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RECEIVABLES | 12 Months Ended
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Oct. 29, 2023
RECEIVABLES |
RECEIVABLES | 11. RECEIVABLES Trade Accounts and Notes Receivable Trade accounts and notes receivable arise from sales of goods to independent dealers. See Note 2 for our revenue recognition policy. We evaluate and assess dealers’ credit worthiness on an ongoing basis. Receivables are secured with collateral or other credit enhancements. Trade accounts and notes receivable at the end of 2023 and 2022 follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
Trade accounts and notes receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag | ​ | $ | 2,642 | ​ | $ | 2,397 | ​
Small ag & turf | ​ | ​ | 2,344 | ​ | ​ | 2,065 | ​
Construction & forestry | ​ |  | 2,753 | ​ |  | 1,948 | ​
Trade accounts and notes receivable – net | ​ | $ | 7,739 | ​ | $ | 6,410 | ​
​ These receivables have significant concentrations of credit risk in the agriculture and turf and construction and forestry markets. Credit losses have been historically low. There is not a disproportionate concentration of credit risk with any single dealer. On a geographic basis, 53 percent of our trade accounts and notes receivable are located in the U.S. and Canada at October 29, 2023. At October 29, 2023 and October 30, 2022 trade and notes receivables balances outstanding greater than 12 months were $107 and $49, respectively. The allowance for credit losses on trade accounts and notes receivable at October 29, 2023, October 30, 2022, and October 31, 2021, as well as the related activity, follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Beginning of year balance | ​ | $ | 36 | ​ | $ | 41 | ​ | $ | 39 | ​
ASU No. 2016-13 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (2) | ​
Provision | ​ | ​ | 7 | ​ | ​ | 1 | ​ | ​ | 10 | ​
Write-offs | ​ | ​ | (8) | ​ | ​ | (5) | ​ | ​ | (7) | ​
Translation adjustments | ​ | ​ | ​ | ​ | ​ | (1) | ​ | ​ | 1 | ​
End of year balance | ​ | $ | 35 | ​ | $ | 36 | ​ | $ | 41 | ​
​ The equipment operations sell a significant portion of their trade receivables to financial services. Compensation is provided to financial services at market interest rates. Financing Receivables ‒ Overall Financing receivables originate under the following circumstances:
| ● | Retail customers purchase (or lease) equipment from a dealer and finance the equipment through John Deere Financial.
| ● | We sell the equipment to a dealer under trade terms. Trade terms end, and the dealer finances the equipment on a wholesale receivable. Shown as wholesale notes in “Financing Receivables related to the Sale of Equipment.”
| ● | A dealer finances the purchase of used equipment through John Deere Financial.
| ● | We sell (or lease) the equipment directly to a retail customer with terms typically greater than 12 months. Shown as retail notes or sales-type leases in the “Financing Receivables related to the Sale of Equipment.”
| ● | The customer utilizes a revolving credit product to finance parts, service, or input costs.
Financing receivables at the end of 2023 and 2022 follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 |
​ |  | Unrestricted/Securitized |  | Unrestricted/Securitized | ​
Retail notes: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​
Agriculture and turf | ​ | $ | 26,955 | ​ | $ | 6,052 | ​ | $ | 23,830 | ​ | $ | 4,868 | ​
Construction and forestry | ​ |  | 4,623 | ​ |  | 1,442 | ​ |  | 4,396 | ​ |  | 1,179 | ​
Total | ​ |  | 31,578 | ​ |  | 7,494 | ​ |  | 28,226 | ​ |  | 6,047 | ​
Wholesale notes | ​ |  | 6,947 | ​ | ​ | ​ | ​ |  | 3,285 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ |  | 4,789 | ​ | ​ | ​ | ​ |  | 4,316 | ​ | ​ | ​ | ​
Financing leases (direct and sales-type) | ​ |  | 2,906 | ​ | ​ | ​ | ​ |  | 2,832 | ​ | ​ | ​ | ​
