Activities [Member] | Powertrain [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | 4,423 | 3,769 | 4,482 |
Depreciation and amortization under IFRS | 208 | 196 | 202 |
Expenditures for long-lived assets under IFRS | 210 | 194 | 216 |
Industrial Activities [Member] | Other Activity [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | -3,050 | -2,706 | -3,269 |
Depreciation and amortization under IFRS | -3 | -3 | -5 |
Expenditures for long-lived assets under IFRS | 1 | 1 | 1 |
Financial services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net revenues under IFRS | 1,950 | 1,938 | 1,820 |
Revenues under U.S. GAAP | 1,679 | 1,698 | 1,564 |
Depreciation and amortization under IFRS | 3 | 4 | 3 |
Depreciation and amortization under U.S. GAAP | 4 | 4 | 3 |
Expenditures for long-lived assets under IFRS | 6 | 7 | 2 |
Expenditures for long-lived assets under U.S. GAAP | $7 | $6 | $2 |
Assets_By_Product_Type_Detail
Assets By Product Type (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | $56,462 | $51,273 | ||
Total Assets | 53,843 | 48,965 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 681 | 620 | ||
Investments in unconsolidated subsidiaries and affiliates under U.S. GAAP | 645 | 594 | ||
Adjustments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | -2,217 | -2,072 | ||
Identifiable Asset [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 49,954 | 44,997 | ||
Tax [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 2,020 | [1] | 2,019 | [1] |
Treasury [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 4,488 | [2] | 4,257 | [2] |
Ifrs Adjustments [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | -2,619 | -2,308 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | -36 | -26 | ||
Industrial Activities [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 23,555 | 21,178 | ||
Total Assets | 35,367 | 33,519 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 552 | 504 | ||
Investments in unconsolidated subsidiaries and affiliates under U.S. GAAP | 3,049 | 3,039 | ||
Industrial Activities [Member] | Agricultural equipment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 9,207 | 8,206 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 251 | 248 | ||
Industrial Activities [Member] | Construction equipment [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 2,688 | 2,573 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 1 | 1 | ||
Industrial Activities [Member] | Commercial Vehicle Products Group [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 9,902 | 8,766 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 312 | 264 | ||
Industrial Activities [Member] | Powertrain [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 2,815 | 2,521 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 5 | 5 | ||
Industrial Activities [Member] | Other Activity [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 7,538 | 10,339 | ||
Industrial Activities [Member] | Unallocated [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | -8,595 | -11,227 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | -17 | -14 | ||
Financial services [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total assets under IFRS | 28,616 | 25,891 | ||
Total Assets | 28,932 | 26,158 | ||
Investments in unconsolidated subsidiaries and affiliates under IFRS | 129 | 116 | ||
Investments in unconsolidated subsidiaries and affiliates under U.S. GAAP | $129 | $116 | ||
[1] | Includes deferred tax assets and direct tax receivables | |||
[2] | Includes cash and cash equivalents, financing receivables, securities and derivative assets of Industrial Activities. |
Revenue_by_Geographical_Segmen
Revenue by Geographical Segments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | $33,836 | $32,801 | $33,480 |
Rest of World and Other [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 32,843 | 31,839 | 32,492 |
Rest of World and Other [Member] | UNITED STATES | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 7,687 | 7,408 | 6,612 |
Rest of World and Other [Member] | BRAZIL | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 4,750 | 3,853 | 4,637 |
Rest of World and Other [Member] | FRANCE | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 3,030 | 2,733 | 2,968 |
Rest of World and Other [Member] | ITALY | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 2,688 | 2,624 | 3,438 |
Rest of World and Other [Member] | GERMANY | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 1,677 | 1,600 | 1,705 |
Rest of World and Other [Member] | CANADA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 1,687 | 1,779 | 1,546 |
Rest of World and Other [Member] | AUSTRALIA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 1,015 | 1,227 | 1,148 |
Rest of World and Other [Member] | ARGENTINA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 937 | 718 | 757 |
Rest of World and Other [Member] | SPAIN | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 666 | 665 | 897 |
Rest of World and Other [Member] | POLAND | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | 504 | 578 | 531 |
