BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2021 are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
	(in millions)
Revenues
Net sales	$	3,423	$	10,955
Finance, interest and other income	44		136
Total Revenues	$	3,467	$	11,091
Costs and Expenses
Cost of goods sold	3,005		9,464
Selling, general and administrative expenses	211		699
Research and development expenses	133		429
Restructuring expenses	7		11
Interest expense	35		92
Other, net	228		228
Total Costs and Expenses	$	3,619	$	10,923
Income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates	(152)		168
Income tax (expense) benefit	—		(77)
Equity in income of unconsolidated subsidiaries and affiliates	21		25
Net Income (loss) from discontinued operations	$	(131)	$	116

Cash flows from Discontinued Operations from the nine months ended September 30, 2021 are as follows:

		Nine Months Ended September 30,
		2021
	(in millions)
Operating activities:
Net income (loss) of discontinued operations		$	116
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		233
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments		223
Loss on disposal of assets		(43)
Undistributed income of unconsolidated subsidiaries		(5)
Other non-cash items		144
Changes in operating assets and liabilities:
Provisions		108
Deferred income taxes		(2)
Trade and financing receivables related to sales, net		450
Inventories, net		(639)
Trade payables		(204)
Other assets and liabilities		37
Cash flow from operating activities of discontinued operation		$	418
Investing activities:
Additions to retail receivables		(24)
Collections of retail receivables		38
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		(167)
Expenditures for assets under operating leases and assets sold under buy-back commitments		(536)
Other		822
Cash flow provided by (used in) investing activities of discontinued operation		$	134
Financing activities:
Proceeds from long-term debt		2,409
Payments of long-term debt		(2,906)
Net decrease in other financial liabilities		47
Dividends paid		—
Cash flow from financing activities of discontinued operation		$	(450)