RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2020

A summary of financing receivables as of March 31, 2020 and December 31, 2019 is as follows:


	March 31, 2020		December 31, 2019
	(in millions)
Retail	$	8,453	$	9,218
Wholesale	9,031		10,081
Other	100		129
Total	$	17,584	$	19,428

Summary of Aging of Financing Receivables

The aging of financing receivables as of March 31, 2020 and December 31, 2019 is as follows (in millions):



	31-60 Days Past Due		61-90 Days Past Due		Total Past Due		Current		Total Performing		Non- Performing		Total
Retail
North America
2020									$	509	$	—	$	509
2019									2,213		2		2,215
2018									1,507		3		1,510
2017									853		4		857
2016									488		3		491
Prior to 2016									285		2		287
Total	$	19	$	—	$	19	$	5,836	$	5,855	$	14	$	5,869
South America
2020									$	195	$	—	$	195
2019									602		5		607
2018									397		6		403
2017									239		4		243
2016									133		3		136
Prior to 2016									144		6		150
Total	$	9	$	1	$	10	$	1,700	$	1,710	$	24	$	1,734
Rest of World
2020									$	86	$	—	$	86
2019									260		—		260
2018									189		1		190
2017									133		—		133
2016									55		—		55
Prior to 2016									9		—		9
Total	$	7	$	2	$	9	$	723	$	732	$	1	$	733
Europe	$	—	$	—	$	—	$	117	$	117	$	—	$	117
Total Retail	$	35	$	3	$	38	$	8,376	$	8,414	$	39	$	8,453
Wholesale
North America	$	—	$	—	$	—	$	3,506	$	3,506	$	24	$	3,530
South America	1		—		1		654		655		41		696
Rest of World	8		1		9		532		541		6		547
Europe	36		6		42		4,208		4,250		8		4,258
Total Wholesale	$	45	$	7	$	52	$	8,900	$	8,952	$	79	$	9,031


	December 31, 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

Summary of Allowance for Credit Loss Activity

Allowance for credit losses activity for the three months ended March 31, 2020 and 2019 is as follows (in millions):


	Three Months Ended March 31, 2020
	Retail		Wholesale
Opening Balance, as previously reported	$	299	$	159
Adoption of ASC 326	35		(9)
Opening Balance, as recast	334		150
Provision (benefit)	20		2
Charge-offs, net of recoveries	(20)		—
Foreign Currency Translation and Other	(20)		(8)
Ending Balance	$	314	$	144

At March 31, 2020, the allowance for credit losses was impacted by a change in the Company’s forward-looking macroeconomic factors and qualitative factors for the Company’s estimates of the impact from the COVID-19 pandemic. As this situation has rapidly evolved and is fluid, there is significant subjectivity in the assessment. 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.


	Three Months Ended March 31, 2019
	Retail		Wholesale
Opening Balance	$	326	$	164
Provision (benefit)	8		(3)
Charge-offs, net of recoveries	(11)		(2)
Foreign Currency Translation and Other	(6)		(2)
Ending Balance	$	317	$	157

Allowance for credit losses activity for the year ended December 31, 2019 is as follows (in millions):


	December 31, 2019
	Retail		Wholesale
Opening Balance	$	326	$	164
Provision (benefit)	44		12
Charge-offs, net of recoveries	(51)		(18)
Foreign Currency Translation and Other	(20)		1
Ending Balance	$	299	$	159

Summary of Financing Receivable Impairment

Summary of Carrying Amount of Restricted Assets

At March 31, 2020 and December 31, 2019, the carrying amount of such restricted assets included in financing receivables above are the following (in millions):


	Restricted Receivables
	March 31, 2020		December 31, 2019
Retail note and finance lease receivables	$	5,797	$	6,340
Wholesale receivables	7,151		7,266
Total	$	12,948	$	13,606