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SUPPLEMENTAL INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2019
Supplemental Information [Abstract] |
Summary of Supplemental Information, Income Statement |
| Statement of Operations
| Industrial Activities |  | Financial Services
| Three Months Ended June 30, |  | Three Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Revenues |  |  |  |  |  |  |
Net sales | $ | 7,068 |  |  | $ | 7,579 |  |  | $ | — |  |  | $ | — |
Finance, interest and other income | 23 |  |  | 23 |  |  | 519 |  |  | 498 |
Total Revenues | $ | 7,091 |  |  | $ | 7,602 |  |  | $ | 519 |  |  | $ | 498 |
Costs and Expenses |  |  |  |  |  |  |
Cost of goods sold | $ | 5,751 |  |  | $ | 6,188 |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 497 |  |  | 545 |  |  | 58 |  |  | 48 |
Research and development expenses | 273 |  |  | 262 |  |  | — |  |  | — |
Restructuring expenses | 26 |  |  | 5 |  |  | 2 |  |  | — |
Interest expense | 89 |  |  | 111 |  |  | 149 |  |  | 136 |
Other, net | 18 |  |  | 124 |  |  | 193 |  |  | 178 |
Total Costs and Expenses | $ | 6,654 |  |  | $ | 7,235 |  |  | $ | 402 |  |  | $ | 362 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 437 |  |  | 367 |  |  | 117 |  |  | 136 |
Income tax (expense) benefit | (104 | ) |  | (79 | ) |  | (31 | ) |  | (39 | )
Equity in income of unconsolidated subsidiaries and affiliates | 3 |  |  | 18 |  |  | 5 |  |  | 5 |
Results from intersegment investments | 91 |  |  | 102 |  |  | — |  |  | — |
Net income | $ | 427 |  |  | $ | 408 |  |  | $ | 91 |  |  | $ | 102 |
| Statement of Operations
| Industrial Activities |  | Financial Services
| Six Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions, except share data)
Revenues |  |  |  |  |  |  |
Net sales | $ | 13,074 |  |  | $ | 13,879 |  |  | $ | — |  |  | $ | — |
Finance and interest income | 53 |  |  | 50 |  |  | 993 |  |  | 1,000 |
Total Revenues | $ | 13,127 |  |  | $ | 13,929 |  |  | $ | 993 |  |  | $ | 1,000 |
Costs and Expenses |  |  |  |  |  |  |
Cost of goods sold | $ | 10,717 |  |  | $ | 11,444 |  |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses | 990 |  |  | 1,072 |  |  | 104 |  |  | 111 |
Research and development expenses | 517 |  |  | 489 |  |  | — |  |  | — |
Restructuring expenses | 34 |  |  | 8 |  |  | 2 |  |  | — |
Interest expense | 172 |  |  | 231 |  |  | 302 |  |  | 272 |
Other, net | 34 |  |  | 204 |  |  | 345 |  |  | 349 |
Total Costs and Expenses | $ | 12,464 |  |  | $ | 13,448 |  |  | $ | 753 |  |  | $ | 732 |
Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates | 663 |  |  | 481 |  |  | 240 |  |  | 268 |
Income taxes | (158 | ) |  | (102 | ) |  | (67 | ) |  | (79 | )
Equity income of unconsolidated subsidiaries and affiliates | — |  |  | 26 |  |  | 13 |  |  | 16 |
Results from intersegment investments | 186 |  |  | 205 |  |  | — |  |  | — |
Net income | $ | 691 |  |  | $ | 610 |  |  | $ | 186 |  |  | $ | 205 |
| Balance Sheets
| Industrial Activities |  | Financial Services
| June 30, 2019 |  | December 31, 2018 |  | June 30, 2019 |  | December 31, 2018
| (in millions)
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,276 |  |  | $ | 4,553 |  |  | $ | 383 |  |  | $ | 478 |
Restricted cash | 54 |  |  | — |  |  | 633 |  |  | 772 |
Trade receivables, net | 471 |  |  | 398 |  |  | 31 |  |  | 34 |
Financing receivables, net | 1,639 |  |  | 1,253 |  |  | 20,961 |  |  | 20,252 |
Inventories, net | 7,949 |  |  | 6,510 |  |  | 243 |  |  | 216 |
