XML 67 R43.htm IDEA: XBRL DOCUMENT v3.22.4
Asset-Backed Financing (Tables)
12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Schedule Of Assets And Liabilities Of Variable Interest Entities The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets at December 31, were as follows (in thousands):
2022
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$2,558,450 $(130,774)$114,254 $7,899 $2,549,829 $2,019,414 
Asset-backed U.S. commercial paper conduit facility474,167 (24,236)26,874 1,906 478,711 425,794 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility82,375 (3,452)4,873 130 83,926 71,785 
$3,114,992 $(158,462)$146,001 $9,935 $3,112,466 $2,516,993 
2021
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt
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 facility297,454 (14,898)20,567 654 303,777 272,589 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility97,180 (3,990)6,191 139 99,520 85,054 
$2,442,828 $(121,667)$150,475 $3,121 $2,474,757 $1,984,785 
Schedule Of Secured Notes With Related Maturity
Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following at December 31, (in thousands):
20222021
Secured debt:
Asset-backed Canadian commercial paper conduit facility$71,785 $85,054 
Asset-backed U.S. commercial paper conduit facility425,794 272,589 
Asset-backed securitization debt2,028,155 1,634,753 
Unamortized discounts and debt issuance costs(8,741)(7,611)
2,516,993 1,984,785 
20222021
Unsecured notes (at par value):
Medium-term notes:
Due in 2022, issued February 2019
4.05%
— 550,000 
Due in 2022, issued June 2017
2.55%
— 400,000 
Due in 2023, issued February 2018
3.35%
350,000 350,000 
Due in 2023, issued May 2020(a)
4.94%
695,727 737,302 
Due in 2024, issued November 2019(b)
3.14%
642,210 680,586 
Due in 2025, issued June 2020
3.35%
700,000 700,000 
Due in 2027, issued February 2022
3.05%
500,000 — 
Unamortized discounts and debt issuance costs(8,464)(9,228)
2,879,473 3,408,660 
Senior notes:
Due in 2025, issued July 2015
3.50%
450,000 450,000 
Due in 2045, issued July 2015
4.625%
300,000 300,000 
Unamortized discounts and debt issuance costs(4,632)(5,332)
745,368 744,668 
3,624,841 4,153,328 
Long-term debt6,141,834 6,138,113 
Current portion of long-term debt, net(1,684,782)(1,542,496)
Long-term debt, net$4,457,052 $4,595,617 
(a)€650.0 million par value remeasured to U.S. dollar at December 31, 2022 and 2021, respectively
(b)€600.0 million par value remeasured to U.S. dollar at December 31, 2022 and 2021, respectively
At December 31, 2022, the Consolidated balance sheets included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands):
Issue DatePrincipal Amount
at Date of Issuance
Weighted-Average Rate
at Date of Issuance
Contractual Maturity Date
at Date of Issuance
June 2022$1,286,2622.45%April 2028
April 2022$550,0002.40%April 2023 - January 2030
August 2021$575,0000.42%August 2022 - May 2029
February 2021$600,0000.30%February 2022 - September 2028
May 2020$750,1783.38%April 2028
January 2020$525,0001.83%February 2021 - April 2027
June 2019$525,0002.37%July 2020 - November 2026
In addition, outstanding balances related to the following secured notes included in the Consolidated balance sheets at December 31, 2021 were repaid during 2022 (in thousands):
Issue DatePrincipal Amount
at Date of Issuance
Weighted-Average Rate
at Date of Issuance
Contractual Maturity Date
at Date of Issuance
May 2020$500,0002.37%October 2021 - October 2028
April 2020$300,0003.30%November 2027
May 2019$500,0003.05%July 2026