Segment Information

9 Months Ended

Sep. 30, 2018

Key financial information for our business segments for the periods ended or at September 30 were as follows (in millions):



	Americas		Europe		Asia Pacific		Total Segments		Unallocated Other (a)			Total
Third Quarter 2017
Total revenue	$	2,493	$	247	$	123	$	2,863	$	—		$	2,863
Income before income taxes	485		72		23		580		20			600
Other disclosures:
Depreciation on vehicles subject to operating leases	975		14		—		989		—			989
Interest expense	669		65		76		810		—			810
Provision for credit losses	159		7		3		169		—			169

Third Quarter 2018
Total revenue	$	2,677	$	284	$	120	$	3,081	$	—		$	3,081
Income before income taxes	556		89		13		658		20			678
Other disclosures:
Depreciation on vehicles subject to operating leases	895		12		—		907		—			907
Interest expense	848		68		75		991		(2		)	989
Provision for credit losses	145		1		10		156		—			156

First Nine Months 2017
Total revenue	$	7,359	$	709	$	328	$	8,396	$	—		$	8,396
Income before income taxes	1,308		223		69		1,600		100			1,700
Other disclosures:
Depreciation on vehicles subject to operating leases	3,055		35		—		3,090		—			3,090
Interest expense	1,930		187		191		2,308		—			2,308
Provision for credit losses	389		21		10		420		—			420
Net finance receivables and net investment in operating leases	115,331		23,855		5,921		145,107		(7,579		)	137,528
Total assets	120,398		27,323		6,757		154,478		—			154,478

First Nine Months 2018
Total revenue	$	7,918	$	878	$	404	$	9,200	$	—		$	9,200
Income before income taxes	1,619		303		86		2,008		(44		)	1,964
Other disclosures:
Depreciation on vehicles subject to operating leases	2,878		20		—		2,898		—			2,898
Interest expense	2,430		216		256		2,902		(4		)	2,898
Provision for credit losses	340		14		13		367		—			367
Net finance receivables and net investment in operating leases	120,425		25,995		5,720		152,140		(8,526		)	143,614
Total assets	128,103		27,120		6,023		161,246		—			161,246

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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).

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