Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HARLEY DAVIDSON INC | ' | ' |
Entity Central Index Key | '0000793952 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 220,051,960 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $12,137,937,572 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue: | ' | ' | ' | |||
Motorcycles and related products | $5,258,290 | [1] | $4,942,582 | [1] | $4,662,264 | [1] |
Financial services | 641,582 | [1] | 637,924 | [1] | 649,449 | [1] |
Total revenue | 5,899,872 | 5,580,506 | 5,311,713 | |||
Costs and expenses: | ' | ' | ' | |||
Motorcycles and related products cost of goods sold | 3,395,918 | 3,222,394 | 3,106,288 | |||
Financial services interest expense | 165,491 | 195,990 | 229,492 | |||
Financial services provision for credit losses | 60,008 | 22,239 | 17,031 | |||
Selling, administrative and engineering expense | 1,126,884 | 1,111,232 | 1,060,943 | |||
Restructuring (benefit) expense and asset impairment | -2,131 | 28,475 | 67,992 | |||
Total costs and expenses | 4,746,170 | 4,580,330 | 4,481,746 | |||
Operating income | 1,153,702 | 1,000,176 | 829,967 | |||
Investment income | 5,859 | 7,369 | 7,963 | |||
Interest expense | 45,256 | 46,033 | 45,266 | |||
Income before provision for income taxes | 1,114,305 | 961,512 | 792,664 | |||
Provision for income taxes | 380,312 | 337,587 | 244,586 | |||
Income from continuing operations | 733,993 | 623,925 | 548,078 | |||
Income from discontinued operations, net of tax | 0 | 0 | 51,036 | |||
Net income | $733,993 | $623,925 | $599,114 | |||
Earnings per common share from continuing operations: | ' | ' | ' | |||
Basic (in dollars per share) | $3.30 | $2.75 | $2.35 | |||
Diluted (in dollars per share) | $3.28 | $2.72 | $2.33 | |||
Earnings per common share from discontinued operations: | ' | ' | ' | |||
Basic (in dollars per share) | $0 | $0 | $0.22 | |||
Diluted (in dollars per share) | $0 | $0 | $0.22 | |||
Earnings per common share: | ' | ' | ' | |||
Basic (in dollars per share) | $3.30 | $2.75 | $2.57 | |||
Diluted (in dollars per share) | $3.28 | $2.72 | $2.55 | |||
Cash dividends per common share (in dollars per share) | $0.84 | $0.62 | $0.48 | |||
[1] | Revenue is attributed to geographic regions based on location of customer. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $733,993 | $623,925 | $599,114 |
Other comprehensive income, net of tax | ' | ' | ' |
Foreign currency translation adjustment | -18,009 | 1,400 | -5,616 |
Derivative financial instruments | 2,157 | -10,144 | 18,219 |
Marketable securities | -953 | 350 | 460 |
Pension and postretirement benefit plans | 291,807 | -122,551 | -123,574 |
Total other comprehensive income (loss), net of tax | 275,002 | -130,945 | -110,511 |
Comprehensive income | $1,008,995 | $492,980 | $488,603 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,066,612 | $1,068,138 |
Marketable securities | 99,009 | 135,634 |
Accounts receivable, net | 261,065 | 230,079 |
Finance receivables, net | 1,773,686 | 1,743,045 |
Inventories | 424,507 | 393,524 |
Restricted cash | 144,807 | 188,008 |
Deferred income taxes | 103,625 | 110,853 |
Other current assets | 115,492 | 181,655 |
Total current assets | 3,988,803 | 4,050,936 |
Finance receivables, net | 4,225,877 | 4,038,807 |
Property, plant and equipment, net | 842,477 | 815,464 |
Prepaid pension costs | 244,871 | 0 |
Goodwill | 30,452 | 29,530 |
Deferred income taxes | 3,339 | 171,845 |
Other long-term assets | 69,221 | 64,191 |
Total assets | 9,405,040 | 9,170,773 |
Current liabilities: | ' | ' |
Accounts payable | 239,794 | 257,386 |
Accrued liabilities | 427,335 | 513,591 |
Short-term debt | 666,317 | 294,943 |
Current portion of long-term debt | 1,176,140 | 437,162 |
Total current liabilities | 2,509,586 | 1,503,082 |
Long-term debt | 3,416,713 | 4,370,544 |
Pension liability | 36,371 | 330,294 |
Postretirement healthcare liability | 216,165 | 278,062 |
Deferred income taxes | 49,499 | 0 |
Other long-term liabilities | 167,220 | 131,167 |
Commitments and contingencies (Note 16) | ' | ' |
Shareholders’ equity: | ' | ' |
Preferred stock, none issued | 0 | 0 |
Common stock, 343,157,231 and 341,265,838 shares issued in 2013 and 2012, respectively | 3,432 | 3,413 |
Additional paid-in-capital | 1,175,052 | 1,066,069 |
Retained earnings | 7,852,729 | 7,306,424 |
Accumulated other comprehensive loss | -332,676 | -607,678 |
Treasury stock (123,197,976 and 115,165,744 shares in 2013 and 2012, respectively), at cost | -5,689,051 | -5,210,604 |
Total shareholders’ equity | 3,009,486 | 2,557,624 |
Total liabilities and shareholders' equity | 9,405,040 | 9,170,773 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Current assets: | ' | ' |
Finance receivables, net | 352,899 | 470,134 |
Restricted cash | 133,053 | 176,290 |
Other current assets | 4,149 | 5,288 |
Finance receivables, net | 1,184,441 | 1,631,435 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 334,630 | 399,477 |
Long-term debt | $922,002 | $1,048,299 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 343,157,231 | 341,265,838 |
Treasury stock, shares | 123,197,976 | 115,165,744 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net cash provided by operating activities of continuing operations (Note 2) | $977,093 | $801,458 | $885,291 |
Cash flows from investing activities of continuing operations: | ' | ' | ' |
Capital expenditures | -208,321 | -189,002 | -189,035 |
Origination of finance receivables | -3,244,005 | -2,858,701 | -2,622,024 |
Collections on finance receivables | 2,831,994 | 2,768,089 | 2,760,049 |
Purchases of marketable securities | -4,998 | -4,993 | -142,653 |
Sales and redemptions of marketable securities | 40,108 | 23,296 | 130,121 |
Other | 16,355 | 0 | 0 |
Net used by investing activities of continuing operations | -568,867 | -261,311 | -63,542 |
Cash flows from financing activities of continuing operations: | ' | ' | ' |
Proceeds from issuance of medium-term notes | 0 | 993,737 | 447,076 |
Repayments of medium-term notes | -27,858 | -420,870 | -59,211 |
Proceeds from securitization debt | 647,516 | 763,895 | 1,082,599 |
Repayments of securitization debt | -840,387 | -1,405,599 | -1,754,568 |
Borrowings of asset-backed commercial paper | 88,456 | 200,417 | 0 |
Repayments of asset-backed commercial paper | -78,765 | -24,301 | -483 |
Net increase (decrease) in credit facilities and unsecured commercial paper | 371,085 | -744,724 | 237,827 |
Net change in restricted cash | 43,201 | 41,647 | 59,232 |
Dividends paid | -187,688 | -141,681 | -111,011 |
Purchase of common stock for treasury | -479,231 | -311,632 | -224,548 |
Excess tax benefits from share-based payments | 19,895 | 13,065 | 6,303 |
Issuance of common stock under employee stock option plans | 50,567 | 45,973 | 7,840 |
Net cash used by financing activities of continuing operations | -393,209 | -990,073 | -308,944 |
Effect of exchange rate changes on cash and cash equivalents | -16,543 | -8,886 | -7,788 |
Net (decrease) increase in cash and cash equivalents from continuing operations | -1,526 | -458,812 | 505,017 |
Cash and cash equivalents: | ' | ' | ' |
Cash and cash equivalents—beginning of period | 1,068,138 | 1,526,950 | 1,021,933 |
Net (decrease) increase in cash and cash equivalents | -1,526 | -458,812 | 505,017 |
Cash and cash equivalents—end of period | $1,066,612 | $1,068,138 | $1,526,950 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Balance [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $2,206,866 | $3,382 | $908,055 | $6,336,077 | ($366,222) | ($4,674,426) |
Beginning Balance, shares at Dec. 31, 2010 | ' | 338,260,456 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 599,114 | ' | ' | 599,114 | ' | ' |
Total other comprehensive loss, net of tax (Note 11) | -110,511 | ' | ' | ' | -110,511 | ' |
Dividends | -111,011 | ' | ' | -111,011 | ' | ' |
Repurchase of common stock | -224,551 | ' | ' | ' | ' | -224,551 |
Share-based compensation and 401(k) match made with Treasury shares | 49,996 | ' | 49,993 | ' | ' | 3 |
Issuance of nonvested stock (in shares) | ' | 473,240 | ' | ' | ' | ' |
Issuance of nonvested stock | ' | 5 | -5 | ' | ' | ' |
Exercise of stock options | 7,840 | 4 | 7,836 | ' | ' | ' |
Exercise of stock options (in shares) | ' | 373,534 | ' | ' | ' | ' |
Tax benefit of stock options and nonvested stock | 2,513 | ' | 2,513 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | 2,420,256 | 3,391 | 968,392 | 6,824,180 | -476,733 | -4,898,974 |
Ending Balance, shares at Dec. 31, 2011 | ' | 339,107,230 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 623,925 | ' | ' | 623,925 | ' | ' |
Total other comprehensive loss, net of tax (Note 11) | -130,945 | ' | ' | ' | -130,945 | ' |
Dividends | -141,681 | ' | ' | -141,681 | ' | ' |
Repurchase of common stock | -311,632 | ' | ' | ' | ' | -311,632 |
Share-based compensation and 401(k) match made with Treasury shares | 42,058 | ' | 42,056 | ' | ' | 2 |
Issuance of nonvested stock (in shares) | ' | 535,807 | ' | ' | ' | ' |
Issuance of nonvested stock | ' | 6 | -6 | ' | ' | ' |
Exercise of stock options | 45,973 | 16 | 45,957 | ' | ' | ' |
Exercise of stock options (in shares) | ' | 1,622,801 | ' | ' | ' | ' |
Tax benefit of stock options and nonvested stock | 9,670 | ' | 9,670 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 2,557,624 | 3,413 | 1,066,069 | 7,306,424 | -607,678 | -5,210,604 |
Ending Balance, shares at Dec. 31, 2012 | ' | 341,265,838 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 733,993 | ' | ' | 733,993 | ' | ' |
Total other comprehensive loss, net of tax (Note 11) | 275,002 | ' | ' | ' | 275,002 | ' |
Dividends | -187,688 | ' | ' | -187,688 | ' | ' |
Repurchase of common stock | -479,231 | ' | ' | ' | ' | -479,231 |
Share-based compensation and 401(k) match made with Treasury shares | 41,508 | ' | 40,724 | ' | ' | 784 |
Issuance of nonvested stock (in shares) | ' | 492,755 | ' | ' | ' | ' |
Issuance of nonvested stock | ' | 5 | -5 | ' | ' | ' |
Exercise of stock options | 50,567 | 14 | 50,553 | ' | ' | ' |
Exercise of stock options (in shares) | 1,357,000 | 1,398,638 | ' | ' | ' | ' |
Tax benefit of stock options and nonvested stock | 17,711 | ' | 17,711 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $3,009,486 | $3,432 | $1,175,052 | $7,852,729 | ($332,676) | ($5,689,051) |
Ending Balance, shares at Dec. 31, 2013 | ' | 343,157,231 | ' | ' | ' | ' |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
Principles of Consolidation and Basis of Presentation – The consolidated financial statements include the accounts of Harley-Davidson, Inc. and its wholly-owned subsidiaries (the Company), including the accounts of the groups of companies doing business as Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). In addition, certain variable interest entities (VIEs) related to secured financing are consolidated as the Company is the primary beneficiary. All intercompany accounts and transactions are eliminated. | |||||||||||||
All of the Company’s subsidiaries are wholly owned and are included in the consolidated financial statements. Substantially all of the Company’s international subsidiaries use their respective local currency as their functional currency. Assets and liabilities of international subsidiaries have been translated at period-end exchange rates, and revenues and expenses have been translated using average exchange rates for the period. | |||||||||||||
The Company operates in two principal business segments: Motorcycles & Related Products (Motorcycles) and Financial Services (Financial Services). | |||||||||||||
On October 15, 2009, the Company announced its intent to divest MV Agusta (MV) and completed the sale of MV on August 6, 2010. MV is presented as a discontinued operation for all periods. | |||||||||||||
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents – The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||||||
Marketable Securities – The Company’s marketable securities consisted of the following at December 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Available-for-sale securities: corporate bonds | $ | 99,009 | $ | 135,634 | |||||||||
Trading securities: mutual funds | 30,172 | 18,417 | |||||||||||
$ | 129,181 | $ | 154,051 | ||||||||||
The Company’s available-for-sale securities are carried at fair value with any unrealized gains or losses reported in other comprehensive income. During 2013 and 2012, the Company recognized gross unrealized loss of $1.5 million and unrealized gain of $0.6 million, respectively, or losses of $1.0 million and gains of $0.4 million, net of tax, respectively, to adjust amortized cost to fair value. The marketable securities have contractual maturities that generally come due over the next 1 to 29 months. | |||||||||||||
The Company's trading securities relate to investments held by the Company to fund certain deferred compensation obligations. The trading securities are carried at fair value with gains and losses recorded in net income and investments are included in other long-term assets on the consolidated balance sheets. | |||||||||||||
Accounts Receivable – The Company’s motorcycles and related products are sold to independent dealers and distributors outside the U.S. and Canada generally on open account and the resulting receivables are included in accounts receivable in the Company’s consolidated balance sheets. The allowance for doubtful accounts deducted from total accounts receivable was $5.0 million as of December 31, 2013 and 2012. Accounts receivable are written down once management determines that the specific customer does not have the ability to repay the balance in full. The Company’s sales of motorcycles and related products in the U.S. and Canada are financed by the purchasing dealers or distributors through HDFS and the related receivables are included in finance receivables in the consolidated balance sheets. | |||||||||||||
Finance Receivables, Net – Finance receivables include both retail and wholesale finance receivables, net, including amounts held by VIEs. Finance receivables are recorded in the financial statements at amortized cost net of an allowance for credit losses. The provision for credit losses on finance receivables is charged to earnings in amounts sufficient to maintain the allowance for credit losses at a level that is adequate to cover estimated losses of principal inherent in the existing portfolio. Portions of the allowance for credit losses are specified to cover estimated losses on finance receivables specifically identified for impairment. The unspecified portion of the allowance covers estimated losses on finance receivables which are collectively reviewed for impairment. Finance receivables are considered impaired when management determines it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement. | |||||||||||||
The retail portfolio primarily consists of a large number of small balance, homogeneous finance receivables. HDFS performs a periodic and systematic collective evaluation of the adequacy of the retail allowance for credit losses. HDFS utilizes loss forecast models which consider a variety of factors including, but not limited to, historical loss trends, origination or vintage analysis, known and inherent risks in the portfolio, the value of the underlying collateral, recovery rates and current economic conditions including items such as unemployment rates. Retail finance receivables are not evaluated individually for impairment prior to charge-off and therefore are not reported as impaired loans. | |||||||||||||
The wholesale portfolio is primarily composed of large balance, non-homogeneous loans. The Company’s wholesale allowance evaluation is first based on a loan-by-loan review. A specific allowance for credit losses is established for wholesale finance receivables determined to be individually impaired when management concludes that the borrower will not be able to make full payment of contractual amounts due based on the original terms of the loan agreement. The impairment is determined based on the cash that the Company expects to receive discounted at the loan’s original interest rate or the fair value of the collateral, if the loan is collateral-dependent. In establishing the allowance, management considers a number of factors including the specific borrower’s financial performance as well as ability to repay. As described below in the Financial Services Revenue Recognition policy, the accrual of interest on such finance receivables is discontinued when the collection of the account becomes doubtful. While a finance receivable is considered impaired, all cash received is applied to principal or interest as appropriate. | |||||||||||||
Finance receivables in the wholesale portfolio that are not individually evaluated for impairment are segregated, based on similar risk characteristics, according to the Company’s internal risk rating system and collectively evaluated for impairment. The related allowance is based on factors such as the Company’s past loan loss experience, current economic conditions as well as the value of the underlying collateral. | |||||||||||||
Impaired finance receivables also include loans that have been modified in troubled debt restructurings as a concession to borrowers experiencing financial difficulty. Generally, it is the Company’s policy not to change the terms and conditions of finance receivables. However, to minimize the economic loss, the Company may modify certain impaired finance receivables in troubled debt restructurings. Total restructured finance receivables are not significant. | |||||||||||||
Repossessed inventory is recorded at the lower of cost or net realizable value and is reclassified from finance receivables to other current assets with any related loss recognized as a charge against the allowance for credit losses on finance receivables in the period during which the asset was transferred. Repossessed inventory was $13.8 million and $11.9 million at December 31, 2013 and 2012, respectively. | |||||||||||||
Asset-Backed Financing – HDFS participates in asset-backed financing both through term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. HDFS treats these transactions as secured borrowing because either they are transferred to consolidated VIEs or HDFS maintains effective control over the assets and does not meet the accounting sale requirements under ASC Topic 860, "Transfers and Servicing." In HDFS' asset-backed financing programs, HDFS transfers retail motorcycle finance receivables to special purpose entities (SPE), which are considered VIEs under U.S. GAAP. Each SPE then converts those assets into cash, through the issuance of debt. | |||||||||||||
HDFS is required to consolidate any VIEs in which it is deemed to be the primary beneficiary through having power over the significant activities of the entity and having an obligation to absorb losses or the right to receive benefits from the VIE which are potentially significant to the VIE. HDFS is considered to have the power over the significant activities of its term asset-backed securitization and asset-backed U.S. commercial paper conduit facility VIEs due to its role as servicer. Servicing fees are typically not considered potentially significant variable interests in a VIE. However, HDFS retains a residual interest in the VIEs in the form of a debt security, which gives HDFS the right to receive benefits that could be potentially significant to the VIE. Therefore, the Company is the primary beneficiary and consolidates all of these VIEs within its consolidated financial statements. | |||||||||||||
HDFS is not the primary beneficiary of the asset-backed Canadian commercial paper conduit facility VIE; therefore, HDFS does not consolidate the VIE. However, HDFS treats the conduit facility as a secured borrowing as it maintains effective control over the assets transferred to the VIE and therefore does not meet the requirements for sale accounting under ASC Topic 860. As such, the Company retains the transferred assets and the related debt within its Consolidated Balance Sheet. | |||||||||||||
Servicing fees paid by VIEs to HDFS are eliminated in consolidation and therefore are not recorded on a consolidated basis. HDFS is not required, and does not currently intend, to provide any additional financial support to its VIEs. Investors and creditors only have recourse to the assets held by the VIEs. | |||||||||||||
Inventories – Inventories are valued at the lower of cost or market. Substantially all inventories located in the United States are valued using the last-in, first-out (LIFO) method. Other inventories totaling $210.7 million at December 31, 2013 and $195.0 million at December 31, 2012 are valued at the lower of cost or market using the first-in, first-out (FIFO) method. | |||||||||||||
Property, Plant and Equipment – Property, plant and equipment is recorded at cost. Depreciation is determined on the straight-line basis over the estimated useful lives of the assets. The following useful lives are used to depreciate the various classes of property, plant and equipment: buildings – 30 years; building equipment and land improvements – 7 years; machinery and equipment –3 to 10 years; furniture and fixtures –5 years; and software – 3 to 7 years. Accelerated methods of depreciation are used for income tax purposes. | |||||||||||||
Goodwill – Goodwill represents the excess of acquisition cost over the fair value of the net assets purchased. Goodwill is tested for impairment, based on financial data related to the reporting unit to which it has been assigned, at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The impairment test involves comparing the estimated fair value of the reporting unit associated with the goodwill to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, goodwill must be adjusted to its implied fair value. During 2013 and 2012, the Company tested its goodwill balances for impairment and no adjustments were recorded to goodwill as a result of those reviews. | |||||||||||||
Long-lived Assets – The Company periodically evaluates the carrying value of long-lived assets to be held and used when events and circumstances warrant such review. If the carrying value of a long-lived asset is considered impaired, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset for assets to be held and used. The Company also reviews the useful life of its long-lived assets when events and circumstances indicate that the actual useful life may be shorter than originally estimated. In the event that the actual useful life is deemed to be shorter than the original useful life, depreciation is adjusted prospectively so that the remaining book value is depreciated over the revised useful life. | |||||||||||||
Asset groups classified as held for sale are measured at the lower of carrying amount or fair value less cost to sell, and a loss is recognized for any initial adjustment required to reduce the carrying amount to the fair value less cost to sell in the period the held for sale criteria are met. The fair value less cost to sell must be assessed each reporting period the asset group remains classified as held for sale. Gains or losses not previously recognized resulting from the sale of an asset group will be recognized on the date of sale. | |||||||||||||
Product Warranty and Safety Recall Campaigns – The Company currently provides a standard two-year limited warranty on all new motorcycles sold worldwide, except for Japan, where the Company provides a standard three-year limited warranty on all new motorcycles sold. In addition, the Company started offering a one-year warranty for Parts & Accessories (P&A) in 2012. The warranty coverage for the retail customer generally begins when the product is sold to a retail customer. The Company maintains reserves for future warranty claims which are based primarily on historical Company claim information. Additionally, the Company has from time to time initiated certain voluntary safety recall campaigns. The Company reserves for all estimated costs associated with safety recalls in the period that the safety recalls are announced. | |||||||||||||
Changes in the Company’s warranty and safety recall liability were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of period | $ | 60,263 | $ | 54,994 | $ | 54,134 | |||||||
Warranties issued during the period | 59,022 | 54,394 | 44,092 | ||||||||||
Settlements made during the period | (64,462 | ) | (67,247 | ) | (55,386 | ) | |||||||
Recalls and changes to pre-existing warranty liabilities | 9,297 | 18,122 | 12,154 | ||||||||||
Balance, end of period | $ | 64,120 | $ | 60,263 | $ | 54,994 | |||||||
The liability for safety recall campaigns was $4.0 million, $4.6 million and $10.7 million at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Derivative Financial Instruments – The Company is exposed to certain risks such as foreign currency exchange rate risk, interest rate risk and commodity price risk. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. All derivative transactions are authorized and executed pursuant to regularly reviewed policies and procedures, which prohibit the use of financial instruments for speculative trading purposes. | |||||||||||||
All derivative instruments are recognized on the balance sheet at fair value (see Note 8). In accordance with ASC Topic 815, “Derivatives and Hedging,” the accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. Changes in the fair value of derivatives that are designated as fair value hedges, along with the gain or loss on the hedged item, are recorded in current period earnings. For derivative instruments that are designated as cash flow hedges, the effective portion of gains and losses that result from changes in the fair value of derivative instruments is initially recorded in other comprehensive income (OCI) and subsequently reclassified into earnings when the hedged item affects income. The Company assesses, at both the inception of each hedge and on an on-going basis, whether the derivatives that are used in its hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. Any ineffective portion is immediately recognized in earnings. No component of a hedging derivative instrument’s gain or loss is excluded from the assessment of hedge effectiveness. Derivative instruments that do not qualify for hedge accounting are recorded at fair value and any changes in fair value are recorded in current period earnings. Refer to Note 10 for a detailed description of the Company’s derivative instruments. | |||||||||||||
Motorcycles and Related Products Revenue Recognition – Sales are recorded when products are shipped to wholesale customers (independent dealers and distributors) and ownership is transferred. The Company may offer sales incentive programs to both wholesale and retail customers designed to promote the sale of motorcycles and related products. The total costs of these programs are generally recognized as revenue reductions and are accrued at the later of the date the related sales are recorded or the date the incentive program is both approved and communicated. | |||||||||||||
Financial Services Revenue Recognition – Interest income on finance receivables is recorded as earned and is based on the average outstanding daily balance for wholesale and retail receivables. Accrued and uncollected interest is classified with finance receivables. Certain loan origination costs related to finance receivables, including payments made to dealers for certain retail loans, are deferred and amortized over the estimated life of the contract. | |||||||||||||
Retail finance receivables are contractually delinquent if the minimum payment is not received by the specified due date. Retail finance receivables are generally charged-off when the receivable is 120 days or more delinquent, the related asset is repossessed or the receivable is otherwise deemed uncollectible. All retail finance receivables accrue interest until either collected or charged-off. Accordingly, as of December 31, 2013 and 2012, all retail finance receivables are accounted for as interest-earning receivables. | |||||||||||||
Wholesale finance receivables are delinquent if the minimum payment is not received by the contractual due date. Interest continues to accrue on past due finance receivables until the date the finance receivable becomes uncollectible and the finance receivable is placed on non-accrual status. HDFS will resume accruing interest on these accounts when payments are current according to the terms of the loans and future payments are reasonably assured. While on non-accrual status, all cash received is applied to principal or interest as appropriate. Wholesale finance receivables are written down once management determines that the specific borrower does not have the ability to repay the loan in full. | |||||||||||||
Insurance and protection product commissions as well as commissions on the sale of extended service contracts are recognized when contractually earned. Deferred revenue related to extended service contracts was $6.8 million and $8.3 million as of December 31, 2013 and 2012, respectively. | |||||||||||||
Research and Development Expenses – Expenditures for research activities relating to product development and improvement are charged against income as incurred and included within selling, administrative and engineering expenses in the consolidated statement of operations. Research and development expenses were $152.2 million, $137.3 million and $145.4 million for 2013, 2012 and 2011, respectively. | |||||||||||||
Advertising Costs – The Company expenses the production cost of advertising the first time the advertising takes place. Advertising costs relate to the Company’s efforts to promote its products and brands through the use of media. During 2013, 2012 and 2011, the Company incurred $90.7 million, $80.7 million and $82.3 million in advertising costs, respectively. | |||||||||||||
Shipping and Handling Costs – The Company classifies shipping and handling costs as a component of cost of goods sold. | |||||||||||||
Share-Based Award Compensation Costs – The Company recognizes the cost of its share-based awards in its statement of operations. The total cost of the Company’s equity awards is equal to their grant date fair value and is recognized as expense on a straight-line basis over the service periods of the awards. The total cost of the Company’s liability for cash-settled awards is equal to their settlement date fair value. The liability for cash-settled awards is revalued each period based on a recalculated fair value adjusted for vested awards. Total share-based award compensation expense recognized by the Company during 2013, 2012 and 2011 was $41.2 million, $40.8 million and $38.2 million, respectively, or $26.0 million, $25.7 million and $24.0 million net of taxes, respectively. | |||||||||||||
Income Tax Expense – The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. | |||||||||||||
New Accounting Standards | |||||||||||||
Accounting Standards Not Yet Adopted | |||||||||||||
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11 Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU No. 2013-11). ASU No. 2013-11 amends the guidance within Accounting Standards Codification (ASC) Topic 740, "Income Taxes", to require entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The Company is required to adopt ASU No. 2013-11 beginning in the first quarter of 2014 and is currently evaluating the impact of adoption. | |||||||||||||
Accounting Standards Recently Adopted | |||||||||||||
In February 2013, the FASB issued ASU No. 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU No. 2013-02). ASU No. 2013-02 requires entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted ASU No. 2013-02 effective on January 1, 2013. The required new disclosures are presented in Note 11. |
Additional_Balance_Sheet_And_C
Additional Balance Sheet And Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Additional Balance Sheet and Cash Flow Information | ' | ||||||||||||
Additional Balance Sheet and Cash Flow Information | |||||||||||||
The following information represents additional detail for selected line items included in the consolidated balance sheets at December 31, and the statements of cash flows for the years ended December 31. | |||||||||||||
Balance Sheet Information: | |||||||||||||
Inventories, net (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Components at the lower of FIFO cost or market | |||||||||||||
Raw materials and work in process | $ | 140,302 | $ | 111,335 | |||||||||
Motorcycle finished goods | 205,416 | 205,660 | |||||||||||
Parts and accessories and general merchandise | 127,515 | 122,418 | |||||||||||
Inventory at lower of FIFO cost or market | 473,233 | 439,413 | |||||||||||
Excess of FIFO over LIFO cost | (48,726 | ) | (45,889 | ) | |||||||||
