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Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 28, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instrument Fair Value | The notional and fair values of the Company's derivative financial instruments under ASC Topic 815 were as follows (in thousands):
| Derivative Financial Instruments Designated as Cash Flow Hedging Instruments
| March 28, 2021 |  | December 31, 2020 |  | March 29, 2020
| Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities
Foreign currency contracts | $ | 402,814 |  |  | $ | 6,356 |  |  | $ | 6,071 |  |  | $ | 533,925 |  |  | $ | 11 |  |  | $ | 21,927 |  |  | $ | 414,753 |  |  | $ | 12,108 |  |  | $ | 575 |
Commodity contracts | 668 |  |  | 3 |  |  | 20 |  |  | 671 |  |  | — |  |  | 52 |  |  | 482 |  |  | — |  |  | 74 |
Cross-currency swaps | 1,367,460 |  |  | 73,449 |  |  | — |  |  | 1,367,460 |  |  | 138,622 |  |  | — |  |  | 660,780 |  |  | — |  |  | 41,283 |
Interest rate swaps | — |  |  | — |  |  | — |  |  | 450,000 |  |  | — |  |  | 3,086 |  |  | 900,000 |  |  | — |  |  | 11,398 |
| $ | 1,770,942 |  |  | $ | 79,808 |  |  | $ | 6,091 |  |  | $ | 2,352,056 |  |  | $ | 138,633 |  |  | $ | 25,065 |  |  | $ | 1,976,015 |  |  | $ | 12,108 |  |  | $ | 53,330 |
| Derivative Financial Instruments Not Designated as Hedging Instruments
| March 28, 2021 |  | December 31, 2020 |  | March 29, 2020
| Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities
Foreign currency contracts | $ | 214,337 |  |  | $ | 670 |  |  | $ | 595 |  |  | $ | 245,494 |  |  | $ | 737 |  |  | $ | 435 |  |  | $ | 182,642 |  |  | $ | 2,573 |  |  | $ | 2,194 |
Commodity contracts | 8,172 |  |  | 1,193 |  |  | 40 |  |  | 6,806 |  |  | 849 |  |  | 21 |  |  | 7,769 |  |  | — |  |  | 1,452 |
Interest rate caps | 844,673 |  |  | 170 |  |  | — |  |  | 978,058 |  |  | 47 |  |  | — |  |  | 326,976 |  |  | 2 |  |  | — |
| $ | 1,067,182 |  |  | $ | 2,033 |  |  | $ | 635 |  |  | $ | 1,230,358 |  |  | $ | 1,633 |  |  | $ | 456 |  |  | $ | 517,387 |  |  | $ | 2,575 |  |  | $ | 3,646 |
Gain/(Loss) on Derivative Cash Flow Hedges Reclassified From AOCI Into Income | The amounts of gains and losses related to derivative financial instruments designated as cash flow hedges were as follows (in thousands):
| Gain/(Loss) Recognized in OCI |  | Gain/(Loss) Reclassified from AOCL into Income
| Three months ended |  |  |  | Three months ended |  |
| March 28, 2021 |  | March 29, 2020 |  |  |  |  |  | March 28, 2021 |  | March 29, 2020 |  |  |  |
Foreign currency contracts | $ | 14,037 |  |  | $ | 16,899 |  |  |  |  |  |  | $ | (4,953) |  |  | $ | 3,400 |  |  |  |  |
Commodity contracts | 3 |  |  | (129) |  |  |  |  |  |  | (32) |  |  | (135) |  |  |  |  |
Cross-currency swaps | (65,174) |  |  | (49,609) |  |  |  |  |  |  | (65,788) |  |  | (12,906) |  |  |  |  |
Treasury rate lock contracts | — |  |  | — |  |  |  |  |  |  | (124) |  |  | (124) |  |  |  |  |
Interest rate swaps | 397 |  |  | (5,333) |  |  |  |  |  |  | (2,689) |  |  | (3,116) |  |  |  |  |
| $ | (50,737) |  |  | $ | (38,172) |  |  |  |  |  |  | $ | (73,586) |  |  | $ | (12,881) |  |  |  |  |
The location and amount of gains and losses recognized in income related to derivative financial instruments designated as cash flow hedges were as follows (in thousands):
| Motorcycles cost of goods sold |  | Selling, administrative & engineering expense |  | Interest expense |  | Financial Services interest expense
| Three months ended March 28, 2021
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 811,622 |  |  | $ | 231,844 |  |  | $ | 7,708 |  |  | $ | 55,707 |
Gain/(loss) reclassified from AOCL into income: |  |  |  |  |  |  |
Foreign currency contracts | $ | (4,953) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts | $ | (32) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cross-currency swaps | $ | — |  |  | $ | (65,788) |  |  | $ | — |  |  | $ | — |
Treasury rate lock contracts | $ | — |  |  | $ | — |  |  | $ | (91) |  |  | $ | (33) |
Interest rate swap | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,689) |
| Three months ended March 29, 2020
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 780,868 |  |  | $ | 277,971 |  |  | $ | 7,755 |  |  | $ | 52,473 |
Gain/(loss) reclassified from AOCL into income: |  |  |  |  |  |  |
Foreign currency contracts | $ | 3,400 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts | $ | (135) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cross-currency swaps | $ | — |  |  | $ | (12,906) |  |  | $ | — |  |  | $ | — |
Treasury rate lock contracts | $ | — |  |  | $ | — |  |  | $ | (91) |  |  | $ | (33) |
Interest rate swaps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,116) |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The amount of gains and losses recognized in income related to derivative financial instruments not designated as hedging instruments were as follows (in thousands). Gains and losses on foreign currency contracts and commodity contracts were recorded in Motorcycles cost of goods sold and the interest rate caps were recorded in Financial Services interest expense.
| Amount of Gain/(Loss) Recognized in Income
| Three months ended |  |
| March 28, 2021 |  | March 29, 2020 |  |  |  |
Foreign currency contracts | $ | (3,629) |  |  | $ | 2,194 |  |  |  |  |
Commodity contracts | 703 |  |  | (1,551) |  |  |  |  |
Interest rate caps | 123 |  |  | — |  |  |  |  |
| $ | (2,803) |  |  | $ | 643 |  |  |  |  |

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