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Finance Receivables (Tables) | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Finance Receivables | Finance receivables, net at December 31, were as follows (in thousands):
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016
Retail finance receivables: |  |  |  |  |  |  |  |  |
United States | $ | 6,128,269 |  |  | $ | 6,180,236 |  |  | $ | 6,103,378 |  |  | $ | 5,901,002 |  |  | $ | 5,769,410 |
Canada | 215,926 |  |  | 236,192 |  |  | 224,823 |  |  | 239,598 |  |  | 212,801 |
| 6,344,195 |  |  | 6,416,428 |  |  | 6,328,201 |  |  | 6,140,600 |  |  | 5,982,211 |
Wholesale finance receivables: |  |  |  |  |  |  |  |  |
United States | 459,495 |  |  | 1,067,880 |  |  | 1,007,956 |  |  | 939,621 |  |  | 961,150 |
Canada | 30,254 |  |  | 88,639 |  |  | 75,659 |  |  | 77,336 |  |  | 65,440 |
| 489,749 |  |  | 1,156,519 |  |  | 1,083,615 |  |  | 1,016,957 |  |  | 1,026,590 |
| 6,833,944 |  |  | 7,572,947 |  |  | 7,411,816 |  |  | 7,157,557 |  |  | 7,008,801 |
Allowance for credit losses | (390,936) |  |  | (198,581) |  |  | (189,885) |  |  | (192,471) |  |  | (173,343) |
| $ | 6,443,008 |  |  | $ | 7,374,366 |  |  | $ | 7,221,931 |  |  | $ | 6,965,086 |  |  | $ | 6,835,458 |
Contractual Maturities Of Finance Receivables | As of December 31, 2020, contractual maturities of total finance receivables were as follows (in thousands):
| United States |  | Canada |  | Total
2021 | $ | 1,505,981 |  |  | $ | 76,190 |  |  | $ | 1,582,171 |
2022 | 1,194,078 |  |  | 49,038 |  |  | 1,243,116 |
2023 | 1,340,552 |  |  | 53,037 |  |  | 1,393,589 |
2024 | 1,465,470 |  |  | 57,515 |  |  | 1,522,985 |
2025 | 1,001,327 |  |  | 10,400 |  |  | 1,011,727 |
Thereafter | 80,356 |  |  | — |  |  | 80,356 |
| $ | 6,587,764 |  |  | $ | 246,180 |  |  | $ | 6,833,944 |
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):
| 2020
Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 188,501 |  |  | $ | 10,080 |  |  | $ | 198,581 |
Cumulative effect of change in accounting(a) | 95,558 |  |  | 5,046 |  |  | 100,604 |
Provision for credit losses | 175,225 |  |  | 6,645 |  |  | 181,870 |
Charge-offs | (137,371) |  |  | (2,573) |  |  | (139,944) |
Recoveries | 49,825 |  |  | — |  |  | 49,825 |
Balance, end of period | $ | 371,738 |  |  | $ | 19,198 |  |  | $ | 390,936 |
| 2019
Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 182,098 |  |  | $ | 7,787 |  |  | $ | 189,885 |
Provision for credit losses | 132,243 |  |  | 2,293 |  |  | 134,536 |
Charge-offs | (173,358) |  |  | — |  |  | (173,358) |
Recoveries | 47,518 |  |  | — |  |  | 47,518 |
Balance, end of period | $ | 188,501 |  |  | $ | 10,080 |  |  | $ | 198,581 |
| 2018
Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 186,254 |  |  | $ | 6,217 |  |  | $ | 192,471 |
Provision for credit losses | 105,292 |  |  | 1,578 |  |  | 106,870 |
Charge-offs | (154,433) |  |  | (8) |  |  | (154,441) |
Recoveries | 44,985 |  |  | — |  |  | 44,985 |
Balance, end of period | $ | 182,098 |  |  | $ | 7,787 |  |  | $ | 189,885 |
(a)On January 1, 2020, the Company adopted ASU 2016-13 and increased the allowance for loan loss through Retained earnings, net of income taxes, to establish an allowance that represents expected lifetime credit losses on the finance receivable portfolios at date of adoption. The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that were individually evaluated for impairment and those that were collectively evaluated for impairment, at December 31, was as follows (in thousands):
| 2019
| Retail |  | Wholesale |  | Total
Allowance for credit losses, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | 2,100 |  |  | $ | 2,100 |
Collectively evaluated for impairment | 188,501 |  |  | 7,980 |  |  | 196,481 |
| $ | 188,501 |  |  | $ | 10,080 |  |  | $ | 198,581 |
Finance receivables, ending balance: |  |  |  |  |
Individually evaluated for impairment | $ | — |  |  | $ | 4,601 |  |  | $ | 4,601 |
Collectively evaluated for impairment | 6,416,428 |  |  | 1,151,918 |  |  | 7,568,346 |
| $ | 6,416,428 |  |  | $ | 1,156,519 |  |  | $ | 7,572,947 |
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, at December 31, 2020, was as follows (in thousands):
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 & Prior |  | Total
U.S. Retail: |  |  |  |  |  |  |  |  |  |  |  |  |
Super prime | $ | 822,631 |  |  | $ | 575,977 |  |  | $ | 355,529 |  |  | $ | 165,436 |  |  | $ | 71,360 |  |  | $ | 29,181 |  |  | $ | 2,020,114 |
Prime | 1,133,637 |  |  | 794,058 |  |  | 508,713 |  |  | 293,358 |  |  | 156,688 |  |  | 77,046 |  |  | 2,963,500 |