$ | 424,507 | $ | 393,524 | ||||||||||
Inventory obsolescence reserves deducted from FIFO cost were $17.5 million and $22.9 million as of December 31, 2013 and 2012, respectively. | |||||||||||||
Property, plant and equipment, at cost (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Land and related improvements | $ | 56,146 | $ | 57,801 | |||||||||
Buildings and related improvements | 424,485 | 417,316 | |||||||||||
Machinery and equipment | 2,153,755 | 2,042,484 | |||||||||||
Construction in progress | 168,598 | 167,243 | |||||||||||
2,802,984 | 2,684,844 | ||||||||||||
Accumulated depreciation | (1,960,507 | ) | (1,869,380 | ) | |||||||||
$ | 842,477 | $ | 815,464 | ||||||||||
Accrued liabilities (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Payroll, employee benefits and related expenses | $ | 166,346 | $ | 215,461 | |||||||||
Restructuring reserves | 2,181 | 27,223 | |||||||||||
Warranty and recalls | 46,571 | 60,263 | |||||||||||
Sales incentive programs | 42,541 | 43,938 | |||||||||||
Tax-related accruals | 21,970 | 19,923 | |||||||||||
Fair value of derivative financial instruments | 3,925 | 7,920 | |||||||||||
Other | 143,801 | 138,863 | |||||||||||
$ | 427,335 | $ | 513,591 | ||||||||||
Cash Flow Information: | |||||||||||||
The reconciliation of net income to net cash provided by operating activities of continuing operations is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 733,993 | $ | 623,925 | $ | 599,114 | |||||||
Income from discontinued operations | — | — | 51,036 | ||||||||||
Income from continuing operations | 733,993 | 623,925 | 548,078 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 167,072 | 168,978 | 180,408 | ||||||||||
Amortization of deferred loan origination costs | 86,181 | 78,592 | 78,695 | ||||||||||
Amortization of financing origination fees | 9,376 | 9,969 | 10,790 | ||||||||||
Provision for employee long-term benefits | 66,877 | 71,347 | 59,441 | ||||||||||
Contributions to pension and postretirement plans | (204,796 | ) | (244,416 | ) | (219,695 | ) | |||||||
Stock compensation expense | 41,244 | 40,815 | 38,192 | ||||||||||
Net change in wholesale finance receivables related to sales | 28,865 | 2,513 | (2,335 | ) | |||||||||
Provision for credit losses | 60,008 | 22,239 | 17,031 | ||||||||||
Loss on debt extinguishment | 4,947 | 4,323 | 9,608 | ||||||||||
Pension and postretirement healthcare plan curtailment and settlement expense | — | 6,242 | 236 | ||||||||||
Deferred income taxes | 52,580 | 128,452 | 87,873 | ||||||||||
Foreign currency adjustments | 16,269 | 9,773 | 10,678 | ||||||||||
Other, net | 10,123 | (7,216 | ) | (15,807 | ) | ||||||||
Changes in current assets and liabilities: | |||||||||||||
Accounts receivable, net | (36,653 | ) | (13,690 | ) | 43,050 | ||||||||
Finance receivables – accrued interest and other | (346 | ) | (4 | ) | 5,027 | ||||||||
Inventories | (46,474 | ) | 21,459 | (94,957 | ) | ||||||||
Accounts payable and accrued liabilities | (53,623 | ) | (10,798 | ) | 120,291 | ||||||||
Restructuring reserves | (25,042 | ) | (16,087 | ) | 8,072 | ||||||||
Derivative instruments | (2,189 | ) | 2,758 | (2,488 | ) | ||||||||
Prepaid and other | 68,681 | (97,716 | ) | 3,103 | |||||||||
Total adjustments | 243,100 | 177,533 | 337,213 | ||||||||||
Net cash provided by operating activities of continuing operations | $ | 977,093 | $ | 801,458 | $ | 885,291 | |||||||
Cash paid during the period for interest and income taxes (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest | $ | 197,161 | $ | 225,228 | $ | 251,341 | |||||||
Income taxes | $ | 236,972 | $ | 317,812 | $ | 84,984 | |||||||
Interest paid represents interest payments of HDFS (included in financial services interest expense) and interest payments of the Company (included in interest expense). |
Discontinued_Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
Discontinued Operations | |
In 2009, the Company unveiled a new business strategy to drive growth through a focus of efforts and resources on the unique strengths of the Harley-Davidson brand and to enhance productivity and profitability through continuous improvement. The Company’s Board of Directors approved and the Company committed to the divestiture of MV as part of this strategy. | |
At each subsequent reporting date through the date of sale of MV in August 2010, the Company estimated the fair value of MV, less selling costs, and recognized the resulting impairment charges and tax benefits. | |
As of December 31, 2010, the Company’s estimated tax benefit associated with the loss on the sale of MV was $101.0 million of which $43.5 million was deemed uncertain and appropriately reserved against. As a result, the total net tax benefit recognized as of December 31, 2010 was $57.5 million. | |
In determining the tax benefit recognized as of December 2010, the Company engaged appropriate technical expertise and considered all relevant available information. In accordance with ASC 740, “Income Taxes,” at each balance sheet date during this period, the Company re-evaluated the overall tax benefit, determined that it was at least more likely than not that it would be sustained upon review and calculated the amount of recognized tax benefit based on a cumulative probability basis. | |
During 2010, the Company voluntarily elected to participate in a pre-filing agreement process with the Internal Revenue Service (IRS) in order to accelerate the IRS' review of the Company’s tax position related to MV. The IRS effectively completed its review in late 2011 and executed a Closing Agreement on Final Determination Covering Specific Matters with the Company. | |
In the fourth quarter of 2011, given the outcome of the closing agreement, the Company recognized a $43.5 million tax benefit by reversing the reserve it has previously recorded and recognized an incremental $7.5 million tax benefit related to the final calculation of the tax basis in the loan to and the stock of MV. As a result, the Company recorded income from discontinued operations of $51.0 million or $0.22 per share for the year ended December 31, 2011. |
Restructuring_Expense_and_Othe
Restructuring Expense and Other Impairments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||||||||||||||||||
Restructuring Expense and Other Impairments | ' | ||||||||||||||||||||||||||||||||
Restructuring Expense and Other Impairments | |||||||||||||||||||||||||||||||||
2011 Restructuring Plans | |||||||||||||||||||||||||||||||||
In December 2011, the Company made a decision to cease operations at New Castalloy, its Australian subsidiary and producer of cast motorcycle wheels and wheel hubs, and source those components through other existing suppliers by the end of 2013 (2011 New Castalloy Restructuring Plan). Since 2011, the Company has successfully transitioned a significant amount of wheel production to other existing suppliers. However, during 2013, the Company made a decision to retain limited operations at New Castalloy focused on the production of certain complex, high-finish wheels in a cost-effective and competitive manner. The Company also entered into a new agreement with the unionized labor force at New Castalloy. | |||||||||||||||||||||||||||||||||
In connection with the modified 2011 New Castalloy Restructuring Plan, the New Castalloy workforce was reduced by approximately 100 employees, leaving approximately 100 remaining employees to support ongoing operations. The original plan would have resulted in a workforce reduction of approximately 200 employees. | |||||||||||||||||||||||||||||||||
Under the modified 2011 New Castalloy Restructuring Plan, restructuring expenses consisted of employee severance and termination costs, accelerated depreciation and other related costs. On a cumulative basis, the Company has incurred $22.1 million of restructuring expenses under the 2011 New Castalloy Restructuring Plan through 2013, of which 35% were non-cash. This includes a benefit related to restructuring reserves released in the second quarter of 2013 in connection with the decision to retain a limited operation at the New Castalloy facility, as described above. | |||||||||||||||||||||||||||||||||
In February 2011, the Company’s unionized employees at its facility in Kansas City, Missouri ratified a new seven-year labor agreement. The new agreement took effect on August 1, 2011. The new contract is similar to the labor agreements ratified at the Company’s Wisconsin facilities in September 2010 and its York, Pennsylvania production facility in December 2009, and allows for similar flexibility, increased production efficiency and the addition of a flexible workforce component. | |||||||||||||||||||||||||||||||||
The actions to implement the new ratified labor agreement (2011 Kansas City Restructuring Plan) resulted in approximately 145 fewer full-time hourly unionized employees in its Kansas City facility than would have been required under the previous contract. | |||||||||||||||||||||||||||||||||
Under the 2011 Kansas City Restructuring Plan, restructuring expenses consisted of employee severance and termination costs and other related costs. On a cumulative basis, the Company has incurred $6.0 million of restructuring expenses under the 2011 Kansas City Restructuring Plan through 2013, of which approximately 10% were non-cash. | |||||||||||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2011 Kansas City Restructuring Plan and 2011 New Castalloy Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the year ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | |||||||||||||||||||||||||||||||
Employee Severance and Termination Costs | Other | Total | Employee Severance and Termination Costs | Accelerated Depreciation | Other | Total | Total | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | |||||||||||||||||
Restructuring expense | — | — | — | 1,480 | 2,093 | 1,709 | 5,282 | 5,282 | |||||||||||||||||||||||||
Utilized - cash | (1,290 | ) | — | (1,290 | ) | (5,369 | ) | — | — | (5,369 | ) | (6,659 | ) | ||||||||||||||||||||
Utilized - non-cash | — | — | — | — | (2,093 | ) | (1,721 | ) | (3,814 | ) | (3,814 | ) | |||||||||||||||||||||
Non-cash reserve release | (969 | ) | — | (969 | ) | (5,369 | ) | — | — | (5,369 | ) | (6,338 | ) | ||||||||||||||||||||
Balance, end of period | $ | — | $ | — | $ | — | $ | 48 | $ | — | $ | 133 | $ | 181 | $ | 181 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | |||||||||||||||||||||||||||||||
Employee Severance and Termination Costs | Other | Total | Employee Severance and Termination Costs | Accelerated Depreciation | Other | Total | Total | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,123 | $ | — | $ | 4,123 | $ | 8,428 | $ | — | $ | 305 | $ | 8,733 | $ | 12,856 | |||||||||||||||||
Restructuring expense | — | — | — | 3,180 | 8,212 | 1,427 | 12,819 | 12,819 | |||||||||||||||||||||||||
Utilized - cash | — | — | — | (2,302 | ) | — | (1,587 | ) | (3,889 | ) | (3,889 | ) | |||||||||||||||||||||
Utilized - non-cash | — | — | — | — | (8,212 | ) | — | (8,212 | ) | (8,212 | ) | ||||||||||||||||||||||
Non-cash reserve release | (1,864 | ) | — | (1,864 | ) | — | — | — | — | (1,864 | ) | ||||||||||||||||||||||
Balance, end of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | |||||||||||||||||
2010 Restructuring Plan | |||||||||||||||||||||||||||||||||
In September 2010, the Company’s unionized employees in Wisconsin ratified three separate new seven-year labor agreements which took effect in April 2012 when the prior contracts expired. The new contracts are similar to the labor agreement ratified at the Company’s York, Pennsylvania production facility in December 2009 and allow for similar flexibility and increased production efficiency and the addition of a flexible workforce component. | |||||||||||||||||||||||||||||||||
The actions to implement the new ratified labor agreements (2010 Restructuring Plan) resulted in approximately 250 fewer full-time hourly unionized employees in its Milwaukee-area facilities than would have been required under the previous contract and approximately 75 fewer full-time hourly unionized employees in its Tomahawk, Wisconsin facility than would have been required under the previous contract. | |||||||||||||||||||||||||||||||||
Under the 2010 Restructuring Plan, restructuring expenses consisted of employee severance and termination costs and other related costs. On a cumulative basis, the Company has incurred $59.2 million of restructuring and impairment expenses under the 2010 Restructuring Plan as of December 31, 2013, of which approximately 45% were non-cash. | |||||||||||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2010 Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the following years ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Employee | Employee | Employee | |||||||||||||||||||||||||||||||
Severance and | Severance and | Severance and | |||||||||||||||||||||||||||||||
Termination Costs | Termination Costs | Termination Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,156 | $ | 20,361 | $ | 8,652 | |||||||||||||||||||||||||||
Restructuring expense | — | 4,005 | 12,575 | ||||||||||||||||||||||||||||||
Utilized – cash | (9,725 | ) | (12,898 | ) | (866 | ) | |||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | ||||||||||||||||||||||||||||||
Non-cash reserve release | (431 | ) | (1,312 | ) | — | ||||||||||||||||||||||||||||
Balance, end of period | $ | — | $ | 10,156 | $ | 20,361 | |||||||||||||||||||||||||||
2009 Restructuring Plan | |||||||||||||||||||||||||||||||||
During 2009, in response to the U.S. economic recession and worldwide slowdown in consumer demand, the Company committed to a volume reduction and a combination of restructuring actions (2009 Restructuring Plan) that were completed at various dates between 2009 and 2013. The actions were designed to reduce administrative costs, eliminate excess capacity and exit non-core business operations. The Company’s actions included the restructuring and transformation of its York, Pennsylvania production facility including the implementation of a new more flexible unionized labor agreement which allows for the addition of a flexible workforce component; consolidation of facilities related to engine and transmission production; outsourcing of certain distribution and transportation activities and exiting the Buell product line. In addition, the Company completed projects under this plan involving the outsourcing of select information technology activities and the consolidation of an administrative office in Michigan into its corporate headquarters in Milwaukee, Wisconsin. | |||||||||||||||||||||||||||||||||
The 2009 restructuring plan resulted in a reduction of approximately 2,900 hourly production positions and approximately 800 non-production, primarily salaried positions within the Motorcycles segment and approximately 100 salaried positions in the Financial Services segment. | |||||||||||||||||||||||||||||||||
Under the 2009 Restructuring Plan, restructuring expenses consisted of employee severance and termination costs, accelerated depreciation on the long-lived assets exited as part of the 2009 Restructuring Plan and other related costs. On a cumulative basis, the Company has incurred $393.8 million of restructuring and impairment expense under the 2009 Restructuring Plan as of December 31, 2013, of which approximately 30% were non-cash. | |||||||||||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2009 Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the following years ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | |||||||||||||||||||||||||
Restructuring expense | — | — | 907 | 907 | |||||||||||||||||||||||||||||
Utilized – cash | (1,645 | ) | — | (1,068 | ) | (2,713 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (1,551 | ) | — | — | (1,551 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 2,000 | $ | — | $ | — | $ | 2,000 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | |||||||||||||||||||||||||
Restructuring expense | 4,099 | — | 13,154 | 17,253 | |||||||||||||||||||||||||||||
Utilized – cash | (6,566 | ) | — | (12,993 | ) | (19,559 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (2,426 | ) | — | — | (2,426 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 23,818 | $ | — | $ | 2,764 | $ | 26,582 | |||||||||||||||||||||||||
Restructuring expense | 5,062 | — | 34,470 | 39,532 | |||||||||||||||||||||||||||||
Utilized – cash | (16,498 | ) | — | (37,234 | ) | (53,732 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (2,293 | ) | — | — | (2,293 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | |||||||||||||||||||||||||
Other restructuring costs include items such as the exit costs for terminating supply contracts, lease termination costs and moving costs. During 2013 and 2012, the Company released a portion of its 2011 Restructuring Plan, 2010 Restructuring Plan and 2009 Restructuring Plan reserves related to employee severance costs as these costs are no longer expected to be incurred. In addition, the Company released a portion of its 2009 Restructuring Plan reserve related to exiting the Buell product line during 2010, as these costs are no longer expected to be incurred. |
Goodwill
Goodwill | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill | ' | ||||
Goodwill | |||||
The following table summarizes changes in the carrying amount of goodwill in the Motorcycles segment for the following years ended December 31 (in thousands): | |||||
Motorcycles | |||||
Balance, December 31, 2010 | $ | 29,590 | |||
Currency translation | (509 | ) | |||
Balance, December 31, 2011 | $ | 29,081 | |||
Currency translation | 449 | ||||
Balance, December 31, 2012 | $ | 29,530 | |||
Currency translation | 922 | ||||
Balance, December 31, 2013 | $ | 30,452 | |||
The Financial Services segment did not have a goodwill balance. |
Finance_Receivables
Finance Receivables | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Finance Receivables | ' | ||||||||||||||||||||||||
Finance Receivables | |||||||||||||||||||||||||
Finance receivables, net at December 31 for the past five years were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Wholesale | |||||||||||||||||||||||||
United States | $ | 800,491 | $ | 776,633 | $ | 778,320 | $ | 735,481 | $ | 787,891 | |||||||||||||||
Canada | 44,721 | 39,771 | 46,320 | 78,516 | 82,110 | ||||||||||||||||||||
Total wholesale | 845,212 | 816,404 | 824,640 | 813,997 | 870,001 | ||||||||||||||||||||
Retail | |||||||||||||||||||||||||
United States | 5,051,245 | 4,850,450 | 4,858,781 | 5,126,699 | 3,835,235 | ||||||||||||||||||||
Canada | 213,799 | 222,665 | 228,709 | 250,462 | 256,658 | ||||||||||||||||||||
Total retail | 5,265,044 | 5,073,115 | 5,087,490 | 5,377,161 | 4,091,893 | ||||||||||||||||||||
6,110,256 | 5,889,519 | 5,912,130 | 6,191,158 | 4,961,894 | |||||||||||||||||||||
Allowance for credit losses | (110,693 | ) | (107,667 | ) | (125,449 | ) | (173,589 | ) | (150,082 | ) | |||||||||||||||
5,999,563 | 5,781,852 | 5,786,681 | 6,017,569 | 4,811,812 | |||||||||||||||||||||
Investment in retained securitization interests | — | — | — | — | 245,350 | ||||||||||||||||||||
$ | 5,999,563 | $ | 5,781,852 | $ | 5,786,681 | $ | 6,017,569 | $ | 5,057,162 | ||||||||||||||||
HDFS offers wholesale financing to the Company’s independent dealers. Wholesale loans to dealers are generally secured by financed inventory or property and are originated in the U.S. and Canada. | |||||||||||||||||||||||||
HDFS provides retail financial services to customers of the Company’s independent dealers in the U.S. and Canada. The origination of retail loans is a separate and distinct transaction between HDFS and the retail customer, unrelated to the Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and installment loans. HDFS holds either titles or liens on titles to vehicles financed by promissory notes and installment loans. As of December 31, 2013 and 2012, approximately 12% of gross outstanding finance receivables were originated in Texas. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, unused lines of credit extended to HDFS’ wholesale finance customers totaled $1.01 billion and $955.5 million, respectively. Approved but unfunded retail finance loans totaled $149.8 million and $137.7 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Wholesale finance receivables are related primarily to motorcycles and related parts and accessories sales to independent Harley-Davidson dealers and are generally contractually due within one year. Retail finance receivables are primarily related to sales of motorcycles to the dealers’ customers. On December 31, 2013, contractual maturities of finance receivables were as follows (in thousands): | |||||||||||||||||||||||||
United States | Canada | Total | |||||||||||||||||||||||
2014 | $ | 1,713,839 | $ | 82,762 | $ | 1,796,601 | |||||||||||||||||||
2015 | 990,463 | 40,957 | 1,031,420 | ||||||||||||||||||||||
2016 | 1,116,609 | 45,882 | 1,162,491 | ||||||||||||||||||||||
2017 | 1,127,536 | 51,399 | 1,178,935 | ||||||||||||||||||||||
2018 | 838,574 | 37,520 | 876,094 | ||||||||||||||||||||||
Thereafter | 64,715 | — | 64,715 | ||||||||||||||||||||||
Total | $ | 5,851,736 | $ | 258,520 | $ | 6,110,256 | |||||||||||||||||||
As of December 31, 2013, all finance receivables due after one year were at fixed interest rates. | |||||||||||||||||||||||||
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): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 101,442 | $ | 6,225 | $ | 107,667 | |||||||||||||||||||
Provision for credit losses | 61,603 | (1,595 | ) | 60,008 | |||||||||||||||||||||
Charge-offs | (97,928 | ) | — | (97,928 | ) | ||||||||||||||||||||
Recoveries | 40,946 | — | 40,946 | ||||||||||||||||||||||
Balance, end of period | $ | 106,063 | $ | 4,630 | $ | 110,693 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 116,112 | $ | 9,337 | $ | 125,449 | |||||||||||||||||||
Provision for credit losses | 25,252 | (3,013 | ) | 22,239 | |||||||||||||||||||||
Charge-offs | (86,963 | ) | (99 | ) | (87,062 | ) | |||||||||||||||||||
Recoveries | 47,041 | — | 47,041 | ||||||||||||||||||||||
Balance, end of period | $ | 101,442 | $ | 6,225 | $ | 107,667 | |||||||||||||||||||
2011 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 157,791 | $ | 15,798 | $ | 173,589 | |||||||||||||||||||
Provision for credit losses | 23,054 | (6,023 | ) | 17,031 | |||||||||||||||||||||
Charge-offs | (118,993 | ) | (503 | ) | (119,496 | ) | |||||||||||||||||||
Recoveries | 54,260 | 65 | 54,325 | ||||||||||||||||||||||
Balance, end of period | $ | 116,112 | $ | 9,337 | $ | 125,449 | |||||||||||||||||||
The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, at December 31 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Allowance for credit losses, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 106,063 | 4,630 | 110,693 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 106,063 | $ | 4,630 | $ | 110,693 | |||||||||||||||||||
Finance receivables, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 5,265,044 | 845,212 | 6,110,256 | ||||||||||||||||||||||
Total finance receivables | $ | 5,265,044 | $ | 845,212 | $ | 6,110,256 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Allowance for credit losses, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 101,442 | 6,225 | 107,667 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 101,442 | $ | 6,225 | $ | 107,667 | |||||||||||||||||||
Finance receivables, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 5,073,115 | 816,404 | 5,889,519 | ||||||||||||||||||||||
Total finance receivables | $ | 5,073,115 | $ | 816,404 | $ | 5,889,519 | |||||||||||||||||||
Finance receivables are considered impaired when management determines it is probable that the Company will be unable to collect all amounts due according to the loan agreement. As retail finance receivables are collectively and not individually reviewed for impairment, this portfolio does not have specifically impaired finance receivables. A specific allowance is established for wholesale finance receivables determined to be individually impaired in accordance with the applicable accounting standards when management concludes that the borrower will not be able to make full payment of the contractual amounts due based on the original terms of the loan agreement. The impairment is determined based on the cash that the Company expects to receive discounted at the loan’s original interest rate and the fair value of the collateral, if the loan is collateral-dependent. In establishing the allowance, management considers a number of factors including the specific borrower’s financial performance as well as ability to repay. At December 31, 2013 and 2012, there were no wholesale finance receivables that were individually deemed to be impaired under ASC Topic 310, “Receivables”. | |||||||||||||||||||||||||
Retail finance receivables accrue interest until either collected or charged-off. Interest continues to accrue on past due wholesale finance receivables until the finance receivable becomes uncollectible, at which time the finance receivable is placed on non-accrual status. The Company will resume accruing interest on these wholesale finance receivables when payments are current according to the terms of the loan agreements and future payments are reasonably assured. At December 31, 2013 and 2012, there were no wholesale finance receivables on non-accrual status. | |||||||||||||||||||||||||
An analysis of the aging of past due finance receivables at December 31 was as follows (in thousands): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | |||||||||||||||||||||
Past Due | Receivables | ||||||||||||||||||||||||
Retail | $ | 5,094,615 | $ | 109,806 | $ | 36,029 | $ | 24,594 | $ | 170,429 | $ | 5,265,044 | |||||||||||||
Wholesale | 844,033 | 791 | 181 | 207 | 1,179 | 845,212 | |||||||||||||||||||
Total | $ | 5,938,648 | $ | 110,597 | $ | 36,210 | $ | 24,801 | $ | 171,608 | $ | 6,110,256 | |||||||||||||
2012 | |||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | |||||||||||||||||||||
Past Due | Receivables | ||||||||||||||||||||||||
Retail | $ | 4,894,675 | $ | 113,604 | $ | 37,239 | $ | 27,597 | $ | 178,440 | $ | 5,073,115 | |||||||||||||
Wholesale | 814,706 | 984 | 278 | 436 | 1,698 | 816,404 | |||||||||||||||||||
Total | $ | 5,709,381 | $ | 114,588 | $ | 37,517 | $ | 28,033 | $ | 180,138 | $ | 5,889,519 | |||||||||||||
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): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
United States | $ | 23,770 | $ | 26,500 | $ | 27,171 | $ | 34,391 | $ | 24,629 | |||||||||||||||
Canada | 1,031 | 1,533 | 1,207 | 1,351 | 2,161 | ||||||||||||||||||||
Total | $ | 24,801 | $ | 28,033 | $ | 28,378 | $ | 35,742 | $ | 26,790 | |||||||||||||||
A significant part of managing HDFS’ finance receivable portfolios includes the assessment of credit risk associated with each borrower. As the credit risk varies between the retail and wholesale portfolios, HDFS utilizes different credit risk indicators for each portfolio. | |||||||||||||||||||||||||
HDFS manages retail credit risk through its credit approval policy and ongoing collection efforts. HDFS uses FICO scores, a standard credit rating measurement, to differentiate the expected default rates of retail credit applicants enabling the Company to better evaluate credit applicants for approval and to tailor pricing according to this assessment. Retail loans with a FICO score of 640 or above at origination are considered prime, and loans with a FICO score below 640 are considered sub-prime. These credit quality indicators are determined at the time of loan origination and are not updated subsequent to the loan origination date. | |||||||||||||||||||||||||
The recorded investment of retail finance receivables, by credit quality indicator, at December 31 was as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Prime | $ | 4,141,559 | $ | 4,035,584 | |||||||||||||||||||||
Sub-prime | 1,123,485 | 1,037,531 | |||||||||||||||||||||||
Total | $ | 5,265,044 | $ | 5,073,115 | |||||||||||||||||||||
HDFS’ credit risk on the wholesale portfolio is different from that of the retail portfolio. Whereas the retail portfolio represents a relatively homogeneous pool of retail finance receivables that exhibit more consistent loss patterns, the wholesale portfolio exposures are less consistent. HDFS utilizes an internal credit risk rating system to manage credit risk exposure consistently across wholesale borrowers and individually evaluates credit risk factors for each borrower. HDFS uses the following internal credit quality indicators, based on the Company’s internal risk rating system, listed from highest level of risk to lowest level of risk, for the wholesale portfolio: Doubtful, Substandard, Special Mention, Medium Risk and Low Risk. Based upon management’s review, the dealers classified in the Doubtful category are the dealers with the greatest likelihood of being charged-off, while the dealers classified as Low Risk are least likely to be charged-off. The internal rating system considers factors such as the specific borrower's ability to repay and the estimated value of any collateral. Dealer risk rating classifications are reviewed and updated on a quarterly basis. | |||||||||||||||||||||||||
The recorded investment of wholesale finance receivables, by internal credit quality indicator, at December 31 was as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Doubtful | $ | — | $ | 8,107 | |||||||||||||||||||||
Substandard | 8,383 | 2,593 | |||||||||||||||||||||||
Special Mention | 2,076 | 3,504 | |||||||||||||||||||||||
Medium Risk | 5,205 | 8,451 | |||||||||||||||||||||||
Low Risk | 829,548 | 793,749 | |||||||||||||||||||||||
Total | $ | 845,212 | $ | 816,404 | |||||||||||||||||||||
AssetBacked_Financing
Asset-Backed Financing | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Secured Debt [Abstract] | ' | |||||||||||||||||||||||
Asset-Backed Financing | ' | |||||||||||||||||||||||
Asset-Backed Financing | ||||||||||||||||||||||||
HDFS participates in asset-backed financing through both term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. HDFS treats these transactions as secured borrowing because assets are either transferred to consolidated VIEs or HDFS maintains effective control over the assets and does not meet the accounting sale requirements under ASC Topic 860. See Note 1 for more information on the Company's accounting for asset-backed financings and VIEs. | ||||||||||||||||||||||||
The following table shows the assets and liabilities related to the Company's asset-backed financings that were included in its financial statements at December 31 (in thousands): | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 1,569,118 | $ | (31,778 | ) | $ | 133,053 | $ | 3,720 | $ | 1,674,113 | $ | 1,256,632 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 429 | 429 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 204,092 | (3,361 | ) | 11,754 | 589 | 213,074 | 174,241 | |||||||||||||||||
$ | 1,773,210 | $ | (35,139 | ) | $ | 144,807 | $ | 4,738 | $ | 1,887,616 | $ | 1,430,873 | ||||||||||||
2012 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 2,143,708 | $ | (42,139 | ) | $ | 176,290 | $ | 4,869 | $ | 2,282,728 | $ | 1,447,776 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 419 | 419 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 194,285 | (3,432 | ) | 11,718 | 255 | 202,826 | 175,658 | |||||||||||||||||
$ | 2,337,993 | $ | (45,571 | ) | $ | 188,008 | $ | 5,543 | $ | 2,485,973 | $ | 1,623,434 | ||||||||||||
Term Asset-Backed Securitization VIEs | ||||||||||||||||||||||||
The Company transfers U.S. retail motorcycle finance receivables to SPEs which in turn issue secured notes to investors, with various maturities and interest rates, secured by future collections of the purchased U.S. retail motorcycle finance receivables. Each term asset-backed securitization SPE is a separate legal entity and the U.S. retail motorcycle finance receivables included in the term asset-backed securitizations are only available for payment of the secured debt and other obligations arising from the term asset-backed securitization transactions and are not available to pay other obligations or claims of the Company’s creditors until the associated secured debt and other obligations are satisfied. Restricted cash balances held by the SPEs are used only to support the securitizations. | ||||||||||||||||||||||||
In 2013 and 2012, HDFS transferred $680.6 million and $715.7 million, respectively, of U.S. retail motorcycle finance receivables to two separate SPEs. The SPEs in turn issued $650.0 million and $675.3 million, respectively, of secured notes. At December 31, 2013, the Company's consolidated balance sheet included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands): | ||||||||||||||||||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | |||||||||||||||||||||
