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Asset-Backed Financing (Tables)

6 Months Ended

Jun. 30, 2024

Transfers and Servicing [Abstract]

Schedule of Assets and Liabilities Related to the On-Balance Sheet Financing

The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets were as follows (in thousands):

			June 30, 2024
			Finance receivables						Allowance for credit losses						Restricted cash						Other assets						Total assets						Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations			$	2,404,604					$	(130,484)					$	116,550					$	4,685					$	2,395,355					$	1,921,408
Asset-backed U.S. commercial paper conduit facility			469,244						(25,439)						28,205						1,753						473,763						435,930
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility			105,710						(4,744)						6,687						142						107,795						91,379
			$	2,979,558					$	(160,667)					$	151,442					$	6,580					$	2,976,913					$	2,448,717

			December 31, 2023
			Finance receivables						Allowance for credit losses						Restricted cash						Other assets						Total assets						Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations			$	2,348,817					$	(126,882)					$	94,137					$	6,719					$	2,322,791					$	1,877,368
Asset-backed U.S. commercial paper conduit facility			259,441						(14,001)						16,443						2,066						263,949						233,258
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility			81,916						(3,667)						4,425						211						82,885						70,742
			$	2,690,174					$	(144,550)					$	115,005					$	8,996					$	2,669,625					$	2,181,368
			June 30, 2023
			Finance receivables						Allowance for credit losses						Restricted cash						Other assets						Total assets						Asset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations			$	2,361,561					$	(124,796)					$	115,616					$	8,977					$	2,361,358					$	1,924,545
Asset-backed U.S. commercial paper conduit facility			351,848						(18,585)						24,486						1,655						359,404						318,406
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility			96,278						(4,235)						6,805						169						99,017						84,269
			$	2,809,687					$	(147,616)					$	146,907					$	10,801					$	2,819,779					$	2,327,220

Schedule of Transfer of Financial Assets Accounted for as Sales

Quarterly transfers of U.S. retail motorcycle finance receivables to SPEs, the respective proceeds, and the respective proceeds, net of discounts and issuance costs were as follows (in millions):

			2024																		2023
			Transfers						Proceeds						Proceeds, net						Transfers						Proceeds						Proceeds, net
First quarter			$	—					$	—					$	—					$	628.5					$	550.0					$	547.7
Second quarter			607.8						550.0						547.6						0.0						0.0						0.0
			$	607.8					$	550.0					$	547.6					$	628.5					$	550.0					$	547.7

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

Quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds were as follows (in millions):

			2024															2023
			Transfers						Proceeds									Transfers						Proceeds
First quarter			$	34.9					$	28.6								$	—					$	—
Second quarter			20.6						16.9									40.5						33.5
			$	55.5					$	45.5								$	40.5					$	33.5

X

- Definition

Tabular disclosure of the carrying amount and classification of assets and liabilities recognized in the transferor's statement of financial position at the end of each period presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(1)
-SubTopic 30
-Topic 860
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

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- Definition

Tabular disclosure of the nature and risks of short-term collateralized financing obtained through repurchase agreements, securities lending transactions and repurchase-to-maturity transactions, accounted for as secured borrowings.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

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- Definition

Tabular disclosure of derecognized financial assets from transactions which comprise an initial transfer and an agreement entered into in contemplation of the initial transfer resulting in retention of substantially all of the exposure to the economic return throughout the term of the transaction.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-SubTopic 20
-Topic 860
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D

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