The accounting policies of these reportable operating segments are the same as those described in Note 3 "Summary of Material Accounting Policies".

For internal Management reporting, the Company’s Chief Operating Decision Maker (“CODM”) has identified four operating segments which include: Canada, USA, LATAM, and EH. Each of the operating segments are supported by the Corporate head office. Corporate overheads are allocated to the operating segments based on revenue. In assessing its reporting and operating segments, the Company considered geographic locations, economic characteristics, the nature of products and services provided, the nature of production processes, the types of customers for its products and services, and distribution methods used. These considerations also factored into the decision to combine Canada and the USA into one reporting segment. For each of the operating segments, the CODM reviews internal management reports on at least a quarterly basis. For the twelve months ended December 31, 2024, the Company had no individual customer which accounted for more that 10 percent of its revenue (December 31, 2023 – none).

During the second quarter of 2024, the CODM reassessed how it analyzes the gross margin for each of the Company’s product lines, which resulted in the disaggregation of gross margin by product line and impacted operating income in the reporting segments for the year ended December 31, 2023. The impact to the reporting segments operating income for the year ended December 31, 2023, is a decrease of $1 million for NAM and an increase of $1 million for EH. Total consolidated gross margin and operating income remained unchanged.

The CODM also reassessed how it analyzes the total assets of each of the Company’s reporting segments. The CODM relies on information about each of the reporting segments’ “EI assets – operating leases” and “EI assets – finance leases receivable”. Such information includes the operating effectiveness of these assets and the returns on the related operating and finance leases.

In order to provide relevant information, the Company reclassified intercompany loans to Corporate from the respective reporting segments to conform to the current year presentation. The impact on segment assets for December 31, 2023, is a decrease of $183 million for NAM; a decrease of $6 million for EH; an increase of $3 million for LATAM and an increase of $186 million for Corporate. The impact on segment assets for January 1, 2023, was an increase of $8 million and $3 million for EH and LATAM and a decrease of $11 million for Corporate.

The following tables provide certain financial information by the Company’s reporting segments.

Revenue and Operating Income


	NAM						LATAM					EH						Total

Years ended December 31,	2024			2023			2024		2023			2024			2023			2024			2023


Segment revenue	$	1,626		$	1,449		$	407	$	351		$	447		$	588		$	2,480		$	2,388

Intersegment revenue		(62	)		(36	)		-		(1	)		(4	)		(8	)		(66	)		(45	)


Revenue	$	1,564		$	1,413		$	407	$	350		$	443		$	580		$	2,414		$	2,343


EI		146			127			257		248			265			201			668			576

AMS		279			286			70		57			159			140			508			483

ES		1,139			1,000			80		45			19			239			1,238			1,284


Revenue		1,564			1,413			407		350			443			580			2,414			2,343


EI		76			72			182		184			199			135			457			391

AMS		231			233			51		44			125			114			407			391

ES		915			840			65		37			66			227			1,046			1,104


COGS1		1,222			1,145			298		265			390			476			1,910			1,886


EI		70			55			75		64			66			66			211			185

AMS		48			53			19		13			34			26			101			92

ES		224			160			15		8			(47	)		12			192			180


Gross Margin		342			268			109		85			53			104			504			457

SG&A1		177			144			64		53			86			96			327			293

FX loss (gain)		(1	)		-			5		43			-			-			4			43


Operating income (loss)	$	166		$	124		$	40	$	(11	)	$	(33	)	$	8		$	173		$	121

1 Depreciation and amortization for the reporting segments are recorded in COGS and SG&A. During the year-ended December 31, 2024 the amount of depreciation and amortization in NAM was $74 million (December 31, 2023 – $69 million); LATAM was $53 million (December 31, 2023 – $48 million); and EH was $58 million (December 31, 2023 – $81 million).

Segment Assets


	NAM				LATAM				EH				Total

As at December 31,	2024		2023		2024		2023		2024		2023		2024		2023


EI assets – operating leases	$	286	$	298	$	185	$	209	$	242	$	357	$	713	$	864

EI assets – finance leases receivable		-		-		-		-		238		204		238		204

Goodwill1		164		167		-		-		258		266		422		433

Other segment assets		586		734		316		272		309		264		1,211		1,270

Corporate		-		-		-		-		-		-		207		187


Total segment assets	$	1,036	$	1,199	$	501	$	481	$	1,047	$	1,091	$	2,791	$	2,958


	NAM				LATAM				EH				Total

	Dec 31, 2023		Jan 1, 2023		Dec 31, 2023		Jan 1, 2023		Dec 31, 2023		Jan 1, 2023		Dec 31, 2023		Jan 1, 2023


EI assets – operating leases	$	298	$	342	$	209	$	195	$	357	$	377	$	864	$	914

EI assets – finance leases receivable		-		-		-		26		204		191		204		217

Goodwill1		167		166		-		66		266		266		433		498

Other segment assets		734		841		272		395		264		52		1,270		1,288

Corporate		-		-		-		-		-		-		187		227


Total segment assets	$	1,199	$	1,349	$	481	$	682	$	1,091	$	886	$	2,958	$	3,144

1 Total amount of goodwill in the Canada and USA operating segments at December 31, 2024, were $28 million and $136 million, respectively (December 31, 2023 – $31 million and $136 million, January 1, 2023 – $30 million and $136 million, respectively).