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Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Finance receivables, net at December 31, were as follows (in thousands):


	2023		2022
Retail finance receivables:
United States	$	6,657,998	$	6,582,316
Canada	160,701		165,885
	6,818,699		6,748,201
Wholesale finance receivables:
United States	1,016,815		724,126
Canada	44,717		24,822
	1,061,532		748,948
	7,880,231		7,497,149
Allowance for credit losses	(381,966)		(358,711)


	$	7,498,265	$	7,138,438

Schedule of Contractual Maturities of Finance Receivables

As of December 31, 2023, contractual maturities of total finance receivables were as follows (in thousands):


	United States		Canada		Total
2024	$	2,103,636	$	77,128	$	2,180,764
2025	1,249,110		34,413		1,283,523
2026	1,418,130		37,726		1,455,856
2027	1,514,263		41,359		1,555,622
2028	1,103,316		14,792		1,118,108
Thereafter	286,358		—		286,358
	$	7,674,813	$	205,418	$	7,880,231

Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables

The allowance for credit losses on finance receivables is comprised of individual components relating to wholesale and retail finance receivables. Changes in the allowance for credit losses on finance receivables by portfolio for the year ended December 31, were as follows (in thousands):


	2023
	Retail		Wholesale		Total
Balance, beginning of period	$	345,275	$	13,436	$	358,711
Provision for credit losses	225,665		1,493		227,158
Charge-offs	(263,915)		—		(263,915)
Recoveries	60,012		—		60,012
Balance, end of period	$	367,037	$	14,929	$	381,966


	2022
	Retail		Wholesale		Total
Balance, beginning of period	$	326,320	$	13,059	$	339,379

Provision for credit losses	144,756		377		145,133
Charge-offs	(176,718)		—		(176,718)
Recoveries	50,917		—		50,917

Balance, end of period	$	345,275	$	13,436	$	358,711


	2021
	Retail		Wholesale		Total
Balance, beginning of period	$	371,738	$	19,198	$	390,936

Provision for credit losses	31,338		(6,289)		25,049
Charge-offs	(122,637)		—		(122,637)
Recoveries	45,881		150		46,031

Balance, end of period	$	326,320	$	13,059	$	339,379

Schedule of Financing Receivable Credit Quality Indicators

The amortized cost of the Company's U.S. and Canadian retail finance receivables by vintage and credit quality indicator was as follows (in thousands):


	December 31, 2023
	2023		2022		2021		2020		2019		2018 & Prior		Total
U.S. Retail:
Super prime	$	1,066,321	$	729,339	$	376,474	$	151,004	$	70,627	$	27,013	$	2,420,778
Prime	1,173,463		993,417		584,305		259,995		139,011		78,880		3,229,071
Sub-prime	333,099		275,964		189,688		101,437		63,393		44,568		1,008,149
	2,572,883		1,998,720		1,150,467		512,436		273,031		150,461		6,657,998
Canadian Retail:
Super prime	48,705		31,733		17,744		9,241		4,521		1,524		113,468
Prime	13,764		11,434		7,336		4,390		2,728		1,838		41,490
Sub-prime	1,846		1,546		739		817		525		270		5,743
	64,315		44,713		25,819		14,448		7,774		3,632		160,701
	$	2,637,198	$	2,043,433	$	1,176,286	$	526,884	$	280,805	$	154,093	$	6,818,699
Current YTD period gross charge-offs:
US Retail	$	20,047	$	102,387	$	74,212	$	30,896	$	18,088	$	14,655	$	260,285
Canadian Retail	527		1,004		866		472		278		483		3,630
	$	20,574	$	103,391	$	75,078	$	31,368	$	18,366	$	15,138	$	263,915


	December 31, 2022
	2022		2021		2020		2019		2018		2017 & Prior		Total
U.S. Retail:
Super prime	$	1,118,198	$	612,890	$	276,492	$	159,550	$	69,652	$	26,701	$	2,263,483
Prime	1,433,141		887,817		425,401		260,458		135,454		79,611		3,221,882
Sub-prime	420,660		298,153		164,946		108,372		57,993		46,827		1,096,951
	2,971,999		1,798,860		866,839		528,380		263,099		153,139		6,582,316
Canadian Retail:
Super prime	49,033		30,090		17,553		12,215		4,975		1,527		115,393
Prime	16,094		10,705		7,283		5,098		3,068		1,787		44,035
Sub-prime	2,223		1,402		1,173		869		475		315		6,457
	67,350		42,197		26,009		18,182		8,518		3,629		165,885
	$	3,039,349	$	1,841,057	$	892,848	$	546,562	$	271,617	$	156,768	$	6,748,201

The amortized cost of wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):


	December 31, 2023
	2023		2022		2021		2020		2019		2018 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	—		—		—		—		—		—		—
Substandard	10,934		258		—		—		5		—		11,197
Special Mention	641		30		—		—		—		—		671
Medium Risk	2,905		—		—		—		—		—		2,905
Low Risk	961,519		66,757		5,107		4,962		7,786		628		1,046,759
	$	975,999	$	67,045	$	5,107	$	4,962	$	7,791	$	628	$	1,061,532


	December 31, 2022
	2022		2021		2020		2019		2018		2017 & Prior		Total
Non-Performing	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Doubtful	—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—
Medium Risk	—		—		—		—		—		—		—
Low Risk	714,238		11,478		6,646		8,457		7,938		191		748,948
	$	714,238	$	11,478	$	6,646	$	8,457	$	7,938	$	191	$	748,948

Schedule of Past Due Financing Receivables

The aging analysis of finance receivables at December 31, was as follows (in thousands):


	2023
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail finance receivables	$	6,516,342	$	168,027	$	67,033	$	67,297	$	302,357	$	6,818,699
Wholesale finance receivables	1,060,561		763		25		183		971		1,061,532
	$	7,576,903	$	168,790	$	67,058	$	67,480	$	303,328	$	7,880,231


	2022
	Current		31-60 Days Past Due		61-90 Days Past Due		Greater than 90 Days Past Due		Total Past Due		Total Finance Receivables
Retail finance receivables	$	6,473,462	$	152,343	$	60,446	$	61,950	$	274,739	$	6,748,201
Wholesale finance receivables	748,682		222		44		—		266		748,948
	$	7,222,144	$	152,565	$	60,490	$	61,950	$	275,005	$	7,497,149

The recorded investment of retail and wholesale finance receivables, excluding non-accrual status finance receivables, that were contractually past due 90 days or more at December 31, was as follows (in thousands):


	2023		2022
United States	$	66,119	$	60,945
Canada	1,361		1,005
	$	67,480	$	61,950