Total financing receivables | ​ |  | 46,220 | ​ |  | 7,494 | ​ |  | 38,659 | ​ |  | 6,047 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ |  | 1,906 | ​ |  | 137 | ​ |  | 1,358 | ​ |  | 95 | ​
Wholesale notes | ​ | ​ | 25 | ​ | ​ | ​ | ​ | ​ | 12 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ | ​ | 91 | ​ | ​ | ​ | ​ | ​ | 61 | ​ | ​ | ​ | ​
Financing leases | ​ |  | 350 | ​ | ​ | ​ | ​ |  | 285 | ​ | ​ | ​ | ​
Total | ​ |  | 2,372 | ​ |  | 137 | ​ |  | 1,716 | ​ |  | 95 | ​
Allowance for credit losses | ​ |  | 175 | ​ |  | 22 | ​ |  | 309 | ​ |  | 16 | ​
Financing receivables – net | ​ | $ | 43,673 | ​ | $ | 7,335 | ​ | $ | 36,634 | ​ | $ | 5,936 | ​
​ Assets managed by financial services continue to be evaluated by market, rather than by operating segment. Financing receivables have significant concentrations of credit risk in the agriculture and turf and construction and forestry markets. On a geographic basis, 84 percent of our financing receivables were located in the U.S. and Canada at October 29, 2023. There is no disproportionate concentration of credit risk with any single customer or dealer. We retain as collateral security in the equipment associated with most financing receivables. Theft and physical damage insurance are required for this equipment. Financing Receivables ‒ Related to the Sale of Equipment Financing receivables related to the sale of equipment are presented in the operating section of the cash flow statement. The balances at the end of 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 |
Retail notes*: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 1,084 | ​ | $ | 1,392 | ​
Construction and forestry | ​ | ​ | 320 | ​ |  | 304 | ​
Total | ​ | ​ | 1,404 | ​ |  | 1,696 | ​
Wholesale notes | ​ | ​ | 6,947 | ​ |  | 3,285 | ​
Direct financing and sales-type leases* | ​ | ​ | 494 | ​ |  | 799 | ​
Total | ​ | ​ | 8,845 | ​ | ​ | 5,780 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ | ​ | 137 | ​ | ​ | 133 | ​
Wholesale notes | ​ | ​ | 25 | ​ | ​ | 12 | ​
Direct financing and sales-type leases | ​ | ​ | 60 | ​ |  | 67 | ​
Total | ​ |  | 222 | ​ |  | 212 | ​
Financing receivables related to our sales of equipment | ​ | $ | 8,623 | ​ | $ | 5,568 | ​
* These balances arise from sales and direct financing leases of equipment by company-owned dealers or through direct sales. ​ Financing Receivables ‒ Contractual Installment Payments Financing receivable installments, including unearned finance income, at October 29, 2023 and October 30, 2022 were scheduled as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 |
​ | ​ | Unrestricted/Securitized |  | Unrestricted/Securitized |
Due in months: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
0 – 12 | ​ | $ | 22,176 | ​ | $ | 2,820 | ​ | $ | 17,032 | ​ | $ | 2,226 | ​
13 – 24 | ​ |  | 8,646 | ​ |  | 2,089 | ​ |  | 7,975 | ​ |  | 1,667 | ​
25 – 36 | ​ |  | 6,692 | ​ |  | 1,509 | ​ |  | 5,987 | ​ |  | 1,209 | ​
37 – 48 | ​ |  | 4,844 | ​ |  | 824 | ​ |  | 4,297 | ​ |  | 709 | ​
49 – 60 | ​ |  | 2,920 | ​ |  | 241 | ​ |  | 2,559 | ​ |  | 227 | ​
Thereafter | ​ |  | 942 | ​ |  | 11 | ​ |  | 809 | ​ |  | 9 | ​
Total | ​ | $ | 46,220 | ​ | $ | 7,494 | ​ | $ | 38,659 | ​ | $ | 6,047 | ​
​ Financing Receivables ‒ Credit Quality Analysis We monitor the credit quality of financing receivables based on delinquency status, defined as follows:
| ● | Past due balances represent any payments 30 days or more past the due date.
| ● | Non-performing financing receivables represent receivables for which we have stopped accruing finance income. This generally occurs when receivables are 90 days delinquent.
| ● | Write-offs generally occur when receivables are 120 days delinquent. In these situations, the estimated uncollectible amount is written off to the allowance for credit losses. Any expected recovery is presented as non-performing.
