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RECEIVABLES | 12 Months Ended
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Oct. 27, 2024
RECEIVABLES |
RECEIVABLES | 11. RECEIVABLES Trade Accounts and Notes Receivable Trade accounts and notes receivable arise from sales of goods and services to customers. See Note 2 for our revenue recognition policy. We evaluate and assess customers creditworthiness on an ongoing basis. Receivables are secured with collateral or other credit enhancements. Trade accounts and notes receivable at the end of 2024 and 2023 follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
Trade accounts and notes receivable: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Production & precision ag | ​ | $ | 1,532 | ​ | $ | 2,642 | ​
Small ag & turf | ​ | ​ | 1,657 | ​ | ​ | 2,344 | ​
Construction & forestry | ​ |  | 2,137 | ​ |  | 2,753 | ​
Trade accounts and notes receivable – net | ​ | $ | 5,326 | ​ | $ | 7,739 | ​
​ 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 customer. On a geographic basis, 51 percent of our trade accounts and notes receivable are located in the U.S. and Canada at October 27, 2024. At October 27, 2024 and October 29, 2023 trade accounts and notes receivable balances outstanding greater than 12 months were $298 and $107, respectively. The increase was due to higher dealer inventory. The allowance for credit losses on trade accounts and notes receivable at October 27, 2024, October 29, 2023, and October 30, 2022, as well as the related activity, follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​
Beginning of year balance | ​ | $ | 35 | ​ | $ | 36 | ​ | $ | 41 | ​
Provision | ​ | ​ | 34 | ​ | ​ | 7 | ​ | ​ | 1 | ​
Write-offs | ​ | ​ | (5) | ​ | ​ | (8) | ​ | ​ | (5) | ​
Translation adjustments | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | (1) | ​
End of year balance* | ​ | $ | 66 | ​ | $ | 35 | ​ | $ | 36 | ​
* Individual allowances were not significant. ​ 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 retail customer utilizes a revolving credit product to finance parts, service, or input costs.
Financing receivables at the end of 2024 and 2023 follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 |
​ |  | Unrestricted/Securitized |  | Unrestricted/Securitized | ​
Retail notes: | ​ | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​
Agriculture and turf | ​ | $ | 25,102 | ​ | $ | 7,203 | ​ | $ | 26,955 | ​ | $ | 6,052 | ​
Construction and forestry | ​ |  | 4,550 | ​ |  | 1,754 | ​ |  | 4,623 | ​ |  | 1,442 | ​
Total | ​ |  | 29,652 | ​ |  | 8,957 | ​ |  | 31,578 | ​ |  | 7,494 | ​
Wholesale notes | ​ |  | 8,951 | ​ | ​ | ​ | ​ |  | 6,947 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ |  | 4,730 | ​ | ​ | ​ | ​ |  | 4,789 | ​ | ​ | ​ | ​
Financing leases (direct and sales-type) | ​ |  | 3,032 | ​ | ​ | ​ | ​ |  | 2,906 | ​ | ​ | ​ | ​
Total financing receivables | ​ |  | 46,365 | ​ |  | 8,957 | ​ |  | 46,220 | ​ |  | 7,494 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ |  | 1,467 | ​ |  | 187 | ​ |  | 1,906 | ​ |  | 137 | ​
Wholesale notes | ​ | ​ | 24 | ​ | ​ | ​ | ​ | ​ | 25 | ​ | ​ | ​ | ​
Revolving charge accounts | ​ | ​ | 76 | ​ | ​ | ​ | ​ | ​ | 91 | ​ | ​ | ​ | ​
Financing leases | ​ |  | 307 | ​ | ​ | ​ | ​ |  | 350 | ​ | ​ | ​ | ​
Total | ​ |  | 1,874 | ​ |  | 187 | ​ |  | 2,372 | ​ |  | 137 | ​
Allowance for credit losses | ​ |  | 182 | ​ |  | 47 | ​ |  | 175 | ​ |  | 22 | ​
Financing receivables – net | ​ | $ | 44,309 | ​ | $ | 8,723 | ​ | $ | 43,673 | ​ | $ | 7,335 | ​
​ 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, 89 percent of our financing receivables were located in the U.S. and Canada at October 27, 2024. 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 2024 and 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 |
Retail notes*: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf | ​ | $ | 376 | ​ | $ | 1,084 | ​
Construction and forestry | ​ | ​ | 271 | ​ |  | 320 | ​
Total | ​ | ​ | 647 | ​ |  | 1,404 | ​
Wholesale notes | ​ | ​ | 8,951 | ​ |  | 6,947 | ​
