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RECEIVABLES | 12 Months Ended
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Oct. 30, 2022
RECEIVABLES |
RECEIVABLES | 11. RECEIVABLES Trade Accounts and Notes Receivable Trade accounts and notes receivable at October 30, 2022 and October 31, 2021 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
Trade accounts and notes receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag | ​ | $ | 2,397 | ​ | $ | 1,204 | ​
Small ag & turf | ​ | ​ | 2,065 | ​ | ​ | 1,683 | ​
Construction & forestry | ​ |  | 1,948 | ​ |  | 1,321 | ​
Trade accounts and notes receivable – net | ​ | $ | 6,410 | ​ | $ | 4,208 | ​
​ Trade accounts and notes receivable 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, 52 percent of the company’s trade accounts and notes receivable are located in the U.S. and Canada at October 30, 2022. There is not a disproportionate concentration of credit risk with any single dealer. The allowance for credit losses on trade accounts and notes receivable at October 30, 2022, October 31, 2021, and November 1, 2020, as well as the related activity, in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
Beginning of year balance | ​ | $ | 41 | ​ | $ | 39 | ​ | $ | 72 | ​
ASU No. 2016-13 | ​ | ​ | ​ | ​ | ​ | (2) | ​ | ​ | ​ | ​
Provision | ​ | ​ | 1 | ​ | ​ | 10 | ​ | ​ | ​ | ​
Write-offs | ​ | ​ | (5) | ​ | ​ | (7) | ​ | ​ | (23) | ​
Recoveries | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
Translation adjustments | ​ | ​ | (1) | ​ | ​ | 1 | ​ | ​ | (11) | ​
End of year balance | ​ | $ | 36 | ​ | $ | 41 | ​ | $ | 39 | ​
​ 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 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 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. 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 30, 2022 and October 31, 2021 in millions of dollars follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 |
​ |  | Unrestricted/Securitized |  | Unrestricted/Securitized | ​
Retail notes: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​
Agriculture and turf | ​ | $ | 23,830 | ​ | $ | 4,868 | ​ | $ | 21,736 | ​ | $ | 4,041 | ​
Construction and forestry | ​ |  | 4,396 | ​ |  | 1,179 | ​ |  | 4,334 | ​ |  | 712 | ​
Total | ​ |  | 28,226 | ​ |  | 6,047 | ​ |  | 26,070 | ​ |  | 4,753 | ​
Wholesale notes | ​ |  | 3,285 | ​ | ​ | ​ | ​ |  | 2,577 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ |  | 4,316 | ​ | ​ | ​ | ​ |  | 3,880 | ​ | ​ | ​ | ​
Financing leases (direct and sales-type) | ​ |  | 2,832 | ​ | ​ | ​ | ​ |  | 2,879 | ​ | ​ | ​ | ​
Total financing receivables | ​ |  | 38,659 | ​ |  | 6,047 | ​ |  | 35,406 | ​ |  | 4,753 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ |  | 1,358 | ​ |  | 95 | ​ |  | 1,131 | ​ |  | 80 | ​
Wholesale notes | ​ | ​ | 12 | ​ | ​ | ​ | ​ | ​ | 11 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ | ​ | 61 | ​ | ​ | ​ | ​ | ​ | 55 | ​ | ​ | ​ | ​
Financing leases | ​ |  | 285 | ​ | ​ | ​ | ​ |  | 258 | ​ | ​ | ​ | ​
Total | ​ |  | 1,716 | ​ |  | 95 | ​ |  | 1,455 | ​ |  | 80 | ​
Allowance for credit losses | ​ |  | 309 | ​ |  | 16 | ​ |  | 152 | ​ |  | 14 | ​
Financing receivables – net | ​ | $ | 36,634 | ​ | $ | 5,936 | ​ | $ | 33,799 | ​ | $ | 4,659 | ​
​ Financing receivables have significant concentrations of credit risk in the agriculture and turf and construction and forestry markets. On a geographic basis, 85 percent of the company’s financing receivables were located in the U.S. and Canada at October 30, 2022. There is no disproportionate concentration of credit risk with any single customer or dealer. The company retains as collateral security in the equipment associated with retail notes, wholesale notes, and financing leases, and requires theft and physical damage insurance on such equipment. Financing receivables at October 30, 2022 and October 31, 2021 related to the company’s sales of equipment that were included in the previous table consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 |
Retail notes*: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 1,392 | ​ | $ | 1,977 | ​
Construction and forestry | ​ | ​ | 304 | ​ |  | 378 | ​
Total | ​ | ​ | 1,696 | ​ |  | 2,355 | ​
Wholesale notes | ​ | ​ | 3,285 | ​ |  | 2,577 | ​
Sales-type leases | ​ | ​ | 799 | ​ |  | 1,269 | ​
Total | ​ | ​ | 5,780 | ​ | ​ | 6,201 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ | ​ | 133 | ​ | ​ | 159 | ​
Wholesale notes | ​ | ​ | 12 | ​ | ​ | 11 | ​
Sales-type leases | ​ | ​ | 67 | ​ |  | 98 | ​
Total | ​ |  | 212 | ​ |  | 268 | ​
Financing receivables related to the company’s sales of equipment | ​ | $ | 5,568 | ​ | $ | 5,933 | ​