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 credit quality analysis of retail notes, financing leases, and revolving charge accounts (collectively, retail customer receivables) by year of origination was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 29, 2023 | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
Retail customer receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 15,191 | ​ | $ | 8,430 | ​ | $ | 5,120 | ​ | $ | 2,334 | ​
30-59 days past due | ​ | ​ | 62 | ​ | ​ | 75 | ​ | ​ | 39 | ​ | ​ | 21 | ​
60-89 days past due | ​ | ​ | 18 | ​ | ​ | 26 | ​ | ​ | 18 | ​ | ​ | 10 | ​
90+ days past due | ​ | ​ | 2 | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | 3 | ​
Non-performing | ​ | ​ | 30 | ​ | ​ | 78 | ​ | ​ | 62 | ​ | ​ | 33 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 2,927 | ​ | ​ | 1,961 | ​ | ​ | 1,084 | ​ | ​ | 353 | ​
30-59 days past due | ​ | ​ | 49 | ​ | ​ | 34 | ​ | ​ | 27 | ​ | ​ | 9 | ​
60-89 days past due | ​ | ​ | 19 | ​ | ​ | 14 | ​ | ​ | 12 | ​ | ​ | 5 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | 6 | ​ | ​ | 1 | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 42 | ​ | ​ | 80 | ​ | ​ | 55 | ​ | ​ | 23 | ​
Total retail customer receivables | ​ | $ | 18,340 | ​ | $ | 10,705 | ​ | $ | 6,421 | ​ | $ | 2,791 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 29, 2023 | ​
​ | ​ | 2019 | ​ | Prior Years | ​ | Revolving Charge Accounts | ​ | Total | ​
Retail customer receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 853 | ​ | $ | 280 | ​ | $ | 4,526 | ​ | $ | 36,734 | ​
30-59 days past due | ​ | ​ | 9 | ​ | ​ | 3 | ​ | ​ | 29 | ​ | ​ | 238 | ​
60-89 days past due | ​ | ​ | 4 | ​ | ​ | 2 | ​ | ​ | 9 | ​ | ​ | 87 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9 | ​
Non-performing | ​ | ​ | 22 | ​ | ​ | 22 | ​ | ​ | 8 | ​ | ​ | 255 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 84 | ​ | ​ | 29 | ​ | ​ | 119 | ​ | ​ | 6,557 | ​
30-59 days past due | ​ | ​ | 4 | ​ | ​ | ​ | ​ | ​ | 4 | ​ | ​ | 127 | ​
60-89 days past due | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 54 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | 8 | ​
Non-performing | ​ | ​ | 9 | ​ | ​ | 4 | ​ | ​ | 1 | ​ | ​ | 214 | ​
Total retail customer receivables | ​ | $ | 987 | ​ | $ | 341 | ​ | $ | 4,698 | ​ | $ | 44,283 | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​ ​ The credit quality analysis of wholesale receivables by year of origination was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 29, 2023 | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
Wholesale receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 631 | ​ | $ | 93 | ​ | $ | 21 | ​ | $ | 4 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 23 | ​ | ​ | 5 | ​ | ​ | 20 | ​ | ​ | ​ | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 654 | ​ | $ | 98 | ​ | $ | 41 | ​ | $ | 4 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 29, 2023 | ​
​ | ​ | 2019 | ​ | Prior Years | ​ | Revolving | ​ | Total | ​
Wholesale receivables: | ​ |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 1 | ​ | $ | 160 | ​ | $ | 5,175 | ​ | $ | 6,085 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 1 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1 | ​
Construction and forestry | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | ​ | ​ | ​ | 76 | ​ | ​ | 712 | ​ | ​ | 836 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total wholesale receivables | ​ | $ | 2 | ​ | $ | 236 | ​ | $ | 5,887 | ​ | $ | 6,922 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​ ​ Financing Receivables ‒ Allowance for Credit Losses An analysis of the allowance for credit losses and investment in financing receivables follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Retail Notes | ​ | Revolving | ​ | ​ | ​ | ​ |
​ | ​ | & Financing | ​ | Charge | ​ | Wholesale | ​ | ​ |
​ |  | Leases |  | Accounts |  | Receivables | ​ | Total |
2023 |  | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Allowance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year balance | ​ | $ | 299 | ​ | $ | 22 | ​ | $ | 4 | ​ | $ | 325 | ​