Rest of World and Other [Member] | Others Countries [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total revenues, Net | $8,202 | $8,654 | $8,253 |
Longlived_Assets_by_Geographic
Long-lived Assets by Geographical Segments (Detail) (Rest of World and Other [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | $11,240 | $10,050 |
UNITED STATES | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 4,474 | 4,175 |
ITALY | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 1,974 | 1,572 |
FRANCE | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 899 | 842 |
SPAIN | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 564 | 503 |
GERMANY | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 850 | 778 |
BRAZIL | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 523 | 540 |
CANADA | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 465 | 459 |
CHINA | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | 246 | 175 |
Others Countries [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total long-lived assets | $1,245 | $1,006 |
Recovered_Sheet8
IFRS To US GAAP Reconciliation Of Profit (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Profit in accordance with IFRS | $1,218 | $1,162 | $977 |
Adjustments to conform with U.S. GAAP | -390 | -286 | -338 |
Net Income | 828 | 876 | 639 |
Development costs, net [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Adjustments to conform with U.S. GAAP | -443 | -429 | -330 |
Goodwill and other intangible assets [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Adjustments to conform with U.S. GAAP | -8 | -9 | -8 |
Defined benefit plans [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Adjustments to conform with U.S. GAAP | -16 | -6 | -20 |
Restructuring provisions [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Adjustments to conform with U.S. GAAP | -17 | -18 | ' |
Other Adjustments [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Adjustments to conform with U.S. GAAP | -19 | 21 | 22 |
Tax impact on adjustments [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Adjustments to conform with U.S. GAAP | 158 | 132 | 113 |
Deferred tax assets and tax contingencies recognition [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Adjustments to conform with U.S. GAAP | ($45) | $23 | ($115) |
Recovered_Sheet9
IFRS To US GAAP Reconciliation Of Total Equity (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Total Equity in accordance with IFRS | $7,662 | $7,093 | ' | ' |
Adjustments to conform with U.S. GAAP | -2,707 | -2,268 | ' | ' |
Total Equity in accordance with U.S. GAAP | 4,955 | 4,825 | 4,857 | 4,559 |
Development costs, net [Member] | ' | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Adjustments to conform with U.S. GAAP | -2,862 | -2,361 | ' | ' |
Goodwill and other intangible assets [Member] | ' | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Adjustments to conform with U.S. GAAP | 130 | 142 | ' | ' |
Defined benefit plans [Member] | ' | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Adjustments to conform with U.S. GAAP | 29 | -11 | ' | ' |
Restructuring provisions [Member] | ' | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Adjustments to conform with U.S. GAAP | 6 | 22 | ' | ' |
Other Adjustments [Member] | ' | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Adjustments to conform with U.S. GAAP | 15 | 26 | ' | ' |
Tax impact on adjustments [Member] | ' | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Adjustments to conform with U.S. GAAP | 773 | 638 | ' | ' |
Deferred tax assets and tax contingencies recognition [Member] | ' | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' | ' |
Adjustments to conform with U.S. GAAP | ($798) | ($724) | ' | ' |
IFRS_to_US_GAAP_Reconciliation2
IFRS to US GAAP Reconciliation - Additional Information (Detail) (Capitalized Costs [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Capitalized Costs [Member] | ' | ' | ' |
Reconciliation Of Equity [Line Items] | ' | ' | ' |
Capitalized Development Costs | $759 | $685 | $556 |
Amortization of Development costs | $316 | $256 | $226 |
Related_Party_Information_Addi
Related Party Information - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Oct. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fiat Switzerland SA [Member] | Iveco-Oto Melara Societa consortile [Member] | Iveco-Oto Melara Societa consortile [Member] | Chrysler Group LLC [Member] | Fiat Group Automobile Spa [Member] | Fiat Group Automobile Spa [Member] | Fiat Group Automobile Spa [Member] | Brembo Group [Member] | Brembo Group [Member] | Brembo Group [Member] | ||
Indian Excise Department [Member] | Indian Excise Department [Member] | Indian Excise Department [Member] | |||||||||
Initial amount due [Member] | Maximum Interest Due [Member] | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common shares outstanding held by related parties | 40.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquired entity purchase price | ' | $19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Annual lease rent | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' |
Due from related party | ' | ' | ' | ' | ' | 45 | 59 | 128 | ' | ' | ' |