Direct financing and sales-type leases* | ​ | ​ | 295 | ​ |  | 494 | ​
Total financing receivables | ​ | ​ | 9,893 | ​ | ​ | 8,845 | ​
Less: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unearned finance income: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail notes | ​ | ​ | 37 | ​ | ​ | 137 | ​
Wholesale notes | ​ | ​ | 24 | ​ | ​ | 25 | ​
Direct financing and sales-type leases | ​ | ​ | 47 | ​ |  | 60 | ​
Total | ​ |  | 108 | ​ |  | 222 | ​
Financing receivables related to our sales of equipment | ​ | $ | 9,785 | ​ | $ | 8,623 | ​
* 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 27, 2024 and October 29, 2023 were scheduled as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 |
​ | ​ | Unrestricted/Securitized |  | Unrestricted/Securitized |
Due in months: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
0 – 12 | ​ | $ | 23,872 | ​ | $ | 3,555 | ​ | $ | 22,176 | ​ | $ | 2,820 | ​
13 – 24 | ​ |  | 8,187 | ​ |  | 2,507 | ​ |  | 8,646 | ​ |  | 2,089 | ​
25 – 36 | ​ |  | 6,356 | ​ |  | 1,702 | ​ |  | 6,692 | ​ |  | 1,509 | ​
37 – 48 | ​ |  | 4,509 | ​ |  | 918 | ​ |  | 4,844 | ​ |  | 824 | ​
49 – 60 | ​ |  | 2,660 | ​ |  | 266 | ​ |  | 2,920 | ​ |  | 241 | ​
Thereafter | ​ |  | 781 | ​ |  | 9 | ​ |  | 942 | ​ |  | 11 | ​
Total | ​ | $ | 46,365 | ​ | $ | 8,957 | ​ | $ | 46,220 | ​ | $ | 7,494 | ​
​ 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.
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 27, 2024 | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Retail customer receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 14,394 | ​ | $ | 8,305 | ​ | $ | 5,191 | ​ | $ | 2,833 | ​
30-59 days past due | ​ | ​ | 44 | ​ | ​ | 101 | ​ | ​ | 55 | ​ | ​ | 27 | ​
60-89 days past due | ​ | ​ | 22 | ​ | ​ | 50 | ​ | ​ | 21 | ​ | ​ | 10 | ​
90+ days past due | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 2 | ​
Non-performing | ​ | ​ | 23 | ​ | ​ | 91 | ​ | ​ | 76 | ​ | ​ | 50 | ​
Construction and forestry: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 3,100 | ​ | ​ | 1,841 | ​ | ​ | 1,064 | ​ | ​ | 458 | ​
30-59 days past due | ​ | ​ | 54 | ​ | ​ | 47 | ​ | ​ | 25 | ​ | ​ | 10 | ​
60-89 days past due | ​ | ​ | 25 | ​ | ​ | 28 | ​ | ​ | 10 | ​ | ​ | 7 | ​
90+ days past due | ​ | ​ | 1 | ​ | ​ | 4 | ​ | ​ | 3 | ​ | ​ | 1 | ​
Non-performing | ​ | ​ | 40 | ​ | ​ | 94 | ​ | ​ | 67 | ​ | ​ | 32 | ​
Total | ​ | $ | 17,704 | ​ | $ | 10,562 | ​ | $ | 6,513 | ​ | $ | 3,430 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 27, 2024 | ​
​ | ​ | 2020 | ​ | Prior Years | ​ | Revolving Charge Accounts | ​ | Total | ​
Retail customer receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agriculture and turf: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 992 | ​ | $ | 253 | ​ | $ | 4,465 | ​ | $ | 36,433 | ​
30-59 days past due | ​ | ​ | 11 | ​ | ​ | 4 | ​ | ​ | 40 | ​ | ​ | 282 | ​
60-89 days past due | ​ | ​ | 8 | ​ | ​ | 2 | ​ | ​ | 13 | ​ | ​ | 126 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 5 | ​
Non-performing | ​ | ​ | 20 | ​ | ​ | 13 | ​ | ​ | 15 | ​ | ​ | 288 | ​
Construction and forestry: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 102 | ​ | ​ | 45 | ​ | ​ | 114 | ​ | ​ | 6,724 | ​
30-59 days past due | ​ | ​ | 3 | ​ | ​ | 2 | ​ | ​ | 4 | ​ | ​ | 145 | ​
60-89 days past due | ​ | ​ | 2 | ​ | ​ | ​ | ​ | ​ | 2 | ​ | ​ | 74 | ​
90+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9 | ​
Non-performing | ​ | ​ | 9 | ​ | ​ | 5 | ​ | ​ | 1 | ​ | ​ | 248 | ​
Total | ​ | $ | 1,147 | ​ | $ | 324 | ​ | $ | 4,654 | ​ | $ | 44,334 | ​
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | 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 | ​ | $ | 987 | ​ | $ | 341 | ​ | $ | 4,698 | ​ | $ | 44,283 | ​
​ ​ ​ The credit quality analysis of wholesale receivables by year of origination was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 27, 2024 | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Wholesale receivables: |  |  |  |  |  |  |  |  |  |  |  |  |
