XML 22 R12.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Fair Value of Financial Instruments | 9 Months Ended
--- | ---
Sep. 24, 2017
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, finance receivables, net, debt, foreign currency exchange and commodity contracts (derivative instruments are discussed further in Note 7). The following table summarizes the fair value and carrying value of the Company’s financial instruments (in thousands):
| September 24, 2017 |  | December 31, 2016 |  | September 25, 2016
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 683,134 |  |  | $ | 683,134 |  |  | $ | 759,984 |  |  | $ | 759,984 |  |  | $ | 790,284 |  |  | $ | 790,284 |
Marketable securities | $ | 45,726 |  |  | $ | 45,726 |  |  | $ | 43,638 |  |  | $ | 43,638 |  |  | $ | 44,101 |  |  | $ | 44,101 |
Derivatives | $ | 724 |  |  | $ | 724 |  |  | $ | 29,034 |  |  | $ | 29,034 |  |  | $ | 6,606 |  |  | $ | 6,606 |
Finance receivables, net | $ | 7,159,632 |  |  | $ | 7,101,025 |  |  | $ | 6,921,037 |  |  | $ | 6,835,458 |  |  | $ | 7,233,923 |  |  | $ | 7,149,966 |
Restricted cash | $ | 63,380 |  |  | $ | 63,380 |  |  | $ | 67,147 |  |  | $ | 67,147 |  |  | $ | 79,661 |  |  | $ | 79,661 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivatives | $ | 32,414 |  |  | $ | 32,414 |  |  | $ | 142 |  |  | $ | 142 |  |  | $ | 1,388 |  |  | $ | 1,388 |
Unsecured commercial paper | $ | 834,875 |  |  | $ | 834,875 |  |  | $ | 1,055,708 |  |  | $ | 1,055,708 |  |  | $ | 1,055,428 |  |  | $ | 1,055,428 |
Asset-backed U.S. commercial paper conduit facilities | $ | 280,308 |  |  | $ | 280,308 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Asset-backed Canadian commercial paper conduit facility | $ | 122,130 |  |  | $ | 122,130 |  |  | $ | 149,338 |  |  | $ | 149,338 |  |  | $ | 140,488 |  |  | $ | 140,488 |
Medium-term notes | $ | 4,612,083 |  |  | $ | 4,564,124 |  |  | $ | 4,139,462 |  |  | $ | 4,064,940 |  |  | $ | 4,199,753 |  |  | $ | 4,063,510 |
Senior unsecured notes | $ | 774,693 |  |  | $ | 741,797 |  |  | $ | 744,552 |  |  | $ | 741,306 |  |  | $ | 800,818 |  |  | $ | 741,144 |
Asset-backed securitization debt | $ | 430,038 |  |  | $ | 429,833 |  |  | $ | 797,688 |  |  | $ | 796,275 |  |  | $ | 929,775 |  |  | $ | 925,619 |
Cash and Cash Equivalents and Restricted Cash – With the exception of certain cash equivalents, the carrying value of these items in the financial statements is based on historical cost. The historical cost basis for these amounts is estimated to approximate their respective fair values due to the short maturity of these instruments. Fair value is based on Level 1 or Level 2 inputs. Marketable Securities – The carrying value of marketable securities in the financial statements is based on fair value. The fair value of marketable securities is determined primarily based on quoted prices for identical instruments or on quoted market prices of similar financial assets. Fair value is based on Level 1 or Level 2 inputs. Finance Receivables, Net – The carrying value of retail and wholesale finance receivables in the financial statements is amortized cost less an allowance for credit losses. The fair value of retail finance receivables is generally calculated by discounting future cash flows using an estimated discount rate that reflects current credit, interest rate and prepayment risks associated with similar types of instruments. Fair value is determined based on Level 3 inputs. The amortized cost basis of wholesale finance receivables approximates fair value because they either are short-term or have interest rates that adjust with changes in market interest rates. Derivatives – Forward contracts for foreign currency exchange and commodities are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of these contracts is determined using quoted forward rates and prices. Fair value is calculated using Level 2 inputs. Debt – The carrying value of debt in the financial statements is generally amortized cost, net of discounts and debt issuance costs. The carrying value of unsecured commercial paper approximates fair value due to its short maturity. Fair value is calculated using Level 2 inputs. The carrying value of debt provided under the U.S. conduit facilities and Canadian conduit facility approximates fair value since the interest rates charged under the facility are tied directly to market rates and fluctuate as market rates change. Fair value is calculated using Level 2 inputs. The fair values of the medium-term notes and senior unsecured notes are estimated based upon rates available at the end of the period for debt with similar terms and remaining maturities. Fair value is calculated using Level 2 inputs. The fair value of the debt related to on-balance sheet asset-backed securitization transactions is estimated based on pricing available at the end of the period for transactions with similar terms and maturities. Fair value is calculated using Level 2 inputs.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration