Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 29, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instrument Fair Value

The notional and fair values of the Company's derivative financial instruments under ASC Topic 815 were as follows (in thousands):

	Derivative Financial Instruments Designated as Cash Flow Hedging Instruments
	March 29, 2020						December 31, 2019						March 31, 2019
	Notional Value		Other Current Assets		Accrued Liabilities		Notional Value		Other Current Assets		Accrued Liabilities		Notional Value		Other Current Assets		Accrued Liabilities
Foreign currency contracts	$	414,753	$	12,108	$	575	$	434,321	$	3,505	$	3,661	$	480,937	$	15,576	$	646
Commodity contracts	482		—		74		616		—		80		589		—		6
Cross-currency swap	660,780		—		41,283		660,780		8,326		—		—		—		—
Interest rate swaps	900,000		—		11,398		900,000		—		9,181		900,000		—		6,893
	$	1,976,015	$	12,108	$	53,330	$	1,995,717	$	11,831	$	12,922	$	1,381,526	$	15,576	$	7,545

	Derivative Financial Instruments Not Designated as Hedging Instruments
	March 29, 2020						December 31, 2019						March 31, 2019
	Notional Value		Other Current Assets		Accrued Liabilities		Notional Value		Other Current Assets		Accrued Liabilities		Notional Value		Other Current Assets		Accrued Liabilities
Foreign currency contracts	$	182,642	$	2,573	$	2,194	$	220,139	$	721	$	865	$	157,678	$	413	$	69
Commodity contracts	7,769		—		1,452		8,270		95		147		7,225		94		119
Interest rate cap	326,976		2		—		375,980		2		—		—		—		—
	$	517,387	$	2,575	$	3,646	$	604,389	$	818	$	1,012	$	164,903	$	507	$	188

Gain/(Loss) on Derivative Cash Flow Hedges Reclassified From AOCI Into Income

The amounts of gains and losses related to derivative financial instruments designated as cash flow hedges were as follows (in thousands):

	Gain/(Loss) Recognized in OCI				Gain/(Loss) Reclassified from AOCL into Income
	Three months ended				Three months ended
	March 29, 2020		March 31, 2019		March 29, 2020		March 31, 2019
Foreign currency contracts	$	16,899	$	4,152	$	3,400	$	2,453
Commodity contracts	(129)		30		(135)		(10)
Cross-currency swap	(49,609)		—		(12,906)		—
Treasury rate locks	—		—		(124)		(122)
Interest rate swaps	(5,333)		(3,005)		(3,116)		(606)
	$	(38,172)	$	1,177	$	(12,881)	$	1,715

The location and amount of gains and losses recognized in income related to derivative financial instruments designated as cash flow hedges were as follows (in thousands):

	Motorcycles cost of goods sold		Selling, administrative & engineering expense		Interest expense		Financial Services interest expense
	Three months ended March 29, 2020
Line item on the Consolidated statements of income in which the effects of cash flow hedges are recorded	$	780,868	$	277,971	$	7,755	$	52,473
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts	$	3,400	$	—	$	—	$	—
Commodity contracts	$	(135)	$	—	$	—	$	—
Cross-currency swap	$	—	$	(12,906)	$	—	$	—
Treasury rate locks	$	—	$	—	$	(91)	$	(33)
Interest rate swaps	$	—	$	—	$	—	$	(3,116)
	Three months ended March 31, 2019
Line item on the Consolidated statements of income in which the effects of cash flow hedges are recorded	$	848,198	$	268,625	$	7,731	$	52,324
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts	$	2,453	$	—	$	—	$	—
Commodity contracts	$	(10)	$	—	$	—	$	—
Treasury rate locks	$	—	$	—	$	(90)	$	(32)
Interest rate swaps	$	—	$	—	$	—	$	(606)

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The amount of gains and losses recognized in income related to derivative financial instruments not designated as hedging instruments were as follows (in thousands). Gain and losses on foreign currency contracts and commodity contracts were recorded in Motorcycles cost of goods sold.

	Amount of Gain/(Loss) Recognized in Income
	Three months ended
	March 29, 2020		March 31, 2019
Foreign currency contracts	$	2,194	$	887
Commodity contracts	(1,551)		317
	$	643	$	1,204