Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HARLEY DAVIDSON INC | ' |
Entity Central Index Key | '0000793952 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 221,107,879 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Revenue: | ' | ' | ' | ' |
Motorcycles and related products | $1,180,284 | $1,089,268 | $4,225,998 | $3,931,684 |
Financial services | 163,434 | 161,027 | 483,240 | 477,962 |
Total revenue | 1,343,718 | 1,250,295 | 4,709,238 | 4,409,646 |
Costs and expenses: | ' | ' | ' | ' |
Motorcycles and related products cost of goods sold | 763,969 | 711,364 | 2,688,371 | 2,533,453 |
Financial services interest expense | 39,944 | 46,231 | 126,004 | 146,199 |
Financial services provision for credit losses | 14,604 | 9,069 | 39,011 | 12,823 |
Selling, administrative and engineering expense | 273,016 | 257,359 | 825,899 | 806,257 |
Restructuring (benefit) expense | 646 | 9,170 | -1,713 | 26,841 |
Total costs and expenses | 1,092,179 | 1,033,193 | 3,677,572 | 3,525,573 |
Operating income | 251,539 | 217,102 | 1,031,666 | 884,073 |
Investment income | 1,161 | 1,447 | 4,546 | 5,611 |
Interest expense | 11,369 | 11,438 | 33,998 | 34,528 |
Income before provision for income taxes | 241,331 | 207,111 | 1,002,214 | 855,156 |
Provision for income taxes | 78,615 | 73,110 | 343,630 | 301,870 |
Net income | $162,716 | $134,001 | $658,584 | $553,286 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.73 | $0.59 | $2.95 | $2.43 |
Diluted (in dollars per share) | $0.73 | $0.59 | $2.93 | $2.40 |
Cash dividends per common share (in dollars per share) | $0.21 | $0.16 | $0.63 | $0.47 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $162,716 | $134,001 | $658,584 | $553,286 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | 9,232 | 7,425 | -12,642 | 2,061 |
Derivative financial instruments | -6,500 | -3,554 | 4,011 | -7,207 |
Marketable securities | -187 | 333 | -814 | 661 |
Pension and postretirement benefit plans | 10,239 | 7,933 | 30,717 | 23,799 |
Total other comprehensive income, net of tax | 12,784 | 12,137 | 21,272 | 19,314 |
Comprehensive income | $175,500 | $146,138 | $679,856 | $572,600 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $1,029,955 | $1,068,138 | $1,795,141 |
Marketable securities | 122,234 | 135,634 | 136,376 |
Accounts receivable, net | 290,158 | 230,079 | 256,193 |
Finance receivables, net | 1,829,612 | 1,743,045 | 1,726,061 |
Inventories | 401,199 | 393,524 | 379,129 |
Restricted cash | 194,329 | 188,008 | 217,400 |
Other current assets | 225,188 | 292,508 | 237,396 |
Total current assets | 4,092,675 | 4,050,936 | 4,747,696 |
Finance receivables, net | 4,355,278 | 4,038,807 | 4,189,606 |
Property, plant and equipment, net | 795,235 | 815,464 | 764,835 |
Goodwill | 30,041 | 29,530 | 28,928 |
Other long-term assets | 210,779 | 236,036 | 284,118 |
Total assets | 9,484,008 | 9,170,773 | 10,015,183 |
Current liabilities: | ' | ' | ' |
Accounts payable | 326,713 | 257,386 | 293,710 |
Accrued liabilities | 539,227 | 513,591 | 606,078 |
Short-term debt | 394,460 | 294,943 | 404,693 |
Current portion of long-term debt | 721,316 | 437,162 | 997,194 |
Total current liabilities | 1,981,716 | 1,503,082 | 2,301,675 |
Long-term debt | 4,067,733 | 4,370,544 | 4,472,413 |
Pension liability | 144,563 | 330,294 | 125,664 |
Postretirement healthcare liability | 267,919 | 278,062 | 261,564 |
Other long-term liabilities | 140,230 | 131,167 | 150,504 |
Commitments and contingencies | ' | ' | ' |
Shareholders’ equity: | ' | ' | ' |
Preferred stock, none issued | 0 | 0 | 0 |
Common stock | 3,429 | 3,413 | 3,409 |
Additional paid-in-capital | 1,152,822 | 1,066,069 | 1,043,421 |
Retained earnings | 7,824,236 | 7,306,424 | 7,270,906 |
Accumulated other comprehensive loss | -586,406 | -607,678 | -457,419 |
Treasury stock, at cost | -5,512,234 | -5,210,604 | -5,156,954 |
Total shareholders' equity | 2,881,847 | 2,557,624 | 2,703,363 |
Total liabilities and shareholders' equity | 9,484,008 | 9,170,773 | 10,015,183 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' | ' |
Current assets: | ' | ' | ' |
Finance receivables, net | 419,892 | 470,134 | 513,084 |
Restricted cash | 181,231 | 176,290 | 205,760 |
Other current assets | 5,456 | 5,288 | 6,073 |
Finance receivables, net | 1,460,834 | 1,631,435 | 1,904,297 |
Current liabilities: | ' | ' | ' |
Current portion of long-term debt | 378,472 | 399,477 | 559,256 |
Long-term debt | $1,068,184 | $1,048,299 | $1,132,809 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Statement of Cash Flows [Abstract] | ' | ' |
Net cash provided by operating activities | $825,103 | $712,498 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -111,690 | -95,329 |
Origination of finance receivables | -2,617,100 | -2,328,653 |
Collections on finance receivables | 2,170,919 | 2,131,025 |
Purchases of marketable securities | -4,998 | -4,993 |
Sales and redemptions of marketable securities | 17,105 | 23,046 |
Other | 6,721 | 0 |
Net cash used by investing activities | -539,043 | -274,904 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of medium-term notes | 0 | 993,737 |
Repayments of medium-term notes | -27,858 | 0 |
Proceeds from securitization debt | 647,516 | 763,895 |
Repayments of securitization debt | -650,424 | -1,161,592 |
Net increase (decrease) in credit facilities and unsecured commercial paper | 99,416 | -634,874 |
Borrowings of asset-backed commercial paper | 69,555 | 182,131 |
Repayments of asset-backed commercial paper | -58,990 | -6,538 |
Net change in restricted cash | -6,321 | 12,255 |
Dividends paid | -140,772 | -106,560 |
Purchase of common stock for treasury | -302,196 | -257,981 |
Excess tax benefits from share-based payments | 18,444 | 16,390 |
Issuance of common stock under employee stock option plans | 39,145 | 36,342 |
Net cash used by financing activities | -312,485 | -162,795 |
Effect of exchange rate changes on cash and cash equivalents | -11,758 | -6,608 |
Net increase (decrease) in cash and cash equivalents | -38,183 | 268,191 |
Cash and cash equivalents: | ' | ' |
Cash and cash equivalents—beginning of period | 1,068,138 | 1,526,950 |
Net increase (decrease) in cash and cash equivalents | -38,183 | 268,191 |
Cash and cash equivalents—end of period | $1,029,955 | $1,795,141 |
Basis_Of_Presentation_And_Use_
Basis Of Presentation And Use Of Estimates | 9 Months Ended |
Sep. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Use of Estimates | ' |
Basis of Presentation and Use of Estimates | |
The condensed consolidated financial statements include the accounts of Harley-Davidson, Inc. and its wholly-owned subsidiaries (the Company), including the accounts of the group of companies doing business as Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). In addition, certain variable interest entities (VIEs) related to secured financing are consolidated as the Company is the primary beneficiary. All intercompany accounts and material intercompany transactions are eliminated. | |
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the condensed consolidated balance sheets as of September 29, 2013 and September 30, 2012, the condensed consolidated statements of operations for the three and nine month periods then ended, the condensed consolidated statements of comprehensive income for the three and nine month periods then ended and the condensed consolidated statements of cash flows for the nine month periods then ended. | |
Certain information and footnote disclosures normally included in complete financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and U.S. generally accepted accounting principles (U.S. GAAP) for interim financial reporting. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The Company operates in two business segments: Motorcycles & Related Products (Motorcycles) and Financial Services (Financial Services). | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. |
New_Accounting_Standards
New Accounting Standards | 9 Months Ended |
Sep. 29, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
New Accounting Standards | ' |
New Accounting Standards | |
Accounting Standards Not Yet Adopted | |
In July 2013, the Financial Accounting Standards Board (FASB) issued ASU No. 2013-11 Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU No. 2013-11). ASU No. 2013-11 amends the guidance within Accounting Standards Codification (ASC) Topic 740, "Income Taxes", to require entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The Company is required to adopt ASU No. 2013-11 beginning in the first quarter of 2014 and is currently evaluating the impact of adoption. | |
Accounting Standards Recently Adopted | |
In February 2013, the FASB issued Accounting Standards Update (ASU) No. 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU No. 2013-02). ASU No. 2013-02 requires entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted ASU No. 2013-02 effective on January 1, 2013. The required new disclosures are presented in Note 10. |
Additional_Balance_Sheet_and_C
Additional Balance Sheet and Cash Flow Information | 9 Months Ended | |||||||||||
Sep. 29, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Additional Balance Sheet and Cash Flow Information | ' | |||||||||||
Additional Balance Sheet and Cash Flow Information | ||||||||||||
Marketable Securities | ||||||||||||
The Company’s marketable securities consisted of the following (in thousands): | ||||||||||||
September 29, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Available-for-sale: | ||||||||||||
Corporate bonds | $ | 122,234 | $ | 135,634 | $ | 136,376 | ||||||
$ | 122,234 | $ | 135,634 | $ | 136,376 | |||||||
The Company’s available-for-sale securities are carried at fair value with any unrealized gains or losses reported in other comprehensive income. During the first nine months of 2013 and 2012, the Company recognized gross unrealized (losses) and gains in other comprehensive income of $(1.3) million and $1.1 million, respectively, or $(0.8) million and $0.7 million net of taxes, respectively, to adjust amortized cost to fair value. The marketable securities have contractual maturities that generally come due over the next 1 to 32 months. | ||||||||||||
Inventories | ||||||||||||
Inventories are valued at the lower of cost or market. Substantially all inventories located in the United States are valued using the last-in, first-out (LIFO) method. Other inventories are valued at the lower of cost or market using the first-in, first-out (FIFO) method. Inventories consist of the following (in thousands): | ||||||||||||
September 29, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Components at the lower of FIFO cost or market | ||||||||||||
Raw materials and work in process | $ | 130,510 | $ | 111,335 | $ | 121,184 | ||||||
Motorcycle finished goods | 181,239 | 205,660 | 169,515 | |||||||||
Parts and accessories and general merchandise | 135,339 | 122,418 | 132,789 | |||||||||
Inventory at lower of FIFO cost or market | 447,088 | 439,413 | 423,488 | |||||||||
Excess of FIFO over LIFO cost | (45,889 | ) | (45,889 | ) | (44,359 | ) | ||||||
$ | 401,199 | $ | 393,524 | $ | 379,129 | |||||||
Operating Cash Flow | ||||||||||||
The reconciliation of net income to net cash provided by operating activities is as follows (in thousands): | ||||||||||||
Nine months ended | ||||||||||||
September 29, | September 30, | |||||||||||
2013 | 2012 | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 658,584 | $ | 553,286 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 122,658 | 127,443 | ||||||||||
Amortization of deferred loan origination costs | 63,548 | 58,438 | ||||||||||
Amortization of financing origination fees | 6,994 | 7,462 | ||||||||||
Provision for employee long-term benefits | 50,158 | 50,348 | ||||||||||
Contributions to pension and postretirement plans | (197,243 | ) | (220,733 | ) | ||||||||
Stock compensation expense | 31,030 | 30,287 | ||||||||||
Net change in wholesale finance receivables related to sales | (71,869 | ) | 5,570 | |||||||||
Provision for credit losses | 39,011 | 12,823 | ||||||||||
Loss on debt extinguishment | 4,947 | — | ||||||||||
Foreign currency adjustments | 12,874 | 8,692 | ||||||||||
Other, net | (63 | ) | 9,411 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable, net | (65,835 | ) | (37,904 | ) | ||||||||
Finance receivables—accrued interest and other | 937 | 1,597 | ||||||||||
Inventories | (19,233 | ) | 36,463 | |||||||||
Accounts payable and accrued liabilities | 142,277 | 99,642 | ||||||||||
Restructuring reserves | (24,521 | ) | (9,177 | ) | ||||||||
Derivative instruments | (1,818 | ) | 611 | |||||||||
Other | 72,667 | (21,761 | ) | |||||||||
Total adjustments | 166,519 | 159,212 | ||||||||||
Net cash provided by operating activities | $ | 825,103 | $ | 712,498 | ||||||||
Restructuring_Expense
Restructuring Expense | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||||
Restructuring Expense | ' | |||||||||||||||||||||||||||||||
Restructuring Expense | ||||||||||||||||||||||||||||||||
2011 Restructuring Plans | ||||||||||||||||||||||||||||||||
In December 2011, the Company made a decision to cease operations at New Castalloy, its Australian subsidiary and producer of cast motorcycle wheels and wheel hubs, and source those components through other existing suppliers by the end of 2013 (2011 New Castalloy Restructuring Plan). Since 2011, the Company has successfully transitioned a significant amount of wheel production to other existing suppliers. However, during the second quarter of 2013, the Company made a decision to retain limited operations at New Castalloy focused on the production of certain complex, high-finish wheels in a cost-effective and competitive manner. The Company also entered into a new agreement with the unionized labor force at New Castalloy. | ||||||||||||||||||||||||||||||||
In connection with the modified 2011 New Castalloy Restructuring Plan, the New Castalloy workforce was reduced by approximately 100 employees, leaving approximately 100 remaining employees to support the ongoing operations. The original plan would have resulted in a workforce reduction of approximately 200 employees. | ||||||||||||||||||||||||||||||||
Under the modified 2011 New Castalloy Restructuring Plan, restructuring expenses consisted of employee severance and termination costs, accelerated depreciation and other related costs. On a cumulative basis, the Company has incurred $21.0 million of restructuring expense under the modified 2011 New Castalloy Restructuring Plan as of September 29, 2013, of which approximately 35% was non-cash. This includes a benefit related to restructuring reserves released in the second quarter of 2013 in connection with the decision to retain a limited operation at the New Castalloy facility, as described above. | ||||||||||||||||||||||||||||||||
In February 2011, the Company’s unionized employees at its facility in Kansas City, Missouri ratified a new seven-year labor agreement. The new agreement took effect on August 1, 2011. The new contract is similar to the labor agreements ratified at the Company’s Wisconsin facilities in September 2010 and its York, Pennsylvania (York) production facility in December 2009, and allows for similar flexibility, increased production efficiency and the addition of a flexible workforce component. | ||||||||||||||||||||||||||||||||
The actions to implement the new ratified labor agreement (2011 Kansas City Restructuring Plan) resulted in approximately 145 fewer full-time hourly unionized employees in its Kansas City facility than would have been required under the previous contract. | ||||||||||||||||||||||||||||||||
Under the 2011 Kansas City Restructuring Plan, restructuring expenses consisted of employee severance and termination costs and other related costs. On a cumulative basis, the Company has incurred $5.9 million of restructuring expense under the 2011 Kansas City Restructuring Plan as of September 29, 2013 of which approximately 10% was non-cash. | ||||||||||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2011 Kansas City Restructuring Plan and modified 2011 New Castalloy Restructuring Plan reserve activity and balances as recorded in accrued liabilities (in thousands): | ||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | ||||||||||||||||||||||||||||||
Employee | Other | Total | Employee | Accelerated | Other | Total | Total | |||||||||||||||||||||||||
Severance and | Severance and | Depreciation | ||||||||||||||||||||||||||||||
Termination | Termination | |||||||||||||||||||||||||||||||
Costs | Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | ||||||||||||||||
Restructuring expense | — | — | — | 1,361 | 2,093 | 590 | 4,044 | 4,044 | ||||||||||||||||||||||||
Utilized—cash | (1,283 | ) | — | (1,283 | ) | (5,360 | ) | — | (602 | ) | (5,962 | ) | (7,245 | ) | ||||||||||||||||||
Utilized—non-cash | — | — | — | — | (2,093 | ) | — | (2,093 | ) | (2,093 | ) | |||||||||||||||||||||
Non-cash reserve release | (976 | ) | — | (976 | ) | (5,250 | ) | — | — | (5,250 | ) | (6,226 | ) | |||||||||||||||||||
Balance, end of period | $ | — | $ | — | $ | — | $ | 57 | $ | — | $ | 133 | $ | 190 | $ | 190 | ||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | ||||||||||||||||||||||||||||||
Employee | Other | Total | Employee | Accelerated | Other | Total | Total | |||||||||||||||||||||||||
Severance and | Severance and | Depreciation | ||||||||||||||||||||||||||||||
Termination | Termination | |||||||||||||||||||||||||||||||
Costs | Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,123 | $ | — | $ | 4,123 | $ | 8,428 | $ | — | $ | 305 | $ | 8,733 | $ | 12,856 | ||||||||||||||||
Restructuring expense | — | — | — | 2,450 | 6,152 | 1,075 | 9,677 | 9,677 | ||||||||||||||||||||||||
Utilized—cash | — | — | — | (388 | ) | — | (1,235 | ) | (1,623 | ) | (1,623 | ) | ||||||||||||||||||||
Utilized—non-cash | — | — | — | — | (6,152 | ) | — | (6,152 | ) | (6,152 | ) | |||||||||||||||||||||
Non-cash reserve release | (967 | ) | — | (967 | ) | — | — | — | — | (967 | ) | |||||||||||||||||||||
Balance, end of period | $ | 3,156 | $ | — | $ | 3,156 | $ | 10,490 | $ | — | $ | 145 | $ | 10,635 | $ | 13,791 | ||||||||||||||||
2010 Restructuring Plan | ||||||||||||||||||||||||||||||||
In September 2010, the Company’s unionized employees in Wisconsin ratified three separate new seven-year labor agreements which took effect in April 2012 when the prior contracts expired. The new contracts are similar to the labor agreement ratified at the York, Pennsylvania facility in December 2009 and allow for similar flexibility and increased production efficiency and the addition of a flexible workforce component. | ||||||||||||||||||||||||||||||||
The actions to implement the new ratified labor agreements (2010 Restructuring Plan) resulted in approximately 250 fewer full-time hourly unionized employees in its Milwaukee-area facilities than would have been required under the previous contracts and approximately 75 fewer full-time hourly unionized employees in its Tomahawk, Wisconsin facility than would have been required under the previous contract. Under the 2010 Restructuring Plan, restructuring expenses consisted of employee severance and termination costs and other related costs. On a cumulative basis, the Company has incurred $59.2 million of restructuring expense under the 2010 Restructuring Plan as of September 29, 2013, of which approximately 45% was non-cash. | ||||||||||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2010 Restructuring Plan reserve activity and balances as recorded in accrued liabilities (in thousands): | ||||||||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||||
Employee | Employee | |||||||||||||||||||||||||||||||
Severance and | Severance and | |||||||||||||||||||||||||||||||
Termination Costs | Termination Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,156 | $ | 20,361 | ||||||||||||||||||||||||||||
Restructuring expense | — | 4,005 | ||||||||||||||||||||||||||||||
Utilized—cash | (9,710 | ) | (13,894 | ) | ||||||||||||||||||||||||||||
Non-cash reserve release | (446 | ) | — | |||||||||||||||||||||||||||||
Balance, end of period | $ | — | $ | 10,472 | ||||||||||||||||||||||||||||
2009 Restructuring Plan | ||||||||||||||||||||||||||||||||
During 2009, in response to the U.S. economic recession and worldwide slowdown in consumer demand, the Company committed to a volume reduction and a combination of restructuring actions (2009 Restructuring Plan) expected to be completed at various dates between 2009 and 2013. The actions were designed to reduce administrative costs, eliminate excess capacity and exit non-core business operations. The Company’s announced actions include the restructuring and transformation of its York, Pennsylvania production facility including the implementation of a new more flexible unionized labor agreement which allows for the addition of a flexible workforce component; consolidation of facilities related to engine and transmission production; outsourcing of certain distribution and transportation activities and exiting the Buell product line. In addition, the Company implemented projects under this plan involving the outsourcing of select information technology activities and the consolidation of an administrative office in Michigan into its corporate headquarters in Milwaukee, Wisconsin. | ||||||||||||||||||||||||||||||||
The 2009 Restructuring Plan resulted in a reduction of approximately 2,900 hourly production positions and approximately 800 non-production, primarily salaried positions within the Motorcycles segment and approximately 100 salaried positions in the Financial Services segment. | ||||||||||||||||||||||||||||||||
Under the 2009 Restructuring Plan, restructuring expenses consisted of employee severance and termination costs, accelerated depreciation on the long-lived assets that will be exited as part of the 2009 Restructuring Plan and other related costs. On a cumulative basis, the Company has incurred $395.3 million of restructuring and impairment expense under the 2009 Restructuring Plan as of September 29, 2013 of which approximately 30% was non-cash. | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s 2009 Restructuring Plan reserve activity and balances recorded in accrued liabilities (in thousands): | ||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||||||||||||||||||
Motorcycles & Related Products | ||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | |||||||||||||||||||||||||||||
Severance and | Depreciation | |||||||||||||||||||||||||||||||
Termination Costs | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | ||||||||||||||||||||||||
Restructuring expense | — | — | 2,446 | 2,446 | ||||||||||||||||||||||||||||
Utilized—cash | (1,620 | ) | — | (2,607 | ) | (4,227 | ) | |||||||||||||||||||||||||
Utilized—non-cash | — | — | — | — | ||||||||||||||||||||||||||||
Non-cash reserve release | (1,531 | ) | — | — | (1,531 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 2,045 | $ | — | $ | — | $ | 2,045 | ||||||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Motorcycles & Related Products | ||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | |||||||||||||||||||||||||||||
Severance and | Depreciation | |||||||||||||||||||||||||||||||
Termination Costs | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | ||||||||||||||||||||||||
Restructuring expense | 4,166 | — | 11,987 | 16,153 | ||||||||||||||||||||||||||||
Utilized—cash | (2,529 | ) | — | (11,987 | ) | (14,516 | ) | |||||||||||||||||||||||||
Utilized—non-cash | — | — | — | — | ||||||||||||||||||||||||||||
Non-cash reserve release | (2,027 | ) | — | — | (2,027 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 9,699 | $ | — | $ | — | $ | 9,699 | ||||||||||||||||||||||||
Other restructuring costs under the 2009 Restructuring Plan include items such as the exit costs for terminating supply contracts, lease termination costs and moving costs. During the first nine months of 2013, the Company released a portion of its 2009 Restructuring Plan reserve related to employee severance costs as these costs are no longer expected to be incurred. |
Finance_Receivables
Finance Receivables | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Finance Receivables | ' | |||||||||||||||||||||||
Finance Receivables | ||||||||||||||||||||||||
HDFS provides retail financial services to customers of the Company’s independent dealers in the United States and Canada. The origination of retail loans is a separate and distinct transaction between HDFS and the retail customer, unrelated to the Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and installment loans. HDFS holds either titles or liens on titles to vehicles financed by promissory notes and installment loans. | ||||||||||||||||||||||||
HDFS offers wholesale financing to the Company’s independent dealers. Wholesale loans to dealers are generally secured by financed inventory or property and are originated in the U.S. and Canada. | ||||||||||||||||||||||||
Finance receivables, net, consisted of the following (in thousands): | ||||||||||||||||||||||||
September 29, | December 31, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||||
Retail | $ | 5,405,670 | $ | 5,073,115 | $ | 5,243,470 | ||||||||||||||||||
Wholesale | 891,141 | 816,404 | 785,323 | |||||||||||||||||||||
6,296,811 | 5,889,519 | 6,028,793 | ||||||||||||||||||||||
Allowance for credit losses | (111,921 | ) | (107,667 | ) | (113,126 | ) | ||||||||||||||||||
$ | 6,184,890 | $ | 5,781,852 | $ | 5,915,667 | |||||||||||||||||||
A provision for credit losses on finance receivables is charged or credited to earnings in amounts that the Company believes are sufficient to maintain the allowance for credit losses at a level that is adequate to cover losses of principal inherent in the existing portfolio. The allowance for credit losses represents management’s estimate of probable losses inherent in the finance receivable portfolio as of the balance sheet date. However, due to the use of projections and assumptions in estimating the losses, the amount of losses actually incurred by the Company could differ from the amounts estimated. | ||||||||||||||||||||||||
Changes in the allowance for credit losses on finance receivables by portfolio were as follows (in thousands): | ||||||||||||||||||||||||
Three months ended September 29, 2013 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 103,770 | $ | 7,554 | $ | 111,324 | ||||||||||||||||||
Provision for credit losses | 16,168 | (1,564 | ) | 14,604 | ||||||||||||||||||||
Charge-offs | (23,708 | ) | — | (23,708 | ) | |||||||||||||||||||