* These retail notes arise from sales of equipment by company-owned dealers or through direct sales. ​ Included in the table above were $10 million of securitized construction and forestry retail notes at October 31, 2021. Financing receivable installments, including unearned finance income, at October 30, 2022 and October 31, 2021 were scheduled as follows in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 |
​ | ​ | Unrestricted/Securitized |  | Unrestricted/Securitized |
Due in months: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
0 – 12 | ​ | $ | 17,032 | ​ | $ | 2,226 | ​ | $ | 15,205 | ​ | $ | 1,904 | ​
13 – 24 | ​ |  | 7,975 | ​ |  | 1,667 | ​ |  | 7,412 | ​ |  | 1,323 | ​
25 – 36 | ​ |  | 5,987 | ​ |  | 1,209 | ​ |  | 5,629 | ​ |  | 885 | ​
37 – 48 | ​ |  | 4,297 | ​ |  | 709 | ​ |  | 3,991 | ​ |  | 478 | ​
49 – 60 | ​ |  | 2,559 | ​ |  | 227 | ​ |  | 2,397 | ​ |  | 150 | ​
Thereafter | ​ |  | 809 | ​ |  | 9 | ​ |  | 772 | ​ |  | 13 | ​
Total | ​ | $ | 38,659 | ​ | $ | 6,047 | ​ | $ | 35,406 | ​ | $ | 4,753 | ​
​ The maximum terms for retail notes are seven years for agriculture and turf equipment, and five years for construction and forestry equipment. The maximum term for financing leases is seven years. In total, wholesale notes turned four times during 2022 and three times during 2021. 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 resumed when the receivable becomes contractually current and collections are reasonably assured. 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) by year of origination was as follows in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 30, 2022 | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
Retail customer receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 13,500 | ​ | $ | 7,984 | ​ | $ | 4,091 | ​ | $ | 1,875 | ​
30-59 days past due | ​ | ​ | 46 | ​ | ​ | 63 | ​ | ​ | 36 | ​ | ​ | 17 | ​
60-89 days past due | ​ | ​ | 14 | ​ | ​ | 25 | ​ | ​ | 13 | ​ | ​ | 6 | ​
90+ days past due | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 27 | ​ | ​ | 60 | ​ | ​ | 44 | ​ | ​ | 28 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 2,964 | ​ | ​ | 1,974 | ​ | ​ | 842 | ​ | ​ | 292 | ​
30-59 days past due | ​ | ​ | 53 | ​ | ​ | 52 | ​ | ​ | 23 | ​ | ​ | 9 | ​
60-89 days past due | ​ | ​ | 19 | ​ | ​ | 16 | ​ | ​ | 7 | ​ | ​ | 3 | ​
90+ days past due | ​ | ​ | 1 | ​ | ​ | 4 | ​ | ​ | 1 | ​ | ​ | 3 | ​
Non-performing | ​ | ​ | 25 | ​ | ​ | 61 | ​ | ​ | 34 | ​ | ​ | 19 | ​
Total retail customer receivables | ​ | $ | 16,650 | ​ | $ | 10,239 | ​ | $ | 5,091 | ​ | $ | 2,252 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 30, 2022 | ​
​ | ​ | 2018 | ​ | Prior Years | ​ | Revolving Charge Accounts | ​ | Total | ​
Retail customer receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 785 | ​ | $ | 200 | ​ | $ | 4,111 | ​ | $ | 32,546 | ​
30-59 days past due | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | 19 | ​ | ​ | 191 | ​
60-89 days past due | ​ | ​ | 2 | ​ | ​ | 1 | ​ | ​ | 5 | ​ | ​ | 66 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
Non-performing | ​ | ​ | 18 | ​ | ​ | 19 | ​ | ​ | 8 | ​ | ​ | 204 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 73 | ​ | ​ | 12 | ​ | ​ | 108 | ​ | ​ | 6,265 | ​
30-59 days past due | ​ | ​ | 2 | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 143 | ​
60-89 days past due | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 47 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 10 | ​
Non-performing | ​ | ​ | 7 | ​ | ​ | 3 | ​ | ​ | ​ | ​ | ​ | 149 | ​
Total retail customer receivables | ​ | $ | 895 | ​ | $ | 240 | ​ | $ | 4,255 | ​ | $ | 39,622 | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 31, 2021 | ​
​ | ​ | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 31, 2021 | ​
​ | ​ | 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 wholesale receivables by year of origination was as follows in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 30, 2022 | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​
Wholesale receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 387 | ​ | $ | 64 | ​ | $ | 27 | ​ | $ | 4 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 7 | ​ | ​ | 29 | ​ | ​ | 2 | ​ | ​ | 1 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 394 | ​ | $ | 93 | ​ | $ | 29 | ​ | $ | 6 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 30, 2022 | ​
​ | ​ | 2018 | ​ | Prior Years | ​ | Revolving | ​ | Total | ​
Wholesale receivables: | ​ |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | ​ | ​ | $ | 2 | ​ | $ | 2,371 | ​ | $ | 2,855 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | 377 | ​ | ​ | 417 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | ​ | ​ | ​ | $ | 3 | ​ | $ | 2,748 | ​ | $ | 3,273 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 31, 2021 | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​
