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RELATED PARTY INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2023
Related Party Transactions [Abstract] |
Summary of Related Party Transactions | These transactions with Stellantis are reflected in the Company’s consolidated financial statements as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Net sales | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cost of goods sold | 2 |  |  | 6 |  |  | 6 |  |  | 11 |
Selling, general and administrative expenses | 10 |  |  | 12 |  |  | 22 |  |  | 25 |
| June 30, 2023 |  | December 31, 2022
| (in millions)
Trade receivables | $ | — |  |  | $ | — |
Trade payables | 17 |  |  | 14 |
The transactions with Iveco Group post-Demerger are reflected in the consolidated financial statements as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Net sales | $ | 37 |  |  | $ | 21 |  |  | $ | 57 |  |  | $ | 21 |
Cost of goods sold | 279 |  |  | 243 |  |  | 534 |  |  | 503 |
| June 30, 2023 |  | December 31, 2022
| (in millions)
Trade receivables | $ | 24 |  |  | $ | 21 |
Receivables from Iveco Group N.V. | 260 |  |  | 298 |
Trade payables | 230 |  |  | 184 |
Payables to Iveco Group N.V. | 111 |  |  | 156 |
These transactions primarily affected revenues, finance and interest income, cost of goods sold, trade receivables and payables, and are presented as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Net sales | $ | 160 |  |  | $ | 96 |  |  | $ | 293 |  |  | $ | 222 |
Cost of goods sold | 176 |  |  | 123 |  |  | 326 |  |  | 244 |
| June 30, 2023 |  | December 31, 2022
| (in millions)
Trade receivables | $ | 4 |  |  | $ | — |
Trade payables | 86 |  |  | 100 |

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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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