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Finance Receivables (Tables) | 6 Months Ended
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Jul. 01, 2018
Receivables [Abstract] |
Finance Receivables | Finance receivables, net, consisted of the following (in thousands):
| July 1, 2018 |  | December 31, 2017 |  | June 25, 2017
Retail | $ | 6,373,926 |  |  | $ | 6,140,600 |  |  | $ | 6,267,211 |
Wholesale | 1,133,206 |  |  | 1,016,957 |  |  | 1,258,852 |
Total finance receivables | 7,507,132 |  |  | 7,157,557 |  |  | 7,526,063 |
Allowance for credit losses | (193,930 | ) |  | (192,471 | ) |  | (193,528 | )
Finance receivables, net | $ | 7,313,202 |  |  | $ | 6,965,086 |  |  | $ | 7,332,535 |
Allowance for Credit Losses on Finance Receivables | The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, was as follows (in thousands):
| July 1, 2018
| Retail |  | Wholesale |  | Total
Allowance for credit losses, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | 184 |  |  | $ | 184 |
Collectively evaluated for impairment | 187,502 |  |  | 6,244 |  |  | 193,746 |
Total allowance for credit losses | $ | 187,502 |  |  | $ | 6,428 |  |  | $ | 193,930 |
Finance receivables, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | 220 |  |  | $ | 220 |
Collectively evaluated for impairment | 6,373,926 |  |  | 1,132,986 |  |  | 7,506,912 |
Total finance receivables | $ | 6,373,926 |  |  | $ | 1,133,206 |  |  | $ | 7,507,132 |
| December 31, 2017
| Retail |  | Wholesale |  | Total
Allowance for credit losses, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | — |
Collectively evaluated for impairment | 186,254 |  |  | 6,217 |  |  | 192,471 |
Total allowance for credit losses | $ | 186,254 |  |  | $ | 6,217 |  |  | $ | 192,471 |
Finance receivables, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | — |
Collectively evaluated for impairment | 6,140,600 |  |  | 1,016,957 |  |  | 7,157,557 |
Total finance receivables | $ | 6,140,600 |  |  | $ | 1,016,957 |  |  | $ | 7,157,557 |
| June 25, 2017
| Retail |  | Wholesale |  | Total
Allowance for credit losses, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | — |
Collectively evaluated for impairment | 185,899 |  |  | 7,629 |  |  | 193,528 |
Total allowance for credit losses | $ | 185,899 |  |  | $ | 7,629 |  |  | $ | 193,528 |
Finance receivables, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | — |  |  | $ | — |
Collectively evaluated for impairment | 6,267,211 |  |  | 1,258,852 |  |  | 7,526,063 |
Total finance receivables | $ | 6,267,211 |  |  | $ | 1,258,852 |  |  | $ | 7,526,063 |
Changes in the allowance for credit losses on finance receivables by portfolio were as follows (in thousands):
| Three months ended July 1, 2018
| Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 182,150 |  |  | $ | 8,200 |  |  | $ | 190,350 |
Provision for credit losses | 20,652 |  |  | (1,772 | ) |  | 18,880 |
Charge-offs | (28,947 | ) |  | — |  |  | (28,947 | )
Recoveries | 13,647 |  |  | — |  |  | 13,647 |
Balance, end of period | $ | 187,502 |  |  | $ | 6,428 |  |  | $ | 193,930 |
| Three months ended June 25, 2017
| Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 176,068 |  |  | $ | 7,962 |  |  | $ | 184,030 |
Provision for credit losses | 26,550 |  |  | (333 | ) |  | 26,217 |
Charge-offs | (30,374 | ) |  | — |  |  | (30,374 | )
Recoveries | 13,655 |  |  | — |  |  | 13,655 |
Balance, end of period | $ | 185,899 |  |  | $ | 7,629 |  |  | $ | 193,528 |
| Six months ended July 1, 2018
| Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 186,254 |  |  | $ | 6,217 |  |  | $ | 192,471 |
Provision for credit losses | 48,721 |  |  | 211 |  |  | 48,932 |
Charge-offs | (74,028 | ) |  | — |  |  | (74,028 | )
Recoveries | 26,555 |  |  | — |  |  | 26,555 |
Balance, end of period | $ | 187,502 |  |  | $ | 6,428 |  |  | $ | 193,930 |
| Six months ended June 25, 2017
| Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 166,810 |  |  | $ | 6,533 |  |  | $ | 173,343 |
Provision for credit losses | 68,710 |  |  | 1,096 |  |  | 69,806 |
Charge-offs | (76,298 | ) |  | — |  |  | (76,298 | )
Recoveries | 26,677 |  |  | — |  |  | 26,677 |
Balance, end of period | $ | 185,899 |  |  | $ | 7,629 |  |  | $ | 193,528 |
Impaired Financing Receivables | Additional information related to the wholesale finance receivables that are individually deemed to be impaired under ASC Topic 310, “Receivables,” includes (in thousands):
| As of July 1, 2018 |  | Three months ended July 1, 2018 |  | Six months ended July 1, 2018
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized |  | Average Recorded Investment |  | Interest Income Recognized
Wholesale: |  |  |  |  |  |  |  |  |  |  |  |  |
No related allowance recorded | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Related allowance recorded | 251 |  |  | 220 |  |  | 184 |  |  | 251 |  |  | — |  |  | 251 |  |  | — |
| $ | 251 |  |  | $ | 220 |  |  | $ | 184 |  |  | $ | 251 |  |  | $ | — |  |  | $ | 251 |  |  | $ | — |
Aging of Past Due Finance Receivables Including Non-Accrual Status Finance Receivables | An analysis of the aging of past due finance receivables was as follows (in thousands):
| July 1, 2018
| Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Total Finance Receivables
Retail | $ | 6,198,906 |  |  | $ | 116,828 |  |  | $ | 35,763 |  |  | $ | 22,429 |  |  | $ | 175,020 |  |  | $ | 6,373,926 |
Wholesale | 1,132,472 |  |  | 516 |  |  | 134 |  |  | 84 |  |  | 734 |  |  | 1,133,206 |
Total | $ | 7,331,378 |  |  | $ | 117,344 |  |  | $ | 35,897 |  |  | $ | 22,513 |  |  | $ | 175,754 |  |  | $ | 7,507,132 |
| December 31, 2017
| Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Total Finance Receivables
Retail | $ | 5,913,473 |  |  | $ | 139,629 |  |  | $ | 47,539 |  |  | $ | 39,959 |  |  | $ | 227,127 |  |  | $ | 6,140,600 |
Wholesale | 1,016,000 |  |  | 595 |  |  | 245 |  |  | 117 |  |  | 957 |  |  | 1,016,957 |
Total | $ | 6,929,473 |  |  | $ | 140,224 |  |  | $ | 47,784 |  |  | $ | 40,076 |  |  | $ | 228,084 |  |  | $ | 7,157,557 |
| June 25, 2017
| Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Total Finance Receivables
Retail | $ | 6,086,592 |  |  | $ | 118,616 |  |  | $ | 36,914 |  |  | $ | 25,089 |  |  | $ | 180,619 |  |  | $ | 6,267,211 |
Wholesale | 1,257,301 |  |  | 281 |  |  | 142 |  |  | 1,128 |  |  | 1,551 |  |  | 1,258,852 |
Total | $ | 7,343,893 |  |  | $ | 118,897 |  |  | $ | 37,056 |  |  | $ | 26,217 |  |  | $ | 182,170 |  |  | $ | 7,526,063 |
Recorded Investment of Finance Receivables by Credit Quality Indicator | The recorded investment in wholesale finance receivables, by internal credit quality indicator, was as follows (in thousands):
| July 1, 2018 |  | December 31, 2017 |  | June 25, 2017
Doubtful | $ | 251 |  |  | $ | 688 |  |  | $ | 5,203 |
Substandard | 803 |  |  | 3,837 |  |  | 10,458 |
Special Mention | 2,154 |  |  | 26,866 |  |  | 4,953 |
Medium Risk | 37,045 |  |  | 9,917 |  |  | 8,115 |
Low Risk | 1,092,953 |  |  | 975,649 |  |  | 1,230,123 |
Total | $ | 1,133,206 |  |  | $ | 1,016,957 |  |  | $ | 1,258,852 |
The recorded investment in retail finance receivables, by credit quality indicator, was as follows (in thousands):
| July 1, 2018 |  | December 31, 2017 |  | June 25, 2017
Prime | $ | 5,193,641 |  |  | $ | 4,966,193 |  |  | $ | 5,034,187 |
Sub-prime | 1,180,285 |  |  | 1,174,407 |  |  | 1,233,024 |
Total | $ | 6,373,926 |  |  | $ | 6,140,600 |  |  | $ | 6,267,211 |

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- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953423-111524 + Details
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=82894031&loc=SL6953803-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of impaired financing receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5212-111524 + Details
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- Definition Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=84173941&loc=d3e5111-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -URI http://asc.fasb.org/extlink&oid=84173941&loc=SL6953401-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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