Recoveries | 9,701 | — | 9,701 | |||||||||||||||||||||
Balance, end of period | $ | 105,931 | $ | 5,990 | $ | 111,921 | ||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 106,180 | $ | 8,068 | $ | 114,248 | ||||||||||||||||||
Provision for credit losses | 9,869 | (800 | ) | 9,069 | ||||||||||||||||||||
Charge-offs | (19,873 | ) | — | (19,873 | ) | |||||||||||||||||||
Recoveries | 9,682 | — | 9,682 | |||||||||||||||||||||
Balance, end of period | $ | 105,858 | $ | 7,268 | $ | 113,126 | ||||||||||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 101,442 | $ | 6,225 | $ | 107,667 | ||||||||||||||||||
Provision for credit losses | 39,246 | (235 | ) | 39,011 | ||||||||||||||||||||
Charge-offs | (67,117 | ) | — | (67,117 | ) | |||||||||||||||||||
Recoveries | 32,360 | — | 32,360 | |||||||||||||||||||||
Balance, end of period | $ | 105,931 | $ | 5,990 | $ | 111,921 | ||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 116,112 | $ | 9,337 | $ | 125,449 | ||||||||||||||||||
Provision for credit losses | 14,892 | (2,069 | ) | 12,823 | ||||||||||||||||||||
Charge-offs | (62,779 | ) | — | (62,779 | ) | |||||||||||||||||||
Recoveries | 37,633 | — | 37,633 | |||||||||||||||||||||
Balance, end of period | $ | 105,858 | $ | 7,268 | $ | 113,126 | ||||||||||||||||||
Finance receivables are considered impaired when management determines it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement. Portions of the allowance for credit losses are established to cover estimated losses on finance receivables specifically identified for impairment. The unspecified portion of the allowance for credit losses covers estimated losses on finance receivables which are collectively reviewed for impairment. | ||||||||||||||||||||||||
The retail portfolio primarily consists of a large number of small balance, homogeneous finance receivables. HDFS performs a periodic and systematic collective evaluation of the adequacy of the retail allowance for credit losses. HDFS utilizes loss forecast models which consider a variety of factors including, but not limited to, historical loss trends, origination or vintage analysis, known and inherent risks in the portfolio, the value of the underlying collateral, recovery rates, and current economic conditions including items such as unemployment rates. Retail finance receivables are not evaluated individually for impairment prior to charge-off and therefore are not reported as impaired loans. | ||||||||||||||||||||||||
The wholesale portfolio is primarily composed of large balance, non-homogeneous loans. The Company’s evaluation for the wholesale allowance for credit losses is first based on a loan-by-loan review. A specific allowance for credit losses is established for wholesale finance receivables determined to be individually impaired when management concludes that the borrower will not be able to make full payment of the contractual amounts due based on the original terms of the loan agreement. The impairment is determined based on the cash that the Company expects to receive discounted at the loan’s original interest rate or the fair value of the collateral, if the loan is collateral-dependent. Finance receivables in the wholesale portfolio that are not considered impaired on an individual basis are segregated, based on similar risk characteristics, according to the Company’s internal risk rating system and collectively evaluated for impairment. The related allowance for credit losses is based on factors such as the specific borrower’s financial performance and ability to repay, the Company’s past loan loss experience, current economic conditions, and the value of the underlying collateral. | ||||||||||||||||||||||||
Generally, it is the Company’s policy not to change the terms and conditions of finance receivables. However, to minimize the economic loss, the Company may modify certain finance receivables in troubled debt restructurings. Total restructured finance receivables are not significant. | ||||||||||||||||||||||||
The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 105,931 | 5,990 | 111,921 | |||||||||||||||||||||
Total allowance for credit losses | $ | 105,931 | $ | 5,990 | $ | 111,921 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,405,670 | 891,141 | 6,296,811 | |||||||||||||||||||||
Total finance receivables | $ | 5,405,670 | $ | 891,141 | $ | 6,296,811 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 101,442 | 6,225 | 107,667 | |||||||||||||||||||||
Total allowance for credit losses | $ | 101,442 | $ | 6,225 | $ | 107,667 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,073,115 | 816,404 | 5,889,519 | |||||||||||||||||||||
Total finance receivables | $ | 5,073,115 | $ | 816,404 | $ | 5,889,519 | ||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 105,858 | 7,268 | 113,126 | |||||||||||||||||||||
Total allowance for credit losses | $ | 105,858 | $ | 7,268 | $ | 113,126 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,243,470 | 785,323 | 6,028,793 | |||||||||||||||||||||
Total finance receivables | $ | 5,243,470 | $ | 785,323 | $ | 6,028,793 | ||||||||||||||||||
There were no wholesale finance receivables at September 29, 2013, December 31, 2012, or September 30, 2012 that were individually deemed to be impaired under ASC Topic 310, “Receivables.” | ||||||||||||||||||||||||
Retail finance receivables are contractually delinquent if the minimum payment is not received by the specified due date. Retail finance receivables are generally charged-off when the receivable is 120 days or more delinquent, the related asset is repossessed or the receivable is otherwise deemed uncollectible. All retail finance receivables accrue interest until either collected or charged-off. Accordingly, as of September 29, 2013, December 31, 2012 and September 30, 2012, all retail finance receivables were accounted for as interest-earning receivables, of which $17.8 million, $27.6 million and $19.4 million, respectively, were 90 days or more past due. | ||||||||||||||||||||||||
Wholesale finance receivables are delinquent if the minimum payment is not received by the contractual due date. Interest continues to accrue on past due finance receivables until the date the finance receivable becomes uncollectible and the finance receivable is placed on non-accrual status. HDFS will resume accruing interest on these accounts when payments are current according to the terms of the loans and future payments are reasonably assured. While on non-accrual status, all cash received is applied to principal or interest as appropriate. Wholesale finance receivables are written down once management determines that the specific borrower does not have the ability to repay the loan in full. There were no wholesale receivables on non-accrual status at September 29, 2013, December 31, 2012 or September 30, 2012. At September 29, 2013, December 31, 2012 and September 30, 2012, $0.6 million, $0.4 million, and $0.5 million of wholesale finance receivables were 90 days or more past due and accruing interest, respectively. | ||||||||||||||||||||||||
An analysis of the aging of past due finance receivables was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,260,125 | $ | 99,255 | $ | 28,531 | $ | 17,759 | $ | 145,545 | $ | 5,405,670 | ||||||||||||
Wholesale | 889,531 | 681 | 302 | 627 | 1,610 | 891,141 | ||||||||||||||||||
Total | $ | 6,149,656 | $ | 99,936 | $ | 28,833 | $ | 18,386 | $ | 147,155 | $ | 6,296,811 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 4,894,675 | $ | 113,604 | $ | 37,239 | $ | 27,597 | $ | 178,440 | $ | 5,073,115 | ||||||||||||
Wholesale | 814,706 | 984 | 278 | 436 | 1,698 | 816,404 | ||||||||||||||||||
Total | $ | 5,709,381 | $ | 114,588 | $ | 37,517 | $ | 28,033 | $ | 180,138 | $ | 5,889,519 | ||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,093,496 | $ | 100,706 | $ | 29,878 | $ | 19,390 | $ | 149,974 | $ | 5,243,470 | ||||||||||||
Wholesale | 784,155 | 445 | 217 | 506 | 1,168 | 785,323 | ||||||||||||||||||
Total | $ | 5,877,651 | $ | 101,151 | $ | 30,095 | $ | 19,896 | $ | 151,142 | $ | 6,028,793 | ||||||||||||
A significant part of managing HDFS’ finance receivable portfolios includes the assessment of credit risk associated with each borrower. As the credit risk varies between the retail and wholesale portfolios, HDFS utilizes different credit risk indicators for each portfolio. | ||||||||||||||||||||||||
HDFS manages retail credit risk through its credit approval policy and ongoing collection efforts. HDFS uses FICO scores, a standard credit rating measurement, to differentiate the expected default rates of retail credit applicants enabling the Company to better evaluate credit applicants for approval and to tailor pricing according to this assessment. Retail loans with a FICO score of 640 or above at origination are considered prime, and loans with a FICO score below 640 are considered sub-prime. These credit quality indicators are determined at the time of loan origination and are not updated subsequent to the loan origination date. | ||||||||||||||||||||||||
The recorded investment of retail finance receivables, by credit quality indicator, was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||
Prime | $ | 4,249,780 | $ | 4,035,584 | $ | 4,178,726 | ||||||||||||||||||
Sub-prime | 1,155,890 | 1,037,531 | 1,064,744 | |||||||||||||||||||||
Total | $ | 5,405,670 | $ | 5,073,115 | $ | 5,243,470 | ||||||||||||||||||
HDFS’ credit risk on the wholesale portfolio is different from that of the retail portfolio. Whereas the retail portfolio represents a relatively homogeneous pool of retail finance receivables that exhibit more consistent loss patterns, the wholesale portfolio exposures are less consistent. HDFS utilizes an internal credit risk rating system to manage credit risk exposure consistently across wholesale borrowers and individually evaluates credit risk factors for each borrower. | ||||||||||||||||||||||||
HDFS uses the following internal credit quality indicators, based on the Company’s internal risk rating system, listed from highest level of risk to lowest level of risk for the wholesale portfolio: Doubtful, Substandard, Special Mention, Medium Risk and Low Risk. Based upon management’s review, the dealers classified in the Doubtful category are the dealers with the greatest likelihood of being charged off, while the dealers classified as Low Risk are least likely to be charged off. The internal rating system considers factors such as the specific borrowers’ ability to repay and the estimated value of any collateral. Dealer risk rating classifications are reviewed and updated on a quarterly basis. | ||||||||||||||||||||||||
The recorded investment of wholesale finance receivables, by internal credit quality indicator, was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||
Doubtful | $ | 3,966 | $ | 8,107 | $ | 10,072 | ||||||||||||||||||
Substandard | 10,486 | 2,593 | 3,689 | |||||||||||||||||||||
Special Mention | — | 3,504 | 2,446 | |||||||||||||||||||||
Medium Risk | 6,914 | 8,451 | 6,035 | |||||||||||||||||||||
Low Risk | 869,775 | 793,749 | 763,081 | |||||||||||||||||||||
Total | $ | 891,141 | $ | 816,404 | $ | 785,323 | ||||||||||||||||||
AssetBacked_Financing
Asset-Backed Financing | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Secured Debt [Abstract] | ' | |||||||||||||||||||||||
Asset-Backed Financing | ' | |||||||||||||||||||||||
Asset-Backed Financing | ||||||||||||||||||||||||
HDFS participates in asset-backed financing through both term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. HDFS treats these transactions as secured borrowing because either they are transferred to consolidated VIEs or HDFS maintains effective control over the assets and does not meet the accounting sale requirements under ASC Topic 860, "Transfers and Servicing" (ASC Topic 860). In HDFS' asset-backed financing programs, HDFS transfers retail motorcycle finance receivables to special purpose entities (SPE), which are considered VIEs under U.S. GAAP. Each SPE then converts those assets into cash, through the issuance of debt. | ||||||||||||||||||||||||
HDFS is required to consolidate any VIE in which it is deemed to be the primary beneficiary through having power over the significant activities of the entity and having an obligation to absorb losses or the right to receive benefits from the VIE which are potentially significant to the VIE. HDFS is considered to have the power over the significant activities of its term asset-backed securitization and asset-backed U.S. commercial paper conduit facility VIEs due to its role as servicer. Servicing fees are typically not considered potentially significant variable interests in a VIE. However, HDFS retains a residual interest in the VIEs in the form of a debt security, which gives HDFS the right to receive benefits that could be potentially significant to the VIE. Therefore, the Company is the primary beneficiary and consolidates all of these VIEs within its consolidated financial statements. | ||||||||||||||||||||||||
HDFS is not the primary beneficiary of the asset-backed Canadian commercial paper conduit facility VIE; therefore, HDFS does not consolidate this VIE. However, HDFS treats the conduit facility as a secured borrowing as it maintains effective control over the assets transferred to the VIE and therefore does not meet the requirements for sale accounting under ASC Topic 860. As such, the Company retains the transferred assets and the related debt within its Consolidated Balance Sheet. | ||||||||||||||||||||||||
Servicing fees paid by VIEs to HDFS are eliminated in consolidation and therefore are not recorded on a consolidated basis. HDFS is not required, and does not currently intend, to provide any additional financial support to its VIEs. Investors and creditors only have recourse to the assets held by the VIEs. | ||||||||||||||||||||||||
The following table shows the assets and liabilities related to the asset-backed financings that were included in the financial statements (in thousands): | ||||||||||||||||||||||||
September 29, 2013 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 1,918,447 | $ | (37,721 | ) | $ | 181,231 | $ | 4,866 | $ | 2,066,823 | $ | 1,446,656 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 590 | 590 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 204,828 | (3,424 | ) | 13,098 | 93 | 214,595 | 180,584 | |||||||||||||||||
$ | 2,123,275 | $ | (41,145 | ) | $ | 194,329 | $ | 5,549 | $ | 2,282,008 | $ | 1,627,240 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 2,143,708 | $ | (42,139 | ) | $ | 176,290 | $ | 4,869 | $ | 2,282,728 | $ | 1,447,776 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 419 | 419 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 194,285 | (3,432 | ) | 11,718 | 255 | 202,826 | 175,658 | |||||||||||||||||
$ | 2,337,993 | $ | (45,571 | ) | $ | 188,008 | $ | 5,543 | $ | 2,485,973 | $ | 1,623,434 | ||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 2,466,871 | $ | (49,490 | ) | $ | 205,760 | $ | 5,531 | $ | 2,628,672 | $ | 1,692,065 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 542 | 542 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 193,986 | (3,747 | ) | 11,640 | 327 | 202,206 | 176,855 | |||||||||||||||||
$ | 2,660,857 | $ | (53,237 | ) | $ | 217,400 | $ | 6,400 | $ | 2,831,420 | $ | 1,868,920 | ||||||||||||
Term Asset-Backed Securitization VIEs | ||||||||||||||||||||||||
The Company transfers U.S. retail motorcycle finance receivables to SPEs which in turn issue secured notes to investors, with various maturities and interest rates, secured by future collections of the purchased U.S. retail motorcycle finance receivables. Each term asset-backed securitization SPE is a separate legal entity and the U.S. retail motorcycle finance receivables included in the term asset-backed securitizations are only available for payment of the secured debt and other obligations arising from the term asset-backed securitization transaction and are not available to pay other obligations or claims of the Company’s creditors until the associated secured debt and other obligations are satisfied. Cash and cash equivalent balances held by the SPEs are used only to support the securitizations. There are no amortization schedules for the secured notes; however, the debt is reduced monthly as available collections on the related U.S. retail motorcycle finance receivables are applied to outstanding principal. The secured notes’ contractual lives have various maturities ranging from 2013 to 2020. | ||||||||||||||||||||||||
There were no term asset-backed transactions during the third quarter of 2013. During the second quarter of 2013, the Company issued $650.0 million of secured notes through one term asset-backed securitization transaction. | ||||||||||||||||||||||||
During the third quarter of 2012, the Company issued $675.3 million of secured notes through one term asset-backed securitization transaction. In addition, during the second quarter of 2012, the Company issued $89.5 million of secured notes through the sale of notes that had been previously retained as part of certain 2009 and 2011 term asset-backed securitization transactions. These notes were sold at a premium. At September 29, 2013 and September 30, 2012, the unaccreted premium associated with the issuance of these notes was $0.5 million and $1.5 million, respectively. There was no additional term asset-backed securitization activity for the nine months ended September 29, 2013 or September 30, 2012. | ||||||||||||||||||||||||
Asset-Backed U.S. Commercial Paper Conduit Facility VIE | ||||||||||||||||||||||||
In September 2013, the Company amended and restated its third-party bank sponsored asset-backed commercial paper conduit facility (U.S. Conduit) which provides for a total aggregate commitment of $600.0 million based on, among other things, the amount of eligible U.S. retail motorcycle loans held by a SPE as collateral. The amended agreement has terms that are similar to those of the prior agreement and is for the same amount. Under the facility, HDFS may transfer U.S. retail motorcycle finance receivables to a SPE, which in turn may issue debt to third-party bank-sponsored asset-backed commercial paper conduits. The assets of the SPE are restricted as collateral for the payment of the debt or other obligations arising in the transaction and are not available to pay other obligations or claims of the Company’s creditors. The terms for this debt provide for interest on the outstanding principal based on prevailing commercial paper rates, or LIBOR plus a specified margin to the extent the advance is not funded by a conduit lender through the issuance of commercial paper. The U.S. Conduit also provides for an unused commitment fee based on the unused portion of the total aggregate commitment. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the U.S. Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of HDFS and the lenders, the U.S. Conduit has an expiration date of September 12, 2014. | ||||||||||||||||||||||||
The SPE had no borrowings outstanding under the U.S. Conduit at September 29, 2013, December 31, 2012 or September 30, 2012; therefore, U.S. Conduit assets are restricted as collateral for the payment of fees associated with the unused portion of the total aggregate commitment. | ||||||||||||||||||||||||
Asset-Backed Canadian Commercial Paper Conduit Facility | ||||||||||||||||||||||||
In June 2013, HDFS amended its agreement with a Canadian bank-sponsored asset-backed commercial paper conduit facility (Canadian Conduit). The amended agreement has terms that are similar to those of the original agreement, entered into in August 2012, and is for the same amount. Under the agreement, the Canadian Conduit is contractually committed, at HDFS' option, to purchase from HDFS eligible Canadian retail motorcycle finance receivables for proceeds up to C$200.0 million. The terms for this debt provide for interest on the outstanding principal based on prevailing market interest rates plus a specified margin. The Canadian Conduit also provides for a program fee and an unused commitment fee based on the unused portion of the total aggregate commitment of C$200.0 million. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the Canadian Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of HDFS and the lenders, the Canadian Conduit expires on June 30, 2014. The contractual maturity of the debt is approximately 5 years. | ||||||||||||||||||||||||
HDFS participates in and does not consolidate the Canadian bank-sponsored, multi-seller conduit VIE. HDFS' maximum exposure to loss associated with this unconsolidated VIE, which would only be incurred in the unlikely event that all the finance receivables and underlying collateral have no residual value, was $34.0 million at September 29, 2013. The maximum exposure is not an indication of the Company's expected loss exposure. | ||||||||||||||||||||||||
During the third quarter of 2013, HDFS transferred $26.3 million of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $23.1 million. During the second quarter of 2013, HDFS transferred $53.8 million of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $47.1 million. In the third quarter of 2012, HDFS transferred $209.1 million of Canadian retail motorcycle finance receivables for proceeds of $183.0 million. | ||||||||||||||||||||||||
There were no other transfers of receivables for the nine months ended September 29, 2013 or September 30, 2012. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Certain assets and liabilities are recorded at fair value in the financial statements; some of these are measured on a recurring basis while others are measured on a non-recurring basis. Assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. In determining fair value of assets and liabilities, the Company uses various valuation techniques. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. | ||||||||||||||||
The Company assesses the inputs used to measure fair value using a three-tier hierarchy. The hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market. Level 1 inputs include quoted prices for identical instruments and are the most observable. | ||||||||||||||||
Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. The Company uses the market approach to derive the fair value for its level 2 fair value measurements. Foreign currency exchange contracts are valued using publicly quoted spot and forward prices; commodity contracts are valued using publicly quoted prices, where available, or dealer quotes; interest rate swaps are valued using publicized swap curves; and investments in marketable securities and cash equivalents are valued using publicly quoted prices. | ||||||||||||||||
Level 3 inputs are not observable in the market and include management’s judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the following tables. | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
29-Sep-13 | ||||||||||||||||
Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 832,344 | $ | 506,792 | $ | 325,552 | $ | — | ||||||||
Marketable securities | 122,234 | — | 122,234 | — | ||||||||||||
Derivatives | 1,733 | — | 1,733 | — | ||||||||||||
$ | 956,311 | $ | 506,792 | $ | 449,519 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 1,152 | $ | — | $ | 1,152 | $ | — | ||||||||
31-Dec-12 | ||||||||||||||||
Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 852,979 | $ | 690,691 | $ | 162,288 | $ | — | ||||||||
Marketable securities | 135,634 | — | 135,634 | — | ||||||||||||
Derivatives | 317 | — | 317 | — | ||||||||||||
$ | 988,930 | $ | 690,691 | $ | 298,239 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 7,920 | $ | — | $ | 7,920 | $ | — | ||||||||
September 30, 2012 | ||||||||||||||||
Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 1,417,900 | $ | 1,161,646 | $ | 256,254 | $ | — | ||||||||
Marketable securities | 136,376 | — | 136,376 | — | ||||||||||||
Derivatives | 1,639 | — | 1,639 | — | ||||||||||||
$ | 1,555,915 | $ | 1,161,646 | $ | 394,269 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 2,458 | $ | — | $ | 2,458 | $ | — | ||||||||
The hierarchy classification for cash equivalents, as of September 30, 2012, totaling $256.3 million has been revised from Level 1 to Level 2. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, trade receivables, finance receivables, net, trade payables, debt, and foreign currency contracts and interest rate swaps (derivative instruments are discussed further in Note 9). | ||||||||||||||||||||||||
The following table summarizes the fair value and carrying value of the Company’s financial instruments (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,029,955 | $ | 1,029,955 | $ | 1,068,138 | $ | 1,068,138 | $ | 1,795,141 | $ | 1,795,141 | ||||||||||||
Marketable securities | $ | 122,234 | $ | 122,234 | $ | 135,634 | $ | 135,634 | $ | 136,376 | $ | 136,376 | ||||||||||||
Accounts receivable, net | $ | 290,158 | $ | 290,158 | $ | 230,079 | $ | 230,079 | $ | 256,193 | $ | 256,193 | ||||||||||||
Derivatives | $ | 1,733 | $ | 1,733 | $ | 317 | $ | 317 | $ | 1,639 | $ | 1,639 | ||||||||||||
Finance receivables, net | $ | 6,266,406 | $ | 6,184,890 | $ | 5,861,442 | $ | 5,781,852 | $ | 5,993,713 | $ | 5,915,667 | ||||||||||||
Restricted cash | $ | 194,329 | $ | 194,329 | $ | 188,008 | $ | 188,008 | $ | 217,400 | $ | 217,400 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 326,713 | $ | 326,713 | $ | 257,386 | $ | 257,386 | $ | 293,710 | $ | 293,710 | ||||||||||||
Derivatives | $ | 1,152 | $ | 1,152 | $ | 7,920 | $ | 7,920 | $ | 2,458 | $ | 2,458 | ||||||||||||
Unsecured commercial paper | $ | 394,460 | $ | 394,460 | $ | 294,943 | $ | 294,943 | $ | 404,693 | $ | 404,693 | ||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 180,584 | $ | 180,584 | $ | 175,658 | $ | 175,658 | $ | 176,855 | $ | 176,855 | ||||||||||||
Medium-term notes | $ | 3,092,947 | $ | 2,858,809 | $ | 3,199,548 | $ | 2,881,272 | $ | 3,623,082 | $ | 3,297,687 | ||||||||||||
Senior unsecured notes | $ | 315,927 | $ | 303,000 | $ | 338,594 | $ | 303,000 | $ | 357,328 | $ | 303,000 | ||||||||||||
Term asset-backed securitization debt | $ | 1,447,710 | $ | 1,446,656 | $ | 1,457,807 | $ | 1,447,776 | $ | 1,702,320 | $ | 1,692,065 | ||||||||||||
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Net and Accounts Payable – With the exception of certain cash equivalents, these items are recorded in the financial statements at historical cost. The historical cost basis for these amounts is estimated to approximate their respective fair values due to the short maturity of these instruments. Fair value is based on Level 1 or Level 2 inputs. | ||||||||||||||||||||||||
