RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2020

A summary of financing receivables as of June 30, 2020 and December 31, 2019 is as follows:


	June 30, 2020		December 31, 2019
	(in millions)
Retail	$	8,545	$	9,218
Wholesale	8,674		10,081
Other	160		129
Total	$	17,379	$	19,428

Summary of Aging of Financing Receivables

The aging of financing receivables as of June 30, 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									$	1,226	$	—	$	1,226
2019									1,993		2		1,995
2018									1,356		2		1,358
2017									751		2		753
2016									409		2		411
Prior to 2016									216		2		218
Total	$	12	$	—	$	12	$	5,939	$	5,951	$	10	$	5,961
South America
2020									$	390	$	—	$	390
2019									497		6		503
2018									329		7		336
2017									186		4		190
2016									95		2		97
Prior to 2016									80		4		84
Total	$	62	$	1	$	63	$	1,514	$	1,577	$	23	$	1,600
Rest of World
2020									$	245	$	—	$	245
2019									255		—		255
2018									192		1		193
2017									124		1		125
2016									47		1		48
Prior to 2016									5		—		5
Total	$	5	$	5	$	10	$	858	$	868	$	3	$	871
Europe	$	—	$	—	$	—	$	113	$	113	$	—	$	113
Total Retail	$	79	$	6	$	85	$	8,424	$	8,509	$	36	$	8,545
Wholesale
North America	$	—	$	—	$	—	$	3,221	$	3,221	$	22	$	3,243
South America	—		—		—		587		587		39		626
Rest of World	4		1		5		501		506		3		509
Europe	18		13		31		4,257		4,288		8		4,296
Total Wholesale	$	22	$	14	$	36	$	8,566	$	8,602	$	72	$	8,674

The above aging table is not necessarily reflective of the potential credit risk in the portfolio due to payment schedules changes granted by the Company and government stimulus policies benefiting the Company's dealers and end-use customers.


	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 and six months ended June 30, 2020 and 2019 is as follows (in millions):


	Three Months Ended June 30, 2020
	Retail		Wholesale
Opening balance	$	314	$	144
Provision	34		15
Charge-offs, net of recoveries	(24)		(1)
Foreign currency translation and other	2		1
Ending balance	$	326	$	159


	Six Months Ended June 30, 2020
	Retail		Wholesale
Opening Balance, as previously reported	$	299	$	159
Adoption of ASC 326	35		(9)
Opening Balance, as recast	334		150
Provision	54		17
Charge-offs, net of recoveries	(44)		(1)
Foreign currency translation and other	(18)		(7)
Ending Balance	$	326	$	159

At June 30, 2020, the allowance for credit losses includes a reserve build primarily due to a weaker economic outlook related to the COVID-19 pandemic. As this situation has rapidly evolved and is fluid, there is significant subjectivity in the Company's 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 June 30, 2019
	Retail		Wholesale
Opening Balance	$	317	$	157
Provision	15		4
Charge-offs, net of recoveries	(16)		(4)
Foreign Currency Translation and Other	3		1
Ending Balance	$	319	$	158


	Six Months Ended June 30, 2019
	Retail		Wholesale
Opening Balance	$	326	$	164
Provision	23		1
Charge-offs, net of recoveries	(27)		(6)
Foreign Currency Translation and Other	(3)		(1)
Ending Balance	$	319	$	158

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	44		12
Charge-offs, net of recoveries	(51)		(18)
Foreign Currency Translation and Other	(20)		1
Ending Balance	$	299	$	159

Summary of Carrying Amount of Restricted Assets

At June 30, 2020 and December 31, 2019, the carrying amount of such restricted assets included in financing receivables above are the following (in millions):


	Restricted Receivables
	June 30, 2020		December 31, 2019
Retail note and finance lease receivables	$	5,813	$	6,340
Wholesale receivables	6,415		7,266
Total	$	12,228	$	13,606