Wholesale receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 346 | ​ | $ | 80 | ​ | $ | 22 | ​ | $ | 9 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ | ​ | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 41 | ​ | ​ | 7 | ​ | ​ | 7 | ​ | ​ | ​ | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 387 | ​ | $ | 87 | ​ | $ | 41 | ​ | $ | 9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 31, 2021 | ​
​ | ​ | 2017 | ​ | Prior Years | ​ | Revolving | ​ | Total | ​
Wholesale receivables: | ​ |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 3 | ​ | ​ | ​ | ​ | $ | 1,696 | ​ | $ | 2,156 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 12 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 1 | ​ | $ | 1 | ​ | ​ | 340 | ​ | ​ | 397 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 1 | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 4 | ​ | $ | 2 | ​ | $ | 2,036 | ​ | $ | 2,566 | ​
​ ​ 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 |
2022 |  | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Allowance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year balance | ​ | $ | 138 | ​ | $ | 21 | ​ | $ | 7 | ​ | $ | 166 | ​
Provision (credit) | ​ |  | 197 | ​ |  | (2) | ​ |  | (3) | ​ |  | 192 | ​
Write-offs | ​ |  | (61) | ​ |  | (27) | ​ |  | ​ | ​ |  | (88) | ​
Recoveries | ​ |  | 22 | ​ |  | 30 | ​ | ​ | ​ | ​ |  | 52 | ​
Translation adjustments | ​ |  | 3 | ​ | ​ | ​ | ​ |  | ​ | ​ |  | 3 | ​
End of year balance* | ​ | $ | 299 | ​ | $ | 22 | ​ | $ | 4 | ​ | $ | 325 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of year balance | ​ | $ | 35,367 | ​ | $ | 4,255 | ​ | $ | 3,273 | ​ | $ | 42,895 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​
* Individual allowances were not significant. ​ As part of the allowance setting process, the company continues to monitor the economy, including potential impacts of inflation and rising interest rates, among other factors, and qualitative adjustments to the allowance are incorporated, as necessary. In 2022, the allowance for credit losses on retail notes and financing lease receivables increased due to higher reserves related to the events in Russia / Ukraine and higher portfolio balances. This was partially offset by continued positive agricultural market conditions, which drove favorable impacts on the allowance. Similar to the strong performance in 2021, the revolving portfolio experienced low write-offs and solid recoveries. 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. Financing receivable analysis metrics follow in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​
Percent of the overall financing receivable portfolio: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Past-due amounts | ​ | ​ | 1.07 | ​ | ​ | 1.09 | ​
Non-performing | ​ | ​ | .83 | ​ | ​ | .96 | ​
Allowance for credit losses | ​ | ​ | .76 | ​ | ​ | .43 | ​
Deposits held as credit enhancements | ​ | $ | 158 | ​ | $ | 154 | ​
​ A troubled debt restructuring is a significant 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. The following table includes receivable contracts identified as troubled debt restructurings: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 | ​
Number of receivable contracts | ​ | ​ | 276 | ​ | ​ | 397 | ​ | ​ | 574 | ​
Pre-modification balance in millions | ​ | $ | 12 | ​ | $ | 18 | ​ | $ | 108 | ​
Post modification balance in millions | ​ | ​ | 10 | ​ | ​ | 17 | ​ | ​ | 95 | ​
​ Troubled debt restructurings in 2022 and 2021 related to retail notes, while 2020 modifications related to wholesale receivables in Argentina. The short-term relief related to COVID (primarily granted in 2020) did not meet the definition of a troubled debt restructuring. In 2022, 2021, and 2020, there were no significant troubled debt restructurings that subsequently defaulted and were written off. At October 30, 2022, the company had no commitments to lend to customers whose accounts were modified in troubled debt restructurings. Other Receivables Other receivables at October 30, 2022 and October 31, 2021 consisted of the following in millions of dollars: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
Taxes receivable | ​ | $ | 1,450 | ​ | $ | 1,436 |
Collateral on derivatives | ​ | ​ | 709 | ​ | ​ | 13 | ​
Receivables from unconsolidated affiliates | ​ | ​ | ​ | ​ | ​ | 27 | ​
Other | ​ |  | 333 | ​ |  | 289 | ​
Other receivables |  | $ | 2,492 |  | $ | 1,765 | ​
​

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