Finance Receivables (Tables)

9 Months Ended

Sep. 28, 2014

Receivables [Abstract]

Finance Receivables

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

	September 28, 2014			December 31, 2013			September 29, 2013
Retail	$	5,757,927		$	5,265,044		$	5,405,670
Wholesale	1,033,576			845,212			891,141
	6,791,503			6,110,256			6,296,811
Allowance for credit losses	(126,003		)	(110,693		)	(111,921		)
	$	6,665,500		$	5,999,563		$	6,184,890

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 28, 2014
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	120,662		5,341		126,003
Total allowance for credit losses	$	120,662	$	5,341	$	126,003
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	5,757,927		1,033,576		6,791,503
Total finance receivables	$	5,757,927	$	1,033,576	$	6,791,503
	December 31, 2013
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	106,063		4,630		110,693
Total allowance for credit losses	$	106,063	$	4,630	$	110,693
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	5,265,044		845,212		6,110,256
Total finance receivables	$	5,265,044	$	845,212	$	6,110,256
	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

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

	Three months ended September 28, 2014
	Retail			Wholesale			Total
Balance, beginning of period	$	114,899		$	7,456		$	122,355
Provision for credit losses	23,612			(2,115		)	21,497
Charge-offs	(26,093		)	—			(26,093		)
Recoveries	8,244			—			8,244
Balance, end of period	$	120,662		$	5,341		$	126,003
	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
	Nine months ended September 28, 2014
	Retail			Wholesale			Total
Balance, beginning of period	$	106,063		$	4,630		$	110,693
Provision for credit losses	57,078			711			57,789
Charge-offs	(72,454		)	—			(72,454		)
Recoveries	29,975			—			29,975
Balance, end of period	$	120,662		$	5,341		$	126,003
	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

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 28, 2014
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	5,607,089	$	99,489	$	31,006	$	20,343	$	150,838	$	5,757,927
Wholesale	1,032,846		496		77		157		730		1,033,576
Total	$	6,639,935	$	99,985	$	31,083	$	20,500	$	151,568	$	6,791,503
	December 31, 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	$	5,094,615	$	109,806	$	36,029	$	24,594	$	170,429	$	5,265,044
Wholesale	844,033		791		181		207		1,179		845,212
Total	$	5,938,648	$	110,597	$	36,210	$	24,801	$	171,608	$	6,110,256
	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

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 28, 2014		December 31, 2013		September 29, 2013
Prime	$	4,550,126	$	4,141,559	$	4,249,780
Sub-prime	1,207,801		1,123,485		1,155,890
Total	$	5,757,927	$	5,265,044	$	5,405,670

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

	September 28, 2014		December 31, 2013		September 29, 2013
Doubtful	$	1,297	$	—	$	3,966
Substandard	6,682		8,383		10,486
Special Mention	—		2,076		—
Medium Risk	5,714		5,205		6,914
Low Risk	1,019,883		829,548		869,775
Total	$	1,033,576	$	845,212	$	891,141