Pledged guarantees on commitments | ' | ' | 272 | 284 | ' | ' | ' | ' | ' | ' | ' |
Cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $46 | $56 |
Related_Party_Information_Sche
Related Party Information - Schedule of Related Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fiat Group [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Net sales | $904 | $818 | $1,159 |
Cost of goods sold | 631 | 561 | 578 |
Selling, general and administrative expenses | 275 | 278 | 306 |
Trade receivables | 36 | 73 | ' |
Trade payables | 178 | 179 | ' |
Subsidiaries and Affiliates [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Net sales | 718 | 747 | 1,010 |
Cost of goods sold | 505 | 653 | 539 |
Trade receivables | 83 | 120 | ' |
Trade payables | $162 | $149 | ' |
Supplemental_Information_Suppl
Supplemental Information - Supplemental Information of Income Statement (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Net sales | $32,632 | $31,529 | $32,224 |
Finance and interest income | 1,204 | 1,272 | 1,256 |
Total revenues | 33,836 | 32,801 | 33,480 |
Costs and Expenses | ' | ' | ' |
Cost of goods sold | 26,551 | 25,569 | 26,270 |
Selling, general & administrative expenses | 3,094 | 3,036 | 3,214 |
Research and development expenses | 1,222 | 1,129 | 1,026 |
Restructuring expenses | 71 | 231 | 131 |
Interest expense | 1,196 | 1,209 | 1,324 |
Other, net | 328 | 280 | 335 |
Total Costs and Expenses | 32,462 | 31,454 | 32,300 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 1,374 | 1,347 | 1,180 |
Income taxes | 671 | 564 | 652 |
Equity income of unconsolidated subsidiaries and affiliates | 125 | 93 | 111 |
Net income attributable to CNH Industrial N.V. | 677 | 756 | 545 |
Industrial Activities [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Net sales | 32,661 | 31,566 | 32,241 |
Finance and interest income | 271 | 268 | 291 |
Total revenues | 32,932 | 31,834 | 32,532 |
Costs and Expenses | ' | ' | ' |
Cost of goods sold | 26,580 | 25,606 | 26,287 |
Selling, general & administrative expenses | 2,764 | 2,604 | 2,597 |
Research and development expenses | 1,222 | 1,129 | 1,026 |
Restructuring expenses | 71 | 231 | 131 |
Interest expense | 799 | 763 | 885 |
Interest compensation to Financial Services | 352 | 344 | 334 |
Other, net | 251 | 195 | 218 |
Total Costs and Expenses | 32,039 | 30,872 | 31,478 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 893 | 962 | 1,054 |
Income taxes | 518 | 401 | 538 |
Equity income of unconsolidated subsidiaries and affiliates | 110 | 80 | 110 |
Results from intersegment investments | 343 | 235 | 13 |
Net income attributable to CNH Industrial N.V. | 828 | 876 | 639 |
Financial services [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Finance and interest income | 1,679 | 1,698 | 1,564 |
Total revenues | 1,679 | 1,698 | 1,564 |
Costs and Expenses | ' | ' | ' |
Selling, general & administrative expenses | 330 | 432 | 617 |
Interest expense | 658 | 700 | 648 |
Other, net | 210 | 181 | 173 |
Total Costs and Expenses | 1,198 | 1,313 | 1,438 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 481 | 385 | 126 |
Income taxes | 153 | 163 | 114 |
Equity income of unconsolidated subsidiaries and affiliates | 15 | 13 | 1 |
Results from intersegment investments | -1 | ' | 3 |
Net income attributable to CNH Industrial N.V. | $342 | $235 | $16 |
Supplemental_Information_Suppl1
Supplemental Information - Supplemental Information of Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $5,567 | $5,199 | $6,355 | $4,010 |
Restricted cash | 922 | 885 | ' | ' |
Trade receivables | 1,362 | 1,894 | ' | ' |
Financing receivables | 21,976 | 20,039 | 17,953 | ' |
Inventories, net | 7,410 | 6,260 | ' | ' |
Property, plant and equipment, net | 7,090 | 6,154 | ' | ' |
Investments in unconsolidated subsidiaries and affiliates | 645 | 594 | ' | ' |
Equipment under operating leases | 1,059 | 821 | ' | ' |
Goodwill | 2,504 | 2,510 | 2,502 | ' |
Other Intangible assets, net | 810 | 780 | ' | ' |
Deferred tax assets | 1,679 | 1,529 | ' | ' |
Derivative assets | 261 | 159 | ' | ' |
Other assets | 2,558 | 2,141 | ' | ' |
Total Assets | 53,843 | 48,965 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Debt | 29,866 | 27,052 | ' | ' |
Deferred tax liabilities | 385 | 210 | ' | ' |
Pension, postretirement and other post employment benefits | 2,427 | 2,564 | ' | ' |
Derivative liability | 94 | 128 | ' | ' |
Other liabilities | 8,735 | 7,790 | ' | ' |
TOTAL LIABILITIES | 48,876 | 44,133 | ' | ' |
Equity | 4,955 | 4,825 | 4,857 | 4,559 |
TOTAL EQUITY AND LIABILITIES | 53,843 | 48,965 | ' | ' |
Industrial Activities [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 4,010 | 3,890 | 5,482 | 3,339 |
Trade receivables | 1,338 | 1,821 | ' | ' |
Financing receivables | 5,826 | 6,189 | ' | ' |
Inventories, net | 7,314 | 6,144 | ' | ' |
Property, plant and equipment, net | 7,085 | 6,149 | ' | ' |
Investments in unconsolidated subsidiaries and affiliates | 3,049 | 3,039 | ' | ' |
Equipment under operating leases | 34 | 36 | ' | ' |
Goodwill | 2,340 | 2,343 | ' | ' |
Other Intangible assets, net | 796 | 768 | ' | ' |
Deferred tax assets | 1,437 | 1,290 | ' | ' |
Derivative assets | 254 | 160 | ' | ' |
