BASIS OF PRESENTATION (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Discontinued Financial Information

The following table presents the assets and liabilities of the Iveco Group Business classified as Assets Held for Distribution and Liabilities Held for Distribution:

		December 31, 2021
	(in millions)
ASSETS HELD FOR DISTRIBUTION
Cash and cash equivalents		$	961
Restricted cash		55
Trade receivables, net		165
Financing receivables, net		3,284
Inventories, net		3,005
Property, plant and equipment, net		3,221
Investments in unconsolidated subsidiaries and affiliates		613
Equipment under operating leases		66
Goodwill, net		80
Other intangible assets, net		141
Deferred tax assets		1,059
Other assets		896
Total Assets Held for Distribution		$	13,546
LIABILITIES HELD FOR DISTRIBUTION
Debt		2,343
Trade payables		3,366
Deferred tax liabilities		14
Pension, postretirement and other postemployment benefits		560
Other liabilities		5,609
Total Liabilities Held for Distribution		$	11,892

Details of Statement of Operations line items included in Discontinued Operations, after the eliminations, for three and six months ended June 30, 2021 are as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2021		2021
	(in millions)
Revenues
Net sales	$	3,962	$	7,532
Finance, interest and other income	43		92
Total Revenues	$	4,005	$	7,624
Costs and Expenses
Cost of goods sold	3,401		6,459
Selling, general and administrative expenses	267		488
Research and development expenses	165		296
Restructuring expenses	3		4
Interest expense	28		57
Other, net	(75)		—
Total Costs and Expenses	$	3,789	$	7,304
Income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates	216		320
Income tax (expense) benefit	(36)		(77)
Equity in income of unconsolidated subsidiaries and affiliates	5		4
Net Income (loss) from discontinued operations	$	185	$	247

Cash flows from Discontinued Operations from the six months ended June 30, 2021 are as follows:

		Six Months Ended June 30,
		2021
	(in millions)
Operating activities:
Net income (loss) of discontinued operations		$	247
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense, net of depreciation and amortization of assets under operating leases and assets sold under buy-back commitments		159
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		148
Loss on disposal of assets		2
Loss on repurchase of notes		—
Undistributed income of unconsolidated subsidiaries		16
Other non-cash items		(48)
Changes in operating assets and liabilities:
Provisions		60
Deferred income taxes		(7)
Trade and financing receivables related to sales, net		151
Inventories, net		(585)
Trade payables		322
Other assets and liabilities		105
Cash flow from operating activities of discontinued operation		$	570
Investing activities:
Additions to retail receivables		(14)
Collections of retail receivables		20
Proceeds from the sale of assets, net of assets under operating leases and assets sold under buy-back commitments		1
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and assets sold under buy-back commitments		(97)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(371)
Other		308
Cash flow provided by (used in) investing activities of discontinued operation		$	(153)
Financing activities:
Proceeds from long-term debt		1,566
Payments of long-term debt		(2,068)
Net decrease in other financial liabilities		132
Dividends paid		—
Cash flow from financing activities of discontinued operation		$	(370)