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Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of reconciliation of profit under US GAAP
The following table includes the reconciliation of Adjusted EBIT for Industrial Activities' segments to net income, the most comparable U.S. GAAP financial measure, for the years ended December 31, 2023, 2022 and 2021.
Years Ended December 31,
(in millions of dollars)
202320222021
Agriculture$2,732 $2,456 $1,810 
Construction238 124 90 
Unallocated items, eliminations, and other(1)
(240)(147)(137)
Financial Services Net Income371 338349 
Financial Services Income Taxes136 125 107 
Interest expense of Industrial Activities, net of interest income and eliminations(76)(119)(118)
Foreign exchange (gains) losses, net of Industrial Activities(105)(59)(1)
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(2)
(4)124 143 
Restructuring expenses of Industrial Activities(65)(31)(35)
Other discrete items of Industrial Activities(3)
(10)(25)(178)
Income (loss) before taxes2,977 2,786 2,030 
Income tax benefit (expense)(594)(747)(229)
Net (loss) from discontinued operations— — (41)
Net Income (loss)$2,383 $2,039 $1,760 
(1) Unallocated items, eliminations and other primarily includes certain corporate costs and other operating expenses and incomes not allocated to segments’ results.
(2) In the years ended December 31, 2023, 2022 and 2021, this item includes a pre-tax gain of $24 million, $24 million and $5 million, respectively as a result of the amortization over 4 years of the $101 million positive impact from the 2021 modifications of a healthcare plan in the U.S. In the years ended December 31, 2022 and 2021 this item includes the pre-tax gain of $90 million and $119 million, respectively 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.
(3) In the year ended December 31, 2023, this item includes a loss of $23 million on the sale of the CNH Industrial Russia and CNH Capital Russia businesses, partially offset by a gain of $13 million for the fair value remeasurement of Augmenta and Bennamann. In the year ended December 31, 2022, this item included $43 million of asset write-downs, $25 million of separation costs incurred in a connection with our 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 dollar 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.
Schedule of profit by reportable segment
The following table provides key segment information for the Financial Services segment:
Years Ended December 31,
(in millions of dollars)
202320222021
Financial Services Net Income$371 $338 $349 
Financial Services Interest Revenue(1)
$1,817 $1,149 $918 
Financial Services Interest Expense$1,234 $601 $409 
(1) This amount excludes interest included in operating leases rentals.
Summary of operating segment information
A summary of additional operating segment information for the years ended December 31, 2023, 2022 and 2021 is as follows:
 
Years Ended December 31,
(in millions of dollars)
202320222021
Revenues
Agriculture$18,148 $17,969 $14,721 
Construction3,932 3,572 3,081 
Eliminations and other— — — 
Net sales of Industrial Activities22,080 21,541 17,802 
Financial Services2,573 1,996 1,672 
Eliminations and other34 14 22 
Total Revenues$24,687 $23,551 $19,496 
Depreciation and Amortization (1)
Agriculture$331 $287 $254 
Construction42 38 38 
Other activities and adjustments— — 1 
Depreciation and amortization of Industrial Activities 373 325 293 
Financial Services4 2 2 
Total Depreciation and amortization$377 $327 $295 
Expenditures for long-lived assets (2)
Agriculture$534 $393 $307 
Construction96 63 53 
Other activities7 — — 
Expenditures for long-lived assets of Industrial Activities637 456 360 
Financial Services7 5 5 
Total Expenditures for long-lived assets$644 $461 $365 

(1) Excluding equipment on operating leases.
(2) Excluding equipment on operating leases and right-of-use assets.
Summary of net revenue
The following table summarize revenues for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
(in millions of dollars)
202320222021
Agriculture$18,148 $17,969 $14,721 
Construction3,932 3,572 3,081 
Eliminations and other— — — 
Total Industrial Activities22,080 21,541 17,802 
Financial Services2,573 1,996 1,672 
Eliminations and other34 14 22 
Total Revenues$24,687 $23,551 $19,496 
The following highlights revenues earned from external customers in the rest of the world by destination:
 
(in millions of dollars)
202320222021
United States$9,090 $8,189 $6,387 
Brazil3,540 3,904 2,414 
Canada1,712 1,530 1,341 
France1,300 1,123 1,084 
Australia1,222 982 857 
Germany633 674 564 
Argentina574 565 418 
Italy562 592 556 
Poland373 449 425 
Spain263 263 283 
Other4,870 4,723 4,619 
Total Revenues from external customers in the rest of world$24,139 $22,994 $18,948 
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,
(in millions of dollars)
20232022
United States$5,701 $5,669 
Canada732 548 
Italy499 437 
Brazil226 162 
France60 48 
China53 55 
Germany24 17 
Spain3 1 
Other610 420 
Total Long-lived assets in the rest of the world$7,908 $7,357