SEGMENT AND GEOGRAPHIC INFORMATION

We conduct our financing operations directly and indirectly through our subsidiaries and affiliates. We offer substantially similar products and services throughout many different regions, subject to local legal restrictions and market conditions. We segment our business based on geographic regions: the Americas, Europe, and Asia Pacific. Items excluded in assessing segment performance because they are managed at the corporate level, including market valuation adjustments to derivatives and exchange-rate fluctuations on foreign currency-denominated transactions, are reflected in Unallocated Other. The following is a brief description of our segments:

• Americas Segment -- United States, Canada, Mexico, Brazil, and Argentina

• Europe Segment -- European region and South Africa

• Asia Pacific Segment -- China and India

We review our business performance by segment on a managed basis. Receivables are presented on a managed basis, as it closely approximates the customer’s outstanding balance on the receivables, which is the basis for earning revenue. Our managed receivables equal net finance receivables and net investment in operating leases, excluding unearned interest supplements and residual support, allowance for credit losses, and other (primarily accumulated supplemental depreciation).

We measure the performance of our segments primarily on an income before income taxes basis, after excluding market valuation adjustments to derivatives and exchange-rate fluctuations on foreign currency-denominated transactions, which are reflected in Unallocated Other. These adjustments are excluded when assessing our segment performance because they are carried out at the corporate level. We also adjust segment performance to reallocate interest expense among the segments reflecting debt and equity levels proportionate to their product risk.

NOTE 17. SEGMENT AND GEOGRAPHIC INFORMATION (Continued)

Key operating data for our business segments for the years ended or at December 31 were as follows (in millions):



	Americas		Europe		Asia Pacific		Total Segments		Unallocated Other (a)			Total
2015
Total revenue (b)	$	8,386	$	982	$	330	$	9,698	$	(1	)	$	9,697
Income before income taxes	1,763		297		27		2,087		(1		)	2,086
Other disclosures:
Depreciation on vehicles subject to operating leases	3,603		37		—		3,640		—			3,640
Interest expense	1,931		294		191		2,416		—			2,416
Provision for credit losses	309		16		22		347		—			347
Net finance receivables and net investment in operating leases	104,497		18,947		3,788		127,232		(5,330		)	121,902
Total assets	111,147		22,085		4,216		137,448		—			137,448

2016
Total revenue (b)	$	9,505	$	984	$	351	$	10,840	$	69		$	10,909
Income before income taxes	1,511		238		61		1,810		69			1,879
Other disclosures:
Depreciation on vehicles subject to operating leases	4,291		38		—		4,329		—			4,329
Interest expense	2,301		278		176		2,755		—			2,755
Provision for credit losses	494		29		24		547		—			547
Net finance receivables and net investment in operating leases	113,335		18,846		4,684		136,865		(6,675		)	130,190
Total assets	119,012		21,755		5,322		146,089		—			146,089

2017
Total revenue (b)	$	9,928	$	981	$	468	$	11,377	$	—		$	11,377
Income before income taxes	1,795		329		85		2,209		101			2,310
Other disclosures:
Depreciation on vehicles subject to operating leases	4,091		44		—		4,135		—			4,135
Interest expense	2,641		257		277		3,175		—			3,175
Provision for credit losses	542		28		18		588		—			588
Net finance receivables and net investment in operating leases	118,392		24,957		7,152		150,501		(7,837		)	142,664
Total assets	124,645		28,204		7,594		160,443		—			160,443

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(a)	Net finance receivables and Net investment in operating leases include unearned interest supplements and residual support, allowance for credit losses, and other (primarily accumulated supplemental depreciation).

(b)

Total revenue for 2015 and 2016 includes Total financing revenue, Insurance premiums earned, and Other income, net. For 2017, Total revenue includes Total financing revenue, Insurance premiums earned, and Fee based revenue and other. The change in the definition of Total revenue is the result of our adoption of the new revenue recognition accounting standard as of January 1, 2017 (see Note 2 for additional information).

NOTE 17. SEGMENT AND GEOGRAPHIC INFORMATION (Continued)

Geographic Information

Key data, split geographically into the United States (which is our country of domicile), Canada, and All other, for the years ended or at December 31 were as follows (in millions):



	2015		2016		2017
Total revenue (a)
United States	$	7,070	$	8,151	$	8,378
Canada	981		1,093		1,193
All other	1,646		1,665		1,806
Total revenue	$	9,697	$	10,909	$	11,377

Net property and net investment in operating leases
United States	$	22,410	$	24,199	$	23,162
Canada	2,544		2,873		3,302
All other	267		293		374
Net property and net investment in operating leases	$	25,221	$	27,365	$	26,838

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(a)