XML 47 R20.htm IDEA: XBRL DOCUMENT
v3.21.2

RECEIVABLES | 12 Months Ended
--- | ---
Oct. 31, 2021
RECEIVABLES |
RECEIVABLES | 13. RECEIVABLES Trade Accounts and Notes Receivable Trade accounts and notes receivable at October 31, 2021 and November 1, 2020 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |
Trade accounts and notes receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag | ​ | $ | 1,204 | ​ | $ | 1,397 | ​
Small ag & turf | ​ | ​ | 1,683 | ​ | ​ | 1,484 | ​
Construction & forestry | ​ |  | 1,321 | ​ |  | 1,290 | ​
Trade accounts and notes receivable – net | ​ | $ | 4,208 | ​ | $ | 4,171 | ​
​ Trade accounts and notes receivable have significant concentrations of credit risk in the agriculture and turf market and construction and forestry market as shown in the previous table. On a geographic basis, there is no disproportionate concentration of credit risk in any area. The allowance for credit losses on trade accounts and notes receivable at October 31, 2021, November 1, 2020, and November 3, 2019, as well as the related activity, in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
Beginning of year balance | ​ | $ | 39 | ​ | $ | 72 | ​ | $ | 70 | ​
ASU No. 2016-13 | ​ | ​ | (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision | ​ | ​ | 10 | ​ | ​ | ​ | ​ | ​ | 8 | ​
Write-offs | ​ | ​ | (7) | ​ | ​ | (23) | ​ | ​ | (14) | ​
Recoveries | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 4 | ​
Translation adjustments | ​ | ​ | 1 | ​ | ​ | (11) | ​ | ​ | 4 | ​
End of year balance | ​ | $ | 41 | ​ | $ | 39 | ​ | $ | 72 | ​
​ The equipment operations sell a significant portion of their trade receivables to financial services and provide compensation to financial services at approximate market interest rates. Trade accounts and notes receivable primarily arise from sales of goods to independent dealers. See Note 2 for the company’s revenue recognition policy. The company evaluates and assesses dealers on an ongoing basis as to their creditworthiness and generally secures the receivables by retaining a security interest in the goods associated with the trade receivables or with other financial instruments. In certain jurisdictions, the company is obligated to repurchase goods sold to a dealer upon cancellation or termination of the dealer’s contract for such causes as change in ownership and closeout of the business. During 2020 and to a much lesser extent in 2021, the company provided short-term payment relief on trade accounts and notes receivable to customers that were negatively affected by the economic effects of COVID. The relief was provided both in regional programs and case-by-case situations with creditworthy customers. This relief generally included payment deferrals not exceeding three months, extending interest-free periods for up to an additional three months with the total interest-free period not to exceed one year, or reducing interest rates for a maximum of three months. The trade receivables granted relief that remained outstanding at October 31, 2021 were not material. This balance at November 1, 2020 was $75 million, or approximately 2 percent of the trade receivable portfolio. Outside of these actions, the company did not modify its normal sales terms with customers that are outlined in Note 2. For customers who obtained payment relief, subsequent sales transactions are evaluated to confirm the revenue recognition criteria are met, including that the sales price is determinable and collectability of the payments is probable based on the terms outlined in the contract. Financing Receivables While the company implemented a new operating model in fiscal year 2021 resulting in new operating segments, assets managed by financial services, including most financing receivables and equipment on operating leases, continue to be evaluated by market (agriculture and turf or construction and forestry). Financing receivables at October 31, 2021 and November 1, 2020 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 |
