Asset-Backed Financing (Tables)

12 Months Ended

Dec. 31, 2024

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):

	2024
	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	$	2,470,147	$	(140,632)	$	118,310	$	5,260	$	2,453,085	$	1,950,138
Asset-backed U.S. commercial paper conduit facility	490,766		(27,890)		28,201		2,104		493,181		431,846
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility	90,122		(4,215)		4,735		234		90,876		77,381
	$	3,051,035	$	(172,737)	$	151,246	$	7,598	$	3,037,142	$	2,459,365
	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

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):

	2024		2023
Secured debt:
Asset-backed Canadian commercial paper conduit facility	$	77,381	$	70,742
Asset-backed U.S. commercial paper conduit facility	431,846		233,258
Asset-backed securitization debt	1,956,383		1,884,629
Unamortized discounts and debt issuance costs	(6,245)		(7,261)
	2,459,365		2,181,368

			2024		2023
Unsecured notes (at par value):
Medium-term notes:
Due in 2024, issued November 2019(a)	3.14	%	—		662,238
Due in 2025, issued June 2020	3.35	%	700,000		700,000
Due in 2026, issued April 2023(b)	6.36	%	727,104		772,610
Due in 2027, issued February 2022	3.05	%	500,000		500,000
Due in 2028, issued March 2023	6.50	%	700,000		700,000
Due in 2029, issued June 2024	5.95	%	500,000		—
Unamortized discounts and debt issuance costs			(13,091)		(15,710)
			3,114,013		3,319,138
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			(3,200)		(3,921)
			746,800		746,079
			3,860,813		4,065,217
Long-term debt			6,320,178		6,246,585
Current portion of long-term debt, net			(1,851,513)		(1,255,999)
Long-term debt, net			$	4,468,665	$	4,990,586

(a)€600.0 million par value remeasured to U.S. dollar at December 31, 2023.

(b)€700.0 million par value remeasured to U.S. dollar at December 31, 2024 and 2023, respectively.

At December 31, 2024, 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 2024	$600,000	4.52%	October 2025 - April 2032
May 2024	$550,000	5.48%	May 2025 - December 2031
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