Amount at Date of Issuance | Rate at Date of | |||||||||||||||||||||||
Issuance | ||||||||||||||||||||||||
Apr-13 | $650,000 | 0.57% | May 2014 - December 2020 | |||||||||||||||||||||
Jul-12 | $675,306 | 0.59% | August 2013 - June 2018 | |||||||||||||||||||||
Nov-11 | $513,300 | 0.88% | November 2012 - February 2018 | |||||||||||||||||||||
Aug-11 | $573,380 | 0.76% | September 2012 - August 2017 | |||||||||||||||||||||
Nov-10 | $600,000 | 1.05% | December 2011 - April 2018 | |||||||||||||||||||||
In addition, during 2012, the Company issued $89.5 million of secured notes through the sale of notes that had been previously retained as part of the December 2009, August 2011 and November 2011 term asset-backed securitization transactions. These notes were sold at a premium. During 2013, the notes related to the December 2009 term asset-backed securitization transaction were repaid. The remaining notes have contractual maturities ranging from January 2019 to April 2019. | ||||||||||||||||||||||||
Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2012 (in thousands) and the Company completed repayment of those balances during 2013: | ||||||||||||||||||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | |||||||||||||||||||||
Amount at Date of Issuance | Rate at Date of | |||||||||||||||||||||||
Issuance | ||||||||||||||||||||||||
Dec-09 | $562,499 | 1.55% | December 2010 - June 2017 | |||||||||||||||||||||
There are no amortization schedules for the secured notes; however, the debt is reduced monthly as available collections on the related U.S. retail motorcycle finance receivables are applied to outstanding principal. | ||||||||||||||||||||||||
For the year ended December 31, 2013 and 2012, the SPEs recorded interest expense on the secured notes of $14.5 million and $25.8 million, respectively, which is included in financial services interest expense. The weighted average interest rate of the outstanding term asset-backed securitization transactions was 0.99% and 1.09% at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Asset-Backed U.S. Commercial Paper Conduit Facility VIE | ||||||||||||||||||||||||
In September 2013, the Company amended and restated its third-party bank sponsored asset-backed commercial paper conduit facility (U.S. Conduit) which provides for a total aggregate commitment of up to $600.0 million based on, among other things, the amount of eligible U.S. retail motorcycle finance receivables held by the SPE as collateral. Under the facility, HDFS may transfer U.S. retail motorcycle finance receivables to a SPE, which in turn may issue debt to third-party bank-sponsored asset-backed commercial paper conduits. | ||||||||||||||||||||||||
The assets of the SPE are restricted as collateral for the payment of the debt or other obligations arising in the transaction and are not available to pay other obligations or claims of the Company’s creditors. The terms for this debt provide for interest on the outstanding principal based on prevailing commercial paper rates, or LIBOR plus a specified margin to the extent the advance is not funded by a conduit lender through the issuance of commercial paper. The U.S. Conduit also provides for an unused commitment fee based on the unused portion of the total aggregate commitment of $600.0 million. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the U.S. Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of HDFS and the lenders, the U.S. Conduit has an expiration date of September 12, 2014. | ||||||||||||||||||||||||
The SPE had no borrowings outstanding under the U.S. Conduit at December 31, 2013 or 2012; therefore, these assets are restricted as collateral for the payment of fees associated with the unused portion of the total aggregate commitment of $600.0 million. | ||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the SPE recorded interest expense of $1.2 million and $1.4 million, respectively, related to the unused portion of the total aggregate commitment of $600.0 million. Interest expense on the U.S. Conduit is included in financial services interest expense. There was no weighted average interest rate at December 31, 2013 or 2012 as HDFS had no outstanding borrowings under the U.S. Conduit during 2013 or 2012. | ||||||||||||||||||||||||
Asset-Backed Canadian Commercial Paper Conduit Facility | ||||||||||||||||||||||||
In June 2013, HDFS amended its agreement with a Canadian bank-sponsored asset-backed commercial paper conduit facility (Canadian Conduit). The amended agreement has terms that are similar to those of the original agreement, entered into in August 2012, and is for the same amount. Under the agreement, the Canadian Conduit is contractually committed, at HDFS' option, to purchase from HDFS eligible Canadian retail motorcycle finance receivables for proceeds up to C$200 million. The terms for this debt provide for interest on the outstanding principal based on prevailing market interest rates plus a specified margin. The Canadian Conduit also provides for a program fee and an unused commitment fee based on the unused portion of the total aggregate commitment of C$200 million. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the Canadian Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of HDFS and the lenders, the Canadian Conduit expires on June 30, 2014. The contractual maturity of the debt is approximately 5 years. | ||||||||||||||||||||||||
During 2013 and 2012, HDFS transferred $101.1 million and $230.0 million, respectively, of Canadian retail motorcycle finance receivables for proceeds of $88.6 million and $201.3 million, respectively. This transaction is treated as a secured borrowing, and the transferred assets are restricted as collateral for payment of the debt. | ||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, HDFS recorded interest expense of $3.4 million and $1.1 million, respectively, on the secured notes. Interest expense on the Canadian Conduit is included in financial services interest expense. The weighted average interest rate of the outstanding Canadian Conduit was 2.03% and 1.95% at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
As HDFS participates in and does not consolidate the Canadian bank-sponsored, multi-seller conduit VIE, the maximum exposure to loss associated with this VIE, which would only be incurred in the unlikely event that all the finance receivables and underlying collateral have no residual value, is $38.8 million at December 31, 2013. The maximum exposure is not an indication of the Company's expected loss exposure. | ||||||||||||||||||||||||
Debt with contractual terms less than one year is generally classified as short-term debt and consisted of the following as of December 31 (in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Unsecured commercial paper | $ | 666,317 | $ | 294,943 | ||||||||||||||||||||
Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following as of December 31 (in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Secured debt | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 174,241 | $ | 175,658 | ||||||||||||||||||||
Term asset-backed securitization debt | 1,256,632 | 1,447,776 | ||||||||||||||||||||||
Unsecured notes | ||||||||||||||||||||||||
5.75% Medium-term notes due in 2014 ($500.0 million par value) | 499,866 | 499,705 | ||||||||||||||||||||||
1.15% Medium-term notes due in 2015 ($600.0 million par value) | 599,543 | 599,269 | ||||||||||||||||||||||
3.88% Medium-term notes due in 2016 ($450.0 million par value) | 449,883 | 449,829 | ||||||||||||||||||||||
2.70% Medium-term notes due in 2017 ($400.0 million par value) | 399,946 | 399,929 | ||||||||||||||||||||||
6.80% Medium-term notes due in 2018 ($910.5 million par value) | 909,742 | 932,540 | ||||||||||||||||||||||
15.00% Senior unsecured notes due in 2014 ($600.0 million par value) | 303,000 | 303,000 | ||||||||||||||||||||||
Gross long-term debt | 4,592,853 | 4,807,706 | ||||||||||||||||||||||
Less: current portion of long-term debt | (1,176,140 | ) | (437,162 | ) | ||||||||||||||||||||
Long-term debt | $ | 3,416,713 | $ | 4,370,544 | ||||||||||||||||||||
Commercial paper maturities may range up to 365 days from the issuance date. The weighted-average interest rate of outstanding commercial paper balances was 0.23% and 0.75% at December 31, 2013 and 2012, respectively. The December 31, 2012 weighted-average interest rate includes the impact of interest rate swap agreements. | ||||||||||||||||||||||||
On April 13, 2012, the Company and HDFS entered into a new $675.0 million five-year credit facility that matures in April 2017. The Company and HDFS also have a $675.0 million four-year credit facility which matures in April 2015. The five-year credit facility and the four-year credit facility (together, the Global Credit Facilities) bear interest at various variable interest rates, which may be adjusted upward or downward depending on certain criteria, such as credit ratings. The Global Credit Facilities also require the Company to pay a fee based upon the average daily unused portion of the aggregate commitments under the Global Credit Facilities. The Global Credit Facilities are committed facilities and primarily used to support HDFS’ unsecured commercial paper program. At December 31, 2013 and 2012, HDFS had no outstanding borrowings under the Global Credit Facilities. | ||||||||||||||||||||||||
On September 13, 2013, the Company amended and restated its revolving asset-backed U.S. Conduit which provides for a total aggregate commitment of $600.0 million. At December 31, 2013 and 2012, HDFS had no outstanding borrowings under the U.S. Conduit. Refer to Note 7 for further discussion on the U.S. Conduit. | ||||||||||||||||||||||||
In June 2013, HDFS amended its agreement with a Canadian bank-sponsored asset-backed commercial paper conduit facility. The amended agreement has terms that are similar to those of the original agreement, entered into in August 2012, and is for the same amount. Under the agreement, the Canadian Conduit is contractually committed, at HDFS' option, to purchase from HDFS eligible Canadian retail motorcycle financial receivables for proceeds up to C$200 million. During 2013 and 2012, HDFS transferred $101.1 million and $230.0 million, respectively, of Canadian retail motorcycle finance receivables for proceeds of $88.6 million and $201.3 million, respectively. Approximately $38.6 million and $37.7 million of the debt was classified as current portion of long-term debt at December 31, 2013 and 2012. Refer to Note 7 for further discussion on the Canadian Conduit. | ||||||||||||||||||||||||
During 2013, the Company issued $650.0 million of secured notes through one term asset-backed securitization transaction. During 2012, the Company issued $675.3 million of secured notes through one term asset-backed securitization transaction. Additionally, during 2012, the Company issued $89.5 million of secured notes through the sale of notes that had been previously retained as part of the December 2009, August 2011, and November 2011 term asset-backed securitization transactions. These notes were sold at a premium, and at December 31, 2013 and 2012, the unaccreted premium associated with these notes was $0.5 million and $1.2 million, respectively. Approximately $334.6 million and $399.5 million of the obligations under the secured notes were classified as current at December 31, 2013 and 2012, respectively, based on the contractual maturities of the restricted finance receivables. The term-asset backed securitization transactions are further discussed in Note 7. | ||||||||||||||||||||||||
No medium-term notes were issued in 2013. In January 2012, HDFS issued $400.0 million of medium-term notes which mature in March 2017 and have an annual interest rate of 2.70%. In September 2012, HDFS issued $600.0 million of medium-term notes which mature in September 2015 and have an annual interest rate of 1.15%. All of HDFS’ medium-term notes (collectively, the Notes) provide for semi-annual interest payments and principal due at maturity. Unamortized discounts on the Notes reduced the balance by $1.5 million and $2.2 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
During 2013, 2012, and 2011, HDFS repurchased an aggregate of $23.0 million, $16.6 million, and $49.9 million respectively, of its 6.80% medium-term notes which mature in June 2018. As a result, HDFS recognized in financial services interest expense $4.9 million, $4.3 million, and $9.6 million of loss on extinguishment of debt, respectively, which included unamortized discounts and fees. During December 2012, $400.0 million of the 5.25% medium-term notes matured, and the principal and accrued interest were paid in full. | ||||||||||||||||||||||||
In February 2009, the Company issued $600.0 million of senior unsecured notes in an underwritten offering. The senior unsecured notes provide for semi-annual interest payments and principal due at maturity. The senior unsecured notes mature in February 2014 and have an annual interest rate of 15%. During the fourth quarter of 2010, the Company repurchased $297.0 million of the $600.0 million senior unsecured notes at a price of $380.8 million. As a result of the transaction, the Company incurred a loss on debt extinguishment of $85.2 million which also included $1.4 million of capitalized debt issuance costs that were written-off. The Company used cash on hand for the repurchase and the repurchased notes were canceled. | ||||||||||||||||||||||||
HDFS and the Company are subject to various operating and financial covenants related to the Global Credit Facilities and various operating covenants under the Notes and the U.S. and Canadian asset-backed commercial paper conduit facilities. The more significant covenants are described below. | ||||||||||||||||||||||||
The covenants limit the Company’s and HDFS’ ability to: | ||||||||||||||||||||||||
• | incur certain additional indebtedness; | |||||||||||||||||||||||
• | assume or incur certain liens; | |||||||||||||||||||||||
• | participate in certain mergers, consolidations, liquidations or dissolutions; and | |||||||||||||||||||||||
• | purchase or hold margin stock. | |||||||||||||||||||||||
Under the financial covenants of the Global Credit Facilities, the consolidated debt to equity ratio of HDFS cannot exceed 10.0 to 1.0. In addition, the Company must maintain a minimum interest coverage ratio of at least 2.25 to 1.0 for each fiscal quarter through June 2013 and at least 2.5 to 1.0 for each fiscal quarter thereafter. No financial covenants are required under the Notes or the U.S. or Canadian asset-backed commercial paper conduit facilities. | ||||||||||||||||||||||||
At December 31, 2013 and 2012, HDFS and the Company remained in compliance with all of these covenants. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Certain assets and liabilities are recorded at fair value in the financial statements; some of these are measured on a recurring basis while others are measured on a non-recurring basis. Assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. In determining fair value of assets and liabilities, the Company uses various valuation techniques. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. | |||||||||||||||||
The Company assesses the inputs used to measure fair value using a three-tier hierarchy. The hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market. Level 1 inputs include quoted prices for identical instruments and are the most observable. | |||||||||||||||||
Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. The Company uses the market approach to derive the fair value for its level 2 fair value measurements. Foreign currency exchange contracts are valued using publicly quoted spot and forward prices; commodity contracts are valued using publicly quoted prices, where available, or dealer quotes; interest rate swaps are valued using publicized swap curves; and investments in marketable debt and equity securities are valued using publicly quoted prices. | |||||||||||||||||
Level 3 inputs are not observable in the market and include management's judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the following tables. | |||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31 (in thousands): | |||||||||||||||||
Balance as of 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 836,387 | $ | 516,173 | $ | 320,214 | $ | — | |||||||||
Marketable securities | 129,181 | 30,172 | 99,009 | — | |||||||||||||
Derivatives | 1,932 | — | 1,932 | — | |||||||||||||
$ | 967,500 | $ | 546,345 | $ | 421,155 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 3,925 | $ | — | $ | 3,925 | $ | — | |||||||||
Balance as of 2012 | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 834,562 | $ | 672,274 | $ | 162,288 | $ | — | |||||||||
Marketable securities | 154,051 | 18,417 | 135,634 | — | |||||||||||||
Derivatives | 317 | — | 317 | — | |||||||||||||
$ | 988,930 | $ | 690,691 | $ | 298,239 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 7,920 | $ | — | $ | 7,920 | $ | — | |||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, trade receivables, finance receivables, net, trade payables, debt, foreign currency contracts and interest rate swaps (derivative instruments are discussed further in Note 10). Under U.S. GAAP certain of these items are required to be recorded in the financial statements at fair value, while others are required to be recorded at historical cost. | |||||||||||||||||
The following table summarizes the fair value and carrying value of the Company’s financial instruments at December 31 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,066,612 | $ | 1,066,612 | $ | 1,068,138 | $ | 1,068,138 | |||||||||
Marketable securities | $ | 129,181 | $ | 129,181 | $ | 154,051 | $ | 154,051 | |||||||||
Accounts receivable, net | $ | 261,065 | $ | 261,065 | $ | 230,079 | $ | 230,079 | |||||||||
Derivatives | $ | 1,932 | $ | 1,932 | $ | 317 | $ | 317 | |||||||||
Finance receivables, net | $ | 6,086,441 | $ | 5,999,563 | $ | 5,861,442 | $ | 5,781,852 | |||||||||
Restricted cash | $ | 144,807 | $ | 144,807 | $ | 188,008 | $ | 188,008 | |||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 239,794 | $ | 239,794 | $ | 257,386 | $ | 257,386 | |||||||||
Derivatives | $ | 3,925 | $ | 3,925 | $ | 7,920 | $ | 7,920 | |||||||||
Unsecured commercial paper | $ | 666,317 | $ | 666,317 | $ | 294,943 | $ | 294,943 | |||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 174,241 | $ | 174,241 | $ | 175,658 | $ | 175,658 | |||||||||
Medium-term notes | $ | 3,087,852 | $ | 2,858,980 | $ | 3,199,548 | $ | 2,881,272 | |||||||||
Senior unsecured notes | $ | 305,958 | $ | 303,000 | $ | 338,594 | $ | 303,000 | |||||||||
Term asset-backed securitization debt | $ | 1,259,314 | $ | 1,256,632 | $ | 1,457,807 | $ | 1,447,776 | |||||||||
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Net and Accounts Payable – With the exception of certain cash equivalents, the carrying value of these items in the financial statements is based on historical cost. The historical cost basis for these amounts is estimated to approximate their respective fair values due to the short maturity of these instruments. Fair value is based on Level 1 or Level 2 inputs. | |||||||||||||||||
Marketable Securities – The carrying value of marketable securities in the financial statements is based on fair value. The fair value of marketable securities is determined primarily based quoted prices for identical instruments or on quoted market prices of similar financial assets. Fair value is based on Level 1 or Level 2 inputs. | |||||||||||||||||
Finance Receivables, Net – The carrying value of retail and wholesale finance receivables in the financial statements is amortized cost less an allowance for credit losses. The fair value of retail finance receivables is generally calculated by discounting future cash flows using an estimated discount rate that reflects current credit, interest rate and prepayment risks associated with similar types of instruments. Fair value is determined based on Level 3 inputs. The amortized cost basis of wholesale finance receivables approximates fair value because they either are short-term or have interest rates that adjust with changes in market interest rates. | |||||||||||||||||
Derivatives – Interest rate swaps, foreign currency exchange contracts and commodity contracts are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of interest rate swaps is determined using pricing models that incorporate quoted prices for similar assets and observable inputs such as interest rates and yield curves. The fair value of foreign currency exchange and commodity contracts is determined using publicly quoted prices. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
Debt – The carrying value of debt in the financial statements is generally amortized cost. The carrying value of unsecured commercial paper approximates fair value due to its short maturity. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The carrying value of debt provided under the Canadian Conduit approximates fair value since the interest rates charged under the facility are tied directly to market rates and fluctuate as market rates change. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The fair values of the medium-term notes are estimated based upon rates currently available for debt with similar terms and remaining maturities. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The fair value of the senior unsecured notes is estimated based upon rates currently available for debt with similar terms and remaining maturities. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The fair value of the debt related to term asset-backed securitization transactions is estimated based on pricing currently available for transactions with similar terms and maturities. Fair value is calculated using Level 2 inputs. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Certain assets and liabilities are recorded at fair value in the financial statements; some of these are measured on a recurring basis while others are measured on a non-recurring basis. Assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. Assets and liabilities measured on a non-recurring basis are those that are adjusted to fair value when a significant event occurs. In determining fair value of assets and liabilities, the Company uses various valuation techniques. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction. For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. | |||||||||||||||||
The Company assesses the inputs used to measure fair value using a three-tier hierarchy. The hierarchy indicates the extent to which inputs used in measuring fair value are observable in the market. Level 1 inputs include quoted prices for identical instruments and are the most observable. | |||||||||||||||||
Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. The Company uses the market approach to derive the fair value for its level 2 fair value measurements. Foreign currency exchange contracts are valued using publicly quoted spot and forward prices; commodity contracts are valued using publicly quoted prices, where available, or dealer quotes; interest rate swaps are valued using publicized swap curves; and investments in marketable debt and equity securities are valued using publicly quoted prices. | |||||||||||||||||
Level 3 inputs are not observable in the market and include management's judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the following tables. | |||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31 (in thousands): | |||||||||||||||||
Balance as of 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 836,387 | $ | 516,173 | $ | 320,214 | $ | — | |||||||||
Marketable securities | 129,181 | 30,172 | 99,009 | — | |||||||||||||
Derivatives | 1,932 | — | 1,932 | — | |||||||||||||
$ | 967,500 | $ | 546,345 | $ | 421,155 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 3,925 | $ | — | $ | 3,925 | $ | — | |||||||||
Balance as of 2012 | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 834,562 | $ | 672,274 | $ | 162,288 | $ | — | |||||||||
Marketable securities | 154,051 | 18,417 | 135,634 | — | |||||||||||||
Derivatives | 317 | — | 317 | — | |||||||||||||
$ | 988,930 | $ | 690,691 | $ | 298,239 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 7,920 | $ | — | $ | 7,920 | $ | — | |||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, trade receivables, finance receivables, net, trade payables, debt, foreign currency contracts and interest rate swaps (derivative instruments are discussed further in Note 10). Under U.S. GAAP certain of these items are required to be recorded in the financial statements at fair value, while others are required to be recorded at historical cost. | |||||||||||||||||
The following table summarizes the fair value and carrying value of the Company’s financial instruments at December 31 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,066,612 | $ | 1,066,612 | $ | 1,068,138 | $ | 1,068,138 | |||||||||
Marketable securities | $ | 129,181 | $ | 129,181 | $ | 154,051 | $ | 154,051 | |||||||||
Accounts receivable, net | $ | 261,065 | $ | 261,065 | $ | 230,079 | $ | 230,079 | |||||||||
Derivatives | $ | 1,932 | $ | 1,932 | $ | 317 | $ | 317 | |||||||||
Finance receivables, net | $ | 6,086,441 | $ | 5,999,563 | $ | 5,861,442 | $ | 5,781,852 | |||||||||
Restricted cash | $ | 144,807 | $ | 144,807 | $ | 188,008 | $ | 188,008 | |||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 239,794 | $ | 239,794 | $ | 257,386 | $ | 257,386 | |||||||||
Derivatives | $ | 3,925 | $ | 3,925 | $ | 7,920 | $ | 7,920 | |||||||||
Unsecured commercial paper | $ | 666,317 | $ | 666,317 | $ | 294,943 | $ | 294,943 | |||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 174,241 | $ | 174,241 | $ | 175,658 | $ | 175,658 | |||||||||
Medium-term notes | $ | 3,087,852 | $ | 2,858,980 | $ | 3,199,548 | $ | 2,881,272 | |||||||||
Senior unsecured notes | $ | 305,958 | $ | 303,000 | $ | 338,594 | $ | 303,000 | |||||||||
Term asset-backed securitization debt | $ | 1,259,314 | $ | 1,256,632 | $ | 1,457,807 | $ | 1,447,776 | |||||||||
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Net and Accounts Payable – With the exception of certain cash equivalents, the carrying value of these items in the financial statements is based on historical cost. The historical cost basis for these amounts is estimated to approximate their respective fair values due to the short maturity of these instruments. Fair value is based on Level 1 or Level 2 inputs. | |||||||||||||||||
Marketable Securities – The carrying value of marketable securities in the financial statements is based on fair value. The fair value of marketable securities is determined primarily based quoted prices for identical instruments or on quoted market prices of similar financial assets. Fair value is based on Level 1 or Level 2 inputs. | |||||||||||||||||
Finance Receivables, Net – The carrying value of retail and wholesale finance receivables in the financial statements is amortized cost less an allowance for credit losses. The fair value of retail finance receivables is generally calculated by discounting future cash flows using an estimated discount rate that reflects current credit, interest rate and prepayment risks associated with similar types of instruments. Fair value is determined based on Level 3 inputs. The amortized cost basis of wholesale finance receivables approximates fair value because they either are short-term or have interest rates that adjust with changes in market interest rates. | |||||||||||||||||
Derivatives – Interest rate swaps, foreign currency exchange contracts and commodity contracts are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of interest rate swaps is determined using pricing models that incorporate quoted prices for similar assets and observable inputs such as interest rates and yield curves. The fair value of foreign currency exchange and commodity contracts is determined using publicly quoted prices. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
Debt – The carrying value of debt in the financial statements is generally amortized cost. The carrying value of unsecured commercial paper approximates fair value due to its short maturity. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The carrying value of debt provided under the Canadian Conduit approximates fair value since the interest rates charged under the facility are tied directly to market rates and fluctuate as market rates change. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The fair values of the medium-term notes are estimated based upon rates currently available for debt with similar terms and remaining maturities. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The fair value of the senior unsecured notes is estimated based upon rates currently available for debt with similar terms and remaining maturities. Fair value is calculated using Level 2 inputs. | |||||||||||||||||
The fair value of the debt related to term asset-backed securitization transactions is estimated based on pricing currently available for transactions with similar terms and maturities. Fair value is calculated using Level 2 inputs. |
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||
The Company is exposed to certain risks such as foreign currency exchange rate risk, interest rate risk and commodity price risk. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. All derivative transactions are authorized and executed pursuant to regularly reviewed policies and procedures, which prohibit the use of financial instruments for speculative trading purposes. | ||||||||||||||||||||||||||
All derivative instruments are recognized on the balance sheet at fair value (see Note 9). In accordance with ASC Topic 815, "Derivatives and Hedging," the accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. Changes in the fair value of derivatives that are designated as fair value hedges, along with the gain or loss on the hedged item, are recorded in current period earnings. For derivative instruments that are designated as cash flow hedges, the effective portion of gains and losses that result from changes in the fair value of derivative instruments is initially recorded in other comprehensive income (OCI) and subsequently reclassified into earnings when the hedged item affects income. The Company assesses, at both the inception of each hedge and on an on-going basis, whether the derivatives that are used in its hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. Any ineffective portion is immediately recognized in earnings. No component of a hedging derivative instrument’s gain or loss is excluded from the assessment of hedge effectiveness. Derivative instruments that do not qualify for hedge accounting are recorded at fair value and any changes in fair value are recorded in current period earnings. | ||||||||||||||||||||||||||
The Company sells its products internationally and in most markets those sales are made in the foreign country’s local currency. As a result, the Company’s earnings can be affected by fluctuations in the value of the U.S. dollar relative to foreign currency. The Company’s most significant foreign currency risk relates to the Euro, the Australian dollar, Japanese yen and the Brazilian real. The Company utilizes foreign currency contracts to mitigate the effect of certain currencies’ fluctuations on earnings. The foreign currency contracts are entered into with banks and allow the Company to exchange a specified amount of foreign currency for U.S. dollars at a future date, based on a fixed exchange rate. | ||||||||||||||||||||||||||
The Company utilizes commodity contracts to hedge portions of the cost of certain commodities consumed in the Company’s motorcycle production and distribution operations. | ||||||||||||||||||||||||||
The Company’s foreign currency contracts and commodity contracts generally have maturities of less than one year. | ||||||||||||||||||||||||||
The Company’s earnings are affected by changes in interest rates. HDFS utilized interest rate swaps to reduce the impact | ||||||||||||||||||||||||||
of fluctuations in interest rates on its unsecured commercial paper by converting a portion from a floating rate basis to a fixed | ||||||||||||||||||||||||||
rate basis. The interest rate swaps expired during the second quarter of 2013, and as of December 31, 2013, HDFS had no interest rate swaps outstanding. The fair value of HDFS’ interest rate swaps at December 31, 2012 was determined using pricing models that incorporate quoted prices for similar assets and observable inputs such as interest rates and yield curves. | ||||||||||||||||||||||||||