​ |  | Unrestricted/Securitized |  | Unrestricted/Securitized | ​
Retail notes: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​
Agriculture and turf | ​ | $ | 21,736 | ​ | $ | 4,041 | ​ | $ | 17,780 | ​ | $ | 4,134 | ​
Construction and forestry | ​ |  | 4,334 | ​ |  | 712 | ​ |  | 3,629 | ​ |  | 680 | ​
Total | ​ |  | 26,070 | ​ |  | 4,753 | ​ |  | 21,409 | ​ |  | 4,814 | ​
Wholesale notes | ​ |  | 2,577 | ​ | ​ | ​ | ​ |  | 3,547 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ |  | 3,880 | ​ | ​ | ​ | ​ |  | 3,962 | ​ | ​ | ​ | ​
Financing leases (direct and sales-type) | ​ |  | 2,879 | ​ | ​ | ​ | ​ |  | 2,364 | ​ | ​ | ​ | ​
Total financing receivables | ​ |  | 35,406 | ​ |  | 4,753 | ​ |  | 31,282 | ​ |  | 4,814 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ |  | 1,131 | ​ |  | 80 | ​ |  | 1,066 | ​ |  | 98 | ​
Wholesale notes | ​ | ​ | 11 | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ | ​ | 55 | ​ | ​ | ​ | ​ | ​ | 60 | ​ | ​ | ​ | ​
Financing leases | ​ |  | 258 | ​ | ​ | ​ | ​ |  | 217 | ​ | ​ | ​ | ​
Total | ​ |  | 1,455 | ​ |  | 80 | ​ |  | 1,361 | ​ |  | 98 | ​
Allowance for credit losses | ​ |  | 152 | ​ |  | 14 | ​ |  | 171 | ​ |  | 13 | ​
Financing receivables – net | ​ | $ | 33,799 | ​ | $ | 4,659 | ​ | $ | 29,750 | ​ | $ | 4,703 | ​
​ Financing receivables have significant concentrations of credit risk in the agriculture and turf and construction and forestry markets as shown in the previous table. On a geographic basis, there is no disproportionate concentration of credit risk in any area. The company generally retains as collateral a security interest in the equipment associated with retail notes, wholesale notes, and financing leases. Financing receivables at October 31, 2021 and November 1, 2020 related to the company’s sales of equipment that were included in the table above consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 |
​ |  | Unrestricted/Securitized |  | Unrestricted/Securitized | ​
Retail notes*: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 1,977 | ​ | ​ | ​ | ​ | $ | 1,971 | ​ | ​ | ​ | ​
Construction and forestry | ​ | ​ | 368 | ​ | $ | 10 | ​ |  | 335 | ​ | $ | 27 | ​
Total | ​ | ​ | 2,345 | ​ |  | 10 | ​ |  | 2,306 | ​ | ​ | 27 | ​
Wholesale notes | ​ | ​ | 2,577 | ​ |  | ​ | ​ |  | 3,547 | ​ |  | ​ | ​
Sales-type leases | ​ | ​ | 1,269 | ​ |  | ​ | ​ |  | 1,045 | ​ |  | ​ | ​
Total | ​ | ​ | 6,191 | ​ | ​ | 10 | ​ | ​ | 6,898 | ​ | ​ | 27 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ | ​ | 159 | ​ | ​ | ​ | ​ | ​ | 178 | ​ | ​ | ​ | ​
Wholesale notes | ​ | ​ | 11 | ​ | ​ | ​ | ​ | ​ | 18 | ​ | ​ | ​ | ​
Sales-type leases | ​ | ​ | 98 | ​ |  | ​ | ​ |  | 82 | ​ |  | ​ | ​
Total | ​ |  | 268 | ​ |  | ​ | ​ |  | 278 | ​ | ​ | ​ | ​
Financing receivables related to the company’s sales of equipment | ​ | $ | 5,923 | ​ | $ | 10 | ​ | $ | 6,620 | ​ | $ | 27 | ​
* These retail notes generally arise from sales of equipment by company-owned dealers or through direct sales. ​ Financing receivable installments, including unearned finance income, at October 31, 2021 and November 1, 2020 were scheduled as follows in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 |
​ | ​ | Unrestricted/Securitized |  | Unrestricted/Securitized |
Due in months: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
0 – 12 | ​ | $ | 15,205 | ​ | $ | 1,904 | ​ | $ | 14,983 | ​ | $ | 1,971 | ​
13 – 24 | ​ |  | 7,412 | ​ |  | 1,323 | ​ |  | 6,180 | ​ |  | 1,354 | ​
25 – 36 | ​ |  | 5,629 | ​ |  | 885 | ​ |  | 4,556 | ​ |  | 889 | ​
37 – 48 | ​ |  | 3,991 | ​ |  | 478 | ​ |  | 3,145 | ​ |  | 460 | ​
49 – 60 | ​ |  | 2,397 | ​ |  | 150 | ​ |  | 1,794 | ​ |  | 129 | ​
Thereafter | ​ |  | 772 | ​ |  | 13 | ​ |  | 624 | ​ |  | 11 | ​
Total | ​ | $ | 35,406 | ​ | $ | 4,753 | ​ | $ | 31,282 | ​ | $ | 4,814 | ​
