Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued) Financial Condition Our receivables, including finance receivables and operating leases, were as follows (in billions): 33 Our operating lease portfolio was 20% of total net receivables at December 31, 2020. Leasing is an important product, and our leasing strategy balance sales, share, residuals, and long-term profitability. Operating leases in the United States and Canada represent 99% of our total operating lease portfolio. Total net receivables at December 31, 2020 were $10.3 billion lower compared with December 31, 2019 and $14.6 billion lower compared with December 31, 2018, primarily reflecting lower Ford vehicle production because of COVID-19. At December 31, 2018, 2019, and 2020, total net receivables includes consumer receivables before allowance for credit losses of $40.7 billion, $38.3 billion, and $43.7 billion, respectively, and non-consumer receivables before allowance for credit losses of $25.7 billion, $26.8 billion, and $16.4 billion, respectively, that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. In addition, at December 31, 2018, 2019, and 2020, total net receivables includes net investment in operating leases of $16.3 billion, $14.9 billion, and $12.8 billion, respectively, that have been included in securitization transactions but continue to be reported in our consolidated financial statements. These net receivables are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations or the claims of Ford Credit’s other creditors. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions. For additional information on our securitization transactions, refer to the “Securitization Transactions” and “On-Balance Sheet Arrangements” sections and Note 6 of our Notes to the Financial Statements. For the Years Ended December 31, Net Receivables 2018 2019 2020 United States and Canada Segment Consumer financing $ 55.7  $ 55.4  $ 58.4  Non-Consumer financing 31.2  29.4  19.5  Net investment in operating leases 27.0  27.3  26.4  Total United States and Canada Segment $ 113.9  $ 112.1  $ 104.3  Europe Segment Consumer financing $ 15.5  $ 14.8  $ 15.1  Non-Consumer financing 9.6  9.8  7.4  Net investment in operating leases 0.4  0.4  0.3  Total Europe Segment $ 25.5  $ 25.0  $ 22.8  All Other Segment Consumer financing $ 4.6  $ 3.3  $ 3.4  Non-Consumer financing 2.3  1.6  1.2  Net investment in operating leases —  —  —  Total All Other Segment $ 6.9  $ 4.9  $ 4.6  Total net receivables $ 146.3  $ 142.0  $ 131.7  Managed Receivables Total net receivables (GAAP) $ 146.3  $ 142.0  $ 131.7  Held-for-sale receivables (GAAP) —  1.5  0.0  Unearned interest supplements and residual support 6.8  6.7  6.5  Allowance for credit losses 0.6  0.5  1.3  Other, primarily accumulated supplemental depreciation 1.2  1.0  1.0  Total managed receivables (Non-GAAP) $ 154.9  $ 151.7  $ 140.5  United States and Canada Segment Lease Mix SUV / CUV 56  % 57  % 59  % Truck 27  30  32  Car 17  13  9 