The following tables summarize the fair value of the Company’s derivative financial instruments at December 31 (in thousands): | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Derivatives Designated As Hedging | Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | ||||||||||||||||||||
Foreign currency contracts(c) | $ | 299,550 | $ | 1,672 | $ | 3,842 | $ | 345,021 | $ | 169 | $ | 6,850 | ||||||||||||||
Commodities contracts(c) | 1,286 | 76 | — | 1,064 | 148 | 683 | ||||||||||||||||||||
Interest rate swaps – unsecured commercial paper(c) | — | — | — | 35,800 | — | 373 | ||||||||||||||||||||
Total | $ | 300,836 | $ | 1,748 | $ | 3,842 | $ | 381,885 | $ | 317 | $ | 7,906 | ||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Derivatives Not Designated As Hedging | Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | ||||||||||||||||||||
Commodities contracts | $ | 9,855 | $ | 184 | $ | 83 | $ | 16,237 | $ | — | $ | 14 | ||||||||||||||
$ | 9,855 | $ | 184 | $ | 83 | $ | 16,237 | $ | — | $ | 14 | |||||||||||||||
(a) | Included in other current assets | |||||||||||||||||||||||||
(b) | Included in accrued liabilities | |||||||||||||||||||||||||
(c) | Derivative designated as a cash flow hedge | |||||||||||||||||||||||||
The following tables summarize the amount of gains and losses for the following years ended December 31 related to derivative financial instruments designated as cash flow hedges (in thousands): | ||||||||||||||||||||||||||
Amount of Gain/(Loss) | ||||||||||||||||||||||||||
Recognized in OCI, before tax | ||||||||||||||||||||||||||
Cash Flow Hedges | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Foreign currency contracts | $ | 3,468 | $ | (344 | ) | $ | (304 | ) | ||||||||||||||||||
Commodities contracts | 39 | (427 | ) | (558 | ) | |||||||||||||||||||||
Interest rate swaps – unsecured commercial paper | (2 | ) | (43 | ) | (662 | ) | ||||||||||||||||||||
Total | $ | 3,505 | $ | (814 | ) | $ | (1,524 | ) | ||||||||||||||||||
Amount of Gain/(Loss) | ||||||||||||||||||||||||||
Reclassified from AOCL into Income | ||||||||||||||||||||||||||
Cash Flow Hedges | 2013 | 2012 | 2011 | Expected to be Reclassified | ||||||||||||||||||||||
Over the Next Twelve Months | ||||||||||||||||||||||||||
Foreign currency contracts(a) | $ | 482 | $ | 18,586 | $ | (24,746 | ) | $ | (2,744 | ) | ||||||||||||||||
Commodities contracts(a) | (51 | ) | (705 | ) | (539 | ) | 76 | |||||||||||||||||||
Interest rate swaps – unsecured commercial paper(b) | (345 | ) | (2,542 | ) | (5,103 | ) | — | |||||||||||||||||||
Total | $ | 86 | $ | 15,339 | $ | (30,388 | ) | $ | (2,668 | ) | ||||||||||||||||
(a) | Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold. | |||||||||||||||||||||||||
(b) | Gain/(loss) reclassified from AOCL to income is included in financial services interest expense. | |||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the cash flow hedges were highly effective and, as a result, the amount of hedge ineffectiveness was not material. No amounts were excluded from effectiveness testing. | ||||||||||||||||||||||||||
The following table summarizes the amount of gains and losses for the years ended December 31 related to derivative financial instruments not designated as hedging instruments (in thousands): | ||||||||||||||||||||||||||
Amount of Gain/(Loss) | ||||||||||||||||||||||||||
Recognized in Income on Derivative | ||||||||||||||||||||||||||
Derivatives not Designated as Hedges | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Commodities contracts(a) | $ | (572 | ) | $ | (535 | ) | $ | — | ||||||||||||||||||
$ | (572 | ) | $ | (535 | ) | $ | — | |||||||||||||||||||
(a) | Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||
The following table sets forth the changes in accumulated other comprehensive loss (AOCL) for the years ended December 31 (in thousands): | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 51,335 | $ | 677 | $ | (3,837 | ) | $ | (655,853 | ) | $ | (607,678 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (20,192 | ) | (1,514 | ) | 3,505 | 398,430 | 380,229 | ||||||||||||||
Income tax | 2,183 | 561 | (1,298 | ) | (147,578 | ) | (146,132 | ) | |||||||||||||
Net other comprehensive (loss) income before reclassifications | (18,009 | ) | (953 | ) | 2,207 | 250,852 | 234,097 | ||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | (482 | ) | — | (482 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 51 | — | 51 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(b) | — | — | 345 | — | 345 | ||||||||||||||||
Prior service credits(c) | — | — | — | (2,107 | ) | (2,107 | ) | ||||||||||||||
Actuarial losses(c) | — | — | — | 67,157 | 67,157 | ||||||||||||||||
Total before tax | — | — | (86 | ) | 65,050 | 64,964 | |||||||||||||||
Income tax expense (benefit) | — | — | 36 | (24,095 | ) | (24,059 | ) | ||||||||||||||
Net reclassifications | — | — | (50 | ) | 40,955 | 40,905 | |||||||||||||||
Other comprehensive (loss) income | (18,009 | ) | (953 | ) | 2,157 | 291,807 | 275,002 | ||||||||||||||
Ending Balance | $ | 33,326 | $ | (276 | ) | $ | (1,680 | ) | $ | (364,046 | ) | $ | (332,676 | ) | |||||||
2012 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 49,935 | $ | 327 | $ | 6,307 | $ | (533,302 | ) | $ | (476,733 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 2,212 | 556 | (814 | ) | (251,291 | ) | (249,337 | ) | |||||||||||||
Income tax | (812 | ) | (206 | ) | 301 | 93,078 | 92,361 | ||||||||||||||
Net other comprehensive income (loss) before reclassifications | 1,400 | 350 | (513 | ) | (158,213 | ) | (156,976 | ) | |||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | (18,586 | ) | — | (18,586 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 705 | — | 705 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(b) | — | — | 2,542 | — | 2,542 | ||||||||||||||||
Prior service credits(c) | — | — | — | (895 | ) | (895 | ) | ||||||||||||||
Actuarial losses(c) | — | — | — | 51,295 | 51,295 | ||||||||||||||||
Curtailment and settlement losses | — | — | — | 6,242 | 6,242 | ||||||||||||||||
Total before tax | — | — | (15,339 | ) | 56,642 | 41,303 | |||||||||||||||
Income tax expense (benefit) | — | — | 5,708 | (20,980 | ) | (15,272 | ) | ||||||||||||||
Net reclassifications | — | — | (9,631 | ) | 35,662 | 26,031 | |||||||||||||||
Other comprehensive income (loss) | 1,400 | 350 | (10,144 | ) | (122,551 | ) | (130,945 | ) | |||||||||||||
Ending Balance | $ | 51,335 | $ | 677 | $ | (3,837 | ) | $ | (655,853 | ) | $ | (607,678 | ) | ||||||||
2011 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 55,551 | $ | (133 | ) | $ | (11,912 | ) | $ | (409,728 | ) | $ | (366,222 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (6,251 | ) | 731 | (1,524 | ) | (233,345 | ) | (240,389 | ) | ||||||||||||
Income tax | 635 | (271 | ) | 558 | 86,577 | 87,499 | |||||||||||||||
Net other comprehensive (loss) income before reclassifications | (5,616 | ) | 460 | (966 | ) | (146,768 | ) | (152,890 | ) | ||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | 24,746 | — | 24,746 | ||||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 539 | — | 539 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(b) | — | — | 5,103 | — | 5,103 | ||||||||||||||||
Prior service credits(c) | — | — | — | (897 | ) | (897 | ) | ||||||||||||||
Actuarial losses(c) | — | — | — | 37,458 | 37,458 | ||||||||||||||||
Curtailment and settlement losses | — | — | — | 510 | 510 | ||||||||||||||||
Total before tax | — | — | 30,388 | 37,071 | 67,459 | ||||||||||||||||
Income tax benefit | — | — | (11,203 | ) | (13,877 | ) | (25,080 | ) | |||||||||||||
Net reclassifications | — | — | 19,185 | 23,194 | 42,379 | ||||||||||||||||
Other comprehensive (loss) income | (5,616 | ) | 460 | 18,219 | (123,574 | ) | (110,511 | ) | |||||||||||||
Ending Balance | $ | 49,935 | $ | 327 | $ | 6,307 | $ | (533,302 | ) | $ | (476,733 | ) | |||||||||
(a) | Amounts reclassified to net income are included in motorcycles and related products cost of goods sold. | ||||||||||||||||||||
(b) | Amounts reclassified to net income are presented in financial services interest expense. | ||||||||||||||||||||
(c) | Amounts reclassified are included in the computation of net periodic period cost. See note 14 for information related to pension and postretirement benefit plans. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||
Asset-Backed Financing | ||||||||||||||||||||||||
HDFS participates in asset-backed financing through both term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. HDFS treats these transactions as secured borrowing because assets are either transferred to consolidated VIEs or HDFS maintains effective control over the assets and does not meet the accounting sale requirements under ASC Topic 860. See Note 1 for more information on the Company's accounting for asset-backed financings and VIEs. | ||||||||||||||||||||||||
The following table shows the assets and liabilities related to the Company's asset-backed financings that were included in its financial statements at December 31 (in thousands): | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 1,569,118 | $ | (31,778 | ) | $ | 133,053 | $ | 3,720 | $ | 1,674,113 | $ | 1,256,632 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 429 | 429 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 204,092 | (3,361 | ) | 11,754 | 589 | 213,074 | 174,241 | |||||||||||||||||
$ | 1,773,210 | $ | (35,139 | ) | $ | 144,807 | $ | 4,738 | $ | 1,887,616 | $ | 1,430,873 | ||||||||||||
2012 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 2,143,708 | $ | (42,139 | ) | $ | 176,290 | $ | 4,869 | $ | 2,282,728 | $ | 1,447,776 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 419 | 419 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 194,285 | (3,432 | ) | 11,718 | 255 | 202,826 | 175,658 | |||||||||||||||||
$ | 2,337,993 | $ | (45,571 | ) | $ | 188,008 | $ | 5,543 | $ | 2,485,973 | $ | 1,623,434 | ||||||||||||
Term Asset-Backed Securitization VIEs | ||||||||||||||||||||||||
The Company transfers U.S. retail motorcycle finance receivables to SPEs which in turn issue secured notes to investors, with various maturities and interest rates, secured by future collections of the purchased U.S. retail motorcycle finance receivables. Each term asset-backed securitization SPE is a separate legal entity and the U.S. retail motorcycle finance receivables included in the term asset-backed securitizations are only available for payment of the secured debt and other obligations arising from the term asset-backed securitization transactions and are not available to pay other obligations or claims of the Company’s creditors until the associated secured debt and other obligations are satisfied. Restricted cash balances held by the SPEs are used only to support the securitizations. | ||||||||||||||||||||||||
In 2013 and 2012, HDFS transferred $680.6 million and $715.7 million, respectively, of U.S. retail motorcycle finance receivables to two separate SPEs. The SPEs in turn issued $650.0 million and $675.3 million, respectively, of secured notes. At December 31, 2013, the Company's consolidated balance sheet included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands): | ||||||||||||||||||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | |||||||||||||||||||||
Amount at Date of Issuance | Rate at Date of | |||||||||||||||||||||||
Issuance | ||||||||||||||||||||||||
Apr-13 | $650,000 | 0.57% | May 2014 - December 2020 | |||||||||||||||||||||
Jul-12 | $675,306 | 0.59% | August 2013 - June 2018 | |||||||||||||||||||||
Nov-11 | $513,300 | 0.88% | November 2012 - February 2018 | |||||||||||||||||||||
Aug-11 | $573,380 | 0.76% | September 2012 - August 2017 | |||||||||||||||||||||
Nov-10 | $600,000 | 1.05% | December 2011 - April 2018 | |||||||||||||||||||||
In addition, during 2012, the Company issued $89.5 million of secured notes through the sale of notes that had been previously retained as part of the December 2009, August 2011 and November 2011 term asset-backed securitization transactions. These notes were sold at a premium. During 2013, the notes related to the December 2009 term asset-backed securitization transaction were repaid. The remaining notes have contractual maturities ranging from January 2019 to April 2019. | ||||||||||||||||||||||||
Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2012 (in thousands) and the Company completed repayment of those balances during 2013: | ||||||||||||||||||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | |||||||||||||||||||||
Amount at Date of Issuance | Rate at Date of | |||||||||||||||||||||||
Issuance | ||||||||||||||||||||||||
Dec-09 | $562,499 | 1.55% | December 2010 - June 2017 | |||||||||||||||||||||
There are no amortization schedules for the secured notes; however, the debt is reduced monthly as available collections on the related U.S. retail motorcycle finance receivables are applied to outstanding principal. | ||||||||||||||||||||||||
For the year ended December 31, 2013 and 2012, the SPEs recorded interest expense on the secured notes of $14.5 million and $25.8 million, respectively, which is included in financial services interest expense. The weighted average interest rate of the outstanding term asset-backed securitization transactions was 0.99% and 1.09% at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Asset-Backed U.S. Commercial Paper Conduit Facility VIE | ||||||||||||||||||||||||
In September 2013, the Company amended and restated its third-party bank sponsored asset-backed commercial paper conduit facility (U.S. Conduit) which provides for a total aggregate commitment of up to $600.0 million based on, among other things, the amount of eligible U.S. retail motorcycle finance receivables held by the SPE as collateral. Under the facility, HDFS may transfer U.S. retail motorcycle finance receivables to a SPE, which in turn may issue debt to third-party bank-sponsored asset-backed commercial paper conduits. | ||||||||||||||||||||||||
The assets of the SPE are restricted as collateral for the payment of the debt or other obligations arising in the transaction and are not available to pay other obligations or claims of the Company’s creditors. The terms for this debt provide for interest on the outstanding principal based on prevailing commercial paper rates, or LIBOR plus a specified margin to the extent the advance is not funded by a conduit lender through the issuance of commercial paper. The U.S. Conduit also provides for an unused commitment fee based on the unused portion of the total aggregate commitment of $600.0 million. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the U.S. Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of HDFS and the lenders, the U.S. Conduit has an expiration date of September 12, 2014. | ||||||||||||||||||||||||
The SPE had no borrowings outstanding under the U.S. Conduit at December 31, 2013 or 2012; therefore, these assets are restricted as collateral for the payment of fees associated with the unused portion of the total aggregate commitment of $600.0 million. | ||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, the SPE recorded interest expense of $1.2 million and $1.4 million, respectively, related to the unused portion of the total aggregate commitment of $600.0 million. Interest expense on the U.S. Conduit is included in financial services interest expense. There was no weighted average interest rate at December 31, 2013 or 2012 as HDFS had no outstanding borrowings under the U.S. Conduit during 2013 or 2012. | ||||||||||||||||||||||||
Asset-Backed Canadian Commercial Paper Conduit Facility | ||||||||||||||||||||||||
In June 2013, HDFS amended its agreement with a Canadian bank-sponsored asset-backed commercial paper conduit facility (Canadian Conduit). The amended agreement has terms that are similar to those of the original agreement, entered into in August 2012, and is for the same amount. Under the agreement, the Canadian Conduit is contractually committed, at HDFS' option, to purchase from HDFS eligible Canadian retail motorcycle finance receivables for proceeds up to C$200 million. The terms for this debt provide for interest on the outstanding principal based on prevailing market interest rates plus a specified margin. The Canadian Conduit also provides for a program fee and an unused commitment fee based on the unused portion of the total aggregate commitment of C$200 million. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the Canadian Conduit, any outstanding principal will continue to be reduced monthly through available collections. Unless earlier terminated or extended by mutual agreement of HDFS and the lenders, the Canadian Conduit expires on June 30, 2014. The contractual maturity of the debt is approximately 5 years. | ||||||||||||||||||||||||
During 2013 and 2012, HDFS transferred $101.1 million and $230.0 million, respectively, of Canadian retail motorcycle finance receivables for proceeds of $88.6 million and $201.3 million, respectively. This transaction is treated as a secured borrowing, and the transferred assets are restricted as collateral for payment of the debt. | ||||||||||||||||||||||||
For the years ended December 31, 2013 and 2012, HDFS recorded interest expense of $3.4 million and $1.1 million, respectively, on the secured notes. Interest expense on the Canadian Conduit is included in financial services interest expense. The weighted average interest rate of the outstanding Canadian Conduit was 2.03% and 1.95% at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
As HDFS participates in and does not consolidate the Canadian bank-sponsored, multi-seller conduit VIE, the maximum exposure to loss associated with this VIE, which would only be incurred in the unlikely event that all the finance receivables and underlying collateral have no residual value, is $38.8 million at December 31, 2013. The maximum exposure is not an indication of the Company's expected loss exposure. | ||||||||||||||||||||||||
Debt with contractual terms less than one year is generally classified as short-term debt and consisted of the following as of December 31 (in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Unsecured commercial paper | $ | 666,317 | $ | 294,943 | ||||||||||||||||||||
Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following as of December 31 (in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Secured debt | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 174,241 | $ | 175,658 | ||||||||||||||||||||
Term asset-backed securitization debt | 1,256,632 | 1,447,776 | ||||||||||||||||||||||
Unsecured notes | ||||||||||||||||||||||||
5.75% Medium-term notes due in 2014 ($500.0 million par value) | 499,866 | 499,705 | ||||||||||||||||||||||
1.15% Medium-term notes due in 2015 ($600.0 million par value) | 599,543 | 599,269 | ||||||||||||||||||||||
3.88% Medium-term notes due in 2016 ($450.0 million par value) | 449,883 | 449,829 | ||||||||||||||||||||||
2.70% Medium-term notes due in 2017 ($400.0 million par value) | 399,946 | 399,929 | ||||||||||||||||||||||
6.80% Medium-term notes due in 2018 ($910.5 million par value) | 909,742 | 932,540 | ||||||||||||||||||||||
15.00% Senior unsecured notes due in 2014 ($600.0 million par value) | 303,000 | 303,000 | ||||||||||||||||||||||
Gross long-term debt | 4,592,853 | 4,807,706 | ||||||||||||||||||||||
Less: current portion of long-term debt | (1,176,140 | ) | (437,162 | ) | ||||||||||||||||||||
Long-term debt | $ | 3,416,713 | $ | 4,370,544 | ||||||||||||||||||||
Commercial paper maturities may range up to 365 days from the issuance date. The weighted-average interest rate of outstanding commercial paper balances was 0.23% and 0.75% at December 31, 2013 and 2012, respectively. The December 31, 2012 weighted-average interest rate includes the impact of interest rate swap agreements. | ||||||||||||||||||||||||
On April 13, 2012, the Company and HDFS entered into a new $675.0 million five-year credit facility that matures in April 2017. The Company and HDFS also have a $675.0 million four-year credit facility which matures in April 2015. The five-year credit facility and the four-year credit facility (together, the Global Credit Facilities) bear interest at various variable interest rates, which may be adjusted upward or downward depending on certain criteria, such as credit ratings. The Global Credit Facilities also require the Company to pay a fee based upon the average daily unused portion of the aggregate commitments under the Global Credit Facilities. The Global Credit Facilities are committed facilities and primarily used to support HDFS’ unsecured commercial paper program. At December 31, 2013 and 2012, HDFS had no outstanding borrowings under the Global Credit Facilities. | ||||||||||||||||||||||||
On September 13, 2013, the Company amended and restated its revolving asset-backed U.S. Conduit which provides for a total aggregate commitment of $600.0 million. At December 31, 2013 and 2012, HDFS had no outstanding borrowings under the U.S. Conduit. Refer to Note 7 for further discussion on the U.S. Conduit. | ||||||||||||||||||||||||
In June 2013, HDFS amended its agreement with a Canadian bank-sponsored asset-backed commercial paper conduit facility. The amended agreement has terms that are similar to those of the original agreement, entered into in August 2012, and is for the same amount. Under the agreement, the Canadian Conduit is contractually committed, at HDFS' option, to purchase from HDFS eligible Canadian retail motorcycle financial receivables for proceeds up to C$200 million. During 2013 and 2012, HDFS transferred $101.1 million and $230.0 million, respectively, of Canadian retail motorcycle finance receivables for proceeds of $88.6 million and $201.3 million, respectively. Approximately $38.6 million and $37.7 million of the debt was classified as current portion of long-term debt at December 31, 2013 and 2012. Refer to Note 7 for further discussion on the Canadian Conduit. | ||||||||||||||||||||||||
During 2013, the Company issued $650.0 million of secured notes through one term asset-backed securitization transaction. During 2012, the Company issued $675.3 million of secured notes through one term asset-backed securitization transaction. Additionally, during 2012, the Company issued $89.5 million of secured notes through the sale of notes that had been previously retained as part of the December 2009, August 2011, and November 2011 term asset-backed securitization transactions. These notes were sold at a premium, and at December 31, 2013 and 2012, the unaccreted premium associated with these notes was $0.5 million and $1.2 million, respectively. Approximately $334.6 million and $399.5 million of the obligations under the secured notes were classified as current at December 31, 2013 and 2012, respectively, based on the contractual maturities of the restricted finance receivables. The term-asset backed securitization transactions are further discussed in Note 7. | ||||||||||||||||||||||||
No medium-term notes were issued in 2013. In January 2012, HDFS issued $400.0 million of medium-term notes which mature in March 2017 and have an annual interest rate of 2.70%. In September 2012, HDFS issued $600.0 million of medium-term notes which mature in September 2015 and have an annual interest rate of 1.15%. All of HDFS’ medium-term notes (collectively, the Notes) provide for semi-annual interest payments and principal due at maturity. Unamortized discounts on the Notes reduced the balance by $1.5 million and $2.2 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
During 2013, 2012, and 2011, HDFS repurchased an aggregate of $23.0 million, $16.6 million, and $49.9 million respectively, of its 6.80% medium-term notes which mature in June 2018. As a result, HDFS recognized in financial services interest expense $4.9 million, $4.3 million, and $9.6 million of loss on extinguishment of debt, respectively, which included unamortized discounts and fees. During December 2012, $400.0 million of the 5.25% medium-term notes matured, and the principal and accrued interest were paid in full. | ||||||||||||||||||||||||
In February 2009, the Company issued $600.0 million of senior unsecured notes in an underwritten offering. The senior unsecured notes provide for semi-annual interest payments and principal due at maturity. The senior unsecured notes mature in February 2014 and have an annual interest rate of 15%. During the fourth quarter of 2010, the Company repurchased $297.0 million of the $600.0 million senior unsecured notes at a price of $380.8 million. As a result of the transaction, the Company incurred a loss on debt extinguishment of $85.2 million which also included $1.4 million of capitalized debt issuance costs that were written-off. The Company used cash on hand for the repurchase and the repurchased notes were canceled. | ||||||||||||||||||||||||
HDFS and the Company are subject to various operating and financial covenants related to the Global Credit Facilities and various operating covenants under the Notes and the U.S. and Canadian asset-backed commercial paper conduit facilities. The more significant covenants are described below. | ||||||||||||||||||||||||
The covenants limit the Company’s and HDFS’ ability to: | ||||||||||||||||||||||||
• | incur certain additional indebtedness; | |||||||||||||||||||||||
• | assume or incur certain liens; | |||||||||||||||||||||||
• | participate in certain mergers, consolidations, liquidations or dissolutions; and | |||||||||||||||||||||||
• | purchase or hold margin stock. | |||||||||||||||||||||||
Under the financial covenants of the Global Credit Facilities, the consolidated debt to equity ratio of HDFS cannot exceed 10.0 to 1.0. In addition, the Company must maintain a minimum interest coverage ratio of at least 2.25 to 1.0 for each fiscal quarter through June 2013 and at least 2.5 to 1.0 for each fiscal quarter thereafter. No financial covenants are required under the Notes or the U.S. or Canadian asset-backed commercial paper conduit facilities. | ||||||||||||||||||||||||
At December 31, 2013 and 2012, HDFS and the Company remained in compliance with all of these covenants. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Provision for income taxes for the years ended December 31 consists of the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 281,938 | $ | 191,006 | $ | 135,232 | |||||||
State | 23,701 | 4,221 | 12,177 | ||||||||||
Foreign | 22,093 | 13,189 | 5,776 | ||||||||||
327,732 | 208,416 | 153,185 | |||||||||||
Deferred: | |||||||||||||
Federal | 51,509 | 121,934 | 104,723 | ||||||||||
State | (1,471 | ) | 7,697 | (12,201 | ) | ||||||||
Foreign | 2,542 | (460 | ) | (1,121 | ) | ||||||||
52,580 | 129,171 | 91,401 | |||||||||||
Total | $ | 380,312 | $ | 337,587 | $ | 244,586 | |||||||
The components of income before income taxes for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 1,042,317 | $ | 946,592 | $ | 782,896 | |||||||
Foreign | 71,988 | 14,920 | 9,768 | ||||||||||
$ | 1,114,305 | $ | 961,512 | $ | 792,664 | ||||||||
The provision for income taxes differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate due to the following items for the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 1.6 | 1.6 | 1.6 | ||||||||||
Domestic manufacturing deduction | (1.7 | ) | (1.6 | ) | (1.8 | ) | |||||||
Research and development credit | (0.9 | ) | — | (0.6 | ) | ||||||||
Unrecognized tax benefits including interest and penalties | 0.9 | 0.1 | (1.1 | ) | |||||||||
Valuation allowance adjustments | (0.3 | ) | (0.3 | ) | (2.0 | ) | |||||||
Tax audit settlements | 0.1 | (0.1 | ) | (1.1 | ) | ||||||||
Adjustments for previously accrued taxes | (0.2 | ) | (0.4 | ) | 0.3 | ||||||||
Other | (0.4 | ) | 0.8 | 0.6 | |||||||||
Provision for income taxes | 34.1 | % | 35.1 | % | 30.9 | % | |||||||
The principal components of the Company’s deferred tax assets and liabilities as of December 31 include the following (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals not yet tax deductible | $ | 128,307 | $ | 118,434 | |||||||||
Pension and postretirement benefit plan obligations | 5,192 | 227,593 | |||||||||||
Stock compensation | 22,370 | 28,001 | |||||||||||
Net operating loss carryforward | 40,530 | 32,276 | |||||||||||
Valuation allowance | (21,818 | ) | (16,314 | ) | |||||||||
Other, net | 37,034 | 45,053 | |||||||||||
211,615 | 435,043 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation, tax in excess of book | (119,916 | ) | (117,743 | ) | |||||||||
Other | (34,234 | ) | (34,602 | ) | |||||||||
(154,150 | ) | (152,345 | ) | ||||||||||
Total | $ | 57,465 | $ | 282,698 | |||||||||
The Company reviews its deferred tax asset valuation allowances on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred tax asset is considered, along with any positive or negative evidence such as tax law changes. Since future financial results and tax law may differ from previous estimates, periodic adjustments to the Company’s valuation allowances may be necessary. | |||||||||||||
At December 31, 2013, the Company had approximately $420.0 million state net operating loss carry-forwards expiring in 2031. At December 31, 2013 the Company also had Wisconsin research and development credit carryforwards of $10.4 million expiring in 2026. The Company had a deferred tax asset of $28.5 million as of December 31, 2013 for the benefit of these losses and credits. A valuation allowance of $6.8 million has been established against the deferred tax asset. | |||||||||||||
The Company has foreign net operating losses (NOL) totaling $12.0 million as of December 31, 2013. It has a valuation allowance of $15.0 million against the NOLs as well as other associated deferred tax assets. | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Unrecognized tax benefits, beginning of period | $ | 48,752 | $ | 57,137 | |||||||||
Increase in unrecognized tax benefits for tax positions taken in a prior period | 9,713 | 1,806 | |||||||||||
Decrease in unrecognized tax benefits for tax positions taken in a prior period | (4,335 | ) | (6,439 | ) | |||||||||
Increase in unrecognized tax benefits for tax positions taken in the current period | 11,142 | 3,737 | |||||||||||
Statute lapses | (336 | ) | (415 | ) | |||||||||
Settlements with taxing authorities | (1,879 | ) | (7,074 | ) | |||||||||
Unrecognized tax benefits, end of period | $ | 63,057 | $ | 48,752 | |||||||||
The amount of unrecognized tax benefits as of December 31, 2013 that, if recognized, would affect the effective tax rate was $47.9 million. | |||||||||||||
The total gross amount of income related to interest and penalties associated with unrecognized tax benefits recognized during 2013 in the Company’s Consolidated Statements of Operations was $3.7 million due to favorable settlements and statute lapses. | |||||||||||||
The total gross amount of interest and penalties associated with unrecognized tax benefits recognized at December 31, 2013 in the Company’s Consolidated Balance Sheets was $24.4 million. | |||||||||||||
The Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits related to continuing operations during the fiscal year ending December 31, 2014. However, the Company is under regular audit by tax authorities. The Company believes that it has appropriate support for the positions taken on its tax returns and that its annual tax provision includes amounts sufficient to pay any assessments. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. | |||||||||||||
The Company or one of its subsidiaries files income tax returns in the United States federal and Wisconsin state jurisdictions and various other state and foreign jurisdictions. The Company is no longer subject to income tax examinations for Wisconsin state income taxes before 2009 or for United States federal income taxes before 2012. |
Employee_Benefit_Plans_And_Oth
Employee Benefit Plans And Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Employee Benefit Plans and Other Postretirement Benefits | ' | ||||||||||||||||||||||||
Employee Benefit Plans and Other Postretirement Benefits | |||||||||||||||||||||||||
The Company has a qualified defined benefit pension plan and several postretirement healthcare benefit plans, which cover employees of the Motorcycles segment. The Company also has unfunded supplemental employee retirement plan agreements (SERPA) with certain employees which were instituted to replace benefits lost under the Tax Revenue Reconciliation Act of 1993. During 2012, the Company consolidated four qualified defined benefit pension plans into one qualified pension plan. The consolidation had no impact on participant benefits. | |||||||||||||||||||||||||
Pension benefits are based primarily on years of service and, for certain plans, levels of compensation. Employees are eligible to receive postretirement healthcare benefits upon attaining age 55 after rendering at least 10 years of service to the Company. Some of the plans require employee contributions to partially offset benefit costs. | |||||||||||||||||||||||||
