RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2021

A summary of financing receivables as of March 31, 2021 and December 31, 2020 is as follows:


	March 31, 2021		December 31, 2020
	(in millions)
Retail	$	8,976	$	9,257
Wholesale	8,706		9,127
Other	68		73
Total	$	17,750	$	18,457

Summary of Aging of Financing Receivables

The aging of financing receivables as of March 31, 2021 and December 31, 2020 is as follows (in millions):


	March 31, 2021
	31-60 Days Past Due		61-90 Days Past Due		Total Past Due		Current		Total Performing		Non- Performing		Total
Retail
North America
2021									$	647	$	—	$	647
2020									2,441		—		2,441
2019									1,350		—		1,350
2018									871		—		871
2017									438		—		438
Prior to 2017									240		—		240
Total	$	25	$	3	$	28	$	5,959	$	5,987	$	—	$	5,987
South America
2021									$	165	$	—	$	165
2020									679		1		680
2019									391		3		394
2018									263		3		266
2017									153		2		155
Prior to 2017									139		2		141
Total	$	6	$	—	$	6	$	1,784	$	1,790	$	11	$	1,801
Rest of World
2021									$	121	$	—	$	121
2020									486		1		487
2019									231		1		232
2018									157		—		157
2017									84		1		85
Prior to 2017									20		—		20
Total	$	9	$	7	$	16	$	1,083	$	1,099	$	3	$	1,102
Europe	$	—	$	—	$	—	$	86	$	86	$	—	$	86
Total Retail	$	40	$	10	$	50	$	8,912	$	8,962	$	14	$	8,976
Wholesale
North America	$	—	$	—	$	—	$	2,725	$	2,725	$	27	$	2,752
South America	2		—		2		480		482		29		511
Rest of World	4		—		4		565		569		—		569
Europe	—		—		—		4,874		4,874		—		4,874
Total Wholesale	$	6	$	—	$	6	$	8,644	$	8,650	$	56	$	8,706


	December 31, 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

Summary of Allowance for Credit Loss Activity

Allowance for credit losses activity for the three months ended March 31, 2021 is as follows (in millions):


	Three Months Ended March 31, 2021
	Retail		Wholesale
Opening Balance	381		174
Provision	6		6
Charge-offs, net of recoveries	(8)		(1)
Foreign currency translation and other	(20)		(2)
Ending Balance	$	359	$	177

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


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


	Twelve Months Ended 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

Summary of Carrying Amount of Restricted Assets

At March 31, 2021 and December 31, 2020, the carrying amount of such restricted assets included in financing receivables above are the following (in millions):


	Restricted Receivables
	March 31, 2021		December 31, 2020
Retail note and finance lease receivables	$	5,491	$	6,224
Wholesale receivables	6,752		7,011
Total	$	12,243	$	13,235