Asset-Backed Financing (Tables)

12 Months Ended

Dec. 31, 2019

Transfers and Servicing [Abstract]

Schedule Of Assets And Liabilities Of Variable Interest Entities

The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets at December 31, were as follows (in thousands):

	2019
	Finance receivables		Allowance for credit losses			Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	826,047	$	(24,935	)	$	36,037	$	778	$	837,927	$	764,392
Asset-backed U.S. commercial paper conduit facilities	533,587		(16,076		)	27,775		1,642		546,928		490,427
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	232,699		(2,786		)	7,686		296		237,895		114,693
	$	1,592,333	$	(43,797	)	$	71,498	$	2,716	$	1,622,750	$	1,369,512
	2018
	Finance receivables		Allowance for credit losses			Restricted cash		Other assets		Total assets		Asset-backed debt
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations	$	158,718	$	(4,691	)	$	17,191	$	329	$	171,547	$	95,167
Asset-backed U.S. commercial paper conduit facilities	631,588		(18,733		)	30,012		1,234		644,101		582,717
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	181,774		(3,130		)	8,779		343		187,766		155,951
	$	972,080	$	(26,554	)	$	55,982	$	1,906	$	1,003,414	$	833,835

Transfer of Financial Assets Accounted for as Sales

The following table includes quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds (in thousands):

	2019				2018
	Transfers		Proceeds		Transfers		Proceeds
First quarter	$	—	$	—	$	7,600	$	6,200
Second quarter	28,200		23,400		38,900		32,200
Third quarter	—		—		—		—
Fourth quarter	—		—		39,000		32,200
	$	28,200	$	23,400	$	85,500	$	70,600

The following table includes quarterly transfers of U.S. retail motorcycle finance receivables to the U.S. Conduit Facilities and the respective proceeds (in thousands):

	2019				2018
	Transfers		Proceeds		Transfers		Proceeds
First quarter	$	—	$	—	$	32,900	$	29,300
Second quarter	—		—		59,100		53,300
Third quarter	174,400		154,600		—		—
Fourth quarter	—		—		400,200		356,800
	$	174,400	$	154,600	$	492,200	$	439,400

Schedule Of Secured Notes With Related Maturity

Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following at December 31, (in thousands): 

	2019			2018
Secured debt:
Asset-backed Canadian commercial paper conduit facility	$	114,693		$	155,951
Asset-backed U.S. commercial paper conduit facilities	490,427			582,717
Asset-backed securitization debt	766,965			95,216
Unamortized discounts and debt issuance costs	(2,573		)	(49		)
	1,369,512			833,835

			2019			2018
Unsecured notes (at par value):
Medium-term notes:
Due in 2019, issued January 2016	2.25	%	—			600,000
Due in 2019, issued March 2017	LIBOR + 0.35%		—			150,000
Due in 2019, issued September 2014	2.40	%	—			600,000
Due in 2020, issued February 2015	2.15	%	600,000			600,000
Due in 2020, issued May 2018	LIBOR + 0.50%		450,000			450,000
Due in 2020, issued March 2017	2.40	%	350,000			350,000
Due in 2021, issued January 2016	2.85	%	600,000			600,000
Due in 2021, issued in November 2018	LIBOR + 0.94%		450,000			450,000
Due in 2021, issued May 2018	3.55	%	350,000			350,000
Due in 2022, issued February 2019	4.05	%	550,000			—
Due in 2022, issued June 2017	2.55	%	400,000			400,000
Due in 2023, issued February 2018	3.35	%	350,000			350,000
Due in 2024, issued November 2019(a)	3.14	%	672,936			—
Unamortized discounts and debt issuance costs			(12,809		)	(12,993		)
			4,760,127			4,887,007
Senior notes:
Due in 2025, issued July 2015	3.50	%	450,000			450,000
Due in 2045, issued July 2015	4.625	%	300,000			300,000
Unamortized discounts and debt issuance costs			(6,704		)	(7,376		)
			743,296			742,624
			5,503,423			5,629,631
Long-term debt			6,872,935			6,463,466
Current portion of long-term debt, net			(1,748,109		)	(1,575,799		)
Long-term debt, net			$	5,124,826		$	4,887,667

(a)

Euro denominated €600.0 million par value remeasured to U.S. dollar at December 31, 2019

At December 31, 2019, the Consolidated balance sheets included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands): 

Issue Date	Principal Amount at Date of Issuance	Weighted-Average Rate at Date of Issuance	Contractual Maturity Date
June 2019	$525,000	2.37%	July 2020 - November 2026
May 2019	$500,000	3.05%	July 2026

In addition, outstanding balances related to the following secured notes included in the Consolidated balance sheets at December 31, 2018 were repaid during 2019 (in thousands): 

Issue Date	Principal Amount at Date of Issuance	Weighted-Average Rate at Date of Issuance	Contractual Maturity Date
May 2015	$500,000	0.88%	May 2016 - December 2022
January 2015	$700,000	0.89%	February 2016 - August 2022

Schedule of Unpaid Principal Balance of Serviced Retail Motorcycle Finance Receivables

The unpaid principal balance of retail motorcycle finance receivables serviced by the Company at December 31, was as follows (in thousands):

	2019		2018
On-balance sheet retail motorcycle finance receivables	$	6,274,551	$	6,185,350
Off-balance sheet retail motorcycle finance receivables	35,197		79,613
	$	6,309,748	$	6,264,963

The unpaid principal balance of retail motorcycle finance receivables serviced by the Company 30 days or more delinquent at December 31, was as follows (in thousands):

	Amount 30 days or more past due
	2019		2018
On-balance sheet retail motorcycle finance receivables	$	244,498	$	228,015
Off-balance sheet retail motorcycle finance receivables	885		1,658
	$	245,383	$	229,673

Credit losses, net of recoveries for the retail motorcycle finance receivables serviced by the Company, for the years ended December 31, were as follows (in thousands):

	2019		2018
On-balance sheet retail motorcycle finance receivables	$	125,840	$	109,448
Off-balance sheet retail motorcycle finance receivables	458		907
	$	126,298	$	110,355