Segment Information

3 Months Ended

Mar. 31, 2020

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. As of January 1, 2020 we updated our reportable segments in our consolidated financial statements to align with our new management reporting structure and reflect the manner in which our Chief Operating Decision Maker manages our business, including resource allocation and performance assessment. These segments are: the United States and Canada, Europe and All Other. Our All Other segment includes China, India, Mexico, Brazil, Argentina, and our joint venture in South Africa. 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.

Key financial information for our business segments for the periods ended or at March 31 was as follows (in millions):



	United States and Canada		Europe		All Other			Total Segments		Unallocated Other (a)			Total
First Quarter 2019 (b)
Total revenue	$	2,711	$	303	$	180		$	3,194	$	—		$	3,194
Income before income taxes	622		114		58			794		7			801
Other disclosures:
Depreciation on vehicles subject to operating leases	912		12		—			924		—			924
Interest expense	931		80		102			1,113		8			1,121
Provision for credit losses	40		5		(12		)	33		—			33
Net finance receivables and net investment in operating leases (c)	121,735		27,066		6,473			155,274		(8,418		)	146,856
Total assets	127,575		30,537		7,303			165,415		—			165,415

First Quarter 2020
Total revenue	$	2,631	$	281	$	120		$	3,032	$	—		$	3,032
Income before income taxes	22		17		7			46		(16		)	30
Other disclosures:
Depreciation on vehicles subject to operating leases	1,039		13		—			1,052		—			1,052
Interest expense	845		90		65			1,000		(16		)	984
Provision for credit losses	520		53		13			586		—			586
Net finance receivables and net investment in operating leases (c)	118,006		24,346		4,034			146,386		(8,610		)	137,776
Total assets	123,917		27,604		5,295			156,816		—			156,816

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(a)	Finance receivables, net and Net investment in operating lease includes unearned interest supplements and residual support, allowance for credit losses, and other (primarily accumulated supplemental depreciation).


(b)	Comparative information has been updated to reflect the reportable segments as of January 1, 2020.

(c)

Excludes held-for-sale finance receivables.