XML 89 R80.htm IDEA: XBRL DOCUMENT v3.23.2
Supplemental Consolidating Data - Cash Flows (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 26, 2022
Mar. 27, 2022
Jun. 30, 2023
Jun. 26, 2022
Cash flows from operating activities:            
Net income $ 173,830 $ 301,829 $ 215,849 $ 222,502 $ 475,659 $ 438,351
Adjustments to reconcile Net income to Net cash provided by operating activities:            
Depreciation and amortization         72,225 77,389
Amortization of deferred loan origination costs         44,393 47,101
Amortization of financing origination fees         6,508 7,637
Provision for long-term employee benefits         (33,656) (9,844)
Employee benefit plan contributions and payments         (2,882) (5,466)
Stock compensation expense         44,413 19,765
Net change in wholesale finance receivables related to sales         (267,942) (201,326)
Provision for credit losses 57,278   29,133   109,642 57,955
Deferred income taxes         (4,251) 2,475
Other, net         (31,160) 11,102
Changes in current assets and liabilities:            
Accounts receivable, net         (79,531) (134,605)
Finance receivables – accrued interest and other         3,189 4,255
Inventories, net         94,636 (33,986)
Accounts payable and accrued liabilities         (16,047) (4,239)
Other current assets         (4,676) (32,378)
Total adjustments         (65,139) (194,165)
Net cash provided by operating activities         410,520 244,186
Cash flows from investing activities:            
Capital expenditures         (86,526) (55,015)
Origination of finance receivables         (2,128,983) (2,511,193)
Collections on finance receivables         1,869,463 2,071,952
Other investing activities         850 797
Net cash used by investing activities         (345,196) (493,459)
Cash flows from financing activities:            
Proceeds from issuance of medium-term notes         1,446,304 495,785
Repayments of medium-term notes         (1,056,680) (950,000)
Proceeds from securitization debt         547,706 1,826,891
Repayments of securitization debt         (645,377) (610,205)
Borrowings of asset-backed commercial paper         33,547 425,253
Repayments of asset-backed commercial paper         (129,961) (133,159)
Net decrease in unsecured commercial paper         (75,229) (50,672)
Net increase in deposits         122,288 55,255
Dividends paid         (48,193) (47,146)
Repurchase of common stock         (169,645) (325,828)
Excess tax benefits from share-based payments          
Other financing activities         76 (1,237)
Net cash provided by financing activities         24,836 684,937
Effect of exchange rate changes on cash, cash equivalents and restricted cash         (490) (14,413)
Cash, cash equivalents and restricted cash:            
Cash, cash equivalents and restricted cash, beginning of period   1,579,177   2,025,219 1,579,177 2,025,219
Net (decrease) increase in cash, cash equivalents and restricted cash         89,670 421,251
Cash, cash equivalents and restricted cash, end of period 1,668,847   2,446,470   1,668,847 2,446,470
Non-Financial Services Entities            
Cash flows from financing activities:            
Proceeds from securitization debt         0  
Financial Services Entities            
Cash flows from financing activities:            
Proceeds from securitization debt         547,706  
Reportable Legal Entities | Non-Financial Services Entities            
Cash flows from operating activities:            
Net income 130,872   152,007   387,258 310,968
Adjustments to reconcile Net income to Net cash provided by operating activities:            
Depreciation and amortization         67,720 73,098
Amortization of deferred loan origination costs         0 0
Amortization of financing origination fees         354 348
Provision for long-term employee benefits         (33,656) (9,844)
Employee benefit plan contributions and payments         (2,882) (5,466)
Stock compensation expense         42,174 18,341
Net change in wholesale finance receivables related to sales         0 0
Provision for credit losses 0   0   0 0
Deferred income taxes         233 4,312
Other, net         (25,290) 5,678
Changes in current assets and liabilities:            
Accounts receivable, net         (147,730) (347,250)
Finance receivables – accrued interest and other         0 0
Inventories, net         94,636 (33,986)
Accounts payable and accrued liabilities         (30,340) (5,423)
Other current assets         (12,329) (48,633)
Total adjustments         (47,110) (348,825)
Net cash provided by operating activities         340,148 (37,857)
Cash flows from investing activities:            
Capital expenditures         (85,401) (53,694)
Origination of finance receivables         0 0
Collections on finance receivables         0 0
Other investing activities         (1,650) 797
Net cash used by investing activities         (87,051) (52,897)
Cash flows from financing activities:            
Proceeds from issuance of medium-term notes         0 0
Repayments of medium-term notes         0 0
Proceeds from securitization debt           0
Repayments of securitization debt         0 0
Borrowings of asset-backed commercial paper         0 0
Repayments of asset-backed commercial paper         0 0
Net decrease in unsecured commercial paper         0 0
Net increase in deposits         0 0
Dividends paid         (48,193) (47,146)
Repurchase of common stock         (169,645) (325,828)
Excess tax benefits from share-based payments          
Other financing activities         76 (1,237)
Net cash provided by financing activities         (217,762) (374,211)
Effect of exchange rate changes on cash, cash equivalents and restricted cash         (729) (13,149)