Marketable Securities – Marketable securities are recorded in the financial statements at fair value. The fair value of marketable securities is based primarily on quoted market prices of similar financial assets. Changes in fair value are recorded, net of tax, as other comprehensive income and included as a component of shareholders’ equity. Fair value is based on Level 2 inputs. | ||||||||||||||||||||||||
Finance Receivables, Net – Retail and wholesale finance receivables are recorded in the financial statements at historical cost less an allowance for credit losses. The fair value of retail finance receivables is generally calculated by discounting future cash flows using an estimated discount rate that reflects current credit, interest rate and prepayment risks associated with similar types of instruments. Fair value is determined based on Level 3 inputs. The historical cost basis of wholesale finance receivables approximates fair value because they either are short-term or have interest rates that adjust with changes in market interest rates. | ||||||||||||||||||||||||
Derivatives – Interest rate swaps, foreign currency exchange contracts and commodity contracts are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of interest rate swaps is determined using pricing models that incorporate quoted prices for similar assets and observable inputs such as interest rates and yield curves. The fair value of foreign currency exchange and commodity contracts is determined using publicly quoted prices. Fair value is calculated using Level 2 inputs. | ||||||||||||||||||||||||
Debt – Debt is generally recorded in the financial statements at historical cost. The carrying value of unsecured commercial paper approximates fair value due to its short maturity. Fair value is calculated using Level 2 inputs. | ||||||||||||||||||||||||
The carrying value of debt provided under the Canadian Conduit approximates fair value since the interest rates charged under the facility are tied directly to market rates and fluctuate as market rates change. Fair value is calculated using Level 2 inputs. | ||||||||||||||||||||||||
The fair values of the medium-term notes are estimated based upon rates currently available for debt with similar terms and remaining maturities. Fair value is calculated using Level 2 inputs. | ||||||||||||||||||||||||
The fair value of the senior unsecured notes is estimated based upon rates currently available for debt with similar terms and remaining maturities. Fair value is calculated using Level 2 inputs. | ||||||||||||||||||||||||
The fair value of the debt related to term asset-backed securitization transactions is estimated based on pricing currently available for transactions with similar terms and maturities. Fair value is calculated using Level 2 inputs. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||||||||||||
The Company is exposed to certain risks such as foreign currency exchange rate risk, interest rate risk and commodity price risk. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. All derivative transactions are authorized and executed pursuant to regularly reviewed policies and procedures, which prohibit the use of financial instruments for speculative trading purposes. | ||||||||||||||||||||||||||||||||||||
All derivative instruments are recognized on the balance sheet at fair value (see Note 7). In accordance with ASC Topic 815, “Derivatives and Hedging,” the accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. Changes in the fair value of derivatives that are designated as fair value hedges, along with the gain or loss on the hedged item, are recorded in current period earnings. For derivative instruments that are designated as cash flow hedges, the effective portion of gains and losses that result from changes in the fair value of derivative instruments is initially recorded in other comprehensive income (OCI) and subsequently reclassified into earnings when the hedged item affects income. The Company assesses, both at the inception of each hedge and on an on-going basis, whether the derivatives that are used in its hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. Any ineffective portion is immediately recognized in earnings. No component of a hedging derivative instrument’s gain or loss is excluded from the assessment of hedge effectiveness. Derivative instruments that do not qualify for hedge accounting are recorded at fair value, and any changes in fair value are recorded in current period earnings. | ||||||||||||||||||||||||||||||||||||
The Company sells its products internationally and in most markets those sales are made in the foreign country’s local currency. As a result, the Company’s earnings can be affected by fluctuations in the value of the U.S. dollar relative to foreign currency. The Company’s most significant foreign currency risk relates to the Euro, the Australian dollar, the Japanese yen and the Brazilian real. The Company utilizes foreign currency contracts to mitigate the effects of certain currencies’ fluctuations on earnings. The foreign currency contracts are entered into with banks and allow the Company to exchange a specified amount of foreign currency for U.S. dollars at a future date, based on a fixed exchange rate. | ||||||||||||||||||||||||||||||||||||
The Company utilizes commodity contracts to hedge portions of the cost of certain commodities consumed in the Company’s motorcycle production and distribution operations. | ||||||||||||||||||||||||||||||||||||
The Company’s foreign currency contracts and commodity contracts generally have maturities of less than one year. | ||||||||||||||||||||||||||||||||||||
The Company’s earnings are affected by changes in interest rates. HDFS utilized interest rate swaps to reduce the impact of fluctuations in interest rates on its unsecured commercial paper by converting a portion from a floating rate basis to a fixed rate basis. The swaps expired during the second quarter of 2013, and as of September 29, 2013, HDFS had no interest rate swaps outstanding. The fair value of HDFS’s interest rate swaps at December 31, 2012 and September 30, 2012 was determined using pricing models that incorporate quoted prices for similar assets and observable inputs such as interest rates and yield curves. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the fair value of the Company’s derivative financial instruments (in thousands): | ||||||||||||||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||
Derivatives Designated As Hedging | Notional | Asset | Liability | Notional | Asset Fair | Liability | Notional | Asset | Liability | |||||||||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value | Fair Value | Value | Value | Fair Value | Value | Fair Value | Fair Value | |||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | (a) | (b) | |||||||||||||||||||||||||||||||
Foreign currency contracts(c) | $ | 335,172 | $ | 1,714 | $ | 771 | $ | 345,021 | $ | 169 | $ | 6,850 | $ | 385,883 | $ | 956 | $ | 1,784 | ||||||||||||||||||
Commodity | 1,784 | — | 52 | 1,064 | 148 | 683 | 1,181 | 80 | — | |||||||||||||||||||||||||||
contracts(c) | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(c) | — | — | — | 35,800 | — | 373 | 38,600 | — | 674 | |||||||||||||||||||||||||||
Total | $ | 336,956 | $ | 1,714 | $ | 823 | $ | 381,885 | $ | 317 | $ | 7,906 | $ | 425,664 | $ | 1,036 | $ | 2,458 | ||||||||||||||||||
September 29, 2013 | December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||||||||||||||
Derivatives Not Designated As Hedging | Notional | Asset | Liability | Notional | Asset | Liability | Notional | Asset | Liability | |||||||||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | |||||||||||||||||||||||||||
Commodity contracts | $ | 11,250 | $ | 19 | $ | 329 | $ | 16,237 | $ | — | $ | 14 | $ | 14,518 | $ | 603 | $ | — | ||||||||||||||||||
$ | 11,250 | $ | 19 | $ | 329 | $ | 16,237 | $ | — | $ | 14 | $ | 14,518 | $ | 603 | $ | — | |||||||||||||||||||
(a) | Included in other current assets | |||||||||||||||||||||||||||||||||||
(b) | Included in accrued liabilities | |||||||||||||||||||||||||||||||||||
(c) | Derivative designated as a cash flow hedge | |||||||||||||||||||||||||||||||||||
The following tables summarize the amount of gains and losses related to derivative financial instruments designated as cash flow hedges (in thousands): | ||||||||||||||||||||||||||||||||||||
Amount of Gain/(Loss) Before Tax | ||||||||||||||||||||||||||||||||||||
Recognized in OCI | ||||||||||||||||||||||||||||||||||||
Three months ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges | September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (10,324 | ) | $ | 1,704 | $ | 6,120 | $ | 5,799 | |||||||||||||||||||||||||||
Commodity contracts | 27 | 32 | (46 | ) | (393 | ) | ||||||||||||||||||||||||||||||
Interest rate swaps | — | (19 | ) | (2 | ) | (43 | ) | |||||||||||||||||||||||||||||
Total | $ | (10,297 | ) | $ | 1,717 | $ | 6,072 | $ | 5,363 | |||||||||||||||||||||||||||
Amount of Gain/(Loss) Before Tax | ||||||||||||||||||||||||||||||||||||
Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||||||||
Three months ended | Nine Months Ended | Expected to be Reclassified | ||||||||||||||||||||||||||||||||||
Cash Flow Hedges | September 29, | September 30, | September 29, | September 30, | Over the Next Twelve Months | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Foreign currency contracts(a) | $ | 47 | $ | 7,742 | $ | 61 | $ | 19,846 | $ | 329 | ||||||||||||||||||||||||||
Commodity contracts(a) | (21 | ) | (81 | ) | (8 | ) | (737 | ) | (52 | ) | ||||||||||||||||||||||||||
Interest rate swaps(b) | — | (327 | ) | (345 | ) | (2,262 | ) | — | ||||||||||||||||||||||||||||
Total | $ | 26 | $ | 7,334 | $ | (292 | ) | $ | 16,847 | $ | 277 | |||||||||||||||||||||||||
(a) | Gain/(loss) reclassified from accumulated other comprehensive income (AOCI) to income is included in cost of goods sold. | |||||||||||||||||||||||||||||||||||
(b) | Gain/(loss) reclassified from AOCI to income is included in financial services interest expense. | |||||||||||||||||||||||||||||||||||
The following tables summarize the amount of gains and losses related to derivative financial instruments not designated as hedging instruments (in thousands): | ||||||||||||||||||||||||||||||||||||
Amount of Gain/(Loss) Before Tax | ||||||||||||||||||||||||||||||||||||
Recognized in Income on Derivative | ||||||||||||||||||||||||||||||||||||
Three months ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
Derivatives | 29-Sep-13 | 30-Sep-12 | September 29, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commodity contracts | $ | (135 | ) | $ | 603 | $ | (743 | ) | $ | 603 | ||||||||||||||||||||||||||
Total | $ | (135 | ) | $ | 603 | $ | (743 | ) | $ | 603 | ||||||||||||||||||||||||||
For the three and nine months ended September 29, 2013 and September 30, 2012, the cash flow hedges were highly effective and, as a result, the amount of hedge ineffectiveness was not material. No amounts were excluded from effectiveness testing. | ||||||||||||||||||||||||||||||||||||
The Company is exposed to credit loss risk in the event of non-performance by counterparties to these derivative financial instruments. Although no assurances can be given, the Company does not expect any of the counterparties to these derivative financial instruments to fail to meet its obligations. To manage credit loss risk, the Company evaluates counterparties based on credit ratings and, on a quarterly basis, evaluates each hedge’s net position relative to the counterparty’s ability to cover its position. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive loss (AOCL) (in thousands): | |||||||||||||||||||||
Three months ended September 29, 2013 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 29,461 | $ | 50 | $ | 6,674 | $ | (635,375 | ) | $ | (599,190 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 10,040 | (297 | ) | (10,297 | ) | — | (554 | ) | |||||||||||||
Income tax | (808 | ) | 110 | 3,813 | — | 3,115 | |||||||||||||||
Net other comprehensive income before reclassifications | 9,232 | (187 | ) | (6,484 | ) | — | 2,561 | ||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (47 | ) | — | (47 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 21 | — | 21 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | — | — | — | ||||||||||||||||
Prior service credits(d) | — | — | — | (526 | ) | (526 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 16,789 | 16,789 | ||||||||||||||||
Total before tax | — | — | (26 | ) | 16,263 | 16,237 | |||||||||||||||
Income tax expense (benefit) | — | — | 10 | (6,024 | ) | (6,014 | ) | ||||||||||||||
Net reclassifications | — | — | (16 | ) | 10,239 | 10,223 | |||||||||||||||
Other comprehensive income (loss) | 9,232 | (187 | ) | (6,500 | ) | 10,239 | 12,784 | ||||||||||||||
Ending Balance | $ | 38,693 | $ | (137 | ) | $ | 174 | $ | (625,136 | ) | $ | (586,406 | ) | ||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 44,571 | $ | 655 | $ | 2,654 | $ | (517,436 | ) | $ | (469,556 | ) | |||||||||
Other comprehensive income before reclassifications | 8,388 | 529 | 1,717 | — | 10,634 | ||||||||||||||||
Income tax | (963 | ) | (196 | ) | (636 | ) | — | (1,795 | ) | ||||||||||||
Net other comprehensive income before reclassifications | 7,425 | 333 | 1,081 | — | 8,839 | ||||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (7,742 | ) | — | (7,742 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 81 | — | 81 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | 327 | — | 327 | ||||||||||||||||
Prior service credits(d) | — | — | — | (233 | ) | (233 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 12,824 | 12,824 | ||||||||||||||||
Total before tax | — | — | (7,334 | ) | 12,591 | 5,257 | |||||||||||||||
Income tax expense (benefit) | — | — | 2,699 | (4,658 | ) | (1,959 | ) | ||||||||||||||
Net reclassifications | — | — | (4,635 | ) | 7,933 | 3,298 | |||||||||||||||
Other comprehensive income (loss) | 7,425 | 333 | (3,554 | ) | 7,933 | 12,137 | |||||||||||||||
Ending Balance | $ | 51,996 | $ | 988 | $ | (900 | ) | $ | (509,503 | ) | $ | (457,419 | ) | ||||||||
Nine months ended September 29, 2013 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 51,335 | $ | 677 | $ | (3,837 | ) | $ | (655,853 | ) | $ | (607,678 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (13,812 | ) | (1,293 | ) | 6,072 | — | (9,033 | ) | |||||||||||||
Income tax | 1,170 | 479 | (2,248 | ) | — | (599 | ) | ||||||||||||||
Net other comprehensive income before reclassifications | (12,642 | ) | (814 | ) | 3,824 | — | (9,632 | ) | |||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (61 | ) | — | (61 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 8 | — | 8 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | 345 | — | 345 | ||||||||||||||||
Prior service credits(d) | — | — | — | (1,580 | ) | (1,580 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 50,368 | 50,368 | ||||||||||||||||
Total before tax | — | — | 292 | 48,788 | 49,080 | ||||||||||||||||
Income tax expense | — | — | (105 | ) | (18,071 | ) | (18,176 | ) | |||||||||||||
Net reclassifications | — | — | 187 | 30,717 | 30,904 | ||||||||||||||||
Other comprehensive (loss) income | (12,642 | ) | (814 | ) | 4,011 | 30,717 | 21,272 | ||||||||||||||
Ending Balance | $ | 38,693 | $ | (137 | ) | $ | 174 | $ | (625,136 | ) | $ | (586,406 | ) | ||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 49,935 | $ | 327 | $ | 6,307 | $ | (533,302 | ) | $ | (476,733 | ) | |||||||||
Other comprehensive income before reclassifications | 3,087 | 1,050 | 5,363 | — | 9,500 | ||||||||||||||||
Income tax | (1,026 | ) | (389 | ) | (1,987 | ) | — | (3,402 | ) | ||||||||||||
Net other comprehensive income before reclassifications | 2,061 | 661 | 3,376 | — | 6,098 | ||||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (19,846 | ) | — | (19,846 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 737 | — | 737 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | 2,262 | — | 2,262 | ||||||||||||||||
Prior service credits(d) | — | — | — | (671 | ) | (671 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 38,472 | 38,472 | ||||||||||||||||
Total before tax | — | — | (16,847 | ) | 37,801 | 20,954 | |||||||||||||||
Income tax expense (benefit) | — | — | 6,264 | (14,002 | ) | (7,738 | ) | ||||||||||||||
Net reclassifications | — | — | (10,583 | ) | 23,799 | 13,216 | |||||||||||||||
Other comprehensive income (loss) | 2,061 | 661 | (7,207 | ) | 23,799 | 19,314 | |||||||||||||||
Ending Balance | $ | 51,996 | $ | 988 | $ | (900 | ) | $ | (509,503 | ) | $ | (457,419 | ) | ||||||||
(a) | Amounts reclassified to net income are included in investment income. | ||||||||||||||||||||
(b) | Amounts reclassified to net income are included in motorcycles and related products cost of goods sold. | ||||||||||||||||||||
(c) | Amounts reclassified to net income are presented in financial services interest expense. | ||||||||||||||||||||
(d) | Amounts reclassified are included in the computation of net periodic period cost. See note 14 for information related to pension and postretirement benefit plans. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s 2013 income tax rate for the nine months ended September 29, 2013 was 34.3% compared to 35.3% for the same period last year. The Company's 2013 effective tax rate was favorably impacted by the reinstatement of the U.S. Federal Research and Development tax credit with the enactment of the American Taxpayer Relief Act of 2012 at the beginning of 2013 and a third quarter adjustment to the valuation allowance on certain deferred tax assets. During the first nine months of 2013, the Company recorded the benefits of the Research and Development tax credit for the full year of 2012 and for the three quarters of 2013. |
Product_Warranty_and_Safety_Re
Product Warranty and Safety Recall Campaigns | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Product Warranty and Safety Recall Campaigns | ' | |||||||||||||||
Product Warranty and Safety Recall Campaigns | ||||||||||||||||
The Company currently provides a standard two-year limited warranty on all new motorcycles sold worldwide, except for Japan, where the Company currently provides a standard three-year limited warranty on all new motorcycles sold. In addition, the Company provides a one-year warranty for Parts & Accessories (P&A). The warranty coverage for the retail customer generally begins when the product is sold to a retail customer. The Company maintains reserves for future warranty claims using an estimated cost, which is based primarily on historical Company claim information. Additionally, the Company has from time to time initiated certain voluntary safety recall campaigns. The Company reserves for all estimated costs associated with safety recalls in the period that the safety recalls are announced. | ||||||||||||||||
Changes in the Company’s warranty and safety recall liability were as follows (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | 70,406 | $ | 67,801 | $ | 60,263 | $ | 54,994 | ||||||||
Warranties issued during the period | 12,008 | 10,228 | 46,529 | 42,846 | ||||||||||||
Settlements made during the period | (16,898 | ) | (19,799 | ) | (45,238 | ) | (52,885 | ) | ||||||||
Recalls and changes to pre-existing warranty liabilities | 77 | 4,980 | 4,039 | 18,255 | ||||||||||||
Balance, end of period | $ | 65,593 | $ | 63,210 | $ | 65,593 | $ | 63,210 | ||||||||
The liability for safety recall campaigns was $2.5 million, $4.6 million and $5.0 million as of September 29, 2013, December 31, 2012 and September 30, 2012, respectively. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share | ||||||||||||||||
The following table sets forth the computation for basic and diluted earnings per share (in thousands, except per share amounts): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income used in computing basic and diluted earnings per share | $ | 162,716 | $ | 134,001 | $ | 658,584 | $ | 553,286 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - weighted-average common shares | 221,936 | 226,020 | 223,134 | 227,953 | ||||||||||||
Effect of dilutive securities - employee stock compensation plan | 1,550 | 1,969 | 1,562 | 2,117 | ||||||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares outstanding | 223,486 | 227,989 | 224,696 | 230,070 | ||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.73 | $ | 0.59 | $ | 2.95 | $ | 2.43 | ||||||||
Diluted | $ | 0.73 | $ | 0.59 | $ | 2.93 | $ | 2.4 | ||||||||
Outstanding options to purchase 0.9 million and 2.2 million shares of common stock for the three months ended September 29, 2013 and September 30, 2012, respectively, and 1.1 million and 2.3 million shares of common stock for the nine months ended September 29, 2013 and September 30, 2012, respectively, were not included in the Company’s computation of dilutive securities because the exercise price was greater than the market price and therefore the effect would have been anti-dilutive. | ||||||||||||||||
The Company has a share-based compensation plan under which employees may be granted share-based awards including shares of restricted stock and restricted stock units (RSUs). Non-forfeitable dividends are paid on unvested shares of restricted stock and non-forfeitable dividend equivalents are paid on unvested RSUs. As such, shares of restricted stock and RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC Topic 260, “Earnings per Share.” The two-class method of calculating earnings per share did not have a material impact on the Company’s earnings per share calculation for the three and nine month periods ending September 29, 2013 and September 30, 2012, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||
Employee Benefit Plans | ||||||||||||||||
The Company has a defined benefit pension plan and postretirement healthcare benefit plans that cover certain employees of the Motorcycles segment. The Company also has unfunded supplemental employee retirement plan agreements (SERPA) with certain employees which were instituted to replace benefits lost under the Tax Revenue Reconciliation Act of 1993. Net periodic benefit costs are allocated between selling, administrative and engineering expense, cost of goods sold and inventory. Amounts capitalized in inventory are not significant. Components of net periodic benefit costs were as follows (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Pension and SERPA Benefits | ||||||||||||||||
Service cost | $ | 8,997 | $ | 8,420 | $ | 26,990 | $ | 25,260 | ||||||||
Interest cost | 19,812 | 20,816 | 59,436 | 62,448 | ||||||||||||
Expected return on plan assets | (31,832 | ) | (29,277 | ) | (95,496 | ) | (87,832 | ) | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | 437 | 740 | 1,310 | 2,219 | ||||||||||||
Net loss | 14,652 | 10,969 | 43,956 | 32,906 | ||||||||||||
Net periodic benefit cost | $ | 12,066 | $ | 11,668 | $ | 36,196 | $ | 35,001 | ||||||||
Postretirement Healthcare Benefits | ||||||||||||||||
Service cost | $ | 1,965 | $ | 1,854 | $ | 5,894 | $ | 5,560 | ||||||||
Interest cost | 3,900 | 4,578 | 11,699 | 13,733 | ||||||||||||
Expected return on plan assets | (2,384 | ) | (2,356 | ) | (7,153 | ) | (7,068 | ) | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service credit | (963 | ) | (963 | ) | (2,890 | ) | (2,890 | ) | ||||||||
Net loss | 2,137 | 1,855 | 6,412 | 5,566 | ||||||||||||
Net periodic benefit cost | $ | 4,655 | $ | 4,968 | $ | 13,962 | $ | 14,901 | ||||||||
During the first nine months of 2013 and 2012, the Company voluntarily contributed $175 million and $200 million, respectively, in cash to further fund its pension plans. No additional pension contributions are required in 2013. The Company expects it will continue to make on-going contributions related to current benefit payments for SERPA and postretirement healthcare plans. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Business Segments | ||||||||||||||||
The Company operates in two business segments: Motorcycles and Financial Services. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately based on the fundamental differences in their operations. Selected segment information is set forth below (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Motorcycles net revenue | $ | 1,180,284 | $ | 1,089,268 | $ | 4,225,998 | $ | 3,931,684 | ||||||||
Gross profit | 416,315 | 377,904 | 1,537,627 | 1,398,231 | ||||||||||||
Selling, administrative and engineering expense | 240,198 | 223,982 | 729,443 | 709,015 | ||||||||||||
Restructuring expense (benefit) | 646 | 9,170 | (1,713 | ) | 26,841 | |||||||||||
Operating income from Motorcycles | 175,471 | 144,752 | 809,897 | 662,375 | ||||||||||||
Financial services revenue | 163,434 | 161,027 | 483,240 | 477,962 | ||||||||||||
Financial services expense | 87,366 | 88,677 | 261,471 | 256,264 | ||||||||||||
Operating income from Financial Services | 76,068 | 72,350 | 221,769 | 221,698 | ||||||||||||
Operating income | $ | 251,539 | $ | 217,102 | $ | 1,031,666 | $ | 884,073 | ||||||||
Commitment_and_Contingencies
Commitment and Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitment and Contingencies | ' |
Commitments and Contingencies | |
The Company is subject to lawsuits and other claims related to environmental, product and other matters. In determining required reserves related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The required reserves are monitored on an ongoing basis and are updated based on new developments or new information in each matter. | |
Environmental Protection Agency Notice | |
In December 2009, the Company received formal, written requests for information from the United States Environmental Protection Agency (EPA) regarding: (i) certificates of conformity for motorcycle emissions and related designations and labels, (ii) aftermarket parts, and (iii) warranty claims on emissions related components. The Company promptly submitted written responses to the EPA’s inquiry and has engaged in discussions with the EPA. Since that time, the EPA has delivered various additional requests for information to which the Company has responded. It is possible that a result of the EPA’s investigation will be some form of enforcement action by the EPA that will seek a fine or other relief. However, at this time the Company does not know and cannot reasonably estimate the impact of any remedies the EPA might seek. | |
York Environmental Matters: | |