Provision | ​ | ​ | 97 | ​ | ​ | 22 | ​ | ​ | ​ | ​ | ​ | 119 | ​
Provision transferred to held for sale | ​ | ​ | (142) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (142) | ​
Provision (credit) | ​ |  | (45) | ​ |  | 22 | ​ |  | ​ | ​ |  | (23) | ​
Write-offs | ​ |  | (84) | ​ |  | (45) | ​ |  | ​ | ​ |  | (129) | ​
Recoveries | ​ |  | 21 | ​ |  | 22 | ​ | ​ | ​ | ​ |  | 43 | ​
Translation adjustments | ​ |  | (19) | ​ | ​ | ​ | ​ |  | ​ | ​ |  | (19) | ​
End of year balance* | ​ | $ | 172 | ​ | $ | 21 | ​ | $ | 4 | ​ | $ | 197 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of year balance | ​ | $ | 39,585 | ​ | $ | 4,698 | ​ | $ | 6,922 | ​ | $ | 51,205 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​
* Individual allowances were not significant. ​ We monitor the economy as part of the allowance setting process, including potential impacts of inflation and rising interest rates. Adjustments to the allowance are incorporated, as necessary. During 2023, we determined that the financial services business in Russia met the held for sale criteria. The financing receivables in Russia were reclassified to “Other assets” and the associated allowance for credit losses was reversed. These operations were sold in the second quarter of 2023 (see Note 3). Excluding the portfolio in Russia, the allowance increased in 2023, primarily driven by growth in the retail notes and financing lease portfolios and higher expected losses on turf and construction customer accounts. 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. These increases were partially offset by continued positive agricultural market conditions. The revolving portfolio experienced low write-offs and solid recoveries. Financing receivable analysis metrics follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​
Percent of the overall financing receivable portfolio: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Past-due amounts | ​ | ​ | 1.02 | ​ | ​ | 1.07 | ​
Non-performing | ​ | ​ | .92 | ​ | ​ | .83 | ​
Allowance for credit losses | ​ | ​ | .38 | ​ | ​ | .76 | ​
Deposits held as credit enhancements | ​ | $ | 154 | ​ | $ | 158 | ​
​ ​ The allowance for credit losses as a percent of the overall financing receivable portfolio follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
Deere & Company | ​ | .38 | ​ | .76 | ​ | .43 | ​
Closest comparators* | ​ | .90 | ​ | .93 | ​ | 1.15 | ​
​ * Peer companies from the 6153 and 6159 standard industrial classification (SIC) codes. ​ Financing Receivables ‒ Troubled Debt Restructurings Infrequently, a customer experiences financial difficulties, and we grant a concession. These concessions may include:
| ● | a reduction of the stated interest rate,
| ● | an extension of the maturity dates,
| ● | a reduction of the amount of the debt, or
| ● | a reduction of accrued interest.
A troubled debt restructuring is a significant modification of the receivable. The following table quantifies troubled debt restructurings: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 | ​
Number of receivable contracts | ​ | ​ | 209 | ​ | ​ | 276 | ​ | ​ | 397 | ​
Pre-modification balance | ​ | $ | 10 | ​ | $ | 12 | ​ | $ | 18 | ​
Post modification balance | ​ | ​ | 9 | ​ | ​ | 10 | ​ | ​ | 17 | ​
​ Troubled debt restructurings for the presented periods related to retail notes. In 2023, 2022, and 2021, there were no significant troubled debt restructurings that subsequently defaulted and were written off. At October 29, 2023, we had no commitments to lend to customers whose accounts were modified in troubled debt restructurings. Other Receivables Other receivables at the end of 2023 and 2022 consisted of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
Taxes receivable | ​ | $ | 1,626 | ​ | $ | 1,450 |
Collateral on derivatives | ​ | ​ | 667 | ​ | ​ | 709 | ​
Receivables from unconsolidated affiliates | ​ | ​ | 3 | ​ | ​ | ​ | ​
Other | ​ |  | 327 | ​ |  | 333 | ​
Other receivables |  | $ | 2,623 |  | $ | 2,492 | ​
​

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