Cash, cash equivalents and restricted cash:            
Cash, cash equivalents and restricted cash, beginning of period   1,021,798   1,078,205 1,021,798 1,078,205
Net (decrease) increase in cash, cash equivalents and restricted cash         34,606 (478,114)
Cash, cash equivalents and restricted cash, end of period 1,056,404   600,091   1,056,404 600,091
Reportable Legal Entities | Financial Services Entities            
Cash flows from operating activities:            
Net income 43,043   63,999   88,320 127,387
Adjustments to reconcile Net income to Net cash provided by operating activities:            
Depreciation and amortization         4,505 4,291
Amortization of deferred loan origination costs         44,393 47,101
Amortization of financing origination fees         6,154 7,289
Provision for long-term employee benefits         0 0
Employee benefit plan contributions and payments         0 0
Stock compensation expense         2,239 1,424
Net change in wholesale finance receivables related to sales         0 0
Provision for credit losses 57,278   29,133   109,642 57,955
Deferred income taxes         (4,413) (1,431)
Other, net         (5,788) 5,420
Changes in current assets and liabilities:            
Accounts receivable, net         0 0
Finance receivables – accrued interest and other         3,189 4,255
Inventories, net         0 0
Accounts payable and accrued liabilities         80,563 223,086
Other current assets         6,836 6,592
Total adjustments         247,320 355,982
Net cash provided by operating activities         335,640 483,369
Cash flows from investing activities:            
Capital expenditures         (1,125) (1,321)
Origination of finance receivables         (4,076,675) (4,379,674)
Collections on finance receivables         3,551,887 3,739,107
Other investing activities         0 0
Net cash used by investing activities         (525,913) (641,888)
Cash flows from financing activities:            
Proceeds from issuance of medium-term notes         1,446,304 495,785
Repayments of medium-term notes         (1,056,680) (950,000)
Proceeds from securitization debt           1,826,891
Repayments of securitization debt         (645,377) (610,205)
Borrowings of asset-backed commercial paper         33,547 425,253
Repayments of asset-backed commercial paper         (129,961) (133,159)
Net decrease in unsecured commercial paper         (75,229) (50,672)
Net increase in deposits         122,288 55,255
Dividends paid         0 0
Repurchase of common stock         0 0
Excess tax benefits from share-based payments          
Other financing activities         2,500 0
Net cash provided by financing activities         245,098 1,059,148
Effect of exchange rate changes on cash, cash equivalents and restricted cash         239 (1,264)
Cash, cash equivalents and restricted cash:            
Cash, cash equivalents and restricted cash, beginning of period   557,379   947,014 557,379 947,014
Net (decrease) increase in cash, cash equivalents and restricted cash         55,064 899,365
Cash, cash equivalents and restricted cash, end of period 612,443   1,846,379   612,443 1,846,379
Consolidating Adjustments            
Cash flows from operating activities:            
Net income (85)   (157)   81 (4)
Adjustments to reconcile Net income to Net cash provided by operating activities:            
Depreciation and amortization         0 0
Amortization of deferred loan origination costs         0 0
Amortization of financing origination fees         0 0
Provision for long-term employee benefits         0 0
Employee benefit plan contributions and payments         0 0
Stock compensation expense         0 0
Net change in wholesale finance receivables related to sales         (267,942) (201,326)
Provision for credit losses 0   0   0 0
Deferred income taxes         (71) (406)
Other, net         (82) 4
Changes in current assets and liabilities:            
Accounts receivable, net         68,199 212,645
Finance receivables – accrued interest and other         0 0
Inventories, net         0 0
Accounts payable and accrued liabilities         (66,270) (221,902)
Other current assets         817 9,663
Total adjustments         (265,349) (201,322)
Net cash provided by operating activities         (265,268) (201,326)
Cash flows from investing activities:            
Capital expenditures         0 0
Origination of finance receivables         1,947,692 1,868,481
Collections on finance receivables         (1,682,424) (1,667,155)
Other investing activities         2,500 0
Net cash used by investing activities         267,768 201,326
Cash flows from financing activities:            
Proceeds from issuance of medium-term notes         0 0
Repayments of medium-term notes         0 0
Proceeds from securitization debt         0 0
Repayments of securitization debt         0 0
Borrowings of asset-backed commercial paper         0 0
Repayments of asset-backed commercial paper         0 0
Net decrease in unsecured commercial paper         0 0
Net increase in deposits         0 0
Dividends paid         0 0
Repurchase of common stock         0 0
Excess tax benefits from share-based payments          
Other financing activities         (2,500) 0
Net cash provided by financing activities         (2,500) 0
Effect of exchange rate changes on cash, cash equivalents and restricted cash         0 0
Cash, cash equivalents and restricted cash:            
Cash, cash equivalents and restricted cash, beginning of period   $ 0   $ 0 0 0
Net (decrease) increase in cash, cash equivalents and restricted cash         0 0
Cash, cash equivalents and restricted cash, end of period $ 0   $ 0   $ 0 $ 0