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Receivables (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

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-Section 50
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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).

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Tabular disclosure of the annual minimum payments due from financing receivables, such as, but not limited to accounts, notes, loans, and other financing receivables.

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