Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT 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. In our consolidated financial statements, we have three reportable segments based on geographic regions: 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. Effective for the first quarter of 2022, we have eliminated the use of non-GAAP measures and now present receivables on a net basis.

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 2021
Total revenue	$	2,384	$	241	$	92	$	2,717	$	—	$	2,717
Income before income taxes	996		66		(15)		1,047		(85)		962
Depreciation on vehicles subject to operating leases	562		6		—		568		—		568
Interest expense	638		80		56		774		30		804
Provision for credit losses	(52)		(1)		13		(40)		—		(40)
Net finance receivables and net investment in operating leases (a) (b)	100,542		21,943		4,653		127,138		—		127,138
Total assets	116,720		25,110		5,438		147,268		—		147,268
First Quarter 2022
Total revenue	$	2,029	$	195	$	102	$	2,326	$	—	$	2,326
Income before income taxes	783		69		(174)		678		76		754
Depreciation on vehicles subject to operating leases	526		(11)		—		515		—		515
Interest expense	542		55		57		654		(43)		611
Provision for credit losses	(67)		(3)		6		(64)		—		(64)
Net finance receivables and net investment in operating leases (a)	93,955		17,991		5,449		117,395		—		117,395
Total assets	106,762		20,633		6,182		133,577		—		133,577

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(a)Excludes held-for-sale finance receivables.

(b)Prior periods have been restated to display net receivables in lieu of the non-GAAP measure of managed receivables.