SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We report segment information consistent with the way our chief operating decision maker (“CODM”), our President and Chief Executive Officer, evaluates the operating results and performance of the Company. 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 reportable segments are: the United States and Canada, Europe, and All Other. Our All Other reportable 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 report segment earnings 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. Our CODM reviews segment earnings on an income before income taxes basis to evaluate performance and allocate resources, predominately in the budgeting, planning, and forecasting processes.

NOTE 11. SEGMENT INFORMATION (Continued)

Key operating data 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 2024
Total revenue	$	2,877	$	375		$	111	$	3,363	$	—	$	3,363
Total revenue less:
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
Other segment items (a)	191		(5)			17		203		39		242
Income before income taxes	$	461	$	149		$	21	$	631	$	(87)	$	544
Third Quarter 2025
Total revenue	$	3,077	$	402		$	92	$	3,571	$	—	$	3,571
Total revenue less:
Depreciation on vehicles subject to operating leases	611		15			—		626		—		626
Interest expense	1,473		204			49		1,726		76		1,802
Provision for credit losses	111		13			11		135		—		135
Other segment items (a)	284		172			16		472		(95)		377
Income before income taxes	$	598	$	(2)	(b)	$	16	$	612	$	19	$	631
First Nine Months 2024
Total revenue	$	8,278	$	1,127		$	347	$	9,752	$	—	$	9,752
Total revenue less:
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
Other segment items (a)	703		124			57		884		(73)		811
Income before income taxes	$	1,022	$	309		$	51	$	1,382	$	(169)	$	1,213
Other segment disclosures:
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
First Nine Months 2025
Total revenue	$	9,040	$	1,152		$	285	$	10,477	$	—	$	10,477
Total revenue less:
Depreciation on vehicles subject to operating leases	1,802		32			—		1,834		—		1,834
Interest expense	4,430		594			153		5,177		174		5,351
Provision for credit losses	311		37			41		389		—		389
Other segment items (a)	884		410			55		1,349		(302)		1,047
Income before income taxes	$	1,613	$	79	(b)	$	36	$	1,728	$	128	$	1,856
Other segment disclosures:
Net finance receivables and net investment in operating leases	$	119,452	$	22,643		$	3,597	$	145,692	$	—	$	145,692
Total assets	131,212		26,099			4,023		161,334		—		161,334

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(a)Other items consists of Operating expenses, Insurance expenses, and Other income/(loss), net.

(b)Includes charges of $89 million and $177 million for the third quarter and the first nine months of 2025, respectively, related to an industrywide review of historical U.K. dealer commissions.