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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Schedule of Reconciliation of Profit Under US GAAP | The following table includes the reconciliation of Adjusted EBIT for Industrial Activities to net income, the most comparable U.S. GAAP financial measure, for the years ended December 31, 2020, 2019, and 2018.
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (in millions)
Agriculture |  | $ | 880 |  |  | $ | 897 |  |  | $ | 1,036 |
Construction |  | (184) |  |  | 51 |  |  | 91 |
Commercial and Specialty Vehicles |  | (109) |  |  | 224 |  |  | 299 |
Powertrain |  | 233 |  |  | 363 |  |  | 406 |
Unallocated items, eliminations, and other |  | (268) |  |  | (145) |  |  | (247) |
Total Adjusted EBIT of Industrial Activities |  | 552 |  |  | 1,390 |  |  | 1,585 |
Financial Services Net Income |  | 249 |  |  | 361 |  | 385 |
Financial Services Income Taxes |  | 83 |  |  | 120 |  |  | 131 |
Interest expense of Industrial Activities, net of interest income and eliminations |  | (244) |  |  | (282) |  |  | (368) |
Foreign exchange (gains) losses, net of Industrial Activities |  | (45) |  |  | (56) |  |  | (171) |
Finance and non-service component of Pension and other post-employment benefit costs of Industrial Activities(1) |  | (14) |  |  | (58) |  |  | 15 |
Restructuring expenses of Industrial Activities |  | (49) |  |  | (105) |  |  | (61) |
Goodwill impairment charge |  | (585) |  |  | — |  |  | — |
Other discrete items of Industrial Activities(2) |  | (569) |  |  | (187) |  |  | — |
Nikola investment fair value adjustment |  | 134 |  |  | — |  |  | — |
Income (loss) before taxes |  | (488) |  |  | 1,183 |  |  | 1,516 |
Income tax benefit (expense) |  | 50 |  |  | 271 |  |  | (417) |
Net Income (loss) |  | $ | (438) |  |  | $ | 1,454 |  |  | $ | 1,099 |
(1) In the year ended December 31, 2020, 2019, and 2018 this item includes the pre-tax gain of $119 million, $119 million and $80 million, respectively, as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the modification of a healthcare plan in the U.S. In the years ended December 31, 2020 and 2019, this item also includes a pre-tax non-cash settlement charge of $124 million and $112 million, respectively, resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations. (2) In the year ended December 31, 2020, this item mainly includes impairment of intangible and other long-lived assets, asset optimization charges, and the negative impact from the costs recognized by a Chinese joint venture, accounted for under the equity method, for valuation allowances against deferred tax assets and restructuring actions. In year ended December 31, 2019, this item mainly included other asset optimization charges for $165 million due to actions included in the “Transform2Win” strategy.
Schedule of Profit by Reportable Segment | The following table provides key segment information for the Financial Services segment:
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (in millions)
Financial Services Net Income |  | $ | 249 |  |  | $ | 361 |  |  | $ | 385 |
Financial Services Interest Revenue (1) |  | $ | 1,123 |  |  | $ | 1,248 |  |  | $ | 1,167 |
Financial Services Interest Expense |  | $ | 510 |  |  | $ | 597 |  |  | $ | 558 |
(1) This amount excludes interest included in operating leases rentals.
