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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 25, 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
| September 25, 2022 |  | December 31, 2021 |  | September 26, 2021
| Notional Value |  | Assets(a) |  | Liabilities(b) |  | Notional Value |  | Assets(a) |  | Liabilities(b) |  | Notional Value |  | Assets(a) |  | Liabilities(b)
Foreign currency contracts | $ | 459,252 |  |  | $ | 29,975 |  |  | $ | 331 |  |  | $ | 562,262 |  |  | $ | 14,644 |  |  | $ | 1,388 |  |  | $ | 406,220 |  |  | $ | 10,174 |  |  | $ | 502 |
Commodity contracts | 1,724 |  |  | 169 |  |  | — |  |  | 996 |  |  | 19 |  |  | 39 |  |  | 1,000 |  |  | 458 |  |  | — |
Cross-currency swaps | 1,367,460 |  |  | — |  |  | 149,479 |  |  | 1,367,460 |  |  | 35,071 |  |  | — |  |  | 1,367,460 |  |  | 47,989 |  |  | — |
| $ | 1,828,436 |  |  | $ | 30,144 |  |  | $ | 149,810 |  |  | $ | 1,930,718 |  |  | $ | 49,734 |  |  | $ | 1,427 |  |  | $ | 1,774,680 |  |  | $ | 58,621 |  |  | $ | 502 |
| Derivative Financial Instruments Not Designated as Hedging Instruments
| September 25, 2022 |  | December 31, 2021 |  | September 26, 2021
| Notional Value |  | Assets(a) |  | Liabilities(b) |  | Notional Value |  | Assets(a) |  | Liabilities(b) |  | Notional Value |  | Assets(a) |  | Liabilities(b)
Foreign currency contracts | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 241,935 |  |  | $ | 1,299 |  |  | $ | 916 |  |  | $ | 135,381 |  |  | $ | 375 |  |  | $ | 162 |
Commodity contracts | 8,197 |  |  | 27 |  |  | 919 |  |  | 10,631 |  |  | 641 |  |  | 18 |  |  | 9,920 |  |  | 739 |  |  | 30 |
Interest rate caps | 1,183,178 |  |  | 3,857 |  |  | — |  |  | 504,526 |  |  | 360 |  |  | — |  |  | 608,222 |  |  | 112 |  |  | — |
| $ | 1,191,375 |  |  | $ | 3,884 |  |  | $ | 919 |  |  | $ | 757,092 |  |  | $ | 2,300 |  |  | $ | 934 |  |  | $ | 753,523 |  |  | $ | 1,226 |  |  | $ | 192 |
(a)Includes $3.9 million of interest rate caps recorded in Other long-term assets as of September 25, 2022 with all remaining amounts recorded in Other current assets. (b)Includes $82.7 million of cross-currency swaps recorded in Other long-term liabilities as of September 25, 2022 with all remaining amounts recorded in Accrued liabilities.
Schedule of 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 |  | Nine months ended |  | Three months ended |  | Nine months ended
| September 25, 2022 |  | September 26, 2021 |  | September 25, 2022 |  | September 26, 2021 |  | September 25, 2022 |  | September 26, 2021 |  | September 25, 2022 |  | September 26, 2021
Foreign currency contracts | $ | 26,657 |  |  | $ | 8,653 |  |  | $ | 54,429 |  |  | $ | 20,829 |  |  | $ | 15,202 |  |  | $ | (3,504) |  |  | $ | 30,484 |  |  | $ | (16,051) |
Commodity contracts | 88 |  |  | 390 |  |  | 816 |  |  | 546 |  |  | 147 |  |  | 65 |  |  | 627 |  |  | 36 |
Cross-currency swaps | (94,912) |  |  | (40,741) |  |  | (184,551) |  |  | (90,633) |  |  | (95,111) |  |  | (33,600) |  |  | (201,377) |  |  | (77,775) |
Treasury rate lock contracts | — |  |  | — |  |  | — |  |  | — |  |  | (90) |  |  | (127) |  |  | (335) |  |  | (375) |
Interest rate swaps | — |  |  | — |  |  | — |  |  | 397 |  |  | — |  |  | — |  |  | — |  |  | (2,689) |
| $ | (68,167) |  |  | $ | (31,698) |  |  | $ | (129,306) |  |  | $ | (68,861) |  |  | $ | (79,852) |  |  | $ | (37,166) |  |  | $ | (170,601) |  |  | $ | (96,854) |
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 September 25, 2022
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 946,656 |  |  | $ | 265,841 |  |  | $ | 8,124 |  |  | $ | 60,740 |
Gain/(loss) reclassified from AOCL into income: |  |  |  |  |  |  |
Foreign currency contracts | $ | 15,202 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts | $ | 147 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cross-currency swaps | $ | — |  |  | $ | (95,111) |  |  | $ | — |  |  | $ | — |
Treasury rate lock contracts | $ | — |  |  | $ | — |  |  | $ | (90) |  |  | $ | — |
| Three months ended September 26, 2021
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 850,193 |  |  | $ | 254,312 |  |  | $ | 7,779 |  |  | $ | 44,770 |
Gain/(loss) reclassified from AOCL into income: |  |  |  |  |  |  |
Foreign currency contracts | $ | (3,504) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts | $ | 65 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cross-currency swaps | $ | — |  |  | $ | (33,600) |  |  | $ | — |  |  | $ | — |
Treasury rate lock contracts | $ | — |  |  | $ | — |  |  | $ | (91) |  |  | $ | (36) |
| Motorcycles cost of goods sold |  | Selling, administrative & engineering expense |  | Interest expense |  | Financial Services interest expense
| Nine months ended September 25, 2022
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 2,721,913 |  |  | $ | 740,699 |  |  | $ | 23,555 |  |  | $ | 150,488 |
Gain/(loss) reclassified from AOCL into income: |  |  |  |  |  |  |
Foreign currency contracts | $ | 30,484 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts | $ | 627 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cross-currency swaps | $ | — |  |  | $ | (201,377) |  |  | $ | — |  |  | $ | — |
Treasury rate lock contracts | $ | — |  |  | $ | — |  |  | $ | (272) |  |  | $ | (63) |
| Nine months ended September 26, 2021
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 2,586,264 |  |  | $ | 747,665 |  |  | $ | 23,209 |  |  | $ | 149,098 |
Gain/(loss) reclassified from AOCL into income: |  |  |  |  |  |  |
Foreign currency contracts | $ | (16,051) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commodity contracts | $ | 36 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cross-currency swaps | $ | — |  |  | $ | (77,775) |  |  | $ | — |  |  | $ | — |
Treasury rate lock contracts | $ | — |  |  | $ | — |  |  | $ | (272) |  |  | $ | (103) |
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. Gains and losses on interest rate caps were recorded in Selling, administrative & engineering expense.
| Amount of Gain/(Loss) Recognized in Income
| Three months ended |  | Nine months ended
| September 25, 2022 |  | September 26, 2021 |  | September 25, 2022 |  | September 26, 2021
Foreign currency contracts | $ | 3,061 |  |  | $ | 2,152 |  |  | $ | 9,348 |  |  | $ | (3,396) |
Commodity contracts | (760) |  |  | 102 |  |  | 472 |  |  | 1,528 |
Interest rate caps | 1,997 |  |  | (39) |  |  | 2,015 |  |  | 65 |
| $ | 4,298 |  |  | $ | 2,215 |  |  | $ | 11,835 |  |  | $ | (1,803) |

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