Transfers of Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Schedule Of Interest Expense related to Securitization Transactions [Table Text Block]

Interest expense related to securitization debt for the years ended December 31 was as follows (in millions):



	2019		2020		2021
VIE	$	1,373	$	1,050	$	829
Non-VIE	201		152		114
Total securitization transactions	$	1,574	$	1,202	$	943

Schedule of Exposures Based on the Fair Value of Derivative Instruments Related to Securitization Programs [Table Text Block]

Our exposures based on the fair value of derivative instruments with external counterparties related to securitization programs at December 31 were as follows (in millions):


	2020				2021
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives of the VIEs	$	—	$	56	$	39	$	6
Derivatives related to the VIEs	5		—		—		13
Other securitization related derivatives	—		79		16		19
Total exposures related to securitization	$	5	$	135	$	55	$	38

Schedule of Derivative Expense/(Income) Related to Securitization Transactions [Table Text Block]

Derivative expense/(income) related to our securitization transactions for the years ended December 31 was as follows (in millions):



	2019		2020		2021
Derivatives of the VIEs	$	41	$	130	$	(34)
Derivatives related to the VIEs	(5)		(9)		15
Other securitization related derivatives	39		113		(22)
Total derivative expense/(income) related to securitization	$	75	$	234	$	(41)

Schedule of Assets and Liabilities Related to Securitization Transactions [Table Text Block]

The following tables show the assets and debt related to our securitization transactions that were included in our financial statements at December 31 (in billions):


	2020
	Cash and Cash Equivalents		Finance Receivables and Net Investment in Operating Leases (a)						Related Debt (c)
			Before Allowance for Credit Losses		Allowance for Credit Losses		After Allowance for Credit Losses
VIE (b)
Retail financing	$	2.0	$	35.8	$	0.4	$	35.4	$	28.4
Wholesale financing	0.2		16.1		—		16.1		10.7
Finance receivables	2.2		51.9		0.4		51.5		39.1
Net investment in operating leases	0.6		12.8		—		12.8		7.7
Total VIE	$	2.8	$	64.7	$	0.4	$	64.3	$	46.8

Non-VIE
Retail financing	$	0.4	$	7.9	$	0.1	$	7.8	$	7.6
Wholesale financing	—		0.3		—		0.3		0.2
Finance receivables	0.4		8.2		0.1		8.1		7.8
Net investment in operating leases	—		—		—		—		—
Total Non-VIE	$	0.4	$	8.2	$	0.1	$	8.1	$	7.8

Total securitization transactions
Retail financing	$	2.4	$	43.7	$	0.5	$	43.2	$	36.0
Wholesale financing (d)	0.2		16.4		—		16.4		10.9
Finance receivables	2.6		60.1		0.5		59.6		46.9
Net investment in operating leases	0.6		12.8		—		12.8		7.7
Total securitization transactions	$	3.2	$	72.9	$	0.5	$	72.4	$	54.6

__________

(a)Unearned interest supplements and residual support are excluded from securitization transactions.

(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.

(c)Includes unamortized discount and debt issuance costs.

(d)The global adjusted pool balance of the wholesale finance receivables owned by the securitization trusts was $16.4 billion and the required pool balance was $14.1 billion. As of December 31, 2020, the adjusted pool balance was $2.3 billion higher than the required pool balance. The global adjusted pool balance includes funds on deposit in the trust accounts.

NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)


	2021
	Cash and Cash Equivalents		Finance Receivables and Net Investment in Operating Leases (a)						Related Debt (c)
			Before Allowance for Credit Losses		Allowance for Credit Losses		After Allowance for Credit Losses
VIE (b)
Retail financing	$	1.7	$	31.6	$	0.3	$	31.3	$	24.5
Wholesale financing	1.3		11.7		—		11.7		8.7
Finance receivables	3.0		43.3		0.3		43.0		33.2
Net investment in operating leases	0.4		7.5		—		7.5		5.1
Total VIE	$	3.4	$	50.8	$	0.3	$	50.5	$	38.3

Non-VIE
Retail financing	$	0.4	$	7.4	$	0.1	$	7.3	$	6.9
Wholesale financing	—		0.3		—		0.3		0.2
Finance receivables	0.4		7.7		0.1		7.6		7.1
Net investment in operating leases	—		—		—		—		—
Total Non-VIE	$	0.4	$	7.7	$	0.1	$	7.6	$	7.1

Total securitization transactions
Retail financing	$	2.1	$	39.0	$	0.4	$	38.6	$	31.4
Wholesale financing (d)	1.3		12.0		—		12.0		8.9
Finance receivables	3.4		51.0		0.4		50.6		40.3
Net investment in operating leases	0.4		7.5		—		7.5		5.1
Total securitization transactions	$	3.8	$	58.5	$	0.4	$	58.1	$	45.4

__________

(a)Unearned interest supplements and residual support are excluded from securitization transactions.

(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.

(c)Includes unamortized discount and debt issuance costs.

(d)The global adjusted pool balance of the wholesale finance receivables owned by the securitization trusts was $12.0 billion and the required pool balance was $11.4 billion. As of December 31, 2021, the adjusted pool balance was $0.6 billion higher than the required pool balance. The global adjusted pool balance includes funds on deposit in the trust accounts.