XML 67 R38.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Finance Receivables (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Receivables [Abstract] |
Finance Receivables | Finance receivables, net at December 31, were as follows (in thousands):
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017
Retail finance receivables: |  |  |  |  |  |  |  |  |
United States | $ | 6,303,293 |  |  | $ | 6,128,269 |  |  | $ | 6,180,236 |  |  | $ | 6,103,378 |  |  | $ | 5,901,002 |
Canada | 190,226 |  |  | 215,926 |  |  | 236,192 |  |  | 224,823 |  |  | 239,598 |
| 6,493,519 |  |  | 6,344,195 |  |  | 6,416,428 |  |  | 6,328,201 |  |  | 6,140,600 |
Wholesale finance receivables: |  |  |  |  |  |  |  |  |
United States | 400,160 |  |  | 459,495 |  |  | 1,067,880 |  |  | 1,007,956 |  |  | 939,621 |
Canada | 17,621 |  |  | 30,254 |  |  | 88,639 |  |  | 75,659 |  |  | 77,336 |
| 417,781 |  |  | 489,749 |  |  | 1,156,519 |  |  | 1,083,615 |  |  | 1,016,957 |
| 6,911,300 |  |  | 6,833,944 |  |  | 7,572,947 |  |  | 7,411,816 |  |  | 7,157,557 |
Allowance for credit losses | (339,379) |  |  | (390,936) |  |  | (198,581) |  |  | (189,885) |  |  | (192,471) |
| $ | 6,571,921 |  |  | $ | 6,443,008 |  |  | $ | 7,374,366 |  |  | $ | 7,221,931 |  |  | $ | 6,965,086 |
Contractual Maturities Of Finance Receivables | As of December 31, 2021, contractual maturities of total finance receivables were as follows (in thousands):
| United States |  | Canada |  | Total
2022 | $ | 1,468,277 |  |  | $ | 58,001 |  |  | $ | 1,526,278 |
2023 | 1,200,378 |  |  | 42,949 |  |  | 1,243,327 |
2024 | 1,347,423 |  |  | 46,712 |  |  | 1,394,135 |
2025 | 1,439,253 |  |  | 50,844 |  |  | 1,490,097 |
2026 | 1,075,717 |  |  | 9,341 |  |  | 1,085,058 |
Thereafter | 172,405 |  |  | — |  |  | 172,405 |
| $ | 6,703,453 |  |  | $ | 207,847 |  |  | $ | 6,911,300 |
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):
| 2021
Retail |  | Wholesale |  | Total
Balance, beginning of period | $ | 371,738 |  |  | $ | 19,198 |  |  | $ | 390,936 |
Provision for credit losses | 31,338 |  |  | (6,289) |  |  | 25,049 |
Charge-offs | (122,637) |  |  | — |  |  | (122,637) |
Recoveries | 45,881 |  |  | 150 |  |  | 46,031 |
Balance, end of period | $ | 326,320 |  |  | $ | 13,059 |  |  | $ | 339,379 |
| 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 |
(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.
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 was as follows (in thousands):
| December 31, 2021
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 & Prior |  | Total
U.S. Retail: |  |  |  |  |  |  |  |  |  |  |  |  |
Super prime | $ | 1,010,636 |  |  | $ | 484,479 |  |  | $ | 316,390 |  |  | $ | 171,763 |  |  | $ | 65,753 |  |  | $ | 27,424 |  |  | $ | 2,076,445 |
Prime | 1,391,385 |  |  | 712,858 |  |  | 470,177 |  |  | 277,206 |  |  | 142,288 |  |  | 82,169 |  |  | 3,076,083 |
Sub-prime | 476,688 |  |  | 273,787 |  |  | 182,002 |  |  | 105,330 |  |  | 61,923 |  |  | 51,035 |  |  | 1,150,765 |
| 2,878,709 |  |  | 1,471,124 |  |  | 968,569 |  |  | 554,299 |  |  | 269,964 |  |  | 160,628 |  |  | 6,303,293 |
Canadian Retail: |  |  |  |  |  |  |  |  |  |  |  |  |
Super prime | 51,779 |  |  | 32,724 |  |  | 27,073 |  |  | 13,984 |  |  | 4,619 |  |  | 1,614 |  |  | 131,793 |
Prime | 16,882 |  |  | 12,675 |  |  | 9,244 |  |  | 6,230 |  |  | 3,628 |  |  | 1,779 |  |  | 50,438 |
Sub-prime | 2,356 |  |  | 2,134 |  |  | 1,571 |  |  | 947 |  |  | 606 |  |  | 381 |  |  | 7,995 |
| 71,017 |  |  | 47,533 |  |  | 37,888 |  |  | 21,161 |  |  | 8,853 |  |  | 3,774 |  |  | 190,226 |
| $ | 2,949,726 |  |  | $ | 1,518,657 |  |  | $ | 1,006,457 |  |  | $ | 575,460 |  |  | $ | 278,817 |  |  | $ | 164,402 |  |  | $ | 6,493,519 |
| December 31, 2020
| 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 amortized cost of wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):
| December 31, 2021
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 & Prior |  | Total
Non-Performing | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Special Mention | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Medium Risk | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Low Risk | 380,211 |  |  | 11,379 |  |  | 11,047 |  |  | 10,565 |  |  | 3,662 |  |  | 917 |  |  | 417,781 |
| $ | 380,211 |  |  | $ | 11,379 |  |  | $ | 11,047 |  |  | $ | 10,565 |  |  | $ | 3,662 |  |  | $ | 917 |  |  | $ | 417,781 |
| December 31, 2020
| 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 |
Past Due Financing Receivables | The aging analysis of finance receivables at December 31, was as follows (in t housands):
| 2021
| 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 | $ | 6,298,485 |  |  | $ | 115,942 |  |  | $ | 44,326 |  |  | $ | 34,766 |  |  | $ | 195,034 |  |  | $ | 6,493,519 |
Wholesale finance receivables | 417,720 |  |  | 9 |  |  | 1 |  |  | 51 |  |  | 61 |  |  | 417,781 |
| $ | 6,716,205 |  |  | $ | 115,951 |  |  | $ | 44,327 |  |  | $ | 34,817 |  |  | $ | 195,095 |  |  | $ | 6,911,300 |
| 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 finance receivables | 489,556 |  |  | 166 |  |  | 23 |  |  | 4 |  |  | 193 |  |  | 489,749 |
| $ | 6,653,925 |  |  | $ | 106,984 |  |  | $ | 39,956 |  |  | $ | 33,079 |  |  | $ | 180,019 |  |  | $ | 6,833,944 |
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):
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017
United States | $ | 33,850 |  |  | $ | 32,599 |  |  | $ | 47,138 |  |  | $ | 41,285 |  |  | $ | 39,051 |
Canada | 967 |  |  | 480 |  |  | 888 |  |  | 1,051 |  |  | 1,025 |
| $ | 34,817 |  |  | $ | 33,079 |  |  | $ | 48,026 |  |  | $ | 42,336 |  |  | $ | 40,076 |

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=124255953&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=123577603&loc=SL6953659-111524 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 55 -Paragraph 80 -URI http://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=123577603&loc=d3e5111-111524 + Details
Name: | us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- 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
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the annual minimum payments due from financing receivables, such as, but not limited to accounts, notes, loans, and other financing receivables. + References No definition available. + Details
Name: | us-gaap_ScheduleOfFinancingReceivablesMinimumPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration