Asset-Backed Financing (Tables)

12 Months Ended

Dec. 31, 2023

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):

	2023
	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	$	2,348,817	$	(126,882)	$	94,137	$	6,719	$	2,322,791	$	1,877,368
Asset-backed U.S. commercial paper conduit facility	259,441		(14,001)		16,443		2,066		263,949		233,258
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	81,916		(3,667)		4,425		211		82,885		70,742
	$	2,690,174	$	(144,550)	$	115,005	$	8,996	$	2,669,625	$	2,181,368
	2022
	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	$	2,558,450	$	(130,774)	$	114,254	$	7,899	$	2,549,829	$	2,019,414
Asset-backed U.S. commercial paper conduit facility	474,167		(24,236)		26,874		1,906		478,711		425,794
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	82,375		(3,452)		4,873		130		83,926		71,785
	$	3,114,992	$	(158,462)	$	146,001	$	9,935	$	3,112,466	$	2,516,993

Schedule of Secured Notes With Related Maturity

Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following at December 31 (in thousands):

	2023		2022
Secured debt:
Asset-backed Canadian commercial paper conduit facility	$	70,742	$	71,785
Asset-backed U.S. commercial paper conduit facility	233,258		425,794
Asset-backed securitization debt	1,884,629		2,028,155
Unamortized discounts and debt issuance costs	(7,261)		(8,741)
	2,181,368		2,516,993

			2023		2022
Unsecured notes (at par value):
Medium-term notes:
Due in 2023, issued February 2018	3.35%		—		350,000
Due in 2023, issued May 2020(a)	4.94%		—		695,727
Due in 2024, issued November 2019(b)	3.14%		662,238		642,210
Due in 2025, issued June 2020	3.35%		700,000		700,000
Due in 2026, issued April 2023(c)	6.36	%	772,610		—
Due in 2027, issued February 2022	3.05%		500,000		500,000
Due in 2028, issued March 2023	6.50	%	700,000		—
Unamortized discounts and debt issuance costs			(15,710)		(8,464)
			3,319,138		2,879,473
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			(3,921)		(4,632)
			746,079		745,368
			4,065,217		3,624,841
Long-term debt			6,246,585		6,141,834
Current portion of long-term debt, net			(1,255,999)		(1,684,782)
Long-term debt, net			$	4,990,586	$	4,457,052

(a)€650.0 million par value remeasured to U.S. dollar at December 31, 2022

(b)€600.0 million par value remeasured to U.S. dollar at December 31, 2023 and 2022, respectively

(c)€700.0 million par value remeasured to U.S. dollar at December 31, 2023

At December 31, 2023, 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 at Date of Issuance
September 2023	$500,000	5.79%	October 2024 - April 2031
February 2023	$550,000	5.10%	March 2024 - June 2030
June 2022	$1,286,262	2.45%	April 2028
April 2022	$550,000	2.40%	April 2023 - January 2030
August 2021	$575,000	0.42%	August 2022 - May 2029
February 2021	$600,000	0.30%	February 2022 - September 2028

In addition, outstanding balances related to the following secured notes included in the Consolidated balance sheets at December 31, 2022 were repaid during 2023 (in thousands):

Issue Date	Principal Amount at Date of Issuance	Weighted-Average Rate at Date of Issuance	Contractual Maturity Date at Date of Issuance
May 2020	$750,178	3.38%	April 2028
January 2020	$525,000	1.83%	February 2021 - April 2027
June 2019	$525,000	2.37%	July 2020 - November 2026