Segment Information

6 Months Ended

Jun. 30, 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.

NOTE 11. SEGMENT INFORMATION (Continued)

Key financial information for our business segments for the periods ended or at June 30 was as follows (in millions):

	United States and Canada		Europe		All Other		Total Segments		Unallocated Other		Total
Second Quarter 2023
Total revenue	$	2,305	$	344	$	106	$	2,755	$	—	$	2,755
Income before income taxes	271		113		27		411		(30)		381
Depreciation on vehicles subject to operating leases	551		4		—		555		—		555
Interest expense	1,258		162		57		1,477		53		1,530
Provision for credit losses	36		(2)		6		40		—		40
Second Quarter 2024
Total revenue	$	2,785	$	381	$	117	$	3,283	$	—	$	3,283
Income before income taxes	298		88		10		396		(53)		343
Depreciation on vehicles subject to operating leases	606		7		—		613		—		613
Interest expense	1,519		216		66		1,801		96		1,897
Provision for credit losses	70		5		20		95		—		95
First Half 2023
Total revenue	$	4,475	$	628	$	208	$	5,311	$	—	$	5,311
Income before income taxes	544		191		49		784		(100)		684
Depreciation on vehicles subject to operating leases	1,108		6		—		1,114		—		1,114
Interest expense	2,453		292		108		2,853		69		2,922
Provision for credit losses	99		2		16		117		—		117
Net finance receivables and net investment in operating leases	100,626		20,546		4,902		126,074		—		126,074
Total assets	114,114		24,245		5,431		143,790		—		143,790
First Half 2024
Total revenue	$	5,401	$	752	$	236	$	6,389	$	—	$	6,389
Income before income taxes	561		160		30		751		(82)		669
Depreciation on vehicles subject to operating leases	1,209		14		—		1,223		—		1,223
Interest expense	2,979		437		135		3,551		194		3,745
Provision for credit losses	140		12		31		183		—		183
Net finance receivables and net investment in operating leases	113,727		19,425		4,569		137,721		—		137,721
Total assets	122,702		22,784		5,141		150,627		—		150,627