Asset-Backed Financing (Tables)

9 Months Ended

Sep. 25, 2022

Transfers and Servicing [Abstract]

Schedule of 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 25, 2022
	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	$	3,003,578	$	(150,672)	$	170,297	$	8,274	$	3,031,477	$	2,405,406
Asset-backed U.S. commercial paper conduit facility	540,751		(27,114)		35,581		1,308		550,526		489,074
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	93,781		(3,874)		6,162		168		96,237		82,154
	$	3,638,110	$	(181,660)	$	212,040	$	9,750	$	3,678,240	$	2,976,634
	December 31, 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	$	2,048,194	$	(102,779)	$	123,717	$	2,328	$	2,071,460	$	1,627,142
Asset-backed U.S. commercial paper conduit facility	297,454		(14,898)		20,567		654		303,777		272,589
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	97,180		(3,990)		6,191		139		99,520		85,054
	$	2,442,828	$	(121,667)	$	150,475	$	3,121	$	2,474,757	$	1,984,785
	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

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):

	2022						2021
	Transfers		Proceeds		Proceeds, net		Transfers		Proceeds		Proceeds, net
First quarter	$	—	$	—	$	—	$	663.1	$	600.0	$	597.4
Second quarter	2,176.4		1,836.3		1,826.9		—		—		—
Third quarter	—		—		$	—	635.5		575.0		572.5
	$	2,176.4	$	1,836.3	$	1,826.9	$	1,298.6	$	1,175.0	$	1,169.9

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

	2022				2021
	Transfers		Proceeds		Transfers		Proceeds
First quarter	$	25.3	$	21.2	$	—	$	—
Second quarter	—		—		—		—
Third quarter	27.8		23.0		32.8		27.4
	$	53.1	$	44.2	$	32.8	$	27.4