Asset-Backed Financing (Tables)

9 Months Ended

Sep. 25, 2016

Transfers and Servicing [Abstract]

Assets and Liabilities Related to the On-Balance Sheet Financing

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

	September 25, 2016
	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	$	1,019,378	$	(27,847	)	$	69,364	$	2,893	$	1,063,788	$	925,619
Asset-backed U.S. commercial paper conduit facility	—		—			—		150		150		—
Unconsolidated VIEs
Asset-backed Canadian commercial paper conduit facility	155,130		(3,244		)	10,297		351		162,534		140,488
Total on-balance sheet assets and liabilities	$	1,174,508	$	(31,091	)	$	79,661	$	3,394	$	1,226,472	$	1,066,107
	December 31, 2015
	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	$	1,611,624	$	(37,937	)	$	100,151	$	4,383	$	1,678,221	$	1,459,377
Asset-backed U.S. commercial paper conduit facility	—		—			—		323		323		—
Unconsolidated VIEs
Asset-backed Canadian commercial paper conduit facility	170,708		(3,061		)	10,491		393		178,531		153,839
Total on-balance sheet assets and liabilities	$	1,782,332	$	(40,998	)	$	110,642	$	5,099	$	1,857,075	$	1,613,216
	September 27, 2015
	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	$	1,875,571	$	(42,679	)	$	125,561	$	4,383	$	1,962,836	$	1,701,732
Asset-backed U.S. commercial paper conduit facility	—		—			—		109		109		—
Unconsolidated VIEs
Asset-backed Canadian commercial paper conduit facility	175,173		(3,090		)	11,656		473		184,212		158,712
Total on-balance sheet assets and liabilities	$	2,050,744	$	(45,769	)	$	137,217	$	4,965	$	2,147,157	$	1,860,444

Transfers of Canadian Retail Motorcycle Finance Receivable

The following table includes quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds (in thousands):

	2016				2015
	Transfers		Proceeds		Transfers		Proceeds
First quarter	$	6,600	$	5,800	$	19,200	$	16,800
Second quarter	$	31,400	$	27,500	$	26,800	$	23,400
Third quarter	—		—		33,100		29,000
	$	38,000	$	33,300	$	79,100	$	69,200

Schedule of Servicing Activities

The unpaid principal balance of retail motorcycle finance receivables serviced by the Company was as follows (in thousands):

	September 25, 2016		December 31, 2015		September 27, 2015
On-balance sheet retail motorcycle finance receivables	$	6,017,065	$	5,843,352	$	6,039,011
Off-balance sheet retail motorcycle finance receivables	262,583		—		—
Total serviced retail motorcycle finance receivables	$	6,279,648	$	5,843,352	$	6,039,011

The unpaid principal balance of retail motorcycle finance receivables serviced by the Company 30 days or more delinquent was as follows (in thousands):

	Amount 30 days or more past due:
	September 25, 2016		December 31, 2015		September 27, 2015
On-balance sheet retail motorcycle finance receivables	$	192,891	$	195,468	$	169,712
Off-balance sheet retail motorcycle finance receivables	1,235		—		—
Total serviced retail motorcycle finance receivables	$	194,126	$	195,468	$	169,712

Credit losses, net of recoveries for the retail motorcycle finance receivables serviced by the Company were as follows (in thousands):

	Three months ended				Nine months ended
	September 25, 2016		September 27, 2015		September 25, 2016		September 27, 2015
On-balance sheet retail motorcycle finance receivables	$	26,380	$	21,081	$	69,498	$	50,636
Off-balance sheet retail motorcycle finance receivables	270		—		285		—
Total serviced retail motorcycle finance receivables	$	26,650	$	21,081	$	69,783	$	50,636