Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2015 | 1-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HARLEY DAVIDSON INC | |
Entity Central Index Key | 793952 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 29-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 208,135,149 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Revenue: | ||
Motorcycles and Related Products | $1,510,570 | $1,571,688 |
Financial Services | 162,375 | 154,360 |
Total revenue | 1,672,945 | 1,726,048 |
Costs and expenses: | ||
Motorcycles and Related Products cost of goods sold | 920,295 | 979,557 |
Financial Services interest expense | 38,536 | 38,857 |
Financial Services provision for credit losses | 26,247 | 20,331 |
Selling, administrative and engineering expense | 277,749 | 276,421 |
Total costs and expenses | 1,262,827 | 1,315,166 |
Operating income | 410,118 | 410,882 |
Investment income | 1,322 | 1,659 |
Interest expense | 9 | 3,677 |
Income before provision for income taxes | 411,431 | 408,864 |
Provision for income taxes | 141,577 | 142,947 |
Net income | $269,854 | $265,917 |
Earnings per common share: | ||
Basic (in dollars per share) | $1.28 | $1.21 |
Diluted (in dollars per share) | $1.27 | $1.21 |
Cash dividends per common share (in dollars per share) | $0.31 | $0.28 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $269,854 | $265,917 |
Other comprehensive (loss) income, net of tax | ||
Foreign currency translation adjustments | -27,021 | 2,948 |
Derivative financial instruments | 11,072 | -227 |
Marketable securities | -67 | -42 |
Pension and postretirement benefit plans | 8,798 | 6,068 |
Total other comprehensive (loss) income, net of tax | -7,218 | 8,747 |
Comprehensive income | $262,636 | $274,664 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $1,168,724 | $906,680 | $935,820 |
Available-for-sale Securities, Current | 57,219 | 57,325 | 92,940 |
Accounts receivable, net | 280,497 | 247,621 | 324,979 |
Finance receivables, net | 2,357,993 | 1,916,635 | 2,223,199 |
Inventories | 480,941 | 448,871 | 449,044 |
Restricted cash | 120,428 | 98,627 | 117,883 |
Deferred Tax Assets, Net, Current | 83,519 | 89,916 | 89,070 |
Other current assets | 164,484 | 182,420 | 127,536 |
Total current assets | 4,713,805 | 3,948,095 | 4,360,471 |
Finance receivables, net | 4,490,599 | 4,516,246 | 4,214,496 |
Property, plant and equipment, net | 873,518 | 883,077 | 823,061 |
Prepaid Pension Costs | 0 | 0 | 250,575 |
Goodwill | 25,632 | 27,752 | 30,427 |
Deferred Tax Assets, Net, Noncurrent | 72,176 | 77,835 | 3,023 |
Other long-term assets | 88,094 | 75,092 | 47,738 |
Total assets | 10,263,824 | 9,528,097 | 9,729,791 |
Current liabilities: | |||
Accounts payable | 440,920 | 196,868 | 454,366 |
Accrued liabilities | 497,027 | 449,317 | 566,755 |
Short-term debt | 70,329 | 731,786 | 974,153 |
Current portion of long-term debt | 1,500,611 | 1,011,315 | 848,840 |
Total current liabilities | 2,508,887 | 2,389,286 | 2,844,114 |
Long-term debt | 4,357,538 | 3,761,528 | 3,271,648 |
Pension liability | 71,263 | 76,186 | 37,261 |
Postretirement healthcare liability | 199,645 | 203,006 | 212,887 |
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | 35,973 |
Other long-term liabilities | 190,651 | 188,805 | 168,073 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Preferred stock, none issued | 0 | 0 | 0 |
Common stock | 3,445 | 3,442 | 3,435 |
Additional paid-in-capital | 1,286,991 | 1,265,257 | 1,198,655 |
Retained earnings | 8,663,427 | 8,459,040 | 8,058,119 |
Accumulated other comprehensive loss | -522,161 | -514,943 | -323,929 |
Treasury stock, at cost | -6,495,862 | -6,303,510 | -5,776,445 |
Total shareholders' equity | 2,935,840 | 2,909,286 | 3,159,835 |
Total liabilities and shareholders' equity | 10,263,824 | 9,528,097 | 9,729,791 |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Current assets: | |||
Finance receivables, net | 364,936 | 312,645 | 274,797 |
Restricted cash | 138,574 | 110,017 | 105,536 |
Other current assets | 3,754 | 3,409 | 3,387 |
Finance receivables, net | 1,511,659 | 1,113,801 | 922,060 |
Current liabilities: | |||
Current portion of long-term debt | 414,665 | 366,889 | 309,250 |
Long-term debt | 1,356,112 | 904,644 | 787,383 |
Commercial Paper [Member] | |||
Current liabilities: | |||
Short-term debt | $70,329 | $731,786 | $974,153 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $174,700 | $203,586 |
Cash flows from investing activities: | ||
Capital expenditures | -38,069 | -25,881 |
Origination of finance receivables | -752,404 | -757,965 |
Collections on finance receivables | 729,666 | 707,431 |
Sales and redemptions of marketable securities | 0 | 6,001 |
Other | 9 | 51 |
Net cash used by investing activities | -60,798 | -70,363 |
Cash flows from financing activities: | ||
Repayments of Unsecured Debt | 0 | -303,000 |
Proceeds from Issuance of Medium-term Notes | 595,386 | 0 |
Proceeds from Securitization Debt | 697,591 | 0 |
Repayments of Securitization Debt | 200,695 | 159,938 |
Proceeds from (Repayments of) Credit Facility and Other Unsecured Debt | -661,241 | 307,803 |
Borrowings of asset-backed commercial paper | 16,798 | 13,746 |
Repayments of asset-backed commercial paper | -15,744 | -16,981 |
Net change in restricted cash | -28,579 | 26,924 |
Dividends paid | -65,467 | -60,527 |
Purchase of common stock for treasury | -192,700 | -87,690 |
Excess tax benefits from share-based payments | 2,207 | 4,763 |
Issuance of common stock under employee stock option plans | 9,605 | 8,894 |
Net cash provided by (used by) financing activities | 157,161 | -266,006 |
Effect of exchange rate changes on cash and cash equivalents | -9,019 | 1,991 |
Net increase (decrease) in cash and cash equivalents | 262,044 | -130,792 |
Cash and cash equivalents: | ||
Cash and cash equivalents—beginning of period | 906,680 | 1,066,612 |
Net increase (decrease) in cash and cash equivalents | 262,044 | -130,792 |
Cash and cash equivalents—end of period | 1,168,724 | 935,820 |
Financial Services Operations [Member] | ||
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | 509,069 | 480,697 |
Cash flows from investing activities: | ||
Capital expenditures | -829 | -1,190 |
Origination of finance receivables | -2,008,170 | -1,992,601 |
Collections on finance receivables | 1,519,934 | 1,502,645 |
Sales and redemptions of marketable securities | 0 | |
Other | 0 | 0 |
Net cash used by investing activities | -489,065 | -491,146 |
Cash flows from financing activities: | ||
Repayments of Unsecured Debt | 0 | |
Proceeds from Issuance of Medium-term Notes | 595,386 | |
Proceeds from Securitization Debt | 697,591 | |
Repayments of Securitization Debt | 200,695 | 159,938 |
Proceeds from (Repayments of) Credit Facility and Other Unsecured Debt | -661,241 | 307,803 |
Repayments of asset-backed commercial paper | -16,981 | |
Net change in restricted cash | -28,579 | 26,924 |
Dividends paid | -100,000 | -120,000 |
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 provided by (used by) financing activities | 53,516 | 51,554 |
Effect of exchange rate changes on cash and cash equivalents | -1,756 | -1,277 |
Net increase (decrease) in cash and cash equivalents | 71,764 | 39,828 |
Cash and cash equivalents: | ||
Cash and cash equivalents—beginning of period | 332,785 | 347,700 |
Net increase (decrease) in cash and cash equivalents | 71,764 | 39,828 |
Cash and cash equivalents—end of period | 404,549 | 387,528 |
Consolidation, Eliminations [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Issuance of Medium-term Notes | 0 | |
Motorcycles And Related Products Operations [Member] | ||
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | 231,129 | 282,311 |
Cash flows from investing activities: | ||
Capital expenditures | -37,240 | -24,691 |
Origination of finance receivables | 0 | 0 |
Collections on finance receivables | 0 | 0 |
Sales and redemptions of marketable securities | 6,001 | |
Other | 9 | 51 |
Net cash used by investing activities | -37,231 | -18,639 |
Cash flows from financing activities: | ||
Repayments of Unsecured Debt | -303,000 | |
Proceeds from Issuance of Medium-term Notes | 0 | |
Proceeds from Securitization Debt | 0 | |
Repayments of Securitization Debt | 0 | 0 |
Proceeds from (Repayments of) Credit Facility and Other Unsecured Debt | 0 | 0 |
Repayments of asset-backed commercial paper | 0 | |
Net change in restricted cash | 0 | 0 |
Dividends paid | -65,467 | -60,527 |
Purchase of common stock for treasury | -192,700 | -87,690 |
Excess tax benefits from share-based payments | 2,207 | 4,763 |
Issuance of common stock under employee stock option plans | 9,605 | 8,894 |
Net cash provided by (used by) financing activities | 3,645 | -437,560 |
Effect of exchange rate changes on cash and cash equivalents | -7,263 | 3,268 |
Net increase (decrease) in cash and cash equivalents | 190,280 | -170,620 |
Cash and cash equivalents: | ||
Cash and cash equivalents—beginning of period | 573,895 | 718,912 |
Net increase (decrease) in cash and cash equivalents | 190,280 | -170,620 |
Cash and cash equivalents—end of period | $764,175 | $548,292 |
Basis_Of_Presentation_And_Use_
Basis Of Presentation And Use Of Estimates | 3 Months Ended |
Mar. 29, 2015 | |
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 groups 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 March 29, 2015 and March 30, 2014, the condensed consolidated statements of income for the three month periods then ended, the condensed consolidated statements of comprehensive income for the three month periods then ended and the condensed consolidated statements of cash flows for the three 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, 2014. | |
The Company operates in two principal reportable segments: Motorcycles & Related Products (Motorcycles) and 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 | 3 Months Ended |
Mar. 29, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | New Accounting Standards |
Accounting Standards Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers (ASU No. 2014-09). ASU No. 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company is required to adopt ASU No. 2014-09 for fiscal years beginning after December 15, 2016 and for interim periods therein. The Company is currently evaluating the impact of adoption. In April 2015, the FASB proposed a one-year deferral of the effective date for its new revenue standard for public and nonpublic entities reporting under GAAP. Under the proposal, the standard would be effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods therein. | |
In February 2015, the FASB issued ASU No. 2015-02 Amendments to the Consolidation Analysis (ASU 2015-02). ASU No. 2015-02 amends the guidance within Accounting Standards Codification (ASC) Topic 810, "Consolidation,” to change the analysis that a reporting entity must perform to determine whether it should consolidate certain legal entities. The Company is required to adopt ASU No, 2015-02 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company believes the adoption of ASU No. 2015-02 will not have an impact its financial results, the adoption of ASU No. 2015-02 will only impact the content of the current disclosure. | |
In April 2015, the FASB issued ASU No. 2015-03 Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU No. 2015-03 amends the guidance within ASC Topic 835, "Interest", to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt premiums and discounts. The Company is required to adopt ASU No, 2015-03 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015 on a retrospective basis. Upon adoption, the Company will reclassify its debt issuance costs from other assets to debt on the balance sheet. At March 29, 2015, the Company had $19.1 million of debt issuance costs recorded as assets on the balance sheet. |
Additional_Balance_Sheet_and_C
Additional Balance Sheet and Cash Flow Information | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
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): | ||||||||||||
March 29, | December 31, | March 30, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Available-for-sale: Corporate bonds | $ | 57,219 | $ | 57,325 | $ | 92,940 | ||||||
Trading securities: Mutual funds | 37,667 | 33,815 | 33,182 | |||||||||
$ | 94,886 | $ | 91,140 | $ | 126,122 | |||||||
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 three months of 2015 and 2014, the Company recognized gross unrealized losses of approximately $106,000 and $67,000, respectively, or $67,000 and $42,000 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 25 months. | ||||||||||||
The Company's trading securities relate to investments held by the Company to fund certain deferred compensation obligations. The trading securities are carried at fair value with gains and losses recorded in net income and investments are included in other long-term assets on the consolidated balance sheets. | ||||||||||||
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): | ||||||||||||
March 29, | December 31, | March 30, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Components at the lower of FIFO cost or market | ||||||||||||
Raw materials and work in process | $ | 153,734 | $ | 151,254 | $ | 141,381 | ||||||
Motorcycle finished goods | 253,922 | 230,309 | 222,649 | |||||||||
Parts and accessories and general merchandise | 123,187 | 117,210 | 133,740 | |||||||||
Inventory at lower of FIFO cost or market | 530,843 | 498,773 | 497,770 | |||||||||
Excess of FIFO over LIFO cost | (49,902 | ) | (49,902 | ) | (48,726 | ) | ||||||
$ | 480,941 | $ | 448,871 | $ | 449,044 | |||||||
Operating Cash Flow | ||||||||||||
The reconciliation of net income to net cash provided by operating activities is as follows (in thousands): | ||||||||||||
Three months ended | ||||||||||||
March 29, | March 30, | |||||||||||
2015 | 2014 | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 269,854 | $ | 265,917 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 46,028 | 43,398 | ||||||||||
Amortization of deferred loan origination costs | 22,932 | 22,101 | ||||||||||
Amortization of financing origination fees | 2,215 | 2,085 | ||||||||||
Provision for employee long-term benefits | 12,318 | 8,425 | ||||||||||
Contributions to pension and postretirement plans | (6,627 | ) | (6,879 | ) | ||||||||
Stock compensation expense | 8,046 | 9,239 | ||||||||||
Net change in wholesale finance receivables related to sales | (465,598 | ) | (439,422 | ) | ||||||||
Provision for credit losses | 26,247 | 20,331 | ||||||||||
Deferred income taxes | 2,820 | (474 | ) | |||||||||
Foreign currency adjustments | 18,154 | (4,172 | ) | |||||||||
Other, net | (2,507 | ) | 3,055 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable, net | (49,936 | ) | (61,217 | ) | ||||||||
Finance receivables—accrued interest and other | 2,067 | 793 | ||||||||||
Inventories | (51,934 | ) | (20,317 | ) | ||||||||
Accounts payable and accrued liabilities | 305,102 | 356,430 | ||||||||||
Derivative instruments | 399 | 1,222 | ||||||||||
Other | 35,120 | 3,071 | ||||||||||
Total adjustments | (95,154 | ) | (62,331 | ) | ||||||||
Net cash provided by operating activities | $ | 174,700 | $ | 203,586 | ||||||||
Finance_Receivables
Finance Receivables | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Finance Receivables | Finance Receivables | |||||||||||||||||||||||
The Company 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 the Company and the retail customer, unrelated to the Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and secured installment sales contracts. The Company holds either titles or liens on titles to vehicles financed by promissory notes and installment sales contracts. | ||||||||||||||||||||||||
The Company 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): | ||||||||||||||||||||||||
March 29, | December 31, | March 30, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Retail | $ | 5,576,558 | $ | 5,607,924 | $ | 5,254,133 | ||||||||||||||||||
Wholesale | 1,404,854 | 952,321 | 1,298,091 | |||||||||||||||||||||
6,981,412 | 6,560,245 | 6,552,224 | ||||||||||||||||||||||
Allowance for credit losses | (132,820 | ) | (127,364 | ) | (114,529 | ) | ||||||||||||||||||
$ | 6,848,592 | $ | 6,432,881 | $ | 6,437,695 | |||||||||||||||||||
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 March 29, 2015 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 122,025 | $ | 5,339 | $ | 127,364 | ||||||||||||||||||
Provision for credit losses | 22,543 | 3,704 | 26,247 | |||||||||||||||||||||
Charge-offs | (32,733 | ) | — | (32,733 | ) | |||||||||||||||||||
Recoveries | 11,942 | — | 11,942 | |||||||||||||||||||||
Balance, end of period | $ | 123,777 | $ | 9,043 | $ | 132,820 | ||||||||||||||||||
Three months ended March 30, 2014 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 106,063 | $ | 4,630 | $ | 110,693 | ||||||||||||||||||
Provision for credit losses | 17,208 | 3,123 | 20,331 | |||||||||||||||||||||
Charge-offs | (27,343 | ) | — | (27,343 | ) | |||||||||||||||||||
Recoveries | 10,848 | — | 10,848 | |||||||||||||||||||||
Balance, end of period | $ | 106,776 | $ | 7,753 | $ | 114,529 | ||||||||||||||||||
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. The Company performs a periodic and systematic collective evaluation of the adequacy of the retail allowance for credit losses. The Company 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-Mar-15 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 123,777 | 9,043 | 132,820 | |||||||||||||||||||||
Total allowance for credit losses | $ | 123,777 | $ | 9,043 | $ | 132,820 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,576,558 | 1,404,854 | 6,981,412 | |||||||||||||||||||||
Total finance receivables | $ | 5,576,558 | $ | 1,404,854 | $ | 6,981,412 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 122,025 | 5,339 | 127,364 | |||||||||||||||||||||
Total allowance for credit losses | $ | 122,025 | $ | 5,339 | $ | 127,364 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,607,924 | 952,321 | 6,560,245 | |||||||||||||||||||||
Total finance receivables | $ | 5,607,924 | $ | 952,321 | $ | 6,560,245 | ||||||||||||||||||
March 30, 2014 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 106,776 | 7,753 | 114,529 | |||||||||||||||||||||
Total allowance for credit losses | $ | 106,776 | $ | 7,753 | $ | 114,529 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,254,133 | 1,298,091 | 6,552,224 | |||||||||||||||||||||
Total finance receivables | $ | 5,254,133 | $ | 1,298,091 | $ | 6,552,224 | ||||||||||||||||||
There were no wholesale finance receivables at March 29, 2015, December 31, 2014, or March 30, 2014 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 March 29, 2015, December 31, 2014 and March 30, 2014, all retail finance receivables were accounted for as interest-earning receivables, of which $19.0 million, $28.7 million and $17.0 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. The Company 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 March 29, 2015, December 31, 2014 or March 30, 2014. At March 29, 2015, December 31, 2014 and March 30, 2014, $0.1 million, $0.2 million, and $0.1 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-Mar-15 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,451,248 | $ | 82,302 | $ | 24,013 | $ | 18,995 | $ | 125,310 | $ | 5,576,558 | ||||||||||||
Wholesale | 1,404,160 | 443 | 107 | 144 | 694 | 1,404,854 | ||||||||||||||||||
Total | $ | 6,855,408 | $ | 82,745 | $ | 24,120 | $ | 19,139 | $ | 126,004 | $ | 6,981,412 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,427,719 | $ | 113,007 | $ | 38,486 | $ | 28,712 | $ | 180,205 | $ | 5,607,924 | ||||||||||||
Wholesale | 951,660 | 383 | 72 | 206 | 661 | 952,321 | ||||||||||||||||||
Total | $ | 6,379,379 | $ | 113,390 | $ | 38,558 | $ | 28,918 | $ | 180,866 | $ | 6,560,245 | ||||||||||||
March 30, 2014 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,134,053 | $ | 80,344 | $ | 22,767 | $ | 16,969 | $ | 120,080 | $ | 5,254,133 | ||||||||||||
Wholesale | 1,297,761 | 144 | 96 | 90 | 330 | 1,298,091 | ||||||||||||||||||
Total | $ | 6,431,814 | $ | 80,488 | $ | 22,863 | $ | 17,059 | $ | 120,410 | $ | 6,552,224 | ||||||||||||
A significant part of managing the Company's finance receivable portfolios includes the assessment of credit risk associated with each borrower. As the credit risk varies between the retail and wholesale portfolios, the Company utilizes different credit risk indicators for each portfolio. | ||||||||||||||||||||||||
The Company manages retail credit risk through its credit approval policy and ongoing collection efforts. The Company 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-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||
Prime | $ | 4,400,440 | $ | 4,435,352 | $ | 4,128,996 | ||||||||||||||||||
Sub-prime | 1,176,118 | 1,172,572 | 1,125,137 | |||||||||||||||||||||
Total | $ | 5,576,558 | $ | 5,607,924 | $ | 5,254,133 | ||||||||||||||||||
The Company's 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. The Company 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. | ||||||||||||||||||||||||
The Company uses the following internal credit quality indicators, based on an 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-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||