Summary of Operating Segment Information | A summary of additional operating segment information as of and for the years ended December 31, 2020, 2019, and 2018 is as follows:
|  | Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (in millions)
Revenues: |  |  |  |  |  |
Agriculture |  | $ | 10,923 |  |  | $ | 10,959 |  |  | $ | 11,682 |
Construction |  | 2,170 |  |  | 2,768 |  |  | 3,021 |
Commercial and Specialty Vehicles |  | 9,421 |  |  | 10,439 |  |  | 10,939 |
Powertrain |  | 3,629 |  |  | 4,117 |  |  | 4,565 |
Eliminations and other |  | (1,858) |  |  | (2,134) |  |  | (2,376) |
Net sales of Industrial Activities |  | 24,285 |  |  | 26,149 |  |  | 27,831 |
Financial Services |  | 1,823 |  |  | 2,011 |  |  | 1,989 |
Eliminations and other |  | (76) |  |  | (81) |  |  | (114) |
Total Revenues |  | $ | 26,032 |  |  | $ | 28,079 |  |  | $ | 29,706 |
Depreciation and Amortization (*): |  |  |  |  |  |
Agriculture |  | $ | 248 |  |  | $ | 281 |  |  | $ | 301 |
Construction |  | 46 |  |  | 55 |  |  | 61 |
Commercial and Specialty Vehicles |  | 211 |  |  | 195 |  |  | 206 |
Powertrain |  | 120 |  |  | 124 |  |  | 130 |
Other activities and adjustments |  | 2 |  |  | 2 |  |  | 1 |
Depreciation and amortization of Industrial Activities |  | 627 |  |  | 657 |  |  | 699 |
Financial Services |  | 3 |  |  | 3 |  |  | 4 |
Depreciation and amortization |  | $ | 630 |  |  | $ | 660 |  |  | $ | 703 |
Expenditures for long-lived assets (**): |  |  |  |  |  |
Agriculture |  | $ | 185 |  |  | $ | 232 |  |  | $ | 224 |
Construction |  | 42 |  |  | 46 |  |  | 40 |
Commercial and Specialty Vehicles |  | 160 |  |  | 258 |  |  | 195 |
Powertrain |  | 92 |  |  | 96 |  |  | 91 |
Other activities |  | 2 |  |  | 1 |  |  | — |
Expenditures for long-lived assets of Industrial Activities |  | 481 |  |  | 633 |  |  | 550 |
Financial Services |  | 3 |  |  | 4 |  |  | 8 |
Expenditures for long-lived assets |  | $ | 484 |  |  | $ | 637 |  |  | $ | 558 |
(*) Excluding assets sold with buy-back commitments and equipment on operating leases (**) Excluding assets sold with buy-back commitments, equipment on operating leases and right of use assets
Summary of net revenue | The following tables summarize previously reported revenues for the years ended December 31, 2020, 2019 and 2018:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (in millions)
Agriculture |  | $ | 10,923 |  |  | $ | 10,959 |  |  | $ | 11,682 |
Construction |  | 2,170 |  |  | 2,768 |  |  | 3,021 |
Commercial and Specialty Vehicles |  | 9,421 |  |  | 10,439 |  |  | 10,939 |
Powertrain |  | 3,629 |  |  | 4,117 |  |  | 4,565 |
Eliminations and Other |  | (1,858) |  |  | (2,134) |  |  | (2,376) |
Total Industrial Activities |  | 24,285 |  |  | 26,149 |  |  | 27,831 |
Financial Services |  | 1,823 |  |  | 2,011 |  |  | 1,989 |
Eliminations and Other |  | (76) |  |  | (81) |  |  | (114) |
Total Revenues |  | $ | 26,032 |  |  | $ | 28,079 |  |  | $ | 29,706 |
The following highlights revenues earned from external customers in the rest of the world by destination:
|  | 2020 |  | 2019 |  | 2018
|  | (in millions)
United States |  | $ | 5,191 |  |  | $ | 5,610 |  |  | $ | 5,719 |
Italy |  | 2,673 |  |  | 3,253 |  |  | 3,383 |
France |  | 2,840 |  |  | 3,030 |  |  | 2,994 |
Brazil |  | 1,937 |  |  | 2,105 |  |  | 2,093 |
Germany |  | 1,765 |  |  | 1,875 |  |  | 2,062 |
Canada |  | 941 |  |  | 1,087 |  |  | 1,124 |
Australia |  | 824 |  |  | 739 |  |  | 929 |
Spain |  | 751 |  |  | 987 |  |  | 1,084 |
Argentina |  | 522 |  |  | 509 |  |  | 524 |
Poland |  | 576 |  |  | 604 |  |  | 658 |
Other |  | 7,235 |  |  | 7,392 |  |  | 8,130 |
Total Revenues from external customers in the rest of world |  | $ | 25,255 |  |  | $ | 27,191 |  |  | $ | 28,700 |
Schedule Of Long-lived Assets By Geographical Area | The following highlights long-lived tangible and intangible assets by geography in the rest of the world:
|  | At December 31,
|  | 2020 |  | 2019
|  | (in millions)
United States |  | $ | 4,110 |  |  | $ | 4,823 |
Italy |  | 1,444 |  |  | 1,398 |
France |  | 738 |  |  | 723 |
Germany |  | 601 |  |  | 573 |
Spain |  | 717 |  |  | 643 |
Canada |  | 149 |  |  | 557 |
Brazil |  | 217 |  |  | 294 |
China |  | 571 |  |  | 219 |
Other |  | 899 |  |  | 1,062 |
Total Long-lived assets in the rest of the world |  | $ | 9,446 |  |  | $ | 10,292 |

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