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This excerpt taken from the CNH 20-F filed Mar 3, 2009. Foreign Currency Translation Certain of CNH’s non-U.S. subsidiaries and affiliates maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of 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 non-U.S. subsidiaries are translated at the average exchange rates for the period, and 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 income.
F-9
Table of ContentsCNH GLOBAL N.V. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
This excerpt taken from the CNH 20-F filed Mar 5, 2008. Foreign Currency Translation Certain of CNH’s non-U.S. subsidiaries and affiliates maintain their books and accounting records using local currency as the functional currency. Assets and liabilities of 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 non-U.S. subsidiaries are translated at the average exchange rates for the period, and 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 income.
F-9
Table of ContentsCNH GLOBAL N.V. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
This excerpt taken from the CNH 20-F filed Mar 30, 2007. Foreign
Currency Translation
CNH’s
non-U.S. subsidiaries
and affiliates maintain their books and accounting records using
local currency as the functional currency, except for those
operating in hyperinflationary economies. Assets and liabilities
of
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
non-U.S. subsidiaries
are translated at the average exchange rates for the period, and
gains and losses from foreign currency transactions are included
in net income in the period during which they arise. The
U.S. dollar is used as the functional currency for
subsidiaries and affiliates operating in highly inflationary
economies for which both translation adjustments and gains and
losses on foreign currency transactions are included in the
determination of net income (loss) in the period during which
they arise. Net foreign exchange gains and losses are reflected
in “Other, net” in the accompanying consolidated
statements of income.
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