Receivables

12 Months Ended

Dec. 31, 2020

As of December 31, 2020, 32% of our net trade receivables were from customers in the United States. As of December 31, 2019, 36% of our net trade receivables were from customers in the United States. No other country or single customer accounted for more than 10% of our net trade receivables at these dates.

We routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of outstanding receivables. This process, which involves judgment utilizing significant assumptions, includes analysis of our customers’ historical time to pay, financial condition and various financial metrics, debt structure, credit agency ratings, and production profile, as well as political and economic factors in countries of operations and other customer-specific factors.

The table below presents a rollforward of our global allowance for credit losses for 2018, 2019 and 2020.


Millions of dollars	Balance at Beginning of Period		Provision (a)		Other (b)		Balance at End of Period (c)
Year ended December 31, 2018	$	725	$	57	$	(44)	$	738
Year ended December 31, 2019	738		50		(12)		776
Year ended December 31, 2020	776		58		(10)		824

(a) Represents increases to allowance for credit losses charged to costs and expenses, net of recoveries.

(b) Includes write-offs, balance sheet reclassifications, and other activity.

(c) The allowance for credit losses in all years is primarily comprised of a full reserve against accounts receivable with our primary customer in Venezuela.