Other assets | 1,884 | 1,690 | ' | ' |
Total Assets | 35,367 | 33,519 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Debt | 11,948 | 12,032 | ' | ' |
Trade payables | 7,162 | 6,239 | ' | ' |
Deferred tax liabilities | 225 | 78 | ' | ' |
Pension, postretirement and other post employment benefits | 2,419 | 2,553 | ' | ' |
Derivative liability | 78 | 103 | ' | ' |
Other liabilities | 8,568 | 7,682 | ' | ' |
TOTAL LIABILITIES | 30,400 | 28,687 | ' | ' |
Equity | 4,967 | 4,832 | ' | ' |
TOTAL EQUITY AND LIABILITIES | 35,367 | 33,519 | ' | ' |
Financial services [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 1,557 | 1,309 | 873 | 671 |
Restricted cash | 922 | 885 | ' | ' |
Trade receivables | 88 | 157 | ' | ' |
Financing receivables | 23,640 | 21,508 | ' | ' |
Inventories, net | 96 | 116 | ' | ' |
Property, plant and equipment, net | 5 | 5 | ' | ' |
Investments in unconsolidated subsidiaries and affiliates | 129 | 116 | ' | ' |
Equipment under operating leases | 1,025 | 785 | ' | ' |
Goodwill | 164 | 167 | ' | ' |
Other Intangible assets, net | 14 | 12 | ' | ' |
Deferred tax assets | 242 | 239 | ' | ' |
Derivative assets | 10 | 3 | ' | ' |
Other assets | 1,040 | 856 | ' | ' |
Total Assets | 28,932 | 26,158 | ' | ' |
LIABILITIES AND EQUITY | ' | ' | ' | ' |
Debt | 25,408 | 22,678 | ' | ' |
Trade payables | 273 | 234 | ' | ' |
Deferred tax liabilities | 160 | 132 | ' | ' |
Pension, postretirement and other post employment benefits | 8 | 11 | ' | ' |
Derivative liability | 19 | 29 | ' | ' |
Other liabilities | 531 | 513 | ' | ' |
TOTAL LIABILITIES | 26,399 | 23,597 | ' | ' |
Equity | 2,533 | 2,561 | ' | ' |
TOTAL EQUITY AND LIABILITIES | $28,932 | $26,158 | ' | ' |
Supplemental_Information_Suppl2
Supplemental Information - Supplemental Information of Cash Flow (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $677 | $756 | $545 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization expense, net of assets under operating lease and assets sold under buy-back commitments | 690 | 677 | 709 |
Depreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments | 413 | 362 | 314 |
Loss (gain) from disposal of assets | 25 | 22 | -46 |
Undistributed income of unconsolidated subsidiaries | -44 | 11 | -31 |
Other non cash items | 196 | 398 | 537 |
Changes in operating assets and liabilities: | ' | ' | ' |
Provisions | 107 | 79 | 249 |
Deferred income taxes | -59 | -10 | 157 |
Trade and financing receivables related to sales, net | -658 | -1,145 | -701 |
Inventories, net | -1,205 | -103 | -1,290 |
Trade payables | 963 | -168 | 1,258 |
Other assets and liabilities | 266 | -157 | 370 |
Net cash provided (used) by operating activities | 1,522 | 842 | 2,165 |
Investing activities: | ' | ' | ' |
Additions to retail receivables | -7,511 | -7,048 | -6,797 |
Collections of retail receivables | 6,043 | 6,175 | 6,325 |
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments | 7 | 97 | 15 |
Proceeds from sale of assets under operating leases and assets sold under buy-back commitments | 466 | 412 | 539 |
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease and sold under buy-back commitments | -1,227 | -1,048 | -820 |
Expenditures for assets under operating lease and assets sold under buy-back commitments | -1,439 | -1,186 | -1,154 |
Other | -127 | 1 | -443 |
Net cash (used) provided by investing activities | -3,788 | -2,597 | -2,335 |
Financing activities: | ' | ' | ' |
Proceeds from long-term debt | 12,464 | 11,364 | 16,708 |
Payments of long-term debt | -9,988 | -9,505 | -7,312 |
Net increase (decrease) in other financial liabilities | 514 | -657 | -6,568 |
Dividends paid | -368 | -616 | -11 |
Other | -6 | 13 | -2 |
Net cash (used) provided by financing activities | 2,616 | 599 | 2,815 |
Effect of foreign exchange rate changes on cash and cash equivalents | 18 | ' | -300 |
Increase (decrease) in cash and cash equivalents | 368 | -1,156 | 2,345 |
Cash and cash equivalents, beginning of year | 5,199 | 6,355 | 4,010 |
Cash and cash equivalents, end of year | 5,567 | 5,199 | 6,355 |
Industrial Activities [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income | 828 | 876 | 639 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization expense, net of assets under operating lease and assets sold under buy-back commitments | 686 | 673 | 706 |
Depreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments | 286 | 229 | 195 |
Loss (gain) from disposal of assets | 25 | 25 | -34 |
Undistributed income of unconsolidated subsidiaries | -108 | -151 | 31 |
Other non cash items | 72 | 180 | 118 |
Changes in operating assets and liabilities: | ' | ' | ' |
Provisions | 104 | 72 | 248 |
Deferred income taxes | -62 | -22 | 129 |
Trade and financing receivables related to sales, net | 306 | 85 | 452 |
Inventories, net | -1,225 | -103 | -1,322 |
Trade payables | 903 | -255 | 1,322 |
Other assets and liabilities | 395 | -29 | 249 |
Net cash provided (used) by operating activities | 2,210 | 1,580 | 2,733 |
Investing activities: | ' | ' | ' |
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments | 7 | 99 | 15 |
Proceeds from sale of assets under operating leases and assets sold under buy-back commitments | 194 | 181 | 304 |
