XML 89 R78.htm IDEA: XBRL DOCUMENT v3.23.1
Supplemental Consolidating Data - Cash Flows (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 27, 2022
Cash flows from operating activities:    
Net income $ 301,829 $ 222,502
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Depreciation and amortization 34,352 39,258
Amortization of deferred loan origination costs 21,858 22,995
Amortization of financing origination fees 3,011 3,701
Provision for long-term employee benefits (16,939) (5,050)
Employee benefit plan contributions and payments (1,739) (2,143)
Stock compensation expense 23,628 8,903
Net change in wholesale finance receivables related to sales (487,314) (205,727)
Provision for credit losses 52,364 28,822
Deferred income taxes 5,648 6,307
Other, net (21,671) (5,408)
Changes in current assets and liabilities:    
Accounts receivable, net (77,993) (74,993)
Finance receivables – accrued interest and other 2,252 3,115
Inventories, net 123,047 (2,630)
Accounts payable and accrued liabilities 43,787 106,969
Other current assets 40,557 (7,300)
Total adjustments (255,152) (83,181)
Net cash provided by operating activities 46,677 139,321
Cash flows from investing activities:    
Capital expenditures (45,114) (27,999)
Origination of finance receivables (917,145) (1,058,461)
Collections on finance receivables 890,852 965,190
Other investing activities 821 135
Net cash used by investing activities (70,586) (121,135)
Cash flows from financing activities:    
Proceeds from issuance of medium-term notes 693,276 495,785
Repayments of medium-term notes (350,000) (550,000)
Proceeds from securitization debt 547,706 0
Repayments of securitization debt (310,640) (271,499)
Borrowings of asset-backed commercial paper 0 62,455
Repayments of asset-backed commercial paper (62,634) (56,634)
Net (decrease) increase in unsecured commercial paper (270,119) 64,521
Net increase in deposits 51,822 57,660
Dividends paid (24,123) (24,056)
Repurchase of common stock (96,767) (261,737)
Other financing activities 69 0
Net cash provided (used) by financing activities 178,590 (483,505)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,820 (1,743)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 1,579,177 2,025,219
Net (decrease) increase in cash, cash equivalents and restricted cash 158,501 (467,062)
Cash, cash equivalents and restricted cash, end of period 1,737,678 1,558,157
Non-Financial Services Entities    
Cash flows from financing activities:    
Proceeds from securitization debt 0  
Financial Services Entities    
Cash flows from financing activities:    
Proceeds from securitization debt 547,706  
Reportable Legal Entities | Non-Financial Services Entities    
Cash flows from operating activities:    
Net income 256,385 158,961
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Depreciation and amortization 32,120 37,106
Amortization of deferred loan origination costs 0 0
Amortization of financing origination fees 177 174
Provision for long-term employee benefits (16,939) (5,050)
Employee benefit plan contributions and payments (1,739) (2,143)
Stock compensation expense 22,494 8,233
Net change in wholesale finance receivables related to sales 0 0
Provision for credit losses 0 0
Deferred income taxes 4,261 6,176
Other, net (18,087) (5,322)
Changes in current assets and liabilities:    
Accounts receivable, net (426,221) (319,329)
Finance receivables – accrued interest and other 0 0
Inventories, net 123,047 (2,630)
Accounts payable and accrued liabilities 14,610 86,546
Other current assets 25,342 (47,418)
Total adjustments (240,935) (243,657)
Net cash provided by operating activities 15,450 (84,696)
Cash flows from investing activities:    
Capital expenditures (44,894) (27,149)
Origination of finance receivables 0 0
Collections on finance receivables 0 0
Other investing activities 821 135
Net cash used by investing activities (44,073) (27,014)
Cash flows from financing activities:    
Proceeds from issuance of medium-term notes 0 0
Repayments of medium-term notes 0 0
Repayments of securitization debt 0 0
Borrowings of asset-backed commercial paper   0
Repayments of asset-backed commercial paper 0 0
Net (decrease) increase in unsecured commercial paper 0 0
Net increase in deposits 0 0
Dividends paid (24,123) (24,056)
Repurchase of common stock (96,767) (261,737)
Other financing activities 69  
Net cash provided (used) by financing activities (120,821) (285,793)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,894 (2,086)
