Business Segments

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Business Segments

NOTE 8. BUSINESS SEGMENTS

	Three Months Ended					Six Months Ended
	June 30,					June 30,
(In millions)	2021		2020			2021		2020
Sales:
Americas	$	2,256	$	1,134		$	4,043	$	2,807
Europe, Middle East and Africa		1,230		676			2,461		1,671
Asia Pacific		493		334			986		722
Net Sales	$	3,979	$	2,144		$	7,490	$	5,200
Segment Operating Income (Loss):
Americas	$	233	$	(287	)	$	347	$	(287	)
Europe, Middle East and Africa		43		(110	)		117		(163	)
Asia Pacific		23		(34	)		61		(28	)
Total Segment Operating Income (Loss)	$	299	$	(431	)	$	525	$	(478	)
Less:
Goodwill and other asset impairments	$	—	$	148		$	—	$	330
Rationalizations (Note 4)		18		99			68		108
Interest expense		97		85			176		158
Other (income) expense (Note 5)		30		34			64		61
Asset write-offs and accelerated depreciation (Note 4)		—		86			—		90
Corporate incentive compensation plans		24		7			33		10
Retained expenses of divested operations		4		1			7		3
Other		28		(2	)		46		19
Income (Loss) before Income Taxes	$	98	$	(889	)	$	131	$	(1,257	)

Goodwill and other asset impairments; rationalizations, as described in Note to the Consolidated Financial Statements No. 4, Costs Associated with Rationalization Programs; net (gains) losses on asset sales, as described in Note to the Consolidated Financial Statements No. 5, Other (Income) Expense; and asset write-offs and accelerated depreciation were not charged to the strategic business units ("SBUs") for performance evaluation purposes but were attributable to the SBUs as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In millions)	2021		2020		2021		2020
Goodwill and Other Asset Impairments:
Americas	$	—	$	148	$	—	$	148
Europe, Middle East and Africa		—		—		—		182
Total Segment Goodwill and Other Asset Impairments	$	—	$	148	$	—	$	330
Rationalizations:
Americas	$	8	$	69	$	18	$	72
Europe, Middle East and Africa		7		30		44		36
Total Segment Rationalizations	$	15	$	99	$	62	$	108
Corporate		3		—		6		—
	$	18	$	99	$	68	$	108
Net (Gains) Losses on Asset Sales:
Europe, Middle East and Africa	$	—	$	3	$	—	$	2
Total Segment Net (Gains) Losses on Asset Sales	$	—	$	3	$	—	$	2
Asset Write-offs and Accelerated Depreciation:
Americas	$	—	$	86	$	—	$	89
Europe, Middle East and Africa		—		—		—		1
Total Segment Asset Write-offs and Accelerated Depreciation	$	—	$	86	$	—	$	90

The following table presents segment assets:

	June 30,		December 31,
(In millions)	2021		2020
Assets
Americas	$	9,902	$	6,666
Europe, Middle East and Africa		5,366		4,825
Asia Pacific		3,143		2,725
Total Segment Assets		18,411		14,216
Corporate(1)		2,769		2,290
	$	21,180	$	16,506

(1)Corporate includes substantially all of our U.S. net deferred tax assets.

The increases from December 31, 2020 were driven by the acquisition of Cooper Tire.