The Company is involved with government agencies and groups of potentially responsible parties in various environmental matters, including a matter involving the cleanup of soil and groundwater contamination at its York, Pennsylvania facility. The York facility was formerly used by the U.S. Navy and AMF prior to the purchase of the York facility by the Company from AMF in 1981. Although the Company is not certain as to the full extent of the environmental contamination at the York facility, it has been working with the Pennsylvania Department of Environmental Protection (PADEP) since 1986 in undertaking environmental investigation and remediation activities, including an ongoing site-wide remedial investigation/feasibility study (RI/FS). In January 1995, the Company entered into a settlement agreement (the Agreement) with the Navy. The Agreement calls for the Navy and the Company to contribute amounts into a trust equal to 53% and 47%, respectively, of future costs associated with environmental investigation and remediation activities at the York facility (Response Costs). The trust administers the payment of the Response Costs incurred at the York facility as covered by the Agreement. | |
In February 2002, the Company was advised by the EPA that it considers some of the Company’s remediation activities at the York facility to be subject to the EPA’s corrective action program under the Resource Conservation and Recovery Act (RCRA) and offered the Company the option of addressing corrective action under a RCRA facility lead agreement. In July 2005, the York facility was designated as the first site in Pennsylvania to be addressed under the “One Cleanup Program.” The program provides a more streamlined and efficient oversight of voluntary remediation by both PADEP and EPA and will be carried out consistent with the Agreement with the Navy. As a result, the RCRA facility lead agreement has been superseded. | |
The Company estimates that its share of the future Response Costs at the York facility will be approximately $3.4 million and has established a reserve for this amount which is included in accrued liabilities in the Condensed Consolidated Balance Sheets. As noted above, the RI/FS is still underway and given the uncertainty that exists concerning the nature and scope of additional environmental investigation and remediation that may ultimately be required under the RI/FS or otherwise at the York facility, we are unable to make a reasonable estimate of those additional costs, if any, that may result. | |
The estimate of the Company’s future Response Costs that will be incurred at the York facility is based on reports of independent environmental consultants retained by the Company, the actual costs incurred to date and the estimated costs to complete the necessary investigation and remediation activities. Response Costs are expected to be paid primarily over a period of several years ending in 2017 although certain Response Costs may continue for some time beyond 2017. | |
Product Liability Matters: | |
The Company is involved in product liability lawsuits related to the operation of its business. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. The Company also maintains insurance coverage for product liability exposures. The Company believes that its accruals and insurance coverage are adequate and that product liability will not have a material adverse effect on the Company’s consolidated financial statements. |
Supplemental_Consolidating_Dat
Supplemental Consolidating Data | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||
Supplemental Consolidating Data | ' | |||||||||||||||
Supplemental Consolidating Data | ||||||||||||||||
The supplemental consolidating data for the periods noted is presented for informational purposes. The supplemental consolidating data may be different than segment information presented elsewhere due to the allocation of intercompany eliminations to reporting segments. All supplemental data is presented in thousands. | ||||||||||||||||
Three months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 1,183,016 | $ | — | $ | (2,732 | ) | $ | 1,180,284 | |||||||
Financial services | — | 163,829 | (395 | ) | 163,434 | |||||||||||
Total revenue | 1,183,016 | 163,829 | (3,127 | ) | 1,343,718 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 763,969 | — | — | 763,969 | ||||||||||||
Financial services interest expense | — | 39,944 | — | 39,944 | ||||||||||||
Financial services provision for credit losses | — | 14,604 | — | 14,604 | ||||||||||||
Selling, administrative and engineering expense | 240,593 | 35,550 | (3,127 | ) | 273,016 | |||||||||||
Restructuring expense | 646 | — | — | 646 | ||||||||||||
Total costs and expenses | 1,005,208 | 90,098 | (3,127 | ) | 1,092,179 | |||||||||||
Operating income | 177,808 | 73,731 | — | 251,539 | ||||||||||||
Investment income | 1,161 | — | — | 1,161 | ||||||||||||
Interest expense | 11,369 | — | — | 11,369 | ||||||||||||
Income before provision for income taxes | 167,600 | 73,731 | — | 241,331 | ||||||||||||
Provision for income taxes | 51,721 | 26,894 | — | 78,615 | ||||||||||||
Net income | $ | 115,879 | $ | 46,837 | $ | — | $ | 162,716 | ||||||||
Nine months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 4,233,990 | $ | — | $ | (7,992 | ) | $ | 4,225,998 | |||||||
Financial services | — | 484,461 | (1,221 | ) | 483,240 | |||||||||||
Total revenue | 4,233,990 | 484,461 | (9,213 | ) | 4,709,238 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 2,688,371 | — | — | 2,688,371 | ||||||||||||
Financial services interest expense | — | 126,004 | — | 126,004 | ||||||||||||
Financial services provision for credit losses | — | 39,011 | — | 39,011 | ||||||||||||
Selling, administrative and engineering expense | 730,664 | 104,448 | (9,213 | ) | 825,899 | |||||||||||
Restructuring expense | (1,713 | ) | — | — | (1,713 | ) | ||||||||||
Total costs and expenses | 3,417,322 | 269,463 | (9,213 | ) | 3,677,572 | |||||||||||
Operating income | 816,668 | 214,998 | — | 1,031,666 | ||||||||||||
Investment income | 189,546 | — | (185,000 | ) | 4,546 | |||||||||||
Interest expense | 33,998 | — | — | 33,998 | ||||||||||||
Income before provision for income taxes | 972,216 | 214,998 | (185,000 | ) | 1,002,214 | |||||||||||
Provision for income taxes | 265,278 | 78,352 | — | 343,630 | ||||||||||||
Net income | $ | 706,938 | $ | 136,646 | $ | (185,000 | ) | $ | 658,584 | |||||||
Three months ended September 30, 2012 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 1,091,887 | $ | — | $ | (2,619 | ) | $ | 1,089,268 | |||||||
Financial services | — | 161,438 | (411 | ) | 161,027 | |||||||||||
Total revenue | 1,091,887 | 161,438 | (3,030 | ) | 1,250,295 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 711,364 | — | — | 711,364 | ||||||||||||
Financial services interest expense | — | 46,231 | — | 46,231 | ||||||||||||
Financial services provision for credit losses | — | 9,069 | — | 9,069 | ||||||||||||
Selling, administrative and engineering expense | 224,393 | 35,996 | (3,030 | ) | 257,359 | |||||||||||
Restructuring expense | 9,170 | — | — | 9,170 | ||||||||||||
Total costs and expenses | 944,927 | 91,296 | (3,030 | ) | 1,033,193 | |||||||||||
Operating income | 146,960 | 70,142 | — | 217,102 | ||||||||||||
Investment income | 1,447 | — | — | 1,447 | ||||||||||||
Interest expense | 11,438 | — | — | 11,438 | ||||||||||||
Income before provision for income taxes | 136,969 | 70,142 | — | 207,111 | ||||||||||||
Provision for income taxes | 47,859 | 25,251 | — | 73,110 | ||||||||||||
Net income | $ | 89,110 | $ | 44,891 | $ | — | $ | 134,001 | ||||||||
Nine months ended September 30, 2012 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 3,939,673 | $ | — | $ | (7,989 | ) | $ | 3,931,684 | |||||||
Financial services | — | 478,187 | (225 | ) | 477,962 | |||||||||||
Total revenue | 3,939,673 | 478,187 | (8,214 | ) | 4,409,646 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 2,533,453 | — | — | 2,533,453 | ||||||||||||
Financial services interest expense | — | 146,199 | — | 146,199 | ||||||||||||
Financial services provision for credit losses | — | 12,823 | — | 12,823 | ||||||||||||
Selling, administrative and engineering expense | 709,240 | 105,231 | (8,214 | ) | 806,257 | |||||||||||
Restructuring expense | 26,841 | — | — | 26,841 | ||||||||||||
Total costs and expenses | 3,269,534 | 264,253 | (8,214 | ) | 3,525,573 | |||||||||||
Operating income | 670,139 | 213,934 | — | 884,073 | ||||||||||||
Investment income | 230,611 | — | (225,000 | ) | 5,611 | |||||||||||
Interest expense | 34,528 | — | — | 34,528 | ||||||||||||
Income before provision for income taxes | 866,222 | 213,934 | (225,000 | ) | 855,156 | |||||||||||
Provision for income taxes | 224,854 | 77,016 | — | 301,870 | ||||||||||||
Net income | $ | 641,368 | $ | 136,918 | $ | (225,000 | ) | $ | 553,286 | |||||||
29-Sep-13 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 652,961 | $ | 376,994 | $ | — | $ | 1,029,955 | ||||||||
Marketable securities | 122,234 | — | — | 122,234 | ||||||||||||
Accounts receivable, net | 1,228,320 | — | (938,162 | ) | 290,158 | |||||||||||
Finance receivables, net | — | 1,829,612 | — | 1,829,612 | ||||||||||||
Inventories | 401,199 | — | — | 401,199 | ||||||||||||
Restricted cash | — | 194,329 | — | 194,329 | ||||||||||||
Other current assets | 160,538 | 64,650 | — | 225,188 | ||||||||||||
Total current assets | 2,565,252 | 2,465,585 | (938,162 | ) | 4,092,675 | |||||||||||
Finance receivables, net | — | 4,355,278 | — | 4,355,278 | ||||||||||||
Property, plant and equipment, net | 763,469 | 31,766 | — | 795,235 | ||||||||||||
Goodwill | 30,041 | — | — | 30,041 | ||||||||||||
Other long-term assets | 272,490 | 14,804 | (76,515 | ) | 210,779 | |||||||||||
$ | 3,631,252 | $ | 6,867,433 | $ | (1,014,677 | ) | $ | 9,484,008 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 276,197 | $ | 988,678 | $ | (938,162 | ) | $ | 326,713 | |||||||
Accrued liabilities | 455,393 | 86,003 | (2,169 | ) | 539,227 | |||||||||||
Short-term debt | — | 394,460 | — | 394,460 | ||||||||||||
Current portion of long-term debt | 303,000 | 418,316 | — | 721,316 | ||||||||||||
Total current liabilities | 1,034,590 | 1,887,457 | (940,331 | ) | 1,981,716 | |||||||||||
Long-term debt | — | 4,067,733 | — | 4,067,733 | ||||||||||||
Pension liability | 144,563 | — | — | 144,563 | ||||||||||||
Postretirement healthcare benefits | 267,919 | — | — | 267,919 | ||||||||||||
Other long-term liabilities | 121,003 | 19,227 | — | 140,230 | ||||||||||||
Shareholders’ equity | 2,063,177 | 893,016 | (74,346 | ) | 2,881,847 | |||||||||||
$ | 3,631,252 | $ | 6,867,433 | $ | (1,014,677 | ) | $ | 9,484,008 | ||||||||
31-Dec-12 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | ||||||||
Marketable securities | 135,634 | — | — | 135,634 | ||||||||||||
Accounts receivable, net | 781,642 | — | (551,563 | ) | 230,079 | |||||||||||
Finance receivables, net | — | 1,743,045 | — | 1,743,045 | ||||||||||||
Inventories | 393,524 | — | — | 393,524 | ||||||||||||
Restricted cash | — | 188,008 | — | 188,008 | ||||||||||||
Other current assets | 230,905 | 57,609 | 3,994 | 292,508 | ||||||||||||
Total current assets | 2,269,421 | 2,329,084 | (547,569 | ) | 4,050,936 | |||||||||||
Finance receivables, net | — | 4,038,807 | — | 4,038,807 | ||||||||||||
Property, plant and equipment, net | 783,068 | 32,396 | — | 815,464 | ||||||||||||
Goodwill | 29,530 | — | — | 29,530 | ||||||||||||
Other long-term assets | 292,764 | 19,468 | (76,196 | ) | 236,036 | |||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 221,064 | $ | 587,885 | $ | (551,563 | ) | $ | 257,386 | |||||||
Accrued liabilities | 439,144 | 74,447 | — | 513,591 | ||||||||||||
Short-term debt | — | 294,943 | — | 294,943 | ||||||||||||
Current portion of long-term debt | — | 437,162 | — | 437,162 | ||||||||||||
Total current liabilities | 660,208 | 1,394,437 | (551,563 | ) | 1,503,082 | |||||||||||
Long-term debt | 303,000 | 4,067,544 | — | 4,370,544 | ||||||||||||
Pension liability | 330,294 | — | — | 330,294 | ||||||||||||
Postretirement healthcare benefits | 278,062 | — | — | 278,062 | ||||||||||||
Other long-term liabilities | 114,476 | 16,691 | — | 131,167 | ||||||||||||
Shareholders’ equity | 1,688,743 | 941,083 | (72,202 | ) | 2,557,624 | |||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | ||||||||
30-Sep-12 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 1,048,429 | $ | 746,712 | $ | — | $ | 1,795,141 | ||||||||
Marketable securities | 136,376 | — | — | 136,376 | ||||||||||||
Accounts receivable, net | 623,021 | — | (366,828 | ) | 256,193 | |||||||||||
Finance receivables, net | — | 1,726,061 | — | 1,726,061 | ||||||||||||
Inventories | 379,129 | — | — | 379,129 | ||||||||||||
Restricted cash | — | 217,400 | — | 217,400 | ||||||||||||
Other current assets | 177,278 | 60,118 | — | 237,396 | ||||||||||||
Total current assets | 2,364,233 | 2,750,291 | (366,828 | ) | 4,747,696 | |||||||||||
Finance receivables, net | — | 4,189,606 | — | 4,189,606 | ||||||||||||
Property, plant and equipment, net | 735,719 | 29,116 | — | 764,835 | ||||||||||||
Goodwill | 28,928 | — | — | 28,928 | ||||||||||||
Other long-term assets | 338,987 | 20,193 | (75,062 | ) | 284,118 | |||||||||||
$ | 3,467,867 | $ | 6,989,206 | $ | (441,890 | ) | $ | 10,015,183 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 251,755 | $ | 408,783 | $ | (366,828 | ) | $ | 293,710 | |||||||
Accrued liabilities | 521,867 | 87,936 | (3,725 | ) | 606,078 | |||||||||||
Short-term debt | — | 404,693 | — | 404,693 | ||||||||||||
Current portion of long-term debt | — | 997,194 | — | 997,194 | ||||||||||||
Total current liabilities | 773,622 | 1,898,606 | (370,553 | ) | 2,301,675 | |||||||||||
Long-term debt | 303,000 | 4,169,413 | — | 4,472,413 | ||||||||||||
Pension liability | 125,664 | — | — | 125,664 | ||||||||||||
Postretirement healthcare liability | 261,564 | — | — | 261,564 | ||||||||||||
Other long-term liabilities | 134,509 | 15,995 | — | 150,504 | ||||||||||||
Shareholders’ equity | 1,869,508 | 905,192 | (71,337 | ) | 2,703,363 | |||||||||||
$ | 3,467,867 | $ | 6,989,206 | $ | (441,890 | ) | $ | 10,015,183 | ||||||||
Nine months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net Income | $ | 706,938 | 136,646 | $ | (185,000 | ) | $ | 658,584 | ||||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 118,224 | 4,434 | — | 122,658 | ||||||||||||
Amortization of deferred loan origination costs | — | 63,548 | 63,548 | |||||||||||||
Amortization of financing origination fees | 355 | 6,639 | — | 6,994 | ||||||||||||
Provision for employee long-term benefits | 50,158 | — | — | 50,158 | ||||||||||||
Contributions to pension and postretirement plans | (197,243 | ) | — | — | (197,243 | ) | ||||||||||
Stock compensation expense | 28,886 | 2,144 | — | 31,030 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | (71,869 | ) | (71,869 | ) | ||||||||||
Provision for credit losses | — | 39,011 | — | 39,011 | ||||||||||||
Loss on debt extinguishment | — | 4,947 | — | 4,947 | ||||||||||||
Foreign currency adjustments | 12,874 | — | — | 12,874 | ||||||||||||
Other, net | 207 | (270 | ) | — | (63 | ) | ||||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (302,434 | ) | — | 236,599 | (65,835 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 937 | — | 937 | ||||||||||||
Inventories | (19,233 | ) | — | — | (19,233 | ) | ||||||||||
Accounts payable and accrued liabilities | 113,902 | 264,974 | (236,599 | ) | 142,277 | |||||||||||
Restructuring reserves | (24,521 | ) | — | — | (24,521 | ) | ||||||||||
Derivative instruments | (1,790 | ) | (28 | ) | — | (1,818 | ) | |||||||||
Other | 74,205 | (1,538 | ) | — | 72,667 | |||||||||||
Total adjustments | (146,410 | ) | 384,798 | (71,869 | ) | 166,519 | ||||||||||
Net cash provided by (used by) operating activities | 560,528 | 521,444 | (256,869 | ) | 825,103 | |||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (107,886 | ) | (3,804 | ) | — | (111,690 | ) | |||||||||
Origination of finance receivables | — | (5,832,489 | ) | 3,215,389 | (2,617,100 | ) | ||||||||||
Collections of finance receivables | — | 5,314,439 | (3,143,520 | ) | 2,170,919 | |||||||||||
Purchases of marketable securities | (4,998 | ) | — | — | (4,998 | ) | ||||||||||
Sales and redemptions of marketable securities | 17,105 | — | — | 17,105 | ||||||||||||
Other | 6,721 | — | — | 6,721 | ||||||||||||
Net cash (used by) provided by investing activities | (89,058 | ) | (521,854 | ) | 71,869 | (539,043 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Repayments of medium-term notes | — | (27,858 | ) | — | (27,858 | ) | ||||||||||
Loan to HDFS | (150,000 | ) | 150,000 | — | — | |||||||||||
Proceeds from securitization of debt | — | 647,516 | — | 647,516 | ||||||||||||
Repayments of securitization debt | — | (650,424 | ) | — | (650,424 | ) | ||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 99,416 | — | 99,416 | ||||||||||||
Borrowings of asset-backed commercial paper | — | 69,555 | — | 69,555 | ||||||||||||
Repayments of asset-backed commercial paper | — | (58,990 | ) | — | (58,990 | ) | ||||||||||
Net change in restricted cash | — | (6,321 | ) | — | (6,321 | ) | ||||||||||
Dividends paid | (140,772 | ) | (185,000 | ) | 185,000 | (140,772 | ) | |||||||||
Purchase of common stock for treasury | (302,196 | ) | — | — | (302,196 | ) | ||||||||||
Excess tax benefits from share-based payments | 18,444 | — | — | 18,444 | ||||||||||||
Issuance of common stock under employee stock option plans | 39,145 | — | — | 39,145 | ||||||||||||
Net cash (used by) provided by financing activities | (535,379 | ) | 37,894 | 185,000 | (312,485 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (10,846 | ) | (912 | ) | — | (11,758 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | $ | (74,755 | ) | $ | 36,572 | $ | — | $ | (38,183 | ) | ||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | ||||||||
Net (decrease) increase in cash and cash equivalents | (74,755 | ) | 36,572 | — | (38,183 | ) | ||||||||||
Cash and cash equivalents—end of period | $ | 652,961 | $ | 376,994 | $ | — | $ | 1,029,955 | ||||||||
Nine months ended September 30, 2012 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 641,368 | $ | 136,918 | $ | (225,000 | ) | $ | 553,286 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 122,570 | 4,873 | — | 127,443 | ||||||||||||
Amortization of deferred loan origination costs | — | 58,438 | — | 58,438 | ||||||||||||
Amortization of financing origination fees | 355 | 7,107 | — | 7,462 | ||||||||||||
Provision for employee long-term benefits | 48,808 | 1,540 | — | 50,348 | ||||||||||||
Contributions to pension and postretirement plans | (220,733 | ) | — | — | (220,733 | ) | ||||||||||
Stock compensation expense | 27,881 | 2,406 | — | 30,287 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | 5,570 | 5,570 | ||||||||||||
Provision for credit losses | — | 12,823 | — | 12,823 | ||||||||||||
Foreign currency adjustments | 8,692 | — | — | 8,692 | ||||||||||||
Other, net | 2,252 | 7,159 | — | 9,411 | ||||||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (230,156 | ) | — | 192,252 | (37,904 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 1,597 | — | 1,597 | ||||||||||||
Inventories | 36,463 | — | — | 36,463 | ||||||||||||
Accounts payable and accrued liabilities | 86,513 | 205,381 | (192,252 | ) | 99,642 | |||||||||||
Restructuring reserves | (9,177 | ) | — | — | (9,177 | ) | ||||||||||
Derivative instruments | 739 | (128 | ) | — | 611 | |||||||||||
Other | (19,550 | ) | (2,211 | ) | — | (21,761 | ) | |||||||||
Total adjustments | (145,343 | ) | 298,985 | 5,570 | 159,212 | |||||||||||
Net cash provided by (used by) operating activities | 496,025 | 435,903 | (219,430 | ) | 712,498 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (91,469 | ) | (3,860 | ) | — | (95,329 | ) | |||||||||
Origination of finance receivables | — | (5,315,732 | ) | 2,987,079 | (2,328,653 | ) | ||||||||||
Collections of finance receivables | — | 5,123,674 | (2,992,649 | ) | 2,131,025 | |||||||||||
Purchases of marketable securities | (4,993 | ) | — | — | (4,993 | ) | ||||||||||
Sales and redemptions of marketable securities | 23,046 | — | — | 23,046 | ||||||||||||
Net cash used by investing activities | (73,416 | ) | (195,918 | ) | (5,570 | ) | (274,904 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of medium-term notes | — | 993,737 | — | 993,737 | ||||||||||||
Proceeds from securitization debt | — | 763,895 | — | 763,895 | ||||||||||||
Repayments of securitization debt | — | (1,161,592 | ) | — | (1,161,592 | ) | ||||||||||
Borrowings of asset-backed commercial paper | — | 182,131 | — | 182,131 | ||||||||||||
Repayments of asset-backed commercial paper | — | (6,538 | ) | — | (6,538 | ) | ||||||||||
Net decrease in credit facilities and unsecured commercial paper | — | (634,874 | ) | — | (634,874 | ) | ||||||||||
Net change in restricted cash | — | 12,255 | — | 12,255 | ||||||||||||
Dividends paid | (106,560 | ) | (225,000 | ) | 225,000 | (106,560 | ) | |||||||||
Purchase of common stock for treasury | (257,981 | ) | — | — | (257,981 | ) | ||||||||||
Excess tax benefits from share-based payments | 16,390 | — | — | 16,390 | ||||||||||||
Issuance of common stock under employee stock option plans | 36,342 | — | — | 36,342 | ||||||||||||
Net cash (used by) provided by financing activities | (311,809 | ) | (75,986 | ) | 225,000 | (162,795 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (5,701 | ) | (907 | ) | — | (6,608 | ) | |||||||||
Net increase in cash and cash equivalents | $ | 105,099 | $ | 163,092 | $ | — | $ | 268,191 | ||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 943,330 | $ | 583,620 | $ | — | $ | 1,526,950 | ||||||||
Net increase in cash and cash equivalents | 105,099 | 163,092 | — | 268,191 | ||||||||||||
Cash and cash equivalents—end of period | $ | 1,048,429 | $ | 746,712 | $ | — | $ | 1,795,141 | ||||||||
Additional_Balance_Sheet_and_C1
Additional Balance Sheet and Cash Flow Information (Tables) | 9 Months Ended | |||||||||||
Sep. 29, 2013 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||||
Marketable Securities | ' | |||||||||||
The Company’s marketable securities consisted of the following (in thousands): | ||||||||||||
September 29, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Available-for-sale: | ||||||||||||
Corporate bonds | $ | 122,234 | $ | 135,634 | $ | 136,376 | ||||||
$ | 122,234 | $ | 135,634 | $ | 136,376 | |||||||
Inventories Net | ' | |||||||||||
Inventories consist of the following (in thousands): | ||||||||||||
September 29, | December 31, | September 30, | ||||||||||
2013 | 2012 | 2012 | ||||||||||
Components at the lower of FIFO cost or market | ||||||||||||
Raw materials and work in process | $ | 130,510 | $ | 111,335 | $ | 121,184 | ||||||
Motorcycle finished goods | 181,239 | 205,660 | 169,515 | |||||||||
Parts and accessories and general merchandise | 135,339 | 122,418 | 132,789 | |||||||||
Inventory at lower of FIFO cost or market | 447,088 | 439,413 | 423,488 | |||||||||
Excess of FIFO over LIFO cost | (45,889 | ) | (45,889 | ) | (44,359 | ) | ||||||
$ | 401,199 | $ | 393,524 | $ | 379,129 | |||||||
Reconciliation Of Net Income To Net Cash Used By Operating Activities | ' | |||||||||||
The reconciliation of net income to net cash provided by operating activities is as follows (in thousands): | ||||||||||||
Nine months ended | ||||||||||||
September 29, | September 30, | |||||||||||
2013 | 2012 | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 658,584 | $ | 553,286 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 122,658 | 127,443 | ||||||||||
Amortization of deferred loan origination costs | 63,548 | 58,438 | ||||||||||
Amortization of financing origination fees | 6,994 | 7,462 | ||||||||||
Provision for employee long-term benefits | 50,158 | 50,348 | ||||||||||
Contributions to pension and postretirement plans | (197,243 | ) | (220,733 | ) | ||||||||
Stock compensation expense | 31,030 | 30,287 | ||||||||||
Net change in wholesale finance receivables related to sales | (71,869 | ) | 5,570 | |||||||||
Provision for credit losses | 39,011 | 12,823 | ||||||||||
Loss on debt extinguishment | 4,947 | — | ||||||||||
Foreign currency adjustments | 12,874 | 8,692 | ||||||||||
Other, net | (63 | ) | 9,411 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable, net | (65,835 | ) | (37,904 | ) | ||||||||
Finance receivables—accrued interest and other | 937 | 1,597 | ||||||||||
Inventories | (19,233 | ) | 36,463 | |||||||||
Accounts payable and accrued liabilities | 142,277 | 99,642 | ||||||||||
Restructuring reserves | (24,521 | ) | (9,177 | ) | ||||||||
Derivative instruments | (1,818 | ) | 611 | |||||||||
Other | 72,667 | (21,761 | ) | |||||||||
Total adjustments | 166,519 | 159,212 | ||||||||||
Net cash provided by operating activities | $ | 825,103 | $ | 712,498 | ||||||||
Restructuring_Expense_Tables
Restructuring Expense (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||||||||||||||
Restructuring Plan Reserve Recorded In Accrued Liabilities | ' | |||||||||||||||||||||||||||||||
The following table summarizes the Company’s 2009 Restructuring Plan reserve activity and balances recorded in accrued liabilities (in thousands): | ||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||||||||||||||||||
Motorcycles & Related Products | ||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | |||||||||||||||||||||||||||||
Severance and | Depreciation | |||||||||||||||||||||||||||||||
Termination Costs | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | ||||||||||||||||||||||||
Restructuring expense | — | — | 2,446 | 2,446 | ||||||||||||||||||||||||||||
Utilized—cash | (1,620 | ) | — | (2,607 | ) | (4,227 | ) | |||||||||||||||||||||||||
Utilized—non-cash | — | — | — | — | ||||||||||||||||||||||||||||
Non-cash reserve release | (1,531 | ) | — | — | (1,531 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 2,045 | $ | — | $ | — | $ | 2,045 | ||||||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Motorcycles & Related Products | ||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | |||||||||||||||||||||||||||||
Severance and | Depreciation | |||||||||||||||||||||||||||||||
Termination Costs | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | ||||||||||||||||||||||||
Restructuring expense | 4,166 | — | 11,987 | 16,153 | ||||||||||||||||||||||||||||
Utilized—cash | (2,529 | ) | — | (11,987 | ) | (14,516 | ) | |||||||||||||||||||||||||
Utilized—non-cash | — | — | — | — | ||||||||||||||||||||||||||||
