Segment Information

3 Months Ended

Mar. 31, 2024

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. Our segments are: the United States and Canada, Europe, and All Other. Our All Other segment includes our operations in China, Mexico, and our joint venture in South Africa, as well as wind down activities in Brazil, Argentina, and India.

We measure the performance of our segments primarily on an income before income taxes basis, after excluding market valuation adjustments to derivatives and exchange-rate fluctuations on foreign currency-denominated transactions, which are reflected in Unallocated Other. These adjustments are excluded when assessing our segment performance because they are carried out at the corporate level.

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		Total
First Quarter 2023
Total revenue	$	2,170	$	284	$	102	$	2,556	$	—	$	2,556
Income before income taxes	273		78		22		373		(70)		303
Depreciation on vehicles subject to operating leases	557		2		—		559		—		559
Interest expense	1,195		130		51		1,376		16		1,392
Provision for credit losses	63		4		10		77		—		77
Net finance receivables and net investment in operating leases	98,659		20,225		4,943		123,827		—		123,827
Total assets	109,955		23,355		5,622		138,932		—		138,932
First Quarter 2024
Total revenue	$	2,616	$	371	$	119	$	3,106	$	—	$	3,106
Income before income taxes	263		72		20		355		(29)		326
Depreciation on vehicles subject to operating leases	603		7		—		610		—		610
Interest expense	1,460		221		69		1,750		98		1,848
Provision for credit losses	70		7		11		88		—		88
Net finance receivables and net investment in operating leases	110,674		19,981		4,819		135,474		—		135,474
Total assets	120,368		23,991		5,350		149,709		—		149,709