Obligations and Funded Status: | |||||||||||||||||||||||||
The following table provides the changes in the benefit obligations, fair value of plan assets and funded status of the Company’s pension, SERPA and postretirement healthcare plans as of the Company’s December 31, 2013 and 2012 measurement dates (in thousands): | |||||||||||||||||||||||||
Pension and SERPA Benefits | Postretirement | ||||||||||||||||||||||||
Healthcare Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation, beginning of period | $ | 1,871,575 | $ | 1,570,930 | $ | 403,227 | $ | 380,625 | |||||||||||||||||
Service cost | 35,987 | 33,681 | 7,858 | 7,413 | |||||||||||||||||||||
Interest cost | 79,248 | 83,265 | 15,599 | 18,310 | |||||||||||||||||||||
Actuarial (gains) losses | (199,408 | ) | 276,069 | (33,729 | ) | 23,367 | |||||||||||||||||||
Plan participant contributions | — | 1,459 | 2,609 | 1,561 | |||||||||||||||||||||
Benefits paid, net of Medicare Part D subsidy | (72,752 | ) | (93,829 | ) | (29,040 | ) | (28,049 | ) | |||||||||||||||||
Benefit obligation, end of period | 1,714,650 | 1,871,575 | 366,524 | 403,227 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of period | 1,539,018 | 1,253,916 | 123,106 | 109,160 | |||||||||||||||||||||
Actual return on plan assets | 277,388 | 160,731 | 24,769 | 13,946 | |||||||||||||||||||||
Company contributions | 176,947 | 216,741 | 27,849 | 27,675 | |||||||||||||||||||||
Plan participant contributions | — | 1,459 | 2,609 | 1,561 | |||||||||||||||||||||
Benefits paid | (72,752 | ) | (93,829 | ) | (30,458 | ) | (29,236 | ) | |||||||||||||||||
Fair value of plan assets, end of period | 1,920,601 | 1,539,018 | 147,875 | 123,106 | |||||||||||||||||||||
Funded status of the plans, December 31 | $ | 205,951 | $ | (332,557 | ) | $ | (218,649 | ) | $ | (280,121 | ) | ||||||||||||||
Amounts recognized in the Consolidated Balance Sheets, December 31,: | |||||||||||||||||||||||||
Prepaid benefit costs (long-term assets) | $ | 244,871 | $ | — | $ | — | $ | — | |||||||||||||||||
Accrued benefit liability (current liabilities) | (2,549 | ) | (2,263 | ) | (2,484 | ) | (2,059 | ) | |||||||||||||||||
Accrued benefit liability (long-term liabilities) | (36,371 | ) | (330,294 | ) | (216,165 | ) | (278,062 | ) | |||||||||||||||||
Net amount recognized | $ | 205,951 | $ | (332,557 | ) | $ | (218,649 | ) | $ | (280,121 | ) | ||||||||||||||
Benefit Costs: | |||||||||||||||||||||||||
Components of net periodic benefit costs for the years ended December 31 (in thousands): | |||||||||||||||||||||||||
Pension and | Postretirement | ||||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 35,987 | $ | 33,681 | $ | 37,341 | $ | 7,858 | $ | 7,413 | $ | 7,630 | |||||||||||||
Interest cost | 79,248 | 83,265 | 80,805 | 15,599 | 18,310 | 19,644 | |||||||||||||||||||
Expected return on plan assets | (127,327 | ) | (117,110 | ) | (106,612 | ) | (9,537 | ) | (9,423 | ) | (9,386 | ) | |||||||||||||
Amortization of unrecognized: | |||||||||||||||||||||||||
Prior service cost (credit) | 1,746 | 2,958 | 2,981 | (3,853 | ) | (3,853 | ) | (3,878 | ) | ||||||||||||||||
Net loss | 58,608 | 43,874 | 30,266 | 8,549 | 7,421 | 7,192 | |||||||||||||||||||
Net curtailment loss | — | — | 236 | — | — | — | |||||||||||||||||||
Settlement loss | — | 6,242 | 274 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 48,262 | $ | 52,910 | $ | 45,291 | $ | 18,616 | $ | 19,868 | $ | 21,202 | |||||||||||||
Net periodic benefit costs are allocated among selling, administrative and engineering expense, cost of goods sold and inventory. The 2010 Restructuring Plan actions discussed in Note 4 resulted in the pension and postretirement healthcare plan net curtailment losses noted in the table above and were included in restructuring expense in the consolidated income statement. | |||||||||||||||||||||||||
Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2013 which have not yet been recognized in net periodic benefit cost are as follows (in thousands): | |||||||||||||||||||||||||
Pension and | Postretirement | Total | |||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 2,390 | $ | (13,495 | ) | $ | (11,105 | ) | |||||||||||||||||
Net actuarial loss | 326,588 | 48,563 | 375,151 | ||||||||||||||||||||||
$ | 328,978 | $ | 35,068 | $ | 364,046 | ||||||||||||||||||||
Amounts expected to be recognized in net periodic benefit cost, net of tax, during the year ended December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Pension and | Postretirement | Total | |||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 704 | $ | (2,426 | ) | $ | (1,722 | ) | |||||||||||||||||
Net actuarial loss | 23,020 | 2,977 | 25,997 | ||||||||||||||||||||||
$ | 23,724 | $ | 551 | $ | 24,275 | ||||||||||||||||||||
Assumptions: | |||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at December 31 were as follows: | |||||||||||||||||||||||||
Pension and | Postretirement | ||||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Assumptions for benefit obligations: | |||||||||||||||||||||||||
Discount rate | 5.08 | % | 4.23 | % | 5.3 | % | 4.7 | % | 3.93 | % | 4.9 | % | |||||||||||||
Rate of compensation | 4 | % | 4 | % | 3.49 | % | n/a | n/a | n/a | ||||||||||||||||
Assumptions for net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 4.23 | % | 5.3 | % | 5.79 | % | 3.93 | % | 4.9 | % | 5.28 | % | |||||||||||||
Expected return on plan assets | 7.75 | % | 7.8 | % | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||
Rate of compensation increase | 4 | % | 3.49 | % | 3.49 | % | n/a | n/a | n/a | ||||||||||||||||
Pension and SERPA Accumulated Benefit Obligation: | |||||||||||||||||||||||||
The Company’s pension and SERPA plans have a separately determined accumulated benefit obligation (ABO) and plan asset value. The ABO is the actuarial present value of benefits based on service rendered and current and past compensation levels. This differs from the projected benefit obligation (PBO) in that it includes no assumption about future compensation levels. The total ABO for all the Company’s pension and SERPA plans combined was $1.60 billion and $1.73 billion as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The Company pension plan did not have a PBO in excess of plan assets at December 31, 2013. The following table summarizes information related to Company pension plan with a PBO in excess of the fair value of plan assets at December 31, 2012 (in billions): | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Pension plan with PBOs in excess of fair value of plan assets: | |||||||||||||||||||||||||
PBO | $ | 1.8 | |||||||||||||||||||||||
Fair value of plan assets | $ | 1.5 | |||||||||||||||||||||||
Number of plans | 1 | ||||||||||||||||||||||||
The Company pension plan did not have an ABO in excess of fair value at December 31, 2013. The following table summarizes information related to Company pension plan with an ABO in excess of the fair value of plan assets at December 31, 2012 (in billions): | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Pension plan with ABOs in excess of fair value of plan assets: | |||||||||||||||||||||||||
ABO | $ | 1.7 | |||||||||||||||||||||||
Fair value of plan assets | $ | 1.5 | |||||||||||||||||||||||
Number of plans | 1 | ||||||||||||||||||||||||
The Company’s SERPA plans, which can only be funded as claims are paid, had projected and accumulated benefit obligations of $38.9 million and $25.8 million, respectively, as of December 31, 2013 and $37.8 million and $20.1 million, respectively, as of December 31, 2012. | |||||||||||||||||||||||||
Plan Assets: | |||||||||||||||||||||||||
Pension Plan Assets - The Company’s investment objective is to ensure assets are sufficient to pay benefits while mitigating the volatility of retirement plan assets or liabilities recorded in the balance sheet. The Company mitigates volatility through asset diversification and partial asset/liability matching. The investment portfolio for the Company's pension plan assets contains a diversified blend of equity and fixed-income investments. The Company’s current overall targeted asset allocation as a percentage of total market value was approximately 65% equities and 35% fixed-income. Assets are rebalanced regularly to keep the actual allocation in line with targets. Equity holdings primarily include investments in small-, medium- and large-cap companies in the U.S. (including Company stock), investments in developed and emerging foreign markets and other investments such as private equity and real estate. Fixed-income holdings consist of U.S. government and agency securities, state and municipal bonds, corporate bonds from diversified industries and foreign obligations. In addition, cash equivalent balances are maintained at levels adequate to meet near-term plan expenses and benefit payments. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews. | |||||||||||||||||||||||||
Postretirement Healthcare Plan Assets - The Company's investment objective is to maximize the return on assets to help pay the benefits by prudently investing in equities, fixed income and alternative assets. The Company's current overall targeted asset allocation as a percentage of total market value was approximately 70% equities and 30% fixed-income. Equity holdings primarily include investments in small-, medium-, and large-cap companies in the U.S., investments in developed and emerging foreign markets and alternative investments such as private equity and real estate. Fixed-income holdings consist of U.S. government and agency securities, state and municipal bonds, corporate bonds from diversified industries and foreign obligations. In addition, cash equivalent balances are maintained at levels adequate to meet near-term plan expenses and benefit payments. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews. | |||||||||||||||||||||||||
The following tables present the fair values of the plan assets related to the Company’s pension and postretirement healthcare plans within the fair value hierarchy as defined in Note 8. | |||||||||||||||||||||||||
The fair values of the Company’s pension plan assets as of December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 40,578 | $ | — | $ | 40,578 | $ | — | |||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 519,405 | 516,444 | 2,961 | — | |||||||||||||||||||||
Foreign companies | 125,361 | 125,320 | 41 | — | |||||||||||||||||||||
Harley-Davidson common stock | 88,184 | 88,184 | — | — | |||||||||||||||||||||
Pooled equity funds | 558,004 | 558,004 | — | — | |||||||||||||||||||||
Limited partnership interests | 34,234 | — | — | 34,234 | |||||||||||||||||||||
Other | — | — | — | — | |||||||||||||||||||||
Total equity holdings | 1,325,188 | 1,287,952 | 3,002 | 34,234 | |||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 34,044 | 34,044 | — | — | |||||||||||||||||||||
Federal agencies | 33,250 | — | 33,250 | — | |||||||||||||||||||||
Corporate bonds | 223,992 | — | 223,992 | — | |||||||||||||||||||||
Pooled fixed income funds | 212,465 | 51,959 | 160,506 | — | |||||||||||||||||||||
Foreign bonds | 40,885 | — | 40,885 | — | |||||||||||||||||||||
Municipal bonds | 10,199 | — | 10,199 | — | |||||||||||||||||||||
Total fixed-income holdings | 554,835 | 86,003 | 468,832 | — | |||||||||||||||||||||
Total pension plan assets | $ | 1,920,601 | $ | 1,373,955 | $ | 512,412 | $ | 34,234 | |||||||||||||||||
Included in the pension plan assets are 1,273,592 shares of the Company’s common stock with a market value of $88.2 million at December 31, 2013. | |||||||||||||||||||||||||
The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Total | Limited Partnership | Other | |||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, beginning of period | $ | 36,582 | $ | 35,954 | $ | 628 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 2,951 | 2,951 | — | ||||||||||||||||||||||
Purchases, sales and settlements | (5,299 | ) | (4,671 | ) | (628 | ) | |||||||||||||||||||
Balance, end of period | $ | 34,234 | $ | 34,234 | $ | — | |||||||||||||||||||
The fair values of the Company’s postretirement healthcare plan assets, which did not contain any Level 3 assets, as of December 31, 2013, were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2013 | Quoted Prices in | Significant | |||||||||||||||||||||||
Active Markets for | Other | ||||||||||||||||||||||||
Identical Assets | Observable | ||||||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,402 | $ | — | $ | 8,402 | |||||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 29,365 | 29,365 | — | ||||||||||||||||||||||
Foreign companies | 18,010 | 17,630 | 380 | ||||||||||||||||||||||
Pooled equity funds | 61,134 | 61,134 | — | ||||||||||||||||||||||
Total equity holdings | 108,509 | 108,129 | 380 | ||||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 9,488 | 9,488 | — | ||||||||||||||||||||||
Federal agencies | 2,579 | — | 2,579 | ||||||||||||||||||||||
Corporate bonds | 8,685 | — | 8,685 | ||||||||||||||||||||||
Pooled fixed income funds | 8,977 | — | 8,977 | ||||||||||||||||||||||
Foreign bonds | 941 | — | 941 | ||||||||||||||||||||||
Municipal bonds | 294 | — | 294 | ||||||||||||||||||||||
Total fixed-income holdings | 30,964 | 9,488 | 21,476 | ||||||||||||||||||||||
Total postretirement healthcare plan assets | $ | 147,875 | $ | 117,617 | $ | 30,258 | |||||||||||||||||||
The fair values of the Company’s pension plan assets as of December 31, 2012 were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2012 | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 42,625 | $ | — | $ | 42,625 | $ | — | |||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 540,579 | 540,578 | 1 | — | |||||||||||||||||||||
Foreign companies | 85,415 | 85,415 | — | — | |||||||||||||||||||||
Harley-Davidson common stock | 62,189 | 62,189 | — | — | |||||||||||||||||||||
Pooled equity funds | 309,878 | 309,878 | — | — | |||||||||||||||||||||
Limited partnership interests | 35,954 | — | — | 35,954 | |||||||||||||||||||||
Other | 628 | — | — | 628 | |||||||||||||||||||||
Total equity holdings | 1,034,643 | 998,060 | 1 | 36,582 | |||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 55,014 | 55,014 | — | — | |||||||||||||||||||||
Federal agencies | 14,302 | — | 14,302 | — | |||||||||||||||||||||
Corporate bonds | 189,643 | — | 189,643 | — | |||||||||||||||||||||
Pooled fixed income funds | 165,192 | 48,528 | 116,664 | — | |||||||||||||||||||||
Foreign bonds | 29,149 | — | 29,149 | — | |||||||||||||||||||||
Municipal bonds | 8,450 | — | 8,450 | — | |||||||||||||||||||||
Total fixed-income holdings | 461,750 | 103,542 | 358,208 | — | |||||||||||||||||||||
Total pension plan assets | $ | 1,539,018 | $ | 1,101,602 | $ | 400,834 | $ | 36,582 | |||||||||||||||||
Included in the pension plan assets are 1,273,592 shares of the Company’s common stock with a market value of $62.2 million at December 31, 2012. | |||||||||||||||||||||||||
The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2012 (in thousands): | |||||||||||||||||||||||||
Total | Limited Partnership | Other | |||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, beginning of period | $ | 42,127 | $ | 40,016 | $ | 2,111 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | (820 | ) | (930 | ) | 110 | ||||||||||||||||||||
Purchases, sales and settlements | (4,725 | ) | (3,132 | ) | (1,593 | ) | |||||||||||||||||||
Balance, end of period | $ | 36,582 | $ | 35,954 | $ | 628 | |||||||||||||||||||
The fair values of the Company’s postretirement healthcare plan assets, which did not contain any Level 3 assets, as of December 31, 2012, were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2012 | Quoted Prices in | Significant | |||||||||||||||||||||||
Active Markets for | Other | ||||||||||||||||||||||||
Identical Assets | Observable | ||||||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,522 | $ | — | $ | 5,522 | |||||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 60,658 | 60,658 | — | ||||||||||||||||||||||
Foreign companies | 13,625 | 13,625 | — | ||||||||||||||||||||||
Pooled equity funds | 27,617 | 27,617 | — | ||||||||||||||||||||||
Total equity holdings | 101,900 | 101,900 | — | ||||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 5,370 | 5,370 | — | ||||||||||||||||||||||
Federal agencies | 3,489 | — | 3,489 | ||||||||||||||||||||||
Corporate bonds | 6,033 | — | 6,033 | ||||||||||||||||||||||
Foreign bonds | 659 | — | 659 | ||||||||||||||||||||||
Municipal bonds | 133 | — | 133 | ||||||||||||||||||||||
Total fixed-income holdings | 15,684 | 5,370 | 10,314 | ||||||||||||||||||||||
Total postretirement healthcare plan assets | $ | 123,106 | $ | 107,270 | $ | 15,836 | |||||||||||||||||||
No plan assets are expected to be returned to the Company during the fiscal year ending December 31, 2014. | |||||||||||||||||||||||||
For 2014, the Company’s overall expected long-term rate of return is 7.75% for pension assets and 7.70% for postretirement healthcare plan assets. The expected long-term rate of return is based on the portfolio as a whole and not on the sum of the returns on individual asset categories. The return is based on historical returns adjusted to reflect the current view of the long-term investment market. | |||||||||||||||||||||||||
Postretirement Healthcare Cost: | |||||||||||||||||||||||||
The weighted-average healthcare cost trend rate used in determining the accumulated postretirement benefit obligation of the healthcare plans was as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Healthcare cost trend rate for next year | 8 | % | 7.5 | % | |||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate rate) | 5 | % | 5 | % | |||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2021 | 2019 | |||||||||||||||||||||||
This healthcare cost trend rate assumption can have a significant effect on the amounts reported. A one-percentage-point change in the assumed healthcare cost trend rate would have the following effects (in thousands): | |||||||||||||||||||||||||
One | One | ||||||||||||||||||||||||
Percent | Percent | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Total of service and interest cost components in 2013 | $ | 729 | $ | (729 | ) | ||||||||||||||||||||
Accumulated benefit obligation as of December 31, 2013 | $ | 13,318 | $ | (12,368 | ) | ||||||||||||||||||||
Future Contributions and Benefit Payments: | |||||||||||||||||||||||||
No pension plan contributions are required in 2014. The Company expects it will continue to make on-going contributions related to current benefit payments for SERPA and postretirement healthcare plans in 2014(1). | |||||||||||||||||||||||||
The expected benefit payments and Medicare subsidy receipts for the next five years and thereafter were as follows (in thousands): | |||||||||||||||||||||||||
Pension | SERPA | Postretirement | Medicare | ||||||||||||||||||||||
Benefits | Benefits | Healthcare | Subsidy | ||||||||||||||||||||||
Benefits | Receipts | ||||||||||||||||||||||||
2014 | $ | 68,418 | $ | 2,549 | $ | 30,694 | $ | 1,507 | |||||||||||||||||
2015 | $ | 69,178 | $ | 1,440 | $ | 31,047 | $ | 1,716 | |||||||||||||||||
2016 | $ | 70,098 | $ | 1,895 | $ | 30,644 | $ | 1,988 | |||||||||||||||||
2017 | $ | 71,508 | $ | 1,880 | $ | 29,817 | $ | 2,224 | |||||||||||||||||
2018 | $ | 73,150 | $ | 2,014 | $ | 28,785 | $ | 2,466 | |||||||||||||||||
2019-2023 | $ | 430,427 | $ | 16,506 | $ | 147,623 | $ | 16,125 | |||||||||||||||||
Defined Contribution Plans: | |||||||||||||||||||||||||
The Company has various defined contribution benefit plans that in total cover substantially all full-time employees. Employees can make voluntary contributions in accordance with the provisions of their respective plan, which includes a 401(k) tax deferral option. The Company expensed $14.9 million, $15.3 million and $12.5 million for Company contributions during 2013, 2012 and 2011, respectively. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
Leases | |||||
The Company operates certain administrative, manufacturing, warehouse and testing facilities and equipment under lease arrangements that are accounted for as operating leases. Total rental expense was $12.5 million, $13.5 million and $11.6 million for 2013, 2012 and 2011, respectively. | |||||
Future minimum operating lease payments at December 31, 2013 were as follows (in thousands): | |||||
2014 | $ | 10,866 | |||
2015 | 9,943 | ||||
2016 | 7,478 | ||||
2017 | 5,479 | ||||
2018 | 4,998 | ||||
After 2018 | 19,790 | ||||
Total operating lease payments | $ | 58,554 | |||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company is subject to lawsuits and other claims related to environmental, product and other matters. In determining required reserves related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The required reserves are monitored on an ongoing basis and are updated based on new developments or new information in each matter. | |
Environmental Protection Agency Notice | |
In December 2009, the Company received formal, written requests for information from the United States Environmental Protection Agency (EPA) regarding: (i) certificates of conformity for motorcycle emissions and related designations and labels, (ii) aftermarket parts, and (iii) warranty claims on emissions related components. The Company promptly submitted written responses to the EPA’s inquiry and has engaged in discussions with the EPA. Since that time, the EPA has delivered various additional requests for information to which the Company has responded. It is possible that a result of the EPA’s investigation will be some form of enforcement action by the EPA that will seek a fine or other relief. However, at this time the Company does not know and cannot reasonably estimate the impact of any remedies the EPA might seek. | |
York Environmental Matters: | |
The Company is involved with government agencies and groups of potentially responsible parties in various environmental matters, including a matter involving the cleanup of soil and groundwater contamination at its York, Pennsylvania facility. The York facility was formerly used by the U.S. Navy and AMF prior to the purchase of the York facility by the Company from AMF in 1981. Although the Company is not certain as to the full extent of the environmental contamination at the York facility, it has been working with the Pennsylvania Department of Environmental Protection (PADEP) since 1986 in undertaking environmental investigation and remediation activities, including an ongoing site-wide remedial investigation/feasibility study (RI/FS). In January 1995, the Company entered into a settlement agreement (the Agreement) with the Navy. The Agreement calls for the Navy and the Company to contribute amounts into a trust equal to 53% and 47%, respectively, of future costs associated with environmental investigation and remediation activities at the York facility (Response Costs). The trust administers the payment of the Response Costs incurred at the York facility as covered by the Agreement. | |
In February 2002, the Company was advised by the EPA that it considers some of the Company’s remediation activities at the York facility to be subject to the EPA’s corrective action program under the Resource Conservation and Recovery Act (RCRA) and offered the Company the option of addressing corrective action under a RCRA facility lead agreement. In July 2005, the York facility was designated as the first site in Pennsylvania to be addressed under the “One Cleanup Program.” The program provides a more streamlined and efficient oversight of voluntary remediation by both PADEP and EPA and will be carried out consistent with the Agreement with the Navy. As a result, the RCRA facility lead agreement has been superseded. | |
The Company estimates that its share of the future Response Costs at the York facility will be approximately $3.9 million and has established a reserve for this amount which is included in accrued liabilities in the Condensed Consolidated Balance Sheets. As noted above, the RI/FS is still underway and given the uncertainty that exists concerning the nature and scope of additional environmental investigation and remediation that may ultimately be required under the RI/FS or otherwise at the York facility, the Company is unable to make a reasonable estimate of those additional costs, if any, that may result. | |
The estimate of the Company’s future Response Costs that will be incurred at the York facility is based on reports of independent environmental consultants retained by the Company, the actual costs incurred to date and the estimated costs to complete the necessary investigation and remediation activities. Response Costs are expected to be paid primarily over a period of several years ending in 2017 although certain Response Costs may continue for some time beyond 2017. | |
Product Liability Matters: | |
Additionally, the Company is involved in product liability suits related to the operation of its business. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. The Company also maintains insurance coverage for product liability exposures. The Company believes that its accruals and insurance coverage are adequate and that product liability suits will not have a material adverse effect on the Company’s consolidated financial statements. |
Capital_Stock
Capital Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Capital Stock | ' | ||||||||||||
Capital Stock | |||||||||||||
Common Stock: | |||||||||||||
The Company is authorized to issue 800,000,000 shares of common stock of $0.01 par value. There were 220.0 million and 226.1 million common shares outstanding as of December 31, 2013 and 2012, respectively. | |||||||||||||
During 2013, the Company repurchased 8.2 million shares of its common stock at a weighted-average price of $59. This includes shares of common stock that were repurchased from employees that surrendered stock to satisfy withholding taxes in connection with the vesting of restricted stock awards. The remaining repurchases were made pursuant to the following authorizations (in millions of shares): | |||||||||||||
Shares Repurchased | Authorization Remaining | ||||||||||||
Board of Directors’ Authorization | 2013 | 2012 | 2011 | at December 31, 2013 | |||||||||
1997 Authorization | — | 4.3 | 6.2 | 1.8 | |||||||||
2007 Authorization | 7.7 | 2.2 | — | 6.8 | |||||||||
Total | 7.7 | 6.5 | 6.2 | 8.6 | |||||||||
1997 Authorization – The Company has an authorization from its Board of Directors (originally adopted December 1997) to repurchase shares of its outstanding common stock under which the cumulative number of shares repurchased, at the time of any repurchase, shall not exceed the sum of (1) the number of shares issued in connection with the exercise of stock options occurring on or after January 1, 2004, plus (2) 1% of the issued and outstanding common stock of the Company on January 1 of the current year, adjusted for any stock split. | |||||||||||||
2007 Authorization – In December 2007, the Company’s Board of Directors separately authorized the Company to buy back up to 20.0 million shares of its common stock with no dollar limit or expiration date. | |||||||||||||
Preferred Stock: | |||||||||||||
The Company is authorized to issue 2,000,000 shares of preferred stock of $1.00 par value, none of which is outstanding. |
ShareBased_Awards
Share-Based Awards | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Share-Based Awards | ' | ||||||||||||
Share-Based Awards | |||||||||||||
The Company has a share-based compensation plan which was approved by its Shareholders in April 2009 (Plan) under which the Board of Directors may grant to employees share-based awards including nonqualified stock options, stock appreciation rights (SARs), shares of restricted stock and restricted stock units (RSUs). The options and SARs granted under the Plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and, prior to 2010, generally vested ratably over a four-year period with the first 25% becoming exercisable one year after the date of grant. Beginning with awards granted in 2010, options and SARs granted under the Plan vest ratably over a three-year period with the first one-third of the grant becoming exercisable one year after the date of grant. The options and SARs expire 10 years from the date of grant. Shares of restricted stock and RSUs that were issued under the Plan prior to 2010 generally vested over periods ranging from two to five years with certain of the shares and RSUs subject to accelerated vesting should the Company meet certain performance conditions. Beginning with awards granted in 2010, shares of restricted stock and RSUs granted under the Plan vest ratably over a three-year period with the first one-third of the grant vesting one year after the date of grant. Dividends are paid on shares of restricted stock and dividend equivalents are paid on RSUs. At December 31, 2013, there were 10.8 million shares of common stock available for future awards under the Plan. | |||||||||||||
Stock Options: | |||||||||||||
The Company estimates the grant date fair value of its option awards granted using a lattice-based option valuation model. The Company believes that the lattice-based option valuation model provides a more precise estimate of fair value than the Black-Scholes option pricing model. Lattice-based option valuation models utilize ranges of assumptions over the expected term of the options. Prior to 2013, the Company used a weighted-average of implied and historical volatility to determine the expected volatility of its stock. Beginning with awards granted in 2013, the Company uses implied volatility to determine the expected volatility of its stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted is derived from the output of the option valuation model and represents the average period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | |||||||||||||
Assumptions used in calculating the lattice-based fair value of options granted during 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected average term (in years) | 6.1 | 6.3 | 6.5 | ||||||||||
Expected volatility | 27% - 36% | 32% - 50% | 39% - 52% | ||||||||||
Weighted average volatility | 33 | % | 41 | % | 43 | % | |||||||
Expected dividend yield | 1.6 | % | 1.1 | % | 1 | % | |||||||
Risk-free interest rate | 0.1% - 2.1% | 0.1% - 2.1% | 0.1% - 3.7% | ||||||||||
The following table summarizes the stock option transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
Options | Weighted- | ||||||||||||
Average | |||||||||||||
Price | |||||||||||||
Options outstanding, beginning of period | 4,460 | $ | 38 | ||||||||||
Options granted | 453 | $ | 52 | ||||||||||
Options exercised | (1,357 | ) | $ | 37 | |||||||||
Options forfeited | (165 | ) | $ | 61 | |||||||||
Options outstanding, end of period | 3,391 | $ | 40 | ||||||||||
Exercisable, end of period | 2,535 | $ | 37 | ||||||||||
The weighted-average fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $12, $14 and $15, respectively. | |||||||||||||
As of December 31, 2013, there was $3.9 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.6 years. | |||||||||||||
The following table summarizes the aggregate intrinsic value related to options outstanding, exercisable and exercised as of and for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Exercised | $ | 28,879 | $ | 34,443 | $ | 7,919 | |||||||
Outstanding | $ | 100,054 | $ | 60,963 | $ | 55,701 | |||||||
Exercisable | $ | 81,930 | $ | 35,873 | $ | 22,926 | |||||||
The Company’s policy is to issue new shares of common stock upon the exercise of employee stock options. The Company has a continuing authorization from its Board of Directors to repurchase shares to offset dilution caused by the exercise of stock options which is discussed in Note 17. | |||||||||||||
Stock options outstanding at December 31, 2013 (options in thousands): | |||||||||||||
Price Range | Weighted-Average | Options | Weighted-Average | ||||||||||
Contractual Life | Exercise Price | ||||||||||||
$10.01 to $20 | 5.1 | 593 | $ | 13 | |||||||||
$20.01 to $30 | 6.1 | 504 | $ | 23 | |||||||||
$30.01 to $40 | 4.1 | 334 | $ | 39 | |||||||||
$40.01 to $50 | 7.7 | 788 | $ | 44 | |||||||||
$50.01 to $60 | 6.9 | 634 | $ | 52 | |||||||||
$60.01 to $70 | 2 | 538 | $ | 66 | |||||||||
Options outstanding | 5.6 | 3,391 | $ | 40 | |||||||||
Options exercisable | 4.6 | 2,535 | $ | 37 | |||||||||
Stock Appreciation Rights (SARs) | |||||||||||||
SARs vest under the same terms and conditions as options; however, they are settled in cash equal to their settlement date fair value. As a result, SARs are recorded in the Company’s consolidated balance sheets as a liability until the date of exercise. | |||||||||||||