Non-cash reserve release | (2,027 | ) | — | — | (2,027 | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | 9,699 | $ | — | $ | — | $ | 9,699 | ||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2011 Kansas City Restructuring Plan and modified 2011 New Castalloy Restructuring Plan reserve activity and balances as recorded in accrued liabilities (in thousands): | ||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | ||||||||||||||||||||||||||||||
Employee | Other | Total | Employee | Accelerated | Other | Total | Total | |||||||||||||||||||||||||
Severance and | Severance and | Depreciation | ||||||||||||||||||||||||||||||
Termination | Termination | |||||||||||||||||||||||||||||||
Costs | Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | ||||||||||||||||
Restructuring expense | — | — | — | 1,361 | 2,093 | 590 | 4,044 | 4,044 | ||||||||||||||||||||||||
Utilized—cash | (1,283 | ) | — | (1,283 | ) | (5,360 | ) | — | (602 | ) | (5,962 | ) | (7,245 | ) | ||||||||||||||||||
Utilized—non-cash | — | — | — | — | (2,093 | ) | — | (2,093 | ) | (2,093 | ) | |||||||||||||||||||||
Non-cash reserve release | (976 | ) | — | (976 | ) | (5,250 | ) | — | — | (5,250 | ) | (6,226 | ) | |||||||||||||||||||
Balance, end of period | $ | — | $ | — | $ | — | $ | 57 | $ | — | $ | 133 | $ | 190 | $ | 190 | ||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | ||||||||||||||||||||||||||||||
Employee | Other | Total | Employee | Accelerated | Other | Total | Total | |||||||||||||||||||||||||
Severance and | Severance and | Depreciation | ||||||||||||||||||||||||||||||
Termination | Termination | |||||||||||||||||||||||||||||||
Costs | Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,123 | $ | — | $ | 4,123 | $ | 8,428 | $ | — | $ | 305 | $ | 8,733 | $ | 12,856 | ||||||||||||||||
Restructuring expense | — | — | — | 2,450 | 6,152 | 1,075 | 9,677 | 9,677 | ||||||||||||||||||||||||
Utilized—cash | — | — | — | (388 | ) | — | (1,235 | ) | (1,623 | ) | (1,623 | ) | ||||||||||||||||||||
Utilized—non-cash | — | — | — | — | (6,152 | ) | — | (6,152 | ) | (6,152 | ) | |||||||||||||||||||||
Non-cash reserve release | (967 | ) | — | (967 | ) | — | — | — | — | (967 | ) | |||||||||||||||||||||
Balance, end of period | $ | 3,156 | $ | — | $ | 3,156 | $ | 10,490 | $ | — | $ | 145 | $ | 10,635 | $ | 13,791 | ||||||||||||||||
The following table summarizes the Motorcycles segment’s 2010 Restructuring Plan reserve activity and balances as recorded in accrued liabilities (in thousands): | ||||||||||||||||||||||||||||||||
Nine months ended | ||||||||||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||||
Employee | Employee | |||||||||||||||||||||||||||||||
Severance and | Severance and | |||||||||||||||||||||||||||||||
Termination Costs | Termination Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,156 | $ | 20,361 | ||||||||||||||||||||||||||||
Restructuring expense | — | 4,005 | ||||||||||||||||||||||||||||||
Utilized—cash | (9,710 | ) | (13,894 | ) | ||||||||||||||||||||||||||||
Non-cash reserve release | (446 | ) | — | |||||||||||||||||||||||||||||
Balance, end of period | $ | — | $ | 10,472 | ||||||||||||||||||||||||||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||
Finance Receivables | ' | |||||||||||||||||||||||
Finance receivables, net, consisted of the following (in thousands): | ||||||||||||||||||||||||
September 29, | December 31, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||||||
Retail | $ | 5,405,670 | $ | 5,073,115 | $ | 5,243,470 | ||||||||||||||||||
Wholesale | 891,141 | 816,404 | 785,323 | |||||||||||||||||||||
6,296,811 | 5,889,519 | 6,028,793 | ||||||||||||||||||||||
Allowance for credit losses | (111,921 | ) | (107,667 | ) | (113,126 | ) | ||||||||||||||||||
$ | 6,184,890 | $ | 5,781,852 | $ | 5,915,667 | |||||||||||||||||||
Changes In The Allowance For Credit Losses On Finance Receivables | ' | |||||||||||||||||||||||
The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 105,931 | 5,990 | 111,921 | |||||||||||||||||||||
Total allowance for credit losses | $ | 105,931 | $ | 5,990 | $ | 111,921 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,405,670 | 891,141 | 6,296,811 | |||||||||||||||||||||
Total finance receivables | $ | 5,405,670 | $ | 891,141 | $ | 6,296,811 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 101,442 | 6,225 | 107,667 | |||||||||||||||||||||
Total allowance for credit losses | $ | 101,442 | $ | 6,225 | $ | 107,667 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,073,115 | 816,404 | 5,889,519 | |||||||||||||||||||||
Total finance receivables | $ | 5,073,115 | $ | 816,404 | $ | 5,889,519 | ||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 105,858 | 7,268 | 113,126 | |||||||||||||||||||||
Total allowance for credit losses | $ | 105,858 | $ | 7,268 | $ | 113,126 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,243,470 | 785,323 | 6,028,793 | |||||||||||||||||||||
Total finance receivables | $ | 5,243,470 | $ | 785,323 | $ | 6,028,793 | ||||||||||||||||||
Changes in the allowance for credit losses on finance receivables by portfolio were as follows (in thousands): | ||||||||||||||||||||||||
Three months ended September 29, 2013 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 103,770 | $ | 7,554 | $ | 111,324 | ||||||||||||||||||
Provision for credit losses | 16,168 | (1,564 | ) | 14,604 | ||||||||||||||||||||
Charge-offs | (23,708 | ) | — | (23,708 | ) | |||||||||||||||||||
Recoveries | 9,701 | — | 9,701 | |||||||||||||||||||||
Balance, end of period | $ | 105,931 | $ | 5,990 | $ | 111,921 | ||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 106,180 | $ | 8,068 | $ | 114,248 | ||||||||||||||||||
Provision for credit losses | 9,869 | (800 | ) | 9,069 | ||||||||||||||||||||
Charge-offs | (19,873 | ) | — | (19,873 | ) | |||||||||||||||||||
Recoveries | 9,682 | — | 9,682 | |||||||||||||||||||||
Balance, end of period | $ | 105,858 | $ | 7,268 | $ | 113,126 | ||||||||||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 101,442 | $ | 6,225 | $ | 107,667 | ||||||||||||||||||
Provision for credit losses | 39,246 | (235 | ) | 39,011 | ||||||||||||||||||||
Charge-offs | (67,117 | ) | — | (67,117 | ) | |||||||||||||||||||
Recoveries | 32,360 | — | 32,360 | |||||||||||||||||||||
Balance, end of period | $ | 105,931 | $ | 5,990 | $ | 111,921 | ||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 116,112 | $ | 9,337 | $ | 125,449 | ||||||||||||||||||
Provision for credit losses | 14,892 | (2,069 | ) | 12,823 | ||||||||||||||||||||
Charge-offs | (62,779 | ) | — | (62,779 | ) | |||||||||||||||||||
Recoveries | 37,633 | — | 37,633 | |||||||||||||||||||||
Balance, end of period | $ | 105,858 | $ | 7,268 | $ | 113,126 | ||||||||||||||||||
Aging Of Past Due Finance Receivables Including Non-Accrual Status Finance Receivables | ' | |||||||||||||||||||||||
An analysis of the aging of past due finance receivables was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,260,125 | $ | 99,255 | $ | 28,531 | $ | 17,759 | $ | 145,545 | $ | 5,405,670 | ||||||||||||
Wholesale | 889,531 | 681 | 302 | 627 | 1,610 | 891,141 | ||||||||||||||||||
Total | $ | 6,149,656 | $ | 99,936 | $ | 28,833 | $ | 18,386 | $ | 147,155 | $ | 6,296,811 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 4,894,675 | $ | 113,604 | $ | 37,239 | $ | 27,597 | $ | 178,440 | $ | 5,073,115 | ||||||||||||
Wholesale | 814,706 | 984 | 278 | 436 | 1,698 | 816,404 | ||||||||||||||||||
Total | $ | 5,709,381 | $ | 114,588 | $ | 37,517 | $ | 28,033 | $ | 180,138 | $ | 5,889,519 | ||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,093,496 | $ | 100,706 | $ | 29,878 | $ | 19,390 | $ | 149,974 | $ | 5,243,470 | ||||||||||||
Wholesale | 784,155 | 445 | 217 | 506 | 1,168 | 785,323 | ||||||||||||||||||
Total | $ | 5,877,651 | $ | 101,151 | $ | 30,095 | $ | 19,896 | $ | 151,142 | $ | 6,028,793 | ||||||||||||
Recorded Investment Of Retail Finance Receivables By Credit Quality Indicator | ' | |||||||||||||||||||||||
The recorded investment of retail finance receivables, by credit quality indicator, was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||
Prime | $ | 4,249,780 | $ | 4,035,584 | $ | 4,178,726 | ||||||||||||||||||
Sub-prime | 1,155,890 | 1,037,531 | 1,064,744 | |||||||||||||||||||||
Total | $ | 5,405,670 | $ | 5,073,115 | $ | 5,243,470 | ||||||||||||||||||
The recorded investment of wholesale finance receivables, by internal credit quality indicator, was as follows (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||
Doubtful | $ | 3,966 | $ | 8,107 | $ | 10,072 | ||||||||||||||||||
Substandard | 10,486 | 2,593 | 3,689 | |||||||||||||||||||||
Special Mention | — | 3,504 | 2,446 | |||||||||||||||||||||
Medium Risk | 6,914 | 8,451 | 6,035 | |||||||||||||||||||||
Low Risk | 869,775 | 793,749 | 763,081 | |||||||||||||||||||||
Total | $ | 891,141 | $ | 816,404 | $ | 785,323 | ||||||||||||||||||
AssetBacked_Financing_Tables
Asset-Backed Financing (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Secured Debt [Abstract] | ' | |||||||||||||||||||||||
Assets and Liabilities Of Variable Interest Entities | ' | |||||||||||||||||||||||
The following table shows the assets and liabilities related to the asset-backed financings that were included in the financial statements (in thousands): | ||||||||||||||||||||||||
September 29, 2013 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 1,918,447 | $ | (37,721 | ) | $ | 181,231 | $ | 4,866 | $ | 2,066,823 | $ | 1,446,656 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 590 | 590 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 204,828 | (3,424 | ) | 13,098 | 93 | 214,595 | 180,584 | |||||||||||||||||
$ | 2,123,275 | $ | (41,145 | ) | $ | 194,329 | $ | 5,549 | $ | 2,282,008 | $ | 1,627,240 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 2,143,708 | $ | (42,139 | ) | $ | 176,290 | $ | 4,869 | $ | 2,282,728 | $ | 1,447,776 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 419 | 419 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 194,285 | (3,432 | ) | 11,718 | 255 | 202,826 | 175,658 | |||||||||||||||||
$ | 2,337,993 | $ | (45,571 | ) | $ | 188,008 | $ | 5,543 | $ | 2,485,973 | $ | 1,623,434 | ||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 2,466,871 | $ | (49,490 | ) | $ | 205,760 | $ | 5,531 | $ | 2,628,672 | $ | 1,692,065 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 542 | 542 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 193,986 | (3,747 | ) | 11,640 | 327 | 202,206 | 176,855 | |||||||||||||||||
$ | 2,660,857 | $ | (53,237 | ) | $ | 217,400 | $ | 6,400 | $ | 2,831,420 | $ | 1,868,920 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands): | ||||||||||||||||
29-Sep-13 | ||||||||||||||||
Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 832,344 | $ | 506,792 | $ | 325,552 | $ | — | ||||||||
Marketable securities | 122,234 | — | 122,234 | — | ||||||||||||
Derivatives | 1,733 | — | 1,733 | — | ||||||||||||
$ | 956,311 | $ | 506,792 | $ | 449,519 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 1,152 | $ | — | $ | 1,152 | $ | — | ||||||||
31-Dec-12 | ||||||||||||||||
Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 852,979 | $ | 690,691 | $ | 162,288 | $ | — | ||||||||
Marketable securities | 135,634 | — | 135,634 | — | ||||||||||||
Derivatives | 317 | — | 317 | — | ||||||||||||
$ | 988,930 | $ | 690,691 | $ | 298,239 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 7,920 | $ | — | $ | 7,920 | $ | — | ||||||||
September 30, 2012 | ||||||||||||||||
Balance | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | 1,417,900 | $ | 1,161,646 | $ | 256,254 | $ | — | ||||||||
Marketable securities | 136,376 | — | 136,376 | — | ||||||||||||
Derivatives | 1,639 | — | 1,639 | — | ||||||||||||
$ | 1,555,915 | $ | 1,161,646 | $ | 394,269 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 2,458 | $ | — | $ | 2,458 | $ | — | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Summary Of The Fair Value And Carrying Value Of The Company's Financial Instruments | ' | |||||||||||||||||||||||
The following table summarizes the fair value and carrying value of the Company’s financial instruments (in thousands): | ||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,029,955 | $ | 1,029,955 | $ | 1,068,138 | $ | 1,068,138 | $ | 1,795,141 | $ | 1,795,141 | ||||||||||||
Marketable securities | $ | 122,234 | $ | 122,234 | $ | 135,634 | $ | 135,634 | $ | 136,376 | $ | 136,376 | ||||||||||||
Accounts receivable, net | $ | 290,158 | $ | 290,158 | $ | 230,079 | $ | 230,079 | $ | 256,193 | $ | 256,193 | ||||||||||||
Derivatives | $ | 1,733 | $ | 1,733 | $ | 317 | $ | 317 | $ | 1,639 | $ | 1,639 | ||||||||||||
Finance receivables, net | $ | 6,266,406 | $ | 6,184,890 | $ | 5,861,442 | $ | 5,781,852 | $ | 5,993,713 | $ | 5,915,667 | ||||||||||||
Restricted cash | $ | 194,329 | $ | 194,329 | $ | 188,008 | $ | 188,008 | $ | 217,400 | $ | 217,400 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 326,713 | $ | 326,713 | $ | 257,386 | $ | 257,386 | $ | 293,710 | $ | 293,710 | ||||||||||||
Derivatives | $ | 1,152 | $ | 1,152 | $ | 7,920 | $ | 7,920 | $ | 2,458 | $ | 2,458 | ||||||||||||
Unsecured commercial paper | $ | 394,460 | $ | 394,460 | $ | 294,943 | $ | 294,943 | $ | 404,693 | $ | 404,693 | ||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 180,584 | $ | 180,584 | $ | 175,658 | $ | 175,658 | $ | 176,855 | $ | 176,855 | ||||||||||||
Medium-term notes | $ | 3,092,947 | $ | 2,858,809 | $ | 3,199,548 | $ | 2,881,272 | $ | 3,623,082 | $ | 3,297,687 | ||||||||||||
Senior unsecured notes | $ | 315,927 | $ | 303,000 | $ | 338,594 | $ | 303,000 | $ | 357,328 | $ | 303,000 | ||||||||||||
Term asset-backed securitization debt | $ | 1,447,710 | $ | 1,446,656 | $ | 1,457,807 | $ | 1,447,776 | $ | 1,702,320 | $ | 1,692,065 | ||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Derivative Instrument Fair Value | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the fair value of the Company’s derivative financial instruments (in thousands): | ||||||||||||||||||||||||||||||||||||
29-Sep-13 | 31-Dec-12 | 30-Sep-12 | ||||||||||||||||||||||||||||||||||
Derivatives Designated As Hedging | Notional | Asset | Liability | Notional | Asset Fair | Liability | Notional | Asset | Liability | |||||||||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value | Fair Value | Value | Value | Fair Value | Value | Fair Value | Fair Value | |||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | (a) | (b) | |||||||||||||||||||||||||||||||
Foreign currency contracts(c) | $ | 335,172 | $ | 1,714 | $ | 771 | $ | 345,021 | $ | 169 | $ | 6,850 | $ | 385,883 | $ | 956 | $ | 1,784 | ||||||||||||||||||
Commodity | 1,784 | — | 52 | 1,064 | 148 | 683 | 1,181 | 80 | — | |||||||||||||||||||||||||||
contracts(c) | ||||||||||||||||||||||||||||||||||||
Interest rate swaps(c) | — | — | — | 35,800 | — | 373 | 38,600 | — | 674 | |||||||||||||||||||||||||||
Total | $ | 336,956 | $ | 1,714 | $ | 823 | $ | 381,885 | $ | 317 | $ | 7,906 | $ | 425,664 | $ | 1,036 | $ | 2,458 | ||||||||||||||||||
September 29, 2013 | December 31, 2012 | September 30, 2012 | ||||||||||||||||||||||||||||||||||
Derivatives Not Designated As Hedging | Notional | Asset | Liability | Notional | Asset | Liability | Notional | Asset | Liability | |||||||||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | |||||||||||||||||||||||||||
Commodity contracts | $ | 11,250 | $ | 19 | $ | 329 | $ | 16,237 | $ | — | $ | 14 | $ | 14,518 | $ | 603 | $ | — | ||||||||||||||||||
$ | 11,250 | $ | 19 | $ | 329 | $ | 16,237 | $ | — | $ | 14 | $ | 14,518 | $ | 603 | $ | — | |||||||||||||||||||
(a) | Included in other current assets | |||||||||||||||||||||||||||||||||||
(b) | Included in accrued liabilities | |||||||||||||||||||||||||||||||||||
(c) | Derivative designated as a cash flow hedge | |||||||||||||||||||||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||||||
The following tables summarize the amount of gains and losses related to derivative financial instruments designated as cash flow hedges (in thousands): | ||||||||||||||||||||||||||||||||||||
Amount of Gain/(Loss) Before Tax | ||||||||||||||||||||||||||||||||||||
Recognized in OCI | ||||||||||||||||||||||||||||||||||||
Three months ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges | September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (10,324 | ) | $ | 1,704 | $ | 6,120 | $ | 5,799 | |||||||||||||||||||||||||||
Commodity contracts | 27 | 32 | (46 | ) | (393 | ) | ||||||||||||||||||||||||||||||
Interest rate swaps | — | (19 | ) | (2 | ) | (43 | ) | |||||||||||||||||||||||||||||
Total | $ | (10,297 | ) | $ | 1,717 | $ | 6,072 | $ | 5,363 | |||||||||||||||||||||||||||
Amount of Gain/(Loss) Before Tax | ||||||||||||||||||||||||||||||||||||
Reclassified from AOCI into Income | ||||||||||||||||||||||||||||||||||||
Three months ended | Nine Months Ended | Expected to be Reclassified | ||||||||||||||||||||||||||||||||||
Cash Flow Hedges | September 29, | September 30, | September 29, | September 30, | Over the Next Twelve Months | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Foreign currency contracts(a) | $ | 47 | $ | 7,742 | $ | 61 | $ | 19,846 | $ | 329 | ||||||||||||||||||||||||||
Commodity contracts(a) | (21 | ) | (81 | ) | (8 | ) | (737 | ) | (52 | ) | ||||||||||||||||||||||||||
Interest rate swaps(b) | — | (327 | ) | (345 | ) | (2,262 | ) | — | ||||||||||||||||||||||||||||
Total | $ | 26 | $ | 7,334 | $ | (292 | ) | $ | 16,847 | $ | 277 | |||||||||||||||||||||||||
(a) | Gain/(loss) reclassified from accumulated other comprehensive income (AOCI) to income is included in cost of goods sold. | |||||||||||||||||||||||||||||||||||
(b) | Gain/(loss) reclassified from AOCI to income is included in financial services interest expense. | |||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||||||||||||||||||||||
The following tables summarize the amount of gains and losses related to derivative financial instruments not designated as hedging instruments (in thousands): | ||||||||||||||||||||||||||||||||||||
Amount of Gain/(Loss) Before Tax | ||||||||||||||||||||||||||||||||||||
Recognized in Income on Derivative | ||||||||||||||||||||||||||||||||||||
Three months ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
Derivatives | 29-Sep-13 | 30-Sep-12 | September 29, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Commodity contracts | $ | (135 | ) | $ | 603 | $ | (743 | ) | $ | 603 | ||||||||||||||||||||||||||
Total | $ | (135 | ) | $ | 603 | $ | (743 | ) | $ | 603 | ||||||||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following tables set forth the changes in accumulated other comprehensive loss (AOCL) (in thousands): | |||||||||||||||||||||
Three months ended September 29, 2013 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 29,461 | $ | 50 | $ | 6,674 | $ | (635,375 | ) | $ | (599,190 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 10,040 | (297 | ) | (10,297 | ) | — | (554 | ) | |||||||||||||
Income tax | (808 | ) | 110 | 3,813 | — | 3,115 | |||||||||||||||
Net other comprehensive income before reclassifications | 9,232 | (187 | ) | (6,484 | ) | — | 2,561 | ||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (47 | ) | — | (47 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 21 | — | 21 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | — | — | — | ||||||||||||||||
Prior service credits(d) | — | — | — | (526 | ) | (526 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 16,789 | 16,789 | ||||||||||||||||
Total before tax | — | — | (26 | ) | 16,263 | 16,237 | |||||||||||||||
Income tax expense (benefit) | — | — | 10 | (6,024 | ) | (6,014 | ) | ||||||||||||||
Net reclassifications | — | — | (16 | ) | 10,239 | 10,223 | |||||||||||||||
Other comprehensive income (loss) | 9,232 | (187 | ) | (6,500 | ) | 10,239 | 12,784 | ||||||||||||||
Ending Balance | $ | 38,693 | $ | (137 | ) | $ | 174 | $ | (625,136 | ) | $ | (586,406 | ) | ||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 44,571 | $ | 655 | $ | 2,654 | $ | (517,436 | ) | $ | (469,556 | ) | |||||||||
Other comprehensive income before reclassifications | 8,388 | 529 | 1,717 | — | 10,634 | ||||||||||||||||
Income tax | (963 | ) | (196 | ) | (636 | ) | — | (1,795 | ) | ||||||||||||
Net other comprehensive income before reclassifications | 7,425 | 333 | 1,081 | — | 8,839 | ||||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (7,742 | ) | — | (7,742 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 81 | — | 81 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | 327 | — | 327 | ||||||||||||||||
Prior service credits(d) | — | — | — | (233 | ) | (233 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 12,824 | 12,824 | ||||||||||||||||
Total before tax | — | — | (7,334 | ) | 12,591 | 5,257 | |||||||||||||||
Income tax expense (benefit) | — | — | 2,699 | (4,658 | ) | (1,959 | ) | ||||||||||||||
Net reclassifications | — | — | (4,635 | ) | 7,933 | 3,298 | |||||||||||||||
Other comprehensive income (loss) | 7,425 | 333 | (3,554 | ) | 7,933 | 12,137 | |||||||||||||||
Ending Balance | $ | 51,996 | $ | 988 | $ | (900 | ) | $ | (509,503 | ) | $ | (457,419 | ) | ||||||||
Nine months ended September 29, 2013 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 51,335 | $ | 677 | $ | (3,837 | ) | $ | (655,853 | ) | $ | (607,678 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (13,812 | ) | (1,293 | ) | 6,072 | — | (9,033 | ) | |||||||||||||
Income tax | 1,170 | 479 | (2,248 | ) | — | (599 | ) | ||||||||||||||
Net other comprehensive income before reclassifications | (12,642 | ) | (814 | ) | 3,824 | — | (9,632 | ) | |||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (61 | ) | — | (61 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 8 | — | 8 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | 345 | — | 345 | ||||||||||||||||
Prior service credits(d) | — | — | — | (1,580 | ) | (1,580 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 50,368 | 50,368 | ||||||||||||||||
Total before tax | — | — | 292 | 48,788 | 49,080 | ||||||||||||||||
Income tax expense | — | — | (105 | ) | (18,071 | ) | (18,176 | ) | |||||||||||||
Net reclassifications | — | — | 187 | 30,717 | 30,904 | ||||||||||||||||
Other comprehensive (loss) income | (12,642 | ) | (814 | ) | 4,011 | 30,717 | 21,272 | ||||||||||||||
Ending Balance | $ | 38,693 | $ | (137 | ) | $ | 174 | $ | (625,136 | ) | $ | (586,406 | ) | ||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 49,935 | $ | 327 | $ | 6,307 | $ | (533,302 | ) | $ | (476,733 | ) | |||||||||
Other comprehensive income before reclassifications | 3,087 | 1,050 | 5,363 | — | 9,500 | ||||||||||||||||
Income tax | (1,026 | ) | (389 | ) | (1,987 | ) | — | (3,402 | ) | ||||||||||||
Net other comprehensive income before reclassifications | 2,061 | 661 | 3,376 | — | 6,098 | ||||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - marketable securities (a) | — | — | — | — | — | ||||||||||||||||
Realized (gains) losses - foreign currency contracts(b) | — | — | (19,846 | ) | — | (19,846 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(b) | — | — | 737 | — | 737 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(c) | — | — | 2,262 | — | 2,262 | ||||||||||||||||
Prior service credits(d) | — | — | — | (671 | ) | (671 | ) | ||||||||||||||
Actuarial losses(d) | — | — | — | 38,472 | 38,472 | ||||||||||||||||
Total before tax | — | — | (16,847 | ) | 37,801 | 20,954 | |||||||||||||||
Income tax expense (benefit) | — | — | 6,264 | (14,002 | ) | (7,738 | ) | ||||||||||||||
Net reclassifications | — | — | (10,583 | ) | 23,799 | 13,216 | |||||||||||||||
Other comprehensive income (loss) | 2,061 | 661 | (7,207 | ) | 23,799 | 19,314 | |||||||||||||||
Ending Balance | $ | 51,996 | $ | 988 | $ | (900 | ) | $ | (509,503 | ) | $ | (457,419 | ) | ||||||||
(a) | Amounts reclassified to net income are included in investment income. | ||||||||||||||||||||
(b) | Amounts reclassified to net income are included in motorcycles and related products cost of goods sold. | ||||||||||||||||||||
(c) | Amounts reclassified to net income are presented in financial services interest expense. | ||||||||||||||||||||
(d) | Amounts reclassified are included in the computation of net periodic period cost. See note 14 for information related to pension and postretirement benefit plans. |
Product_Warranty_and_Safety_Re1
Product Warranty and Safety Recall Campaigns (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Product Warranties Disclosures [Abstract] | ' | |||||||||||||||
Warranty And Safety Recall Liability | ' | |||||||||||||||
Changes in the Company’s warranty and safety recall liability were as follows (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance, beginning of period | $ | 70,406 | $ | 67,801 | $ | 60,263 | $ | 54,994 | ||||||||
Warranties issued during the period | 12,008 | 10,228 | 46,529 | 42,846 | ||||||||||||
Settlements made during the period | (16,898 | ) | (19,799 | ) | (45,238 | ) | (52,885 | ) | ||||||||
Recalls and changes to pre-existing warranty liabilities | 77 | 4,980 | 4,039 | 18,255 | ||||||||||||
Balance, end of period | $ | 65,593 | $ | 63,210 | $ | 65,593 | $ | 63,210 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Reconciliation Of Earnings Per Share Basic And Diluted | ' | |||||||||||||||
The following table sets forth the computation for basic and diluted earnings per share (in thousands, except per share amounts): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income used in computing basic and diluted earnings per share | $ | 162,716 | $ | 134,001 | $ | 658,584 | $ | 553,286 | ||||||||
Denominator: | ||||||||||||||||
Denominator for basic earnings per share - weighted-average common shares | 221,936 | 226,020 | 223,134 | 227,953 | ||||||||||||
Effect of dilutive securities - employee stock compensation plan | 1,550 | 1,969 | 1,562 | 2,117 | ||||||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares outstanding | 223,486 | 227,989 | 224,696 | 230,070 | ||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.73 | $ | 0.59 | $ | 2.95 | $ | 2.43 | ||||||||
Diluted | $ | 0.73 | $ | 0.59 | $ | 2.93 | $ | 2.4 | ||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Components Of Net Periodic Benefit Costs | ' | |||||||||||||||
Components of net periodic benefit costs were as follows (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Pension and SERPA Benefits | ||||||||||||||||
Service cost | $ | 8,997 | $ | 8,420 | $ | 26,990 | $ | 25,260 | ||||||||
Interest cost | 19,812 | 20,816 | 59,436 | 62,448 | ||||||||||||
Expected return on plan assets | (31,832 | ) | (29,277 | ) | (95,496 | ) | (87,832 | ) | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service cost | 437 | 740 | 1,310 | 2,219 | ||||||||||||
