Finance Receivables (Tables)

9 Months Ended

Sep. 29, 2013

Receivables [Abstract]

Finance Receivables

Finance receivables, net, consisted of the following (in thousands):

	September 29, 2013			December 31, 2012			September 30, 2012
Retail	$	5,405,670		$	5,073,115		$	5,243,470
Wholesale	891,141			816,404			785,323
	6,296,811			5,889,519			6,028,793
Allowance for credit losses	(111,921		)	(107,667		)	(113,126		)
	$	6,184,890		$	5,781,852		$	5,915,667

Changes In The Allowance For Credit Losses On Finance Receivables

The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, was as follows (in thousands):

	September 29, 2013
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	105,931		5,990		111,921
Total allowance for credit losses	$	105,931	$	5,990	$	111,921
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	5,405,670		891,141		6,296,811
Total finance receivables	$	5,405,670	$	891,141	$	6,296,811
	December 31, 2012
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	101,442		6,225		107,667
Total allowance for credit losses	$	101,442	$	6,225	$	107,667
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	5,073,115		816,404		5,889,519
Total finance receivables	$	5,073,115	$	816,404	$	5,889,519
	September 30, 2012
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	105,858		7,268		113,126
Total allowance for credit losses	$	105,858	$	7,268	$	113,126
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	5,243,470		785,323		6,028,793
Total finance receivables	$	5,243,470	$	785,323	$	6,028,793

Changes in the allowance for credit losses on finance receivables by portfolio were as follows (in thousands):

	Three months ended September 29, 2013
	Retail			Wholesale			Total
Balance, beginning of period	$	103,770		$	7,554		$	111,324
Provision for credit losses	16,168			(1,564		)	14,604
Charge-offs	(23,708		)	—			(23,708		)
Recoveries	9,701			—			9,701
Balance, end of period	$	105,931		$	5,990		$	111,921
	Three months ended September 30, 2012
	Retail			Wholesale			Total
Balance, beginning of period	$	106,180		$	8,068		$	114,248
Provision for credit losses	9,869			(800		)	9,069
Charge-offs	(19,873		)	—			(19,873		)
Recoveries	9,682			—			9,682
Balance, end of period	$	105,858		$	7,268		$	113,126
	Nine months ended September 29, 2013
	Retail			Wholesale			Total
Balance, beginning of period	$	101,442		$	6,225		$	107,667
Provision for credit losses	39,246			(235		)	39,011
Charge-offs	(67,117		)	—			(67,117		)
Recoveries	32,360			—			32,360
Balance, end of period	$	105,931		$	5,990		$	111,921
	Nine months ended September 30, 2012
	Retail			Wholesale			Total
Balance, beginning of period	$	116,112		$	9,337		$	125,449
Provision for credit losses	14,892			(2,069		)	12,823
Charge-offs	(62,779		)	—			(62,779		)
Recoveries	37,633			—			37,633
Balance, end of period	$	105,858		$	7,268		$	113,126

Aging Of Past Due Finance Receivables Including Non-Accrual Status Finance Receivables

An analysis of the aging of past due finance receivables was as follows (in thousands):

	September 29, 2013
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	5,260,125	$	99,255	$	28,531	$	17,759	$	145,545	$	5,405,670
Wholesale	889,531		681		302		627		1,610		891,141
Total	$	6,149,656	$	99,936	$	28,833	$	18,386	$	147,155	$	6,296,811
	December 31, 2012
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	4,894,675	$	113,604	$	37,239	$	27,597	$	178,440	$	5,073,115
Wholesale	814,706		984		278		436		1,698		816,404
Total	$	5,709,381	$	114,588	$	37,517	$	28,033	$	180,138	$	5,889,519
	September 30, 2012
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	5,093,496	$	100,706	$	29,878	$	19,390	$	149,974	$	5,243,470
Wholesale	784,155		445		217		506		1,168		785,323
Total	$	5,877,651	$	101,151	$	30,095	$	19,896	$	151,142	$	6,028,793

Recorded Investment Of Retail Finance Receivables By Credit Quality Indicator

The recorded investment of retail finance receivables, by credit quality indicator, was as follows (in thousands):

	September 29, 2013		December 31, 2012		September 30, 2012
Prime	$	4,249,780	$	4,035,584	$	4,178,726
Sub-prime	1,155,890		1,037,531		1,064,744
Total	$	5,405,670	$	5,073,115	$	5,243,470

The recorded investment of wholesale finance receivables, by internal credit quality indicator, was as follows (in thousands):

	September 29, 2013		December 31, 2012		September 30, 2012
Doubtful	$	3,966	$	8,107	$	10,072
Substandard	10,486		2,593		3,689
Special Mention	—		3,504		2,446
Medium Risk	6,914		8,451		6,035
Low Risk	869,775		793,749		763,081
Total	$	891,141	$	816,404	$	785,323