Asset-Backed Financing (Tables)

9 Months Ended

Sep. 27, 2020

Transfers and Servicing [Abstract]

Assets and Liabilities Related to the On-Balance Sheet Financing

The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets were as follows (in thousands):

	September 27, 2020
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	2,422,841	$	(143,775)	$	138,276	$	1,923	$	2,419,265	$	2,096,355
Asset-backed U.S. commercial paper conduit facilities	505,507		(29,948)		32,649		1,206		509,414		467,338
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	219,466		(6,878)		10,253		142		222,983		127,500
	$	3,147,814	$	(180,601)	$	181,178	$	3,271	$	3,151,662	$	2,691,193
	December 31, 2019
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	826,047	$	(24,935)	$	36,037	$	778	$	837,927	$	764,392
Asset-backed U.S. commercial paper conduit facilities	533,587		(16,076)		27,775		1,642		546,928		490,427
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	232,699		(2,786)		7,686		296		237,895		114,693
	$	1,592,333	$	(43,797)	$	71,498	$	2,716	$	1,622,750	$	1,369,512
	September 29, 2019
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	929,773	$	(27,517)	$	45,096	$	469	$	947,821	$	872,871
Asset-backed U.S. commercial paper conduit facilities	599,099		(17,701)		33,238		1,149		615,785		552,757
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	242,244		(3,182)		8,408		258		247,728		128,368
	$	1,771,116	$	(48,400)	$	86,742	$	1,876	$	1,811,334	$	1,553,996

Schedule of Servicing Activities

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

	September 27, 2020		December 31, 2019		September 29, 2019
On-balance sheet retail motorcycle finance receivables	$	6,423,104	$	6,274,551	$	6,500,938
Off-balance sheet retail motorcycle finance receivables	—		35,197		43,938
	$	6,423,104	$	6,309,748	$	6,544,876

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

	September 27, 2020		December 31, 2019		September 29, 2019
On-balance sheet retail motorcycle finance receivables	$	150,656	$	244,498	$	217,712
Off-balance sheet retail motorcycle finance receivables	—		885		954
	$	150,656	$	245,383	$	218,666

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 27, 2020		September 29, 2019		September 27, 2020		September 29, 2019
On-balance sheet retail motorcycle finance receivables	$	7,706	$	30,167	$	66,474	$	85,930
Off-balance sheet retail motorcycle finance receivables	—		(18)		13		375
	$	7,706	$	30,149	$	66,487	$	86,305

Transfer of Financial Assets Accounted for as Sales

Quarterly transfers of U.S. retail motorcycle finance receivables to SPEs, the respective proceeds, and the respective proceeds, net of discounts and issuance costs were as follows (in thousands):

	2020						2019
	Transfers		Proceeds		Proceeds, net		Transfers		Proceeds		Proceeds, net
First quarter	$	580,200	$	525,000	$	522,700	$	—	$	—	$	—
Second quarter	1,840,500		1,550,200		$	1,541,800	1,120,000		1,025,000		1,021,300
Third quarter	—		—		—		—		—		—
	$	2,420,700	$	2,075,200	$	2,064,500	$	1,120,000	$	1,025,000	$	1,021,300

Quarterly transfers of U.S. retail motorcycle finance receivables to the U.S. Conduit Facilities and the respective proceeds were as follows (in thousands):

	2020				2019
	Transfers		Proceeds		Transfers		Proceeds
First quarter	$	195,300	$	163,600	$	—	$	—
Second quarter	—		—		—		—
Third quarter	—		—		174,400		154,600
	$	195,300	$	163,600	$	174,400	$	154,600

Quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds were as follows (in thousands):

	2020				2019
	Transfers		Proceeds		Transfers		Proceeds
First quarter	$	77,900	$	61,600	$	—	$	—
Second quarter	—		—		28,200		23,400
Third quarter	—		—		—		—
	$	77,900	$	61,600	$	28,200	$	23,400