Doubtful | $ | 1,523 | $ | 954 | $ | 5,508 | ||||||||||||||||||
Substandard | 21,854 | 7,025 | 3,888 | |||||||||||||||||||||
Special Mention | — | — | 10,950 | |||||||||||||||||||||
Medium Risk | 19,634 | 11,557 | 11,103 | |||||||||||||||||||||
Low Risk | 1,361,843 | 932,785 | 1,266,642 | |||||||||||||||||||||
Total | $ | 1,404,854 | $ | 952,321 | $ | 1,298,091 | ||||||||||||||||||
AssetBacked_Financing
Asset-Backed Financing | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Secured Debt [Abstract] | ||||||||||||||||||||||||
Debt Disclosure [Text Block] | Asset-Backed Financing | |||||||||||||||||||||||
The Company participates in asset-backed financing through both term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. The Company treats these transactions as secured borrowings because either they are transferred to consolidated variable interest entities (VIEs) or the Company 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 the Company's asset-backed financing programs, the Company 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. | ||||||||||||||||||||||||
The Company 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. The Company 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, the Company retains a residual interest in the VIEs in the form of a debt security, which gives the Company 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. | ||||||||||||||||||||||||
The Company is not the primary beneficiary of the asset-backed Canadian commercial paper conduit facility VIE; therefore, the Company does not consolidate this VIE. However, the Company 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 the Company are eliminated in consolidation and therefore are not recorded on a consolidated basis. The Company 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): | ||||||||||||||||||||||||
March 29, 2015 | ||||||||||||||||||||||||
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 | $ | 1,919,723 | $ | (43,128 | ) | $ | 138,574 | $ | 3,443 | $ | 2,018,612 | $ | 1,770,777 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 311 | 311 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 169,278 | (2,999 | ) | 12,057 | 398 | 178,734 | 154,035 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 2,089,001 | $ | (46,127 | ) | $ | 150,631 | $ | 4,152 | $ | 2,197,657 | $ | 1,924,812 | |||||||||||
December 31, 2014 | ||||||||||||||||||||||||
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 | $ | 1,458,602 | $ | (32,156 | ) | $ | 110,017 | $ | 2,987 | $ | 1,539,450 | $ | 1,271,533 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 422 | 422 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 185,099 | (2,965 | ) | 12,035 | 262 | 194,431 | 166,912 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 1,643,701 | $ | (35,121 | ) | $ | 122,052 | $ | 3,671 | $ | 1,734,303 | $ | 1,438,445 | |||||||||||
March 30, 2014 | ||||||||||||||||||||||||
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 | $ | 1,221,855 | $ | (24,998 | ) | $ | 105,536 | $ | 3,083 | $ | 1,305,476 | $ | 1,096,633 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 304 | 304 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 200,147 | (3,257 | ) | 12,347 | 238 | 209,475 | 164,704 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 1,422,002 | $ | (28,255 | ) | $ | 117,883 | $ | 3,625 | $ | 1,515,255 | $ | 1,261,337 | |||||||||||
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. Restricted cash 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 2015 to 2022. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company issued $700.0 million of secured notes through one term asset-backed securitization transaction. There were no term asset-backed securitization transactions during the first quarter of 2014. | ||||||||||||||||||||||||
Asset-Backed U.S. Commercial Paper Conduit Facility VIE | ||||||||||||||||||||||||
In September 2014, the Company amended and restated its facility (U.S. Conduit) with a third-party bank sponsored asset-backed commercial paper 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. Under the facility, the Company 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 generally based on prevailing commercial paper rates plus a program fee based on outstanding principal, 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 of $600.0 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 U.S. Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of the Company and the lenders, the U.S. Conduit has an expiration date of October 30, 2015. | ||||||||||||||||||||||||
The SPE had no borrowings outstanding under the U.S. Conduit at March 29, 2015, December 31, 2014 or March 30, 2014; 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 2014, the Company amended its facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase eligible Canadian retail motorcycle finance receivables for proceeds up to C$200.0 million. The transferred assets are restricted as collateral for the payment of the debt. 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 the Company and the lenders, the Canadian Conduit has an expiration date of June 30, 2015. The contractual maturity of the debt is approximately 5 years. | ||||||||||||||||||||||||
As the Company participates in and does not consolidate the Canadian bank-sponsored, multi-seller conduit VIE, the maximum exposure to loss associated with this VIE, which would only be incurred in the unlikely event that all the finance receivables and underlying collateral have no residual value, was $24.7 million at March 29, 2015. The maximum exposure is not an indication of the Company's expected loss exposure. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company transferred $19.2 million of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $16.8 million. During the first quarter of 2014, HDFS transferred $15.7 million of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $13.8 million. | ||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Debt with contractual terms less than one year is generally classified as short-term debt and consisted of the following (in thousands): | ||||||||||||||||||||||||
March 29, | December 31, | March 30, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Unsecured commercial paper | $ | 70,329 | $ | 731,786 | $ | 974,153 | ||||||||||||||||||
Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following (in thousands): | ||||||||||||||||||||||||
March 29, | December 31, | March 30, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Secured debt | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 154,035 | $ | 166,912 | $ | 164,704 | ||||||||||||||||||
Term asset-backed securitization debt | 1,770,777 | 1,271,533 | 1,096,633 | |||||||||||||||||||||
Unsecured notes | ||||||||||||||||||||||||
5.75% Medium-term notes due in 2014 ($500.0 million par value) | — | — | 499,906 | |||||||||||||||||||||
1.15% Medium-term notes due in 2015 ($600.0 million par value) | 599,886 | 599,817 | 599,612 | |||||||||||||||||||||
3.88% Medium-term notes due in 2016 ($450.0 million par value) | 449,950 | 449,937 | 449,897 | |||||||||||||||||||||
2.70% Medium-term notes due in 2017 ($400.0 million par value) | 399,967 | 399,963 | 399,950 | |||||||||||||||||||||
1.55% Medium-term notes due in 2017 ($400.0 million par value) | 399,510 | 399,464 | — | |||||||||||||||||||||
6.80% Medium-term notes due in 2018 ($888.0 million par value) | 887,424 | 887,381 | 909,786 | |||||||||||||||||||||
2.40% Medium-term notes due in 2019 ($600.0 million par value) | 597,951 | 597,836 | — | |||||||||||||||||||||
2.15% Medium-term notes due in 2020 ($600.0 million par value) | 598,649 | — | — | |||||||||||||||||||||
Gross long-term debt | 5,858,149 | 4,772,843 | 4,120,488 | |||||||||||||||||||||
Less: current portion of long-term debt | (1,500,611 | ) | (1,011,315 | ) | (848,840 | ) | ||||||||||||||||||
Long-term debt | $ | 4,357,538 | $ | 3,761,528 | $ | 3,271,648 | ||||||||||||||||||
During the first quarter of 2015, the Company issued $700.0 million of secured notes through a term asset-backed securitization transaction. The term asset-backed securitization transactions are further discussed in Note 5. There were no term asset-backed securitization transactions during the first quarter of 2014. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company issued $600.0 million of medium-term notes which mature in February 2020 and have an annual interest rate of 2.15%. There were no medium-term notes issued during the first quarter of 2014. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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 required by particular events or circumstances. In determining the 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 were 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-Mar-15 | ||||||||||||||||||||||||
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 | $ | 975,411 | $ | 510,090 | $ | 465,321 | $ | — | ||||||||||||||||
Marketable securities | 94,886 | 37,667 | 57,219 | — | ||||||||||||||||||||
Derivatives | 49,290 | — | 49,290 | — | ||||||||||||||||||||
$ | 1,119,587 | $ | 547,757 | $ | 571,830 | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 1,886 | $ | — | $ | 1,886 | $ | — | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
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 | $ | 737,024 | $ | 482,686 | $ | 254,338 | $ | — | ||||||||||||||||
Marketable securities | 91,140 | 33,815 | 57,325 | — | ||||||||||||||||||||
Derivatives | 32,244 | — | 32,244 | — | ||||||||||||||||||||
$ | 860,408 | $ | 516,501 | $ | 343,907 | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 2,027 | $ | — | $ | 2,027 | $ | — | ||||||||||||||||
March 30, 2014 | ||||||||||||||||||||||||
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 | $ | 602,421 | $ | 359,438 | $ | 242,983 | $ | — | ||||||||||||||||
Marketable securities | 126,122 | 33,182 | 92,940 | — | ||||||||||||||||||||
Derivatives | 105 | — | 105 | — | ||||||||||||||||||||
$ | 728,648 | $ | 392,620 | $ | 336,028 | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 3,681 | $ | — | $ | 3,681 | $ | — | ||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||
Repossessed inventory is recorded at the lower of cost or net realizable value through a nonrecurring fair value measurement. The nonrecurring fair value measurement represents the loss recognized to adjust the related finance receivable to the fair value of the repossessed inventory. Repossessed inventory was $14.5 million, $13.4 million and $15.2 million at March 29, 2015, December 31, 2014 and March 30, 2014, for which the fair value adjustment was $3.5 million, $5.0 million and $3.5 million at March 29, 2015, December 31, 2014 and March 30, 2014, respectively. Fair value is estimated using Level 2 inputs based on the recent market values of repossessed inventory. | ||||||||||||||||||||||||
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 exchange and commodity contracts (derivative instruments are discussed further in Note 8). | ||||||||||||||||||||||||
The following table summarizes the fair value and carrying value of the Company’s financial instruments (in thousands): | ||||||||||||||||||||||||
29-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,168,724 | $ | 1,168,724 | $ | 906,680 | $ | 906,680 | $ | 935,820 | $ | 935,820 | ||||||||||||
Marketable securities | $ | 94,886 | $ | 94,886 | $ | 91,140 | $ | 91,140 | $ | 126,122 | $ | 126,122 | ||||||||||||
Derivatives | $ | 49,290 | $ | 49,290 | $ | 32,244 | $ | 32,244 | $ | 105 | $ | 105 | ||||||||||||
Finance receivables, net | $ | 6,927,898 | $ | 6,848,592 | $ | 6,519,500 | $ | 6,432,881 | $ | 6,531,145 | $ | 6,437,695 | ||||||||||||
Restricted cash | $ | 150,631 | $ | 150,631 | $ | 122,052 | $ | 122,052 | $ | 117,883 | $ | 117,883 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 1,886 | $ | 1,886 | $ | 2,027 | $ | 2,027 | $ | 3,681 | $ | 3,681 | ||||||||||||
Unsecured commercial paper | $ | 70,329 | $ | 70,329 | $ | 731,786 | $ | 731,786 | $ | 974,153 | $ | 974,153 | ||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 154,035 | $ | 154,035 | $ | 166,912 | $ | 166,912 | $ | 164,704 | $ | 164,704 | ||||||||||||
Medium-term notes | $ | 4,176,254 | $ | 3,933,337 | $ | 3,502,536 | $ | 3,334,398 | $ | 3,060,408 | $ | 2,859,151 | ||||||||||||
Term asset-backed securitization debt | $ | 1,771,363 | $ | 1,770,777 | $ | 1,270,656 | $ | 1,271,533 | $ | 1,099,596 | $ | 1,096,633 | ||||||||||||
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Net and Accounts Payable – With the exception of certain cash equivalents, the carrying values of these items in the financial statements are based on 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 – The carrying value of marketable securities in the financial statements is based on fair value. The fair value of marketable securities is determined primarily based on quoted prices for identical instruments or on quoted market prices of similar financial assets. Fair value is based on Level 1 or Level 2 inputs. | ||||||||||||||||||||||||
Finance Receivables, Net – The carrying value of retail and wholesale finance receivables in the financial statements is amortized 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 amortized 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 – 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 foreign currency exchange and commodity contracts is determined using publicly quoted prices. Fair value is calculated using Level 2 inputs. | ||||||||||||||||||||||||
Debt – The carrying value of debt in the financial statements is generally amortized 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 was estimated based upon rates then available for debt with similar terms and remaining maturities. Fair value was 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. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value of Financial Instruments | 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 required by particular events or circumstances. In determining the 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 were 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-Mar-15 | ||||||||||||||||||||||||
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 | $ | 975,411 | $ | 510,090 | $ | 465,321 | $ | — | ||||||||||||||||
Marketable securities | 94,886 | 37,667 | 57,219 | — | ||||||||||||||||||||
Derivatives | 49,290 | — | 49,290 | — | ||||||||||||||||||||
$ | 1,119,587 | $ | 547,757 | $ | 571,830 | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 1,886 | $ | — | $ | 1,886 | $ | — | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
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 | $ | 737,024 | $ | 482,686 | $ | 254,338 | $ | — | ||||||||||||||||
Marketable securities | 91,140 | 33,815 | 57,325 | — | ||||||||||||||||||||
Derivatives | 32,244 | — | 32,244 | — | ||||||||||||||||||||
$ | 860,408 | $ | 516,501 | $ | 343,907 | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 2,027 | $ | — | $ | 2,027 | $ | — | ||||||||||||||||
March 30, 2014 | ||||||||||||||||||||||||
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 | $ | 602,421 | $ | 359,438 | $ | 242,983 | $ | — | ||||||||||||||||
Marketable securities | 126,122 | 33,182 | 92,940 | — | ||||||||||||||||||||
Derivatives | 105 | — | 105 | — | ||||||||||||||||||||
$ | 728,648 | $ | 392,620 | $ | 336,028 | $ | — | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 3,681 | $ | — | $ | 3,681 | $ | — | ||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||
Repossessed inventory is recorded at the lower of cost or net realizable value through a nonrecurring fair value measurement. The nonrecurring fair value measurement represents the loss recognized to adjust the related finance receivable to the fair value of the repossessed inventory. Repossessed inventory was $14.5 million, $13.4 million and $15.2 million at March 29, 2015, December 31, 2014 and March 30, 2014, for which the fair value adjustment was $3.5 million, $5.0 million and $3.5 million at March 29, 2015, December 31, 2014 and March 30, 2014, respectively. Fair value is estimated using Level 2 inputs based on the recent market values of repossessed inventory. | ||||||||||||||||||||||||
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 exchange and commodity contracts (derivative instruments are discussed further in Note 8). | ||||||||||||||||||||||||
The following table summarizes the fair value and carrying value of the Company’s financial instruments (in thousands): | ||||||||||||||||||||||||
29-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,168,724 | $ | 1,168,724 | $ | 906,680 | $ | 906,680 | $ | 935,820 | $ | 935,820 | ||||||||||||
Marketable securities | $ | 94,886 | $ | 94,886 | $ | 91,140 | $ | 91,140 | $ | 126,122 | $ | 126,122 | ||||||||||||
Derivatives | $ | 49,290 | $ | 49,290 | $ | 32,244 | $ | 32,244 | $ | 105 | $ | 105 | ||||||||||||
Finance receivables, net | $ | 6,927,898 | $ | 6,848,592 | $ | 6,519,500 | $ | 6,432,881 | $ | 6,531,145 | $ | 6,437,695 | ||||||||||||
Restricted cash | $ | 150,631 | $ | 150,631 | $ | 122,052 | $ | 122,052 | $ | 117,883 | $ | 117,883 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 1,886 | $ | 1,886 | $ | 2,027 | $ | 2,027 | $ | 3,681 | $ | 3,681 | ||||||||||||
Unsecured commercial paper | $ | 70,329 | $ | 70,329 | $ | 731,786 | $ | 731,786 | $ | 974,153 | $ | 974,153 | ||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 154,035 | $ | 154,035 | $ | 166,912 | $ | 166,912 | $ | 164,704 | $ | 164,704 | ||||||||||||
Medium-term notes | $ | 4,176,254 | $ | 3,933,337 | $ | 3,502,536 | $ | 3,334,398 | $ | 3,060,408 | $ | 2,859,151 | ||||||||||||
Term asset-backed securitization debt | $ | 1,771,363 | $ | 1,770,777 | $ | 1,270,656 | $ | 1,271,533 | $ | 1,099,596 | $ | 1,096,633 | ||||||||||||
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Net and Accounts Payable – With the exception of certain cash equivalents, the carrying values of these items in the financial statements are based on 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 – The carrying value of marketable securities in the financial statements is based on fair value. The fair value of marketable securities is determined primarily based on quoted prices for identical instruments or on quoted market prices of similar financial assets. Fair value is based on Level 1 or Level 2 inputs. | ||||||||||||||||||||||||
Finance Receivables, Net – The carrying value of retail and wholesale finance receivables in the financial statements is amortized 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 amortized 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 – 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 foreign currency exchange and commodity contracts is determined using publicly quoted prices. Fair value is calculated using Level 2 inputs. | ||||||||||||||||||||||||
Debt – The carrying value of debt in the financial statements is generally amortized 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 was estimated based upon rates then available for debt with similar terms and remaining maturities. Fair value was 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 | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||||||||||||||
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 6). 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 exchange contracts to mitigate the effects of these currencies’ fluctuations on earnings. The foreign currency exchange 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 exchange contracts and commodity contracts generally have maturities of less than one year. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the fair value of the Company’s derivative financial instruments (in thousands): | ||||||||||||||||||||||||||||||||||||
29-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||||||||||||||
Derivatives 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) | |||||||||||||||||||||||||||
Foreign currency contracts(c) | $ | 416,844 | $ | 49,290 | $ | 12 | $ | 339,077 | $ | 32,244 | $ | — | $ | 269,342 | $ | 5 | $ | 3,589 | ||||||||||||||||||
Commodity | 1,432 | — | 220 | 1,728 | — | 414 | 1,167 | 94 | — | |||||||||||||||||||||||||||
contracts(c) | ||||||||||||||||||||||||||||||||||||
Total | $ | 418,276 | $ | 49,290 | $ | 232 | $ | 340,805 | $ | 32,244 | $ | 414 | $ | 270,509 | $ | 99 | $ | 3,589 | ||||||||||||||||||
March 29, 2015 | December 31, 2014 | March 30, 2014 | ||||||||||||||||||||||||||||||||||
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 | $ | 11,358 | $ | — | $ | 1,654 | $ | 11,804 | $ | — | $ | 1,613 | $ | 9,348 | $ | 6 | $ | 92 | ||||||||||||||||||
$ | 11,358 | $ | — | $ | 1,654 | $ | 11,804 | $ | — | $ | 1,613 | $ | 9,348 | $ | 6 | $ | 92 | |||||||||||||||||||
(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) Recognized in OCI, before tax | ||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | March 29, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 32,668 | $ | (1,438 | ) | |||||||||||||||||||||||||||||||
Commodity contracts | (120 | ) | 215 | |||||||||||||||||||||||||||||||||
Total | $ | 32,548 | $ | (1,223 | ) | |||||||||||||||||||||||||||||||
Amount of Gain/(Loss) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||||||