Property, plant and equipment, net | 5,553 |  |  | 5,899 |  |  | 1 |  |  | 2 |
Investments in unconsolidated subsidiaries and affiliates | 3,209 |  |  | 3,126 |  |  | 227 |  |  | 219 |
Equipment under operating leases | 34 |  |  | 34 |  |  | 1,754 |  |  | 1,740 |
Goodwill | 2,305 |  |  | 2,301 |  |  | 154 |  |  | 152 |
Other intangible assets, net | 755 |  |  | 774 |  |  | 15 |  |  | 14 |
Deferred tax assets | 573 |  |  | 635 |  |  | 164 |  |  | 175 |
Derivative assets | 58 |  |  | 81 |  |  | 59 |  |  | 24 |
Other assets | 2,210 |  |  | 1,707 |  |  | 300 |  |  | 323 |
Total Assets | $ | 28,086 |  |  | $ | 27,271 |  |  | $ | 24,925 |  |  | $ | 24,401 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Debt | $ | 6,444 |  |  | $ | 6,347 |  |  | $ | 20,791 |  |  | $ | 20,436 |
Trade payables | 6,049 |  |  | 5,771 |  |  | 126 |  |  | 173 |
Deferred tax liabilities | 14 |  |  | 83 |  |  | 275 |  |  | 250 |
Pension, postretirement and other postemployment benefits | 1,427 |  |  | 1,470 |  |  | 18 |  |  | 18 |
Derivative liabilities | 87 |  |  | 89 |  |  | 45 |  |  | 26 |
Other liabilities | 8,543 |  |  | 8,413 |  |  | 759 |  |  | 681 |
Total Liabilities | $ | 22,564 |  |  | $ | 22,173 |  |  | $ | 22,014 |  |  | $ | 21,584 |
Equity | 5,489 |  |  | 5,068 |  |  | 2,911 |  |  | 2,817 |
Redeemable noncontrolling interest | 33 |  |  | 30 |  |  | — |  |  | — |
Total Liabilities and Equity | $ | 28,086 |  |  | $ | 27,271 |  |  | $ | 24,925 |  |  | $ | 24,401 |
Summary of Supplemental Information, Balance Sheet |
| Balance Sheets
| Industrial Activities |  | Financial Services
| June 30, 2019 |  | December 31, 2018 |  | June 30, 2019 |  | December 31, 2018
| (in millions)
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3,276 |  |  | $ | 4,553 |  |  | $ | 383 |  |  | $ | 478 |
Restricted cash | 54 |  |  | — |  |  | 633 |  |  | 772 |
Trade receivables, net | 471 |  |  | 398 |  |  | 31 |  |  | 34 |
Financing receivables, net | 1,639 |  |  | 1,253 |  |  | 20,961 |  |  | 20,252 |
Inventories, net | 7,949 |  |  | 6,510 |  |  | 243 |  |  | 216 |
Property, plant and equipment, net | 5,553 |  |  | 5,899 |  |  | 1 |  |  | 2 |
Investments in unconsolidated subsidiaries and affiliates | 3,209 |  |  | 3,126 |  |  | 227 |  |  | 219 |
Equipment under operating leases | 34 |  |  | 34 |  |  | 1,754 |  |  | 1,740 |
Goodwill | 2,305 |  |  | 2,301 |  |  | 154 |  |  | 152 |
Other intangible assets, net | 755 |  |  | 774 |  |  | 15 |  |  | 14 |
Deferred tax assets | 573 |  |  | 635 |  |  | 164 |  |  | 175 |
Derivative assets | 58 |  |  | 81 |  |  | 59 |  |  | 24 |
Other assets | 2,210 |  |  | 1,707 |  |  | 300 |  |  | 323 |
Total Assets | $ | 28,086 |  |  | $ | 27,271 |  |  | $ | 24,925 |  |  | $ | 24,401 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
Debt | $ | 6,444 |  |  | $ | 6,347 |  |  | $ | 20,791 |  |  | $ | 20,436 |
Trade payables | 6,049 |  |  | 5,771 |  |  | 126 |  |  | 173 |
Deferred tax liabilities | 14 |  |  | 83 |  |  | 275 |  |  | 250 |
Pension, postretirement and other postemployment benefits | 1,427 |  |  | 1,470 |  |  | 18 |  |  | 18 |
Derivative liabilities | 87 |  |  | 89 |  |  | 45 |  |  | 26 |
Other liabilities | 8,543 |  |  | 8,413 |  |  | 759 |  |  | 681 |
Total Liabilities | $ | 22,564 |  |  | $ | 22,173 |  |  | $ | 22,014 |  |  | $ | 21,584 |
Equity | 5,489 |  |  | 5,068 |  |  | 2,911 |  |  | 2,817 |
Redeemable noncontrolling interest | 33 |  |  | 30 |  |  | — |  |  | — |