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease and sold under buy-back commitments | -1,220 | -1,042 | -818 |
Expenditures for assets under operating lease and assets sold under buy-back commitments | -805 | -709 | -761 |
Other | 525 | -2,334 | -340 |
Net cash (used) provided by investing activities | -1,299 | -3,805 | -1,600 |
Financing activities: | ' | ' | ' |
Proceeds from long-term debt | 1,339 | 1,879 | 7,220 |
Payments of long-term debt | -2,049 | -660 | -464 |
Net increase (decrease) in other financial liabilities | 265 | 10 | -5,452 |
Dividends paid | -368 | -616 | -11 |
Other | -6 | 13 | -2 |
Net cash (used) provided by financing activities | -819 | 626 | 1,291 |
Effect of foreign exchange rate changes on cash and cash equivalents | 28 | 7 | -281 |
Increase (decrease) in cash and cash equivalents | 120 | -1,592 | 2,143 |
Cash and cash equivalents, beginning of year | 3,890 | 5,482 | 3,339 |
Cash and cash equivalents, end of year | 4,010 | 3,890 | 5,482 |
Financial services [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income | 342 | 235 | 16 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization expense, net of assets under operating lease and assets sold under buy-back commitments | 4 | 4 | 3 |
Depreciation and amortization expense of assets under operating lease and assets sold under buy-back commitments | 127 | 133 | 119 |
Loss (gain) from disposal of assets | ' | -3 | -12 |
Undistributed income of unconsolidated subsidiaries | -8 | -6 | 3 |
Other non cash items | 124 | 218 | 420 |
Changes in operating assets and liabilities: | ' | ' | ' |
Provisions | 3 | 7 | 1 |
Deferred income taxes | 3 | 12 | 28 |
Trade and financing receivables related to sales, net | -943 | -1,149 | -1,170 |
Inventories, net | 20 | ' | 32 |
Trade payables | 39 | 6 | -44 |
Other assets and liabilities | -129 | -128 | 118 |
Net cash provided (used) by operating activities | -418 | -671 | -486 |
Investing activities: | ' | ' | ' |
Additions to retail receivables | -7,511 | -7,048 | -6,797 |
Collections of retail receivables | 6,043 | 6,175 | 6,325 |
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments | ' | 32 | ' |
Proceeds from sale of assets under operating leases and assets sold under buy-back commitments | 272 | 231 | 235 |
Expenditures for property, plant and equipment and intangible assets, net of assets under operating lease and sold under buy-back commitments | -7 | -6 | -2 |
Expenditures for assets under operating lease and assets sold under buy-back commitments | -634 | -477 | -393 |
Other | -663 | 2,076 | -322 |
Net cash (used) provided by investing activities | -2,500 | 983 | -954 |
Financing activities: | ' | ' | ' |
Proceeds from long-term debt | 11,125 | 9,485 | 9,488 |
Payments of long-term debt | -7,939 | -8,845 | -6,848 |
Net increase (decrease) in other financial liabilities | 249 | -667 | -1,116 |
Dividends paid | -270 | -67 | -82 |
Other | 11 | 225 | 219 |
Net cash (used) provided by financing activities | 3,176 | 131 | 1,661 |
Effect of foreign exchange rate changes on cash and cash equivalents | -10 | -7 | -19 |
Increase (decrease) in cash and cash equivalents | 248 | 436 | 202 |
Cash and cash equivalents, beginning of year | 1,309 | 873 | 671 |
Cash and cash equivalents, end of year | $1,557 | $1,309 | $873 |
Supplemental_Condensed_Consoli2
Supplemental Condensed Consolidating Financial Information - Condensed Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Total revenues | $33,836 | $32,801 | $33,480 |
Cost and Expenses: | ' | ' | ' |
Cost of goods sold | 26,551 | 25,569 | 26,270 |
Selling, general and administrative expenses | 3,094 | 3,036 | 3,214 |
Research and development expenses | 1,222 | 1,129 | 1,026 |
Restructuring expenses | 71 | 231 | 131 |
Interest expense | 1,196 | 1,209 | 1,324 |
Other, net | 328 | 280 | 335 |
Total cost and expenses | 32,462 | 31,454 | 32,300 |
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 1,374 | 1,347 | 1,180 |
Income taxes | 671 | 564 | 652 |
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 125 | 93 | 111 |
Net income (loss) | 828 | 876 | 639 |
Net income attributable to noncontrolling interests | 151 | 120 | 94 |
Net income attributable to owners of the parent | 677 | 756 | 545 |
CNH Industrial N.V. [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Total revenues | 56 | 101 | 59 |
Cost and Expenses: | ' | ' | ' |
Selling, general and administrative expenses | 92 | 68 | 53 |
Interest expense | 173 | 147 | 227 |
Other, net | 395 | 36 | -9 |
Total cost and expenses | 660 | 251 | 271 |
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | -604 | -150 | -212 |
Income taxes | 41 | 20 | -37 |
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 1,322 | 926 | 720 |
Net income (loss) | 677 | 756 | 545 |
Net income attributable to owners of the parent | 677 | 756 | 545 |
Case New Holland Inc. [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Total revenues | 10 | 11 | 43 |
Cost and Expenses: | ' | ' | ' |
Selling, general and administrative expenses | 2 | 1 | 2 |
Interest expense | 262 | 280 | 209 |
Other, net | 1 | ' | ' |