Three months ended | Expected to be Reclassified | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges | March 29, | March 30, | Over the Next Twelve Months | |||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Foreign currency contracts(a) | $ | 15,276 | $ | (1,058 | ) | $ | 48,050 | |||||||||||||||||||||||||||||
Commodity contracts(a) | (315 | ) | 196 | (220 | ) | |||||||||||||||||||||||||||||||
Total | $ | 14,961 | $ | (862 | ) | $ | 47,830 | |||||||||||||||||||||||||||||
(a) | Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold. | |||||||||||||||||||||||||||||||||||
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) Recognized in Income on Derivative | ||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||
Derivatives Not Designated As Hedges | March 29, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Commodity contracts(a) | $ | (540 | ) | $ | (328 | ) | ||||||||||||||||||||||||||||||
Total | $ | (540 | ) | $ | (328 | ) | ||||||||||||||||||||||||||||||
(a) | Gain/(loss) recognized in income is included in cost of goods sold. | |||||||||||||||||||||||||||||||||||
For the three months ended March 29, 2015 and March 30, 2014, 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 | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
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 March 29, 2015 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Balance, beginning of period | $ | (3,482 | ) | $ | (700 | ) | $ | 19,042 | $ | (529,803 | ) | $ | (514,943 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (29,991 | ) | (106 | ) | 32,548 | — | 2,451 | ||||||||||||||
Income tax | 2,970 | 39 | (12,057 | ) | — | (9,048 | ) | ||||||||||||||
Net other comprehensive (loss) income before reclassifications | (27,021 | ) | (67 | ) | 20,491 | — | (6,597 | ) | |||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | (15,276 | ) | — | (15,276 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 315 | — | 315 | ||||||||||||||||
Prior service credits(b) | — | — | — | (695 | ) | (695 | ) | ||||||||||||||
Actuarial losses(b) | — | — | — | 14,670 | 14,670 | ||||||||||||||||
Total before tax | — | — | (14,961 | ) | 13,975 | (986 | ) | ||||||||||||||
Income tax expense (benefit) | — | — | 5,542 | (5,177 | ) | 365 | |||||||||||||||
Net reclassifications | — | — | (9,419 | ) | 8,798 | (621 | ) | ||||||||||||||
Other comprehensive (loss) income | (27,021 | ) | (67 | ) | 11,072 | 8,798 | (7,218 | ) | |||||||||||||
Balance, end of period | $ | (30,503 | ) | $ | (767 | ) | $ | 30,114 | $ | (521,005 | ) | $ | (522,161 | ) | |||||||
Three months ended March 30, 2014 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Balance, beginning of period | $ | 33,326 | $ | (276 | ) | $ | (1,680 | ) | $ | (364,046 | ) | $ | (332,676 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 1,755 | (67 | ) | (1,223 | ) | — | 465 | ||||||||||||||
Income tax | 1,193 | 25 | 453 | — | 1,671 | ||||||||||||||||
Net other comprehensive income (loss) before reclassifications | 2,948 | (42 | ) | (770 | ) | — | 2,136 | ||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | 1,058 | — | 1,058 | ||||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | (196 | ) | — | (196 | ) | ||||||||||||||
Prior service credits(b) | — | — | — | (684 | ) | (684 | ) | ||||||||||||||
Actuarial losses(b) | — | — | — | 10,322 | 10,322 | ||||||||||||||||
Total before tax | — | — | 862 | 9,638 | 10,500 | ||||||||||||||||
Income tax benefit | — | — | (319 | ) | (3,570 | ) | (3,889 | ) | |||||||||||||
Net reclassifications | — | — | 543 | 6,068 | 6,611 | ||||||||||||||||
Other comprehensive income (loss) | 2,948 | (42 | ) | (227 | ) | 6,068 | 8,747 | ||||||||||||||
Balance, end of period | $ | 36,274 | $ | (318 | ) | $ | (1,907 | ) | $ | (357,978 | ) | $ | (323,929 | ) | |||||||
(a) | Amounts reclassified to net income are included in Motorcycles and Related Products cost of goods sold. | ||||||||||||||||||||
(b) | Amounts reclassified are included in the computation of net periodic period cost. See Note 14 for information related to pension and postretirement benefit plans. |
Debt_Debt
Debt Debt | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||
Debt Disclosure [Text Block] | Asset-Backed Financing | |||||||||||||||||||||||
The Company participates in asset-backed financing through both term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. The Company treats these transactions as secured borrowings because either they are transferred to consolidated variable interest entities (VIEs) or the Company 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 the Company's asset-backed financing programs, the Company 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. | ||||||||||||||||||||||||
The Company 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. The Company 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, the Company retains a residual interest in the VIEs in the form of a debt security, which gives the Company 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. | ||||||||||||||||||||||||
The Company is not the primary beneficiary of the asset-backed Canadian commercial paper conduit facility VIE; therefore, the Company does not consolidate this VIE. However, the Company 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 the Company are eliminated in consolidation and therefore are not recorded on a consolidated basis. The Company 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): | ||||||||||||||||||||||||
March 29, 2015 | ||||||||||||||||||||||||
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 | $ | 1,919,723 | $ | (43,128 | ) | $ | 138,574 | $ | 3,443 | $ | 2,018,612 | $ | 1,770,777 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 311 | 311 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 169,278 | (2,999 | ) | 12,057 | 398 | 178,734 | 154,035 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 2,089,001 | $ | (46,127 | ) | $ | 150,631 | $ | 4,152 | $ | 2,197,657 | $ | 1,924,812 | |||||||||||
December 31, 2014 | ||||||||||||||||||||||||
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 | $ | 1,458,602 | $ | (32,156 | ) | $ | 110,017 | $ | 2,987 | $ | 1,539,450 | $ | 1,271,533 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 422 | 422 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 185,099 | (2,965 | ) | 12,035 | 262 | 194,431 | 166,912 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 1,643,701 | $ | (35,121 | ) | $ | 122,052 | $ | 3,671 | $ | 1,734,303 | $ | 1,438,445 | |||||||||||
March 30, 2014 | ||||||||||||||||||||||||
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 | $ | 1,221,855 | $ | (24,998 | ) | $ | 105,536 | $ | 3,083 | $ | 1,305,476 | $ | 1,096,633 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 304 | 304 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 200,147 | (3,257 | ) | 12,347 | 238 | 209,475 | 164,704 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 1,422,002 | $ | (28,255 | ) | $ | 117,883 | $ | 3,625 | $ | 1,515,255 | $ | 1,261,337 | |||||||||||
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. Restricted cash 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 2015 to 2022. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company issued $700.0 million of secured notes through one term asset-backed securitization transaction. There were no term asset-backed securitization transactions during the first quarter of 2014. | ||||||||||||||||||||||||
Asset-Backed U.S. Commercial Paper Conduit Facility VIE | ||||||||||||||||||||||||
In September 2014, the Company amended and restated its facility (U.S. Conduit) with a third-party bank sponsored asset-backed commercial paper 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. Under the facility, the Company 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 generally based on prevailing commercial paper rates plus a program fee based on outstanding principal, 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 of $600.0 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 U.S. Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of the Company and the lenders, the U.S. Conduit has an expiration date of October 30, 2015. | ||||||||||||||||||||||||
The SPE had no borrowings outstanding under the U.S. Conduit at March 29, 2015, December 31, 2014 or March 30, 2014; 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 2014, the Company amended its facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase eligible Canadian retail motorcycle finance receivables for proceeds up to C$200.0 million. The transferred assets are restricted as collateral for the payment of the debt. 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 the Company and the lenders, the Canadian Conduit has an expiration date of June 30, 2015. The contractual maturity of the debt is approximately 5 years. | ||||||||||||||||||||||||
As the Company participates in and does not consolidate the Canadian bank-sponsored, multi-seller conduit VIE, the maximum exposure to loss associated with this VIE, which would only be incurred in the unlikely event that all the finance receivables and underlying collateral have no residual value, was $24.7 million at March 29, 2015. The maximum exposure is not an indication of the Company's expected loss exposure. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company transferred $19.2 million of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $16.8 million. During the first quarter of 2014, HDFS transferred $15.7 million of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $13.8 million. | ||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||
Debt with contractual terms less than one year is generally classified as short-term debt and consisted of the following (in thousands): | ||||||||||||||||||||||||
March 29, | December 31, | March 30, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Unsecured commercial paper | $ | 70,329 | $ | 731,786 | $ | 974,153 | ||||||||||||||||||
Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following (in thousands): | ||||||||||||||||||||||||
March 29, | December 31, | March 30, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Secured debt | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 154,035 | $ | 166,912 | $ | 164,704 | ||||||||||||||||||
Term asset-backed securitization debt | 1,770,777 | 1,271,533 | 1,096,633 | |||||||||||||||||||||
Unsecured notes | ||||||||||||||||||||||||
5.75% Medium-term notes due in 2014 ($500.0 million par value) | — | — | 499,906 | |||||||||||||||||||||
1.15% Medium-term notes due in 2015 ($600.0 million par value) | 599,886 | 599,817 | 599,612 | |||||||||||||||||||||
3.88% Medium-term notes due in 2016 ($450.0 million par value) | 449,950 | 449,937 | 449,897 | |||||||||||||||||||||
2.70% Medium-term notes due in 2017 ($400.0 million par value) | 399,967 | 399,963 | 399,950 | |||||||||||||||||||||
1.55% Medium-term notes due in 2017 ($400.0 million par value) | 399,510 | 399,464 | — | |||||||||||||||||||||
6.80% Medium-term notes due in 2018 ($888.0 million par value) | 887,424 | 887,381 | 909,786 | |||||||||||||||||||||
2.40% Medium-term notes due in 2019 ($600.0 million par value) | 597,951 | 597,836 | — | |||||||||||||||||||||
2.15% Medium-term notes due in 2020 ($600.0 million par value) | 598,649 | — | — | |||||||||||||||||||||
Gross long-term debt | 5,858,149 | 4,772,843 | 4,120,488 | |||||||||||||||||||||
Less: current portion of long-term debt | (1,500,611 | ) | (1,011,315 | ) | (848,840 | ) | ||||||||||||||||||
Long-term debt | $ | 4,357,538 | $ | 3,761,528 | $ | 3,271,648 | ||||||||||||||||||
During the first quarter of 2015, the Company issued $700.0 million of secured notes through a term asset-backed securitization transaction. The term asset-backed securitization transactions are further discussed in Note 5. There were no term asset-backed securitization transactions during the first quarter of 2014. | ||||||||||||||||||||||||
During the first quarter of 2015, the Company issued $600.0 million of medium-term notes which mature in February 2020 and have an annual interest rate of 2.15%. There were no medium-term notes issued during the first quarter of 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 29, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
The Company’s 2015 income tax rate for the three months ended March 29, 2015 was 34.4% compared to 35.0% for the same period last year. |
Product_Warranty_and_Safety_Re
Product Warranty and Safety Recall Campaigns | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Product Warranty and Safety Recall Campaigns | Product Warranty and 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 recall campaigns. The Company reserves for all estimated costs associated with recalls in the period that the recalls are announced. | ||||||||
Changes in the Company’s warranty and recall liability were as follows (in thousands): | ||||||||
Three months ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Balance, beginning of period | $ | 69,250 | $ | 64,120 | ||||
Warranties issued during the period | 15,111 | 17,362 | ||||||
Settlements made during the period | (13,565 | ) | (11,573 | ) | ||||
Recalls and changes to pre-existing warranty liabilities | 277 | (573 | ) | |||||
Balance, end of period | $ | 71,073 | $ | 69,336 | ||||
The liability for recall campaigns was $7.7 million, $9.8 million and $3.3 million as of March 29, 2015, December 31, 2014 and March 30, 2014, respectively. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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 | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income used in computing basic and diluted earnings per share | $ | 269,854 | $ | 265,917 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share - weighted-average common shares | 210,629 | 218,986 | ||||||
Effect of dilutive securities - employee stock compensation plan | 1,159 | 1,507 | ||||||
Denominator for diluted earnings per share - adjusted weighted-average shares outstanding | 211,788 | 220,493 | ||||||
Earnings per common share: | ||||||||
Basic | $ | 1.28 | $ | 1.21 | ||||
Diluted | $ | 1.27 | $ | 1.21 | ||||
Outstanding options to purchase 0.7 million and 0.6 million shares of common stock for the three months ended March 29, 2015 and March 30, 2014, 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 month periods ended March 29, 2015 and March 30, 2014, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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 among 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 | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Pension and SERPA Benefits | ||||||||
Service cost | $ | 10,010 | $ | 7,874 | ||||
Interest cost | 21,836 | 21,731 | ||||||
Expected return on plan assets | (36,232 | ) | (34,184 | ) | ||||
Amortization of unrecognized: | ||||||||
Prior service cost | 109 | 279 | ||||||
Net loss | 13,677 | 9,140 | ||||||
Net periodic benefit cost | $ | 9,400 | $ | 4,840 | ||||
Postretirement Healthcare Benefits | ||||||||
Service cost | $ | 2,065 | $ | 1,754 | ||||
Interest cost | 3,541 | 4,220 | ||||||
Expected return on plan assets | (2,877 | ) | (2,607 | ) | ||||
Amortization of unrecognized: | ||||||||
Prior service credit | (804 | ) | (963 | ) | ||||
Net loss | 993 | 1,182 | ||||||
Net periodic benefit cost | $ | 2,918 | $ | 3,586 | ||||
No pension contributions to qualified plans are required in 2015. 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 | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Business Segments | Business Segments | |||||||
Harley-Davidson, Inc. is the parent company for the groups of companies doing business as Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). The Company operates in two segments: the Motorcycles & Related Products (Motorcycles) segment and the Financial Services segment. The Company’s reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations. Selected segment information is set forth below (in thousands): | ||||||||
Three months ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Motorcycles net revenue | $ | 1,510,570 | $ | 1,571,688 | ||||
Gross profit | 590,275 | 592,131 | ||||||
Selling, administrative and engineering expense | 244,821 | 244,439 | ||||||
Operating income from Motorcycles | 345,454 | 347,692 | ||||||
Financial Services revenue | 162,375 | 154,360 | ||||||
Financial Services expense | 97,711 | 91,170 | ||||||
Operating income from Financial Services | 64,664 | 63,190 | ||||||
Operating income | $ | 410,118 | $ | 410,882 | ||||
Commitment_and_Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 29, 2015 | |
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 probable that a result of the EPA’s investigation will be some form of enforcement action by the EPA that will seek a fine and/or other relief. The Company has a reserve associated with this matter which is included in accrued liabilities in the Consolidated Balance Sheet. However, given the uncertainty that still exists concerning the resolution of this matter, there is a possibility that the actual loss incurred may be materially different than the Company’s current reserve. At this time, the Company cannot reasonably estimate the impact of any remedies the EPA might seek beyond the Company's current reserve for this matter, if any. | |
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, and the parties amended the Agreement in 2013 to address ordnance and explosive waste. | |
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. | |
The Company has a reserve for its estimate of its share of the future Response Costs at the York facility 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, the Company is 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 suits 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 suits will not have a material adverse effect on the Company’s consolidated financial statements. |
Supplemental_Consolidating_Dat
Supplemental Consolidating Data | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
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 March 29, 2015 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and Related Products | $ | 1,512,882 | $ | — | $ | (2,312 | ) | $ | 1,510,570 | |||||||
Financial Services | — | 162,690 | (315 | ) | 162,375 | |||||||||||
Total revenue | 1,512,882 | 162,690 | (2,627 | ) | 1,672,945 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and Related Products cost of goods sold | 920,295 | — | — | 920,295 | ||||||||||||
Financial Services interest expense | — | 38,536 | — | 38,536 | ||||||||||||
Financial Services provision for credit losses | — | 26,247 | — | 26,247 | ||||||||||||
Selling, administrative and engineering expense | 245,135 | 35,241 | (2,627 | ) | 277,749 | |||||||||||
Total costs and expenses | 1,165,430 | 100,024 | (2,627 | ) | 1,262,827 | |||||||||||
Operating income | 347,452 | 62,666 | — | 410,118 | ||||||||||||
Investment income | 101,322 | — | (100,000 | ) | 1,322 | |||||||||||
Interest expense | 9 | — | — | 9 | ||||||||||||
Income before provision for income taxes | 448,765 | 62,666 | (100,000 | ) | 411,431 | |||||||||||
Provision for income taxes | 121,516 | 20,061 | — | 141,577 | ||||||||||||
Net income | $ | 327,249 | $ | 42,605 | $ | (100,000 | ) | $ | 269,854 | |||||||
Three months ended March 30, 2014 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and Related Products | $ | 1,573,967 | $ | — | $ | (2,279 | ) | $ | 1,571,688 | |||||||
Financial Services | — | 154,686 | (326 | ) | 154,360 | |||||||||||
Total revenue | 1,573,967 | 154,686 | (2,605 | ) | 1,726,048 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and Related Products cost of goods sold | 979,557 | — | — | 979,557 | ||||||||||||
Financial Services interest expense | — | 38,857 | — | 38,857 | ||||||||||||
Financial Services provision for credit losses | — | 20,331 | — | 20,331 | ||||||||||||
Selling, administrative and engineering expense | 244,765 | 34,261 | (2,605 | ) | 276,421 | |||||||||||
Total costs and expenses | 1,224,322 | 93,449 | (2,605 | ) | 1,315,166 | |||||||||||
Operating income | 349,645 | 61,237 | — | 410,882 | ||||||||||||
Investment income | 121,659 | — | (120,000 | ) | 1,659 | |||||||||||
Interest expense | 3,677 | — | — | 3,677 | ||||||||||||
Income before provision for income taxes | 467,627 | 61,237 | (120,000 | ) | 408,864 | |||||||||||
Provision for income taxes | 120,573 | 22,374 | — | 142,947 | ||||||||||||
Net income | $ | 347,054 | $ | 38,863 | $ | (120,000 | ) | $ | 265,917 | |||||||
29-Mar-15 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 764,175 | $ | 404,549 | $ | — | $ | 1,168,724 | ||||||||
Marketable securities | 57,219 | — | — | 57,219 | ||||||||||||
Accounts receivable, net | 784,268 | — | (503,771 | ) | 280,497 | |||||||||||
Finance receivables, net | — | 2,357,993 | — | 2,357,993 | ||||||||||||
Inventories | 480,941 | — | — | 480,941 | ||||||||||||
Restricted cash | — | 120,428 | — | 120,428 | ||||||||||||
Deferred income taxes | 42,819 | 40,700 | — | 83,519 | ||||||||||||
Other current assets | 128,579 | 35,905 | — | 164,484 | ||||||||||||
Total current assets | 2,258,001 | 2,959,575 | (503,771 | ) | 4,713,805 | |||||||||||
Finance receivables, net | — | 4,490,599 | — | 4,490,599 | ||||||||||||
Property, plant and equipment, net | 840,354 | 33,164 | — | 873,518 | ||||||||||||