Total Liabilities and Equity | $ | 28,086 |  |  | $ | 27,271 |  |  | $ | 24,925 |  |  | $ | 24,401 |
Summary of Supplemental Information, Cash Flows |
| Statements of Cash Flows
| Industrial Activities |  | Financial Services
| Six Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Operating activities: |  |  |  |  |  |  |
Net income | $ | 691 |  |  | $ | 610 |  |  | $ | 186 |  |  | $ | 205 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |
Depreciation and amortization expense, net of assets under operating leases and assets sold under buy-back commitments | 330 |  |  | 361 |  |  | 2 |  |  | 3 |
Depreciation and amortization expense of assets under operating leases and assets sold under buy-back commitments | 158 |  |  | 197 |  |  | 124 |  |  | 126 |
Loss on disposal of assets | 1 |  |  | — |  |  | — |  |  | — |
Undistributed loss of unconsolidated subsidiaries | (41 | ) |  | (94 | ) |  | (13 | ) |  | (16 | )
Other non-cash items | 50 |  |  | 83 |  |  | 24 |  |  | 27 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |
Provisions | (55 | ) |  | (52 | ) |  | (11 | ) |  | (4 | )
Deferred income taxes | 1 |  |  | (51 | ) |  | 41 |  |  | (27 | )
Trade and financing receivables related to sales, net | (74 | ) |  | (99 | ) |  | (822 | ) |  | (122 | )
Inventories, net | (1,246 | ) |  | (988 | ) |  | 214 |  |  | 223 |
Trade payables | 294 |  |  | 608 |  |  | (48 | ) |  | (31 | )
Other assets and liabilities | (270 | ) |  | (182 | ) |  | 93 |  |  | 41 |
Net cash provided by (used in) operating activities | $ | (161 | ) |  | $ | 393 |  |  | $ | (210 | ) |  | $ | 425 |
Investing activities: |  |  |  |  |  |  |
Additions to retail receivables | — |  |  | — |  |  | (1,987 | ) |  | (1,999 | )
Collections of retail receivables | — |  |  | — |  |  | 2,314 |  |  | 2,151 |
Proceeds from sale of assets, net of assets sold under operating leases and assets sold under buy-back commitments | 2 |  |  | 1 |  |  | — |  |  | — |
Expenditures for property, plant and equipment and intangible assets, net of assets under operating leases and sold under buy-back commitments | (180 | ) |  | (158 | ) |  | (2 | ) |  | (3 | )
Expenditures for assets under operating leases and assets sold under buy-back commitments | (261 | ) |  | (334 | ) |  | (364 | ) |  | (257 | )
Other | (264 | ) |  | 643 |  |  | 252 |  |  | (473 | )
Net cash provided by (used in) investing activities | $ | (703 | ) |  | $ | 152 |  |  | $ | 213 |  |  | $ | (581 | )
Financing activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 694 |  |  | 1 |  |  | 6,682 |  |  | 7,257 |
Payments of long-term debt | (726 | ) |  | (1,175 | ) |  | (6,687 | ) |  | (7,672 | )
Net increase (decrease) in other financial liabilities | 20 |  |  | 298 |  |  | (125 | ) |  | 567 |
Dividends paid | (278 | ) |  | (238 | ) |  | (132 | ) |  | (91 | )
Other | (45 | ) |  | (134 | ) |  | 20 |  |  | 39 |
Net cash provided by (used in) financing activities | $ | (335 | ) |  | $ | (1,248 | ) |  | $ | (242 | ) |  | $ | 100 |
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | (24 | ) |  | (172 | ) |  | 5 |  |  | (52 | )
Decrease in cash and cash equivalents and restricted cash | (1,223 | ) |  | (875 | ) |  | (234 | ) |  | (108 | )
Cash and cash equivalents and restricted cash, beginning of year | 4,553 |  |  | 4,901 |  |  | 1,250 |  |  | 1,299 |
Cash and cash equivalents and restricted cash, end of period | $ | 3,330 |  |  | $ | 4,026 |  |  | $ | 1,016 |  |  | $ | 1,191 |

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