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REVENUE | 6 Months Ended
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Jun. 30, 2019
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE The following table summarizes revenues for the three and six months ended June 30, 2019 and 2018:
| Three Months Ended June 30,
| 2019 |  | 2018
| (in millions)
Agriculture | $ | 3,095 |  |  | $ | 3,312 |
Construction | 757 |  |  | 799 |
Commercial and Specialty Vehicles | 2,698 |  |  | 2,889 |
Powertrain | 1,133 |  |  | 1,218 |
Eliminations and Other | (615 | ) |  | (639 | )
Total Industrial Activities | $ | 7,068 |  |  | $ | 7,579 |
Financial Services | 519 |  |  | 498 |
Eliminations and Other | (20 | ) |  | (32 | )
Total Revenues | $ | 7,567 |  |  | $ | 8,045 |
| Six Months Ended June 30,
| 2019 |  | 2018
| (in millions)
Agriculture | $ | 5,585 |  |  | $ | 5,891 |
Construction | 1,397 |  |  | 1,481 |
Commercial and Specialty Vehicles | 5,112 |  |  | 5,384 |
Powertrain | 2,169 |  |  | 2,404 |
Eliminations and Other | (1,189 | ) |  | (1,281 | )
Total Industrial Activities | $ | 13,074 |  |  | $ | 13,879 |
Financial Services | 993 |  |  | $ | 1,000 |
Eliminations and Other | (43 | ) |  | $ | (61 | )
Total Revenues | $ | 14,024 |  |  | $ | 14,818 |
The following table disaggregates revenues by major source for the three and six months ended June 30, 2019 and 2018:
| Three Months Ended June 30,
| 2019 |  | 2018
| (in millions)
Revenues from: |  |  |
Sales of goods | $ | 6,808 |  |  | $ | 7,384 |
Rendering of services | 159 |  |  | 76 |
Rents on assets sold with a buy-back commitment | 101 |  |  | 119 |
Revenues from sales of goods and services | 7,068 |  |  | 7,579 |
Finance and interest income | 291 |  |  | 280 |
Rents and other income on operating lease | 208 |  |  | 186 |
Finance, interest and other income | 499 |  |  | 466 |
Total Revenues | $ | 7,567 |  |  | $ | 8,045 |
| Six Months Ended June 30,
| 2019 |  | 2018
| (in millions)
Revenues from: |  |  |
Sales of goods | $ | 12,565 |  |  | $ | 13,449 |
Rendering of services | 304 |  |  | 185 |
Rents on assets sold with a buy-back commitment | 205 |  |  | 245 |
Revenues from sales of goods and services | 13,074 |  |  | 13,879 |
Finance and interest income | 579 |  |  | 574 |
Rents and other income on operating lease | 371 |  |  | 365 |
Finance, interest and other income | 950 |  |  | 939 |
Total Revenues | $ | 14,024 |  |  | $ | 14,818 |
Contract liabilities recorded in Other liabilities were $1,299 million and $1,368 million at June 30, 2019 and December 31, 2018, respectively. Contract liabilities primarily relate to extended warranties/maintenance and repair contracts and transactions for the sale of vehicles with a buy-back commitment. During the three months ended June 30, 2019 and 2018, revenues included $134 million and $161 million, respectively, relating to contract liabilities outstanding at the beginning of each period. During the six months ended June 30, 2019 and 2018, revenues included $297 million and $315 million, respectively, relating to contract liabilities outstanding at the beginning of each period. As of June 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.9 billion. The Company expects to recognize revenue on approximately 40% and 84% of the remaining performance obligations over the next 12 and 36 months, respectively, with the remaining recognized thereafter.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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