Asset-Backed Financing (Tables)

9 Months Ended

Sep. 28, 2014

Assets and Liabilities Of Variable Interest Entities

The following table shows the assets and liabilities related to the asset-backed financings that were included in the financial statements (in thousands):



	September 28, 2014
	Finance receivables		Allowance for credit losses			Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities
Consolidated VIEs
Term asset-backed securitizations	$	1,651,552	$	(35,115	)	$	129,828	$	3,313	$	1,749,578	$	1,475,148
Asset-backed U.S. commercial paper conduit facility	—		—			—		532		532		—
Unconsolidated VIEs
Asset-backed Canadian commercial paper conduit facility	203,933		(3,259		)	12,458		213		213,345		165,166
Total on-balance sheet assets and liabilities	$	1,855,485	$	(38,374	)	$	142,286	$	4,058	$	1,963,455	$	1,640,314

	December 31, 2013
	Finance receivables		Allowance for credit losses			Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities
Consolidated VIEs
Term asset-backed securitizations	$	1,569,118	$	(31,778	)	$	133,053	$	3,720	$	1,674,113	$	1,256,632
Asset-backed U.S. commercial paper conduit facility	—		—			—		429		429		—
Unconsolidated VIEs
Asset-backed Canadian commercial paper conduit facility	204,092		(3,361		)	11,754		589		213,074		174,241
Total on-balance sheet assets and liabilities	$	1,773,210	$	(35,139	)	$	144,807	$	4,738	$	1,887,616	$	1,430,873

	September 29, 2013
	Finance receivables		Allowance for credit losses			Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities
Consolidated VIEs
Term asset-backed securitizations	$	1,918,447	$	(37,721	)	$	181,231	$	4,866	$	2,066,823	$	1,446,656
Asset-backed U.S. commercial paper conduit facility	—		—			—		590		590		—
Unconsolidated VIEs
Asset-backed Canadian commercial paper conduit facility	204,828		(3,424		)	13,098		93		214,595		180,584
Total on-balance sheet assets and liabilities	$	2,123,275	$	(41,145	)	$	194,329	$	5,549	$	2,282,008	$	1,627,240

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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