RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2021

A summary of financing receivables as of September 30, 2021 and December 31, 2020 is as follows:


	September 30, 2021		December 31, 2020
	(in millions)
Retail	$	9,472	$	9,257
Wholesale	8,392		9,127
Other	79		73
Total	$	17,943	$	18,457

Summary of Aging of Financing Receivables

The aging of financing receivables as of September 30, 2021 and December 31, 2020 is as follows (in millions):


	September 30, 2021
	31-60 Days Past Due		61-90 Days Past Due		Total Past Due		Current		Total Performing		Non- Performing		Total
Retail
North America
2021									$	2,220	$	—	$	2,220
2020									1,946		1		1,947
2019									1,048		1		1,049
2018									643		1		644
2017									305		1		306
Prior to 2017									129		1		130
Total	$	9	$	—	$	9	$	6,282	$	6,291	$	5	$	6,296
South America
2021									$	627	$	—	$	627
2020									573		1		574
2019									320		1		321
2018									206		1		207
2017									112		—		112
Prior to 2017									77		—		77
Total	$	7	$	—	$	7	$	1,908	$	1,915	$	3	$	1,918
Rest of World
2021									$	411	$	—	$	411
2020									399		4		403
2019									184		1		185
2018									117		1		118
2017									54		—		54
Prior to 2017									5		—		5
Total	$	11	$	10	$	21	$	1,149	$	1,170	$	6	$	1,176
Europe	$	—	$	—	$	—	$	82	$	82	$	—	$	82
Total Retail	$	27	$	10	$	37	$	9,421	$	9,458	$	14	$	9,472
Wholesale
North America	$	—	$	—	$	—	$	2,565	$	2,565	$	—	$	2,565
South America	—		—		—		536		536		27		563
Rest of World	2		1		3		659		662		1		663
Europe	—		—		—		4,601		4,601		—		4,601
Total Wholesale	$	2	$	1	$	3	$	8,361	$	8,364	$	28	$	8,392


	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 and nine months ended September 30, 2021 is as follows (in millions):


	Three Months Ended September 30, 2021
	Retail		Wholesale
Opening Balance	$	357	$	182
Provision	6		(3)
Charge-offs, net of recoveries	(20)		—
Foreign currency translation and other	(8)		(6)
Ending Balance	$	335	$	173


	Nine Months Ended September 30, 2021
	Retail		Wholesale
Opening Balance	$	381	$	174
Provision	11		4
Charge-offs, net of recoveries	(39)		(3)
Foreign currency translation and other	(18)		(2)
Ending Balance	$	335	$	173

Allowance for credit losses activity for the three and nine months ended September 30, 2020 and for the year ended December 31, 2020 is as follows (in millions):


	Three Months Ended September 30, 2020
	Retail		Wholesale
Opening Balance	$	326	$	159
Provision	28		6
Charge-offs, net of recoveries	(18)		(4)
Foreign currency translation and other	3		6
Ending Balance	$	339	$	167


	Nine Months Ended September 30, 2020
	Retail		Wholesale
Opening Balance, as previously reported	$	299	$	159
Adoption of ASC 326	35		(9)
Opening Balance, as recast	334		150
Provision	82		23
Charge-offs, net of recoveries	(62)		(5)
Foreign currency translation and other	(15)		(1)
Ending Balance	$	339	$	167


	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 September 30, 2021 and December 31, 2020, the carrying amount of such restricted assets included in financing receivables above are the following (in millions):


	Restricted Receivables
	September 30, 2021		December 31, 2020
Retail note and finance lease receivables	$	6,646	$	6,224
Wholesale receivables	5,205		7,011
Total	$	11,851	$	13,235