CNH Industrial SEC Filings

6-K
CNH INDUSTRIAL N.V. filed this Form 6-K on 11/06/2017
Entire Document
 

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 September 30, 2017 and December 31, 2016:

 

 

Level 1

 

 

Level 2

 

 

Total

 

 

 

September 30,

2017

 

 

December 31,

2016

 

 

September 30,

2017

 

 

December 31,

2016

 

 

September 30,

2017

 

 

December 31,

2016

 

 

 

(in millions)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange derivatives

 

$

 

 

$

 

 

$

75

 

 

$

78

 

 

$

75

 

 

$

78

 

Interest rate derivatives

 

 

 

 

 

 

 

 

14

 

 

 

17

 

 

 

14

 

 

 

17

 

Cross currency swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities

 

 

1

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Total assets

 

$

1

 

 

$

1

 

 

$

89

 

 

$

95

 

 

$

90

 

 

$

96

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange derivatives

 

$

 

 

$

 

 

$

(68

)

 

$

(221

)

 

$

(68

)

 

$

(221

)

Interest rate derivatives

 

 

 

 

 

 

 

 

(16

)

 

 

(28

)

 

 

(16

)

 

 

(28

)

Total liabilities

 

$

 

 

$

 

 

$

(84

)

 

$

(249

)

 

$

(84

)

 

$

(249

)

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 condensed consolidated balance sheets approximates its fair value.

Financial Instruments Not Carried at Fair Value

The estimated fair market values of financial instruments not carried at fair value in the condensed consolidated balance sheets as of September 30, 2017 and December 31, 2016 are as follows:

  

 

September 30, 2017

 

 

December 31, 2016

 

 

 

Carrying

Amount

 

 

Fair

Value

 

 

Carrying

Amount

 

 

Fair

Value

 

 

 

(in millions)

 

Financing receivables

 

$

19,182

 

 

$

19,234

 

 

$

18,662

 

 

$

18,554

 

Debt

 

$

25,518

 

 

$

25,774

 

 

$

25,276

 

 

$

25,372

 

 

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 bonds issued by CNH Industrial Finance Europe S.A. and bonds issued by CNH Industrial N.V. that are classified as a Level 1 fair value measurement.

 

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