SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Financial Information by Segment

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 three months ended March 31, 2024 and 2023 (in millions of dollars):

	Three Months Ended March 31,
	2024		2023
Agriculture	$	421	$	570
Construction	51		44
Unallocated items, eliminations, and other	(67)		(59)
Financial Services Net Income	118		78
Financial Services Income Taxes	19		29
Interest expense of Industrial Activities, net of interest income and eliminations	(32)		(4)
Foreign exchange (gains) losses, net of Industrial Activities	—		(6)
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1)	(1)		1
Restructuring expenses of Industrial Activities	(30)		(1)
Other discrete items of Industrial Activities(2)	—		7
Income (loss) before taxes	479		659
Income tax benefit (expense)	(77)		(173)
Net Income (loss)	$	402	$	486

(1) In the three months ended March 31, 2024 and 2023, this item includes the pre-tax gain of $6 million and $6 million as a result of the amortization over the 4 years of the $101 million positive impact from the 2021 U.S. healthcare plan modification.

(2) In the three months ended March 31, 2024 this item did not include any other discrete items. In the three months ended March 31, 2023 this item included a gain of $13 million in relation to the fair value remeasurement of Augmenta and Bennamann, partially offset by a $6 million loss on the sale of our Russia Financial Services business.