Finance Receivables (Tables)

3 Months Ended

Mar. 27, 2022

Receivables [Abstract]

Finance Receivables

Finance receivables, net were as follows (in thousands):

	March 27, 2022		December 31, 2021		March 28, 2021
Retail finance receivables	$	6,511,845	$	6,493,519	$	6,310,982
Wholesale finance receivables	650,181		417,781		792,028
	7,162,026		6,911,300		7,103,010
Allowance for credit losses	(340,473)		(339,379)		(346,233)
	$	6,821,553	$	6,571,921	$	6,756,777

Changes In The Allowance For Finance Credit Losses On Finance Receivables

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

	Three months ended March 27, 2022
	Retail		Wholesale		Total
Balance, beginning of period	$	326,320	$	13,059	$	339,379
Provision for credit losses	28,614		208		28,822
Charge-offs	(41,804)		—		(41,804)
Recoveries	14,076		—		14,076
Balance, end of period	$	327,206	$	13,267	$	340,473
	Three months ended March 28, 2021
	Retail		Wholesale		Total
Balance, beginning of period	$	371,738	$	19,198	$	390,936
Provision for credit losses	(22,449)		(25)		(22,474)
Charge-offs	(34,589)		—		(34,589)
Recoveries	12,360		—		12,360
Balance, end of period	$	327,060	$	19,173	$	346,233

Financing Receivable Credit Quality Indicators

The amortized cost of the Company's U.S. and Canadian retail finance receivables by vintage and credit quality indicator was as follows (in thousands):

	March 27, 2022
	2022		2021		2020		2019		2018		2017 & Prior		Total
U.S. Retail:
Super prime	$	311,114	$	890,413	$	422,454	$	268,692	$	139,540	$	68,682	$	2,100,895
Prime	394,793		1,247,764		627,102		407,242		233,630		176,018		3,086,549
Sub-prime	125,280		427,813		240,999		159,968		91,444		91,610		1,137,114
	831,187		2,565,990		1,290,555		835,902		464,614		336,310		6,324,558
Canadian Retail:
Super prime	14,015		47,025		29,382		23,367		11,524		4,515		129,828
Prime	4,228		15,842		11,513		8,349		5,454		4,391		49,777
Sub-prime	506		2,180		1,961		1,401		861		773		7,682
	18,749		65,047		42,856		33,117		17,839		9,679		187,287
	$	849,936	$	2,631,037	$	1,333,411	$	869,019	$	482,453	$	345,989	$	6,511,845

	December 31, 2021
	2021		2020		2019		2018		2017		2016 & Prior		Total
U.S. Retail:
Super prime	$	1,010,636	$	484,479	$	316,390	$	171,763	$	65,753	$	27,424	$	2,076,445
Prime	1,391,385		712,858		470,177		277,206		142,288		82,169		3,076,083
Sub-prime	476,688		273,787		182,002		105,330		61,923		51,035		1,150,765
	2,878,709		1,471,124		968,569		554,299		269,964		160,628		6,303,293
Canadian Retail:
Super prime	51,779		32,724		27,073		13,984		4,619		1,614		131,793
Prime	16,882		12,675		9,244		6,230		3,628		1,779		50,438
Sub-prime	2,356		2,134		1,571		947		606		381		7,995
	71,017		47,533		37,888		21,161		8,853		3,774		190,226
	$	2,949,726	$	1,518,657	$	1,006,457	$	575,460	$	278,817	$	164,402	$	6,493,519

	March 28, 2021
	2021		2020		2019		2018		2017		2016 & Prior		Total
U.S. Retail:
Super prime	$	260,359	$	725,383	$	502,847	$	301,839	$	134,213	$	74,086	$	1,998,727
Prime	349,662		1,026,080		706,940		445,201		249,327		183,217		2,960,427
Sub-prime	130,389		395,495		263,203		156,368		96,998		100,827		1,143,280
	740,410		2,146,958		1,472,990		903,408		480,538		358,130		6,102,434
Canadian Retail:
Super prime	13,938		48,309		42,993		24,549		11,116		4,831		145,736
Prime	4,245		17,350		13,055		9,263		5,808		4,178		53,899
Sub-prime	601		2,949		2,227		1,407		951		778		8,913
	18,784		68,608		58,275		35,219		17,875		9,787		208,548
	$	759,194	$	2,215,566	$	1,531,265	$	938,627	$	498,413	$	367,917	$	6,310,982

The amortized cost of the Company's wholesale financial receivables, by vintage and credit quality indicator, was as follows (in thousands):

	March 27, 2022
	2022		2021		2020		2019		2018		2017 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Medium Risk	—		—		—		—		—		—		—
Low Risk	489,283		127,797		9,108		11,147		9,893		2,953		650,181
	$	489,283	$	127,797	$	9,108	$	11,147	$	9,893	$	2,953	$	650,181

	December 31, 2021
	2021		2020		2019		2018		2017		2016 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Medium Risk	—		—		—		—		—		—		—
Low Risk	380,211		11,379		11,047		10,565		3,662		917		417,781
	$	380,211	$	11,379	$	11,047	$	10,565	$	3,662	$	917	$	417,781

	March 28, 2021
	2021		2020		2019		2018		2017		2016 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Special Mention	567		530		262		17		—		—		1,376
Medium Risk	—		728		417		—		—		—		1,145
Low Risk	600,144		122,970		44,614		12,568		6,392		2,819		789,507
	$	600,711	$	124,228	$	45,293	$	12,585	$	6,392	$	2,819	$	792,028

Past Due Financing Receivables

The aging analysis of the Company's finance receivables was as follows (in thousands):

	March 27, 2022
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total
Retail finance receivables	$	6,343,673	$	99,705	$	32,521	$	35,946	$	168,172	$	6,511,845
Wholesale finance receivables	649,948		178		27		28		233		650,181
	$	6,993,621	$	99,883	$	32,548	$	35,974	$	168,405	$	7,162,026
	December 31, 2021
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total
Retail finance receivables	$	6,298,485	$	115,942	$	44,326	$	34,766	$	195,034	$	6,493,519
Wholesale finance receivables	417,720		9		1		51		61		417,781
	$	6,716,205	$	115,951	$	44,327	$	34,817	$	195,095	$	6,911,300
	March 28, 2021
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total
Retail finance receivables	$	6,196,345	$	69,032	$	23,420	$	22,185	$	114,637	$	6,310,982
Wholesale finance receivables	791,826		128		22		52		202		792,028
	$	6,988,171	$	69,160	$	23,442	$	22,237	$	114,839	$	7,103,010