​ The maximum terms for retail notes are generally seven years for agriculture and turf equipment, and five years for construction and forestry equipment. The maximum term for financing leases is generally seven years. The average term for wholesale notes is less than twelve months. Past due balances of financing receivables still accruing finance income represent the total balance held (principal plus accrued interest) with any payment amounts 30 days or more past the contractual payment due date. Non-performing financing receivables represent loans for which the company has ceased accruing finance income. The company ceases accruing finance income when these receivables are generally 90 days delinquent. Generally, when receivables are 120 days delinquent the estimated uncollectible amount from the customer is written off to the allowance for credit losses. Finance income for non-performing receivables is recognized on a cash basis. Accrual of finance income is generally resumed when the receivable becomes contractually current and collections are reasonably assured. Due to the significant, negative effects of COVID on dealers and retail customers, the company provided short-term payment relief to dealers and retail customers during 2020, and to a much lesser extent in 2021. The relief was provided in regional programs and case-by-case situations with customers that were generally current in their payment obligations. This relief generally included payment deferrals or reduced financing rates of three months or less. The financing receivables granted relief that remained outstanding at October 31, 2021 and November 1, 2020 represented approximately 3 percent and 4 percent of the financing receivable portfolio, respectively. The majority of financing receivables granted short-term relief are beyond the deferral period and have either resumed making payments or are reported as delinquent based on the modified payment schedule. The company monitors the credit quality of financing receivables based on delinquency status. The credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) was as follows in millions of dollars at October 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​
Retail customer receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 12,877 | ​ | $ | 6,676 | ​ | $ | 3,463 | ​ | $ | 1,738 | ​
30-59 days past due | ​ | ​ | 43 | ​ | ​ | 53 | ​ | ​ | 29 | ​ | ​ | 16 | ​
60-89 days past due | ​ | ​ | 16 | ​ | ​ | 23 | ​ | ​ | 12 | ​ | ​ | 6 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 23 | ​ | ​ | 57 | ​ | ​ | 53 | ​ | ​ | 32 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 3,122 | ​ | ​ | 1,575 | ​ | ​ | 754 | ​ | ​ | 273 | ​
30-59 days past due | ​ | ​ | 50 | ​ | ​ | 40 | ​ | ​ | 27 | ​ | ​ | 7 | ​
60-89 days past due | ​ | ​ | 15 | ​ | ​ | 11 | ​ | ​ | 9 | ​ | ​ | 6 | ​
90+ days past due | ​ | ​ | 1 | ​ | ​ | 2 | ​ | ​ | 3 | ​ | ​ | 3 | ​
Non-performing | ​ | ​ | 26 | ​ | ​ | 56 | ​ | ​ | 39 | ​ | ​ | 17 | ​
Total retail customer receivables | ​ | $ | 16,173 | ​ | $ | 8,494 | ​ | $ | 4,389 | ​ | $ | 2,098 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2017 | ​ | Prior Years | ​ | Revolving Charge Accounts | ​ | Total | ​
Retail customer receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 728 | ​ | $ | 211 | ​ | $ | 3,704 | ​ | $ | 29,397 | ​
30-59 days past due | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | 14 | ​ | ​ | 165 | ​
60-89 days past due | ​ | ​ | 3 | ​ | ​ | 1 | ​ | ​ | 4 | ​ | ​ | 65 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
Non-performing | ​ | ​ | 17 | ​ | ​ | 23 | ​ | ​ | 7 | ​ | ​ | 212 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 57 | ​ | ​ | 7 | ​ | ​ | 92 | ​ | ​ | 5,880 | ​
30-59 days past due | ​ | ​ | 4 | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 132 | ​
60-89 days past due | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 43 | ​
90+ days past due | ​ | ​ | 4 | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 15 | ​
Non-performing | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 148 | ​
Total retail customer receivables | ​ | $ | 828 | ​ | $ | 251 | ​ | $ | 3,825 | ​ | $ | 36,058 | ​
​ ​ The credit quality analysis of retail customer receivables was as follows in millions of dollars at November 1, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​