Agriculture and turf: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 650 | ​ | $ | 164 | ​ | $ | 29 | ​ | $ | 6 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction and forestry: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | 21 | ​ | ​ | 11 | ​ | ​ | 3 | ​ | ​ | 12 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 671 | ​ | $ | 175 | ​ | $ | 32 | ​ | $ | 18 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 27, 2024 | ​
​ | ​ | 2020 | ​ | Prior Years | ​ | Revolving | ​ | Total | ​
Wholesale receivables: | ​ |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 1 | ​ | ​ | ​ | ​ | $ | 6,718 | ​ | $ | 7,568 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | $ | 1 | ​ | ​ | ​ | ​ | ​ | 1 | ​
Construction and forestry: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,311 | ​ | ​ | 1,358 | ​
30+ days past due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | $ | 1 | ​ | $ | 1 | ​ | $ | 8,029 | ​ | $ | 8,927 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | $ | 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 | ​ | $ | 2 | ​ | $ | 236 | ​ | $ | 5,887 | ​ | $ | 6,922 | ​
​ ​ 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 |
2024 |  | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ |
Allowance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year balance | ​ | $ | 172 | ​ | $ | 21 | ​ | $ | 4 | ​ | $ | 197 | ​
Provision | ​ | ​ | 262 | ​ | ​ | 52 | ​ | ​ | ​ | ​ | ​ | 314 | ​
Provision reversal for assets held for sale | ​ | ​ | (38) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (38) | ​
Provision subtotal | ​ |  | 224 | ​ |  | 52 | ​ |  | ​ | ​ |  | 276 | ​
Write-offs | ​ |  | (186) | ​ |  | (95) | ​ |  | ​ | ​ |  | (281) | ​
Recoveries | ​ |  | 13 | ​ |  | 30 | ​ | ​ | ​ | ​ |  | 43 | ​
Translation adjustments | ​ |  | (4) | ​ | ​ | ​ | ​ |  | (2) | ​ |  | (6) | ​
End of year balance* | ​ | $ | 219 | ​ | $ | 8 | ​ | $ | 2 | ​ | $ | 229 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing receivables: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
End of year balance | ​ | $ | 39,680 | ​ | $ | 4,654 | ​ | $ | 8,927 | ​ | $ | 53,261 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 |  | ​ | ​ |  | ​ |  |  | ​ | ​ |  | ​ | ​ |
Allowance: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning of year balance | ​ | $ | 299 | ​ | $ | 22 | ​ | $ | 4 | ​ | $ | 325 | ​
Provision | ​ | ​ | 97 | ​ | ​ | 22 | ​ | ​ | ​ | ​ | ​ | 119 | ​
Provision reversal for assets held for sale | ​ | ​ | (142) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (142) | ​
Provision (credit) subtotal | ​ |  | (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 | ​
* Individual allowances were not significant. ​ We monitor the economy as part of the allowance setting process, including potential impacts of the agricultural market business cycle and rising interest rates. Adjustments to the allowance are incorporated, as necessary. During 2024, we determined that the financial services business in Brazil met the held for sale criteria. The receivables in Brazil were reclassified to “Assets held for sale.” The associated allowance for credit losses was reversed and a valuation allowance for the assets held for sale was recorded (see Note 4). The allowance for credit losses on retail notes and financing lease receivables increased in 2024 primarily due to higher expected losses as a result of elevated delinquencies and a decline in market conditions impacting the agriculture receivable portfolio. This increase was partially offset by a decrease in the allowance on revolving charge accounts, driven by write-offs of seasonal financing program accounts and recoveries expected on those accounts in the future. 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. Write-offs by year of origination were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 27, 2024 | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
Retail customer receivables: |  |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | $ | 5 | ​ | $ | 33 | ​ | $ | 25 | ​ | $ | 11 | ​
Construction and forestry | ​ | ​ | 9 | ​ | ​ | 38 | ​ | ​ | 30 | ​ | ​ | 11 | ​
