Asset-Backed Financing (Tables)

9 Months Ended

Sep. 26, 2021

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 26, 2021
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	2,362,454	$	(119,975)	$	148,177	$	2,228	$	2,392,884	$	1,952,368
Asset-backed U.S. commercial paper conduit facility	264,226		(13,396)		19,688		526		271,044		242,254
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	112,374		(4,729)		7,408		157		115,210		98,310
	$	2,739,054	$	(138,100)	$	175,273	$	2,911	$	2,779,138	$	2,292,932
	December 31, 2020
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	2,129,372	$	(124,627)	$	116,268	$	2,622	$	2,123,635	$	1,791,956
Asset-backed U.S. commercial paper conduit facility	441,402		(25,793)		26,624		1,131		443,364		402,205
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	133,976		(6,508)		9,073		126		136,667		116,678
	$	2,704,750	$	(156,928)	$	151,965	$	3,879	$	2,703,666	$	2,310,839
	September 27, 2020
	Finance receivables		Allowance for credit losses		Restricted cash		Other assets		Total assets		Asset-backed debt, net
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	146,140		(6,878)		10,253		142		149,657		127,500
	$	3,074,488	$	(180,601)	$	181,178	$	3,271	$	3,078,336	$	2,691,193

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 millions):

	2021						2020
	Transfers		Proceeds		Proceeds, net		Transfers		Proceeds		Proceeds, net
First quarter	$	663.1	$	600.0	$	597.4	$	580.2	$	525.0	$	522.7
Second quarter	—		—		—		1,840.5		1,550.2		1,541.8
Third quarter	635.5		575.0		572.5		—		—		—
	$	1,298.6	$	1,175.0	$	1,169.9	$	2,420.7	$	2,075.2	$	2,064.5