The fair value of each SAR award is estimated using a lattice-based valuation model. In accordance with ASC Topic 718, “Stock Compensation”, the fair value of each SAR award is recalculated at the end of each reporting period and the liability and expense adjusted based on the new fair value and the percent vested. | |||||||||||||
The assumptions used to determine the fair value of the SAR awards at December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Expected average term (in years) | 3.5 - 4.3 | 1.3 - 5.6 | |||||||||||
Expected volatility | 24% - 32% | 31% - 45% | |||||||||||
Expected dividend yield | 1.2 | % | 1.3 | % | |||||||||
Risk-free interest rate | 0.1% - 3.0% | .1% - 1.8% | |||||||||||
The following table summarizes the SAR transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
SARs | Weighted- | ||||||||||||
Average | |||||||||||||
Price | |||||||||||||
Outstanding, beginning of period | 253 | $ | 21 | ||||||||||
Granted | 20 | $ | 52 | ||||||||||
Exercised | (60 | ) | $ | 22 | |||||||||
Forfeited | (3 | ) | $ | 22 | |||||||||
Outstanding, end of period | 210 | $ | 26 | ||||||||||
Exercisable, end of period | 171 | $ | 21 | ||||||||||
The weighted-average fair value of SARs granted during the years ended December 31, 2013, 2012 and 2011 was $12, $14 and $15, respectively. | |||||||||||||
Restricted (Nonvested) Stock: | |||||||||||||
The fair value of restricted stock is determined based on the market price of the Company’s shares on the grant date. The following table summarizes the restricted stock transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
Restricted | Grant Date | ||||||||||||
Shares | Fair Value | ||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 1,692 | $ | 29 | ||||||||||
Granted | 490 | $ | 52 | ||||||||||
Vested | (1,161 | ) | $ | 24 | |||||||||
Forfeited | (39 | ) | $ | 48 | |||||||||
Nonvested, end of period | 982 | $ | 47 | ||||||||||
As of December 31, 2013, there was $20.0 million of unrecognized compensation cost related to restricted stock that is expected to be recognized over a weighted-average period of 1.7 years. | |||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||
Restricted stock units vest under the same terms and conditions as restricted stock; however, they are settled in cash equal to their settlement date fair value. As a result, RSUs are recorded in the Company’s consolidated balance sheets as a liability until the date of vesting. | |||||||||||||
The fair value of RSUs is determined based on the market price of the Company’s shares on the grant date. The following table summarizes the RSU transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
Restricted | Weighted-Average | ||||||||||||
Stock Unit | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 242 | $ | 47 | ||||||||||
Granted | 83 | $ | 69 | ||||||||||
Vested | (161 | ) | $ | 54 | |||||||||
Forfeited | (17 | ) | $ | 65 | |||||||||
Nonvested, end of period | 147 | $ | 66 | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Earnings Per Share | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the years ended December 31 (in thousands except per share amounts): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations used in computing basic and diluted earnings per share | $ | 733,993 | $ | 623,925 | $ | 548,078 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share-weighted-average common shares | 222,475 | 227,119 | 232,889 | ||||||||||
Effect of dilutive securities – employee stock compensation plan | 1,596 | 2,110 | 2,029 | ||||||||||
Denominator for diluted earnings per share- adjusted weighted-average shares outstanding | 224,071 | 229,229 | 234,918 | ||||||||||
Earnings per common share from continuing operations: | |||||||||||||
Basic | $ | 3.3 | $ | 2.75 | $ | 2.35 | |||||||
Diluted | $ | 3.28 | $ | 2.72 | $ | 2.33 | |||||||
Options to purchase 0.9 million, 2.1 million and 3.8 million weighted-average shares of common stock outstanding during 2013, 2012 and 2011, respectively, were not included in the Company’s computation of dilutive securities because the exercise price was greater than the market price and therefore the effect would have been anti-dilutive. | |||||||||||||
The Company has a share-based compensation plan under which employees may be granted share-based awards including shares of restricted stock and restricted stock units (RSUs). Non-forfeitable dividends are paid on unvested shares of restricted stock and non-forfeitable dividend equivalents are paid on unvested RSUs. As such, shares of restricted stock and RSUs are considered participating securities under the two-class method of calculating earnings per share as described in ASC Topic 260, “Earnings per Share.” The two-class method of calculating earnings per share did not have a material impact on the Company’s earnings per share calculation as of December 31, 2013, 2012 and 2011. |
Business_Segments_And_Geograph
Business Segments And Geographic Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Business Segments And Foreign Operations | ' | ||||||||||||
Business Segments and Geographic Information | |||||||||||||
Business Segments: | |||||||||||||
The Company operates in two business segments: Motorcycles and Financial Services. The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately based on the fundamental differences in their operations. | |||||||||||||
The Motorcycles segment designs, manufactures and sells at wholesale 601+cc cruiser and touring motorcycles as well as a line of motorcycle parts, accessories, general merchandise and related services. | |||||||||||||
The Financial Services segment provides wholesale and retail financing and provides insurance and insurance-related programs primarily to Harley-Davidson dealers and their retail customers. HDFS conducts business principally in the United States and Canada. | |||||||||||||
Information by segment is set forth below for the years ended December 31, (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Motorcycles net revenue | $ | 5,258,290 | $ | 4,942,582 | $ | 4,662,264 | |||||||
Gross profit | 1,862,372 | 1,720,188 | 1,555,976 | ||||||||||
Selling, administrative and engineering expense | 993,894 | 976,224 | 926,808 | ||||||||||
Restructuring (benefit) expense and other impairments | (2,131 | ) | 28,475 | 67,992 | |||||||||
Operating income from Motorcycles | $ | 870,609 | $ | 715,489 | $ | 561,176 | |||||||
Financial services revenue | $ | 641,582 | $ | 637,924 | $ | 649,449 | |||||||
Financial services expense | 358,489 | 353,237 | 380,658 | ||||||||||
Operating income from Financial Services | $ | 283,093 | $ | 284,687 | $ | 268,791 | |||||||
Financial Services revenue includes $10.4 million, $11.5 million and $10.5 million of interest that HDMC paid to HDFS on wholesale finance receivables in 2013, 2012 and 2011, respectively. This interest was paid on behalf of HDMC’s independent dealers as a way to enable dealers to manage seasonal increases in inventory. The offsetting cost of these interest incentives was recorded as a reduction to Motorcycles revenue. | |||||||||||||
Information by industry segment is set forth below as of December 31, (in thousands): | |||||||||||||
Motorcycles | Financial | Consolidated | |||||||||||
Services | |||||||||||||
2013 | |||||||||||||
Total assets | $ | 2,793,497 | $ | 6,611,543 | $ | 9,405,040 | |||||||
Depreciation | $ | 160,181 | $ | 6,891 | $ | 167,072 | |||||||
Capital expenditures | $ | 199,354 | $ | 8,967 | $ | 208,321 | |||||||
2012 | |||||||||||||
Total assets | $ | 2,751,018 | $ | 6,419,755 | $ | 9,170,773 | |||||||
Depreciation | $ | 162,659 | $ | 6,319 | $ | 168,978 | |||||||
Capital expenditures | $ | 180,416 | $ | 8,586 | $ | 189,002 | |||||||
2011 | |||||||||||||
Total assets | $ | 2,959,333 | $ | 6,714,831 | $ | 9,674,164 | |||||||
Depreciation | $ | 173,959 | $ | 6,449 | $ | 180,408 | |||||||
Capital expenditures | $ | 179,988 | $ | 9,047 | $ | 189,035 | |||||||
Geographic Information: | |||||||||||||
Included in the consolidated financial statements are the following amounts relating to geographic locations for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue from Motorcycles(a): | |||||||||||||
United States | $ | 3,562,847 | $ | 3,363,640 | $ | 3,155,608 | |||||||
EMEA region | 769,864 | 710,861 | 781,432 | ||||||||||
Japan | 217,700 | 244,907 | 229,427 | ||||||||||
Canada | 204,315 | 186,550 | 154,314 | ||||||||||
Australia | 193,081 | 186,674 | 141,392 | ||||||||||
Other foreign countries | 310,483 | 249,950 | 200,091 | ||||||||||
$ | 5,258,290 | $ | 4,942,582 | $ | 4,662,264 | ||||||||
Revenue from Financial Services(a): | |||||||||||||
United States | $ | 609,574 | $ | 607,909 | $ | 619,214 | |||||||
Europe | 4,274 | 3,661 | 3,657 | ||||||||||
Canada | 24,486 | 24,532 | 25,764 | ||||||||||
Other foreign countries | 3,248 | 1,822 | 814 | ||||||||||
$ | 641,582 | $ | 637,924 | $ | 649,449 | ||||||||
Long-lived assets(b): | |||||||||||||
United States | $ | 874,833 | $ | 825,509 | $ | 822,089 | |||||||
International | 36,860 | 56,143 | 59,571 | ||||||||||
$ | 911,693 | $ | 881,652 | $ | 881,660 | ||||||||
(a) | Revenue is attributed to geographic regions based on location of customer. | ||||||||||||
(b) | Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, “Segment Reporting,” such as deferred income taxes and finance receivables. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
The Company has the following material related party transactions. A director of the Company is Chairman and Chief Executive Officer and an equity owner of Fred Deeley Imports Ltd. (Deeley Imports), the exclusive distributor of the Company’s motorcycles in Canada. The Company recorded motorcycles and related products revenue and financial services revenue from Deeley Imports during 2013, 2012 and 2011 of $204.8 million, $187.1 million and $155.2 million, respectively, and had finance receivables balances due from Deeley Imports of $11.5 million, $9.2 million and $14.5 million at December 31, 2013, 2012 and 2011, respectively. All such products were provided in the ordinary course of business at prices and on terms and conditions that the Company believes are the same as those that would result from arm’s-length negotiations between unrelated parties. |
Supplemental_Consolidating_Dat
Supplemental Consolidating Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||
Supplemental Consolidating Data | ' | ||||||||||||||||
Supplemental Consolidating Data | |||||||||||||||||
The supplemental consolidating data for the periods noted is presented for informational purposes. The supplemental consolidating data may be different than segment information presented elsewhere due to the allocation of intercompany eliminations to reporting segments. All supplemental data is presented in thousands. | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
Revenue: | |||||||||||||||||
Motorcycles and related products | $ | 5,268,480 | $ | — | $ | (10,190 | ) | $ | 5,258,290 | ||||||||
Financial services | — | 643,067 | (1,485 | ) | 641,582 | ||||||||||||
Total revenue | 5,268,480 | 643,067 | (11,675 | ) | 5,899,872 | ||||||||||||
Costs and expenses: | |||||||||||||||||
Motorcycles and related products cost of goods sold | 3,395,918 | — | — | 3,395,918 | |||||||||||||
Financial services interest expense | — | 165,491 | — | 165,491 | |||||||||||||
Financial services provision for credit losses | — | 60,008 | — | 60,008 | |||||||||||||
Selling, administrative and engineering expense | 995,378 | 143,181 | (11,675 | ) | 1,126,884 | ||||||||||||
Restructuring benefit | (2,131 | ) | — | — | (2,131 | ) | |||||||||||
Total costs and expenses | 4,389,165 | 368,680 | (11,675 | ) | 4,746,170 | ||||||||||||
Operating income | 879,315 | 274,387 | — | 1,153,702 | |||||||||||||
Investment income | 190,859 | — | (185,000 | ) | 5,859 | ||||||||||||
Interest expense | 45,256 | — | — | 45,256 | |||||||||||||
Income before provision for income taxes | 1,024,918 | 274,387 | (185,000 | ) | 1,114,305 | ||||||||||||
Provision for income taxes | 279,841 | 100,471 | — | 380,312 | |||||||||||||
Income from continuing operations | 745,077 | 173,916 | (185,000 | ) | 733,993 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | |||||||||||||
Net income | $ | 745,077 | $ | 173,916 | $ | (185,000 | ) | $ | 733,993 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
Revenue: | |||||||||||||||||
Motorcycles and related products | $ | 4,952,748 | $ | — | $ | (10,166 | ) | $ | 4,942,582 | ||||||||
Financial services | — | 639,482 | (1,558 | ) | 637,924 | ||||||||||||
Total revenue | 4,952,748 | 639,482 | (11,724 | ) | 5,580,506 | ||||||||||||
Costs and expenses: | |||||||||||||||||
Motorcycles and related products cost of goods sold | 3,222,394 | — | — | 3,222,394 | |||||||||||||
Financial services interest expense | — | 195,990 | — | 195,990 | |||||||||||||
Financial services provision for credit losses | — | 22,239 | — | 22,239 | |||||||||||||
Selling, administrative and engineering expense | 977,782 | 145,174 | (11,724 | ) | 1,111,232 | ||||||||||||
Restructuring expense | 28,475 | — | — | 28,475 | |||||||||||||
Total costs and expenses | 4,228,651 | 363,403 | (11,724 | ) | 4,580,330 | ||||||||||||
Operating income | 724,097 | 276,079 | — | 1,000,176 | |||||||||||||
Investment income | 232,369 | — | (225,000 | ) | 7,369 | ||||||||||||
Interest expense | 46,033 | — | — | 46,033 | |||||||||||||
Income before provision for income taxes | 910,433 | 276,079 | (225,000 | ) | 961,512 | ||||||||||||
Provision for income taxes | 233,385 | 104,202 | — | 337,587 | |||||||||||||
Income from continuing operations | 677,048 | 171,877 | (225,000 | ) | 623,925 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | |||||||||||||
Net income | $ | 677,048 | $ | 171,877 | $ | (225,000 | ) | $ | 623,925 | ||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
Revenue: | |||||||||||||||||
Motorcycles and related products | $ | 4,671,942 | $ | — | $ | (9,678 | ) | $ | 4,662,264 | ||||||||
Financial services | — | 649,474 | (25 | ) | 649,449 | ||||||||||||
Total revenue | 4,671,942 | 649,474 | (9,703 | ) | 5,311,713 | ||||||||||||
Costs and expenses: | |||||||||||||||||
Motorcycles and related products cost of goods sold | 3,106,288 | — | — | 3,106,288 | |||||||||||||
Financial services interest expense | — | 229,492 | — | 229,492 | |||||||||||||
Financial services provision for credit losses | — | 17,031 | — | 17,031 | |||||||||||||
Selling, administrative and engineering expense | 926,832 | 143,814 | (9,703 | ) | 1,060,943 | ||||||||||||
Restructuring expense | 67,992 | — | — | 67,992 | |||||||||||||
Total costs and expenses | 4,101,112 | 390,337 | (9,703 | ) | 4,481,746 | ||||||||||||
Operating income | 570,830 | 259,137 | — | 829,967 | |||||||||||||
Investment income | 132,963 | — | (125,000 | ) | 7,963 | ||||||||||||
Interest expense | 45,266 | — | — | 45,266 | |||||||||||||
Income before provision for income taxes | 658,527 | 259,137 | (125,000 | ) | 792,664 | ||||||||||||
Provision for income taxes | 150,756 | 93,830 | — | 244,586 | |||||||||||||
Income from continuing operations | 507,771 | 165,307 | (125,000 | ) | 548,078 | ||||||||||||
Income from discontinued operations, net of tax | 51,036 | — | — | 51,036 | |||||||||||||
Net income | $ | 558,807 | $ | 165,307 | $ | (125,000 | ) | $ | 599,114 | ||||||||
December 31, 2013 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 718,912 | $ | 347,700 | $ | — | $ | 1,066,612 | |||||||||
Marketable securities | 99,009 | — | — | 99,009 | |||||||||||||
Accounts receivable, net | 850,248 | — | (589,183 | ) | 261,065 | ||||||||||||
Finance receivables, net | — | 1,773,686 | — | 1,773,686 | |||||||||||||
Inventories | 424,507 | — | — | 424,507 | |||||||||||||
Restricted cash | — | 144,807 | — | 144,807 | |||||||||||||
Deferred income taxes | 70,557 | 33,068 | — | 103,625 | |||||||||||||
Other current assets | 82,717 | 34,573 | (1,798 | ) | 115,492 | ||||||||||||
Total current assets | 2,245,950 | 2,333,834 | (590,981 | ) | 3,988,803 | ||||||||||||
Finance receivables, net | — | 4,225,877 | — | 4,225,877 | |||||||||||||
Property, plant and equipment, net | 808,005 | 34,472 | — | 842,477 | |||||||||||||
Pension asset | 244,871 | — | — | 244,871 | |||||||||||||
Goodwill | 30,452 | — | — | 30,452 | |||||||||||||
Deferred income taxes | 3,339 | — | — | 3,339 | |||||||||||||
Other long-term assets | 126,940 | 17,360 | (75,079 | ) | 69,221 | ||||||||||||
$ | 3,459,557 | $ | 6,611,543 | $ | (666,060 | ) | $ | 9,405,040 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 203,786 | $ | 625,191 | $ | (589,183 | ) | $ | 239,794 | ||||||||
Accrued liabilities | 353,618 | 77,774 | (4,057 | ) | 427,335 | ||||||||||||
Short-term debt | — | 666,317 | — | 666,317 | |||||||||||||
Current portion of long-term debt | 303,000 | 873,140 | — | 1,176,140 | |||||||||||||
Total current liabilities | 860,404 | 2,242,422 | (593,240 | ) | 2,509,586 | ||||||||||||
Long-term debt | — | 3,416,713 | — | 3,416,713 | |||||||||||||
Pension liability | 36,371 | — | — | 36,371 | |||||||||||||
Postretirement healthcare liability | 216,165 | — | — | 216,165 | |||||||||||||
Deferred income taxes | 44,584 | 2,656 | 2,259 | 49,499 | |||||||||||||
Other long-term liabilities | 146,686 | 20,534 | — | 167,220 | |||||||||||||
Commitments and contingencies (Note 16) | |||||||||||||||||
Total shareholders’ equity | 2,155,347 | 929,218 | (75,079 | ) | 3,009,486 | ||||||||||||
$ | 3,459,557 | $ | 6,611,543 | $ | (666,060 | ) | $ | 9,405,040 | |||||||||
December 31, 2012 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | |||||||||
Marketable securities | 135,634 | — | — | 135,634 | |||||||||||||
Accounts receivable, net | 781,642 | — | (551,563 | ) | 230,079 | ||||||||||||
Finance receivables, net | — | 1,743,045 | — | 1,743,045 | |||||||||||||
Inventories | 393,524 | — | — | 393,524 | |||||||||||||
Restricted cash | — | 188,008 | — | 188,008 | |||||||||||||
Deferred income taxes | 84,486 | 26,367 | — | 110,853 | |||||||||||||
Other current assets | 146,419 | 31,242 | 3,994 | 181,655 | |||||||||||||
Total current assets | 2,269,421 | 2,329,084 | (547,569 | ) | 4,050,936 | ||||||||||||
Finance receivables, net | — | 4,038,807 | — | 4,038,807 | |||||||||||||
Property, plant and equipment, net | 783,068 | 32,396 | — | 815,464 | |||||||||||||
Goodwill | 29,530 | — | — | 29,530 | |||||||||||||
Deferred income taxes | 175,839 | — | (3,994 | ) | 171,845 | ||||||||||||
Other long-term assets | 116,925 | 19,468 | (72,202 | ) | 64,191 | ||||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 221,064 | $ | 587,885 | $ | (551,563 | ) | $ | 257,386 | ||||||||
Accrued liabilities | 439,144 | 74,447 | — | 513,591 | |||||||||||||
Short-term debt | — | 294,943 | — | 294,943 | |||||||||||||
Current portion of long-term debt | — | 437,162 | — | 437,162 | |||||||||||||
Total current liabilities | 660,208 | 1,394,437 | (551,563 | ) | 1,503,082 | ||||||||||||
Long-term debt | 303,000 | 4,067,544 | — | 4,370,544 | |||||||||||||
Pension liability | 330,294 | — | — | 330,294 | |||||||||||||
Postretirement healthcare liability | 278,062 | — | — | 278,062 | |||||||||||||
Other long-term liabilities | 114,476 | 16,691 | — | 131,167 | |||||||||||||
Commitments and contingencies (Note 16) | |||||||||||||||||
Total shareholders’ equity | 1,688,743 | 941,083 | (72,202 | ) | 2,557,624 | ||||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | & | |||||||||||||||
Products | Operations | Adjustments | |||||||||||||||
Operations | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Income from continuing operations | $ | 745,077 | $ | 173,916 | $ | (185,000 | ) | $ | 733,993 | ||||||||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||||||||||||||||
Depreciation | 160,181 | 6,891 | — | 167,072 | |||||||||||||
Amortization of deferred loan origination costs | — | 86,181 | — | 86,181 | |||||||||||||
Amortization of financing origination fees | 473 | 8,903 | — | 9,376 | |||||||||||||
Provision for employee long-term benefits | 66,877 | — | — | 66,877 | |||||||||||||
Contributions to pension and postretirement plans | (204,796 | ) | — | — | (204,796 | ) | |||||||||||
Stock compensation expense | 38,367 | 2,877 | — | 41,244 | |||||||||||||
Net change in wholesale finance receivables | — | — | 28,865 | 28,865 | |||||||||||||
Provision for credit losses | — | 60,008 | — | 60,008 | |||||||||||||
Loss on debt extinguishment | — | 4,947 | — | 4,947 | |||||||||||||
Deferred income taxes | 54,568 | (1,988 | ) | — | 52,580 | ||||||||||||
Foreign currency adjustments | 16,269 | — | — | 16,269 | |||||||||||||
Other, net | 10,942 | (819 | ) | — | 10,123 | ||||||||||||
Change in current assets and current liabilities: | |||||||||||||||||
Accounts receivable | (24,273 | ) | — | (12,380 | ) | (36,653 | ) | ||||||||||
Finance receivables—accrued interest and other | — | (346 | ) | — | (346 | ) | |||||||||||
Inventories | (46,474 | ) | — | — | (46,474 | ) | |||||||||||
Accounts payable and accrued liabilities | (60,907 | ) | (5,096 | ) | 12,380 | (53,623 | ) | ||||||||||
Restructuring reserves | (25,042 | ) | — | — | (25,042 | ) | |||||||||||
Derivative instruments | (2,161 | ) | (28 | ) | — | (2,189 | ) | ||||||||||
Prepaid and other | 70,900 | (2,219 | ) | — | 68,681 | ||||||||||||
Total adjustments | 54,924 | 159,311 | 28,865 | 243,100 | |||||||||||||
Net cash provided by operating activities of continuing operations | 800,001 | 333,227 | (156,135 | ) | 977,093 | ||||||||||||
Cash flows from investing activities of continuing operations: | |||||||||||||||||
Capital expenditures | (199,354 | ) | (8,967 | ) | — | (208,321 | ) | ||||||||||
Origination of finance receivables | — | (7,140,533 | ) | 3,896,528 | (3,244,005 | ) | |||||||||||
Collections of finance receivables | — | 6,757,387 | (3,925,393 | ) | 2,831,994 | ||||||||||||
Purchases of marketable securities | (4,998 | ) | — | — | (4,998 | ) | |||||||||||
Sales and redemptions of marketable securities | 40,108 | — | — | 40,108 | |||||||||||||
Other | 16,355 | — | — | 16,355 | |||||||||||||
Net cash used by investing activities of continuing operations | (147,889 | ) | (392,113 | ) | (28,865 | ) | (568,867 | ) | |||||||||
Cash flows from financing activities of continuing operations: | |||||||||||||||||
Repayments of medium-term notes | — | (27,858 | ) | — | (27,858 | ) | |||||||||||
Intercompany borrowing activity | (50,000 | ) | 50,000 | — | — | ||||||||||||
Proceeds from securitization debt | — | 647,516 | — | 647,516 | |||||||||||||
Repayments of securitization debt | — | (840,387 | ) | — | (840,387 | ) | |||||||||||
Borrowings of asset-backed commercial paper | — | 88,456 | — | 88,456 | |||||||||||||
Repayments of asset-backed commercial paper | — | (78,765 | ) | — | (78,765 | ) | |||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 371,085 | — | 371,085 | |||||||||||||
Net change in restricted cash | — | 43,201 | — | 43,201 | |||||||||||||
Dividends | (187,688 | ) | (185,000 | ) | 185,000 | (187,688 | ) | ||||||||||
Purchase of common stock for treasury | (479,231 | ) | — | — | (479,231 | ) | |||||||||||
Excess tax benefits from share-based payments | 19,895 | — | — | 19,895 | |||||||||||||
Issuance of common stock under employee stock option plans | 50,567 | — | — | 50,567 | |||||||||||||
Net cash (used by) provided by financing activities of continuing operations | (646,457 | ) | 68,248 | 185,000 | (393,209 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (14,459 | ) | (2,084 | ) | — | (16,543 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents from continuing operations | $ | (8,804 | ) | $ | 7,278 | $ | — | $ | (1,526 | ) | |||||||
Cash and cash equivalents: | |||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | |||||||||
Net (decrease) increase in cash and cash equivalents | (8,804 | ) | 7,278 | — | (1,526 | ) | |||||||||||
Cash and cash equivalents—end of period | $ | 718,912 | $ | 347,700 | $ | — | $ | 1,066,612 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | & | |||||||||||||||
Products | Operations | Adjustments | |||||||||||||||
Operations | |||||||||||||||||
Cash flows from operating activities of continuing operations: | |||||||||||||||||
Income from continuing operations | $ | 677,048 | $ | 171,877 | $ | (225,000 | ) | $ | 623,925 | ||||||||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||||||||||||||||
Depreciation | 162,659 | 6,319 | — | 168,978 | |||||||||||||
Amortization of deferred loan origination costs | — | 78,592 | — | 78,592 | |||||||||||||
Amortization of financing origination fees | 473 | 9,496 | — | 9,969 | |||||||||||||
Provision for employee long-term benefits | 67,612 | 3,735 | — | 71,347 | |||||||||||||
Contributions to pension and postretirement plans | (244,416 | ) | — | — | (244,416 | ) | |||||||||||
Stock compensation expense | 37,544 | 3,271 | — | 40,815 | |||||||||||||
Net change in wholesale finance receivables | — | — | 2,513 | 2,513 | |||||||||||||
Provision for credit losses | — | 22,239 | — | 22,239 | |||||||||||||
Loss on debt extinguishment | — | 4,323 | — | 4,323 | |||||||||||||
Pension and postretirement healthcare plan curtailment and settlement expense | 6,242 | — | — | 6,242 | |||||||||||||
Deferred income taxes | 117,772 | 10,680 | — | 128,452 | |||||||||||||
Foreign currency adjustments | 9,773 | — | — | 9,773 | |||||||||||||
Other, net | (2,290 | ) | (4,926 | ) | — | (7,216 | ) | ||||||||||
Change in current assets and current liabilities: | |||||||||||||||||
Accounts receivable | 9,323 | — | (23,013 | ) | (13,690 | ) | |||||||||||
Finance receivables – accrued interest and other | — | (4 | ) | — | (4 | ) | |||||||||||
Inventories | 21,459 | — | — | 21,459 | |||||||||||||
Accounts payable and accrued liabilities | (6,368 | ) | (27,443 | ) | 23,013 | (10,798 | ) | ||||||||||
Restructuring reserves | (16,087 | ) | — | — | (16,087 | ) | |||||||||||
Derivative instruments | 2,906 | (148 | ) | — | 2,758 | ||||||||||||
Prepaid and other | (95,162 | ) | (2,554 | ) | — | (97,716 | ) | ||||||||||
Total adjustments | 71,440 | 103,580 | 2,513 | 177,533 | |||||||||||||
Net cash provided by operating activities of continuing operations | 748,488 | 275,457 | (222,487 | ) | 801,458 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (180,416 | ) | (8,586 | ) | — | (189,002 | ) | ||||||||||
Origination of finance receivables | — | (6,544,828 | ) | 3,686,127 | (2,858,701 | ) | |||||||||||
Collections of finance receivables | — | 6,456,729 | (3,688,640 | ) | 2,768,089 | ||||||||||||
Purchases of marketable securities | (4,993 | ) | — | — | (4,993 | ) | |||||||||||
Sales and redemptions of marketable securities | 23,296 | — | — | 23,296 | |||||||||||||
Net cash used by investing activities of continuing operations | (162,113 | ) | (96,685 | ) | (2,513 | ) | (261,311 | ) | |||||||||
Cash flows from financing activities of continuing operations: | |||||||||||||||||
Proceeds from issuance medium-term notes | — | 993,737 | — | 993,737 | |||||||||||||
Repayments of medium-term notes | — | (420,870 | ) | — | (420,870 | ) | |||||||||||
Intercompany borrowing activity | (400,000 | ) | 400,000 | — | — | ||||||||||||
Proceeds from securitization debt | — | 763,895 | — | 763,895 | |||||||||||||
Repayments of securitization debt | — | (1,405,599 | ) | — | (1,405,599 | ) | |||||||||||
Borrowings of asset-backed commercial paper | — | 200,417 | — | 200,417 | |||||||||||||
Net decrease in credit facilities and unsecured commercial paper | — | (744,724 | ) | — | (744,724 | ) | |||||||||||
Repayments of asset-backed commercial paper | — | (24,301 | ) | — | (24,301 | ) | |||||||||||
Net change in restricted cash | — | 41,647 | — | 41,647 | |||||||||||||
Dividends paid | (141,681 | ) | (225,000 | ) | 225,000 | (141,681 | ) | ||||||||||
Purchase of common stock for treasury, net of issuances | (311,632 | ) | — | — | (311,632 | ) | |||||||||||
Excess tax benefits from share based payments | 13,065 | — | — | 13,065 | |||||||||||||
Issuance of common stock under employee stock option plans | 45,973 | — | — | 45,973 | |||||||||||||
Net cash used by financing activities of continuing operations | (794,275 | ) | (420,798 | ) | 225,000 | (990,073 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (7,714 | ) | (1,172 | ) | — | (8,886 | ) | ||||||||||
Net decrease in cash and cash equivalents from continuing operations | $ | (215,614 | ) | $ | (243,198 | ) | $ | — | $ | (458,812 | ) | ||||||
Cash and cash equivalents: | |||||||||||||||||
Cash and cash equivalents – beginning of period | $ | 943,330 | $ | 583,620 | $ | — | $ | 1,526,950 | |||||||||
Net decrease in cash and cash equivalents | (215,614 | ) | (243,198 | ) | — | (458,812 | ) | ||||||||||
Cash and cash equivalents – end of period | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | & | |||||||||||||||
Products | Operations | Adjustments | |||||||||||||||
Operations | |||||||||||||||||
Cash flows from operating activities of continuing operations: | |||||||||||||||||
Net income | $ | 558,807 | $ | 165,307 | $ | (125,000 | ) | $ | 599,114 | ||||||||
Gain from discontinued operations | 51,036 | — | — | 51,036 | |||||||||||||
Income from continuing operations | 507,771 | 165,307 | (125,000 | ) | 548,078 | ||||||||||||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||||||||||||||||
Depreciation | 173,959 | 6,449 | — | 180,408 | |||||||||||||
Amortization of deferred loan origination costs | — | 78,695 | — | 78,695 | |||||||||||||
Amortization of financing origination fees | 473 | 10,317 | — | 10,790 | |||||||||||||
Provision for employee long-term benefits | 55,942 | 3,499 | — | 59,441 | |||||||||||||
Contributions to pension and postretirement plans | (219,695 | ) | — | — | (219,695 | ) | |||||||||||
Stock compensation expense | 35,404 | 2,788 | — | 38,192 | |||||||||||||
Net change in wholesale finance receivables | — | — | (2,335 | ) | (2,335 | ) | |||||||||||
Provision for credit losses | — | 17,031 | — | 17,031 | |||||||||||||
Loss on debt extinguishment | — | 9,608 | — | 9,608 | |||||||||||||
Pension and postretirement healthcare plan curtailment and settlement expense | 236 | — | — | 236 | |||||||||||||
Deferred income taxes | 71,555 | 16,318 | — | 87,873 | |||||||||||||
Foreign currency adjustments | 10,678 | — | — | 10,678 | |||||||||||||
Other, net | (16,650 | ) | 843 | — | (15,807 | ) | |||||||||||
Change in current assets and current liabilities: | |||||||||||||||||
Accounts receivable | 60,403 | — | (17,353 | ) | 43,050 | ||||||||||||
Finance receivables – accrued interest and other | — | 5,027 | — | 5,027 | |||||||||||||
Inventories | (94,957 | ) | — | — | (94,957 | ) | |||||||||||
Accounts payable and accrued liabilities | 81,670 | (25,989 | ) | 64,610 | 120,291 | ||||||||||||
Restructuring reserves | 8,072 | — | — | 8,072 | |||||||||||||
Derivative instruments | (2,519 | ) | 31 | — | (2,488 | ) | |||||||||||
Prepaid and other | 1,154 | 49,524 | (47,575 | ) | 3,103 | ||||||||||||
Total adjustments | 165,725 | 174,141 | (2,653 | ) | 337,213 | ||||||||||||
Net cash provided by operating activities of continuing operations | 673,496 | 339,448 | (127,653 | ) | 885,291 | ||||||||||||
Cash flows from investing activities of continuing operations: | |||||||||||||||||
Capital expenditures | (179,988 | ) | (9,047 | ) | — | (189,035 | ) | ||||||||||
Origination of finance receivables | — | (6,056,242 | ) | 3,434,218 | (2,622,024 | ) | |||||||||||
Collections of finance receivables | — | 6,191,932 | (3,431,883 | ) | 2,760,049 | ||||||||||||
Purchases of marketable securities | (142,653 | ) | — | — | (142,653 | ) | |||||||||||
Sales and redemptions of marketable securities | 130,121 | — | — | 130,121 | |||||||||||||
Net cash (used by) provided by investing activities of continuing operations | (192,520 | ) | 126,643 | 2,335 | (63,542 | ) | |||||||||||
Cash flows from financing activities of continuing operations: | |||||||||||||||||
Proceeds from issuance of medium-term notes | — | 447,076 | — | 447,076 | |||||||||||||
Repayment of medium-term notes | — | (59,211 | ) | — | (59,211 | ) | |||||||||||
Proceeds from securitization debt | — | 1,082,599 | — | 1,082,599 | |||||||||||||
Repayments of securitization debt | — | (1,754,568 | ) | — | (1,754,568 | ) | |||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 237,827 | — | 237,827 | |||||||||||||
Repayments of asset-backed commercial paper | — | (483 | ) | — | (483 | ) | |||||||||||
Net change in restricted cash | — | 59,232 | — | 59,232 | |||||||||||||
Dividends paid | (111,011 | ) | (125,000 | ) | 125,000 | (111,011 | ) | ||||||||||
Purchase of common stock for treasury, net of issuances | (224,548 | ) | — | — | (224,548 | ) | |||||||||||
Excess tax benefits from share based payments | 6,303 | — | — | 6,303 | |||||||||||||
Issuance of common stock under employee stock option plans | 7,840 | — | — | 7,840 | |||||||||||||
Net cash used by financing activities of continuing operations | (321,416 | ) | (112,528 | ) | 125,000 | (308,944 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents of continuing operations | (8,021 | ) | (85 | ) | 318 | (7,788 | ) | ||||||||||