Goodwill | 25,632 | — | — | 25,632 | ||||||||||||
Deferred income taxes | 62,826 | 10,808 | (1,458 | ) | 72,176 | |||||||||||
Other long-term assets | 117,760 | 48,943 | (78,609 | ) | 88,094 | |||||||||||
$ | 3,304,573 | $ | 7,543,089 | $ | (583,838 | ) | $ | 10,263,824 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 369,143 | $ | 575,548 | $ | (503,771 | ) | $ | 440,920 | |||||||
Accrued liabilities | 398,922 | 99,563 | (1,458 | ) | 497,027 | |||||||||||
Short-term debt | — | 70,329 | — | 70,329 | ||||||||||||
Current portion of long-term debt | — | 1,500,611 | — | 1,500,611 | ||||||||||||
Total current liabilities | 768,065 | 2,246,051 | (505,229 | ) | 2,508,887 | |||||||||||
Long-term debt | — | 4,357,538 | — | 4,357,538 | ||||||||||||
Pension liability | 71,263 | — | — | 71,263 | ||||||||||||
Postretirement healthcare benefits | 199,645 | — | — | 199,645 | ||||||||||||
Other long-term liabilities | 164,993 | 25,658 | — | 190,651 | ||||||||||||
Shareholders’ equity | 2,100,607 | 913,842 | (78,609 | ) | 2,935,840 | |||||||||||
$ | 3,304,573 | $ | 7,543,089 | $ | (583,838 | ) | $ | 10,263,824 | ||||||||
31-Dec-14 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 573,895 | $ | 332,785 | $ | — | $ | 906,680 | ||||||||
Marketable securities | 57,325 | — | — | 57,325 | ||||||||||||
Accounts receivable, net | 658,735 | — | (411,114 | ) | 247,621 | |||||||||||
Finance receivables, net | — | 1,916,635 | — | 1,916,635 | ||||||||||||
Inventories | 448,871 | — | — | 448,871 | ||||||||||||
Restricted cash | — | 98,627 | — | 98,627 | ||||||||||||
Deferred income taxes | 50,015 | 39,901 | — | 89,916 | ||||||||||||
Other current assets | 142,278 | 43,125 | (2,983 | ) | 182,420 | |||||||||||
Total current assets | 1,931,119 | 2,431,073 | (414,097 | ) | 3,948,095 | |||||||||||
Finance receivables, net | — | 4,516,246 | — | 4,516,246 | ||||||||||||
Property, plant and equipment, net | 848,661 | 34,416 | — | 883,077 | ||||||||||||
Goodwill | 27,752 | — | — | 27,752 | ||||||||||||
Deferred income taxes | 75,121 | 4,863 | (2,149 | ) | 77,835 | |||||||||||
Other long-term assets | 113,727 | 39,309 | (77,944 | ) | 75,092 | |||||||||||
$ | 2,996,380 | $ | 7,025,907 | $ | (494,190 | ) | $ | 9,528,097 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 171,098 | $ | 436,884 | $ | (411,114 | ) | $ | 196,868 | |||||||
Accrued liabilities | 370,652 | 83,797 | (5,132 | ) | 449,317 | |||||||||||
Short-term debt | — | 731,786 | — | 731,786 | ||||||||||||
Current portion of long-term debt | — | 1,011,315 | — | 1,011,315 | ||||||||||||
Total current liabilities | 541,750 | 2,263,782 | (416,246 | ) | 2,389,286 | |||||||||||
Long-term debt | — | 3,761,528 | — | 3,761,528 | ||||||||||||
Pension liability | 76,186 | — | — | 76,186 | ||||||||||||
Postretirement healthcare benefits | 203,006 | — | — | 203,006 | ||||||||||||
Other long-term liabilities | 164,060 | 24,745 | — | 188,805 | ||||||||||||
Shareholders’ equity | 2,011,378 | 975,852 | (77,944 | ) | 2,909,286 | |||||||||||
$ | 2,996,380 | $ | 7,025,907 | $ | (494,190 | ) | $ | 9,528,097 | ||||||||
30-Mar-14 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 548,292 | $ | 387,528 | $ | — | $ | 935,820 | ||||||||
Marketable securities | 92,940 | — | — | 92,940 | ||||||||||||
Accounts receivable, net | 1,240,820 | — | (915,841 | ) | 324,979 | |||||||||||
Finance receivables, net | — | 2,223,199 | — | 2,223,199 | ||||||||||||
Inventories | 449,044 | — | — | 449,044 | ||||||||||||
Restricted cash | — | 117,883 | — | 117,883 | ||||||||||||
Other current assets | 146,994 | 69,612 | — | 216,606 | ||||||||||||
Total current assets | 2,478,090 | 2,798,222 | (915,841 | ) | 4,360,471 | |||||||||||
Finance receivables, net | — | 4,214,496 | — | 4,214,496 | ||||||||||||
Property, plant and equipment, net | 789,194 | 33,867 | — | 823,061 | ||||||||||||
Prepaid pension costs | 250,575 | — | — | 250,575 | ||||||||||||
Goodwill | 30,427 | — | — | 30,427 | ||||||||||||
Deferred income taxes | 3,023 | — | — | 3,023 | ||||||||||||
Other long-term assets | 110,763 | 12,743 | (75,768 | ) | 47,738 | |||||||||||
$ | 3,662,072 | $ | 7,059,328 | $ | (991,609 | ) | $ | 9,729,791 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 377,780 | $ | 992,427 | $ | (915,841 | ) | $ | 454,366 | |||||||
Accrued liabilities | 466,685 | 101,807 | (1,737 | ) | 566,755 | |||||||||||
Short-term debt | — | 974,153 | — | 974,153 | ||||||||||||
Current portion of long-term debt | — | 848,840 | — | 848,840 | ||||||||||||
Total current liabilities | 844,465 | 2,917,227 | (917,578 | ) | 2,844,114 | |||||||||||
Long-term debt | — | 3,271,648 | — | 3,271,648 | ||||||||||||
Pension liability | 37,261 | — | — | 37,261 | ||||||||||||
Postretirement healthcare liability | 212,887 | — | — | 212,887 | ||||||||||||
Deferred income taxes | 31,864 | 2,372 | 1,737 | 35,973 | ||||||||||||
Other long-term liabilities | 146,641 | 21,432 | — | 168,073 | ||||||||||||
Shareholders’ equity | 2,388,954 | 846,649 | (75,768 | ) | 3,159,835 | |||||||||||
$ | 3,662,072 | $ | 7,059,328 | $ | (991,609 | ) | $ | 9,729,791 | ||||||||
Three months ended March 29, 2015 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 327,249 | $ | 42,605 | $ | (100,000 | ) | $ | 269,854 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 43,947 | 2,081 | — | 46,028 | ||||||||||||
Amortization of deferred loan origination costs | — | 22,932 | — | 22,932 | ||||||||||||
Amortization of financing origination fees | — | 2,215 | — | 2,215 | ||||||||||||
Provision for employee long-term benefits | 12,318 | — | — | 12,318 | ||||||||||||
Contributions to pension and postretirement plans | (6,627 | ) | — | — | (6,627 | ) | ||||||||||
Stock compensation expense | 7,381 | 665 | — | 8,046 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | (465,598 | ) | (465,598 | ) | ||||||||||
Provision for credit losses | — | 26,247 | — | 26,247 | ||||||||||||
Deferred income taxes | 6,594 | (3,774 | ) | — | 2,820 | |||||||||||
Foreign currency adjustments | 18,154 | — | — | 18,154 | ||||||||||||
Other, net | (1,893 | ) | (614 | ) | — | (2,507 | ) | |||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (392,593 | ) | — | 342,657 | (49,936 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 2,067 | — | 2,067 | ||||||||||||
Inventories | (51,934 | ) | — | — | (51,934 | ) | ||||||||||
Accounts payable and accrued liabilities | 241,052 | 406,607 | (342,557 | ) | 305,102 | |||||||||||
Derivative instruments | 399 | — | — | 399 | ||||||||||||
Other | 27,082 | 8,038 | — | 35,120 | ||||||||||||
Total adjustments | (96,120 | ) | 466,464 | (465,498 | ) | (95,154 | ) | |||||||||
Net cash provided by operating activities | 231,129 | 509,069 | (565,498 | ) | 174,700 | |||||||||||
Three months ended March 29, 2015 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (37,240 | ) | (829 | ) | — | (38,069 | ) | |||||||||
Origination of finance receivables | — | (2,008,170 | ) | 1,255,766 | (752,404 | ) | ||||||||||
Collections of finance receivables | — | 1,519,934 | (790,268 | ) | 729,666 | |||||||||||
Other | 9 | — | — | 9 | ||||||||||||
Net cash used by investing activities | (37,231 | ) | (489,065 | ) | 465,498 | (60,798 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of medium-term notes | — | 595,386 | — | 595,386 | ||||||||||||
Intercompany borrowing activity | 250,000 | (250,000 | ) | — | — | |||||||||||
Proceeds from securitization debt | — | 697,591 | — | 697,591 | ||||||||||||
Repayments of securitization debt | — | (200,695 | ) | — | (200,695 | ) | ||||||||||
Net decrease in credit facilities and unsecured commercial paper | — | (661,241 | ) | — | (661,241 | ) | ||||||||||
Borrowings of asset-backed commercial paper | — | 16,798 | — | 16,798 | ||||||||||||
Repayments of asset-backed commercial paper | — | (15,744 | ) | — | (15,744 | ) | ||||||||||
Net change in restricted cash | — | (28,579 | ) | — | (28,579 | ) | ||||||||||
Dividends paid | (65,467 | ) | (100,000 | ) | 100,000 | (65,467 | ) | |||||||||
Purchase of common stock for treasury | (192,700 | ) | — | — | (192,700 | ) | ||||||||||
Excess tax benefits from share-based payments | 2,207 | — | — | 2,207 | ||||||||||||
Issuance of common stock under employee stock option plans | 9,605 | — | — | 9,605 | ||||||||||||
Net cash provided by financing activities | 3,645 | 53,516 | 100,000 | 157,161 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (7,263 | ) | (1,756 | ) | — | (9,019 | ) | |||||||||
Net increase in cash and cash equivalents | $ | 190,280 | $ | 71,764 | $ | — | $ | 262,044 | ||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 573,895 | $ | 332,785 | $ | — | $ | 906,680 | ||||||||
Net increase in cash and cash equivalents | 190,280 | 71,764 | — | 262,044 | ||||||||||||
Cash and cash equivalents—end of period | $ | 764,175 | $ | 404,549 | $ | — | $ | 1,168,724 | ||||||||
Three months ended March 30, 2014 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 347,054 | $ | 38,863 | $ | (120,000 | ) | $ | 265,917 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 41,603 | 1,795 | — | 43,398 | ||||||||||||
Amortization of deferred loan origination costs | — | 22,101 | — | 22,101 | ||||||||||||
Amortization of financing origination fees | 59 | 2,026 | — | 2,085 | ||||||||||||
Provision for employee long-term benefits | 8,425 | — | — | 8,425 | ||||||||||||
Contributions to pension and postretirement plans | (6,879 | ) | — | — | (6,879 | ) | ||||||||||
Stock compensation expense | 8,550 | 689 | — | 9,239 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | (439,422 | ) | (439,422 | ) | ||||||||||
Provision for credit losses | — | 20,331 | — | 20,331 | ||||||||||||
Deferred income taxes | 3,159 | (3,633 | ) | — | (474 | ) | ||||||||||
Foreign currency adjustments | (4,172 | ) | — | — | (4,172 | ) | ||||||||||
Other, net | (496 | ) | 3,551 | — | 3,055 | |||||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (387,875 | ) | — | 326,658 | (61,217 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 793 | — | 793 | ||||||||||||
Inventories | (20,317 | ) | — | — | (20,317 | ) | ||||||||||
Accounts payable and accrued liabilities | 290,208 | 392,880 | (326,658 | ) | 356,430 | |||||||||||
Derivative instruments | 1,222 | — | — | 1,222 | ||||||||||||
Other | 1,770 | 1,301 | — | 3,071 | ||||||||||||
Total adjustments | (64,743 | ) | 441,834 | (439,422 | ) | (62,331 | ) | |||||||||
Net cash provided by operating activities | 282,311 | 480,697 | (559,422 | ) | 203,586 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (24,691 | ) | (1,190 | ) | — | (25,881 | ) | |||||||||
Origination of finance receivables | — | (1,992,601 | ) | 1,234,636 | (757,965 | ) | ||||||||||
Collections of finance receivables | — | 1,502,645 | (795,214 | ) | 707,431 | |||||||||||
Sales and redemptions of marketable securities | 6,001 | — | — | 6,001 | ||||||||||||
Other | 51 | — | — | 51 | ||||||||||||
Net cash used by investing activities | (18,639 | ) | (491,146 | ) | 439,422 | (70,363 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Repayments of senior unsecured notes | (303,000 | ) | — | — | (303,000 | ) | ||||||||||
Repayments of securitization debt | — | (159,938 | ) | — | (159,938 | ) | ||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 307,803 | — | 307,803 | ||||||||||||
Borrowings of asset-backed commercial paper | — | 13,746 | — | 13,746 | ||||||||||||
Repayments of asset-backed commercial paper | — | (16,981 | ) | — | (16,981 | ) | ||||||||||
Net change in restricted cash | — | 26,924 | — | 26,924 | ||||||||||||
Dividends paid | (60,527 | ) | (120,000 | ) | 120,000 | (60,527 | ) | |||||||||
Purchase of common stock for treasury | (87,690 | ) | — | — | (87,690 | ) | ||||||||||
Excess tax benefits from share-based payments | 4,763 | — | — | 4,763 | ||||||||||||
Issuance of common stock under employee stock option plans | 8,894 | — | — | 8,894 | ||||||||||||
Net cash (used by) provided by financing activities | (437,560 | ) | 51,554 | 120,000 | (266,006 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3,268 | (1,277 | ) | — | 1,991 | |||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (170,620 | ) | $ | 39,828 | $ | — | $ | (130,792 | ) | ||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 718,912 | $ | 347,700 | $ | — | $ | 1,066,612 | ||||||||
Net (decrease) increase in cash and cash equivalents | (170,620 | ) | 39,828 | — | (130,792 | ) | ||||||||||
Cash and cash equivalents—end of period | $ | 548,292 | $ | 387,528 | $ | — | $ | 935,820 | ||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Mar. 29, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events |
On April 30, 2015, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Fred Deeley Imports, Ltd. (“Deeley Imports”) and certain of its affiliates involving, among other things, the Company’s acquisition of the benefit of the exclusive right to distribute the Company’s motorcycles and other products in Canada (the “Transaction”). The consummation of the Transaction (the “Closing”) is expected to occur on or about August 4, 2015, subject to satisfaction or waiver of customary closing conditions. | |
Pursuant to the Purchase Agreement, upon the Closing, the Company will acquire the benefit of the exclusive right to distribute the Company’s motorcycles and other products in Canada under the Distributorship Agreement, dated as of February 20, 2008, between the Company and Deeley Imports (the “Distribution Agreement”) from the date of the Closing to July 31, 2017. The Distribution Agreement will be terminated immediately after the Closing with the effect that the Company will be the direct distributor of the Company’s motorcycles and other products in Canada following the Closing. In exchange, at the Closing, the Company will pay $50 million to Deeley Imports. In addition, at the Closing, (i) the Company will purchase certain inventory and accounts receivable from Deeley Imports, net of related amounts due, for approximately $15 million, (ii) the Company will assume certain specified liabilities of Deeley Imports, and (iii) the Company will indemnify Deeley Imports for certain expenses and liabilities, including employee severance costs. | |
The Purchase Agreement also contemplates that the Company will enter into certain other agreements and documents at the Closing, including, but not limited to, a non-competition agreement with each of Deeley Imports, Donald James, who is an equity owner of Deeley Imports and a member of the Board of Directors of the Company, and another equity owner of Deeley Imports. In the Purchase Agreement, Deeley Imports makes certain commitments regarding the operation of its business prior to the Closing, and failure to perform can directly impact the purchase price. |
Additional_Balance_Sheet_and_C1
Additional Balance Sheet and Cash Flow Information (Tables) | 3 Months Ended | |||||||||||
Mar. 29, 2015 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Marketable Securities | The Company’s marketable securities consisted of the following (in thousands): | |||||||||||
March 29, | December 31, | March 30, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Available-for-sale: Corporate bonds | $ | 57,219 | $ | 57,325 | $ | 92,940 | ||||||
Trading securities: Mutual funds | 37,667 | 33,815 | 33,182 | |||||||||
$ | 94,886 | $ | 91,140 | $ | 126,122 | |||||||
Inventories Net | Inventories consist of the following (in thousands): | |||||||||||
March 29, | December 31, | March 30, | ||||||||||
2015 | 2014 | 2014 | ||||||||||
Components at the lower of FIFO cost or market | ||||||||||||
Raw materials and work in process | $ | 153,734 | $ | 151,254 | $ | 141,381 | ||||||
Motorcycle finished goods | 253,922 | 230,309 | 222,649 | |||||||||
Parts and accessories and general merchandise | 123,187 | 117,210 | 133,740 | |||||||||
Inventory at lower of FIFO cost or market | 530,843 | 498,773 | 497,770 | |||||||||
Excess of FIFO over LIFO cost | (49,902 | ) | (49,902 | ) | (48,726 | ) | ||||||
$ | 480,941 | $ | 448,871 | $ | 449,044 | |||||||
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): | |||||||||||
Three months ended | ||||||||||||
March 29, | March 30, | |||||||||||
2015 | 2014 | |||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 269,854 | $ | 265,917 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 46,028 | 43,398 | ||||||||||
Amortization of deferred loan origination costs | 22,932 | 22,101 | ||||||||||
Amortization of financing origination fees | 2,215 | 2,085 | ||||||||||
Provision for employee long-term benefits | 12,318 | 8,425 | ||||||||||
Contributions to pension and postretirement plans | (6,627 | ) | (6,879 | ) | ||||||||
Stock compensation expense | 8,046 | 9,239 | ||||||||||
Net change in wholesale finance receivables related to sales | (465,598 | ) | (439,422 | ) | ||||||||
Provision for credit losses | 26,247 | 20,331 | ||||||||||
Deferred income taxes | 2,820 | (474 | ) | |||||||||
Foreign currency adjustments | 18,154 | (4,172 | ) | |||||||||
Other, net | (2,507 | ) | 3,055 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable, net | (49,936 | ) | (61,217 | ) | ||||||||
Finance receivables—accrued interest and other | 2,067 | 793 | ||||||||||
Inventories | (51,934 | ) | (20,317 | ) | ||||||||
Accounts payable and accrued liabilities | 305,102 | 356,430 | ||||||||||
Derivative instruments | 399 | 1,222 | ||||||||||
Other | 35,120 | 3,071 | ||||||||||
Total adjustments | (95,154 | ) | (62,331 | ) | ||||||||
Net cash provided by operating activities | $ | 174,700 | $ | 203,586 | ||||||||
Finance_Receivables_Tables
Finance Receivables (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Finance Receivables | Finance receivables, net, consisted of the following (in thousands): | |||||||||||||||||||||||
March 29, | December 31, | March 30, | ||||||||||||||||||||||
2015 | 2014 | 2014 | ||||||||||||||||||||||
Retail | $ | 5,576,558 | $ | 5,607,924 | $ | 5,254,133 | ||||||||||||||||||
Wholesale | 1,404,854 | 952,321 | 1,298,091 | |||||||||||||||||||||
6,981,412 | 6,560,245 | 6,552,224 | ||||||||||||||||||||||
Allowance for credit losses | (132,820 | ) | (127,364 | ) | (114,529 | ) | ||||||||||||||||||
$ | 6,848,592 | $ | 6,432,881 | $ | 6,437,695 | |||||||||||||||||||
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-Mar-15 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 123,777 | 9,043 | 132,820 | |||||||||||||||||||||
Total allowance for credit losses | $ | 123,777 | $ | 9,043 | $ | 132,820 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,576,558 | 1,404,854 | 6,981,412 | |||||||||||||||||||||
Total finance receivables | $ | 5,576,558 | $ | 1,404,854 | $ | 6,981,412 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 122,025 | 5,339 | 127,364 | |||||||||||||||||||||
Total allowance for credit losses | $ | 122,025 | $ | 5,339 | $ | 127,364 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,607,924 | 952,321 | 6,560,245 | |||||||||||||||||||||
Total finance receivables | $ | 5,607,924 | $ | 952,321 | $ | 6,560,245 | ||||||||||||||||||
March 30, 2014 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Allowance for credit losses, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 106,776 | 7,753 | 114,529 | |||||||||||||||||||||
Total allowance for credit losses | $ | 106,776 | $ | 7,753 | $ | 114,529 | ||||||||||||||||||
Finance receivables, ending balance: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | ||||||||||||||||||
Collectively evaluated for impairment | 5,254,133 | 1,298,091 | 6,552,224 | |||||||||||||||||||||
Total finance receivables | $ | 5,254,133 | $ | 1,298,091 | $ | 6,552,224 | ||||||||||||||||||
Changes in the allowance for credit losses on finance receivables by portfolio were as follows (in thousands): | ||||||||||||||||||||||||
Three months ended March 29, 2015 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 122,025 | $ | 5,339 | $ | 127,364 | ||||||||||||||||||
Provision for credit losses | 22,543 | 3,704 | 26,247 | |||||||||||||||||||||
Charge-offs | (32,733 | ) | — | (32,733 | ) | |||||||||||||||||||
Recoveries | 11,942 | — | 11,942 | |||||||||||||||||||||
Balance, end of period | $ | 123,777 | $ | 9,043 | $ | 132,820 | ||||||||||||||||||
Three months ended March 30, 2014 | ||||||||||||||||||||||||
Retail | Wholesale | Total | ||||||||||||||||||||||
Balance, beginning of period | $ | 106,063 | $ | 4,630 | $ | 110,693 | ||||||||||||||||||
Provision for credit losses | 17,208 | 3,123 | 20,331 | |||||||||||||||||||||
Charge-offs | (27,343 | ) | — | (27,343 | ) | |||||||||||||||||||
Recoveries | 10,848 | — | 10,848 | |||||||||||||||||||||
Balance, end of period | $ | 106,776 | $ | 7,753 | $ | 114,529 | ||||||||||||||||||
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-Mar-15 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,451,248 | $ | 82,302 | $ | 24,013 | $ | 18,995 | $ | 125,310 | $ | 5,576,558 | ||||||||||||
Wholesale | 1,404,160 | 443 | 107 | 144 | 694 | 1,404,854 | ||||||||||||||||||
Total | $ | 6,855,408 | $ | 82,745 | $ | 24,120 | $ | 19,139 | $ | 126,004 | $ | 6,981,412 | ||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,427,719 | $ | 113,007 | $ | 38,486 | $ | 28,712 | $ | 180,205 | $ | 5,607,924 | ||||||||||||
Wholesale | 951,660 | 383 | 72 | 206 | 661 | 952,321 | ||||||||||||||||||
Total | $ | 6,379,379 | $ | 113,390 | $ | 38,558 | $ | 28,918 | $ | 180,866 | $ | 6,560,245 | ||||||||||||
