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Segment Reporting (Tables)

12 Months Ended

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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