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 1,021,798 1,078,205
Net (decrease) increase in cash, cash equivalents and restricted cash (145,550) (399,589)
Cash, cash equivalents and restricted cash, end of period 876,248 678,616
Reportable Legal Entities | Financial Services Entities    
Cash flows from operating activities:    
Net income 45,278 63,388
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Depreciation and amortization 2,232 2,152
Amortization of deferred loan origination costs 21,858 22,995
Amortization of financing origination fees 2,834 3,527
Provision for long-term employee benefits 0 0
Employee benefit plan contributions and payments 0 0
Stock compensation expense 1,134 670
Net change in wholesale finance receivables related to sales 0 0
Provision for credit losses 52,364 28,822
Deferred income taxes 1,717 665
Other, net (3,418) 67
Changes in current assets and liabilities:    
Accounts receivable, net 0 0
Finance receivables – accrued interest and other 2,252 3,115
Inventories, net 0 0
Accounts payable and accrued liabilities 379,094 289,876
Other current assets 13,131 14,467
Total adjustments 473,198 366,356
Net cash provided by operating activities 518,476 429,744
Cash flows from investing activities:    
Capital expenditures (220) (850)
Origination of finance receivables (2,100,019) (2,023,861)
Collections on finance receivables 1,586,477 1,724,863
Other investing activities 0 0
Net cash used by investing activities (513,762) (299,848)
Cash flows from financing activities:    
Proceeds from issuance of medium-term notes 693,276 495,785
Repayments of medium-term notes (350,000) (550,000)
Repayments of securitization debt (310,640) (271,499)
Borrowings of asset-backed commercial paper   62,455
Repayments of asset-backed commercial paper (62,634) (56,634)
Net (decrease) increase in unsecured commercial paper (270,119) 64,521
Net increase in deposits 51,822 57,660
Dividends paid 0 0
Repurchase of common stock 0 0
Other financing activities 0  
Net cash provided (used) by financing activities 299,411 (197,712)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (74) 343
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 557,379 947,014
Net (decrease) increase in cash, cash equivalents and restricted cash 304,051 (67,473)
Cash, cash equivalents and restricted cash, end of period 861,430 879,541
Consolidating Adjustments    
Cash flows from operating activities:    
Net income 166 153
Adjustments to reconcile Net income to Net cash provided by operating activities:    
Depreciation and amortization 0 0
Amortization of deferred loan origination costs 0 0
Amortization of financing origination fees 0 0
Provision for long-term employee benefits 0 0
Employee benefit plan contributions and payments 0 0
Stock compensation expense 0 0
Net change in wholesale finance receivables related to sales (487,314) (205,727)
Provision for credit losses 0 0
Deferred income taxes (330) (534)
Other, net (166) (153)
Changes in current assets and liabilities:    
Accounts receivable, net 348,228 244,336
Finance receivables – accrued interest and other 0 0
Inventories, net 0 0
Accounts payable and accrued liabilities (349,917) (269,453)
Other current assets 2,084 25,651
Total adjustments (487,415) (205,880)
Net cash provided by operating activities (487,249) (205,727)
Cash flows from investing activities:    
Capital expenditures 0 0
Origination of finance receivables 1,182,874 965,400
Collections on finance receivables (695,625) (759,673)
Other investing activities 0 0
Net cash used by investing activities 487,249 205,727
Cash flows from financing activities:    
Proceeds from issuance of medium-term notes 0 0
Repayments of medium-term notes 0 0
Proceeds from securitization debt 0  
Repayments of securitization debt 0 0
Borrowings of asset-backed commercial paper   0
Repayments of asset-backed commercial paper 0 0
Net (decrease) increase in unsecured commercial paper 0 0
Net increase in deposits 0 0
Dividends paid 0 0
Repurchase of common stock 0 0
Other financing activities 0  
Net cash provided (used) by financing activities 0 0
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 0
Cash, cash equivalents and restricted cash:    
Cash, cash equivalents and restricted cash, beginning of period 0 0
Net (decrease) increase in cash, cash equivalents and restricted cash 0 0
Cash, cash equivalents and restricted cash, end of period $ 0 $ 0