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v3.23.2

RECEIVABLES (Tables) | 6 Months Ended
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Jun. 30, 2023
Receivables [Abstract] |
Summary of Financing Receivables | A summary of financing receivables as of June 30, 2023 and December 31, 2022 is as follows:
| June 30, 2023 |  | December 31, 2022
| (in millions)
Retail | $ | 12,212 |  |  | $ | 11,446 |
Wholesale | 9,290 |  |  | 7,785 |
Other | 39 |  |  | 29 |
Total | $ | 21,541 |  |  | $ | 19,260 |
Summary of Carrying Amount of Restricted Assets | At June 30, 2023 and December 31, 2022, the carrying amount of such restricted assets included in financing receivables above are the following (in millions):
| Restricted Receivables
| June 30, 2023 |  | December 31, 2022
Retail note and finance lease receivables | $ | 6,581 |  |  | $ | 6,766 |
Wholesale receivables | 6,102 |  |  | 4,582 |
Total | $ | 12,683 |  |  | $ | 11,348 |
Summary of Aging of Financing Receivables | The aging of financing receivables and charge-offs as of June 30, 2023 is as follows (in millions):
| June 30, 2023
| 31-60 Days Past Due |  | 61-90 Days Past Due |  | Total Past Due |  | Current |  | Total Performing |  | Non- Performing |  | Total |  | Charge-offs
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  | $ | 1,784 |  |  | $ | 1 |  |  | $ | 1,785 |  |  | $ | — |
2022 |  |  |  |  |  |  |  |  | 2,710 |  |  | 1 |  |  | 2,711 |  |  | 6 |
2021 |  |  |  |  |  |  |  |  | 1,695 |  |  | 1 |  |  | 1,696 |  |  | 2 |
2020 |  |  |  |  |  |  |  |  | 774 |  |  | 1 |  |  | 775 |  |  | 2 |
2019 |  |  |  |  |  |  |  |  | 338 |  |  | — |  |  | 338 |  |  | 3 |
Prior to 2019 |  |  |  |  |  |  |  |  | 169 |  |  | 1 |  |  | 170 |  |  | 3 |
Total | $ | 32 |  |  | $ | 9 |  |  | $ | 41 |  |  | $ | 7,429 |  |  | $ | 7,470 |  |  | $ | 5 |  |  | $ | 7,475 |  |  | $ | 16 |
South America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  | $ | 1,101 |  |  | $ | 1 |  |  | $ | 1,102 |  |  | $ | — |
2022 |  |  |  |  |  |  |  |  | 1,074 |  |  | 19 |  |  | 1,093 |  |  | — |
2021 |  |  |  |  |  |  |  |  | 646 |  |  | 12 |  |  | 658 |  |  | — |
2020 |  |  |  |  |  |  |  |  | 339 |  |  | 5 |  |  | 344 |  |  | 3 |
2019 |  |  |  |  |  |  |  |  | 155 |  |  | 3 |  |  | 158 |  |  | 1 |
Prior to 2019 |  |  |  |  |  |  |  |  | 126 |  |  | 1 |  |  | 127 |  |  | 1 |
Total | $ | 105 |  |  | $ | 1 |  |  | $ | 106 |  |  | $ | 3,335 |  |  | $ | 3,441 |  |  | $ | 41 |  |  | $ | 3,482 |  |  | $ | 5 |
Asia Pacific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 |  |  |  |  |  |  |  |  | $ | 583 |  |  | $ | — |  |  | $ | 583 |  |  | $ | — |
2022 |  |  |  |  |  |  |  |  | 352 |  |  | 1 |  |  | 353 |  |  | — |
2021 |  |  |  |  |  |  |  |  | 189 |  |  | 1 |  |  | 190 |  |  | — |
2020 |  |  |  |  |  |  |  |  | 86 |  |  | 1 |  |  | 87 |  |  | — |
2019 |  |  |  |  |  |  |  |  | 22 |  |  | 1 |  |  | 23 |  |  | — |
Prior to 2019 |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 7 |  |  | $ | 8 |  |  | $ | 15 |  |  | $ | 1,217 |  |  | $ | 1,232 |  |  | $ | 4 |  |  | $ | 1,236 |  |  | $ | — |
Europe, Middle East, Africa | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 11 |  |  | $ | 19 |  |  | $ | — |
Total Retail | $ | 144 |  |  | $ | 18 |  |  | $ | 162 |  |  | $ | 11,989 |  |  | $ | 12,151 |  |  | $ | 61 |  |  | $ | 12,212 |  |  | $ | 21 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4,424 |  |  | $ | 4,424 |  |  | $ | — |  |  | $ | 4,424 |  |  | $ | — |
South America | 1 |  |  | — |  |  | 1 |  |  | 1,339 |  |  | 1,340 |  |  | — |  |  | 1,340 |  |  | — |
Asia Pacific | — |  |  | — |  |  | — |  |  | 622 |  |  | 622 |  |  | — |  |  | 622 |  |  | — |
Europe, Middle East, Africa | 11 |  |  | — |  |  | 11 |  |  | 2,893 |  |  | 2,904 |  |  | — |  |  | 2,904 |  |  | — |
Total Wholesale | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 9,278 |  |  | $ | 9,290 |  |  | $ | — |  |  | $ | 9,290 |  |  | $ | — |
The aging of financing receivables as of December 31, 2022 is as follows (in millions):
| December 31, 2022
| 31-60 Days Past Due |  | 61-90 Days Past Due |  | Total Past Due |  | Current |  | Total Performing |  | Non- Performing |  | Total