​ | ​ | Retail Notes & Financing Leases | ​ | Revolving Charge Accounts | ​ | Total | ​
Retail customer receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 21,597 | ​ | $ | 3,787 | ​ | $ | 25,384 | ​
30-59 days past due | ​ | ​ | 135 | ​ | ​ | 13 | ​ | ​ | 148 | ​
60-89 days past due | ​ | ​ | 64 | ​ | ​ | 4 | ​ | ​ | 68 | ​
90+ days past due | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 2 | ​
Non-performing | ​ | ​ | 263 | ​ | ​ | 6 | ​ | ​ | 269 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 4,859 | ​ | ​ | 88 | ​ | ​ | 4,947 | ​
30-59 days past due | ​ | ​ | 111 | ​ | ​ | 2 | ​ | ​ | 113 | ​
60-89 days past due | ​ | ​ | 55 | ​ | ​ | 1 | ​ | ​ | 56 | ​
90+ days past due | ​ | ​ | 14 | ​ | ​ | ​ | ​ | ​ | 14 | ​
Non-performing | ​ | ​ | 106 | ​ | ​ | 1 | ​ | ​ | 107 | ​
Total retail customer receivables | ​ | $ | 27,206 | ​ | $ | 3,902 | ​ | $ | 31,108 | ​
​ The credit quality analysis of wholesale receivables was as follows in millions of dollars at October 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​
Wholesale receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 346 | ​ | $ | 80 | ​ | $ | 22 | ​ | $ | 9 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ | ​ | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 41 | ​ | ​ | 7 | ​ | ​ | 7 | ​ | ​ | ​ | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 387 | ​ | $ | 87 | ​ | $ | 41 | ​ | $ | 9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year of Origination | ​
​ | ​ | 2017 | ​ | Prior Years | ​ | Revolving | ​ | Total | ​
Wholesale receivables: | ​ |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 3 | ​ | ​ | ​ | ​ | $ | 1,696 | ​ | $ | 2,156 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 1 | ​ | $ | 1 | ​ | ​ | 340 | ​ | ​ | 397 | ​
30-59 days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 4 | ​ | $ | 2 | ​ | $ | 2,036 | ​ | $ | 2,566 | ​
​ ​ The credit quality analysis of wholesale receivables was as follows in millions of dollars at November 1, 2020: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​
Wholesale receivables: | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​
Current | ​ | $ | 3,010 | ​
30-59 days past due | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 47 | ​
Construction and forestry | ​ | ​ | ​ | ​
Current | ​ | ​ | 472 | ​
30-59 days past due | ​ | ​ | ​ | ​
60-89 days past due | ​ | ​ | ​ | ​
90+ days past due | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 3,529 | ​
​ ​ An analysis of the allowance for credit losses and investment in financing receivables follows in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Retail Notes | ​ | Revolving | ​ | ​ | ​ | ​ |
​ | ​ | & Financing | ​ | Charge | ​ | Wholesale | ​ | ​ |
​ |  | Leases |  | Accounts |  | Receivables |  | Total |
2021 |  | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Allowance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year balance | ​ | $ | 133 | ​ | $ | 43 | ​ | $ | 8 | ​ | $ | 184 | ​
ASU No. 2016-13 | ​ | ​ | 44 | ​ | ​ | (13) | ​ | ​ | ​ | ​ | ​ | 31 | ​
Provision (credit) | ​ |  | ​ | ​ |  | (17) | ​ |  | (1) | ​ |  | (18) | ​
Write-offs | ​ |  | (60) | ​ |  | (28) | ​ |  | ​ | ​ |  | (88) | ​
Recoveries | ​ |  | 20 | ​ |  | 36 | ​ | ​ | ​ | ​ |  | 56 | ​
Translation adjustments | ​ |  | 1 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 1 | ​
End of year balance* | ​ | $ | 138 | ​ | $ | 21 | ​ | $ | 7 | ​ | $ | 166 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of year balance | ​ | $ | 32,233 | ​ | $ | 3,825 | ​ | $ | 2,566 | ​ | $ | 38,624 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 |  | ​ | ​ |  | ​ |  |  | ​ | ​ |  | ​ | ​ |
Allowance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year balance | ​ | $ | 107 | ​ | $ | 40 | ​ | $ | 3 | ​ | $ | 150 | ​
Provision | ​ |  | 81 | ​ |  | 26 | ​ |  | 3 | ​ |  | 110 | ​
Write-offs | ​ |  | (65) | ​ |  | (53) | ​ |  | ​ | ​ |  | (118) | ​
Recoveries | ​ |  | 17 | ​ |  | 30 | ​ | ​ | ​ | ​ |  | 47 | ​