Net loss | 14,652 | 10,969 | 43,956 | 32,906 | ||||||||||||
Net periodic benefit cost | $ | 12,066 | $ | 11,668 | $ | 36,196 | $ | 35,001 | ||||||||
Postretirement Healthcare Benefits | ||||||||||||||||
Service cost | $ | 1,965 | $ | 1,854 | $ | 5,894 | $ | 5,560 | ||||||||
Interest cost | 3,900 | 4,578 | 11,699 | 13,733 | ||||||||||||
Expected return on plan assets | (2,384 | ) | (2,356 | ) | (7,153 | ) | (7,068 | ) | ||||||||
Amortization of unrecognized: | ||||||||||||||||
Prior service credit | (963 | ) | (963 | ) | (2,890 | ) | (2,890 | ) | ||||||||
Net loss | 2,137 | 1,855 | 6,412 | 5,566 | ||||||||||||
Net periodic benefit cost | $ | 4,655 | $ | 4,968 | $ | 13,962 | $ | 14,901 | ||||||||
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Selected segment information is set forth below (in thousands): | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 30, | September 29, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Motorcycles net revenue | $ | 1,180,284 | $ | 1,089,268 | $ | 4,225,998 | $ | 3,931,684 | ||||||||
Gross profit | 416,315 | 377,904 | 1,537,627 | 1,398,231 | ||||||||||||
Selling, administrative and engineering expense | 240,198 | 223,982 | 729,443 | 709,015 | ||||||||||||
Restructuring expense (benefit) | 646 | 9,170 | (1,713 | ) | 26,841 | |||||||||||
Operating income from Motorcycles | 175,471 | 144,752 | 809,897 | 662,375 | ||||||||||||
Financial services revenue | 163,434 | 161,027 | 483,240 | 477,962 | ||||||||||||
Financial services expense | 87,366 | 88,677 | 261,471 | 256,264 | ||||||||||||
Operating income from Financial Services | 76,068 | 72,350 | 221,769 | 221,698 | ||||||||||||
Operating income | $ | 251,539 | $ | 217,102 | $ | 1,031,666 | $ | 884,073 | ||||||||
Supplemental_Consolidating_Dat1
Supplemental Consolidating Data (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||
Operations | ' | |||||||||||||||
Three months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 1,183,016 | $ | — | $ | (2,732 | ) | $ | 1,180,284 | |||||||
Financial services | — | 163,829 | (395 | ) | 163,434 | |||||||||||
Total revenue | 1,183,016 | 163,829 | (3,127 | ) | 1,343,718 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 763,969 | — | — | 763,969 | ||||||||||||
Financial services interest expense | — | 39,944 | — | 39,944 | ||||||||||||
Financial services provision for credit losses | — | 14,604 | — | 14,604 | ||||||||||||
Selling, administrative and engineering expense | 240,593 | 35,550 | (3,127 | ) | 273,016 | |||||||||||
Restructuring expense | 646 | — | — | 646 | ||||||||||||
Total costs and expenses | 1,005,208 | 90,098 | (3,127 | ) | 1,092,179 | |||||||||||
Operating income | 177,808 | 73,731 | — | 251,539 | ||||||||||||
Investment income | 1,161 | — | — | 1,161 | ||||||||||||
Interest expense | 11,369 | — | — | 11,369 | ||||||||||||
Income before provision for income taxes | 167,600 | 73,731 | — | 241,331 | ||||||||||||
Provision for income taxes | 51,721 | 26,894 | — | 78,615 | ||||||||||||
Net income | $ | 115,879 | $ | 46,837 | $ | — | $ | 162,716 | ||||||||
Nine months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 4,233,990 | $ | — | $ | (7,992 | ) | $ | 4,225,998 | |||||||
Financial services | — | 484,461 | (1,221 | ) | 483,240 | |||||||||||
Total revenue | 4,233,990 | 484,461 | (9,213 | ) | 4,709,238 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 2,688,371 | — | — | 2,688,371 | ||||||||||||
Financial services interest expense | — | 126,004 | — | 126,004 | ||||||||||||
Financial services provision for credit losses | — | 39,011 | — | 39,011 | ||||||||||||
Selling, administrative and engineering expense | 730,664 | 104,448 | (9,213 | ) | 825,899 | |||||||||||
Restructuring expense | (1,713 | ) | — | — | (1,713 | ) | ||||||||||
Total costs and expenses | 3,417,322 | 269,463 | (9,213 | ) | 3,677,572 | |||||||||||
Operating income | 816,668 | 214,998 | — | 1,031,666 | ||||||||||||
Investment income | 189,546 | — | (185,000 | ) | 4,546 | |||||||||||
Interest expense | 33,998 | — | — | 33,998 | ||||||||||||
Income before provision for income taxes | 972,216 | 214,998 | (185,000 | ) | 1,002,214 | |||||||||||
Provision for income taxes | 265,278 | 78,352 | — | 343,630 | ||||||||||||
Net income | $ | 706,938 | $ | 136,646 | $ | (185,000 | ) | $ | 658,584 | |||||||
Three months ended September 30, 2012 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 1,091,887 | $ | — | $ | (2,619 | ) | $ | 1,089,268 | |||||||
Financial services | — | 161,438 | (411 | ) | 161,027 | |||||||||||
Total revenue | 1,091,887 | 161,438 | (3,030 | ) | 1,250,295 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 711,364 | — | — | 711,364 | ||||||||||||
Financial services interest expense | — | 46,231 | — | 46,231 | ||||||||||||
Financial services provision for credit losses | — | 9,069 | — | 9,069 | ||||||||||||
Selling, administrative and engineering expense | 224,393 | 35,996 | (3,030 | ) | 257,359 | |||||||||||
Restructuring expense | 9,170 | — | — | 9,170 | ||||||||||||
Total costs and expenses | 944,927 | 91,296 | (3,030 | ) | 1,033,193 | |||||||||||
Operating income | 146,960 | 70,142 | — | 217,102 | ||||||||||||
Investment income | 1,447 | — | — | 1,447 | ||||||||||||
Interest expense | 11,438 | — | — | 11,438 | ||||||||||||
Income before provision for income taxes | 136,969 | 70,142 | — | 207,111 | ||||||||||||
Provision for income taxes | 47,859 | 25,251 | — | 73,110 | ||||||||||||
Net income | $ | 89,110 | $ | 44,891 | $ | — | $ | 134,001 | ||||||||
Nine months ended September 30, 2012 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and related products | $ | 3,939,673 | $ | — | $ | (7,989 | ) | $ | 3,931,684 | |||||||
Financial services | — | 478,187 | (225 | ) | 477,962 | |||||||||||
Total revenue | 3,939,673 | 478,187 | (8,214 | ) | 4,409,646 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and related products cost of goods sold | 2,533,453 | — | — | 2,533,453 | ||||||||||||
Financial services interest expense | — | 146,199 | — | 146,199 | ||||||||||||
Financial services provision for credit losses | — | 12,823 | — | 12,823 | ||||||||||||
Selling, administrative and engineering expense | 709,240 | 105,231 | (8,214 | ) | 806,257 | |||||||||||
Restructuring expense | 26,841 | — | — | 26,841 | ||||||||||||
Total costs and expenses | 3,269,534 | 264,253 | (8,214 | ) | 3,525,573 | |||||||||||
Operating income | 670,139 | 213,934 | — | 884,073 | ||||||||||||
Investment income | 230,611 | — | (225,000 | ) | 5,611 | |||||||||||
Interest expense | 34,528 | — | — | 34,528 | ||||||||||||
Income before provision for income taxes | 866,222 | 213,934 | (225,000 | ) | 855,156 | |||||||||||
Provision for income taxes | 224,854 | 77,016 | — | 301,870 | ||||||||||||
Net income | $ | 641,368 | $ | 136,918 | $ | (225,000 | ) | $ | 553,286 | |||||||
Balance Sheet | ' | |||||||||||||||
29-Sep-13 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 652,961 | $ | 376,994 | $ | — | $ | 1,029,955 | ||||||||
Marketable securities | 122,234 | — | — | 122,234 | ||||||||||||
Accounts receivable, net | 1,228,320 | — | (938,162 | ) | 290,158 | |||||||||||
Finance receivables, net | — | 1,829,612 | — | 1,829,612 | ||||||||||||
Inventories | 401,199 | — | — | 401,199 | ||||||||||||
Restricted cash | — | 194,329 | — | 194,329 | ||||||||||||
Other current assets | 160,538 | 64,650 | — | 225,188 | ||||||||||||
Total current assets | 2,565,252 | 2,465,585 | (938,162 | ) | 4,092,675 | |||||||||||
Finance receivables, net | — | 4,355,278 | — | 4,355,278 | ||||||||||||
Property, plant and equipment, net | 763,469 | 31,766 | — | 795,235 | ||||||||||||
Goodwill | 30,041 | — | — | 30,041 | ||||||||||||
Other long-term assets | 272,490 | 14,804 | (76,515 | ) | 210,779 | |||||||||||
$ | 3,631,252 | $ | 6,867,433 | $ | (1,014,677 | ) | $ | 9,484,008 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 276,197 | $ | 988,678 | $ | (938,162 | ) | $ | 326,713 | |||||||
Accrued liabilities | 455,393 | 86,003 | (2,169 | ) | 539,227 | |||||||||||
Short-term debt | — | 394,460 | — | 394,460 | ||||||||||||
Current portion of long-term debt | 303,000 | 418,316 | — | 721,316 | ||||||||||||
Total current liabilities | 1,034,590 | 1,887,457 | (940,331 | ) | 1,981,716 | |||||||||||
Long-term debt | — | 4,067,733 | — | 4,067,733 | ||||||||||||
Pension liability | 144,563 | — | — | 144,563 | ||||||||||||
Postretirement healthcare benefits | 267,919 | — | — | 267,919 | ||||||||||||
Other long-term liabilities | 121,003 | 19,227 | — | 140,230 | ||||||||||||
Shareholders’ equity | 2,063,177 | 893,016 | (74,346 | ) | 2,881,847 | |||||||||||
$ | 3,631,252 | $ | 6,867,433 | $ | (1,014,677 | ) | $ | 9,484,008 | ||||||||
31-Dec-12 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | ||||||||
Marketable securities | 135,634 | — | — | 135,634 | ||||||||||||
Accounts receivable, net | 781,642 | — | (551,563 | ) | 230,079 | |||||||||||
Finance receivables, net | — | 1,743,045 | — | 1,743,045 | ||||||||||||
Inventories | 393,524 | — | — | 393,524 | ||||||||||||
Restricted cash | — | 188,008 | — | 188,008 | ||||||||||||
Other current assets | 230,905 | 57,609 | 3,994 | 292,508 | ||||||||||||
Total current assets | 2,269,421 | 2,329,084 | (547,569 | ) | 4,050,936 | |||||||||||
Finance receivables, net | — | 4,038,807 | — | 4,038,807 | ||||||||||||
Property, plant and equipment, net | 783,068 | 32,396 | — | 815,464 | ||||||||||||
Goodwill | 29,530 | — | — | 29,530 | ||||||||||||
Other long-term assets | 292,764 | 19,468 | (76,196 | ) | 236,036 | |||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 221,064 | $ | 587,885 | $ | (551,563 | ) | $ | 257,386 | |||||||
Accrued liabilities | 439,144 | 74,447 | — | 513,591 | ||||||||||||
Short-term debt | — | 294,943 | — | 294,943 | ||||||||||||
Current portion of long-term debt | — | 437,162 | — | 437,162 | ||||||||||||
Total current liabilities | 660,208 | 1,394,437 | (551,563 | ) | 1,503,082 | |||||||||||
Long-term debt | 303,000 | 4,067,544 | — | 4,370,544 | ||||||||||||
Pension liability | 330,294 | — | — | 330,294 | ||||||||||||
Postretirement healthcare benefits | 278,062 | — | — | 278,062 | ||||||||||||
Other long-term liabilities | 114,476 | 16,691 | — | 131,167 | ||||||||||||
Shareholders’ equity | 1,688,743 | 941,083 | (72,202 | ) | 2,557,624 | |||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | ||||||||
30-Sep-12 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 1,048,429 | $ | 746,712 | $ | — | $ | 1,795,141 | ||||||||
Marketable securities | 136,376 | — | — | 136,376 | ||||||||||||
Accounts receivable, net | 623,021 | — | (366,828 | ) | 256,193 | |||||||||||
Finance receivables, net | — | 1,726,061 | — | 1,726,061 | ||||||||||||
Inventories | 379,129 | — | — | 379,129 | ||||||||||||
Restricted cash | — | 217,400 | — | 217,400 | ||||||||||||
Other current assets | 177,278 | 60,118 | — | 237,396 | ||||||||||||
Total current assets | 2,364,233 | 2,750,291 | (366,828 | ) | 4,747,696 | |||||||||||
Finance receivables, net | — | 4,189,606 | — | 4,189,606 | ||||||||||||
Property, plant and equipment, net | 735,719 | 29,116 | — | 764,835 | ||||||||||||
Goodwill | 28,928 | — | — | 28,928 | ||||||||||||
Other long-term assets | 338,987 | 20,193 | (75,062 | ) | 284,118 | |||||||||||
$ | 3,467,867 | $ | 6,989,206 | $ | (441,890 | ) | $ | 10,015,183 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 251,755 | $ | 408,783 | $ | (366,828 | ) | $ | 293,710 | |||||||
Accrued liabilities | 521,867 | 87,936 | (3,725 | ) | 606,078 | |||||||||||
Short-term debt | — | 404,693 | — | 404,693 | ||||||||||||
Current portion of long-term debt | — | 997,194 | — | 997,194 | ||||||||||||
Total current liabilities | 773,622 | 1,898,606 | (370,553 | ) | 2,301,675 | |||||||||||
Long-term debt | 303,000 | 4,169,413 | — | 4,472,413 | ||||||||||||
Pension liability | 125,664 | — | — | 125,664 | ||||||||||||
Postretirement healthcare liability | 261,564 | — | — | 261,564 | ||||||||||||
Other long-term liabilities | 134,509 | 15,995 | — | 150,504 | ||||||||||||
Shareholders’ equity | 1,869,508 | 905,192 | (71,337 | ) | 2,703,363 | |||||||||||
$ | 3,467,867 | $ | 6,989,206 | $ | (441,890 | ) | $ | 10,015,183 | ||||||||
Cash Flows | ' | |||||||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net Income | $ | 706,938 | 136,646 | $ | (185,000 | ) | $ | 658,584 | ||||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 118,224 | 4,434 | — | 122,658 | ||||||||||||
Amortization of deferred loan origination costs | — | 63,548 | 63,548 | |||||||||||||
Amortization of financing origination fees | 355 | 6,639 | — | 6,994 | ||||||||||||
Provision for employee long-term benefits | 50,158 | — | — | 50,158 | ||||||||||||
Contributions to pension and postretirement plans | (197,243 | ) | — | — | (197,243 | ) | ||||||||||
Stock compensation expense | 28,886 | 2,144 | — | 31,030 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | (71,869 | ) | (71,869 | ) | ||||||||||
Provision for credit losses | — | 39,011 | — | 39,011 | ||||||||||||
Loss on debt extinguishment | — | 4,947 | — | 4,947 | ||||||||||||
Foreign currency adjustments | 12,874 | — | — | 12,874 | ||||||||||||
Other, net | 207 | (270 | ) | — | (63 | ) | ||||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (302,434 | ) | — | 236,599 | (65,835 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 937 | — | 937 | ||||||||||||
Inventories | (19,233 | ) | — | — | (19,233 | ) | ||||||||||
Accounts payable and accrued liabilities | 113,902 | 264,974 | (236,599 | ) | 142,277 | |||||||||||
Restructuring reserves | (24,521 | ) | — | — | (24,521 | ) | ||||||||||
Derivative instruments | (1,790 | ) | (28 | ) | — | (1,818 | ) | |||||||||
Other | 74,205 | (1,538 | ) | — | 72,667 | |||||||||||
Total adjustments | (146,410 | ) | 384,798 | (71,869 | ) | 166,519 | ||||||||||
Net cash provided by (used by) operating activities | 560,528 | 521,444 | (256,869 | ) | 825,103 | |||||||||||
Nine months ended September 29, 2013 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (107,886 | ) | (3,804 | ) | — | (111,690 | ) | |||||||||
Origination of finance receivables | — | (5,832,489 | ) | 3,215,389 | (2,617,100 | ) | ||||||||||
Collections of finance receivables | — | 5,314,439 | (3,143,520 | ) | 2,170,919 | |||||||||||
Purchases of marketable securities | (4,998 | ) | — | — | (4,998 | ) | ||||||||||
Sales and redemptions of marketable securities | 17,105 | — | — | 17,105 | ||||||||||||
Other | 6,721 | — | — | 6,721 | ||||||||||||
Net cash (used by) provided by investing activities | (89,058 | ) | (521,854 | ) | 71,869 | (539,043 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Repayments of medium-term notes | — | (27,858 | ) | — | (27,858 | ) | ||||||||||
Loan to HDFS | (150,000 | ) | 150,000 | — | — | |||||||||||
Proceeds from securitization of debt | — | 647,516 | — | 647,516 | ||||||||||||
Repayments of securitization debt | — | (650,424 | ) | — | (650,424 | ) | ||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 99,416 | — | 99,416 | ||||||||||||
Borrowings of asset-backed commercial paper | — | 69,555 | — | 69,555 | ||||||||||||
Repayments of asset-backed commercial paper | — | (58,990 | ) | — | (58,990 | ) | ||||||||||
Net change in restricted cash | — | (6,321 | ) | — | (6,321 | ) | ||||||||||
Dividends paid | (140,772 | ) | (185,000 | ) | 185,000 | (140,772 | ) | |||||||||
Purchase of common stock for treasury | (302,196 | ) | — | — | (302,196 | ) | ||||||||||
Excess tax benefits from share-based payments | 18,444 | — | — | 18,444 | ||||||||||||
Issuance of common stock under employee stock option plans | 39,145 | — | — | 39,145 | ||||||||||||
Net cash (used by) provided by financing activities | (535,379 | ) | 37,894 | 185,000 | (312,485 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (10,846 | ) | (912 | ) | — | (11,758 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | $ | (74,755 | ) | $ | 36,572 | $ | — | $ | (38,183 | ) | ||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | ||||||||
Net (decrease) increase in cash and cash equivalents | (74,755 | ) | 36,572 | — | (38,183 | ) | ||||||||||
Cash and cash equivalents—end of period | $ | 652,961 | $ | 376,994 | $ | — | $ | 1,029,955 | ||||||||
Nine months ended September 30, 2012 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 641,368 | $ | 136,918 | $ | (225,000 | ) | $ | 553,286 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 122,570 | 4,873 | — | 127,443 | ||||||||||||
Amortization of deferred loan origination costs | — | 58,438 | — | 58,438 | ||||||||||||
Amortization of financing origination fees | 355 | 7,107 | — | 7,462 | ||||||||||||
Provision for employee long-term benefits | 48,808 | 1,540 | — | 50,348 | ||||||||||||
Contributions to pension and postretirement plans | (220,733 | ) | — | — | (220,733 | ) | ||||||||||
Stock compensation expense | 27,881 | 2,406 | — | 30,287 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | 5,570 | 5,570 | ||||||||||||
Provision for credit losses | — | 12,823 | — | 12,823 | ||||||||||||
Foreign currency adjustments | 8,692 | — | — | 8,692 | ||||||||||||
Other, net | 2,252 | 7,159 | — | 9,411 | ||||||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (230,156 | ) | — | 192,252 | (37,904 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 1,597 | — | 1,597 | ||||||||||||
Inventories | 36,463 | — | — | 36,463 | ||||||||||||
Accounts payable and accrued liabilities | 86,513 | 205,381 | (192,252 | ) | 99,642 | |||||||||||
Restructuring reserves | (9,177 | ) | — | — | (9,177 | ) | ||||||||||
Derivative instruments | 739 | (128 | ) | — | 611 | |||||||||||
Other | (19,550 | ) | (2,211 | ) | — | (21,761 | ) | |||||||||
Total adjustments | (145,343 | ) | 298,985 | 5,570 | 159,212 | |||||||||||
Net cash provided by (used by) operating activities | 496,025 | 435,903 | (219,430 | ) | 712,498 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (91,469 | ) | (3,860 | ) | — | (95,329 | ) | |||||||||
Origination of finance receivables | — | (5,315,732 | ) | 2,987,079 | (2,328,653 | ) | ||||||||||
Collections of finance receivables | — | 5,123,674 | (2,992,649 | ) | 2,131,025 | |||||||||||
Purchases of marketable securities | (4,993 | ) | — | — | (4,993 | ) | ||||||||||
Sales and redemptions of marketable securities | 23,046 | — | — | 23,046 | ||||||||||||
Net cash used by investing activities | (73,416 | ) | (195,918 | ) | (5,570 | ) | (274,904 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of medium-term notes | — | 993,737 | — | 993,737 | ||||||||||||
Proceeds from securitization debt | — | 763,895 | — | 763,895 | ||||||||||||
Repayments of securitization debt | — | (1,161,592 | ) | — | (1,161,592 | ) | ||||||||||
Borrowings of asset-backed commercial paper | — | 182,131 | — | 182,131 | ||||||||||||
Repayments of asset-backed commercial paper | — | (6,538 | ) | — | (6,538 | ) | ||||||||||
Net decrease in credit facilities and unsecured commercial paper | — | (634,874 | ) | — | (634,874 | ) | ||||||||||
Net change in restricted cash | — | 12,255 | — | 12,255 | ||||||||||||
Dividends paid | (106,560 | ) | (225,000 | ) | 225,000 | (106,560 | ) | |||||||||
Purchase of common stock for treasury | (257,981 | ) | — | — | (257,981 | ) | ||||||||||
Excess tax benefits from share-based payments | 16,390 | — | — | 16,390 | ||||||||||||
Issuance of common stock under employee stock option plans | 36,342 | — | — | 36,342 | ||||||||||||
Net cash (used by) provided by financing activities | (311,809 | ) | (75,986 | ) | 225,000 | (162,795 | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (5,701 | ) | (907 | ) | — | (6,608 | ) | |||||||||
Net increase in cash and cash equivalents | $ | 105,099 | $ | 163,092 | $ | — | $ | 268,191 | ||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 943,330 | $ | 583,620 | $ | — | $ | 1,526,950 | ||||||||
Net increase in cash and cash equivalents | 105,099 | 163,092 | — | 268,191 | ||||||||||||
Cash and cash equivalents—end of period | $ | 1,048,429 | $ | 746,712 | $ | — | $ | 1,795,141 | ||||||||
Basis_Of_Presentation_And_Use_1
Basis Of Presentation And Use Of Estimates Narrative (Details) | 9 Months Ended |
Sep. 29, 2013 | |
segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of businss segments | 2 |
Recovered_Sheet1
Additional Balance Sheet And Cash Flow Information (Marketable Securities) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale securities | $122,234 | $135,634 | $136,376 |
Corporate Bonds [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available-for-sale securities | $122,234 | $135,634 | $136,376 |
Additional_Balance_Sheet_and_C2
Additional Balance Sheet and Cash Flow Information (Narrative) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Gross unrealized gains (losses) | ($1.30) | $1.10 |
Gross unrealized gains (losses), net of taxes | ($0.80) | $0.70 |
Contractual maturities period of marketable securities, minimum (in months) | '1 month | ' |
Contractual maturities period of marketable securities, maximum (in months) | '32 months | ' |
Recovered_Sheet2
Additional Balance Sheet And Cash Flow Information (Inventories, Net) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Inventory [Line Items] | ' | ' | ' |
Raw materials and work in process | $130,510 | $111,335 | $121,184 |
Inventory at lower of FIFO cost or market | 447,088 | 439,413 | 423,488 |
Excess of FIFO over LIFO cost | -45,889 | -45,889 | -44,359 |
Inventories, net | 401,199 | 393,524 | 379,129 |
Motorcycle Finished Goods [Member] | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Finished goods | 181,239 | 205,660 | 169,515 |
Parts and Accessories Finished Goods [Member] | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Finished goods | $135,339 | $122,418 | $132,789 |
Recovered_Sheet3
Additional Balance Sheet And Cash Flow Information (Reconciliation Of Net Income To Net Cash Used By Operating Activities) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' | ' |
Net Income | $162,716 | $134,001 | $658,584 | $553,286 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation | ' | ' | 122,658 | 127,443 |
Amortization of deferred loan origination costs | ' | ' | 63,548 | 58,438 |
Amortization of financing origination fees | ' | ' | 6,994 | 7,462 |
Provision for employee long-term benefits | ' | ' | 50,158 | 50,348 |
Contributions to pension and postretirement plans | ' | ' | -197,243 | -220,733 |
Stock compensation expense | ' | ' | 31,030 | 30,287 |
Net change in wholesale finance receivables related to sales | ' | ' | -71,869 | 5,570 |
Provision for credit losses | 14,604 | 9,069 | 39,011 | 12,823 |
Gains (Losses) on Extinguishment of Debt | ' | ' | 4,947 | 0 |
Foreign currency adjustments | ' | ' | 12,874 | 8,692 |
Other, net | ' | ' | -63 | 9,411 |
Changes in current assets and liabilities: | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | -65,835 | -37,904 |
Finance receivables-accrued interest and other | ' | ' | 937 | 1,597 |
Inventories | ' | ' | -19,233 | 36,463 |
Accounts payable and accrued liabilities | ' | ' | 142,277 | 99,642 |
Restructuring reserves | ' | ' | -24,521 | -9,177 |
Derivative instruments | ' | ' | -1,818 | 611 |
Other | ' | ' | 72,667 | -21,761 |
Total adjustments | ' | ' | 166,519 | 159,212 |
Net cash provided by operating activities | ' | ' | $825,103 | $712,498 |
Restructuring_Expense_Narrativ
Restructuring Expense (Narrative) (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 | Feb. 28, 2011 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 30, 2010 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
2011 Restructuring Plan [Member] | 2011 Restructuring Plan [Member] | 2011 Restructuring Plan [Member] | Original 2011 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | ||
New Castalloy Faciltiy [Member] | Kansas City Facility [Member] | Kansas City Facility [Member] | New Castalloy Faciltiy [Member] | agreement | Milwaukee Facilities [Member] | Tomahawk Facilities [Member] | Production [Member] | Motorcycles [Member] | Financial Services [Member] | ||||
employee | Hourly [Member] | Non-Production [Member] | Non-Production [Member] | ||||||||||
Maximum [Member] | Salaried [Member] | Salaried [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated reduction in workforce | ' | 100 | ' | 145 | 200 | ' | ' | 250 | 75 | ' | 2,900 | 800 | 100 |
Restructuring and Related Cost, Expected Number Of Workforce Positions Retained | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash charges | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' |
Cost incurred to date | ' | $21 | ' | $5.90 | ' | ' | $59.20 | ' | ' | $395.30 | ' | ' | ' |
Labor agreement period (in years) | ' | ' | '7 years | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' |
Cost incurred to date, non-cash | ' | ' | ' | 10.00% | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' |
Number of labor agreements | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Expense_Restruct
Restructuring Expense (Restructuring Plan Reserve Recorded in Accrued Liabilities) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Restructuring expense | $646 | $9,170 | ($1,713) | $26,841 |
2011 Kansas City Restructuring Plan [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 2,259 | 4,123 |
Restructuring expense | ' | ' | 0 | 0 |
Utilized—cash | ' | ' | -1,283 | 0 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | -976 | -967 |
Balance, end of period | 0 | 3,156 | 0 | 3,156 |
2011 Kansas City Restructuring Plan [Member] | Employee Severance [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 2,259 | 4,123 |
Restructuring expense | ' | ' | 0 | 0 |
Utilized—cash | ' | ' | -1,283 | 0 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | -976 | -967 |
Balance, end of period | 0 | 3,156 | 0 | 3,156 |
2011 Kansas City Restructuring Plan [Member] | Other [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 0 | 0 |
Restructuring expense | ' | ' | 0 | 0 |
Utilized—cash | ' | ' | 0 | 0 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | 0 | 0 |
Balance, end of period | 0 | 0 | 0 | 0 |
2011 New Castalloy Restructuring Plan [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 9,451 | 8,733 |
Restructuring expense | ' | ' | 4,044 | 9,677 |
Utilized—cash | ' | ' | -5,962 | -1,623 |
Utilized—non-cash | ' | ' | -2,093 | -6,152 |
Non-cash reserve release | ' | ' | -5,250 | 0 |
Balance, end of period | 190 | 10,635 | 190 | 10,635 |
2011 New Castalloy Restructuring Plan [Member] | Employee Severance [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 9,306 | 8,428 |
Restructuring expense | ' | ' | 1,361 | 2,450 |
Utilized—cash | ' | ' | -5,360 | -388 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | -5,250 | 0 |
Balance, end of period | 57 | 10,490 | 57 | 10,490 |
