Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Accounting Standards Update and Change in Accounting Principle


	For the Period Ended December 31,
	2019						2020
	Previously Reported		Adjustments due to ASU 2019-12		As Revised		Previously Reported		Adjustments due to ASU 2019-12		As Revised
Income Statement
Provision for/(Benefit from) income taxes	$	770	$	(392)	$	378	$	684	$	(414)	$	270
Net income	2,228		392		2,620		1,924		414		2,338


							As of December 31, 2020
							Previously Reported		Adjustments due to ASU 2019-12		As Revised
Balance Sheet
Other assets							$	4,593	$	(888)	$	3,705
Deferred income taxes (a)							2,907		(2,403)		504
Other liabilities and deferred income							2,306		(26)		2,280
Accumulated other comprehensive income/(loss)							(413)		(65)		(478)
Retained earnings							9,212		1,606		10,818

	For the Period Ended December 31, 2019						For the Period Ended December 31, 2020
	Previously Reported		Adjustments due to ASU 2019-12		As Revised		Previously Reported		Adjustments due to ASU 2019-12		As Revised
Statement of Cash Flows
Cash flows from operating activities
Net income	$	2,228	$	392	$	2,620	$	1,924	$	414	$	2,338
Net change in deferred income taxes	37		52		89		379		(318)		61
Net change in other assets	132		(100)		32		(930)		866		(64)
Net change in other liabilities	137		(344)		(207)		(228)		(93)		(321)
All other operating activities	103		—		103		88		6		94
Cash flows from financing activities
Cash distributions to parent	(2,900)		—		(2,900)		(2,415)		(875)		(3,290)

(a)Change reflects a reduction in U.S. deferred tax liabilities of $3.4 billion (primarily leasing transactions of $2.8 billion) and a reduction of U.S. deferred tax assets of $1.0 billion (primarily associated with foreign tax credit carryforwards of $0.7 billion).

The cumulative effect of the changes made to our consolidated balance sheet at January 1, 2020, for the adoption of ASU 2016-13 was as follows (in millions):


	Balance at December 31, 2019		Adjustments due to ASU 2016-13		Balance at January 1, 2020
Assets
Retail installment contracts, dealer financing, and other financing	$	106,131	$	(230)	$	105,901
Finance leases	8,186		(22)		8,164
Other assets	3,398		(8)		3,390
Liabilities
Deferred income taxes	2,593		(58)		2,535
Equity
Retained earnings	9,905		(202)		9,703