XML 102 R50.htm IDEA: XBRL DOCUMENT v3.22.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of reconciliation of profit under US GAAP
The following table includes the reconciliation of Adjusted EBIT for Industrial Activities to net income, the most comparable U.S. GAAP financial measure, for the years ended December 31, 2022, 2021, and 2020.
Years Ended December 31,
202220212020
(in millions)
Agriculture$2,456 $1,810 $880 
Construction124 90 (184)
Unallocated items, eliminations, and other(147)(137)(113)
Total Adjusted EBIT of Industrial Activities2,433 1,763 583 
Financial Services Net Income338 349243 
Financial Services Income Taxes125 107 85 
Interest expense of Industrial Activities, net of interest income and eliminations(119)(118)(140)
Foreign exchange (gains) losses, net of Industrial Activities(59)(1)(12)
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1)
124 143 (9)
Restructuring expenses of Industrial Activities(31)(35)(22)
Goodwill impairment charge— — (585)
Other discrete items of Industrial Activities(2)
(25)(178)(256)
Income (loss) before taxes2,786 2,030 (113)
Income tax benefit (expense)(747)(229)(85)
Net (loss) from discontinued operations$— $(41)$(240)
Net Income (loss)$2,039 $1,760 $(438)
(1) In the years ended December 31, 2022, 2021 and 2020 this item includes the pre-tax gain of $90 million, $119 million and $119 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from 2018 modification of a healthcare plan in the U.S. In the year ended December 31, 2022 and December 31, 2021, this item also includes a pre-tax gain of $24 million and $5 million as a result of the amortization over 4 years of the $101 million positive impact from 2021 modifications of a healthcare plan in the U.S. which occurred in the fourth quarter of 2021. In the year ended December 31, 2020, this item also included a pre-tax non-cash settlement charge of $124 million, respectively, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations.
(2) In the year ended December 31, 2022, this item included $43 million of asset write-downs, $25 million of separation costs incurred in connection with spin-off of the Iveco Group Business and $22 million of costs related to the activity of the Raven segments held for sale, including the loss on the sale of the Engineered Films and Aerostar divisions, partially offset by a $65 million gain on the sale of our Canada parts depot. In the year ended December 31, 2021, this item included $133 million separation costs in connection with the spin-off of the Iveco Group business and a charge of $57 million for transaction costs related to the acquisition of Raven Industries, Inc., partially offset by a gain of $12 million for a fair value adjustment of Monarch Tractor investments. In the year ended December 31, 2020, this item mainly includes impairment of intangible and other long-lived assets.
Schedule of profit by reportable segment
The following table provides key segment information for the Financial Services segment:
Years Ended December 31,
202220212020
(in millions)
Financial Services Net Income (from continuing operations)$338 $349 $243 
Financial Services Interest Revenue (1)
$1,149 $918 $964 
Financial Services Interest Expense$601 $409 $485 
(1) This amount excludes interest included in operating leases rentals.
Summary of operating segment information
A summary of additional operating segment information as of and for the years ended December 31, 2022, 2021, and 2020 is as follows:
 
Years Ended December 31,
202220212020
(in millions)
Revenues:
Agriculture$17,969 $14,721 $10,923 
Construction3,572 $3,081 $2,170 
Eliminations and other— $— $(10)
Net sales of Industrial Activities21,541 $17,802 $13,083 
Financial Services1,996 $1,672 $1,660 
Eliminations and other14 $22 $36 
Total Revenues$23,551 $19,496 $14,779 
Depreciation and Amortization (*):
Agriculture$287 $254 $248 
Construction38 $38 $46 
Other activities and adjustments— $1 $2 
Depreciation and amortization of Industrial Activities 325 $293 $296 
Financial Services2 $2 $2 
Depreciation and amortization$327 $295 $298 
Expenditures for long-lived assets (**):
Agriculture$393 $307 $185 
Construction63 $53 $42 
Other activities— $— $2 
Expenditures for long-lived assets of Industrial Activities456 $360 $229 
Financial Services5 $5 $3 
Expenditures for long-lived assets$461 $365 $232 

(*) Excluding equipment on operating leases
(**) Excluding equipment on operating leases and right of use assets
Summary of net revenue
The following tables summarize previously reported revenues for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
(in millions)
Agriculture$17,969 $14,721 $10,923 
Construction3,572 3,081 2,170 
Eliminations and Other— — (10)
Total Industrial Activities21,541 17,802 13,083 
Financial Services1,996 1,672 1,660 
Eliminations and Other14 22 36 
Total Revenues$23,551 $19,496 $14,779 
The following highlights revenues earned from external customers in the rest of the world by destination:  
202220212020
(in millions)
United States$8,189 $6,387 $5,054 
Italy592 556 427 
France1,123 1,084 972 
Brazil3,904 2,414 1,553 
Germany674 564 479 
Canada1,530 1,341 918 
Australia982 857 644 
Spain263 283 231 
Argentina565 418 346 
Poland449 425 267 
Other4,723 4,619 3,460 
Total Revenues from external customers in the rest of world$22,994 $18,948 $14,351 
Schedule of long-lived assets by geographical area The following highlights long-lived tangible and intangible assets by geography in the rest of the world:
At December 31,
20222021
(in millions)
United States$5,669 $5,801 
Italy437 424 
France48 48 
Germany17 19 
Spain1 1 
Canada548 568 
Brazil162 127 
China55 61 
Other420 449 
Total Long-lived assets in the rest of the world$7,357 $7,498