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v3.20.4

Receivables (Tables) | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Schedule of financing receivables | A summary of financing receivables included in the consolidated balance sheets as of December 31, 2020 and 2019 is as follows:
|  | 2020 |  | 2019
|  | (in millions)
Retail |  | $ | 9,257 |  |  | $ | 9,218 |
Wholesale |  | 9,127 |  |  | 10,081 |
Other |  | 73 |  |  | 129 |
Total |  | $ | 18,457 |  |  | $ | 19,428 |
Schedule of maturities of financing receivables | Contractual maturities of financing receivables as of December 31, 2020 are as follows:
|  | Amount
|  | (in millions)
2021 |  | $ | 11,529 |
2022 |  | 2,535 |
2023 |  | 1,978 |
2024 |  | 1,306 |
2025 |  | 813 |
2026 and thereafter |  | 296 |
Total |  | $ | 18,457 |
Schedule of aging of receivables | The aging of financing receivables as of December 31, 2020 and 2019 is as follows (in millions):
|  | 2020
|  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Total Past Due |  | Current |  | Total Performing |  | Non- Performing |  | Total
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  | $ | 2,619 |  |  | $ | — |  |  | $ | 2,619 |
2019 |  |  |  |  |  |  |  |  |  | 1,571 |  |  | 1 |  |  | 1,572 |
2018 |  |  |  |  |  |  |  |  |  | 1,033 |  |  | 1 |  |  | 1,034 |
2017 |  |  |  |  |  |  |  |  |  | 543 |  |  | 1 |  |  | 544 |
2016 |  |  |  |  |  |  |  |  |  | 262 |  |  | 1 |  |  | 263 |
Prior to 2016 |  |  |  |  |  |  |  |  |  | 81 |  |  | — |  |  | 81 |
Total |  | $ | 29 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 6,080 |  |  | $ | 6,109 |  |  | $ | 4 |  |  | $ | 6,113 |
South America |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  | $ | 792 |  |  | $ | 1 |  |  | $ | 793 |
2019 |  |  |  |  |  |  |  |  |  | 448 |  |  | 3 |  |  | 451 |
2018 |  |  |  |  |  |  |  |  |  | 299 |  |  | 4 |  |  | 303 |
2017 |  |  |  |  |  |  |  |  |  | 173 |  |  | 2 |  |  | 175 |
2016 |  |  |  |  |  |  |  |  |  | 86 |  |  | 1 |  |  | 87 |
Prior to 2016 |  |  |  |  |  |  |  |  |  | 71 |  |  | 1 |  |  | 72 |
Total |  | $ | 4 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 1,864 |  |  | $ | 1,869 |  |  | $ | 12 |  |  | $ | 1,881 |
Rest of World |  |  |  |  |  |  |  |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  | $ | 544 |  |  | $ | — |  |  | $ | 544 |
2019 |  |  |  |  |  |  |  |  |  | 270 |  |  | 1 |  |  | 271 |
2018 |  |  |  |  |  |  |  |  |  | 195 |  |  | 1 |  |  | 196 |
2017 |  |  |  |  |  |  |  |  |  | 117 |  |  | 1 |  |  | 118 |
2016 |  |  |  |  |  |  |  |  |  | 39 |  |  | — |  |  | 39 |
Prior to 2016 |  |  |  |  |  |  |  |  |  | 2 |  |  | — |  |  | 2 |
Total |  | $ | 7 |  |  | $ | 4 |  |  | $ | 11 |  |  | $ | 1,156 |  |  | $ | 1,167 |  |  | $ | 3 |  |  | $ | 1,170 |
Europe |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 93 |  |  | $ | 93 |  |  | $ | — |  |  | $ | 93 |
Total Retail |  | $ | 40 |  |  | $ | 5 |  |  | $ | 45 |  |  | $ | 9,193 |  |  | $ | 9,238 |  |  | $ | 19 |  |  | $ | 9,257 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2,722 |  |  | $ | 2,722 |  |  | $ | 31 |  |  | $ | 2,753 |
South America |  | — |  |  | — |  |  | — |  |  | 537 |  |  | 537 |  |  | 42 |  |  | 579 |
Rest of World |  | 3 |  |  | — |  |  | 3 |  |  | 542 |  |  | 545 |  |  | — |  |  | 545 |
Europe |  | — |  |  | — |  |  | — |  |  | 5,250 |  |  | 5,250 |  |  | — |  |  | 5,250 |
Total Wholesale |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 9,051 |  |  | $ | 9,054 |  |  | $ | 73 |  |  | $ | 9,127 |
The above aging table is not necessarily reflective of the potential credit risk in the portfolio due to payment schedule changes granted by the Company and government stimulus policies benefiting the Company's dealers and end-use customers.