Translation adjustments | ​ |  | (7) | ​ | ​ | ​ | ​ |  | 2 | ​ |  | (5) | ​
End of year balance* | ​ | $ | 133 | ​ | $ | 43 | ​ | $ | 8 | ​ | $ | 184 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of year balance | ​ | $ | 27,206 | ​ | $ | 3,902 | ​ | $ | 3,529 | ​ | $ | 34,637 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year balance | ​ | $ | 129 | ​ | $ | 43 | ​ | $ | 6 | ​ | $ | 178 | ​
Provision | ​ |  | 6 | ​ |  | 29 | ​ |  | ​ | ​ |  | 35 | ​
Write-offs | ​ |  | (47) | ​ |  | (58) | ​ |  | ​ | ​ |  | (105) | ​
Recoveries | ​ |  | 23 | ​ |  | 26 | ​ | ​ | ​ | ​ |  | 49 | ​
Translation adjustments | ​ |  | (4) | ​ | ​ | ​ | ​ |  | (3) | ​ |  | (7) | ​
End of year balance* | ​ | $ | 107 | ​ | $ | 40 | ​ | $ | 3 | ​ | $ | 150 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of year balance | ​ | $ | 25,151 | ​ | $ | 3,943 | ​ | $ | 4,634 | ​ | $ | 33,728 | ​
* Individual allowances were not significant. ​ ​ In 2021, the allowance for credit losses on retail notes and financing lease receivables increased due to the adoption of ASU No. 2016-13. This was partially offset by lower expected losses in the construction and forestry market and better than expected performance of accounts granted payment relief due to the economic effects of COVID. The allowance for credit losses on revolving charge accounts decreased in 2021, reflecting a decrease due to the adoption of ASU No. 2016-13 and continued improvement in the agricultural and turf market. In 2020, the negative economic effects related to COVID and other macroeconomic issues significantly affected certain retail customers, particularly purchasers of construction equipment. Past-due amounts over 30 days represented 1.09 percent and 1.16 percent of the receivables financed at October 31, 2021 and November 1, 2020, respectively. Non-performing receivables comprised .96 percent and 1.22 percent of the financing receivables at October 31, 2021 and November 1, 2020, respectively. The allowance for credit losses represented .43 percent and .53 percent of financing receivables outstanding at October 31, 2021 and November 1, 2020, respectively. In addition, at October 31, 2021 and November 1, 2020, the company’s financial services operations had $154 million and $136 million, respectively, of deposits primarily withheld from dealers and merchants as credit enhancements. A troubled debt restructuring is generally the modification of debt in which a creditor grants a concession it would not otherwise consider to a debtor that is experiencing financial difficulties. These modifications may include a reduction of the stated interest rate, an extension of the maturity dates, a reduction of the face amount or maturity amount of the debt, or a reduction of accrued interest. During 2021, 2020, and 2019, the company identified 397, 574, and 522 receivable contracts as troubled debt restructurings with aggregate balances of $18 million, $108 million, and $36 million pre-modification and $17 million, $95 million, and $35 million post-modification, respectively. Troubled debt restructurings in 2021 and 2019 primarily related to retail notes, while 2020 modifications primarily related to wholesale receivables in Argentina. The short-term relief related to COVID did not meet the definition of a troubled debt restructuring. In 2021 and 2020, there were no significant troubled debt restructurings that subsequently defaulted and were written off. At October 31, 2021, the company had no commitments to lend to customers whose accounts were modified in troubled debt restructurings. Other Receivables Other receivables at October 31, 2021 and November 1, 2020 consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |
Taxes receivable | ​ | $ | 1,436 | ​ | $ | 931 |
Other | ​ |  | 302 | ​ |  | 289 | ​
Other receivables |  | $ | 1,738 |  | $ | 1,220 | ​
​

X
- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
Name: | us-gaap_FinancingReceivablesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration