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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Summary of Financial Information by Segment | 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 three months ended March 31, 2022 and 2021.
|  | Three Months Ended March 31,
|  | 2022 |  | 2021
|  | (in millions)
Agriculture |  | $ | 426 |  |  | $ | 399 |
Construction |  | 32 |  |  | 25 |
Unallocated items, eliminations and other |  | (29) |  |  | (31) |
Total Adjusted EBIT of Industrial Activities |  | $ | 429 |  |  | $ | 393 |
Financial Services Net Income |  | 82 |  |  | 78 |
Financial Services Income Taxes |  | 36 |  |  | 26 |
Interest expense of Industrial Activities, net of interest income and eliminations |  | (35) |  |  | (40) |
Foreign exchange gains (losses), net of Industrial Activities |  | (13) |  |  | (11) |
Finance and non-service component of Pension and other post-employment benefit cost of Industrial Activities(1) |  | 38 |  |  | 34 |
Restructuring expense of Industrial Activities |  | (2) |  |  | (1) |
Other discrete items of Industrial Activities(2) |  | (40) |  |  | — |
Income (loss) before taxes |  | $ | 495 |  |  | $ | 479 |
Income tax (expense) benefit |  | (159) |  |  | (116) |
Net income (loss) of discontinued operations |  | $ | — |  |  | $ | 62 |
Net income (loss) |  | $ | 336 |  |  | $ | 425 |
(1) In the three months ended March 31, 2022, this item includes the pre-tax gain of $30 million as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the 2018 modification of a healthcare plan in the U.S. and a pre-tax gain of $6 million as a result of the amortization over 4 years of the $101 million positive impact from 2021 modifications of a healthcare plan in the U.S. In the three months ended March 31, 2021, this item includes the pre-tax gain of $30 million as a result of the 2018 modification. (2) In the three months ended March 31, 2022, this item included $44 million of asset write-downs, $3.8 million of separation costs incurred in connection with our spin-off of the Iveco Group Business and $7.8 million of income from the two Raven businesses that are held for sale.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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