March 30, 2014 | ||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | |||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | ||||||||||||||||||||
Past Due | Receivables | |||||||||||||||||||||||
Retail | $ | 5,134,053 | $ | 80,344 | $ | 22,767 | $ | 16,969 | $ | 120,080 | $ | 5,254,133 | ||||||||||||
Wholesale | 1,297,761 | 144 | 96 | 90 | 330 | 1,298,091 | ||||||||||||||||||
Total | $ | 6,431,814 | $ | 80,488 | $ | 22,863 | $ | 17,059 | $ | 120,410 | $ | 6,552,224 | ||||||||||||
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-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||
Prime | $ | 4,400,440 | $ | 4,435,352 | $ | 4,128,996 | ||||||||||||||||||
Sub-prime | 1,176,118 | 1,172,572 | 1,125,137 | |||||||||||||||||||||
Total | $ | 5,576,558 | $ | 5,607,924 | $ | 5,254,133 | ||||||||||||||||||
The recorded investment of wholesale finance receivables, by internal credit quality indicator, was as follows (in thousands): | ||||||||||||||||||||||||
29-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||
Doubtful | $ | 1,523 | $ | 954 | $ | 5,508 | ||||||||||||||||||
Substandard | 21,854 | 7,025 | 3,888 | |||||||||||||||||||||
Special Mention | — | — | 10,950 | |||||||||||||||||||||
Medium Risk | 19,634 | 11,557 | 11,103 | |||||||||||||||||||||
Low Risk | 1,361,843 | 932,785 | 1,266,642 | |||||||||||||||||||||
Total | $ | 1,404,854 | $ | 952,321 | $ | 1,298,091 | ||||||||||||||||||
AssetBacked_Financing_Tables
Asset-Backed Financing (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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): | |||||||||||||||||||||||
March 29, 2015 | ||||||||||||||||||||||||
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 | $ | 1,919,723 | $ | (43,128 | ) | $ | 138,574 | $ | 3,443 | $ | 2,018,612 | $ | 1,770,777 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 311 | 311 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 169,278 | (2,999 | ) | 12,057 | 398 | 178,734 | 154,035 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 2,089,001 | $ | (46,127 | ) | $ | 150,631 | $ | 4,152 | $ | 2,197,657 | $ | 1,924,812 | |||||||||||
December 31, 2014 | ||||||||||||||||||||||||
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 | $ | 1,458,602 | $ | (32,156 | ) | $ | 110,017 | $ | 2,987 | $ | 1,539,450 | $ | 1,271,533 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 422 | 422 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 185,099 | (2,965 | ) | 12,035 | 262 | 194,431 | 166,912 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 1,643,701 | $ | (35,121 | ) | $ | 122,052 | $ | 3,671 | $ | 1,734,303 | $ | 1,438,445 | |||||||||||
March 30, 2014 | ||||||||||||||||||||||||
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 | $ | 1,221,855 | $ | (24,998 | ) | $ | 105,536 | $ | 3,083 | $ | 1,305,476 | $ | 1,096,633 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 304 | 304 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 200,147 | (3,257 | ) | 12,347 | 238 | 209,475 | 164,704 | |||||||||||||||||
Total on-balance sheet assets and liabilities | $ | 1,422,002 | $ | (28,255 | ) | $ | 117,883 | $ | 3,625 | $ | 1,515,255 | $ | 1,261,337 | |||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
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-Mar-15 | ||||||||||||||||
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 | $ | 975,411 | $ | 510,090 | $ | 465,321 | $ | — | ||||||||
Marketable securities | 94,886 | 37,667 | 57,219 | — | ||||||||||||
Derivatives | 49,290 | — | 49,290 | — | ||||||||||||
$ | 1,119,587 | $ | 547,757 | $ | 571,830 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 1,886 | $ | — | $ | 1,886 | $ | — | ||||||||
31-Dec-14 | ||||||||||||||||
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 | $ | 737,024 | $ | 482,686 | $ | 254,338 | $ | — | ||||||||
Marketable securities | 91,140 | 33,815 | 57,325 | — | ||||||||||||
Derivatives | 32,244 | — | 32,244 | — | ||||||||||||
$ | 860,408 | $ | 516,501 | $ | 343,907 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 2,027 | $ | — | $ | 2,027 | $ | — | ||||||||
March 30, 2014 | ||||||||||||||||
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 | $ | 602,421 | $ | 359,438 | $ | 242,983 | $ | — | ||||||||
Marketable securities | 126,122 | 33,182 | 92,940 | — | ||||||||||||
Derivatives | 105 | — | 105 | — | ||||||||||||
$ | 728,648 | $ | 392,620 | $ | 336,028 | $ | — | |||||||||
Liabilities: | ||||||||||||||||
Derivatives | $ | 3,681 | $ | — | $ | 3,681 | $ | — | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||
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-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,168,724 | $ | 1,168,724 | $ | 906,680 | $ | 906,680 | $ | 935,820 | $ | 935,820 | ||||||||||||
Marketable securities | $ | 94,886 | $ | 94,886 | $ | 91,140 | $ | 91,140 | $ | 126,122 | $ | 126,122 | ||||||||||||
Derivatives | $ | 49,290 | $ | 49,290 | $ | 32,244 | $ | 32,244 | $ | 105 | $ | 105 | ||||||||||||
Finance receivables, net | $ | 6,927,898 | $ | 6,848,592 | $ | 6,519,500 | $ | 6,432,881 | $ | 6,531,145 | $ | 6,437,695 | ||||||||||||
Restricted cash | $ | 150,631 | $ | 150,631 | $ | 122,052 | $ | 122,052 | $ | 117,883 | $ | 117,883 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives | $ | 1,886 | $ | 1,886 | $ | 2,027 | $ | 2,027 | $ | 3,681 | $ | 3,681 | ||||||||||||
Unsecured commercial paper | $ | 70,329 | $ | 70,329 | $ | 731,786 | $ | 731,786 | $ | 974,153 | $ | 974,153 | ||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 154,035 | $ | 154,035 | $ | 166,912 | $ | 166,912 | $ | 164,704 | $ | 164,704 | ||||||||||||
Medium-term notes | $ | 4,176,254 | $ | 3,933,337 | $ | 3,502,536 | $ | 3,334,398 | $ | 3,060,408 | $ | 2,859,151 | ||||||||||||
Term asset-backed securitization debt | $ | 1,771,363 | $ | 1,770,777 | $ | 1,270,656 | $ | 1,271,533 | $ | 1,099,596 | $ | 1,096,633 | ||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 29, 2015 | ||||||||||||||||||||||||||||||||||||
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-Mar-15 | 31-Dec-14 | 30-Mar-14 | ||||||||||||||||||||||||||||||||||
Derivatives 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) | |||||||||||||||||||||||||||
Foreign currency contracts(c) | $ | 416,844 | $ | 49,290 | $ | 12 | $ | 339,077 | $ | 32,244 | $ | — | $ | 269,342 | $ | 5 | $ | 3,589 | ||||||||||||||||||
Commodity | 1,432 | — | 220 | 1,728 | — | 414 | 1,167 | 94 | — | |||||||||||||||||||||||||||
contracts(c) | ||||||||||||||||||||||||||||||||||||
Total | $ | 418,276 | $ | 49,290 | $ | 232 | $ | 340,805 | $ | 32,244 | $ | 414 | $ | 270,509 | $ | 99 | $ | 3,589 | ||||||||||||||||||
March 29, 2015 | December 31, 2014 | March 30, 2014 | ||||||||||||||||||||||||||||||||||
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 | $ | 11,358 | $ | — | $ | 1,654 | $ | 11,804 | $ | — | $ | 1,613 | $ | 9,348 | $ | 6 | $ | 92 | ||||||||||||||||||
$ | 11,358 | $ | — | $ | 1,654 | $ | 11,804 | $ | — | $ | 1,613 | $ | 9,348 | $ | 6 | $ | 92 | |||||||||||||||||||
(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) Recognized in OCI, before tax | ||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | March 29, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 32,668 | $ | (1,438 | ) | |||||||||||||||||||||||||||||||
Commodity contracts | (120 | ) | 215 | |||||||||||||||||||||||||||||||||
Total | $ | 32,548 | $ | (1,223 | ) | |||||||||||||||||||||||||||||||
Amount of Gain/(Loss) Reclassified from AOCL into Income | ||||||||||||||||||||||||||||||||||||
Three months ended | Expected to be Reclassified | |||||||||||||||||||||||||||||||||||
Cash Flow Hedges | March 29, | March 30, | Over the Next Twelve Months | |||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Foreign currency contracts(a) | $ | 15,276 | $ | (1,058 | ) | $ | 48,050 | |||||||||||||||||||||||||||||
Commodity contracts(a) | (315 | ) | 196 | (220 | ) | |||||||||||||||||||||||||||||||
Total | $ | 14,961 | $ | (862 | ) | $ | 47,830 | |||||||||||||||||||||||||||||
(a) | Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold. | |||||||||||||||||||||||||||||||||||
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) Recognized in Income on Derivative | ||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||
Derivatives Not Designated As Hedges | March 29, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Commodity contracts(a) | $ | (540 | ) | $ | (328 | ) | ||||||||||||||||||||||||||||||
Total | $ | (540 | ) | $ | (328 | ) | ||||||||||||||||||||||||||||||
(a) | Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 29, 2015 | |||||||||||||||||||||
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 March 29, 2015 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Balance, beginning of period | $ | (3,482 | ) | $ | (700 | ) | $ | 19,042 | $ | (529,803 | ) | $ | (514,943 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (29,991 | ) | (106 | ) | 32,548 | — | 2,451 | ||||||||||||||
Income tax | 2,970 | 39 | (12,057 | ) | — | (9,048 | ) | ||||||||||||||
Net other comprehensive (loss) income before reclassifications | (27,021 | ) | (67 | ) | 20,491 | — | (6,597 | ) | |||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | (15,276 | ) | — | (15,276 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 315 | — | 315 | ||||||||||||||||
Prior service credits(b) | — | — | — | (695 | ) | (695 | ) | ||||||||||||||
Actuarial losses(b) | — | — | — | 14,670 | 14,670 | ||||||||||||||||
Total before tax | — | — | (14,961 | ) | 13,975 | (986 | ) | ||||||||||||||
Income tax expense (benefit) | — | — | 5,542 | (5,177 | ) | 365 | |||||||||||||||
Net reclassifications | — | — | (9,419 | ) | 8,798 | (621 | ) | ||||||||||||||
Other comprehensive (loss) income | (27,021 | ) | (67 | ) | 11,072 | 8,798 | (7,218 | ) | |||||||||||||
Balance, end of period | $ | (30,503 | ) | $ | (767 | ) | $ | 30,114 | $ | (521,005 | ) | $ | (522,161 | ) | |||||||
Three months ended March 30, 2014 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Balance, beginning of period | $ | 33,326 | $ | (276 | ) | $ | (1,680 | ) | $ | (364,046 | ) | $ | (332,676 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 1,755 | (67 | ) | (1,223 | ) | — | 465 | ||||||||||||||
Income tax | 1,193 | 25 | 453 | — | 1,671 | ||||||||||||||||
Net other comprehensive income (loss) before reclassifications | 2,948 | (42 | ) | (770 | ) | — | 2,136 | ||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | 1,058 | — | 1,058 | ||||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | (196 | ) | — | (196 | ) | ||||||||||||||
Prior service credits(b) | — | — | — | (684 | ) | (684 | ) | ||||||||||||||
Actuarial losses(b) | — | — | — | 10,322 | 10,322 | ||||||||||||||||
Total before tax | — | — | 862 | 9,638 | 10,500 | ||||||||||||||||
Income tax benefit | — | — | (319 | ) | (3,570 | ) | (3,889 | ) | |||||||||||||
Net reclassifications | — | — | 543 | 6,068 | 6,611 | ||||||||||||||||
Other comprehensive income (loss) | 2,948 | (42 | ) | (227 | ) | 6,068 | 8,747 | ||||||||||||||
Balance, end of period | $ | 36,274 | $ | (318 | ) | $ | (1,907 | ) | $ | (357,978 | ) | $ | (323,929 | ) | |||||||
(a) | Amounts reclassified to net income are included in Motorcycles and Related Products cost of goods sold. | ||||||||||||||||||||
(b) | Amounts reclassified are included in the computation of net periodic period cost. See Note 14 for information related to pension and postretirement benefit plans. |
Debt_Debt_Tables
Debt Debt (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following (in thousands): | ||||||||||||
March 29, | December 31, | March 30, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Secured debt | |||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 154,035 | $ | 166,912 | $ | 164,704 | |||||||
Term asset-backed securitization debt | 1,770,777 | 1,271,533 | 1,096,633 | ||||||||||
Unsecured notes | |||||||||||||
5.75% Medium-term notes due in 2014 ($500.0 million par value) | — | — | 499,906 | ||||||||||
1.15% Medium-term notes due in 2015 ($600.0 million par value) | 599,886 | 599,817 | 599,612 | ||||||||||
3.88% Medium-term notes due in 2016 ($450.0 million par value) | 449,950 | 449,937 | 449,897 | ||||||||||
2.70% Medium-term notes due in 2017 ($400.0 million par value) | 399,967 | 399,963 | 399,950 | ||||||||||
1.55% Medium-term notes due in 2017 ($400.0 million par value) | 399,510 | 399,464 | — | ||||||||||
6.80% Medium-term notes due in 2018 ($888.0 million par value) | 887,424 | 887,381 | 909,786 | ||||||||||
2.40% Medium-term notes due in 2019 ($600.0 million par value) | 597,951 | 597,836 | — | ||||||||||
2.15% Medium-term notes due in 2020 ($600.0 million par value) | 598,649 | — | — | ||||||||||
Gross long-term debt | 5,858,149 | 4,772,843 | 4,120,488 | ||||||||||
Less: current portion of long-term debt | (1,500,611 | ) | (1,011,315 | ) | (848,840 | ) | |||||||
Long-term debt | $ | 4,357,538 | $ | 3,761,528 | $ | 3,271,648 | |||||||
Debt_Schedule_of_ShortTerm_Deb
Debt Schedule of Short-Term Debt (Tables) | 3 Months Ended | ||||||||||||
Mar. 29, 2015 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Short-term Debt [Table Text Block] | Debt with contractual terms less than one year is generally classified as short-term debt and consisted of the following (in thousands): | ||||||||||||
March 29, | December 31, | March 30, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
Unsecured commercial paper | $ | 70,329 | $ | 731,786 | $ | 974,153 | |||||||
Product_Warranty_and_Safety_Re1
Product Warranty and Safety Recall Campaigns (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Warranty And Safety Recall Liability | Changes in the Company’s warranty and recall liability were as follows (in thousands): | |||||||
Three months ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Balance, beginning of period | $ | 69,250 | $ | 64,120 | ||||
Warranties issued during the period | 15,111 | 17,362 | ||||||
Settlements made during the period | (13,565 | ) | (11,573 | ) | ||||
Recalls and changes to pre-existing warranty liabilities | 277 | (573 | ) | |||||
Balance, end of period | $ | 71,073 | $ | 69,336 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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 | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Numerator: | ||||||||
Net income used in computing basic and diluted earnings per share | $ | 269,854 | $ | 265,917 | ||||
Denominator: | ||||||||
Denominator for basic earnings per share - weighted-average common shares | 210,629 | 218,986 | ||||||
Effect of dilutive securities - employee stock compensation plan | 1,159 | 1,507 | ||||||
Denominator for diluted earnings per share - adjusted weighted-average shares outstanding | 211,788 | 220,493 | ||||||
Earnings per common share: | ||||||||
Basic | $ | 1.28 | $ | 1.21 | ||||
Diluted | $ | 1.27 | $ | 1.21 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
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 | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Pension and SERPA Benefits | ||||||||
Service cost | $ | 10,010 | $ | 7,874 | ||||
Interest cost | 21,836 | 21,731 | ||||||
Expected return on plan assets | (36,232 | ) | (34,184 | ) | ||||
Amortization of unrecognized: | ||||||||
Prior service cost | 109 | 279 | ||||||
Net loss | 13,677 | 9,140 | ||||||
Net periodic benefit cost | $ | 9,400 | $ | 4,840 | ||||
Postretirement Healthcare Benefits | ||||||||
Service cost | $ | 2,065 | $ | 1,754 | ||||
Interest cost | 3,541 | 4,220 | ||||||
Expected return on plan assets | (2,877 | ) | (2,607 | ) | ||||
Amortization of unrecognized: | ||||||||
Prior service credit | (804 | ) | (963 | ) | ||||
Net loss | 993 | 1,182 | ||||||
Net periodic benefit cost | $ | 2,918 | $ | 3,586 | ||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||
Mar. 29, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Schedule of Segment Reporting Information, by Segment | Selected segment information is set forth below (in thousands): | |||||||
Three months ended | ||||||||
March 29, | March 30, | |||||||
2015 | 2014 | |||||||
Motorcycles net revenue | $ | 1,510,570 | $ | 1,571,688 | ||||
Gross profit | 590,275 | 592,131 | ||||||
Selling, administrative and engineering expense | 244,821 | 244,439 | ||||||
Operating income from Motorcycles | 345,454 | 347,692 | ||||||
Financial Services revenue | 162,375 | 154,360 | ||||||
Financial Services expense | 97,711 | 91,170 | ||||||
Operating income from Financial Services | 64,664 | 63,190 | ||||||
Operating income | $ | 410,118 | $ | 410,882 | ||||
Supplemental_Consolidating_Dat1
Supplemental Consolidating Data (Tables) | 3 Months Ended | |||||||||||||||
Mar. 29, 2015 | ||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||
Operations | ||||||||||||||||
Three months ended March 29, 2015 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and Related Products | $ | 1,512,882 | $ | — | $ | (2,312 | ) | $ | 1,510,570 | |||||||
Financial Services | — | 162,690 | (315 | ) | 162,375 | |||||||||||
Total revenue | 1,512,882 | 162,690 | (2,627 | ) | 1,672,945 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and Related Products cost of goods sold | 920,295 | — | — | 920,295 | ||||||||||||
Financial Services interest expense | — | 38,536 | — | 38,536 | ||||||||||||
Financial Services provision for credit losses | — | 26,247 | — | 26,247 | ||||||||||||
Selling, administrative and engineering expense | 245,135 | 35,241 | (2,627 | ) | 277,749 | |||||||||||
Total costs and expenses | 1,165,430 | 100,024 | (2,627 | ) | 1,262,827 | |||||||||||
Operating income | 347,452 | 62,666 | — | 410,118 | ||||||||||||
Investment income | 101,322 | — | (100,000 | ) | 1,322 | |||||||||||
Interest expense | 9 | — | — | 9 | ||||||||||||
Income before provision for income taxes | 448,765 | 62,666 | (100,000 | ) | 411,431 | |||||||||||
Provision for income taxes | 121,516 | 20,061 | — | 141,577 | ||||||||||||
Net income | $ | 327,249 | $ | 42,605 | $ | (100,000 | ) | $ | 269,854 | |||||||
Three months ended March 30, 2014 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
Revenue: | ||||||||||||||||
Motorcycles and Related Products | $ | 1,573,967 | $ | — | $ | (2,279 | ) | $ | 1,571,688 | |||||||
Financial Services | — | 154,686 | (326 | ) | 154,360 | |||||||||||
Total revenue | 1,573,967 | 154,686 | (2,605 | ) | 1,726,048 | |||||||||||
Costs and expenses: | ||||||||||||||||
Motorcycles and Related Products cost of goods sold | 979,557 | — | — | 979,557 | ||||||||||||
Financial Services interest expense | — | 38,857 | — | 38,857 | ||||||||||||
Financial Services provision for credit losses | — | 20,331 | — | 20,331 | ||||||||||||
Selling, administrative and engineering expense | 244,765 | 34,261 | (2,605 | ) | 276,421 | |||||||||||
Total costs and expenses | 1,224,322 | 93,449 | (2,605 | ) | 1,315,166 | |||||||||||
Operating income | 349,645 | 61,237 | — | 410,882 | ||||||||||||
Investment income | 121,659 | — | (120,000 | ) | 1,659 | |||||||||||
Interest expense | 3,677 | — | — | 3,677 | ||||||||||||
Income before provision for income taxes | 467,627 | 61,237 | (120,000 | ) | 408,864 | |||||||||||
Provision for income taxes | 120,573 | 22,374 | — | 142,947 | ||||||||||||
Net income | $ | 347,054 | $ | 38,863 | $ | (120,000 | ) | $ | 265,917 | |||||||
Balance Sheet | ||||||||||||||||
29-Mar-15 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 764,175 | $ | 404,549 | $ | — | $ | 1,168,724 | ||||||||
Marketable securities | 57,219 | — | — | 57,219 | ||||||||||||
Accounts receivable, net | 784,268 | — | (503,771 | ) | 280,497 | |||||||||||
Finance receivables, net | — | 2,357,993 | — | 2,357,993 | ||||||||||||
Inventories | 480,941 | — | — | 480,941 | ||||||||||||
Restricted cash | — | 120,428 | — | 120,428 | ||||||||||||
Deferred income taxes | 42,819 | 40,700 | — | 83,519 | ||||||||||||
Other current assets | 128,579 | 35,905 | — | 164,484 | ||||||||||||
Total current assets | 2,258,001 | 2,959,575 | (503,771 | ) | 4,713,805 | |||||||||||
Finance receivables, net | — | 4,490,599 | — | 4,490,599 | ||||||||||||
Property, plant and equipment, net | 840,354 | 33,164 | — | 873,518 | ||||||||||||
Goodwill | 25,632 | — | — | 25,632 | ||||||||||||
Deferred income taxes | 62,826 | 10,808 | (1,458 | ) | 72,176 | |||||||||||
Other long-term assets | 117,760 | 48,943 | (78,609 | ) | 88,094 | |||||||||||
$ | 3,304,573 | $ | 7,543,089 | $ | (583,838 | ) | $ | 10,263,824 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 369,143 | $ | 575,548 | $ | (503,771 | ) | $ | 440,920 | |||||||
Accrued liabilities | 398,922 | 99,563 | (1,458 | ) | 497,027 | |||||||||||
Short-term debt | — | 70,329 | — | 70,329 | ||||||||||||
Current portion of long-term debt | — | 1,500,611 | — | 1,500,611 | ||||||||||||
Total current liabilities | 768,065 | 2,246,051 | (505,229 | ) | 2,508,887 | |||||||||||
Long-term debt | — | 4,357,538 | — | 4,357,538 | ||||||||||||
Pension liability | 71,263 | — | — | 71,263 | ||||||||||||
Postretirement healthcare benefits | 199,645 | — | — | 199,645 | ||||||||||||
Other long-term liabilities | 164,993 | 25,658 | — | 190,651 | ||||||||||||
Shareholders’ equity | 2,100,607 | 913,842 | (78,609 | ) | 2,935,840 | |||||||||||
$ | 3,304,573 | $ | 7,543,089 | $ | (583,838 | ) | $ | 10,263,824 | ||||||||
31-Dec-14 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 573,895 | $ | 332,785 | $ | — | $ | 906,680 | ||||||||