Total | ​ | $ | 14 | ​ | $ | 71 | ​ | $ | 55 | ​ | $ | 22 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | October 27, 2024 | ​
​ | ​ | 2020 | ​ | Prior Years | ​ | Revolving Charge Accounts | ​ | Total | ​
Retail customer receivables: | ​ |  |  |  |  |  |  |  |  |  |  |  | ​
Agriculture and turf | ​ | $ | 11 | ​ | $ | 5 | ​ | $ | 87 | ​ | $ | 177 | ​
Construction and forestry | ​ | ​ | 5 | ​ | ​ | 3 | ​ | ​ | 8 | ​ | ​ | 104 | ​
Total | ​ | $ | 16 | ​ | $ | 8 | ​ | $ | 95 | ​ | $ | 281 | ​
​ Financing receivable analysis metrics follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​
Percent of the overall financing receivable portfolio: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Past-due amounts | ​ | ​ | 1.20 | ​ | ​ | 1.02 | ​
Non-performing | ​ | ​ | 1.01 | ​ | ​ | .92 | ​
Allowance for credit losses | ​ | ​ | .43 | ​ | ​ | .38 | ​
Deposits held as credit enhancements | ​ | $ | 142 | ​ | $ | 154 | ​
​ ​ ​ Financing Receivables – Modifications We occasionally grant contractual modifications to customers experiencing financial difficulties. Before offering a modification, we evaluate the ability of the customer to meet the modified payment terms. Modifications offered include payment deferrals, term extensions, or a combination thereof. Finance charges continue to accrue during the deferral or extension period with the exception of modifications related to bankruptcy proceedings. Our allowance for credit losses incorporates historical loss information, including the effects of loan modifications with customers. Therefore, additional adjustments to the allowance are generally not recorded upon modification of a loan. ​ At October 27, 2024, the ending amortized cost and performance of modified loans with borrowers experiencing financial difficulty in 2024 was as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​
Current |  | $ | 78 | ​
30-59 days past due | ​ | ​ | 1 | ​
60-89 days past due | ​ | ​ | 2 | ​
90+ days past due | ​ | ​ | ​ | ​
Non-performing | ​ | ​ | 13 | ​
Total | ​ | $ | 94 | ​
​ In 2024, these modifications represented 0.18 percent of our financing receivable portfolio. The financial effects of payment deferrals with borrowers experiencing financial difficulty resulted in a weighted average payment deferral of 8 months to the modified contracts. Term extensions provided to borrowers experiencing financial difficulty added a weighted average of 10 months to the terms of the modified contracts. Additionally, modifications with a combination of both payment deferrals and term extensions resulted in a weighted average payment deferral of 4 months and a weighted average term extension of 7 months. Defaults and subsequent write-offs of loans modified in the prior twelve months were not significant during 2024. At October 27, 2024, commitments to provide additional financing to these customers were $27. Financing Receivables – Troubled Debt Restructurings Prior to adopting ASU 2022-02, modifications of loans to borrowers experiencing financial difficulty were considered troubled debt restructurings when the significant modification of the receivable resulted in a concession we would not otherwise consider. The following table quantifies troubled debt restructurings: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 | ​
Number of receivable contracts | ​ | ​ | 209 | ​ | ​ | 276 | ​
Pre-modification balance | ​ | $ | 10 | ​ | $ | 12 | ​
Post modification balance | ​ | ​ | 9 | ​ | ​ | 10 | ​
​ Troubled debt restructurings for the presented periods related to retail notes. In 2023 and 2022, there were no significant troubled debt restructurings that subsequently defaulted and were written off. Other Receivables Other receivables at the end of 2024 and 2023 consisted of: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
Taxes receivable | ​ | $ | 1,874 | ​ | $ | 1,626 |
Collateral on derivatives | ​ | ​ | 254 | ​ | ​ | 667 | ​
Receivables from unconsolidated affiliates | ​ | ​ | 3 | ​ | ​ | 3 | ​
Other | ​ |  | 414 | ​ |  | 327 | ​
Other receivables |  | $ | 2,545 |  | $ | 2,623 | ​
​ ​

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