Net increase in cash and cash equivalents of continuing operations | 151,539 | 353,478 | — | 505,017 | |||||||||||||
Cash flows from discontinued operations: | |||||||||||||||||
Cash flows from operating activities of discontinued operations | — | — | — | — | |||||||||||||
Cash flows from investing activities of discontinued operations | — | — | — | — | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents of discontinued operations | — | — | — | — | |||||||||||||
— | — | — | — | ||||||||||||||
Net increase in cash and cash equivalents | $ | 151,539 | $ | 353,478 | $ | — | $ | 505,017 | |||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash and cash equivalents – beginning of period | $ | 791,791 | $ | 230,142 | $ | — | $ | 1,021,933 | |||||||||
Net increase in cash and cash equivalents | 151,539 | 353,478 | — | 505,017 | |||||||||||||
Cash and cash equivalents – end of period | $ | 943,330 | $ | 583,620 | $ | — | $ | 1,526,950 | |||||||||
Supplementary_Data
Supplementary Data | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Supplementary Data | ' | ||||||||||||||||||||||||||||||||
SUPPLEMENTARY DATA | |||||||||||||||||||||||||||||||||
Quarterly financial data (unaudited) | |||||||||||||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||||||||||
Mar 31, | April 1, | June 30, | July 1, | Sep 29, | Sep 30, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Motorcycles: | |||||||||||||||||||||||||||||||||
Revenue | $ | 1,414.20 | $ | 1,273.40 | $ | 1,631.50 | $ | 1,569.00 | $ | 1,180.30 | $ | 1,089.30 | $ | 1,032.30 | $ | 1,010.90 | |||||||||||||||||
Operating income(a) | $ | 276.8 | $ | 208.1 | $ | 357.7 | $ | 309.6 | $ | 175.5 | $ | 144.8 | $ | 60.7 | $ | 53.1 | |||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||||||||
Revenue | $ | 157 | $ | 156.3 | $ | 162.8 | $ | 160.6 | $ | 163.4 | $ | 161 | $ | 158.3 | $ | 160 | |||||||||||||||||
Operating income | $ | 71.5 | $ | 67.4 | $ | 74.2 | $ | 82 | $ | 76.1 | $ | 72.4 | $ | 61.3 | $ | 63 | |||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||
Income before taxes | $ | 338.5 | $ | 265.9 | $ | 422.4 | $ | 382.1 | $ | 241.3 | $ | 207.1 | $ | 112.1 | $ | 106.4 | |||||||||||||||||
Net income | $ | 224.1 | $ | 172 | $ | 271.7 | $ | 247.3 | $ | 162.7 | $ | 134 | $ | 75.4 | $ | 70.6 | |||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1 | $ | 0.75 | $ | 1.22 | $ | 1.08 | $ | 0.73 | $ | 0.59 | $ | 0.34 | $ | 0.31 | |||||||||||||||||
Diluted | $ | 0.99 | $ | 0.74 | $ | 1.21 | $ | 1.07 | $ | 0.73 | $ | 0.59 | $ | 0.34 | $ | 0.31 | |||||||||||||||||
(a) | Operating income for the Motorcycles segment includes restructuring expense (benefit) as discussed in Note 4 for the following periods (in millions): | ||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||||||||||
Mar 31, | April 1, | June 30, | July 1, | Sep 29, | Sep 30, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Restructuring expense (benefit) | $ | 2.9 | $ | 11.5 | $ | (5.3 | ) | $ | 6.2 | $ | 0.6 | $ | 0.9 | $ | (0.4 | ) | $ | 1.6 | |||||||||||||||
Consolidated_Valuation_And_Qua
Consolidated Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Consolidated Valuation And Qualifying Accounts | ' | ||||||||||||
Schedule II | |||||||||||||
HARLEY-DAVIDSON, INC. | |||||||||||||
CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
Years ended December 31, 2013, 2012 and 2011 | |||||||||||||
(In thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Accounts receivable – allowance for doubtful accounts | |||||||||||||
Balance at beginning of period | $ | 4,954 | $ | 4,952 | $ | 10,357 | |||||||
Provision charged to expense | 245 | 424 | 1,408 | ||||||||||
Reserve adjustments | (136 | ) | (401 | ) | (6,633 | ) | |||||||
Write-offs, net of recoveries | (103 | ) | (21 | ) | (180 | ) | |||||||
Balance at end of period | $ | 4,960 | $ | 4,954 | $ | 4,952 | |||||||
Finance receivables – allowance for credit losses | |||||||||||||
Balance at beginning of period | $ | 107,667 | $ | 125,449 | $ | 173,589 | |||||||
Provision for credit losses | 60,008 | 22,239 | 17,031 | ||||||||||
Charge-offs, net of recoveries | (56,982 | ) | (40,021 | ) | (65,171 | ) | |||||||
Balance, end of period | $ | 110,693 | $ | 107,667 | $ | 125,449 | |||||||
Inventories – allowance for obsolescence(a) | |||||||||||||
Balance at beginning of period | $ | 22,936 | $ | 23,204 | $ | 34,180 | |||||||
Provision charged to expense | 5,254 | 9,489 | 4,885 | ||||||||||
Reserve adjustments | (1,281 | ) | (696 | ) | (466 | ) | |||||||
Write-offs, net of recoveries | (9,446 | ) | (9,061 | ) | (15,395 | ) | |||||||
Balance at end of period | $ | 17,463 | $ | 22,936 | $ | 23,204 | |||||||
Deferred tax assets – valuation allowance | |||||||||||||
Balance at beginning of period | $ | 16,314 | $ | 14,914 | $ | 27,048 | |||||||
Adjustments | 5,504 | 1,400 | (12,134 | ) | |||||||||
Balance at end of period | $ | 21,818 | $ | 16,314 | $ | 14,914 | |||||||
(a) | Inventory obsolescence reserves deducted from cost determined on first-in first-out (FIFO) basis, before deductions for last-in, first-out (LIFO) valuation reserves. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Use of Estimates | ' | ||||||||
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents – The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||
Marketable Securities | ' | ||||||||
Marketable Securities – The Company’s marketable securities consisted of the following at December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Available-for-sale securities: corporate bonds | $ | 99,009 | $ | 135,634 | |||||
Trading securities: mutual funds | 30,172 | 18,417 | |||||||
$ | 129,181 | $ | 154,051 | ||||||
The Company’s available-for-sale securities are carried at fair value with any unrealized gains or losses reported in other comprehensive income. During 2013 and 2012, the Company recognized gross unrealized loss of $1.5 million and unrealized gain of $0.6 million, respectively, or losses of $1.0 million and gains of $0.4 million, net of tax, respectively, to adjust amortized cost to fair value. The marketable securities have contractual maturities that generally come due over the next 1 to 29 months. | |||||||||
Accounts Receivable | ' | ||||||||
Accounts Receivable – The Company’s motorcycles and related products are sold to independent dealers and distributors outside the U.S. and Canada generally on open account and the resulting receivables are included in accounts receivable in the Company’s consolidated balance sheets. The allowance for doubtful accounts deducted from total accounts receivable was $5.0 million as of December 31, 2013 and 2012. Accounts receivable are written down once management determines that the specific customer does not have the ability to repay the balance in full. The Company’s sales of motorcycles and related products in the U.S. and Canada are financed by the purchasing dealers or distributors through HDFS and the related receivables are included in finance receivables in the consolidated balance sheets. | |||||||||
Finance Receivables, Net | ' | ||||||||
Finance Receivables, Net – Finance receivables include both retail and wholesale finance receivables, net, including amounts held by VIEs. Finance receivables are recorded in the financial statements at amortized cost net of an allowance for credit losses. The provision for credit losses on finance receivables is charged to earnings in amounts sufficient to maintain the allowance for credit losses at a level that is adequate to cover estimated losses of principal inherent in the existing portfolio. Portions of the allowance for credit losses are specified to cover estimated losses on finance receivables specifically identified for impairment. The unspecified portion of the allowance covers estimated losses on finance receivables which are collectively reviewed for impairment. Finance receivables are considered impaired when management determines it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement. | |||||||||
The retail portfolio primarily consists of a large number of small balance, homogeneous finance receivables. HDFS performs a periodic and systematic collective evaluation of the adequacy of the retail allowance for credit losses. HDFS utilizes loss forecast models which consider a variety of factors including, but not limited to, historical loss trends, origination or vintage analysis, known and inherent risks in the portfolio, the value of the underlying collateral, recovery rates and current economic conditions including items such as unemployment rates. Retail finance receivables are not evaluated individually for impairment prior to charge-off and therefore are not reported as impaired loans. | |||||||||
The wholesale portfolio is primarily composed of large balance, non-homogeneous loans. The Company’s wholesale allowance evaluation is first based on a loan-by-loan review. A specific allowance for credit losses is established for wholesale finance receivables determined to be individually impaired when management concludes that the borrower will not be able to make full payment of contractual amounts due based on the original terms of the loan agreement. The impairment is determined based on the cash that the Company expects to receive discounted at the loan’s original interest rate or the fair value of the collateral, if the loan is collateral-dependent. In establishing the allowance, management considers a number of factors including the specific borrower’s financial performance as well as ability to repay. As described below in the Financial Services Revenue Recognition policy, the accrual of interest on such finance receivables is discontinued when the collection of the account becomes doubtful. While a finance receivable is considered impaired, all cash received is applied to principal or interest as appropriate. | |||||||||
Finance receivables in the wholesale portfolio that are not individually evaluated for impairment are segregated, based on similar risk characteristics, according to the Company’s internal risk rating system and collectively evaluated for impairment. The related allowance is based on factors such as the Company’s past loan loss experience, current economic conditions as well as the value of the underlying collateral. | |||||||||
Impaired finance receivables also include loans that have been modified in troubled debt restructurings as a concession to borrowers experiencing financial difficulty. Generally, it is the Company’s policy not to change the terms and conditions of finance receivables. However, to minimize the economic loss, the Company may modify certain impaired finance receivables in troubled debt restructurings. Total restructured finance receivables are not significant. | |||||||||
Repossessed inventory is recorded at the lower of cost or net realizable value and is reclassified from finance receivables to other current assets with any related loss recognized as a charge against the allowance for credit losses on finance receivables in the period during which the asset was transferred. | |||||||||
Inventories | ' | ||||||||
Inventories – Inventories are valued at the lower of cost or market. Substantially all inventories located in the United States are valued using the last-in, first-out (LIFO) method. Other inventories totaling $210.7 million at December 31, 2013 and $195.0 million at December 31, 2012 are valued at the lower of cost or market using the first-in, first-out (FIFO) method. | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment – Property, plant and equipment is recorded at cost. Depreciation is determined on the straight-line basis over the estimated useful lives of the assets. The following useful lives are used to depreciate the various classes of property, plant and equipment: buildings – 30 years; building equipment and land improvements – 7 years; machinery and equipment –3 to 10 years; furniture and fixtures –5 years; and software – 3 to 7 years. Accelerated methods of depreciation are used for income tax purposes. | |||||||||
Goodwill | ' | ||||||||
Goodwill – Goodwill represents the excess of acquisition cost over the fair value of the net assets purchased. Goodwill is tested for impairment, based on financial data related to the reporting unit to which it has been assigned, at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The impairment test involves comparing the estimated fair value of the reporting unit associated with the goodwill to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, goodwill must be adjusted to its implied fair value. | |||||||||
Long-lived Assets | ' | ||||||||
Long-lived Assets – The Company periodically evaluates the carrying value of long-lived assets to be held and used when events and circumstances warrant such review. If the carrying value of a long-lived asset is considered impaired, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset for assets to be held and used. The Company also reviews the useful life of its long-lived assets when events and circumstances indicate that the actual useful life may be shorter than originally estimated. In the event that the actual useful life is deemed to be shorter than the original useful life, depreciation is adjusted prospectively so that the remaining book value is depreciated over the revised useful life. | |||||||||
Asset groups classified as held for sale are measured at the lower of carrying amount or fair value less cost to sell, and a loss is recognized for any initial adjustment required to reduce the carrying amount to the fair value less cost to sell in the period the held for sale criteria are met. The fair value less cost to sell must be assessed each reporting period the asset group remains classified as held for sale. Gains or losses not previously recognized resulting from the sale of an asset group will be recognized on the date of sale. | |||||||||
Product Warranty and Safety Recall Campaigns | ' | ||||||||
Product Warranty and Safety Recall Campaigns – The Company currently provides a standard two-year limited warranty on all new motorcycles sold worldwide, except for Japan, where the Company provides a standard three-year limited warranty on all new motorcycles sold. In addition, the Company started offering a one-year warranty for Parts & Accessories (P&A) in 2012. The warranty coverage for the retail customer generally begins when the product is sold to a retail customer. The Company maintains reserves for future warranty claims which are based primarily on historical Company claim information. Additionally, the Company has from time to time initiated certain voluntary safety recall campaigns. The Company reserves for all estimated costs associated with safety recalls in the period that the safety recalls are announced. | |||||||||
Derivative Financial Instruments | ' | ||||||||
Derivative Financial Instruments – The Company is exposed to certain risks such as foreign currency exchange rate risk, interest rate risk and commodity price risk. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. All derivative transactions are authorized and executed pursuant to regularly reviewed policies and procedures, which prohibit the use of financial instruments for speculative trading purposes. | |||||||||
All derivative instruments are recognized on the balance sheet at fair value (see Note 8). In accordance with ASC Topic 815, “Derivatives and Hedging,” the accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. Changes in the fair value of derivatives that are designated as fair value hedges, along with the gain or loss on the hedged item, are recorded in current period earnings. For derivative instruments that are designated as cash flow hedges, the effective portion of gains and losses that result from changes in the fair value of derivative instruments is initially recorded in other comprehensive income (OCI) and subsequently reclassified into earnings when the hedged item affects income. The Company assesses, at both the inception of each hedge and on an on-going basis, whether the derivatives that are used in its hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. Any ineffective portion is immediately recognized in earnings. No component of a hedging derivative instrument’s gain or loss is excluded from the assessment of hedge effectiveness. Derivative instruments that do not qualify for hedge accounting are recorded at fair value and any changes in fair value are recorded in current period earnings. | |||||||||
Revenue Recognition | ' | ||||||||
Motorcycles and Related Products Revenue Recognition – Sales are recorded when products are shipped to wholesale customers (independent dealers and distributors) and ownership is transferred. The Company may offer sales incentive programs to both wholesale and retail customers designed to promote the sale of motorcycles and related products. The total costs of these programs are generally recognized as revenue reductions and are accrued at the later of the date the related sales are recorded or the date the incentive program is both approved and communicated. | |||||||||
Financial Services Revenue Recognition – Interest income on finance receivables is recorded as earned and is based on the average outstanding daily balance for wholesale and retail receivables. Accrued and uncollected interest is classified with finance receivables. Certain loan origination costs related to finance receivables, including payments made to dealers for certain retail loans, are deferred and amortized over the estimated life of the contract. | |||||||||
Retail finance receivables are contractually delinquent if the minimum payment is not received by the specified due date. Retail finance receivables are generally charged-off when the receivable is 120 days or more delinquent, the related asset is repossessed or the receivable is otherwise deemed uncollectible. All retail finance receivables accrue interest until either collected or charged-off. Accordingly, as of December 31, 2013 and 2012, all retail finance receivables are accounted for as interest-earning receivables. | |||||||||
Wholesale finance receivables are delinquent if the minimum payment is not received by the contractual due date. Interest continues to accrue on past due finance receivables until the date the finance receivable becomes uncollectible and the finance receivable is placed on non-accrual status. HDFS will resume accruing interest on these accounts when payments are current according to the terms of the loans and future payments are reasonably assured. While on non-accrual status, all cash received is applied to principal or interest as appropriate. Wholesale finance receivables are written down once management determines that the specific borrower does not have the ability to repay the loan in full. | |||||||||
Insurance and protection product commissions as well as commissions on the sale of extended service contracts are recognized when contractually earned. | |||||||||
Research and Development Expenses | ' | ||||||||
Research and Development Expenses – Expenditures for research activities relating to product development and improvement are charged against income as incurred and included within selling, administrative and engineering expenses in the consolidated statement of operations. | |||||||||
Advertising Costs | ' | ||||||||
Advertising Costs – The Company expenses the production cost of advertising the first time the advertising takes place. Advertising costs relate to the Company’s efforts to promote its products and brands through the use of media. | |||||||||
Shipping and Handling Costs | ' | ||||||||
Shipping and Handling Costs – The Company classifies shipping and handling costs as a component of cost of goods sold. | |||||||||
Share-Based Award Compensation Costs | ' | ||||||||
Share-Based Award Compensation Costs – The Company recognizes the cost of its share-based awards in its statement of operations. The total cost of the Company’s equity awards is equal to their grant date fair value and is recognized as expense on a straight-line basis over the service periods of the awards. The total cost of the Company’s liability for cash-settled awards is equal to their settlement date fair value. The liability for cash-settled awards is revalued each period based on a recalculated fair value adjusted for vested awards. | |||||||||
Income Tax Expense | ' | ||||||||
Income Tax Expense – The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. | |||||||||
New Accounting Standards | ' | ||||||||
Accounting Standards Not Yet Adopted | |||||||||
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11 Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU No. 2013-11). ASU No. 2013-11 amends the guidance within Accounting Standards Codification (ASC) Topic 740, "Income Taxes", to require entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The Company is required to adopt ASU No. 2013-11 beginning in the first quarter of 2014 and is currently evaluating the impact of adoption. | |||||||||
Accounting Standards Recently Adopted | |||||||||
In February 2013, the FASB issued ASU No. 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU No. 2013-02). ASU No. 2013-02 requires entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted ASU No. 2013-02 effective on January 1, 2013. The required new disclosures are presented in Note 11. | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Net and Accounts Payable – With the exception of certain cash equivalents, the carrying value of these items in the financial statements is based on historical cost. The historical cost basis for these amounts is estimated to approximate their respective fair values due to the short maturity of these instruments. Fair value is based on Level 1 or Level 2 inputs. | |||||||||
Marketable Securities – The carrying value of marketable securities in the financial statements is based on fair value. The fair value of marketable securities is determined primarily based quoted prices for identical instruments or on quoted market prices of similar financial assets. Fair value is based on Level 1 or Level 2 inputs. | |||||||||
Finance Receivables, Net – The carrying value of retail and wholesale finance receivables in the financial statements is amortized cost less an allowance for credit losses. The fair value of retail finance receivables is generally calculated by discounting future cash flows using an estimated discount rate that reflects current credit, interest rate and prepayment risks associated with similar types of instruments. Fair value is determined based on Level 3 inputs. The amortized cost basis of wholesale finance receivables approximates fair value because they either are short-term or have interest rates that adjust with changes in market interest rates. | |||||||||
Derivatives – Interest rate swaps, foreign currency exchange contracts and commodity contracts are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of interest rate swaps is determined using pricing models that incorporate quoted prices for similar assets and observable inputs such as interest rates and yield curves. The fair value of foreign currency exchange and commodity contracts is determined using publicly quoted prices. Fair value is calculated using Level 2 inputs. | |||||||||
Debt – The carrying value of debt in the financial statements is generally amortized cost. The carrying value of unsecured commercial paper approximates fair value due to its short maturity. Fair value is calculated using Level 2 inputs. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Marketable Securities | ' | ||||||||||||
Marketable Securities – The Company’s marketable securities consisted of the following at December 31 (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Available-for-sale securities: corporate bonds | $ | 99,009 | $ | 135,634 | |||||||||
Trading securities: mutual funds | 30,172 | 18,417 | |||||||||||
$ | 129,181 | $ | 154,051 | ||||||||||
Changes In Warranty And Safety Recall Liability | ' | ||||||||||||
Changes in the Company’s warranty and safety recall liability were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance, beginning of period | $ | 60,263 | $ | 54,994 | $ | 54,134 | |||||||
Warranties issued during the period | 59,022 | 54,394 | 44,092 | ||||||||||
Settlements made during the period | (64,462 | ) | (67,247 | ) | (55,386 | ) | |||||||
Recalls and changes to pre-existing warranty liabilities | 9,297 | 18,122 | 12,154 | ||||||||||
Balance, end of period | $ | 64,120 | $ | 60,263 | $ | 54,994 | |||||||
Additional_Balance_Sheet_And_C1
Additional Balance Sheet And Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Inventories, Net | ' | ||||||||||||
Inventories, net (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Components at the lower of FIFO cost or market | |||||||||||||
Raw materials and work in process | $ | 140,302 | $ | 111,335 | |||||||||
Motorcycle finished goods | 205,416 | 205,660 | |||||||||||
Parts and accessories and general merchandise | 127,515 | 122,418 | |||||||||||
Inventory at lower of FIFO cost or market | 473,233 | 439,413 | |||||||||||
Excess of FIFO over LIFO cost | (48,726 | ) | (45,889 | ) | |||||||||
$ | 424,507 | $ | 393,524 | ||||||||||
Property, Plant And Equipment, At Cost | ' | ||||||||||||
Property, plant and equipment, at cost (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Land and related improvements | $ | 56,146 | $ | 57,801 | |||||||||
Buildings and related improvements | 424,485 | 417,316 | |||||||||||
Machinery and equipment | 2,153,755 | 2,042,484 | |||||||||||
Construction in progress | 168,598 | 167,243 | |||||||||||
2,802,984 | 2,684,844 | ||||||||||||
Accumulated depreciation | (1,960,507 | ) | (1,869,380 | ) | |||||||||
$ | 842,477 | $ | 815,464 | ||||||||||
Accrued Liabilities | ' | ||||||||||||
Accrued liabilities (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Payroll, employee benefits and related expenses | $ | 166,346 | $ | 215,461 | |||||||||
Restructuring reserves | 2,181 | 27,223 | |||||||||||
Warranty and recalls | 46,571 | 60,263 | |||||||||||
Sales incentive programs | 42,541 | 43,938 | |||||||||||
Tax-related accruals | 21,970 | 19,923 | |||||||||||
Fair value of derivative financial instruments | 3,925 | 7,920 | |||||||||||
Other | 143,801 | 138,863 | |||||||||||
$ | 427,335 | $ | 513,591 | ||||||||||
Reconciliation Of Net Income (Loss) To Net Cash Provided By Operating Activities Of Continuing Operations | ' | ||||||||||||
The reconciliation of net income to net cash provided by operating activities of continuing operations is as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 733,993 | $ | 623,925 | $ | 599,114 | |||||||
Income from discontinued operations | — | — | 51,036 | ||||||||||
Income from continuing operations | 733,993 | 623,925 | 548,078 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Depreciation | 167,072 | 168,978 | 180,408 | ||||||||||
Amortization of deferred loan origination costs | 86,181 | 78,592 | 78,695 | ||||||||||
Amortization of financing origination fees | 9,376 | 9,969 | 10,790 | ||||||||||
Provision for employee long-term benefits | 66,877 | 71,347 | 59,441 | ||||||||||
Contributions to pension and postretirement plans | (204,796 | ) | (244,416 | ) | (219,695 | ) | |||||||
Stock compensation expense | 41,244 | 40,815 | 38,192 | ||||||||||
Net change in wholesale finance receivables related to sales | 28,865 | 2,513 | (2,335 | ) | |||||||||
Provision for credit losses | 60,008 | 22,239 | 17,031 | ||||||||||
Loss on debt extinguishment | 4,947 | 4,323 | 9,608 | ||||||||||
Pension and postretirement healthcare plan curtailment and settlement expense | — | 6,242 | 236 | ||||||||||
Deferred income taxes | 52,580 | 128,452 | 87,873 | ||||||||||
Foreign currency adjustments | 16,269 | 9,773 | 10,678 | ||||||||||
Other, net | 10,123 | (7,216 | ) | (15,807 | ) | ||||||||
Changes in current assets and liabilities: | |||||||||||||
Accounts receivable, net | (36,653 | ) | (13,690 | ) | 43,050 | ||||||||
Finance receivables – accrued interest and other | (346 | ) | (4 | ) | 5,027 | ||||||||
Inventories | (46,474 | ) | 21,459 | (94,957 | ) | ||||||||
Accounts payable and accrued liabilities | (53,623 | ) | (10,798 | ) | 120,291 | ||||||||
Restructuring reserves | (25,042 | ) | (16,087 | ) | 8,072 | ||||||||
Derivative instruments | (2,189 | ) | 2,758 | (2,488 | ) | ||||||||
Prepaid and other | 68,681 | (97,716 | ) | 3,103 | |||||||||
Total adjustments | 243,100 | 177,533 | 337,213 | ||||||||||
Net cash provided by operating activities of continuing operations | $ | 977,093 | $ | 801,458 | $ | 885,291 | |||||||
Cash Paid During The Period For Interest And Income Taxes | ' | ||||||||||||
Cash paid during the period for interest and income taxes (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest | $ | 197,161 | $ | 225,228 | $ | 251,341 | |||||||
Income taxes | $ | 236,972 | $ | 317,812 | $ | 84,984 | |||||||
Recovered_Sheet1
Restructuring Expense And Other Impairments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||||||||||||||||||
Restructuring Plan Reserve Recorded In Accrued Liabilities | ' | ||||||||||||||||||||||||||||||||
2009 Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the following years ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | |||||||||||||||||||||||||
Restructuring expense | — | — | 907 | 907 | |||||||||||||||||||||||||||||
Utilized – cash | (1,645 | ) | — | (1,068 | ) | (2,713 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (1,551 | ) | — | — | (1,551 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 2,000 | $ | — | $ | — | $ | 2,000 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | |||||||||||||||||||||||||
Restructuring expense | 4,099 | — | 13,154 | 17,253 | |||||||||||||||||||||||||||||
Utilized – cash | (6,566 | ) | — | (12,993 | ) | (19,559 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (2,426 | ) | — | — | (2,426 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 23,818 | $ | — | $ | 2,764 | $ | 26,582 | |||||||||||||||||||||||||
Restructuring expense | 5,062 | — | 34,470 | 39,532 | |||||||||||||||||||||||||||||
Utilized – cash | (16,498 | ) | — | (37,234 | ) | (53,732 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (2,293 | ) | — | — | (2,293 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | |||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2011 Kansas City Restructuring Plan and 2011 New Castalloy Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the year ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | |||||||||||||||||||||||||||||||
Employee Severance and Termination Costs | Other | Total | Employee Severance and Termination Costs | Accelerated Depreciation | Other | Total | Total | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | |||||||||||||||||
Restructuring expense | — | — | — | 1,480 | 2,093 | 1,709 | 5,282 | 5,282 | |||||||||||||||||||||||||
Utilized - cash | (1,290 | ) | — | (1,290 | ) | (5,369 | ) | — | — | (5,369 | ) | (6,659 | ) | ||||||||||||||||||||
Utilized - non-cash | — | — | — | — | (2,093 | ) | (1,721 | ) | (3,814 | ) | (3,814 | ) | |||||||||||||||||||||
Non-cash reserve release | (969 | ) | — | (969 | ) | (5,369 | ) | — | — | (5,369 | ) | (6,338 | ) | ||||||||||||||||||||
Balance, end of period | $ | — | $ | — | $ | — | $ | 48 | $ | — | $ | 133 | $ | 181 | $ | 181 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | |||||||||||||||||||||||||||||||
Employee Severance and Termination Costs | Other | Total | Employee Severance and Termination Costs | Accelerated Depreciation | Other | Total | Total | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,123 | $ | — | $ | 4,123 | $ | 8,428 | $ | — | $ | 305 | $ | 8,733 | $ | 12,856 | |||||||||||||||||
Restructuring expense | — | — | — | 3,180 | 8,212 | 1,427 | 12,819 | 12,819 | |||||||||||||||||||||||||
Utilized - cash | — | — | — | (2,302 | ) | — | (1,587 | ) | (3,889 | ) | (3,889 | ) | |||||||||||||||||||||
Utilized - non-cash | — | — | — | — | (8,212 | ) | — | (8,212 | ) | (8,212 | ) | ||||||||||||||||||||||
Non-cash reserve release | (1,864 | ) | — | (1,864 | ) | — | — | — | — | (1,864 | ) | ||||||||||||||||||||||
Balance, end of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | |||||||||||||||||
The following table summarizes the Motorcycles segment’s 2010 Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the following years ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Employee | Employee | Employee | |||||||||||||||||||||||||||||||
Severance and | Severance and | Severance and | |||||||||||||||||||||||||||||||
Termination Costs | Termination Costs | Termination Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,156 | $ | 20,361 | $ | 8,652 | |||||||||||||||||||||||||||
Restructuring expense | — | 4,005 | 12,575 | ||||||||||||||||||||||||||||||