Total cost and expenses | 265 | 281 | 211 |
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | -255 | -270 | -168 |
Income taxes | -95 | -101 | -67 |
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 1,056 | 682 | 621 |
Net income (loss) | 896 | 513 | 520 |
Net income attributable to owners of the parent | 896 | 513 | 520 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Total revenues | 15,714 | 15,365 | 13,739 |
Cost and Expenses: | ' | ' | ' |
Cost of goods sold | 12,647 | 12,543 | 11,364 |
Selling, general and administrative expenses | 750 | 752 | 687 |
Research and development expenses | 455 | 425 | 334 |
Restructuring expenses | 1 | ' | -2 |
Interest expense | 136 | 116 | 141 |
Interest compensation to Financial Services | 206 | 198 | 193 |
Other, net | -108 | 235 | 185 |
Total cost and expenses | 14,087 | 14,269 | 12,902 |
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 1,627 | 1,096 | 837 |
Income taxes | 372 | 281 | 195 |
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 355 | 453 | 428 |
Net income (loss) | 1,610 | 1,268 | 1,070 |
Net income attributable to owners of the parent | 1,610 | 1,268 | 1,070 |
All Other Subsidiaries [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Total revenues | 25,472 | 24,155 | 25,843 |
Cost and Expenses: | ' | ' | ' |
Cost of goods sold | 20,615 | 19,197 | 20,527 |
Selling, general and administrative expenses | 2,250 | 2,215 | 2,472 |
Research and development expenses | 767 | 704 | 692 |
Restructuring expenses | 70 | 231 | 133 |
Interest expense | 1,124 | 1,128 | 1,137 |
Other, net | 40 | 9 | 159 |
Total cost and expenses | 24,866 | 23,484 | 25,120 |
Income (loss) before income taxes and equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 606 | 671 | 723 |
Income taxes | 353 | 364 | 561 |
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | 601 | 256 | 188 |
Net income (loss) | 854 | 563 | 350 |
Net income attributable to noncontrolling interests | 151 | 120 | 94 |
Net income attributable to owners of the parent | 703 | 443 | 256 |
Eliminations [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Total revenues | -7,416 | -6,831 | -6,204 |
Cost and Expenses: | ' | ' | ' |
Cost of goods sold | -6,711 | -6,171 | -5,621 |
Interest expense | -499 | -462 | -390 |
Interest compensation to Financial Services | -206 | -198 | -193 |
Total cost and expenses | -7,416 | -6,831 | -6,204 |
Equity in income of unconsolidated affiliates and consolidated subsidiaries accounted for under the equity method | -3,209 | -2,224 | -1,846 |
Net income (loss) | -3,209 | -2,224 | -1,846 |
Net income attributable to owners of the parent | ($3,209) | ($2,224) | ($1,846) |
Supplemental_Condensed_Consoli3
Supplemental Condensed Consolidating Financial Information - Condensed Statements of Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements [Line Items] | ' | ' | ' |
Comprehensive income (loss) | $475 | $454 | $235 |
Comprehensive income attributable to noncontrolling interests | 132 | 80 | 36 |
Comprehensive income (loss) attributable to parent | 343 | 374 | 199 |
CNH Industrial N.V. [Member] | ' | ' | ' |
Condensed Financial Statements [Line Items] | ' | ' | ' |
Comprehensive income (loss) | 343 | 374 | 199 |
Comprehensive income (loss) attributable to parent | 343 | 374 | 199 |
Case New Holland Inc. [Member] | ' | ' | ' |
Condensed Financial Statements [Line Items] | ' | ' | ' |
Comprehensive income (loss) | 896 | 513 | 520 |
Comprehensive income (loss) attributable to parent | 896 | 513 | 520 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements [Line Items] | ' | ' | ' |
Comprehensive income (loss) | 1,807 | 1,223 | 922 |
Comprehensive income (loss) attributable to parent | 1,807 | 1,223 | 922 |
All Other Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements [Line Items] | ' | ' | ' |
Comprehensive income (loss) | 514 | 369 | -82 |
Comprehensive income attributable to noncontrolling interests | 132 | 80 | 36 |
Comprehensive income (loss) attributable to parent | 382 | 289 | -118 |
Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements [Line Items] | ' | ' | ' |
Comprehensive income (loss) | -3,085 | -2,025 | -1,324 |
Comprehensive income (loss) attributable to parent | ($3,085) | ($2,025) | ($1,324) |
Supplemental_Condensed_Consoli4
Supplemental Condensed Consolidating Financial Information - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $5,567 | $5,199 | $6,355 | $4,010 |
Receivables | 23,338 | 21,933 | ' | ' |
Inventories, net | 7,410 | 6,260 | ' | ' |
Property, plant and equipment, net | 7,090 | 6,154 | ' | ' |
Equipment on operating leases | 1,059 | 821 | ' | ' |
Investments in unconsolidated subsidiaries and affiliates | 645 | 594 | ' | ' |
Goodwill and intangibles | 3,314 | 3,290 | ' | ' |
Other | 5,420 | 4,714 | ' | ' |
Total Assets | 53,843 | 48,965 | ' | ' |
Liabilities and equity: | ' | ' | ' | ' |
Debt | 29,866 | 27,052 | ' | ' |
Trade payables | 7,369 | 6,389 | ' | ' |
Other liabilities | 11,653 | 10,699 | ' | ' |
Total equity | 4,955 | 4,825 | 4,857 | 4,559 |
TOTAL EQUITY AND LIABILITIES | 53,843 | 48,965 | ' | ' |
CNH Industrial N.V. [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1 | 105 | 602 | 1,101 |
