Finance Receivables (Tables)

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Finance Receivables

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

	September 30, 2018			December 31, 2017			September 24, 2017
Retail	$	6,508,670		$	6,140,600		$	6,336,447
Wholesale	988,339			1,016,957			960,160
Total finance receivables	7,497,009			7,157,557			7,296,607
Allowance for credit losses	(193,447		)	(192,471		)	(195,582		)
Finance receivables, net	$	7,303,562		$	6,965,086		$	7,101,025

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 30, 2018
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	187,126		6,321		193,447
Total allowance for credit losses	$	187,126	$	6,321	$	193,447
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	6,508,670		988,339		7,497,009
Total finance receivables	$	6,508,670	$	988,339	$	7,497,009
	December 31, 2017
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	186,254		6,217		192,471
Total allowance for credit losses	$	186,254	$	6,217	$	192,471
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	6,140,600		1,016,957		7,157,557
Total finance receivables	$	6,140,600	$	1,016,957	$	7,157,557
	September 24, 2017
	Retail		Wholesale		Total
Allowance for credit losses, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	189,664		5,918		195,582
Total allowance for credit losses	$	189,664	$	5,918	$	195,582
Finance receivables, ending balance:
Individually evaluated for impairment	$	—	$	—	$	—
Collectively evaluated for impairment	6,336,447		960,160		7,296,607
Total finance receivables	$	6,336,447	$	960,160	$	7,296,607

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

	Three months ended September 30, 2018
	Retail			Wholesale			Total
Balance, beginning of period	$	187,502		$	6,428		$	193,930
Provision for credit losses	23,629			(99		)	23,530
Charge-offs	(33,689		)	(8		)	(33,697		)
Recoveries	9,684			—			9,684
Balance, end of period	$	187,126		$	6,321		$	193,447
	Three months ended September 24, 2017
	Retail			Wholesale			Total
Balance, beginning of period	$	185,899		$	7,629		$	193,528
Provision for credit losses	30,964			(1,711		)	29,253
Charge-offs	(37,783		)	—			(37,783		)
Recoveries	10,584			—			10,584
Balance, end of period	$	189,664		$	5,918		$	195,582
	Nine months ended September 30, 2018
	Retail			Wholesale			Total
Balance, beginning of period	$	186,254		$	6,217		$	192,471
Provision for credit losses	72,350			112			72,462
Charge-offs	(107,717		)	(8		)	(107,725		)
Recoveries	36,239			—			36,239
Balance, end of period	$	187,126		$	6,321		$	193,447
	Nine months ended September 24, 2017
	Retail			Wholesale			Total
Balance, beginning of period	$	166,810		$	6,533		$	173,343
Provision for credit losses	99,674			(615		)	99,059
Charge-offs	(114,081		)	—			(114,081		)
Recoveries	37,261			—			37,261
Balance, end of period	$	189,664		$	5,918		$	195,582

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 30, 2018
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	6,304,096	$	128,123	$	44,808	$	31,643	$	204,574	$	6,508,670
Wholesale	987,563		500		115		161		776		988,339
Total	$	7,291,659	$	128,623	$	44,923	$	31,804	$	205,350	$	7,497,009
	December 31, 2017
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	5,913,473	$	139,629	$	47,539	$	39,959	$	227,127	$	6,140,600
Wholesale	1,016,000		595		245		117		957		1,016,957
Total	$	6,929,473	$	140,224	$	47,784	$	40,076	$	228,084	$	7,157,557
	September 24, 2017
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail	$	6,132,997	$	126,705	$	44,083	$	32,662	$	203,450	$	6,336,447
Wholesale	958,429		329		95		1,307		1,731		960,160
Total	$	7,091,426	$	127,034	$	44,178	$	33,969	$	205,181	$	7,296,607

Recorded Investment of Finance Receivables by Credit Quality Indicator

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

	September 30, 2018		December 31, 2017		September 24, 2017
Prime	$	5,321,464	$	4,966,193	$	5,107,718
Sub-prime	1,187,206		1,174,407		1,228,729
Total	$	6,508,670	$	6,140,600	$	6,336,447

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

	September 30, 2018		December 31, 2017		September 24, 2017
Doubtful	$	—	$	688	$	4,666
Substandard	8,953		3,837		8,724
Special Mention	25,459		26,866		5,261
Medium Risk	15,825		9,917		4,987
Low Risk	938,102		975,649		936,522
Total	$	988,339	$	1,016,957	$	960,160