Marketable securities | 57,325 | — | — | 57,325 | ||||||||||||
Accounts receivable, net | 658,735 | — | (411,114 | ) | 247,621 | |||||||||||
Finance receivables, net | — | 1,916,635 | — | 1,916,635 | ||||||||||||
Inventories | 448,871 | — | — | 448,871 | ||||||||||||
Restricted cash | — | 98,627 | — | 98,627 | ||||||||||||
Deferred income taxes | 50,015 | 39,901 | — | 89,916 | ||||||||||||
Other current assets | 142,278 | 43,125 | (2,983 | ) | 182,420 | |||||||||||
Total current assets | 1,931,119 | 2,431,073 | (414,097 | ) | 3,948,095 | |||||||||||
Finance receivables, net | — | 4,516,246 | — | 4,516,246 | ||||||||||||
Property, plant and equipment, net | 848,661 | 34,416 | — | 883,077 | ||||||||||||
Goodwill | 27,752 | — | — | 27,752 | ||||||||||||
Deferred income taxes | 75,121 | 4,863 | (2,149 | ) | 77,835 | |||||||||||
Other long-term assets | 113,727 | 39,309 | (77,944 | ) | 75,092 | |||||||||||
$ | 2,996,380 | $ | 7,025,907 | $ | (494,190 | ) | $ | 9,528,097 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 171,098 | $ | 436,884 | $ | (411,114 | ) | $ | 196,868 | |||||||
Accrued liabilities | 370,652 | 83,797 | (5,132 | ) | 449,317 | |||||||||||
Short-term debt | — | 731,786 | — | 731,786 | ||||||||||||
Current portion of long-term debt | — | 1,011,315 | — | 1,011,315 | ||||||||||||
Total current liabilities | 541,750 | 2,263,782 | (416,246 | ) | 2,389,286 | |||||||||||
Long-term debt | — | 3,761,528 | — | 3,761,528 | ||||||||||||
Pension liability | 76,186 | — | — | 76,186 | ||||||||||||
Postretirement healthcare benefits | 203,006 | — | — | 203,006 | ||||||||||||
Other long-term liabilities | 164,060 | 24,745 | — | 188,805 | ||||||||||||
Shareholders’ equity | 2,011,378 | 975,852 | (77,944 | ) | 2,909,286 | |||||||||||
$ | 2,996,380 | $ | 7,025,907 | $ | (494,190 | ) | $ | 9,528,097 | ||||||||
30-Mar-14 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations | Consolidated | |||||||||||||
Products Operations | Services Operations | |||||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 548,292 | $ | 387,528 | $ | — | $ | 935,820 | ||||||||
Marketable securities | 92,940 | — | — | 92,940 | ||||||||||||
Accounts receivable, net | 1,240,820 | — | (915,841 | ) | 324,979 | |||||||||||
Finance receivables, net | — | 2,223,199 | — | 2,223,199 | ||||||||||||
Inventories | 449,044 | — | — | 449,044 | ||||||||||||
Restricted cash | — | 117,883 | — | 117,883 | ||||||||||||
Other current assets | 146,994 | 69,612 | — | 216,606 | ||||||||||||
Total current assets | 2,478,090 | 2,798,222 | (915,841 | ) | 4,360,471 | |||||||||||
Finance receivables, net | — | 4,214,496 | — | 4,214,496 | ||||||||||||
Property, plant and equipment, net | 789,194 | 33,867 | — | 823,061 | ||||||||||||
Prepaid pension costs | 250,575 | — | — | 250,575 | ||||||||||||
Goodwill | 30,427 | — | — | 30,427 | ||||||||||||
Deferred income taxes | 3,023 | — | — | 3,023 | ||||||||||||
Other long-term assets | 110,763 | 12,743 | (75,768 | ) | 47,738 | |||||||||||
$ | 3,662,072 | $ | 7,059,328 | $ | (991,609 | ) | $ | 9,729,791 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 377,780 | $ | 992,427 | $ | (915,841 | ) | $ | 454,366 | |||||||
Accrued liabilities | 466,685 | 101,807 | (1,737 | ) | 566,755 | |||||||||||
Short-term debt | — | 974,153 | — | 974,153 | ||||||||||||
Current portion of long-term debt | — | 848,840 | — | 848,840 | ||||||||||||
Total current liabilities | 844,465 | 2,917,227 | (917,578 | ) | 2,844,114 | |||||||||||
Long-term debt | — | 3,271,648 | — | 3,271,648 | ||||||||||||
Pension liability | 37,261 | — | — | 37,261 | ||||||||||||
Postretirement healthcare liability | 212,887 | — | — | 212,887 | ||||||||||||
Deferred income taxes | 31,864 | 2,372 | 1,737 | 35,973 | ||||||||||||
Other long-term liabilities | 146,641 | 21,432 | — | 168,073 | ||||||||||||
Shareholders’ equity | 2,388,954 | 846,649 | (75,768 | ) | 3,159,835 | |||||||||||
$ | 3,662,072 | $ | 7,059,328 | $ | (991,609 | ) | $ | 9,729,791 | ||||||||
Cash Flows | ||||||||||||||||
Three months ended March 29, 2015 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 327,249 | $ | 42,605 | $ | (100,000 | ) | $ | 269,854 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 43,947 | 2,081 | — | 46,028 | ||||||||||||
Amortization of deferred loan origination costs | — | 22,932 | — | 22,932 | ||||||||||||
Amortization of financing origination fees | — | 2,215 | — | 2,215 | ||||||||||||
Provision for employee long-term benefits | 12,318 | — | — | 12,318 | ||||||||||||
Contributions to pension and postretirement plans | (6,627 | ) | — | — | (6,627 | ) | ||||||||||
Stock compensation expense | 7,381 | 665 | — | 8,046 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | (465,598 | ) | (465,598 | ) | ||||||||||
Provision for credit losses | — | 26,247 | — | 26,247 | ||||||||||||
Deferred income taxes | 6,594 | (3,774 | ) | — | 2,820 | |||||||||||
Foreign currency adjustments | 18,154 | — | — | 18,154 | ||||||||||||
Other, net | (1,893 | ) | (614 | ) | — | (2,507 | ) | |||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (392,593 | ) | — | 342,657 | (49,936 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 2,067 | — | 2,067 | ||||||||||||
Inventories | (51,934 | ) | — | — | (51,934 | ) | ||||||||||
Accounts payable and accrued liabilities | 241,052 | 406,607 | (342,557 | ) | 305,102 | |||||||||||
Derivative instruments | 399 | — | — | 399 | ||||||||||||
Other | 27,082 | 8,038 | — | 35,120 | ||||||||||||
Total adjustments | (96,120 | ) | 466,464 | (465,498 | ) | (95,154 | ) | |||||||||
Net cash provided by operating activities | 231,129 | 509,069 | (565,498 | ) | 174,700 | |||||||||||
Three months ended March 29, 2015 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (37,240 | ) | (829 | ) | — | (38,069 | ) | |||||||||
Origination of finance receivables | — | (2,008,170 | ) | 1,255,766 | (752,404 | ) | ||||||||||
Collections of finance receivables | — | 1,519,934 | (790,268 | ) | 729,666 | |||||||||||
Other | 9 | — | — | 9 | ||||||||||||
Net cash used by investing activities | (37,231 | ) | (489,065 | ) | 465,498 | (60,798 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Proceeds from issuance of medium-term notes | — | 595,386 | — | 595,386 | ||||||||||||
Intercompany borrowing activity | 250,000 | (250,000 | ) | — | — | |||||||||||
Proceeds from securitization debt | — | 697,591 | — | 697,591 | ||||||||||||
Repayments of securitization debt | — | (200,695 | ) | — | (200,695 | ) | ||||||||||
Net decrease in credit facilities and unsecured commercial paper | — | (661,241 | ) | — | (661,241 | ) | ||||||||||
Borrowings of asset-backed commercial paper | — | 16,798 | — | 16,798 | ||||||||||||
Repayments of asset-backed commercial paper | — | (15,744 | ) | — | (15,744 | ) | ||||||||||
Net change in restricted cash | — | (28,579 | ) | — | (28,579 | ) | ||||||||||
Dividends paid | (65,467 | ) | (100,000 | ) | 100,000 | (65,467 | ) | |||||||||
Purchase of common stock for treasury | (192,700 | ) | — | — | (192,700 | ) | ||||||||||
Excess tax benefits from share-based payments | 2,207 | — | — | 2,207 | ||||||||||||
Issuance of common stock under employee stock option plans | 9,605 | — | — | 9,605 | ||||||||||||
Net cash provided by financing activities | 3,645 | 53,516 | 100,000 | 157,161 | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (7,263 | ) | (1,756 | ) | — | (9,019 | ) | |||||||||
Net increase in cash and cash equivalents | $ | 190,280 | $ | 71,764 | $ | — | $ | 262,044 | ||||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 573,895 | $ | 332,785 | $ | — | $ | 906,680 | ||||||||
Net increase in cash and cash equivalents | 190,280 | 71,764 | — | 262,044 | ||||||||||||
Cash and cash equivalents—end of period | $ | 764,175 | $ | 404,549 | $ | — | $ | 1,168,724 | ||||||||
Three months ended March 30, 2014 | ||||||||||||||||
Motorcycles & Related | Financial | Eliminations & | Consolidated | |||||||||||||
Products Operations | Services Operations | Adjustments | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income | $ | 347,054 | $ | 38,863 | $ | (120,000 | ) | $ | 265,917 | |||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||||
Depreciation | 41,603 | 1,795 | — | 43,398 | ||||||||||||
Amortization of deferred loan origination costs | — | 22,101 | — | 22,101 | ||||||||||||
Amortization of financing origination fees | 59 | 2,026 | — | 2,085 | ||||||||||||
Provision for employee long-term benefits | 8,425 | — | — | 8,425 | ||||||||||||
Contributions to pension and postretirement plans | (6,879 | ) | — | — | (6,879 | ) | ||||||||||
Stock compensation expense | 8,550 | 689 | — | 9,239 | ||||||||||||
Net change in wholesale finance receivables related to sales | — | — | (439,422 | ) | (439,422 | ) | ||||||||||
Provision for credit losses | — | 20,331 | — | 20,331 | ||||||||||||
Deferred income taxes | 3,159 | (3,633 | ) | — | (474 | ) | ||||||||||
Foreign currency adjustments | (4,172 | ) | — | — | (4,172 | ) | ||||||||||
Other, net | (496 | ) | 3,551 | — | 3,055 | |||||||||||
Change in current assets and current liabilities: | ||||||||||||||||
Accounts receivable | (387,875 | ) | — | 326,658 | (61,217 | ) | ||||||||||
Finance receivables—accrued interest and other | — | 793 | — | 793 | ||||||||||||
Inventories | (20,317 | ) | — | — | (20,317 | ) | ||||||||||
Accounts payable and accrued liabilities | 290,208 | 392,880 | (326,658 | ) | 356,430 | |||||||||||
Derivative instruments | 1,222 | — | — | 1,222 | ||||||||||||
Other | 1,770 | 1,301 | — | 3,071 | ||||||||||||
Total adjustments | (64,743 | ) | 441,834 | (439,422 | ) | (62,331 | ) | |||||||||
Net cash provided by operating activities | 282,311 | 480,697 | (559,422 | ) | 203,586 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Capital expenditures | (24,691 | ) | (1,190 | ) | — | (25,881 | ) | |||||||||
Origination of finance receivables | — | (1,992,601 | ) | 1,234,636 | (757,965 | ) | ||||||||||
Collections of finance receivables | — | 1,502,645 | (795,214 | ) | 707,431 | |||||||||||
Sales and redemptions of marketable securities | 6,001 | — | — | 6,001 | ||||||||||||
Other | 51 | — | — | 51 | ||||||||||||
Net cash used by investing activities | (18,639 | ) | (491,146 | ) | 439,422 | (70,363 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Repayments of senior unsecured notes | (303,000 | ) | — | — | (303,000 | ) | ||||||||||
Repayments of securitization debt | — | (159,938 | ) | — | (159,938 | ) | ||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 307,803 | — | 307,803 | ||||||||||||
Borrowings of asset-backed commercial paper | — | 13,746 | — | 13,746 | ||||||||||||
Repayments of asset-backed commercial paper | — | (16,981 | ) | — | (16,981 | ) | ||||||||||
Net change in restricted cash | — | 26,924 | — | 26,924 | ||||||||||||
Dividends paid | (60,527 | ) | (120,000 | ) | 120,000 | (60,527 | ) | |||||||||
Purchase of common stock for treasury | (87,690 | ) | — | — | (87,690 | ) | ||||||||||
Excess tax benefits from share-based payments | 4,763 | — | — | 4,763 | ||||||||||||
Issuance of common stock under employee stock option plans | 8,894 | — | — | 8,894 | ||||||||||||
Net cash (used by) provided by financing activities | (437,560 | ) | 51,554 | 120,000 | (266,006 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | 3,268 | (1,277 | ) | — | 1,991 | |||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (170,620 | ) | $ | 39,828 | $ | — | $ | (130,792 | ) | ||||||
Cash and cash equivalents: | ||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 718,912 | $ | 347,700 | $ | — | $ | 1,066,612 | ||||||||
Net (decrease) increase in cash and cash equivalents | (170,620 | ) | 39,828 | — | (130,792 | ) | ||||||||||
Cash and cash equivalents—end of period | $ | 548,292 | $ | 387,528 | $ | — | $ | 935,820 | ||||||||
Basis_Of_Presentation_And_Use_1
Basis Of Presentation And Use Of Estimates Narrative (Details) | 3 Months Ended |
Mar. 29, 2015 | |
segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of businss segments | 2 |
New_Accounting_Standards_Debt_
New Accounting Standards Debt Issuance Cost (Details) (USD $) | Mar. 29, 2015 |
In Millions, unless otherwise specified | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Finance Costs, Net | $19.10 |
Recovered_Sheet1
Additional Balance Sheet And Cash Flow Information (Marketable Securities) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |||
Supplemental Cash Flow Information [Abstract] | |||
Available-for-sale securities | $57,219 | $57,325 | $92,940 |
Trading Securities | 37,667 | 33,815 | 33,182 |
Marketable Securities | $94,886 | $91,140 | $126,122 |
Additional_Balance_Sheet_and_C2
Additional Balance Sheet and Cash Flow Information (Narrative) (Detail) (USD $) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Document Fiscal Year Focus | 2015 | |
Gross unrealized gains (losses) | ($106,000) | ($67,000) |
Gross unrealized gains (losses), net of taxes | ($67,000) | ($42,000) |
Contractual maturities period of marketable securities, minimum (in months) | 1 month | |
Contractual maturities period of marketable securities, maximum (in months) | 25 months |
Recovered_Sheet2
Additional Balance Sheet And Cash Flow Information (Inventories, Net) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |||
Inventory [Line Items] | |||
Raw materials and work in process | $153,734 | $151,254 | $141,381 |
Inventory at lower of FIFO cost or market | 530,843 | 498,773 | 497,770 |
Excess of FIFO over LIFO cost | -49,902 | -49,902 | -48,726 |
Inventories, net | 480,941 | 448,871 | 449,044 |
Motorcycle Finished Goods [Member] | |||
Inventory [Line Items] | |||
Finished goods | 253,922 | 230,309 | 222,649 |
Parts and Accessories Finished Goods [Member] | |||
Inventory [Line Items] | |||
Finished goods | $123,187 | $117,210 | $133,740 |
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 | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Cash flows from operating activities: | ||
Net income | $269,854 | $265,917 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 46,028 | 43,398 |
Amortization of deferred loan origination costs | 22,932 | 22,101 |
Amortization of financing origination fees | 2,215 | 2,085 |
Provision for employee long-term benefits | 12,318 | 8,425 |
Contributions to pension and postretirement plans | -6,627 | -6,879 |
Stock compensation expense | 8,046 | 9,239 |
Net change in wholesale finance receivables related to sales | -465,598 | -439,422 |
Provision for credit losses | 26,247 | 20,331 |
Deferred Income Taxes and Tax Credits | 2,820 | -474 |
Foreign currency adjustments | 18,154 | -4,172 |
Other, net | -2,507 | 3,055 |
Changes in current assets and liabilities: | ||
Accounts receivable, net | -49,936 | -61,217 |
Finance receivables-accrued interest and other | 2,067 | 793 |
Inventories | -51,934 | -20,317 |
Accounts payable and accrued liabilities | 305,102 | 356,430 |
Derivative instruments | 399 | 1,222 |
Other | 35,120 | 3,071 |
Total adjustments | -95,154 | -62,331 |
Net cash provided by operating activities | $174,700 | $203,586 |
Finance_Receivables_Finance_Re
Finance Receivables (Finance Receivables) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $6,981,412 | $6,560,245 | $6,552,224 | |
Allowance for credit losses | -132,820 | -127,364 | -114,529 | -110,693 |
Total Finance Receivables, Net | 6,848,592 | 6,432,881 | 6,437,695 | |
Retail [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 5,576,558 | 5,607,924 | 5,254,133 | |
Allowance for credit losses | -123,777 | -122,025 | -106,776 | -106,063 |
Wholesale [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | 1,404,854 | 952,321 | 1,298,091 | |
Allowance for credit losses | ($9,043) | ($5,339) | ($7,753) | ($4,630) |
Finance_Receivables_Narrative_
Finance Receivables (Narrative) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | $0 | $0 | $0 |
Greater than 90 Days Past Due | 19,139,000 | 28,918,000 | 17,059,000 |
Retail [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Wholesale finance receivables, gross | 19,000,000 | 28,700,000 | 17,000,000 |
Greater than 90 Days Past Due | 18,995,000 | 28,712,000 | 16,969,000 |
Wholesale [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Individually evaluated for impairment | 0 | 0 | 0 |
Greater than 90 Days Past Due | 144,000 | 206,000 | 90,000 |
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 | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provision for Loan and Lease Losses | $26,247 | $20,331 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance, beginning of period | 127,364 | 110,693 |
Charge-offs | -32,733 | -27,343 |
Recoveries | 11,942 | 10,848 |
Balance, end of period | 132,820 | 114,529 |
Retail [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provision for Loan and Lease Losses | 22,543 | 17,208 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance, beginning of period | 122,025 | 106,063 |
Charge-offs | -32,733 | -27,343 |
Recoveries | 11,942 | 10,848 |
Balance, end of period | 123,777 | 106,776 |
Wholesale [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Provision for Loan and Lease Losses | 3,704 | 3,123 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance, beginning of period | 5,339 | 4,630 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Balance, end of period | $9,043 | $7,753 |
Finance_Receivables_Allowance_
Finance Receivables (Allowance For Credit Losses And Finance Receivables By Portfolio Individually And Collectively Evaluated For Impairment) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $0 | $0 | $0 | |
Collectively evaluated for impairment | 132,820,000 | 127,364,000 | 114,529,000 | |
Total allowance for credit losses | 132,820,000 | 127,364,000 | 114,529,000 | 110,693,000 |
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 6,981,412,000 | 6,560,245,000 | 6,552,224,000 | |
Total Finance Receivables | 6,981,412,000 | 6,560,245,000 | 6,552,224,000 | |
Wholesale [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 9,043,000 | 5,339,000 | 7,753,000 | |
Total allowance for credit losses | 9,043,000 | 5,339,000 | 7,753,000 | 4,630,000 |
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 1,404,854,000 | 952,321,000 | 1,298,091,000 | |
Total Finance Receivables | 1,404,854,000 | 952,321,000 | 1,298,091,000 | |
Retail [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 123,777,000 | 122,025,000 | 106,776,000 | |
Total allowance for credit losses | 123,777,000 | 122,025,000 | 106,776,000 | 106,063,000 |
Individually evaluated for impairment | 0 | 0 | 0 | |
Collectively evaluated for impairment | 5,576,558,000 | 5,607,924,000 | 5,254,133,000 | |
Total Finance Receivables | 5,576,558,000 | 5,607,924,000 | 5,254,133,000 | |
Nonperforming Financing Receivable [Member] | Wholesale [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $0 | $0 | $0 |
Finance_Receivables_Aging_Of_P
Finance Receivables (Aging Of Past Due Finance Receivables Including Non Accrual Status Finance Receivables) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $6,855,408 | $6,379,379 | $6,431,814 |
31-60 Days Past Due | 82,745 | 113,390 | 80,488 |
61-90 Days Past Due | 24,120 | 38,558 | 22,863 |
Greater than 90 Days Past Due | 19,139 | 28,918 | 17,059 |
Total Past Due | 126,004 | 180,866 | 120,410 |
Total Finance Receivables | 6,981,412 | 6,560,245 | 6,552,224 |
Retail [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,451,248 | 5,427,719 | 5,134,053 |
31-60 Days Past Due | 82,302 | 113,007 | 80,344 |
61-90 Days Past Due | 24,013 | 38,486 | 22,767 |
Greater than 90 Days Past Due | 18,995 | 28,712 | 16,969 |
Total Past Due | 125,310 | 180,205 | 120,080 |
Total Finance Receivables | 5,576,558 | 5,607,924 | 5,254,133 |
Wholesale [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,404,160 | 951,660 | 1,297,761 |
31-60 Days Past Due | 443 | 383 | 144 |
61-90 Days Past Due | 107 | 72 | 96 |
Greater than 90 Days Past Due | 144 | 206 | 90 |
Total Past Due | 694 | 661 | 330 |
Total Finance Receivables | $1,404,854 | $952,321 | $1,298,091 |
Finance_Receivables_Recorded_I
Finance Receivables (Recorded Investment Of Retail and Wholesale Finance Receivables By Credit Quality Indicator) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $6,981,412 | $6,560,245 | $6,552,224 |
Retail [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 5,576,558 | 5,607,924 | 5,254,133 |
Retail [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 4,400,440 | 4,435,352 | 4,128,996 |
Retail [Member] | Sub-Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 1,176,118 | 1,172,572 | 1,125,137 |
Wholesale [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 1,404,854 | 952,321 | 1,298,091 |
Wholesale [Member] | Doubtful [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 1,523 | 954 | 5,508 |
Wholesale [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 21,854 | 7,025 | 3,888 |
Wholesale [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 0 | 0 | 10,950 |
Wholesale [Member] | Risk Level, Medium [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | 19,634 | 11,557 | 11,103 |
Wholesale [Member] | Risk Level, Low [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Gross | $1,361,843 | $932,785 | $1,266,642 |
AssetBacked_Financing_Narrativ
Asset-Backed Financing (Narrative) (Detail) | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Mar. 29, 2015 | Mar. 30, 2014 | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
