REVENUE

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

The following table summarizes revenues for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,
	2019			2018
	(in millions)
Agriculture	$	2,446		$	2,636
Construction	664			726
Commercial and Specialty Vehicles	2,331			2,404
Powertrain	940			972
Eliminations and Other	(489		)	(493		)
Total Industrial Activities	$	5,892		$	6,245
Financial Services	487			469
Eliminations and Other	(19		)	(28		)
Total Revenues	$	6,360		$	6,686



	Nine Months Ended September 30,
	2019			2018
	(in millions)
Agriculture	$	8,031		$	8,527
Construction	2,061			2,207
Commercial and Specialty Vehicles	7,443			7,788
Powertrain	3,109			3,376
Eliminations and Other	(1,678		)	(1,774		)
Total Industrial Activities	$	18,966		$	20,124
Financial Services	1,480			1,469
Eliminations and Other	(62		)	(89		)
Total Revenues	$	20,384		$	21,504

The following table disaggregates revenues by major source for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,
	2019		2018
	(in millions)
Revenues from:
Sales of goods	$	5,603	$	6,018
Rendering of services and other revenues	196		112
Rents on assets sold with a buy-back commitment	93		115
Revenues from sales of goods and services	5,892		6,245
Finance and interest income	290		261
Rents and other income on operating lease	178		180
Finance, interest and other income	468		441
Total Revenues	$	6,360	$	6,686



	Nine Months Ended September 30,
	2019		2018
	(in millions)
Revenues from:
Sales of goods	$	18,168	$	19,467
Rendering of services and other revenues	500		297
Rents on assets sold with a buy-back commitment	298		360
Revenues from sales of goods and services	18,966		20,124
Finance and interest income	869		835
Rents and other income on operating lease	549		545
Finance, interest and other income	1,418		1,380
Total Revenues	$	20,384	$	21,504

Contract liabilities recorded in Other liabilities were $1,206 million and $1,368 million at September 30, 2019 and December 31, 2018, respectively. Contract liabilities primarily relate to extended warranties/maintenance and repair contracts and transactions for the sale of vehicles with a buy-back commitment. During the three months ended September 30, 2019 and 2018, revenues included $118 million and $125 million, respectively, relating to contract liabilities outstanding at the beginning of each period. During the nine months ended September 30, 2019 and 2018, revenues included $415 million and $440 million, respectively, relating to contract liabilities outstanding at the beginning of each period. As of September 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.9 billion. The Company expects to recognize revenue on approximately 40% and 84% of the remaining performance obligations over the next 12 and 36 months, respectively, with the remaining recognized thereafter.