2011 New Castalloy Restructuring Plan [Member] | Other [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 145 | 305 |
Restructuring expense | ' | ' | 590 | 1,075 |
Utilized—cash | ' | ' | -602 | -1,235 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | 0 | 0 |
Balance, end of period | 133 | 145 | 133 | 145 |
2011 New Castalloy Restructuring Plan [Member] | Accelerated Depreciation [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 0 | 0 |
Restructuring expense | ' | ' | 2,093 | 6,152 |
Utilized—cash | ' | ' | 0 | 0 |
Utilized—non-cash | ' | ' | -2,093 | -6,152 |
Non-cash reserve release | ' | ' | 0 | 0 |
Balance, end of period | 0 | 0 | 0 | 0 |
2011 Restructuring Plan [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 11,710 | 12,856 |
Restructuring expense | ' | ' | 4,044 | 9,677 |
Utilized—cash | ' | ' | -7,245 | -1,623 |
Utilized—non-cash | ' | ' | -2,093 | -6,152 |
Non-cash reserve release | ' | ' | -6,226 | -967 |
Balance, end of period | 190 | 13,791 | 190 | 13,791 |
2010 Restructuring Plan [Member] | Employee Severance [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 10,156 | 20,361 |
Restructuring expense | ' | ' | 0 | 4,005 |
Utilized—cash | ' | ' | -9,710 | -13,894 |
Non-cash reserve release | ' | ' | -446 | 0 |
Balance, end of period | 0 | 10,472 | 0 | 10,472 |
2009 Restructuring Plan [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 5,357 | 10,089 |
Restructuring expense | ' | ' | 2,446 | 16,153 |
Utilized—cash | ' | ' | -4,227 | -14,516 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | -1,531 | -2,027 |
Balance, end of period | 2,045 | 9,699 | 2,045 | 9,699 |
2009 Restructuring Plan [Member] | Employee Severance [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 5,196 | 10,089 |
Restructuring expense | ' | ' | 0 | 4,166 |
Utilized—cash | ' | ' | -1,620 | -2,529 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | -1,531 | -2,027 |
Balance, end of period | 2,045 | 9,699 | 2,045 | 9,699 |
2009 Restructuring Plan [Member] | Other [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 161 | 0 |
Restructuring expense | ' | ' | 2,446 | 11,987 |
Utilized—cash | ' | ' | -2,607 | -11,987 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | 0 | 0 |
Balance, end of period | 0 | 0 | 0 | 0 |
2009 Restructuring Plan [Member] | Accelerated Depreciation [Member] | Motorcycles And Related Products [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | 0 | 0 |
Restructuring expense | ' | ' | 0 | 0 |
Utilized—cash | ' | ' | 0 | 0 |
Utilized—non-cash | ' | ' | 0 | 0 |
Non-cash reserve release | ' | ' | 0 | 0 |
Balance, end of period | $0 | $0 | $0 | $0 |
Finance_Receivables_Finance_Re
Finance Receivables (Finance Receivables) (Detail) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | $6,296,811 | ' | $5,889,519 | $6,028,793 | ' | ' |
Allowance for credit losses | -111,921 | -111,324 | -107,667 | -113,126 | -114,248 | -125,449 |
Total Finance Receivables, Net | 6,184,890 | ' | 5,781,852 | 5,915,667 | ' | ' |
Retail [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 5,405,670 | ' | 5,073,115 | 5,243,470 | ' | ' |
Allowance for credit losses | -105,931 | -103,770 | -101,442 | -105,858 | -106,180 | -116,112 |
Wholesale [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 891,141 | ' | 816,404 | 785,323 | ' | ' |
Allowance for credit losses | ($5,990) | ($7,554) | ($6,225) | ($7,268) | ($8,068) | ($9,337) |
Finance_Receivables_Narrative_
Finance Receivables (Narrative) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Individually evaluated for impairment | $0 | $0 | $0 |
Wholesale finance receivables, gross | 600,000 | 400,000 | 500,000 |
Retail [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 |
Wholesale finance receivables, gross | 17,800,000 | 27,600,000 | 19,400,000 |
Wholesale [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | 0 |
Nonperforming Financing Receivable [Member] | Wholesale [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Individually evaluated for impairment | $0 | $0 | $0 |
Finance_Receivables_Changes_In
Finance Receivables (Changes In Allowance For Credit Losses On Finance Receivables) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $111,324 | $114,248 | $107,667 | $125,449 |
Provision for credit losses | 14,604 | 9,069 | 39,011 | 12,823 |
Charge-offs | -23,708 | -19,873 | -67,117 | -62,779 |
Recoveries | 9,701 | 9,682 | 32,360 | 37,633 |
Balance, end of period | 111,921 | 113,126 | 111,921 | 113,126 |
Retail [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 103,770 | 106,180 | 101,442 | 116,112 |
Provision for credit losses | 16,168 | 9,869 | 39,246 | 14,892 |
Charge-offs | -23,708 | -19,873 | -67,117 | -62,779 |
Recoveries | 9,701 | 9,682 | 32,360 | 37,633 |
Balance, end of period | 105,931 | 105,858 | 105,931 | 105,858 |
Wholesale [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 7,554 | 8,068 | 6,225 | 9,337 |
Provision for credit losses | -1,564 | -800 | -235 | -2,069 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance, end of period | $5,990 | $7,268 | $5,990 | $7,268 |
Finance_Receivables_Allowance_
Finance Receivables (Allowance For Credit Losses And Finance Receivables By Portfolio Individually And Collectively Evaluated For Impairment) (Detail) (USD $) | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $0 | ' | $0 | $0 | ' | ' |
Collectively evaluated for impairment | 111,921,000 | ' | 107,667,000 | 113,126,000 | ' | ' |
Total allowance for credit losses | 111,921,000 | 111,324,000 | 107,667,000 | 113,126,000 | 114,248,000 | 125,449,000 |
Individually evaluated for impairment | 0 | ' | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 6,296,811,000 | ' | 5,889,519,000 | 6,028,793,000 | ' | ' |
Financing Receivable, Gross | 6,296,811,000 | ' | 5,889,519,000 | 6,028,793,000 | ' | ' |
Wholesale [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 5,990,000 | ' | 6,225,000 | 7,268,000 | ' | ' |
Total allowance for credit losses | 5,990,000 | 7,554,000 | 6,225,000 | 7,268,000 | 8,068,000 | 9,337,000 |
Individually evaluated for impairment | 0 | ' | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 891,141,000 | ' | 816,404,000 | 785,323,000 | ' | ' |
Financing Receivable, Gross | 891,141,000 | ' | 816,404,000 | 785,323,000 | ' | ' |
Retail [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 105,931,000 | ' | 101,442,000 | 105,858,000 | ' | ' |
Total allowance for credit losses | 105,931,000 | 103,770,000 | 101,442,000 | 105,858,000 | 106,180,000 | 116,112,000 |
Individually evaluated for impairment | 0 | ' | 0 | 0 | ' | ' |
Collectively evaluated for impairment | 5,405,670,000 | ' | 5,073,115,000 | 5,243,470,000 | ' | ' |
Financing Receivable, Gross | $5,405,670,000 | ' | $5,073,115,000 | $5,243,470,000 | ' | ' |
Finance_Receivables_Aging_Of_P
Finance Receivables (Aging Of Past Due Finance Receivables Including Non Accrual Status Finance Receivables) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | $6,149,656 | $5,709,381 | $5,877,651 |
31-60 Days Past Due | 99,936 | 114,588 | 101,151 |
61-90 Days Past Due | 28,833 | 37,517 | 30,095 |
Greater than 90 Days Past Due | 18,386 | 28,033 | 19,896 |
Total Past Due | 147,155 | 180,138 | 151,142 |
Total Finance Receivables | 6,296,811 | 5,889,519 | 6,028,793 |
Retail [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 5,260,125 | 4,894,675 | 5,093,496 |
31-60 Days Past Due | 99,255 | 113,604 | 100,706 |
61-90 Days Past Due | 28,531 | 37,239 | 29,878 |
Greater than 90 Days Past Due | 17,759 | 27,597 | 19,390 |
Total Past Due | 145,545 | 178,440 | 149,974 |
Total Finance Receivables | 5,405,670 | 5,073,115 | 5,243,470 |
Wholesale [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Current | 889,531 | 814,706 | 784,155 |
31-60 Days Past Due | 681 | 984 | 445 |
61-90 Days Past Due | 302 | 278 | 217 |
Greater than 90 Days Past Due | 627 | 436 | 506 |
Total Past Due | 1,610 | 1,698 | 1,168 |
Total Finance Receivables | $891,141 | $816,404 | $785,323 |
Finance_Receivables_Recorded_I
Finance Receivables (Recorded Investment Of Retail and Wholesale Finance Receivables By Credit Quality Indicator) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | $6,296,811 | $5,889,519 | $6,028,793 |
Retail [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 5,405,670 | 5,073,115 | 5,243,470 |
Retail [Member] | Prime [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 4,249,780 | 4,035,584 | 4,178,726 |
Retail [Member] | Sub-Prime [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 1,155,890 | 1,037,531 | 1,064,744 |
Wholesale [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 891,141 | 816,404 | 785,323 |
Wholesale [Member] | Doubtful [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 3,966 | 8,107 | 10,072 |
Wholesale [Member] | Substandard [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 10,486 | 2,593 | 3,689 |
Wholesale [Member] | Special Mention [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 0 | 3,504 | 2,446 |
Wholesale [Member] | Risk Level, Medium [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | 6,914 | 8,451 | 6,035 |
Wholesale [Member] | Risk Level, Low [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing Receivable, Gross | $869,775 | $793,749 | $763,081 |
AssetBacked_Financing_Narrativ
Asset-Backed Financing (Narrative) (Detail) | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jul. 01, 2012 | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Term Asset-Backed Securitization VIEs [Member] | Term Asset-Backed Securitization VIEs [Member] | Term Asset-Backed Securitization VIEs [Member] | Term Asset-Backed Securitization VIEs [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Third-party Bank [Member] | Third-party Bank [Member] | Third-party Bank [Member] | |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | |
SPEs [Member] | SPEs [Member] | SPEs [Member] | SPEs [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Line of Credit [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | SPEs [Member] | SPEs [Member] | SPEs [Member] | |
USD ($) | USD ($) | USD ($) | |||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company issued secured notes | $0 | $650,000,000 | $675,300,000 | $89,500,000 | ' | ' | ' | ' | ' | ' | ' |
Unaccreted premium | 500,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total aggregate commitment | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 600,000,000 | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Borrowings outstanding under conduit facility | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ' | ' | ' |
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement, Transfers During Period | ' | ' | ' | ' | 26,300,000 | 53,800,000 | 209,100,000 | ' | ' | ' | ' |
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | ' | ' | ' | ' | $23,100,000 | $47,100,000 | $183,000,000 | ' | ' | ' | ' |
AssetBacked_Financing_Assets_A
Asset-Backed Financing (Assets And Liabilities Of Variable Interest Entities) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $2,123,275 | $2,337,993 | $2,660,857 |
Financing Receivable [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,918,447 | 2,143,708 | 2,466,871 |
Financing Receivable [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 0 | 0 | 0 |
Financing Receivable [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 204,828 | 194,285 | 193,986 |
Allowance for Credit Loss [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | -41,145 | -45,571 | -53,237 |
Allowance for Credit Loss [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | -37,721 | -42,139 | -49,490 |
Allowance for Credit Loss [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 0 | 0 | 0 |
Allowance for Credit Loss [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | -3,424 | -3,432 | -3,747 |
Restricted Cash [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 194,329 | 188,008 | 217,400 |
Restricted Cash [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 181,231 | 176,290 | 205,760 |
Restricted Cash [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 0 | 0 | 0 |
Restricted Cash [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 13,098 | 11,718 | 11,640 |
Other Assets [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 5,549 | 5,543 | 6,400 |
Other Assets [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 4,866 | 4,869 | 5,531 |
Other Assets [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 590 | 419 | 542 |
Other Assets [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 93 | 255 | 327 |
Assets, Total [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 2,282,008 | 2,485,973 | 2,831,420 |
Assets, Total [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 2,066,823 | 2,282,728 | 2,628,672 |
Assets, Total [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 590 | 419 | 542 |
Assets, Total [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 214,595 | 202,826 | 202,206 |
Asset-backed debt [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,627,240 | 1,623,434 | 1,868,920 |
Asset-backed debt [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,446,656 | 1,447,776 | 1,692,065 |
Asset-backed debt [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 0 | 0 | 0 |
Asset-backed debt [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $180,584 | $175,658 | $176,855 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured at Fair Value) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Marketable securities | $122,234 | $135,634 | $136,376 |
Fair Value, Measurements, Recurring [Member] | Balance [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 832,344 | 852,979 | 1,417,900 |
Marketable securities | 122,234 | 135,634 | 136,376 |
Derivative Asset, Current | 1,733 | 317 | 1,639 |
Total assets measured at fair value | 956,311 | 988,930 | 1,555,915 |
Derivatives, liabilities | 1,152 | 7,920 | 2,458 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 506,792 | 690,691 | 1,161,646 |
Marketable securities | 0 | 0 | 0 |
Derivative Asset, Current | 0 | 0 | 0 |
Total assets measured at fair value | 506,792 | 690,691 | 1,161,646 |
Derivatives, liabilities | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 325,552 | 162,288 | 256,254 |
Marketable securities | 122,234 | 135,634 | 136,376 |
Derivative Asset, Current | 1,733 | 317 | 1,639 |
Total assets measured at fair value | 449,519 | 298,239 | 394,269 |
Derivatives, liabilities | 1,152 | 7,920 | 2,458 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash equivalents | 0 | 0 | 0 |
Marketable securities | 0 | 0 | 0 |
Derivative Asset, Current | 0 | 0 | 0 |
Total assets measured at fair value | 0 | 0 | 0 |
Derivatives, liabilities | $0 | $0 | $0 |
Recovered_Sheet4
Fair Value Of Financial Instruments (Summary Of Fair Value And Carrying Value Of Company Financial Instruments) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Restricted cash | $194,329 | $188,008 | $217,400 |
Fair Value [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash equivalents | 1,029,955 | 1,068,138 | 1,795,141 |
Marketable securities | 122,234 | 135,634 | 136,376 |
Accounts receivable, net | 290,158 | 230,079 | 256,193 |
Derivatives | 1,733 | 317 | 1,639 |
Finance receivables, net | 6,266,406 | 5,861,442 | 5,993,713 |
Restricted cash | 194,329 | 188,008 | 217,400 |
Liabilities: | ' | ' | ' |
Accounts payable | 326,713 | 257,386 | 293,710 |
Derivatives | 1,152 | 7,920 | 2,458 |
Unsecured commercial paper | 394,460 | 294,943 | 404,693 |
Asset-backed Canadian commercial paper conduit facility | 180,584 | 175,658 | 176,855 |
Medium-term notes | 3,092,947 | 3,199,548 | 3,623,082 |
Senior unsecured notes | 315,927 | 338,594 | 357,328 |
Term asset-backed securitization debt | 1,447,710 | 1,457,807 | 1,702,320 |
Carrying Value [Member] | ' | ' | ' |
Assets: | ' | ' | ' |
Cash equivalents | 1,029,955 | 1,068,138 | 1,795,141 |
Marketable securities | 122,234 | 135,634 | 136,376 |
Accounts receivable, net | 290,158 | 230,079 | 256,193 |
Derivatives | 1,733 | 317 | 1,639 |
Finance receivables, net | 6,184,890 | 5,781,852 | 5,915,667 |
Restricted cash | 194,329 | 188,008 | 217,400 |
Liabilities: | ' | ' | ' |
Accounts payable | 326,713 | 257,386 | 293,710 |
Derivatives | 1,152 | 7,920 | 2,458 |
Unsecured commercial paper | 394,460 | 294,943 | 404,693 |
Asset-backed Canadian commercial paper conduit facility | 180,584 | 175,658 | 176,855 |
Medium-term notes | 2,858,809 | 2,881,272 | 3,297,687 |
Senior unsecured notes | 303,000 | 303,000 | 303,000 |
Term asset-backed securitization debt | $1,446,656 | $1,447,776 | $1,692,065 |
Recovered_Sheet5
Derivative Instruments And Hedging Activities (Derivative Instrument Fair Value) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Derivatives Designated As Hedging Instruments [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | $336,956 | $381,885 | [1] | $425,664 | ||
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Asset, Current | 1,714 | [2] | 317 | [1] | 1,036 | [2] |
Derivatives Designated As Hedging Instruments [Member] | Accrued Liabilities [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Liability, Current | 823 | [1] | 7,906 | [1] | 2,458 | [1] |
Derivatives Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | 335,172 | 345,021 | [1] | 385,883 | ||
Derivatives Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Asset, Current | 1,714 | [2] | 169 | [1] | 956 | [2] |
Derivatives Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Liability, Current | 771 | [1] | 6,850 | [1] | 1,784 | [1] |
Derivatives Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | 1,784 | 1,064 | [1] | 1,181 | ||
Derivatives Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Asset, Current | 0 | [2] | 148 | [1] | 80 | [2] |
Derivatives Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Liability, Current | 52 | [1] | 683 | [1] | 0 | [1] |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | 0 | [3] | 35,800 | [1],[3] | 38,600 | [3] |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swap [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Asset, Current | 0 | [2],[3] | 0 | [1],[3] | 0 | [2],[3] |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Liability, Current | 0 | [1],[3] | 373 | [1],[3] | 674 | [1],[3] |
Derivatives Not Designated As Hedging Instruments [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | 11,250 | 16,237 | 14,518 | |||
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Asset, Current | 19 | [2] | 0 | [2] | 603 | [2] |
Derivatives Not Designated As Hedging Instruments [Member] | Accrued Liabilities [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Liability, Current | 329 | [1] | 14 | [1] | 0 | [1] |
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contract [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | 11,250 | 16,237 | 14,518 | |||
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Asset, Current | 19 | [2] | 0 | [2] | 603 | [2] |
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | ' | ' | ' | |||
Derivative [Line Items] | ' | ' | ' | |||
Derivative Liability, Current | $329 | [1] | $14 | [1] | $0 | [1] |
[1] | Included in accrued liabilities | |||||
[2] | Included in other current assets | |||||
[3] | Derivative designated as a cash flow hedge |
Recovered_Sheet6
Derivative Instruments And Hedging Activities (Gain Loss On Derivative Cash Flow Hedges Recognized In OCI) (Detail) (Cash Flow Hedging [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Before Tax Recognized in OCI | ($10,297) | $1,717 | $6,072 | $5,363 |
Foreign Currency Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Before Tax Recognized in OCI | -10,324 | 1,704 | 6,120 | 5,799 |
Commodity Contract [Member] | ' | ' | ' | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Before Tax Recognized in OCI | 27 | 32 | -46 | -393 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' |
Amount of Gain/(Loss) Before Tax Recognized in OCI | $0 | ($19) | ($2) | ($43) |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Gain Loss On Derivative Cash Flow Hedges Reclassified From AOCI Into Income) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | ||||
Cash Flow Hedging [Member] | ' | ' | ' | ' | ||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Income | $26 | $7,334 | ($292) | $16,847 | ||||
Expected to be Reclassified Over the Next Twelve Months | 277 | ' | ' | ' | ||||
Cash Flow Hedging [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Income | 47 | [1] | 7,742 | [1] | 61 | [1] | 19,846 | [1] |
Expected to be Reclassified Over the Next Twelve Months | 329 | [1] | ' | ' | ' | |||
Cash Flow Hedging [Member] | Commodity Contract [Member] | ' | ' | ' | ' | ||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Income | -21 | [1] | -81 | [1] | -8 | [1] | -737 | [1] |
Expected to be Reclassified Over the Next Twelve Months | -52 | [1] | ' | ' | ' | |||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Income | 0 | [2] | -327 | [2] | -345 | [2] | -2,262 | [2] |
Expected to be Reclassified Over the Next Twelve Months | 0 | [2] | ' | ' | ' | |||
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Not Designated as Hedging Instruments, Loss | -135 | 603 | -743 | 603 | ||||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' | ' | ||||
Derivative Instruments And Hedging Activities [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments Not Designated as Hedging Instruments, Loss | ($135) | $603 | ($743) | $603 | ||||
[1] | Gain/(loss) reclassified from accumulated other comprehensive income (AOCI) to income is included in cost of goods sold. | |||||||
[2] | Gain/(loss) reclassified from AOCI to income is included in financial services interest expense. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Changes In Other Comprehensinve Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | ($599,190) | ($469,556) | ($607,678) | ($476,733) | ||||
Other comprehensive income before reclassifications | -554 | 10,634 | -9,033 | 9,500 | ||||
Income tax | 3,115 | -1,795 | -599 | -3,402 | ||||
Net other comprehensive income before reclassifications | 2,561 | 8,839 | -9,632 | 6,098 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 16,237 | 5,257 | 49,080 | 20,954 | ||||
Income tax expense | -6,014 | -1,959 | -18,176 | -7,738 | ||||
Net reclassifications | 10,223 | 3,298 | 30,904 | 13,216 | ||||
Other comprehensive (loss) income | 12,784 | 12,137 | 21,272 | 19,314 | ||||
Ending Balance | -586,406 | -457,419 | -586,406 | -457,419 | ||||
Prior Service Costs [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -526 | [1] | -233 | [1] | -1,580 | [1] | -671 | [1] |
Actuarial Losses [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 16,789 | [1] | 12,824 | [1] | 50,368 | [1] | 38,472 | [1] |
Foreign Currency Contracts [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -47 | [2] | -7,742 | [2] | -61 | [2] | -19,846 | [2] |
Commodity Contract [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 21 | [2] | 81 | [2] | 8 | [2] | 737 | [2] |
Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | [3] | 327 | [3] | 345 | [3] | 2,262 | [3] |
Accumulated Translation Adjustment [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 29,461 | 44,571 | 51,335 | 49,935 | ||||
Other comprehensive income before reclassifications | 10,040 | 8,388 | -13,812 | 3,087 | ||||
Income tax | -808 | -963 | 1,170 | -1,026 | ||||
Net other comprehensive income before reclassifications | 9,232 | 7,425 | -12,642 | 2,061 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | 0 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net reclassifications | 0 | 0 | 0 | 0 | ||||
Other comprehensive (loss) income | 9,232 | 7,425 | -12,642 | 2,061 | ||||
Ending Balance | 38,693 | 51,996 | 38,693 | 51,996 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 50 | 655 | 677 | 327 | ||||
Other comprehensive income before reclassifications | -297 | 529 | -1,293 | 1,050 | ||||
Income tax | 110 | -196 | 479 | -389 | ||||
Net other comprehensive income before reclassifications | -187 | 333 | -814 | 661 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net reclassifications | 0 | 0 | 0 | 0 | ||||
Other comprehensive (loss) income | -187 | 333 | -814 | 661 | ||||
Ending Balance | -137 | 988 | -137 | 988 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 6,674 | 2,654 | -3,837 | 6,307 | ||||
Other comprehensive income before reclassifications | -10,297 | 1,717 | 6,072 | 5,363 | ||||
Income tax | 3,813 | -636 | -2,248 | -1,987 | ||||
Net other comprehensive income before reclassifications | -6,484 | 1,081 | 3,824 | 3,376 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -26 | -7,334 | 292 | -16,847 | ||||
Income tax expense | 10 | 2,699 | -105 | 6,264 | ||||
Net reclassifications | -16 | -4,635 | 187 | -10,583 | ||||
Other comprehensive (loss) income | -6,500 | -3,554 | 4,011 | -7,207 | ||||
Ending Balance | 174 | -900 | 174 | -900 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -47 | [2] | -7,742 | [2] | -61 | [2] | -19,846 | [2] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 21 | [2] | 81 | [2] | 8 | [2] | 737 | [2] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | [3] | 327 | [3] | 345 | [3] | 2,262 | [3] |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | -635,375 | -517,436 | -655,853 | -533,302 | ||||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | ||||
Income tax | 0 | 0 | 0 | 0 | ||||
Net other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 16,263 | 12,591 | 48,788 | 37,801 | ||||
Income tax expense | -6,024 | -4,658 | -18,071 | -14,002 | ||||
Net reclassifications | 10,239 | 7,933 | 30,717 | 23,799 | ||||
Other comprehensive (loss) income | 10,239 | 7,933 | 30,717 | 23,799 | ||||
Ending Balance | -625,136 | -509,503 | -625,136 | -509,503 | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | Prior Service Costs [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -526 | [1] | -233 | [1] | -1,580 | [1] | -671 | [1] |
Accumulated Defined Benefit Plans Adjustment [Member] | Actuarial Losses [Member] | ' | ' | ' | ' | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $16,789 | [1] | $12,824 | [1] | $50,368 | [1] | $38,472 | [1] |
[1] | Amounts reclassified are included in the computation of net periodic period cost. See note 14 for information related to pension and postretirement benefit plans. | |||||||
[2] | Amounts reclassified to net income are included in motorcycles and related products cost of goods sold. | |||||||
[3] | Amounts reclassified to net income are presented in financial services interest expense. | |||||||
[4] | Amounts reclassified to net income are included in investment income. |
Income_Taxes_Detail
Income Taxes (Detail) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax rate | 34.30% | 35.30% |