|  | 2019
|  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater Than 90 Days |  | Total Past Due |  | Current |  | Total Performing |  | Non Performing |  | Total
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 24 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 28 |  |  | $ | 6,123 |  |  | $ | 6,151 |  |  | $ | 16 |  |  | $ | 6,167 |
Europe |  | — |  |  | — |  |  | — |  |  | — |  |  | 136 |  |  | 136 |  |  | — |  |  | 136 |
South America |  | 9 |  |  | 2 |  |  | 6 |  |  | 17 |  |  | 1,974 |  |  | 1,991 |  |  | 18 |  |  | 2,009 |
Rest of World |  | 3 |  |  | 1 |  |  | 2 |  |  | 6 |  |  | 900 |  |  | 906 |  |  | — |  |  | 906 |
Total Retail |  | $ | 36 |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | 51 |  |  | $ | 9,133 |  |  | $ | 9,184 |  |  | $ | 34 |  |  | $ | 9,218 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,641 |  |  | $ | 3,641 |  |  | $ | 26 |  |  | $ | 3,667 |
Europe |  | 24 |  |  | 9 |  |  | 7 |  |  | 40 |  |  | 4,857 |  |  | 4,897 |  |  | — |  |  | 4,897 |
South America |  | 2 |  |  | — |  |  | 1 |  |  | 3 |  |  | 829 |  |  | 832 |  |  | 55 |  |  | 887 |
Rest of World |  | 5 |  |  | 3 |  |  | 6 |  |  | 14 |  |  | 616 |  |  | 630 |  |  | — |  |  | 630 |
Total Wholesale |  | $ | 31 |  |  | $ | 12 |  |  | $ | 14 |  |  | $ | 57 |  |  | $ | 9,943 |  |  | $ | 10,000 |  |  | $ | 81 |  |  | $ | 10,081 |
Schedule of allowance for credit loss | Allowance for credit losses activity for the three years ended December 31, 2020, 2019 and 2018 is as follows (in millions):
|  | December 31, 2020
|  | Retail |  | Wholesale
Opening Balance, as previously reported |  | $ | 299 |  |  | $ | 159 |
Adoption of ASC 326 |  | 35 |  |  | $ | (9) |
Opening Balance, as recast |  | 334 |  |  | 150 |
Provision |  | 113 |  |  | 27 |
Charge-offs, net of recoveries |  | (56) |  |  | (14) |
Foreign currency translation and other |  | (10) |  |  | 11 |
Ending balance |  | $ | 381 |  |  | $ | 174 |
At December 31, 2020, the allowance for credit losses includes a build of reserves primarily due to the expectation of deteriorating credit conditions related to the COVID-19 pandemic and the adoption of ASC 326. The Company continues to monitor the situation and will update the macroeconomic factors and qualitative factors in future periods, as warranted. The provision for credit losses is included in selling, general and administrative expenses.
|  | December 31, 2019
|  | Retail |  | Wholesale
Opening balance |  | $ | 326 |  |  | $ | 164 |
Provision |  | 44 |  |  | 12 |
Charge-offs, net of recoveries |  | (51) |  |  | (18) |
Foreign currency translation and other |  | (20) |  |  | 1 |
Ending balance |  | $ | 299 |  |  | $ | 159 |
|  | December 31, 2018
|  | Retail |  | Wholesale
Opening balance |  | $ | 383 |  |  | $ | 200 |
Provision |  | 53 |  |  | (5) |
Charge-offs, net of recoveries |  | (85) |  |  | (15) |
Foreign currency translation and other |  | (25) |  |  | (16) |
Ending balance |  | $ | 326 |  |  | $ | 164 |
Schedule of carrying amount of restricted assets | At December 31, 2020 and 2019, the carrying amount of such restricted receivables included in financing receivables above are the following (in millions):
|  | 2020 |  | 2019
Retail note and finance lease receivables |  | $ | 6,224 |  |  | $ | 6,340 |
Wholesale receivables |  | 7,011 |  |  | 7,266 |
Total |  | $ | 13,235 |  |  | $ | 13,606 |

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- Definition Tabular disclosure of a transferor's continuing involvement with financial assets transferred to a transferee in a securitization, asset-backed financing arrangement, or similar transfer. Such disclosure would, at a minimum, contain information allowing for an assessment of the reasons for the transferor's continuing involvement, the risks related to the transferred financial assets to which the transferor continues to be exposed, and the extent of change to the transferor's risk profile due to the transfer (including, but not limited to, credit risk, interest rate risk, other). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118948506&loc=d3e107314-111719 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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