Segment Information

9 Months Ended

Sep. 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 September 30 was as follows (in millions):

	United States and Canada		Europe		All Other		Total Segments		Unallocated Other		Total
Third Quarter 2023
Total revenue	$	2,366	$	346	$	116	$	2,828	$	—	$	2,828
Income before income taxes	257		78		21		356		2		358
Depreciation on vehicles subject to operating leases	568		8		—		576		—		576
Interest expense	1,354		185		65		1,604		49		1,653
Provision for credit losses	71		4		(1)		74		—		74
Third Quarter 2024
Total revenue	$	2,877	$	375	$	111	$	3,363	$	—	$	3,363
Income before income taxes	461		149		21		631		(87)		544
Depreciation on vehicles subject to operating leases	591		9		—		600		—		600
Interest expense	1,551		216		63		1,830		48		1,878
Provision for credit losses	83		6		10		99		—		99
First Nine Months 2023
Total revenue	$	6,841	$	974	$	324	$	8,139	$	—	$	8,139
Income before income taxes	801		269		70		1,140		(98)		1,042
Depreciation on vehicles subject to operating leases	1,676		14		—		1,690		—		1,690
Interest expense	3,807		477		173		4,457		118		4,575
Provision for credit losses	170		6		15		191		—		191
Net finance receivables and net investment in operating leases	101,885		19,330		5,112		126,327		—		126,327
Total assets	114,585		23,301		5,665		143,551		—		143,551
First Nine Months 2024
Total revenue	$	8,278	$	1,127	$	347	$	9,752	$	—	$	9,752
Income before income taxes	1,022		309		51		1,382		(169)		1,213
Depreciation on vehicles subject to operating leases	1,800		23		—		1,823		—		1,823
Interest expense	4,530		653		198		5,381		242		5,623
Provision for credit losses	223		18		41		282		—		282
Net finance receivables and net investment in operating leases	116,916		20,845		4,446		142,207		—		142,207
Total assets	127,289		24,732		5,035		157,056		—		157,056