New Accounting Standards (Tables)

9 Months Ended

Sep. 27, 2020

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The effect of adopting ASU 2016-13 on the Company’s Consolidated balance sheets was as follows (in thousands):

	December 31, 2019		Effect of Adoption		January 1, 2020
ASSETS
Finance receivables(a)	$	7,572,947	$	—	$	7,572,947
Allowance for credit losses on finance receivables(a)	$	(198,581)	$	(100,604)	$	(299,185)
Deferred income taxes	$	101,204	$	22,484	$	123,688
LIABILITIES AND SHAREHOLDERS' EQUITY
Accrued liabilities	$	582,288	$	109	$	582,397
Retained earnings	$	2,193,997	$	(78,229)	$	2,115,768

(a)Reported as Finance receivables, net on the Consolidated balance sheets, allocated between current and non-current