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Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended
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Mar. 27, 2022
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 27, 2022 |  | December 31, 2021 |  | March 28, 2021
| Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities
Foreign currency contracts | $ | 585,451 |  |  | $ | 18,832 |  |  | $ | 3,576 |  |  | $ | 562,262 |  |  | $ | 14,644 |  |  | $ | 1,388 |  |  | $ | 402,814 |  |  | $ | 6,356 |  |  | $ | 6,071 |
Commodity contracts | 964 |  |  | 316 |  |  | — |  |  | 996 |  |  | 19 |  |  | 39 |  |  | 668 |  |  | 3 |  |  | 20 |
Cross-currency swaps | 1,367,460 |  |  | 18,835 |  |  | — |  |  | 1,367,460 |  |  | 35,071 |  |  | — |  |  | 1,367,460 |  |  | 73,449 |  |  | — |
| $ | 1,953,875 |  |  | $ | 37,983 |  |  | $ | 3,576 |  |  | $ | 1,930,718 |  |  | $ | 49,734 |  |  | $ | 1,427 |  |  | $ | 1,770,942 |  |  | $ | 79,808 |  |  | $ | 6,091 |
| Derivative Financial Instruments Not Designated as Hedging Instruments
| March 27, 2022 |  | December 31, 2021 |  | March 28, 2021
| Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities |  | Notional Value |  | Other Current Assets |  | Accrued Liabilities
Foreign currency contracts | $ | 230,336 |  |  | $ | 587 |  |  | $ | 722 |  |  | $ | 241,935 |  |  | $ | 1,299 |  |  | $ | 916 |  |  | $ | 214,337 |  |  | $ | 670 |  |  | $ | 595 |
Commodity contracts | 11,866 |  |  | 2,435 |  |  | — |  |  | 10,631 |  |  | 641 |  |  | 18 |  |  | 8,172 |  |  | 1,193 |  |  | 40 |
Interest rate caps | 412,478 |  |  | 2,060 |  |  | — |  |  | 504,526 |  |  | 360 |  |  | — |  |  | 844,673 |  |  | 170 |  |  | — |
| $ | 654,680 |  |  | $ | 5,082 |  |  | $ | 722 |  |  | $ | 757,092 |  |  | $ | 2,300 |  |  | $ | 934 |  |  | $ | 1,067,182 |  |  | $ | 2,033 |  |  | $ | 635 |
Gain/(Loss) on Derivative Cash Flow Hedges Reclassified From AOCI Into Income | The amounts of gains and losses related to the Company's 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 27, 2022 |  | March 28, 2021 |  |  |  |  |  | March 27, 2022 |  | March 28, 2021
Foreign currency contracts |  |  |  |  | $ | 8,444 |  |  | $ | 14,037 |  |  |  |  |  |  | $ | 5,655 |  |  | $ | (4,953) |
Commodity contracts |  |  |  |  | 562 |  |  | 3 |  |  |  |  |  |  | 226 |  |  | (32) |
Cross-currency swaps |  |  |  |  | (16,236) |  |  | (65,174) |  |  |  |  |  |  | (25,800) |  |  | (65,788) |
Treasury rate lock contracts |  |  |  |  | — |  |  | — |  |  |  |  |  |  | (127) |  |  | (124) |
Interest rate swaps |  |  |  |  | — |  |  | 397 |  |  |  |  |  |  | — |  |  | (2,689) |
|  |  |  |  | $ | (7,230) |  |  | $ | (50,737) |  |  |  |  |  |  | $ | (20,046) |  |  | $ | (73,586) |
The location and amount of gains and losses recognized in income related to the Company's 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 27, 2022
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 895,536 |  |  | $ | 239,625 |  |  | $ | 7,711 |  |  | $ | 42,099 |
Gain/(loss) reclassified from AOCL into income: |  |  |  |  |  |  |
Foreign currency contracts | $ | 5,655 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts | $ | 226 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cross-currency swaps | $ | — |  |  | $ | (25,800) |  |  | $ | — |  |  | $ | — |
Treasury rate lock contracts | $ | — |  |  | $ | — |  |  | $ | (91) |  |  | $ | (36) |
| 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 swaps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,689) |
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 gains and losses on interest rate caps were recorded in Financial Services revenue.
|  |  |  |  | Amount of Gain/(Loss) Recognized in Income
|  |  | Three months ended
|  |  |  |  | March 27, 2022 |  | March 28, 2021
Foreign currency contracts |  |  |  |  | $ | (3,506) |  |  | $ | (3,629) |
Commodity contracts |  |  |  |  | 2,387 |  |  | 703 |
Interest rate caps |  |  |  |  | 1,700 |  |  | 123 |
|  |  |  |  | $ | 581 |  |  | $ | (2,803) |

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