Sub-prime | 435,875 |  |  | 295,403 |  |  | 177,598 |  |  | 111,163 |  |  | 72,556 |  |  | 52,060 |  |  | 1,144,655 |
| 2,392,143 |  |  | 1,665,438 |  |  | 1,041,840 |  |  | 569,957 |  |  | 300,604 |  |  | 158,287 |  |  | 6,128,269 |
Canadian Retail: |  |  |  |  |  |  |  |  |  |  |  |  |
Super prime | 53,465 |  |  | 48,692 |  |  | 28,581 |  |  | 13,818 |  |  | 5,018 |  |  | 2,011 |  |  | 151,585 |
Prime | 18,568 |  |  | 14,257 |  |  | 10,269 |  |  | 6,727 |  |  | 3,198 |  |  | 2,025 |  |  | 55,044 |
Sub-prime | 3,172 |  |  | 2,498 |  |  | 1,560 |  |  | 1,095 |  |  | 607 |  |  | 365 |  |  | 9,297 |
| 75,205 |  |  | 65,447 |  |  | 40,410 |  |  | 21,640 |  |  | 8,823 |  |  | 4,401 |  |  | 215,926 |
| $ | 2,467,348 |  |  | $ | 1,730,885 |  |  | $ | 1,082,250 |  |  | $ | 591,597 |  |  | $ | 309,427 |  |  | $ | 162,688 |  |  | $ | 6,344,195 |
The recorded investment in retail finance receivables, by credit quality indicator at December 31, was as follows (in thousands):
|  | 2019
Prime |  | $ | 5,278,093 |
Sub-prime |  | 1,138,335 |
|  | $ | 6,416,428 |
The amortized cost of wholesale financial receivables, by vintage and credit quality indicator, was as follows as of December 31, 2020 (in thousands):
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | 2015 & Prior |  | Total
Non-Performing | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Special Mention | 658 |  |  | 365 |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | 1,054 |
Medium Risk | 1,925 |  |  | 242 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,167 |
Low Risk | 388,568 |  |  | 71,441 |  |  | 13,412 |  |  | 7,887 |  |  | 2,297 |  |  | 2,923 |  |  | 486,528 |
| $ | 391,151 |  |  | $ | 72,048 |  |  | $ | 13,443 |  |  | $ | 7,887 |  |  | $ | 2,297 |  |  | $ | 2,923 |  |  | $ | 489,749 |
The recorded investment in wholesale finance receivables, by internal credit quality indicator at December 31, was as follows (in thousands):
|  | 2019
Doubtful |  | $ | 11,664 |
Substandard |  | 6,122 |
Special Mention |  | 16,125 |
Medium Risk |  | 16,800 |
Low Risk |  | 1,105,808 |
|  | $ | 1,156,519 |
Past Due Financing Receivables | The aging analysis of finance receivables at December 31, was as follows (in thousands):
| 2020
| 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 | $ | 6,164,369 |  |  | $ | 106,818 |  |  | $ | 39,933 |  |  | $ | 33,075 |  |  | $ | 179,826 |  |  | $ | 6,344,195 |
Wholesale financial receivables | 489,556 |  |  | 166 |  |  | 23 |  |  | 4 |  |  | 193 |  |  | 489,749 |
| $ | 6,653,925 |  |  | $ | 106,984 |  |  | $ | 39,956 |  |  | $ | 33,079 |  |  | $ | 180,019 |  |  | $ | 6,833,944 |
| 2019
| 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 | $ | 6,171,930 |  |  | $ | 142,479 |  |  | $ | 53,995 |  |  | $ | 48,024 |  |  | $ | 244,498 |  |  | $ | 6,416,428 |
Wholesale financial receivables | 1,152,416 |  |  | 1,145 |  |  | 384 |  |  | 2,574 |  |  | 4,103 |  |  | 1,156,519 |
| $ | 7,324,346 |  |  | $ | 143,624 |  |  | $ | 54,379 |  |  | $ | 50,598 |  |  | $ | 248,601 |  |  | $ | 7,572,947 |
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, for the past five years was as follows (in thousands):
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016
United States | $ | 32,599 |  |  | $ | 47,138 |  |  | $ | 41,285 |  |  | $ | 39,051 |  |  | $ | 39,399 |
Canada | 480 |  |  | 888 |  |  | 1,051 |  |  | 1,025 |  |  | 1,326 |
| $ | 33,079 |  |  | $ | 48,026 |  |  | $ | 42,336 |  |  | $ | 40,076 |  |  | $ | 40,725 |
Impaired Financing Receivables Under ASC 310 | Additional information related to the wholesale finance receivables that were individually deemed to be impaired under ASC Topic 310, Receivables at December 31, 2019 included (in thousands):
| Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Average Recorded Investment |  | Interest Income Recognized
Wholesale: |  |  |  |  |  |  |  |  |
No related allowance recorded | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Related allowance recorded | 4,994 |  |  | 4,601 |  |  | 2,100 |  |  | 4,976 |  |  | — |
| $ | 4,994 |  |  | $ | 4,601 |  |  | $ | 2,100 |  |  | $ | 4,976 |  |  | $ | — |

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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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=121611835&loc=SL6953659-111524 + 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://fasb.org/us-gaap/role/ref/legacyRef -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=120391452&loc=d3e13212-122682 + Details
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