Secured Notes Through One Term Asset-backed Securitization Transaction [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Third-party Bank [Member] | Third-party Bank [Member] | Third-party Bank [Member] | |
Secured Debt [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | |
USD ($) | 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] | 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 ($) | USD ($) | CAD | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | SPEs [Member] | SPEs [Member] | SPEs [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Variable Interest Entity [Line Items] | |||||||||
Company issued secured notes | $700,000,000 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 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 | 24,700,000 | ||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 19,200,000 | 15,700,000 | |||||||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $16,800,000 | $13,800,000 |
AssetBacked_Financing_Assets_A
Asset-Backed Financing (Assets And Liabilities Of Variable Interest Entities) (Detail) (USD $) | 3 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $2,089,001,000 | $1,422,002,000 | $1,643,701,000 |
Financing Receivable [Member] | Asset-backed Securities [Member] | SPEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,919,723,000 | 1,221,855,000 | 1,458,602,000 |
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 | 169,278,000 | 200,147,000 | 185,099,000 |
Allowance for Credit Loss [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | -46,127,000 | -28,255,000 | -35,121,000 |
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 | -43,128,000 | -24,998,000 | -32,156,000 |
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 | -2,999,000 | -3,257,000 | -2,965,000 |
Restricted Cash [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 150,631,000 | 117,883,000 | 122,052,000 |
Restricted Cash [Member] | Asset-backed Securities [Member] | SPEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 138,574,000 | 105,536,000 | 110,017,000 |
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 | 12,057,000 | 12,347,000 | 12,035,000 |
Other Assets [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 4,152,000 | 3,625,000 | 3,671,000 |
Other Assets [Member] | Asset-backed Securities [Member] | SPEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 3,443,000 | 3,083,000 | 2,987,000 |
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 | 311,000 | 304,000 | 422,000 |
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 | 398,000 | 238,000 | 262,000 |
Assets, Total [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 2,197,657,000 | 1,515,255,000 | 1,734,303,000 |
Assets, Total [Member] | Asset-backed Securities [Member] | SPEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 2,018,612,000 | 1,305,476,000 | 1,539,450,000 |
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 | 311,000 | 304,000 | 422,000 |
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 | 178,734,000 | 209,475,000 | 194,431,000 |
Asset-backed debt [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,924,812,000 | 1,261,337,000 | 1,438,445,000 |
Asset-backed debt [Member] | Asset-backed Securities [Member] | SPEs [Member] | |||
Variable Interest Entity [Line Items] | |||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,770,777,000 | 1,096,633,000 | 1,271,533,000 |
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 | 154,035,000 | 164,704,000 | 166,912,000 |
Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Foreign Line of Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 19,200,000 | 15,700,000 | |
Line of Credit [Member] | Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Foreign Line of Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash Flows Between Transferor and Transferee, Proceeds from New Transfers | $16,800,000 | $13,800,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured at Fair Value) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Repossessed Assets | $14,500,000 | $13,400,000 | $15,200,000 |
Fair Value, Measurements, Recurring [Member] | Balance [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 975,411,000 | 737,024,000 | 602,421,000 |
Investments, Fair Value Disclosure | 94,886,000 | 91,140,000 | 126,122,000 |
Derivative Asset, Current | 49,290,000 | 32,244,000 | 105,000 |
Assets, Fair Value Disclosure | 1,119,587,000 | 860,408,000 | 728,648,000 |
Derivatives, liabilities | 1,886,000 | 2,027,000 | 3,681,000 |
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 | 510,090,000 | 482,686,000 | 359,438,000 |
Investments, Fair Value Disclosure | 37,667,000 | 33,815,000 | 33,182,000 |
Derivative Asset, Current | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 547,757,000 | 516,501,000 | 392,620,000 |
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 | 465,321,000 | 254,338,000 | 242,983,000 |
Investments, Fair Value Disclosure | 57,219,000 | 57,325,000 | 92,940,000 |
Derivative Asset, Current | 49,290,000 | 32,244,000 | 105,000 |
Assets, Fair Value Disclosure | 571,830,000 | 343,907,000 | 336,028,000 |
Derivatives, liabilities | 1,886,000 | 2,027,000 | 3,681,000 |
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 |
Investments, Fair Value Disclosure | 0 | 0 | 0 |
Derivative Asset, Current | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Derivatives, liabilities | 0 | 0 | 0 |
Fair value, adjustment [Domain] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Repossessed Assets | $3,500,000 | $5,000,000 | $3,500,000 |
Recovered_Sheet4
Fair Value Of Financial Instruments (Summary Of Fair Value And Carrying Value Of Company Financial Instruments) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |||
Assets: | |||
Restricted cash | $120,428 | $98,627 | $117,883 |
Fair Value [Member] | |||
Assets: | |||
Cash equivalents | 1,168,724 | 906,680 | 935,820 |
Marketable securities | 94,886 | 91,140 | 126,122 |
Derivatives | 49,290 | 32,244 | 105 |
Finance receivables, net | 6,927,898 | 6,519,500 | 6,531,145 |
Restricted cash | 150,631 | 122,052 | 117,883 |
Liabilities: | |||
Derivatives | 1,886 | 2,027 | 3,681 |
Carrying Value [Member] | |||
Assets: | |||
Cash equivalents | 1,168,724 | 906,680 | 935,820 |
Marketable securities | 94,886 | 91,140 | 126,122 |
Derivatives | 49,290 | 32,244 | 105 |
Finance receivables, net | 6,848,592 | 6,432,881 | 6,437,695 |
Restricted cash | 150,631 | 122,052 | 117,883 |
Liabilities: | |||
Derivatives | 1,886 | 2,027 | 3,681 |
Unsecured Commercial Paper [Member] | Fair Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | 70,329 | 731,786 | 974,153 |
Unsecured Commercial Paper [Member] | Carrying Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | 70,329 | 731,786 | 974,153 |
Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Fair Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | 154,035 | 166,912 | 164,704 |
Asset-Backed Canadian Commercial Paper Conduit Facility [Member] | Carrying Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | 154,035 | 166,912 | 164,704 |
Medium-term Notes [Member] | Fair Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | 4,176,254 | 3,502,536 | 3,060,408 |
Medium-term Notes [Member] | Carrying Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | 3,933,337 | 3,334,398 | 2,859,151 |
Secured Debt [Member] | Fair Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | 1,771,363 | 1,270,656 | 1,099,596 |
Secured Debt [Member] | Carrying Value [Member] | |||
Liabilities: | |||
Debt Instrument, Fair Value Disclosure | $1,770,777 | $1,271,533 | $1,096,633 |
Recovered_Sheet5
Derivative Instruments And Hedging Activities (Derivative Instrument Fair Value) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | |||
In Thousands, unless otherwise specified | ||||||
Derivatives Designated As Hedging Instruments [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $418,276 | $340,805 | $270,509 | |||
Derivatives Designated As Hedging Instruments [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Current | 49,290 | [1] | 32,244 | [1] | 99 | [1] |
Derivatives Designated As Hedging Instruments [Member] | Accrued Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Current | 232 | [2] | 414 | [2] | 3,589 | [2] |
Derivatives Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 416,844 | [3] | 339,077 | [3] | 269,342 | [3] |
Derivatives Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Current | 49,290 | [1],[3] | 32,244 | [1],[3] | 5 | [1],[3] |
Derivatives Designated As Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Current | 12 | [2],[3] | 0 | [2],[3] | 3,589 | [2],[3] |
Derivatives Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 1,432 | [3] | 1,728 | [3] | 1,167 | [3] |
Derivatives Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Current | 0 | [1],[3] | 0 | [1],[3] | 94 | [1],[3] |
Derivatives Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Current | 220 | [2],[3] | 414 | [2],[3] | 0 | [2],[3] |
Derivatives Not Designated As Hedging Instruments [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 11,358 | 11,804 | 9,348 | |||
Derivatives Not Designated As Hedging Instruments [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Current | 0 | [1] | 0 | [1] | 6 | [1] |
Derivatives Not Designated As Hedging Instruments [Member] | Accrued Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Current | 1,654 | [2] | 1,613 | [2] | 92 | [2] |
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 11,358 | 11,804 | 9,348 | |||
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Asset, Current | 0 | [1] | 0 | [1] | 6 | [1] |
Derivatives Not Designated As Hedging Instruments [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Current | $1,654 | [2] | $1,613 | [2] | $92 | [2] |
[1] | Included in other current assets | |||||
[2] | Included in accrued liabilities | |||||
[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 | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Derivative Instruments And Hedging Activities [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI, before tax | $32,548 | ($1,223) |
Foreign Currency Contracts [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI, before tax | 32,668 | -1,438 |
Commodity Contract [Member] | ||
Derivative Instruments And Hedging Activities [Line Items] | ||
Amount of Gain/(Loss) Recognized in OCI, before tax | ($120) | $215 |
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 | |||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | ||
Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Income | $14,961 | ($862) | ||
Expected to be Reclassified Over the Next Twelve Months | 47,830 | |||
Cash Flow Hedging [Member] | Foreign Currency Contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Income | 15,276 | [1] | -1,058 | [1] |
Expected to be Reclassified Over the Next Twelve Months | 48,050 | [1] | ||
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain/(Loss) Reclassified from AOCI into Income | -315 | [1] | 196 | [1] |
Expected to be Reclassified Over the Next Twelve Months | -220 | [1] | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Loss | -540 | -328 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Loss | ($540) | [2] | ($328) | [2] |
[1] | Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold. | |||
[2] | (a)Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Changes In Other Comprehensinve Income) (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 | Jun. 29, 2014 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | ($514,943) | ($332,676) | ($514,943) | ||
Other comprehensive (loss) income before reclassifications | 2,451 | 465 | |||
Income tax | 9,048 | -1,671 | |||
Net other comprehensive (loss) income before reclassifications | -6,597 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -986 | ||||
Comprehensive Income (Loss), Reclassifications, Tax | -365 | 3,889 | |||
Net reclassifications | -621 | ||||
Other comprehensive (loss) income | -7,218 | ||||
Balance, end of period | -522,161 | -323,929 | -514,943 | ||
Prior Service Costs [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 695 | [1] | 684 | [1] | |
Actuarial Losses [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -14,670 | [1] | -10,322 | [1] | |
Foreign Currency Contracts [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 15,276 | [2] | -1,058 | [2] | |
Commodity Contract [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -315 | [2] | 196 | [2] | |
Accumulated Translation Adjustment [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | 33,326 | -3,482 | |||
Other comprehensive (loss) income before reclassifications | -29,991 | 1,755 | |||
Income tax | -2,970 | -1,193 | |||
Net other comprehensive (loss) income before reclassifications | -27,021 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ||||
Comprehensive Income (Loss), Reclassifications, Tax | 0 | 0 | |||
Net reclassifications | 0 | ||||
Other comprehensive (loss) income | -27,021 | ||||
Balance, end of period | -30,503 | -3,482 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | -276 | -700 | |||
Other comprehensive (loss) income before reclassifications | -106 | -67 | |||
Income tax | -39 | -25 | |||
Net other comprehensive (loss) income before reclassifications | -67 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | ||||
Comprehensive Income (Loss), Reclassifications, Tax | 0 | 0 | |||
Net reclassifications | 0 | ||||
Other comprehensive (loss) income | -67 | ||||
Balance, end of period | -767 | -700 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | -1,680 | 19,042 | |||
Other comprehensive (loss) income before reclassifications | 32,548 | -1,223 | |||
Income tax | 12,057 | -453 | |||
Net other comprehensive (loss) income before reclassifications | 20,491 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -14,961 | ||||
Comprehensive Income (Loss), Reclassifications, Tax | -5,542 | 319 | |||
Net reclassifications | -9,419 | ||||
Other comprehensive (loss) income | 11,072 | ||||
Balance, end of period | 30,114 | 19,042 | |||
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 | 15,276 | [2] | -1,058 | [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 | -315 | [2] | 196 | [2] | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Balance, beginning of period | -364,046 | -529,803 | |||
Other comprehensive (loss) income before reclassifications | 0 | 0 | |||
Income tax | 0 | 0 | |||
Net other comprehensive (loss) income before reclassifications | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 13,975 | ||||
Comprehensive Income (Loss), Reclassifications, Tax | 5,177 | 3,570 | |||
Net reclassifications | 8,798 | ||||
Other comprehensive (loss) income | 8,798 | ||||
Balance, end of period | -521,005 | -529,803 | |||
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 | 695 | 684 | |||
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 | ($14,670) | ($10,322) | |||
[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. |
Debt_Debt_Debt_With_Contractua
Debt Debt (Debt With Contractual Term Less Than One Year)(Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | |||
Short-term Debt [Line Items] | |||
Short-term debt | $70,329 | $731,786 | $974,153 |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term debt | $70,329 | $731,786 | $974,153 |
Debt_Debt_Debt_With_A_Contract
Debt Debt (Debt With A Contractual Term Greater Than One Year) (Details) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
Debt Instrument [Line Items] | |||
Short-term debt | $70,329,000 | $731,786,000 | $974,153,000 |
Long-term Debt, Current Maturities | -1,500,611,000 | -1,011,315,000 | -848,840,000 |
Long-term debt | 4,357,538,000 | 3,761,528,000 | 3,271,648,000 |
Gross Long-term Debt | 5,858,149,000 | 4,772,843,000 | 4,120,488,000 |
Medium-Term Notes Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Medium-Term Notes Due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 600,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.15% | ||
Medium-Term Notes Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 450,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.88% | ||
Medium-Term Notes Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | ||
Medium-Term Notes Due 2017 1.55 rate [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 400,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.55% | ||
Medium-Term Notes Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 888,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.80% | ||
Medium-Term Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 600,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.40% | ||
Medium-Term Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 600,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.15% | ||
Secured Debt [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 154,035,000 | 166,912,000 | 164,704,000 |
Secured Debt [Member] | Term Asset-Backed Securitization VIEs [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 1,770,777,000 | 1,271,533,000 | 1,096,633,000 |
Secured Debt [Member] | Secured Notes Through One Term Asset-backed Securitization Transaction [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | 700,000,000 | ||
Unsecured Debt [Member] | Medium-Term Notes Due 2014 [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 0 | 0 | 499,906,000 |
Unsecured Debt [Member] | Medium-Term Notes Due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 599,886,000 | 599,817,000 | 599,612,000 |
Unsecured Debt [Member] | Medium-Term Notes Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 449,950,000 | 449,937,000 | 449,897,000 |
Unsecured Debt [Member] | Medium-Term Notes Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 399,967,000 | 399,963,000 | 399,950,000 |
Unsecured Debt [Member] | Medium-Term Notes Due 2017 1.55 rate [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 399,510,000 | 399,464,000 | 0 |
Unsecured Debt [Member] | Medium-Term Notes Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 887,424,000 | 887,381,000 | 909,786,000 |
Unsecured Debt [Member] | Medium-Term Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 597,951,000 | 597,836,000 | 0 |
Unsecured Debt [Member] | Medium-Term Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Gross Long-term Debt | 598,649,000 | 0 | 0 |
Financial Services Segment [Member] | Medium-term Notes [Member] | Medium-Term Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Company issued secured notes | $600,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.15% |
Income_Taxes_Detail
Income Taxes (Detail) | 3 Months Ended | |
Mar. 29, 2015 | Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income tax rate | 34.40% | 35.00% |
Recovered_Sheet7
Product Warranty And Safety Recall Campaigns (Warranty And Safety Recall Liability) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance, beginning of period | $69,250 | $64,120 |
Warranties issued during the period | 15,111 | 17,362 |
Settlements made during the period | -13,565 | -11,573 |
Recalls and changes to pre-existing warranty liabilities | 277 | -573 |
Balance, end of period | $71,073 | $69,336 |
Recovered_Sheet8
Product Warranty And Safety Recall Campaigns (Narrative) (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 |
Motorcycles [Member] | |||
Product Information [Line Items] | |||
Standard product warranty, period | 2 years | ||
Parts and Accessories Finished Goods [Member] | |||
Product Information [Line Items] | |||
Standard product warranty, period | 1 year | ||
Japan [Member] | Motorcycles [Member] | |||
Product Information [Line Items] | |||
Standard product warranty, period | 3 years | ||
Safety Recall [Member] | |||
Product Information [Line Items] | |||
Liability for safety recall campaigns | 7.7 | $9.80 | $3.30 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Earnings Per Share Basic And Diluted) (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Numerator: | ||
Net income | $269,854 | $265,917 |
Denominator: | ||
Denominator for basic earnings per share - weighted-average common shares | 210,629 | 218,986 |
Effect of dilutive securities - employee stock compensation plan | 1,159 | 1,507 |
Denominator for diluted earnings per share - adjusted weighted-average shares outstanding | 211,788 | 220,493 |
Basic (in dollars per share) | $1.28 | $1.21 |
Diluted (in dollars per share) | $1.27 | $1.21 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Detail) (Stock Option [Member]) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares considered anti-dilutive and excluded from computation | 0.7 | 0.6 |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Periodic Benefit Costs) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Pension Plans and Supplemental Employee Retirement Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $10,010 | $7,874 |
Interest cost | 21,836 | 21,731 |
Expected return on plan assets | -36,232 | -34,184 |
Prior service cost | 109 | 279 |
Net loss | 13,677 | 9,140 |
Net periodic benefit cost | 9,400 | 4,840 |
Postretirement Healthcare Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 2,065 | 1,754 |
Interest cost | 3,541 | 4,220 |
Expected return on plan assets | -2,877 | -2,607 |
Prior service cost | -804 | -963 |
Net loss | 993 | 1,182 |
Net periodic benefit cost | $2,918 | $3,586 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Company contributions | $0 |
Business_Segments_Information_