Retail |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  | $ | 3,558 |  |  | $ | — |  |  | $ | 3,558 |
2021 |  |  |  |  |  |  |  |  | 2,035 |  |  | 1 |  |  | 2,036 |
2020 |  |  |  |  |  |  |  |  | 994 |  |  | — |  |  | 994 |
2019 |  |  |  |  |  |  |  |  | 472 |  |  | — |  |  | 472 |
2018 |  |  |  |  |  |  |  |  | 225 |  |  | — |  |  | 225 |
Prior to 2018 |  |  |  |  |  |  |  |  | 65 |  |  | — |  |  | 65 |
Total | $ | 42 |  |  | $ | 16 |  |  | $ | 58 |  |  | $ | 7,291 |  |  | $ | 7,349 |  |  | $ | 1 |  |  | $ | 7,350 |
South America |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  | $ | 1,179 |  |  | $ | 2 |  |  | $ | 1,181 |
2021 |  |  |  |  |  |  |  |  | 725 |  |  | 3 |  |  | 728 |
2020 |  |  |  |  |  |  |  |  | 408 |  |  | 2 |  |  | 410 |
2019 |  |  |  |  |  |  |  |  | 207 |  |  | 1 |  |  | 208 |
2018 |  |  |  |  |  |  |  |  | 116 |  |  | — |  |  | 116 |
Prior to 2018 |  |  |  |  |  |  |  |  | 95 |  |  | — |  |  | 95 |
Total | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 2,718 |  |  | $ | 2,730 |  |  | $ | 8 |  |  | $ | 2,738 |
Asia Pacific |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  | $ | 601 |  |  | $ | — |  |  | $ | 601 |
2021 |  |  |  |  |  |  |  |  | 400 |  |  | 1 |  |  | 401 |
2020 |  |  |  |  |  |  |  |  | 220 |  |  | 1 |  |  | 221 |
2019 |  |  |  |  |  |  |  |  | 84 |  |  | — |  |  | 84 |
2018 |  |  |  |  |  |  |  |  | 35 |  |  | — |  |  | 35 |
Prior to 2018 |  |  |  |  |  |  |  |  | 3 |  |  | — |  |  | 3 |
Total | $ | 8 |  |  | $ | 8 |  |  | $ | 16 |  |  | $ | 1,327 |  |  | $ | 1,343 |  |  | $ | 2 |  |  | $ | 1,345 |
Europe, Middle East, Africa | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | 13 |
Total Retail | $ | 62 |  |  | $ | 24 |  |  | $ | 86 |  |  | $ | 11,338 |  |  | $ | 11,424 |  |  | $ | 22 |  |  | $ | 11,446 |
Wholesale |  |  |  |  |  |  |  |  |  |  |  |  |
North America | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,378 |  |  | $ | 3,378 |  |  | $ | — |  |  | $ | 3,378 |
South America | — |  |  | — |  |  | — |  |  | 1,416 |  |  | 1,416 |  |  | — |  |  | 1,416 |
Asia Pacific | — |  |  | — |  |  | — |  |  | 494 |  |  | 494 |  |  | — |  |  | 494 |
Europe, Middle East, Africa | 7 |  |  | 2 |  |  | 9 |  |  | 2,488 |  |  | 2,497 |  |  | — |  |  | 2,497 |
Total Wholesale | $ | 7 |  |  | $ | 2 |  |  | $ | 9 |  |  | $ | 7,776 |  |  | $ | 7,785 |  |  | $ | — |  |  | $ | 7,785 |
Summary of Allowance for Credit Loss Activity | Allowance for credit losses (activity) for the three and six months ended June 30, 2023 is as follows (in millions):
| Three Months Ended June 30, 2023
| Retail |  | Wholesale
Opening Balance | $ | 264 |  |  | $ | 63 |
Provision | 19 |  |  | (3) |
Charge-offs | (10) |  |  | — |
Recoveries | 1 |  |  | — |
Foreign currency translation and other | 6 |  |  | — |
Ending Balance | $ | 280 |  |  | $ | 60 |
| Six Months Ended June 30, 2023
| Retail |  | Wholesale
Opening Balance | $ | 270 |  |  | $ | 64 |
Provision | 36 |  |  | (3) |
Charge-offs | (21) |  |  | — |
Recoveries | 1 |  |  | — |
Foreign currency translation and other | (6) |  |  | (1) |
Ending Balance | $ | 280 |  |  | $ | 60 |
Allowance for credit losses activity for the three and six months ended June 30, 2022 is as follows (in millions):
| Three Months Ended June 30, 2022
| Retail |  | Wholesale
Opening Balance | $ | 244 |  |  | $ | 74 |
Provision | 14 |  |  | (4) |
Charge-offs, net of recoveries | (8) |  |  | (5) |
Foreign currency translation and other | (4) |  |  | (4) |
Ending Balance | $ | 246 |  |  | $ | 61 |
| Six Months Ended June 30, 2022
| Retail |  | Wholesale
Opening Balance | $ | 220 |  |  | $ | 65 |
Provision | 26 |  |  | 3 |
Charge-offs, net of recoveries | (9) |  |  | (5) |
Foreign currency translation and other | 9 |  |  | (2) |
Ending Balance | $ | 246 |  |  | $ | 61 |
Allowance for credit losses activity for the year ended December 31, 2022 is as follows (in millions):
| Twelve Months Ended December 31, 2022
| Retail |  | Wholesale
Opening Balance | $ | 220 |  |  | $ | 65 |
Provision | 59 |  |  | 7 |
Charge-offs, net of recoveries | (17) |  |  | (7) |
Foreign currency translation and other | 8 |  |  | (1) |
Ending Balance | $ | 270 |  |  | $ | 64 |

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