Deposits in subsidiaries' cash management pools | ' | 69 | ' | ' |
Receivables | 72 | 2,191 | ' | ' |
Investments in unconsolidated subsidiaries and affiliates | 239 | 209 | ' | ' |
Investments in consolidated subsidiaries | 10,937 | 6,716 | ' | ' |
Goodwill and intangibles | 2 | 1 | ' | ' |
Other | 147 | 195 | ' | ' |
Total Assets | 11,398 | 9,486 | ' | ' |
Liabilities and equity: | ' | ' | ' | ' |
Debt | 5,321 | 4,537 | ' | ' |
Trade payables | 23 | 14 | ' | ' |
Other liabilities | 1,153 | 1,011 | ' | ' |
Total equity | 4,901 | 3,924 | ' | ' |
TOTAL EQUITY AND LIABILITIES | 11,398 | 9,486 | ' | ' |
Case New Holland Inc. [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | ' | 200 | ' | 892 |
Receivables | 1,242 | 796 | ' | ' |
Investments in consolidated subsidiaries | 6,288 | 5,081 | ' | ' |
Other | 29 | 164 | ' | ' |
Total Assets | 7,559 | 6,241 | ' | ' |
Liabilities and equity: | ' | ' | ' | ' |
Debt | 4,872 | 4,841 | ' | ' |
Trade payables | 98 | 4 | ' | ' |
Other liabilities | 132 | -13 | ' | ' |
Total equity | 2,457 | 1,409 | ' | ' |
TOTAL EQUITY AND LIABILITIES | 7,559 | 6,241 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 42 | 32 | 92 | 156 |
Deposits in subsidiaries' cash management pools | 3,739 | 2,876 | ' | ' |
Receivables | 5,934 | 5,192 | ' | ' |
Inventories, net | 2,096 | 1,763 | ' | ' |
Property, plant and equipment, net | 1,293 | 1,151 | ' | ' |
Investments in unconsolidated subsidiaries and affiliates | 1 | 2 | ' | ' |
Investments in consolidated subsidiaries | 1,967 | 2,546 | ' | ' |
Goodwill and intangibles | 2,761 | 2,755 | ' | ' |
Other | 1,500 | 1,364 | ' | ' |
Total Assets | 19,333 | 17,681 | ' | ' |
Liabilities and equity: | ' | ' | ' | ' |
Debt | 3,355 | 3,589 | ' | ' |
Trade payables | 3,085 | 2,491 | ' | ' |
Other liabilities | 4,217 | 4,159 | ' | ' |
Total equity | 8,676 | 7,442 | ' | ' |
TOTAL EQUITY AND LIABILITIES | 19,333 | 17,681 | ' | ' |
All Other Subsidiaries [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 5,524 | 4,862 | 5,661 | 1,861 |
Receivables | 35,328 | 32,692 | ' | ' |
Inventories, net | 5,314 | 4,497 | ' | ' |
Property, plant and equipment, net | 5,797 | 5,003 | ' | ' |
Equipment on operating leases | 1,059 | 821 | ' | ' |
Investments in unconsolidated subsidiaries and affiliates | 405 | 383 | ' | ' |
Investments in consolidated subsidiaries | 1,589 | 1,010 | ' | ' |
Goodwill and intangibles | 551 | 534 | ' | ' |
Other | 4,846 | 3,973 | ' | ' |
Total Assets | 60,413 | 53,775 | ' | ' |
Liabilities and equity: | ' | ' | ' | ' |
Debt | 35,775 | 33,533 | ' | ' |
Trade payables | 7,612 | 6,259 | ' | ' |
Other liabilities | 7,324 | 6,580 | ' | ' |
Total equity | 9,702 | 7,403 | ' | ' |
TOTAL EQUITY AND LIABILITIES | 60,413 | 53,775 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Deposits in subsidiaries' cash management pools | -3,739 | -2,945 | ' | ' |
Receivables | -19,238 | -18,938 | ' | ' |
Investments in consolidated subsidiaries | -20,781 | -15,353 | ' | ' |
Other | -1,102 | -982 | ' | ' |
Total Assets | -44,860 | -38,218 | ' | ' |
Liabilities and equity: | ' | ' | ' | ' |
Debt | -19,457 | -19,448 | ' | ' |
Trade payables | -3,449 | -2,379 | ' | ' |
Other liabilities | -1,173 | -1,038 | ' | ' |
Total equity | -20,781 | -15,353 | ' | ' |
TOTAL EQUITY AND LIABILITIES | ($44,860) | ($38,218) | ' | ' |
Supplemental_Condensed_Consoli5
Supplemental Condensed Consolidating Financial Information - Condensed Statements of Cash Flow (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income (loss) | $828 | $876 | $639 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization | 1,103 | 1,039 | 1,023 |
Other, net | -409 | -1,073 | 503 |
Net cash provided (used) by operating activities | 1,522 | 842 | 2,165 |
Investing activities: | ' | ' | ' |
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy-back commitment and intangible assets | -2,666 | -2,234 | -1,974 |
Net additions from retail receivables and related securitizations | -1,468 | -873 | -472 |
Other, net | 346 | 510 | 111 |
Net cash (used) provided by investing activities | -3,788 | -2,597 | -2,335 |
Financing Activities: | ' | ' | ' |
Net (decrease) increase in indebtedness | 2,990 | 1,202 | 2,828 |
Dividends paid | -368 | -616 | -11 |
Other, net | -6 | 13 | -2 |
Net cash provided (used) by financing activities | 2,616 | 599 | 2,815 |
Other, net | 18 | ' | -300 |
Increase (decrease) in cash and cash equivalents | 368 | -1,156 | 2,345 |
Cash and cash equivalents, beginning of year | 5,199 | 6,355 | 4,010 |
Cash and cash equivalents, end of year | 5,567 | 5,199 | 6,355 |
CNH Industrial N.V. [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) | 677 | 756 | 545 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Other, net | -464 | -416 | 818 |
Net cash provided (used) by operating activities | 213 | 340 | 1,363 |
Investing activities: | ' | ' | ' |
(Deposits in) withdrawals from subsidiaries' cash management pools | 69 | 344 | -393 |
Other, net | -1,937 | -696 | 1,139 |
Net cash (used) provided by investing activities | -1,868 | -352 | 746 |
Financing Activities: | ' | ' | ' |
Net (decrease) increase in indebtedness | 1,612 | 12 | -2,642 |