Business Segments (Information By Strategic Business Units) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Motorcycles net revenue | $1,510,570 | $1,571,688 |
Selling, administrative and engineering expense | 277,749 | 276,421 |
Financial Services revenue | 162,375 | 154,360 |
Operating income | 410,118 | 410,882 |
Motorcycles [Member] | ||
Segment Reporting Information [Line Items] | ||
Motorcycles net revenue | 1,510,570 | 1,571,688 |
Gross profit | 590,275 | 592,131 |
Selling, administrative and engineering expense | 244,821 | 244,439 |
Operating income | 345,454 | 347,692 |
Financial Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Financial Services revenue | 162,375 | 154,360 |
Financial services expense | 97,711 | 91,170 |
Operating income | $64,664 | $63,190 |
Business_Segments_Narrative_De
Business Segments Narrative (Details) | 3 Months Ended |
Mar. 29, 2015 | |
segment | |
Segment Reporting [Abstract] | |
Number of businss segments | 2 |
Commitment_And_Contingencies_D
Commitment And Contingencies (Detail) (York, Pennsylvania Facility [Member]) | 3 Months Ended |
Mar. 29, 2015 | |
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% |
Supplemental_Consolidating_Dat2
Supplemental Consolidating Data (Operations) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Motorcycles and Related Products | $1,510,570 | $1,571,688 |
Financial Services | 162,375 | 154,360 |
Total revenue | 1,672,945 | 1,726,048 |
Motorcycles and Related Products cost of goods sold | 920,295 | 979,557 |
Financial Services interest expense | 38,536 | 38,857 |
Provision for Loan and Lease Losses | 26,247 | 20,331 |
Provision for credit losses | 26,247 | 20,331 |
Selling, administrative and engineering expense | 277,749 | 276,421 |
Total costs and expenses | 1,262,827 | 1,315,166 |
Operating income | 410,118 | 410,882 |
Investment income | 1,322 | 1,659 |
Interest expense | 9 | 3,677 |
Income before provision for income taxes | 411,431 | 408,864 |
Provision for income taxes | 141,577 | 142,947 |
Net income | 269,854 | 265,917 |
Motorcycles And Related Products Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Motorcycles and Related Products | 1,512,882 | 1,573,967 |
Financial Services | 0 | 0 |
Total revenue | 1,512,882 | 1,573,967 |
Motorcycles and Related Products cost of goods sold | 920,295 | 979,557 |
Financial Services interest expense | 0 | 0 |
Provision for credit losses | 0 | 0 |
Selling, administrative and engineering expense | 245,135 | 244,765 |
Total costs and expenses | 1,165,430 | 1,224,322 |
Operating income | 347,452 | 349,645 |
Investment income | 101,322 | 121,659 |
Interest expense | 9 | 3,677 |
Income before provision for income taxes | 448,765 | 467,627 |
Provision for income taxes | 121,516 | 120,573 |
Net income | 327,249 | 347,054 |
Financial Services Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Motorcycles and Related Products | 0 | 0 |
Financial Services | 162,690 | 154,686 |
Total revenue | 162,690 | 154,686 |
Motorcycles and Related Products cost of goods sold | 0 | 0 |
Financial Services interest expense | 38,536 | 38,857 |
Provision for credit losses | 26,247 | 20,331 |
Selling, administrative and engineering expense | 35,241 | 34,261 |
Total costs and expenses | 100,024 | 93,449 |
Operating income | 62,666 | 61,237 |
Investment income | 0 | 0 |
Interest expense | 0 | 0 |
Income before provision for income taxes | 62,666 | 61,237 |
Provision for income taxes | 20,061 | 22,374 |
Net income | 42,605 | 38,863 |
Consolidation, Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Motorcycles and Related Products | -2,312 | -2,279 |
Financial Services | -315 | -326 |
Total revenue | -2,627 | -2,605 |
Motorcycles and Related Products cost of goods sold | 0 | 0 |
Financial Services interest expense | 0 | 0 |
Provision for credit losses | 0 | 0 |
Selling, administrative and engineering expense | -2,627 | -2,605 |
Total costs and expenses | -2,627 | -2,605 |
Operating income | 0 | 0 |
Investment income | -100,000 | -120,000 |
Interest expense | 0 | 0 |
Income before provision for income taxes | -100,000 | -120,000 |
Provision for income taxes | 0 | 0 |
Net income | ($100,000) | ($120,000) |
Supplemental_Consolidating_Dat3
Supplemental Consolidating Data (Balance Sheet) (Detail) (USD $) | Mar. 29, 2015 | Dec. 31, 2014 | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $1,168,724 | $906,680 | $935,820 | $1,066,612 |
Available-for-sale Securities, Current | 57,219 | 57,325 | 92,940 | |
Accounts receivable, net | 280,497 | 247,621 | 324,979 | |
Finance receivables, net | 2,357,993 | 1,916,635 | 2,223,199 | |
Inventories | 480,941 | 448,871 | 449,044 | |
Restricted cash | 120,428 | 98,627 | 117,883 | |
Deferred Tax Assets, Net, Current | 83,519 | 89,916 | 89,070 | |
Other current assets | 164,484 | 182,420 | 216,606 | |
Total current assets | 4,713,805 | 3,948,095 | 4,360,471 | |
Finance receivables, net | 4,490,599 | 4,516,246 | 4,214,496 | |
Property, plant and equipment, net | 873,518 | 883,077 | 823,061 | |
Prepaid Pension Costs | 0 | 0 | 250,575 | |
Goodwill | 25,632 | 27,752 | 30,427 | |
Deferred Tax Assets, Net, Noncurrent | 72,176 | 77,835 | 3,023 | |
Other long-term assets | 88,094 | 75,092 | 47,738 | |
Total assets | 10,263,824 | 9,528,097 | 9,729,791 | |
Accounts payable | 440,920 | 196,868 | 454,366 | |
Accrued liabilities | 497,027 | 449,317 | 566,755 | |
Short-term debt | 70,329 | 731,786 | 974,153 | |
Long-term Debt, Current Maturities | 1,500,611 | 1,011,315 | 848,840 | |
Total current liabilities | 2,508,887 | 2,389,286 | 2,844,114 | |
Long-term debt | 4,357,538 | 3,761,528 | 3,271,648 | |
Pension liability | 71,263 | 76,186 | 37,261 | |
Postretirement healthcare benefits | 199,645 | 203,006 | 212,887 | |
Deferred Tax Liabilities, Net, Noncurrent | 0 | 0 | 35,973 | |
Other long-term liabilities | 190,651 | 188,805 | 168,073 | |
Total shareholders' equity | 2,935,840 | 2,909,286 | 3,159,835 | |
Total liabilities and shareholders' equity | 10,263,824 | 9,528,097 | 9,729,791 | |
Motorcycles And Related Products Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 764,175 | 573,895 | 548,292 | 718,912 |
Available-for-sale Securities, Current | 57,219 | 57,325 | 92,940 | |
Accounts receivable, net | 784,268 | 658,735 | 1,240,820 | |
Finance receivables, net | 0 | 0 | 0 | |
Inventories | 480,941 | 448,871 | 449,044 | |
Restricted cash | 0 | 0 | 0 | |
Deferred Tax Assets, Net, Current | 42,819 | 50,015 | ||
Other current assets | 128,579 | 142,278 | 146,994 | |
Total current assets | 2,258,001 | 1,931,119 | 2,478,090 | |
Finance receivables, net | 0 | 0 | 0 | |
Property, plant and equipment, net | 840,354 | 848,661 | 789,194 | |
Prepaid Pension Costs | 250,575 | |||
Goodwill | 25,632 | 27,752 | 30,427 | |
Deferred Tax Assets, Net, Noncurrent | 62,826 | |||
Other long-term assets | 117,760 | 113,727 | ||
Total assets | 3,304,573 | 2,996,380 | 3,662,072 | |
Accounts payable | 369,143 | 171,098 | 377,780 | |
Accrued liabilities | 398,922 | 370,652 | 466,685 | |
Short-term debt | 0 | 0 | 0 | |
Long-term Debt, Current Maturities | 0 | 0 | 0 | |
Total current liabilities | 768,065 | 541,750 | 844,465 | |
Long-term debt | 0 | 0 | 0 | |
Pension liability | 71,263 | 76,186 | 37,261 | |
Postretirement healthcare benefits | 199,645 | 203,006 | 212,887 | |
Deferred Tax Liabilities, Net, Noncurrent | 146,641 | |||
Other long-term liabilities | 164,993 | 164,060 | 31,864 | |
Total shareholders' equity | 2,100,607 | 2,011,378 | 2,388,954 | |
Total liabilities and shareholders' equity | 3,304,573 | 2,996,380 | 3,662,072 | |
Financial Services Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 404,549 | 332,785 | 387,528 | 347,700 |
Available-for-sale Securities, Current | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | |
Finance receivables, net | 2,357,993 | 1,916,635 | 2,223,199 | |
Inventories | 0 | 0 | 0 | |
Restricted cash | 120,428 | 98,627 | 117,883 | |
Deferred Tax Assets, Net, Current | 40,700 | 39,901 | ||
Other current assets | 35,905 | 43,125 | 69,612 | |
Total current assets | 2,959,575 | 2,431,073 | 2,798,222 | |
Finance receivables, net | 4,490,599 | 4,516,246 | 4,214,496 | |
Property, plant and equipment, net | 33,164 | 34,416 | 33,867 | |
Prepaid Pension Costs | 0 | |||
Goodwill | 0 | 0 | 0 | |
Deferred Tax Assets, Net, Noncurrent | 10,808 | |||
Other long-term assets | 48,943 | 39,309 | ||
Total assets | 7,543,089 | 7,025,907 | 7,059,328 | |
Accounts payable | 575,548 | 436,884 | 992,427 | |
Accrued liabilities | 99,563 | 83,797 | 101,807 | |
Short-term debt | 70,329 | 731,786 | 974,153 | |
Long-term Debt, Current Maturities | 1,500,611 | 1,011,315 | 848,840 | |
Total current liabilities | 2,246,051 | 2,263,782 | 2,917,227 | |
Long-term debt | 4,357,538 | 3,761,528 | 3,271,648 | |
Pension liability | 0 | 0 | 0 | |
Postretirement healthcare benefits | 0 | 0 | 0 | |
Deferred Tax Liabilities, Net, Noncurrent | 21,432 | |||
Other long-term liabilities | 25,658 | 24,745 | 2,372 | |
Total shareholders' equity | 913,842 | 975,852 | 846,649 | |
Total liabilities and shareholders' equity | 7,543,089 | 7,025,907 | 7,059,328 | |
Consolidation, Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Available-for-sale Securities, Current | 0 | 0 | 0 | |
Accounts receivable, net | -503,771 | -411,114 | -915,841 | |
Finance receivables, net | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Restricted cash | 0 | 0 | 0 | |
Deferred Tax Assets, Net, Current | 0 | 0 | ||
Other current assets | 0 | -2,983 | 0 | |
Total current assets | -503,771 | -414,097 | -915,841 | |
Finance receivables, net | 0 | 0 | 0 | |
Property, plant and equipment, net | 0 | 0 | 0 | |
Prepaid Pension Costs | 0 | |||
Goodwill | 0 | 0 | 0 | |
Deferred Tax Assets, Net, Noncurrent | -1,458 | |||
Other long-term assets | -78,609 | -77,944 | ||
Total assets | -583,838 | -494,190 | -991,609 | |
Accounts payable | -503,771 | -411,114 | -915,841 | |
Accrued liabilities | -1,458 | -5,132 | -1,737 | |
Short-term debt | 0 | 0 | 0 | |
Long-term Debt, Current Maturities | 0 | 0 | 0 | |
Total current liabilities | -505,229 | -416,246 | -917,578 | |
Long-term debt | 0 | 0 | 0 | |
Pension liability | 0 | 0 | 0 | |
Postretirement healthcare benefits | 0 | 0 | 0 | |
Deferred Tax Liabilities, Net, Noncurrent | 0 | |||
Other long-term liabilities | 0 | 0 | 1,737 | |
Total shareholders' equity | -78,609 | -77,944 | -75,768 | |
Total liabilities and shareholders' equity | ($583,838) | ($494,190) | ($991,609) |
Supplemental_Consolidating_Dat4
Supplemental Consolidating Data (Cash Flows) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2015 | Mar. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Deferred Income Taxes and Tax Credits | $2,820 | ($474) |
Cash flows from operating activities: | ||
Net income | 269,854 | 265,917 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 46,028 | 43,398 |
Amortization of deferred loan origination costs | 22,932 | 22,101 |
Amortization Of Financing Origination Fees | 2,215 | 2,085 |
Pension and Other Postretirement Benefit Expense | 12,318 | 8,425 |
Contributions to pension and postretirement plans | -6,627 | -6,879 |
Stock compensation expense | 8,046 | 9,239 |
Net change in wholesale finance receivables related to sales | -465,598 | -439,422 |
Provision for credit losses | 26,247 | 20,331 |
Foreign currency adjustments | 18,154 | -4,172 |
Other, net | -2,507 | 3,055 |
Changes in current assets and liabilities: | ||
Accounts receivable | -49,936 | -61,217 |
Finance receivables-accrued interest and other | 2,067 | 793 |
Inventories | -51,934 | -20,317 |
Accounts payable and accrued liabilities | 305,102 | 356,430 |
Derivative instruments | 399 | 1,222 |
Increase (Decrease) in Prepaid Expenses, Other | -35,120 | -3,071 |
Total adjustments | -95,154 | -62,331 |
Net cash provided by operating activities | 174,700 | 203,586 |
Cash flows from investing activities: | ||
Capital expenditures | -38,069 | -25,881 |
Origination of finance receivables | -752,404 | -757,965 |
Collections of finance receivables | 729,666 | 707,431 |
Sales and redemptions of marketable securities | 0 | 6,001 |
Other | 9 | 51 |
Net cash (used by) provided by investing activities | -60,798 | -70,363 |
Repayments of Unsecured Debt | 0 | -303,000 |
Proceeds from Issuance of Medium-term Notes | 595,386 | 0 |
Cash flows from financing activities: | ||
Intercompany Borrowing Activity | 0 | |
Proceeds from Securitization Debt | 697,591 | 0 |
Repayments of Securitization Debt | -200,695 | -159,938 |
borrowings of asset backed commercial paper | 16,798 | 13,746 |
Proceeds from (Repayments of) Credit Facility and Other Unsecured Debt | -661,241 | 307,803 |
Net repayments of asset-backed commercial paper | 15,744 | |
Repayments of asset-backed commercial paper | -15,744 | -16,981 |
Net change in restricted cash | -28,579 | 26,924 |
Dividends paid | -65,467 | -60,527 |
Purchase of common stock for treasury | -192,700 | -87,690 |
Excess tax benefits from share based payments | 2,207 | 4,763 |
Issuance of common stock under employee stock option plans | 9,605 | 8,894 |
Borrowings of asset-backed commercial paper | 16,798 | 13,746 |
Net cash provided by (used by) financing activities | 157,161 | -266,006 |
Effect of exchange rate changes on cash and cash equivalents | -9,019 | 1,991 |
Net increase (decrease) in cash and cash equivalents | 262,044 | -130,792 |
Cash and cash equivalents: | ||
Cash and cash equivalents—beginning of period | 906,680 | 1,066,612 |
Net increase (decrease) in cash and cash equivalents | 262,044 | -130,792 |
Cash and cash equivalents—end of period | 1,168,724 | 935,820 |
Motorcycles And Related Products Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Deferred Income Taxes and Tax Credits | 6,594 | 3,159 |
Cash flows from operating activities: | ||
Net income | 327,249 | 347,054 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 43,947 | 41,603 |
Amortization of deferred loan origination costs | 0 | 0 |
Amortization Of Financing Origination Fees | 0 | 59 |
Pension and Other Postretirement Benefit Expense | 12,318 | 8,425 |
Contributions to pension and postretirement plans | -6,627 | -6,879 |
Stock compensation expense | 7,381 | 8,550 |
Net change in wholesale finance receivables related to sales | 0 | 0 |
Provision for credit losses | 0 | 0 |
Foreign currency adjustments | 18,154 | -4,172 |
Other, net | -1,893 | -496 |
Changes in current assets and liabilities: | ||
Accounts receivable | -392,593 | -387,875 |
Finance receivables-accrued interest and other | 0 | 0 |
Inventories | -51,934 | -20,317 |
Accounts payable and accrued liabilities | 241,052 | 290,208 |
Derivative instruments | 399 | 1,222 |
Increase (Decrease) in Prepaid Expenses, Other | -27,082 | -1,770 |
Total adjustments | -96,120 | -64,743 |
Net cash provided by operating activities | 231,129 | 282,311 |
Cash flows from investing activities: | ||
Capital expenditures | -37,240 | -24,691 |
Origination of finance receivables | 0 | 0 |
Collections of finance receivables | 0 | 0 |
Sales and redemptions of marketable securities | 6,001 | |
Other | 9 | 51 |
Net cash (used by) provided by investing activities | -37,231 | -18,639 |
Repayments of Unsecured Debt | -303,000 | |
Proceeds from Issuance of Medium-term Notes | 0 | |
Cash flows from financing activities: | ||
Intercompany Borrowing Activity | 250,000 | |
Proceeds from Securitization Debt | 0 | |
Repayments of Securitization Debt | 0 | 0 |
borrowings of asset backed commercial paper | 0 | 0 |
Proceeds from (Repayments of) Credit Facility and Other Unsecured Debt | 0 | 0 |
Net repayments of asset-backed commercial paper | 0 | |
Repayments of asset-backed commercial paper | 0 | |
Net change in restricted cash | 0 | 0 |
Dividends paid | -65,467 | -60,527 |
Purchase of common stock for treasury | -192,700 | -87,690 |
Excess tax benefits from share based payments | 2,207 | 4,763 |
Issuance of common stock under employee stock option plans | 9,605 | 8,894 |
Net cash provided by (used by) financing activities | 3,645 | -437,560 |
Effect of exchange rate changes on cash and cash equivalents | -7,263 | 3,268 |
Net increase (decrease) in cash and cash equivalents | 190,280 | -170,620 |
Cash and cash equivalents: | ||
Cash and cash equivalents—beginning of period | 573,895 | 718,912 |
Net increase (decrease) in cash and cash equivalents | 190,280 | -170,620 |
Cash and cash equivalents—end of period | 764,175 | 548,292 |
Financial Services Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Deferred Income Taxes and Tax Credits | -3,774 | -3,633 |
Cash flows from operating activities: | ||
Net income | 42,605 | 38,863 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,081 | 1,795 |
Amortization of deferred loan origination costs | 22,932 | 22,101 |
Amortization Of Financing Origination Fees | 2,215 | 2,026 |
Pension and Other Postretirement Benefit Expense | 0 | 0 |
Contributions to pension and postretirement plans | 0 | 0 |
Stock compensation expense | 665 | 689 |
Net change in wholesale finance receivables related to sales | 0 | 0 |
Provision for credit losses | 26,247 | 20,331 |
Foreign currency adjustments | 0 | 0 |
Other, net | -614 | 3,551 |
Changes in current assets and liabilities: | ||
Accounts receivable | 0 | 0 |
Finance receivables-accrued interest and other | 2,067 | 793 |
Inventories | 0 | 0 |
Accounts payable and accrued liabilities | 406,607 | 392,880 |
Derivative instruments | 0 | 0 |
Increase (Decrease) in Prepaid Expenses, Other | -8,038 | -1,301 |
Total adjustments | 466,464 | 441,834 |
Net cash provided by operating activities | 509,069 | 480,697 |
Cash flows from investing activities: | ||
Capital expenditures | -829 | -1,190 |
Origination of finance receivables | -2,008,170 | -1,992,601 |
Collections of finance receivables | 1,519,934 | 1,502,645 |
Sales and redemptions of marketable securities | 0 | |
Other | 0 | 0 |
Net cash (used by) provided by investing activities | -489,065 | -491,146 |
Repayments of Unsecured Debt | 0 | |
Proceeds from Issuance of Medium-term Notes | 595,386 | |
Cash flows from financing activities: | ||
Intercompany Borrowing Activity | -250,000 | |
Proceeds from Securitization Debt | 697,591 | |
Repayments of Securitization Debt | -200,695 | -159,938 |
borrowings of asset backed commercial paper | 16,798 | 13,746 |
Proceeds from (Repayments of) Credit Facility and Other Unsecured Debt | -661,241 | 307,803 |
Net repayments of asset-backed commercial paper | 15,744 | |
Repayments of asset-backed commercial paper | -16,981 | |
Net change in restricted cash | -28,579 | 26,924 |
Dividends paid | -100,000 | -120,000 |
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 provided by (used by) financing activities | 53,516 | 51,554 |
Effect of exchange rate changes on cash and cash equivalents | -1,756 | -1,277 |
Net increase (decrease) in cash and cash equivalents | 71,764 | 39,828 |
Cash and cash equivalents: | ||
Cash and cash equivalents—beginning of period | 332,785 | 347,700 |
Net increase (decrease) in cash and cash equivalents | 71,764 | 39,828 |
Cash and cash equivalents—end of period | 404,549 | 387,528 |
Consolidation, Eliminations [Member] | ||
Cash flows from investing activities: | ||
Proceeds from Issuance of Medium-term Notes | 0 | |
Consolidation, Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Deferred Income Taxes and Tax Credits | 0 | 0 |
Cash flows from operating activities: | ||
Net income | -100,000 | -120,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 0 | 0 |
Amortization of deferred loan origination costs | 0 | 0 |
Amortization Of Financing Origination Fees | 0 | 0 |
Pension and Other Postretirement Benefit Expense | 0 | 0 |
Contributions to pension and postretirement plans | 0 | 0 |
Stock compensation expense | 0 | 0 |
Net change in wholesale finance receivables related to sales | -465,598 | -439,422 |
Provision for credit losses | 0 | 0 |
Foreign currency adjustments | 0 | 0 |
Other, net | 0 | 0 |
Changes in current assets and liabilities: | ||
Accounts receivable | 342,657 | 326,658 |
Finance receivables-accrued interest and other | 0 | 0 |
Inventories | 0 | 0 |
Accounts payable and accrued liabilities | -342,557 | -326,658 |
Derivative instruments | 0 | 0 |
Increase (Decrease) in Prepaid Expenses, Other | 0 | 0 |
Total adjustments | -465,498 | -439,422 |
Net cash provided by operating activities | -565,498 | -559,422 |
Cash flows from investing activities: | ||
Capital expenditures | 0 | 0 |
Origination of finance receivables | 1,255,766 | 1,234,636 |
Collections of finance receivables | -790,268 | -795,214 |
Sales and redemptions of marketable securities | 0 | |
Other | 0 | 0 |
Net cash (used by) provided by investing activities | 465,498 | 439,422 |
Repayments of Unsecured Debt | 0 | |
Cash flows from financing activities: | ||
Intercompany Borrowing Activity | 0 | |
Proceeds from Securitization Debt | 0 | |
Repayments of Securitization Debt | 0 | 0 |
borrowings of asset backed commercial paper | 0 | 0 |
Proceeds from (Repayments of) Credit Facility and Other Unsecured Debt | 0 | 0 |
Net repayments of asset-backed commercial paper | 0 | |
Repayments of asset-backed commercial paper | 0 | |
Net change in restricted cash | 0 | 0 |
Dividends paid | 100,000 | 120,000 |
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 provided by (used by) financing activities | 100,000 | 120,000 |
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 |