Recovered_Sheet7
Product Warranty And Safety Recall Campaigns (Warranty And Safety Recall Liability) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $70,406 | $67,801 | $60,263 | $54,994 |
Warranties issued during the period | 12,008 | 10,228 | 46,529 | 42,846 |
Settlements made during the period | -16,898 | -19,799 | -45,238 | -52,885 |
Recalls and changes to pre-existing warranty liabilities | 77 | 4,980 | 4,039 | 18,255 |
Balance, end of period | $65,593 | $63,210 | $65,593 | $63,210 |
Recovered_Sheet8
Product Warranty And Safety Recall Campaigns (Narrative) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
In Millions, unless otherwise specified | Safety Recall [Member] | Safety Recall [Member] | Safety Recall [Member] | Motorcycles [Member] | Parts and Accessories Finished Goods [Member] | Japan [Member] |
Motorcycles [Member] | ||||||
Product Information [Line Items] | ' | ' | ' | ' | ' | ' |
Standard product warranty, period | ' | ' | ' | '2 years | '1 year | '3 years |
Liability for safety recall campaigns | $2.50 | $4.60 | $5 | ' | ' | ' |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Earnings Per Share Basic And Diluted) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net Income | $162,716 | $134,001 | $658,584 | $553,286 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share - weighted-average common shares | 221,936 | 226,020 | 223,134 | 227,953 |
Effect of dilutive securities - employee stock compensation plan | 1,550 | 1,969 | 1,562 | 2,117 |
Denominator for diluted earnings per share - adjusted weighted-average shares outstanding | 223,486 | 227,989 | 224,696 | 230,070 |
Basic (in dollars per share) | $0.73 | $0.59 | $2.95 | $2.43 |
Diluted (in dollars per share) | $0.73 | $0.59 | $2.93 | $2.40 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Detail) (Stock Option [Member]) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares considered anti-dilutive and excluded from computation | 0.9 | 2.2 | 1.1 | 2.3 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Costs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Pension And SERPA Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $8,997 | $8,420 | $26,990 | $25,260 |
Interest cost | 19,812 | 20,816 | 59,436 | 62,448 |
Expected return on plan assets | -31,832 | -29,277 | -95,496 | -87,832 |
Prior service cost | 437 | 740 | 1,310 | 2,219 |
Net loss | 14,652 | 10,969 | 43,956 | 32,906 |
Net periodic benefit cost | 12,066 | 11,668 | 36,196 | 35,001 |
Postretirement Healthcare Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 1,965 | 1,854 | 5,894 | 5,560 |
Interest cost | 3,900 | 4,578 | 11,699 | 13,733 |
Expected return on plan assets | -2,384 | -2,356 | -7,153 | -7,068 |
Prior service cost | -963 | -963 | -2,890 | -2,890 |
Net loss | 2,137 | 1,855 | 6,412 | 5,566 |
Net periodic benefit cost | $4,655 | $4,968 | $13,962 | $14,901 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Company contributions | $175 | $200 |
Business_Segments_Information_
Business Segments (Information By Strategic Business Units) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Motorcycles net revenue | $1,180,284 | $1,089,268 | $4,225,998 | $3,931,684 |
Selling, administrative and engineering expense | 273,016 | 257,359 | 825,899 | 806,257 |
Restructuring (benefit) expense | 646 | 9,170 | -1,713 | 26,841 |
Financial services revenue | 163,434 | 161,027 | 483,240 | 477,962 |
Operating income | 251,539 | 217,102 | 1,031,666 | 884,073 |
Motorcycles [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Motorcycles net revenue | 1,180,284 | 1,089,268 | 4,225,998 | 3,931,684 |
Gross profit | 416,315 | 377,904 | 1,537,627 | 1,398,231 |
Selling, administrative and engineering expense | 240,198 | 223,982 | 729,443 | 709,015 |
Restructuring (benefit) expense | 646 | 9,170 | -1,713 | 26,841 |
Operating income | 175,471 | 144,752 | 809,897 | 662,375 |
Financial Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Financial services revenue | 163,434 | 161,027 | 483,240 | 477,962 |
Financial services expense | 87,366 | 88,677 | 261,471 | 256,264 |
Operating income | $76,068 | $72,350 | $221,769 | $221,698 |
Business_Segments_Narrative_De
Business Segments Narrative (Details) | 9 Months Ended |
Sep. 29, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of businss segments | 2 |
Commitment_And_Contingencies_D
Commitment And Contingencies (Detail) (York, Pennsylvania Facility [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 29, 2013 |
York, Pennsylvania Facility [Member] | ' |
Site Contingency [Line Items] | ' |
Site contingency third party cost percentage of total cost | 53.00% |
Site contingency portion of total cost | 47.00% |
Estimate of Company's share of York environmental matters | $3.40 |
Supplemental_Consolidating_Dat2
Supplemental Consolidating Data (Operations) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Motorcycles and related products | $1,180,284 | $1,089,268 | $4,225,998 | $3,931,684 |
Financial services | 163,434 | 161,027 | 483,240 | 477,962 |
Total revenue | 1,343,718 | 1,250,295 | 4,709,238 | 4,409,646 |
Motorcycles and related products cost of goods sold | 763,969 | 711,364 | 2,688,371 | 2,533,453 |
Financial services interest expense | 39,944 | 46,231 | 126,004 | 146,199 |
Provision for credit losses | 14,604 | 9,069 | 39,011 | 12,823 |
Selling, administrative and engineering expense | 273,016 | 257,359 | 825,899 | 806,257 |
Restructuring (benefit) expense | 646 | 9,170 | -1,713 | 26,841 |
Total costs and expenses | 1,092,179 | 1,033,193 | 3,677,572 | 3,525,573 |
Operating income | 251,539 | 217,102 | 1,031,666 | 884,073 |
Investment income | 1,161 | 1,447 | 4,546 | 5,611 |
Interest expense | 11,369 | 11,438 | 33,998 | 34,528 |
Income before provision for income taxes | 241,331 | 207,111 | 1,002,214 | 855,156 |
Provision for income taxes | 78,615 | 73,110 | 343,630 | 301,870 |
Net Income | 162,716 | 134,001 | 658,584 | 553,286 |
Motorcycles And Related Products Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Motorcycles and related products | 1,183,016 | 1,091,887 | 4,233,990 | 3,939,673 |
Financial services | 0 | 0 | 0 | 0 |
Total revenue | 1,183,016 | 1,091,887 | 4,233,990 | 3,939,673 |
Motorcycles and related products cost of goods sold | 763,969 | 711,364 | 2,688,371 | 2,533,453 |
Financial services interest expense | 0 | 0 | 0 | 0 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Selling, administrative and engineering expense | 240,593 | 224,393 | 730,664 | 709,240 |
Restructuring (benefit) expense | 646 | 9,170 | -1,713 | 26,841 |
Total costs and expenses | 1,005,208 | 944,927 | 3,417,322 | 3,269,534 |
Operating income | 177,808 | 146,960 | 816,668 | 670,139 |
Investment income | 1,161 | 1,447 | 189,546 | 230,611 |
Interest expense | 11,369 | 11,438 | 33,998 | 34,528 |
Income before provision for income taxes | 167,600 | 136,969 | 972,216 | 866,222 |
Provision for income taxes | 51,721 | 47,859 | 265,278 | 224,854 |
Net Income | 115,879 | 89,110 | 706,938 | 641,368 |
Financial Services Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Motorcycles and related products | 0 | 0 | 0 | 0 |
Financial services | 163,829 | 161,438 | 484,461 | 478,187 |
Total revenue | 163,829 | 161,438 | 484,461 | 478,187 |
Motorcycles and related products cost of goods sold | 0 | 0 | 0 | 0 |
Financial services interest expense | 39,944 | 46,231 | 126,004 | 146,199 |
Provision for credit losses | 14,604 | 9,069 | 39,011 | 12,823 |
Selling, administrative and engineering expense | 35,550 | 35,996 | 104,448 | 105,231 |
Restructuring (benefit) expense | 0 | 0 | 0 | 0 |
Total costs and expenses | 90,098 | 91,296 | 269,463 | 264,253 |
Operating income | 73,731 | 70,142 | 214,998 | 213,934 |
Investment income | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Income before provision for income taxes | 73,731 | 70,142 | 214,998 | 213,934 |
Provision for income taxes | 26,894 | 25,251 | 78,352 | 77,016 |
Net Income | 46,837 | 44,891 | 136,646 | 136,918 |
Eliminations & Adjustments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Motorcycles and related products | -2,732 | -2,619 | -7,992 | -7,989 |
Financial services | -395 | -411 | -1,221 | -225 |
Total revenue | -3,127 | -3,030 | -9,213 | -8,214 |
Motorcycles and related products cost of goods sold | 0 | 0 | 0 | 0 |
Financial services interest expense | 0 | 0 | 0 | 0 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Selling, administrative and engineering expense | -3,127 | -3,030 | -9,213 | -8,214 |
Restructuring (benefit) expense | 0 | 0 | 0 | 0 |
Total costs and expenses | -3,127 | -3,030 | -9,213 | -8,214 |
Operating income | 0 | 0 | 0 | 0 |
Investment income | 0 | 0 | -185,000 | -225,000 |
Interest expense | 0 | 0 | 0 | 0 |
Income before provision for income taxes | 0 | 0 | -185,000 | -225,000 |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net Income | $0 | $0 | ($185,000) | ($225,000) |
Supplemental_Consolidating_Dat3
Supplemental Consolidating Data (Balance Sheet) (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $1,029,955 | $1,068,138 | $1,795,141 | $1,526,950 |
Marketable securities | 122,234 | 135,634 | 136,376 | ' |
Accounts receivable, net | 290,158 | 230,079 | 256,193 | ' |
Finance receivables, net | 1,829,612 | 1,743,045 | 1,726,061 | ' |
Inventories | 401,199 | 393,524 | 379,129 | ' |
Restricted cash | 194,329 | 188,008 | 217,400 | ' |
Other current assets | 225,188 | 292,508 | 237,396 | ' |
Total current assets | 4,092,675 | 4,050,936 | 4,747,696 | ' |
Finance receivables, net | 4,355,278 | 4,038,807 | 4,189,606 | ' |
Property, plant and equipment, net | 795,235 | 815,464 | 764,835 | ' |
Goodwill | 30,041 | 29,530 | 28,928 | ' |
Other long-term assets | 210,779 | 236,036 | 284,118 | ' |
Total assets | 9,484,008 | 9,170,773 | 10,015,183 | ' |
Accounts payable | 326,713 | 257,386 | 293,710 | ' |
Accrued liabilities | 539,227 | 513,591 | 606,078 | ' |
Short-term debt | 394,460 | 294,943 | 404,693 | ' |
Long-term Debt, Current Maturities | 721,316 | 437,162 | 997,194 | ' |
Total current liabilities | 1,981,716 | 1,503,082 | 2,301,675 | ' |
Long-term debt | 4,067,733 | 4,370,544 | 4,472,413 | ' |
Pension liability | 144,563 | 330,294 | 125,664 | ' |
Postretirement healthcare benefits | 267,919 | 278,062 | 261,564 | ' |
Other long-term liabilities | 140,230 | 131,167 | 150,504 | ' |
Total shareholders' equity | 2,881,847 | 2,557,624 | 2,703,363 | ' |
Total liabilities and shareholders' equity | 9,484,008 | 9,170,773 | 10,015,183 | ' |
Motorcycles And Related Products Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 652,961 | 727,716 | 1,048,429 | 943,330 |
Marketable securities | 122,234 | 135,634 | 136,376 | ' |
Accounts receivable, net | 1,228,320 | 781,642 | 623,021 | ' |
Finance receivables, net | 0 | 0 | 0 | ' |
Inventories | 401,199 | 393,524 | 379,129 | ' |
Restricted cash | 0 | 0 | 0 | ' |
Other current assets | 160,538 | 230,905 | 177,278 | ' |
Total current assets | 2,565,252 | 2,269,421 | 2,364,233 | ' |
Finance receivables, net | 0 | 0 | 0 | ' |
Property, plant and equipment, net | 763,469 | 783,068 | 735,719 | ' |
Goodwill | 30,041 | 29,530 | 28,928 | ' |
Other long-term assets | 272,490 | 292,764 | 338,987 | ' |
Total assets | 3,631,252 | 3,374,783 | 3,467,867 | ' |
Accounts payable | 276,197 | 221,064 | 251,755 | ' |
Accrued liabilities | 455,393 | 439,144 | 521,867 | ' |
Short-term debt | 0 | 0 | 0 | ' |
Long-term Debt, Current Maturities | 303,000 | 0 | 0 | ' |
Total current liabilities | 1,034,590 | 660,208 | 773,622 | ' |
Long-term debt | 0 | 303,000 | 303,000 | ' |
Pension liability | 144,563 | 330,294 | 125,664 | ' |
Postretirement healthcare benefits | 267,919 | 278,062 | 261,564 | ' |
Other long-term liabilities | 121,003 | 114,476 | 134,509 | ' |
Total shareholders' equity | 2,063,177 | 1,688,743 | 1,869,508 | ' |
Total liabilities and shareholders' equity | 3,631,252 | 3,374,783 | 3,467,867 | ' |
Financial Services Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 376,994 | 340,422 | 746,712 | 583,620 |
Marketable securities | 0 | 0 | 0 | ' |
Accounts receivable, net | 0 | 0 | 0 | ' |
Finance receivables, net | 1,829,612 | 1,743,045 | 1,726,061 | ' |
Inventories | 0 | 0 | 0 | ' |
Restricted cash | 194,329 | 188,008 | 217,400 | ' |
Other current assets | 64,650 | 57,609 | 60,118 | ' |
Total current assets | 2,465,585 | 2,329,084 | 2,750,291 | ' |
Finance receivables, net | 4,355,278 | 4,038,807 | 4,189,606 | ' |
Property, plant and equipment, net | 31,766 | 32,396 | 29,116 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other long-term assets | 14,804 | 19,468 | 20,193 | ' |
Total assets | 6,867,433 | 6,419,755 | 6,989,206 | ' |
Accounts payable | 988,678 | 587,885 | 408,783 | ' |
Accrued liabilities | 86,003 | 74,447 | 87,936 | ' |
Short-term debt | 394,460 | 294,943 | 404,693 | ' |
Long-term Debt, Current Maturities | 418,316 | 437,162 | 997,194 | ' |
Total current liabilities | 1,887,457 | 1,394,437 | 1,898,606 | ' |
Long-term debt | 4,067,733 | 4,067,544 | 4,169,413 | ' |
Pension liability | 0 | 0 | 0 | ' |
Postretirement healthcare benefits | 0 | 0 | 0 | ' |
Other long-term liabilities | 19,227 | 16,691 | 15,995 | ' |
Total shareholders' equity | 893,016 | 941,083 | 905,192 | ' |
Total liabilities and shareholders' equity | 6,867,433 | 6,419,755 | 6,989,206 | ' |
Eliminations & Adjustments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | 0 | 0 | 0 | ' |
Accounts receivable, net | -938,162 | -551,563 | -366,828 | ' |
Finance receivables, net | 0 | 0 | 0 | ' |
Inventories | 0 | 0 | 0 | ' |
Restricted cash | 0 | 0 | 0 | ' |
Other current assets | 0 | 3,994 | 0 | ' |
Total current assets | -938,162 | -547,569 | -366,828 | ' |
Finance receivables, net | 0 | 0 | 0 | ' |
Property, plant and equipment, net | 0 | 0 | 0 | ' |
Goodwill | 0 | 0 | 0 | ' |
Other long-term assets | -76,515 | -76,196 | -75,062 | ' |
Total assets | -1,014,677 | -623,765 | -441,890 | ' |
Accounts payable | -938,162 | -551,563 | -366,828 | ' |
Accrued liabilities | -2,169 | 0 | -3,725 | ' |
Short-term debt | 0 | 0 | 0 | ' |
Long-term Debt, Current Maturities | 0 | 0 | 0 | ' |
Total current liabilities | -940,331 | -551,563 | -370,553 | ' |
Long-term debt | 0 | 0 | 0 | ' |
Pension liability | 0 | 0 | 0 | ' |
Postretirement healthcare benefits | 0 | 0 | 0 | ' |
Other long-term liabilities | 0 | 0 | 0 | ' |
Total shareholders' equity | -74,346 | -72,202 | -71,337 | ' |
Total liabilities and shareholders' equity | ($1,014,677) | ($623,765) | ($441,890) | ' |
Supplemental_Consolidating_Dat4
Supplemental Consolidating Data (Cash Flows) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' | ' |
Net Income | $162,716 | $134,001 | $658,584 | $553,286 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation | ' | ' | 122,658 | 127,443 |
Amortization of deferred loan origination costs | ' | ' | 63,548 | 58,438 |
Amortization of financing origination fees | ' | ' | 6,994 | 7,462 |
Provision for employee long-term benefits | ' | ' | 50,158 | 50,348 |
Contributions to pension and postretirement plans | ' | ' | -197,243 | -220,733 |
Stock compensation expense | ' | ' | 31,030 | 30,287 |
Net change in wholesale finance receivables related to sales | ' | ' | -71,869 | 5,570 |
Provision for credit losses | 14,604 | 9,069 | 39,011 | 12,823 |
Gains (Losses) on Extinguishment of Debt | ' | ' | 4,947 | 0 |
Foreign currency adjustments | ' | ' | 12,874 | 8,692 |
Other, net | ' | ' | -63 | 9,411 |
Changes in current assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | ' | ' | -65,835 | -37,904 |
Finance receivables-accrued interest and other | ' | ' | 937 | 1,597 |
Inventories | ' | ' | -19,233 | 36,463 |
Accounts payable and accrued liabilities | ' | ' | 142,277 | 99,642 |
Restructuring reserves | ' | ' | -24,521 | -9,177 |
Derivative instruments | ' | ' | -1,818 | 611 |
Other | ' | ' | 72,667 | -21,761 |
Total adjustments | ' | ' | 166,519 | 159,212 |
Net cash provided by operating activities | ' | ' | 825,103 | 712,498 |
Cash flows from investing activities: | ' | ' | ' | ' |
Capital expenditures | ' | ' | -111,690 | -95,329 |
Origination of finance receivables | ' | ' | -2,617,100 | -2,328,653 |
Collections of finance receivables | ' | ' | 2,170,919 | 2,131,025 |
Purchases of marketable securities | ' | ' | -4,998 | -4,993 |
Sales and redemptions of marketable securities | ' | ' | 17,105 | 23,046 |
Other | ' | ' | 6,721 | 0 |
Net cash used by investing activities | ' | ' | -539,043 | -274,904 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | 0 | -993,737 |
Repayments of medium-term notes | ' | ' | -27,858 | 0 |
Loan to HDFS | ' | ' | 0 | ' |
Proceeds from securitization of debt | ' | ' | 647,516 | 763,895 |
Repayments of securitization debt | ' | ' | -650,424 | -1,161,592 |
Net decrease in credit facilities and unsecured commercial paper | ' | ' | 99,416 | -634,874 |
Borrowings of asset-backed commercial paper | ' | ' | 69,555 | 182,131 |
Repayments of asset-backed commercial paper | ' | ' | -58,990 | -6,538 |
Net change in restricted cash | ' | ' | -6,321 | 12,255 |
Dividends paid | ' | ' | -140,772 | -106,560 |
Purchase of common stock for treasury | ' | ' | -302,196 | -257,981 |
Excess tax benefits from share based payments | ' | ' | 18,444 | 16,390 |
Issuance of common stock under employee stock option plans | ' | ' | 39,145 | 36,342 |
Net cash used by financing activities | ' | ' | -312,485 | -162,795 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -11,758 | -6,608 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -38,183 | 268,191 |
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | 1,068,138 | 1,526,950 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -38,183 | 268,191 |
Cash and cash equivalents—end of period | 1,029,955 | 1,795,141 | 1,029,955 | 1,795,141 |
Motorcycles And Related Products Operations [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Net Income | 115,879 | 89,110 | 706,938 | 641,368 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation | ' | ' | 118,224 | 122,570 |
Amortization of deferred loan origination costs | ' | ' | 0 | 0 |
Amortization of financing origination fees | ' | ' | 355 | 355 |
Provision for employee long-term benefits | ' | ' | 50,158 | 48,808 |
Contributions to pension and postretirement plans | ' | ' | -197,243 | -220,733 |
Stock compensation expense | ' | ' | 28,886 | 27,881 |
Net change in wholesale finance receivables related to sales | ' | ' | 0 | 0 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Gains (Losses) on Extinguishment of Debt | ' | ' | 0 | ' |
Foreign currency adjustments | ' | ' | 12,874 | 8,692 |
Other, net | ' | ' | 207 | 2,252 |
Changes in current assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | ' | ' | -302,434 | -230,156 |
Finance receivables-accrued interest and other | ' | ' | 0 | 0 |
Inventories | ' | ' | -19,233 | 36,463 |
Accounts payable and accrued liabilities | ' | ' | 113,902 | 86,513 |
Restructuring reserves | ' | ' | -24,521 | -9,177 |
Derivative instruments | ' | ' | -1,790 | 739 |
Other | ' | ' | 74,205 | -19,550 |
Total adjustments | ' | ' | -146,410 | -145,343 |
Net cash provided by operating activities | ' | ' | 560,528 | 496,025 |
Cash flows from investing activities: | ' | ' | ' | ' |
Capital expenditures | ' | ' | -107,886 | -91,469 |
Origination of finance receivables | ' | ' | 0 | 0 |
Collections of finance receivables | ' | ' | 0 | 0 |
Purchases of marketable securities | ' | ' | -4,998 | -4,993 |
Sales and redemptions of marketable securities | ' | ' | 17,105 | 23,046 |
Other | ' | ' | 6,721 | ' |
Net cash used by investing activities | ' | ' | -89,058 | -73,416 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | ' | 0 |
Repayments of medium-term notes | ' | ' | 0 | ' |
Loan to HDFS | ' | ' | -150,000 | ' |
Proceeds from securitization of debt | ' | ' | 0 | 0 |
Repayments of securitization debt | ' | ' | 0 | 0 |
Net decrease in credit facilities and unsecured commercial paper | ' | ' | 0 | 0 |
Borrowings of asset-backed commercial paper | ' | ' | 0 | 0 |
Repayments of asset-backed commercial paper | ' | ' | 0 | 0 |
Net change in restricted cash | ' | ' | 0 | 0 |
Dividends paid | ' | ' | -140,772 | -106,560 |
Purchase of common stock for treasury | ' | ' | -302,196 | -257,981 |
Excess tax benefits from share based payments | ' | ' | 18,444 | 16,390 |
Issuance of common stock under employee stock option plans | ' | ' | 39,145 | 36,342 |
Net cash used by financing activities | ' | ' | -535,379 | -311,809 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -10,846 | -5,701 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -74,755 | 105,099 |
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | 727,716 | 943,330 |
Net increase (decrease) in cash and cash equivalents | ' | ' | -74,755 | 105,099 |
Cash and cash equivalents—end of period | 652,961 | 1,048,429 | 652,961 | 1,048,429 |
Financial Services Operations [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Net Income | 46,837 | 44,891 | 136,646 | 136,918 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation | ' | ' | 4,434 | 4,873 |
Amortization of deferred loan origination costs | ' | ' | 63,548 | 58,438 |
Amortization of financing origination fees | ' | ' | 6,639 | 7,107 |
Provision for employee long-term benefits | ' | ' | 0 | 1,540 |
Contributions to pension and postretirement plans | ' | ' | 0 | 0 |
Stock compensation expense | ' | ' | 2,144 | 2,406 |
Net change in wholesale finance receivables related to sales | ' | ' | 0 | 0 |
Provision for credit losses | 14,604 | 9,069 | 39,011 | 12,823 |
Gains (Losses) on Extinguishment of Debt | ' | ' | 4,947 | ' |
Foreign currency adjustments | ' | ' | 0 | 0 |
Other, net | ' | ' | -270 | 7,159 |
Changes in current assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | ' | ' | 0 | 0 |
Finance receivables-accrued interest and other | ' | ' | 937 | 1,597 |
Inventories | ' | ' | 0 | 0 |
Accounts payable and accrued liabilities | ' | ' | 264,974 | 205,381 |
Restructuring reserves | ' | ' | 0 | 0 |
Derivative instruments | ' | ' | -28 | -128 |
Other | ' | ' | -1,538 | -2,211 |
Total adjustments | ' | ' | 384,798 | 298,985 |
Net cash provided by operating activities | ' | ' | 521,444 | 435,903 |
Cash flows from investing activities: | ' | ' | ' | ' |
Capital expenditures | ' | ' | -3,804 | -3,860 |
Origination of finance receivables | ' | ' | -5,832,489 | -5,315,732 |
Collections of finance receivables | ' | ' | 5,314,439 | 5,123,674 |
Purchases of marketable securities | ' | ' | 0 | 0 |
Sales and redemptions of marketable securities | ' | ' | 0 | 0 |
Other | ' | ' | 0 | ' |
Net cash used by investing activities | ' | ' | -521,854 | -195,918 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | ' | -993,737 |
Repayments of medium-term notes | ' | ' | -27,858 | ' |
Loan to HDFS | ' | ' | 150,000 | ' |
Proceeds from securitization of debt | ' | ' | 647,516 | 763,895 |
Repayments of securitization debt | ' | ' | -650,424 | -1,161,592 |
Net decrease in credit facilities and unsecured commercial paper | ' | ' | 99,416 | -634,874 |
Borrowings of asset-backed commercial paper | ' | ' | 69,555 | 182,131 |
Repayments of asset-backed commercial paper | ' | ' | -58,990 | 6,538 |
Net change in restricted cash | ' | ' | -6,321 | 12,255 |
Dividends paid | ' | ' | -185,000 | -225,000 |
Purchase of common stock for treasury | ' | ' | 0 | 0 |
Excess tax benefits from share based payments | ' | ' | 0 | 0 |
Issuance of common stock under employee stock option plans | ' | ' | 0 | 0 |
Net cash used by financing activities | ' | ' | 37,894 | -75,986 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | -912 | -907 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 36,572 | 163,092 |
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | 340,422 | 583,620 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 36,572 | 163,092 |
Cash and cash equivalents—end of period | 376,994 | 746,712 | 376,994 | 746,712 |
Eliminations & Adjustments [Member] | ' | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' | ' |
Net Income | 0 | 0 | -185,000 | -225,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Depreciation | ' | ' | 0 | 0 |
Amortization of deferred loan origination costs | ' | ' | ' | 0 |
Amortization of financing origination fees | ' | ' | 0 | 0 |
Provision for employee long-term benefits | ' | ' | 0 | 0 |
Contributions to pension and postretirement plans | ' | ' | 0 | 0 |
Stock compensation expense | ' | ' | 0 | 0 |
Net change in wholesale finance receivables related to sales | ' | ' | -71,869 | 5,570 |
Provision for credit losses | 0 | 0 | 0 | 0 |
Gains (Losses) on Extinguishment of Debt | ' | ' | 0 | ' |
Foreign currency adjustments | ' | ' | 0 | 0 |
Other, net | ' | ' | 0 | 0 |
Changes in current assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | ' | ' | 236,599 | 192,252 |
Finance receivables-accrued interest and other | ' | ' | 0 | 0 |
Inventories | ' | ' | 0 | 0 |
Accounts payable and accrued liabilities | ' | ' | -236,599 | -192,252 |
Restructuring reserves | ' | ' | 0 | 0 |
Derivative instruments | ' | ' | 0 | 0 |
Other | ' | ' | 0 | 0 |
Total adjustments | ' | ' | -71,869 | 5,570 |
Net cash provided by operating activities | ' | ' | -256,869 | -219,430 |
Cash flows from investing activities: | ' | ' | ' | ' |
Capital expenditures | ' | ' | 0 | 0 |
Origination of finance receivables | ' | ' | 3,215,389 | 2,987,079 |
Collections of finance receivables | ' | ' | -3,143,520 | -2,992,649 |
Purchases of marketable securities | ' | ' | 0 | 0 |
Sales and redemptions of marketable securities | ' | ' | 0 | 0 |
Other | ' | ' | 0 | ' |
Net cash used by investing activities | ' | ' | 71,869 | -5,570 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | ' | 0 |
Repayments of medium-term notes | ' | ' | 0 | ' |
Loan to HDFS | ' | ' | 0 | ' |
Proceeds from securitization of debt | ' | ' | 0 | 0 |
Repayments of securitization debt | ' | ' | 0 | 0 |
Net decrease in credit facilities and unsecured commercial paper | ' | ' | 0 | 0 |
Borrowings of asset-backed commercial paper | ' | ' | 0 | 0 |
Repayments of asset-backed commercial paper | ' | ' | 0 | 0 |
Net change in restricted cash | ' | ' | 0 | 0 |
Dividends paid | ' | ' | 185,000 | 225,000 |
Purchase of common stock for treasury | ' | ' | 0 | 0 |
Excess tax benefits from share based payments | ' | ' | 0 | 0 |
Issuance of common stock under employee stock option plans | ' | ' | 0 | 0 |
Net cash used by financing activities | ' | ' | 185,000 | 225,000 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 0 | 0 |
Cash and cash equivalents: | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | ' | ' | 0 | 0 |
Cash and cash equivalents—end of period | $0 | $0 | $0 | $0 |