Dividends paid | -365 | -567 | ' |
Other, net | 304 | 70 | 34 |
Net cash provided (used) by financing activities | 1,551 | -485 | -2,608 |
Increase (decrease) in cash and cash equivalents | -104 | -497 | -499 |
Cash and cash equivalents, beginning of year | 105 | 602 | 1,101 |
Cash and cash equivalents, end of year | 1 | 105 | 602 |
Case New Holland Inc. [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) | 896 | 513 | 520 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Other, net | -1,154 | -853 | -872 |
Net cash provided (used) by operating activities | -258 | -340 | -352 |
Financing Activities: | ' | ' | ' |
Net (decrease) increase in indebtedness | 58 | 538 | 259 |
Dividends paid | ' | ' | -799 |
Other, net | ' | 2 | ' |
Net cash provided (used) by financing activities | 58 | 540 | -540 |
Increase (decrease) in cash and cash equivalents | -200 | 200 | -892 |
Cash and cash equivalents, beginning of year | 200 | ' | 892 |
Cash and cash equivalents, end of year | ' | 200 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) | 1,610 | 1,268 | 1,070 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization | 190 | 175 | 175 |
Other, net | 1,101 | -106 | 627 |
Net cash provided (used) by operating activities | 2,901 | 1,337 | 1,872 |
Investing activities: | ' | ' | ' |
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy-back commitment and intangible assets | -235 | -259 | -194 |
(Deposits in) withdrawals from subsidiaries' cash management pools | -842 | 266 | -1,832 |
Other, net | -917 | -387 | -454 |
Net cash (used) provided by investing activities | -1,994 | -380 | -2,480 |
Financing Activities: | ' | ' | ' |
Net (decrease) increase in indebtedness | -310 | -761 | 1 |
Dividends paid | -586 | -257 | -354 |
Other, net | ' | ' | 897 |
Net cash provided (used) by financing activities | -896 | -1,018 | 544 |
Other, net | -1 | 1 | ' |
Increase (decrease) in cash and cash equivalents | 10 | -60 | -64 |
Cash and cash equivalents, beginning of year | 32 | 92 | 156 |
Cash and cash equivalents, end of year | 42 | 32 | 92 |
All Other Subsidiaries [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) | 854 | 563 | 350 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization | 913 | 864 | 848 |
Other, net | -649 | -318 | 1,365 |
Net cash provided (used) by operating activities | 1,118 | 1,109 | 2,563 |
Investing activities: | ' | ' | ' |
Expenditures for property, plant and equipment, equipment on operating lease, equipment sold under a buy-back commitment and intangible assets | -2,431 | -1,975 | -1,780 |
Net additions from retail receivables and related securitizations | -1,468 | -873 | -472 |
Other, net | 81 | 156 | 425 |
Net cash (used) provided by investing activities | -3,818 | -2,692 | -1,827 |
Financing Activities: | ' | ' | ' |
Net (decrease) increase in indebtedness | 1,721 | 462 | 1,761 |
Dividends paid | -1,385 | -399 | -457 |
Other, net | 3,007 | 722 | 2,060 |
Net cash provided (used) by financing activities | 3,343 | 785 | 3,364 |
Other, net | 19 | -1 | -300 |
Increase (decrease) in cash and cash equivalents | 662 | -799 | 3,800 |
Cash and cash equivalents, beginning of year | 4,862 | 5,661 | 1,861 |
Cash and cash equivalents, end of year | 5,524 | 4,862 | 5,661 |
Eliminations [Member] | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net income (loss) | -3,209 | -2,224 | -1,846 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Other, net | 757 | 620 | -1,435 |
Net cash provided (used) by operating activities | -2,452 | -1,604 | -3,281 |
Investing activities: | ' | ' | ' |
(Deposits in) withdrawals from subsidiaries' cash management pools | 773 | -610 | 2,225 |
Other, net | 3,119 | 1,437 | -999 |
Net cash (used) provided by investing activities | 3,892 | 827 | 1,226 |
Financing Activities: | ' | ' | ' |
Net (decrease) increase in indebtedness | -91 | 951 | 3,449 |
Dividends paid | 1,968 | 607 | 1,599 |
Other, net | -3,317 | -781 | -2,993 |
Net cash provided (used) by financing activities | ($1,440) | $777 | $2,055 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 18, 2014 | Mar. 18, 2014 |
USD ($) | USD ($) | USD ($) | Foreign Currency Gain (Loss) [Member] | CNH Industrial Finance Europe S.A. (formerly Fiat Industrial Finance Europe S.A.) [Member] | Fiat Industrial Subsidiaries [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | CNH Industrial Finance Europe S.A. (formerly Fiat Industrial Finance Europe S.A.) [Member] | Fiat Industrial Subsidiaries [Member] | |||||||
USD ($) | EUR (€) | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, including current maturities | $12,464 | $11,364 | $16,708 | ' | ' | ' | ' | ' | € 1,000 | ' |
Long term notes offering closed date | ' | ' | ' | ' | 18-Mar-14 | ' | ' | ' | ' | ' |
Long-term debt, Percentage bearing fixed interest, Percentage rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% |
Long term notes maturity period | ' | ' | ' | ' | ' | '2019-03 | ' | ' | ' | ' |
Bolivar fuerte re-measurement exchange rate | ' | ' | ' | 6.3 | ' | ' | 10.7 | 6.3 | ' | ' |
Exchange rate adjustment pre-tax re-measurement charge | ' | ' | ' | ' | ' | ' | ($64) | ' | ' | ' |