Utilized – cash | (9,725 | ) | (12,898 | ) | (866 | ) | |||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | ||||||||||||||||||||||||||||||
Non-cash reserve release | (431 | ) | (1,312 | ) | — | ||||||||||||||||||||||||||||
Balance, end of period | $ | — | $ | 10,156 | $ | 20,361 | |||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||||||||||
Mar 31, | April 1, | June 30, | July 1, | Sep 29, | Sep 30, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Restructuring expense (benefit) | $ | 2.9 | $ | 11.5 | $ | (5.3 | ) | $ | 6.2 | $ | 0.6 | $ | 0.9 | $ | (0.4 | ) | $ | 1.6 | |||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Changes In Carrying Amount Of Goodwill | ' | ||||
The following table summarizes changes in the carrying amount of goodwill in the Motorcycles segment for the following years ended December 31 (in thousands): | |||||
Motorcycles | |||||
Balance, December 31, 2010 | $ | 29,590 | |||
Currency translation | (509 | ) | |||
Balance, December 31, 2011 | $ | 29,081 | |||
Currency translation | 449 | ||||
Balance, December 31, 2012 | $ | 29,530 | |||
Currency translation | 922 | ||||
Balance, December 31, 2013 | $ | 30,452 | |||
Finance_Receivables_Tables
Finance Receivables (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||
Finance Receivables | ' | ||||||||||||||||||||||||
Finance receivables, net at December 31 for the past five years were as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
Wholesale | |||||||||||||||||||||||||
United States | $ | 800,491 | $ | 776,633 | $ | 778,320 | $ | 735,481 | $ | 787,891 | |||||||||||||||
Canada | 44,721 | 39,771 | 46,320 | 78,516 | 82,110 | ||||||||||||||||||||
Total wholesale | 845,212 | 816,404 | 824,640 | 813,997 | 870,001 | ||||||||||||||||||||
Retail | |||||||||||||||||||||||||
United States | 5,051,245 | 4,850,450 | 4,858,781 | 5,126,699 | 3,835,235 | ||||||||||||||||||||
Canada | 213,799 | 222,665 | 228,709 | 250,462 | 256,658 | ||||||||||||||||||||
Total retail | 5,265,044 | 5,073,115 | 5,087,490 | 5,377,161 | 4,091,893 | ||||||||||||||||||||
6,110,256 | 5,889,519 | 5,912,130 | 6,191,158 | 4,961,894 | |||||||||||||||||||||
Allowance for credit losses | (110,693 | ) | (107,667 | ) | (125,449 | ) | (173,589 | ) | (150,082 | ) | |||||||||||||||
5,999,563 | 5,781,852 | 5,786,681 | 6,017,569 | 4,811,812 | |||||||||||||||||||||
Investment in retained securitization interests | — | — | — | — | 245,350 | ||||||||||||||||||||
$ | 5,999,563 | $ | 5,781,852 | $ | 5,786,681 | $ | 6,017,569 | $ | 5,057,162 | ||||||||||||||||
Contractual Maturities Of Finance Receivables | ' | ||||||||||||||||||||||||
On December 31, 2013, contractual maturities of finance receivables were as follows (in thousands): | |||||||||||||||||||||||||
United States | Canada | Total | |||||||||||||||||||||||
2014 | $ | 1,713,839 | $ | 82,762 | $ | 1,796,601 | |||||||||||||||||||
2015 | 990,463 | 40,957 | 1,031,420 | ||||||||||||||||||||||
2016 | 1,116,609 | 45,882 | 1,162,491 | ||||||||||||||||||||||
2017 | 1,127,536 | 51,399 | 1,178,935 | ||||||||||||||||||||||
2018 | 838,574 | 37,520 | 876,094 | ||||||||||||||||||||||
Thereafter | 64,715 | — | 64,715 | ||||||||||||||||||||||
Total | $ | 5,851,736 | $ | 258,520 | $ | 6,110,256 | |||||||||||||||||||
Changes In The Allowance For Finance Credit Losses On 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): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 101,442 | $ | 6,225 | $ | 107,667 | |||||||||||||||||||
Provision for credit losses | 61,603 | (1,595 | ) | 60,008 | |||||||||||||||||||||
Charge-offs | (97,928 | ) | — | (97,928 | ) | ||||||||||||||||||||
Recoveries | 40,946 | — | 40,946 | ||||||||||||||||||||||
Balance, end of period | $ | 106,063 | $ | 4,630 | $ | 110,693 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 116,112 | $ | 9,337 | $ | 125,449 | |||||||||||||||||||
Provision for credit losses | 25,252 | (3,013 | ) | 22,239 | |||||||||||||||||||||
Charge-offs | (86,963 | ) | (99 | ) | (87,062 | ) | |||||||||||||||||||
Recoveries | 47,041 | — | 47,041 | ||||||||||||||||||||||
Balance, end of period | $ | 101,442 | $ | 6,225 | $ | 107,667 | |||||||||||||||||||
2011 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 157,791 | $ | 15,798 | $ | 173,589 | |||||||||||||||||||
Provision for credit losses | 23,054 | (6,023 | ) | 17,031 | |||||||||||||||||||||
Charge-offs | (118,993 | ) | (503 | ) | (119,496 | ) | |||||||||||||||||||
Recoveries | 54,260 | 65 | 54,325 | ||||||||||||||||||||||
Balance, end of period | $ | 116,112 | $ | 9,337 | $ | 125,449 | |||||||||||||||||||
The allowance for credit losses and finance receivables by portfolio, segregated by those amounts that are individually evaluated for impairment and those that are collectively evaluated for impairment, at December 31 were as follows (in thousands): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Allowance for credit losses, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 106,063 | 4,630 | 110,693 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 106,063 | $ | 4,630 | $ | 110,693 | |||||||||||||||||||
Finance receivables, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 5,265,044 | 845,212 | 6,110,256 | ||||||||||||||||||||||
Total finance receivables | $ | 5,265,044 | $ | 845,212 | $ | 6,110,256 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Retail | Wholesale | Total | |||||||||||||||||||||||
Allowance for credit losses, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 101,442 | 6,225 | 107,667 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 101,442 | $ | 6,225 | $ | 107,667 | |||||||||||||||||||
Finance receivables, ending balance: | |||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | — | $ | — | |||||||||||||||||||
Collectively evaluated for impairment | 5,073,115 | 816,404 | 5,889,519 | ||||||||||||||||||||||
Total finance receivables | $ | 5,073,115 | $ | 816,404 | $ | 5,889,519 | |||||||||||||||||||
Past Due Financing Receivables | ' | ||||||||||||||||||||||||
An analysis of the aging of past due finance receivables at December 31 was as follows (in thousands): | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | |||||||||||||||||||||
Past Due | Receivables | ||||||||||||||||||||||||
Retail | $ | 5,094,615 | $ | 109,806 | $ | 36,029 | $ | 24,594 | $ | 170,429 | $ | 5,265,044 | |||||||||||||
Wholesale | 844,033 | 791 | 181 | 207 | 1,179 | 845,212 | |||||||||||||||||||
Total | $ | 5,938,648 | $ | 110,597 | $ | 36,210 | $ | 24,801 | $ | 171,608 | $ | 6,110,256 | |||||||||||||
2012 | |||||||||||||||||||||||||
Current | 31-60 Days | 61-90 Days | Greater than | Total | Total | ||||||||||||||||||||
Past Due | Past Due | 90 Days | Past Due | Finance | |||||||||||||||||||||
Past Due | Receivables | ||||||||||||||||||||||||
Retail | $ | 4,894,675 | $ | 113,604 | $ | 37,239 | $ | 27,597 | $ | 178,440 | $ | 5,073,115 | |||||||||||||
Wholesale | 814,706 | 984 | 278 | 436 | 1,698 | 816,404 | |||||||||||||||||||
Total | $ | 5,709,381 | $ | 114,588 | $ | 37,517 | $ | 28,033 | $ | 180,138 | $ | 5,889,519 | |||||||||||||
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): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||||
United States | $ | 23,770 | $ | 26,500 | $ | 27,171 | $ | 34,391 | $ | 24,629 | |||||||||||||||
Canada | 1,031 | 1,533 | 1,207 | 1,351 | 2,161 | ||||||||||||||||||||
Total | $ | 24,801 | $ | 28,033 | $ | 28,378 | $ | 35,742 | $ | 26,790 | |||||||||||||||
Financing Receivable Credit Quality Indicators | ' | ||||||||||||||||||||||||
The recorded investment of retail finance receivables, by credit quality indicator, at December 31 was as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Prime | $ | 4,141,559 | $ | 4,035,584 | |||||||||||||||||||||
Sub-prime | 1,123,485 | 1,037,531 | |||||||||||||||||||||||
Total | $ | 5,265,044 | $ | 5,073,115 | |||||||||||||||||||||
The recorded investment of wholesale finance receivables, by internal credit quality indicator, at December 31 was as follows (in thousands): | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Doubtful | $ | — | $ | 8,107 | |||||||||||||||||||||
Substandard | 8,383 | 2,593 | |||||||||||||||||||||||
Special Mention | 2,076 | 3,504 | |||||||||||||||||||||||
Medium Risk | 5,205 | 8,451 | |||||||||||||||||||||||
Low Risk | 829,548 | 793,749 | |||||||||||||||||||||||
Total | $ | 845,212 | $ | 816,404 | |||||||||||||||||||||
AssetBacked_Financing_Tables
Asset-Backed Financing (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Secured Debt [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Assets And Liabilities Of Variable Interest Entities | ' | |||||||||||||||||||||||
The following table shows the assets and liabilities related to the Company's asset-backed financings that were included in its financial statements at December 31 (in thousands): | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 1,569,118 | $ | (31,778 | ) | $ | 133,053 | $ | 3,720 | $ | 1,674,113 | $ | 1,256,632 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 429 | 429 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 204,092 | (3,361 | ) | 11,754 | 589 | 213,074 | 174,241 | |||||||||||||||||
$ | 1,773,210 | $ | (35,139 | ) | $ | 144,807 | $ | 4,738 | $ | 1,887,616 | $ | 1,430,873 | ||||||||||||
2012 | ||||||||||||||||||||||||
Finance receivables | Allowance for credit losses | Restricted cash | Other assets | Total assets | Asset-backed debt | |||||||||||||||||||
On-balance sheet assets and liabilities | ||||||||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||||||||
Term asset-backed securitizations | $ | 2,143,708 | $ | (42,139 | ) | $ | 176,290 | $ | 4,869 | $ | 2,282,728 | $ | 1,447,776 | |||||||||||
Asset-backed U.S. commercial paper conduit facility | — | — | — | 419 | 419 | — | ||||||||||||||||||
Unconsolidated VIEs | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | 194,285 | (3,432 | ) | 11,718 | 255 | 202,826 | 175,658 | |||||||||||||||||
$ | 2,337,993 | $ | (45,571 | ) | $ | 188,008 | $ | 5,543 | $ | 2,485,973 | $ | 1,623,434 | ||||||||||||
Schedule Of Secured Notes With Related Maturity | ' | |||||||||||||||||||||||
At December 31, 2013, the Company's consolidated balance sheet included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands): | ||||||||||||||||||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | |||||||||||||||||||||
Amount at Date of Issuance | Rate at Date of | |||||||||||||||||||||||
Issuance | ||||||||||||||||||||||||
Apr-13 | $650,000 | 0.57% | May 2014 - December 2020 | |||||||||||||||||||||
Jul-12 | $675,306 | 0.59% | August 2013 - June 2018 | |||||||||||||||||||||
Nov-11 | $513,300 | 0.88% | November 2012 - February 2018 | |||||||||||||||||||||
Aug-11 | $573,380 | 0.76% | September 2012 - August 2017 | |||||||||||||||||||||
Nov-10 | $600,000 | 1.05% | December 2011 - April 2018 | |||||||||||||||||||||
Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2012 (in thousands) and the Company completed repayment of those balances during 2013: | ||||||||||||||||||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | |||||||||||||||||||||
Amount at Date of Issuance | Rate at Date of | |||||||||||||||||||||||
Issuance | ||||||||||||||||||||||||
Dec-09 | $562,499 | 1.55% | December 2010 - June 2017 | |||||||||||||||||||||
Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following as of December 31 (in thousands): | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Secured debt | ||||||||||||||||||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 174,241 | $ | 175,658 | ||||||||||||||||||||
Term asset-backed securitization debt | 1,256,632 | 1,447,776 | ||||||||||||||||||||||
Unsecured notes | ||||||||||||||||||||||||
5.75% Medium-term notes due in 2014 ($500.0 million par value) | 499,866 | 499,705 | ||||||||||||||||||||||
1.15% Medium-term notes due in 2015 ($600.0 million par value) | 599,543 | 599,269 | ||||||||||||||||||||||
3.88% Medium-term notes due in 2016 ($450.0 million par value) | 449,883 | 449,829 | ||||||||||||||||||||||
2.70% Medium-term notes due in 2017 ($400.0 million par value) | 399,946 | 399,929 | ||||||||||||||||||||||
6.80% Medium-term notes due in 2018 ($910.5 million par value) | 909,742 | 932,540 | ||||||||||||||||||||||
15.00% Senior unsecured notes due in 2014 ($600.0 million par value) | 303,000 | 303,000 | ||||||||||||||||||||||
Gross long-term debt | 4,592,853 | 4,807,706 | ||||||||||||||||||||||
Less: current portion of long-term debt | (1,176,140 | ) | (437,162 | ) | ||||||||||||||||||||
Long-term debt | $ | 3,416,713 | $ | 4,370,544 | ||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31 (in thousands): | |||||||||||||||||
Balance as of 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 836,387 | $ | 516,173 | $ | 320,214 | $ | — | |||||||||
Marketable securities | 129,181 | 30,172 | 99,009 | — | |||||||||||||
Derivatives | 1,932 | — | 1,932 | — | |||||||||||||
$ | 967,500 | $ | 546,345 | $ | 421,155 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 3,925 | $ | — | $ | 3,925 | $ | — | |||||||||
Balance as of 2012 | Quoted Prices in | Significant | Significant | ||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 834,562 | $ | 672,274 | $ | 162,288 | $ | — | |||||||||
Marketable securities | 154,051 | 18,417 | 135,634 | — | |||||||||||||
Derivatives | 317 | — | 317 | — | |||||||||||||
$ | 988,930 | $ | 690,691 | $ | 298,239 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 7,920 | $ | — | $ | 7,920 | $ | — | |||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary Of The Fair Value And Carrying Value Of The Company's Financial Instruments | ' | ||||||||||||||||
The following table summarizes the fair value and carrying value of the Company’s financial instruments at December 31 (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,066,612 | $ | 1,066,612 | $ | 1,068,138 | $ | 1,068,138 | |||||||||
Marketable securities | $ | 129,181 | $ | 129,181 | $ | 154,051 | $ | 154,051 | |||||||||
Accounts receivable, net | $ | 261,065 | $ | 261,065 | $ | 230,079 | $ | 230,079 | |||||||||
Derivatives | $ | 1,932 | $ | 1,932 | $ | 317 | $ | 317 | |||||||||
Finance receivables, net | $ | 6,086,441 | $ | 5,999,563 | $ | 5,861,442 | $ | 5,781,852 | |||||||||
Restricted cash | $ | 144,807 | $ | 144,807 | $ | 188,008 | $ | 188,008 | |||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 239,794 | $ | 239,794 | $ | 257,386 | $ | 257,386 | |||||||||
Derivatives | $ | 3,925 | $ | 3,925 | $ | 7,920 | $ | 7,920 | |||||||||
Unsecured commercial paper | $ | 666,317 | $ | 666,317 | $ | 294,943 | $ | 294,943 | |||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 174,241 | $ | 174,241 | $ | 175,658 | $ | 175,658 | |||||||||
Medium-term notes | $ | 3,087,852 | $ | 2,858,980 | $ | 3,199,548 | $ | 2,881,272 | |||||||||
Senior unsecured notes | $ | 305,958 | $ | 303,000 | $ | 338,594 | $ | 303,000 | |||||||||
Term asset-backed securitization debt | $ | 1,259,314 | $ | 1,256,632 | $ | 1,457,807 | $ | 1,447,776 | |||||||||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Schedule Of Derivative Instrument Fair Value | ' | |||||||||||||||||||||||||
The following tables summarize the fair value of the Company’s derivative financial instruments at December 31 (in thousands): | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Derivatives Designated As Hedging | Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | ||||||||||||||||||||
Foreign currency contracts(c) | $ | 299,550 | $ | 1,672 | $ | 3,842 | $ | 345,021 | $ | 169 | $ | 6,850 | ||||||||||||||
Commodities contracts(c) | 1,286 | 76 | — | 1,064 | 148 | 683 | ||||||||||||||||||||
Interest rate swaps – unsecured commercial paper(c) | — | — | — | 35,800 | — | 373 | ||||||||||||||||||||
Total | $ | 300,836 | $ | 1,748 | $ | 3,842 | $ | 381,885 | $ | 317 | $ | 7,906 | ||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Derivatives Not Designated As Hedging | Notional | Asset | Liability | Notional | Asset | Liability | ||||||||||||||||||||
Instruments Under ASC Topic 815 | Value | Fair Value(a) | Fair Value(b) | Value | Fair Value(a) | Fair Value(b) | ||||||||||||||||||||
Commodities contracts | $ | 9,855 | $ | 184 | $ | 83 | $ | 16,237 | $ | — | $ | 14 | ||||||||||||||
$ | 9,855 | $ | 184 | $ | 83 | $ | 16,237 | $ | — | $ | 14 | |||||||||||||||
(a) | Included in other current assets | |||||||||||||||||||||||||
(b) | Included in accrued liabilities | |||||||||||||||||||||||||
(c) | Derivative designated as a cash flow hedge | |||||||||||||||||||||||||
Gain/(Loss) On Derivative Cash Flow Hedges Reclassified From AOCI Into Income | ' | |||||||||||||||||||||||||
The following tables summarize the amount of gains and losses for the following years ended December 31 related to derivative financial instruments designated as cash flow hedges (in thousands): | ||||||||||||||||||||||||||
Amount of Gain/(Loss) | ||||||||||||||||||||||||||
Recognized in OCI, before tax | ||||||||||||||||||||||||||
Cash Flow Hedges | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Foreign currency contracts | $ | 3,468 | $ | (344 | ) | $ | (304 | ) | ||||||||||||||||||
Commodities contracts | 39 | (427 | ) | (558 | ) | |||||||||||||||||||||
Interest rate swaps – unsecured commercial paper | (2 | ) | (43 | ) | (662 | ) | ||||||||||||||||||||
Total | $ | 3,505 | $ | (814 | ) | $ | (1,524 | ) | ||||||||||||||||||
Amount of Gain/(Loss) | ||||||||||||||||||||||||||
Reclassified from AOCL into Income | ||||||||||||||||||||||||||
Cash Flow Hedges | 2013 | 2012 | 2011 | Expected to be Reclassified | ||||||||||||||||||||||
Over the Next Twelve Months | ||||||||||||||||||||||||||
Foreign currency contracts(a) | $ | 482 | $ | 18,586 | $ | (24,746 | ) | $ | (2,744 | ) | ||||||||||||||||
Commodities contracts(a) | (51 | ) | (705 | ) | (539 | ) | 76 | |||||||||||||||||||
Interest rate swaps – unsecured commercial paper(b) | (345 | ) | (2,542 | ) | (5,103 | ) | — | |||||||||||||||||||
Total | $ | 86 | $ | 15,339 | $ | (30,388 | ) | $ | (2,668 | ) | ||||||||||||||||
(a) | Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold. | |||||||||||||||||||||||||
(b) | Gain/(loss) reclassified from AOCL to income is included in financial services interest expense. | |||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||||||||||||||||||||
The following table summarizes the amount of gains and losses for the years ended December 31 related to derivative financial instruments not designated as hedging instruments (in thousands): | ||||||||||||||||||||||||||
Amount of Gain/(Loss) | ||||||||||||||||||||||||||
Recognized in Income on Derivative | ||||||||||||||||||||||||||
Derivatives not Designated as Hedges | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Commodities contracts(a) | $ | (572 | ) | $ | (535 | ) | $ | — | ||||||||||||||||||
$ | (572 | ) | $ | (535 | ) | $ | — | |||||||||||||||||||
(a) | Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||
The following table sets forth the changes in accumulated other comprehensive loss (AOCL) for the years ended December 31 (in thousands): | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 51,335 | $ | 677 | $ | (3,837 | ) | $ | (655,853 | ) | $ | (607,678 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (20,192 | ) | (1,514 | ) | 3,505 | 398,430 | 380,229 | ||||||||||||||
Income tax | 2,183 | 561 | (1,298 | ) | (147,578 | ) | (146,132 | ) | |||||||||||||
Net other comprehensive (loss) income before reclassifications | (18,009 | ) | (953 | ) | 2,207 | 250,852 | 234,097 | ||||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | (482 | ) | — | (482 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 51 | — | 51 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(b) | — | — | 345 | — | 345 | ||||||||||||||||
Prior service credits(c) | — | — | — | (2,107 | ) | (2,107 | ) | ||||||||||||||
Actuarial losses(c) | — | — | — | 67,157 | 67,157 | ||||||||||||||||
Total before tax | — | — | (86 | ) | 65,050 | 64,964 | |||||||||||||||
Income tax expense (benefit) | — | — | 36 | (24,095 | ) | (24,059 | ) | ||||||||||||||
Net reclassifications | — | — | (50 | ) | 40,955 | 40,905 | |||||||||||||||
Other comprehensive (loss) income | (18,009 | ) | (953 | ) | 2,157 | 291,807 | 275,002 | ||||||||||||||
Ending Balance | $ | 33,326 | $ | (276 | ) | $ | (1,680 | ) | $ | (364,046 | ) | $ | (332,676 | ) | |||||||
2012 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 49,935 | $ | 327 | $ | 6,307 | $ | (533,302 | ) | $ | (476,733 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 2,212 | 556 | (814 | ) | (251,291 | ) | (249,337 | ) | |||||||||||||
Income tax | (812 | ) | (206 | ) | 301 | 93,078 | 92,361 | ||||||||||||||
Net other comprehensive income (loss) before reclassifications | 1,400 | 350 | (513 | ) | (158,213 | ) | (156,976 | ) | |||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | (18,586 | ) | — | (18,586 | ) | ||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 705 | — | 705 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(b) | — | — | 2,542 | — | 2,542 | ||||||||||||||||
Prior service credits(c) | — | — | — | (895 | ) | (895 | ) | ||||||||||||||
Actuarial losses(c) | — | — | — | 51,295 | 51,295 | ||||||||||||||||
Curtailment and settlement losses | — | — | — | 6,242 | 6,242 | ||||||||||||||||
Total before tax | — | — | (15,339 | ) | 56,642 | 41,303 | |||||||||||||||
Income tax expense (benefit) | — | — | 5,708 | (20,980 | ) | (15,272 | ) | ||||||||||||||
Net reclassifications | — | — | (9,631 | ) | 35,662 | 26,031 | |||||||||||||||
Other comprehensive income (loss) | 1,400 | 350 | (10,144 | ) | (122,551 | ) | (130,945 | ) | |||||||||||||
Ending Balance | $ | 51,335 | $ | 677 | $ | (3,837 | ) | $ | (655,853 | ) | $ | (607,678 | ) | ||||||||
2011 | |||||||||||||||||||||
Foreign currency translation adjustments | Marketable securities | Derivative financial instruments | Pension and postretirement benefit plans | Total | |||||||||||||||||
Beginning balance | $ | 55,551 | $ | (133 | ) | $ | (11,912 | ) | $ | (409,728 | ) | $ | (366,222 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (6,251 | ) | 731 | (1,524 | ) | (233,345 | ) | (240,389 | ) | ||||||||||||
Income tax | 635 | (271 | ) | 558 | 86,577 | 87,499 | |||||||||||||||
Net other comprehensive (loss) income before reclassifications | (5,616 | ) | 460 | (966 | ) | (146,768 | ) | (152,890 | ) | ||||||||||||
Reclassifications: | |||||||||||||||||||||
Realized (gains) losses - foreign currency contracts(a) | — | — | 24,746 | — | 24,746 | ||||||||||||||||
Realized (gains) losses - commodities contracts(a) | — | — | 539 | — | 539 | ||||||||||||||||
Realized (gains) losses - interest rate swaps(b) | — | — | 5,103 | — | 5,103 | ||||||||||||||||
Prior service credits(c) | — | — | — | (897 | ) | (897 | ) | ||||||||||||||
Actuarial losses(c) | — | — | — | 37,458 | 37,458 | ||||||||||||||||
Curtailment and settlement losses | — | — | — | 510 | 510 | ||||||||||||||||
Total before tax | — | — | 30,388 | 37,071 | 67,459 | ||||||||||||||||
Income tax benefit | — | — | (11,203 | ) | (13,877 | ) | (25,080 | ) | |||||||||||||
Net reclassifications | — | — | 19,185 | 23,194 | 42,379 | ||||||||||||||||
Other comprehensive (loss) income | (5,616 | ) | 460 | 18,219 | (123,574 | ) | (110,511 | ) | |||||||||||||
Ending Balance | $ | 49,935 | $ | 327 | $ | 6,307 | $ | (533,302 | ) | $ | (476,733 | ) | |||||||||
(a) | Amounts reclassified to net income are included in motorcycles and related products cost of goods sold. | ||||||||||||||||||||
(b) | Amounts reclassified to net income are presented in financial services interest expense. | ||||||||||||||||||||
(c) | Amounts reclassified are included in the computation of net periodic period cost. See note 14 for information related to pension and postretirement benefit plans. |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt With Contractual Term Less Than One Year | ' | ||||||||
Debt with contractual terms less than one year is generally classified as short-term debt and consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Unsecured commercial paper | $ | 666,317 | $ | 294,943 | |||||
Debt With A Contractual Term Greater Than One Year | ' | ||||||||
At December 31, 2013, the Company's consolidated balance sheet included outstanding balances related to the following secured notes with the related maturity dates and interest rates (in thousands): | |||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | ||||||
Amount at Date of Issuance | Rate at Date of | ||||||||
Issuance | |||||||||
Apr-13 | $650,000 | 0.57% | May 2014 - December 2020 | ||||||
Jul-12 | $675,306 | 0.59% | August 2013 - June 2018 | ||||||
Nov-11 | $513,300 | 0.88% | November 2012 - February 2018 | ||||||
Aug-11 | $573,380 | 0.76% | September 2012 - August 2017 | ||||||
Nov-10 | $600,000 | 1.05% | December 2011 - April 2018 | ||||||
Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2012 (in thousands) and the Company completed repayment of those balances during 2013: | |||||||||
Issue Date | Principal | Weighted-Average | Contractual Maturity Date | ||||||
Amount at Date of Issuance | Rate at Date of | ||||||||
Issuance | |||||||||
Dec-09 | $562,499 | 1.55% | December 2010 - June 2017 | ||||||
Debt with a contractual term greater than one year is generally classified as long-term debt and consisted of the following as of December 31 (in thousands): | |||||||||
2013 | 2012 | ||||||||
Secured debt | |||||||||
Asset-backed Canadian commercial paper conduit facility | $ | 174,241 | $ | 175,658 | |||||
Term asset-backed securitization debt | 1,256,632 | 1,447,776 | |||||||
Unsecured notes | |||||||||
5.75% Medium-term notes due in 2014 ($500.0 million par value) | 499,866 | 499,705 | |||||||
1.15% Medium-term notes due in 2015 ($600.0 million par value) | 599,543 | 599,269 | |||||||
3.88% Medium-term notes due in 2016 ($450.0 million par value) | 449,883 | 449,829 | |||||||
2.70% Medium-term notes due in 2017 ($400.0 million par value) | 399,946 | 399,929 | |||||||
6.80% Medium-term notes due in 2018 ($910.5 million par value) | 909,742 | 932,540 | |||||||
15.00% Senior unsecured notes due in 2014 ($600.0 million par value) | 303,000 | 303,000 | |||||||
Gross long-term debt | 4,592,853 | 4,807,706 | |||||||
Less: current portion of long-term debt | (1,176,140 | ) | (437,162 | ) | |||||
Long-term debt | $ | 3,416,713 | $ | 4,370,544 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Provision For Income Taxes | ' | ||||||||||||
Provision for income taxes for the years ended December 31 consists of the following (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
Federal | $ | 281,938 | $ | 191,006 | $ | 135,232 | |||||||
State | 23,701 | 4,221 | 12,177 | ||||||||||
Foreign | 22,093 | 13,189 | 5,776 | ||||||||||
327,732 | 208,416 | 153,185 | |||||||||||
Deferred: | |||||||||||||
Federal | 51,509 | 121,934 | 104,723 | ||||||||||
State | (1,471 | ) | 7,697 | (12,201 | ) | ||||||||
Foreign | 2,542 | (460 | ) | (1,121 | ) | ||||||||
52,580 | 129,171 | 91,401 | |||||||||||
Total | $ | 380,312 | $ | 337,587 | $ | 244,586 | |||||||
Components Of Income Before Taxes | ' | ||||||||||||
The components of income before income taxes for the years ended December 31 were as follows (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 1,042,317 | $ | 946,592 | $ | 782,896 | |||||||
Foreign | 71,988 | 14,920 | 9,768 | ||||||||||
$ | 1,114,305 | $ | 961,512 | $ | 792,664 | ||||||||
Provision For Income Tax Rate To Statutory Rate Reconciliation | ' | ||||||||||||
The provision for income taxes differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate due to the following items for the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 1.6 | 1.6 | 1.6 | ||||||||||
Domestic manufacturing deduction | (1.7 | ) | (1.6 | ) | (1.8 | ) | |||||||
Research and development credit | (0.9 | ) | — | (0.6 | ) | ||||||||
Unrecognized tax benefits including interest and penalties | 0.9 | 0.1 | (1.1 | ) | |||||||||
Valuation allowance adjustments | (0.3 | ) | (0.3 | ) | (2.0 | ) | |||||||
Tax audit settlements | 0.1 | (0.1 | ) | (1.1 | ) | ||||||||
Adjustments for previously accrued taxes | (0.2 | ) | (0.4 | ) | 0.3 | ||||||||
Other | (0.4 | ) | 0.8 | 0.6 | |||||||||
Provision for income taxes | 34.1 | % | 35.1 | % | 30.9 | % | |||||||
Principal Components Of The Company's Deferred Tax Assets And Liabilities | ' | ||||||||||||
The principal components of the Company’s deferred tax assets and liabilities as of December 31 include the following (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accruals not yet tax deductible | $ | 128,307 | $ | 118,434 | |||||||||
Pension and postretirement benefit plan obligations | 5,192 | 227,593 | |||||||||||
Stock compensation | 22,370 | 28,001 | |||||||||||
Net operating loss carryforward | 40,530 | 32,276 | |||||||||||
Valuation allowance | (21,818 | ) | (16,314 | ) | |||||||||
Other, net | 37,034 | 45,053 | |||||||||||
211,615 | 435,043 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation, tax in excess of book | (119,916 | ) | (117,743 | ) | |||||||||
Other | (34,234 | ) | (34,602 | ) | |||||||||
(154,150 | ) | (152,345 | ) | ||||||||||
Total | $ | 57,465 | $ | 282,698 | |||||||||
Changes In Gross Liability For Unrecognized Tax Benefits Excluding Interest And Penalties | ' | ||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): | |||||||||||||
2013 | 2012 | ||||||||||||
Unrecognized tax benefits, beginning of period | $ | 48,752 | $ | 57,137 | |||||||||
Increase in unrecognized tax benefits for tax positions taken in a prior period | 9,713 | 1,806 | |||||||||||
Decrease in unrecognized tax benefits for tax positions taken in a prior period | (4,335 | ) | (6,439 | ) | |||||||||
Increase in unrecognized tax benefits for tax positions taken in the current period | 11,142 | 3,737 | |||||||||||
Statute lapses | (336 | ) | (415 | ) | |||||||||
Settlements with taxing authorities | (1,879 | ) | (7,074 | ) | |||||||||
Unrecognized tax benefits, end of period | $ | 63,057 | $ | 48,752 | |||||||||
Employee_Benefit_Plans_And_Oth1
Employee Benefit Plans And Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule Of Obligation And Funded Status | ' | ||||||||||||||||||||||||
The following table provides the changes in the benefit obligations, fair value of plan assets and funded status of the Company’s pension, SERPA and postretirement healthcare plans as of the Company’s December 31, 2013 and 2012 measurement dates (in thousands): | |||||||||||||||||||||||||
Pension and SERPA Benefits | Postretirement | ||||||||||||||||||||||||
Healthcare Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation, beginning of period | $ | 1,871,575 | $ | 1,570,930 | $ | 403,227 | $ | 380,625 | |||||||||||||||||
Service cost | 35,987 | 33,681 | 7,858 | 7,413 | |||||||||||||||||||||
Interest cost | 79,248 | 83,265 | 15,599 | 18,310 | |||||||||||||||||||||
Actuarial (gains) losses | (199,408 | ) | 276,069 | (33,729 | ) | 23,367 | |||||||||||||||||||
Plan participant contributions | — | 1,459 | 2,609 | 1,561 | |||||||||||||||||||||
Benefits paid, net of Medicare Part D subsidy | (72,752 | ) | (93,829 | ) | (29,040 | ) | (28,049 | ) | |||||||||||||||||
Benefit obligation, end of period | 1,714,650 | 1,871,575 | 366,524 | 403,227 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets, beginning of period | 1,539,018 | 1,253,916 | 123,106 | 109,160 | |||||||||||||||||||||
Actual return on plan assets | 277,388 | 160,731 | 24,769 | 13,946 | |||||||||||||||||||||
Company contributions | 176,947 | 216,741 | 27,849 | 27,675 | |||||||||||||||||||||
Plan participant contributions | — | 1,459 | 2,609 | 1,561 | |||||||||||||||||||||
Benefits paid | (72,752 | ) | (93,829 | ) | (30,458 | ) | (29,236 | ) | |||||||||||||||||
Fair value of plan assets, end of period | 1,920,601 | 1,539,018 | 147,875 | 123,106 | |||||||||||||||||||||
Funded status of the plans, December 31 | $ | 205,951 | $ | (332,557 | ) | $ | (218,649 | ) | $ | (280,121 | ) | ||||||||||||||
Amounts recognized in the Consolidated Balance Sheets, December 31,: | |||||||||||||||||||||||||
Prepaid benefit costs (long-term assets) | $ | 244,871 | $ | — | $ | — | $ | — | |||||||||||||||||
Accrued benefit liability (current liabilities) | (2,549 | ) | (2,263 | ) | (2,484 | ) | (2,059 | ) | |||||||||||||||||
Accrued benefit liability (long-term liabilities) | (36,371 | ) | (330,294 | ) | (216,165 | ) | (278,062 | ) | |||||||||||||||||
Net amount recognized | $ | 205,951 | $ | (332,557 | ) | $ | (218,649 | ) | $ | (280,121 | ) | ||||||||||||||
Components Of Net Periodic Benefit Costs | ' | ||||||||||||||||||||||||
Components of net periodic benefit costs for the years ended December 31 (in thousands): | |||||||||||||||||||||||||
Pension and | Postretirement | ||||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 35,987 | $ | 33,681 | $ | 37,341 | $ | 7,858 | $ | 7,413 | $ | 7,630 | |||||||||||||
Interest cost | 79,248 | 83,265 | 80,805 | 15,599 | 18,310 | 19,644 | |||||||||||||||||||
Expected return on plan assets | (127,327 | ) | (117,110 | ) | (106,612 | ) | (9,537 | ) | (9,423 | ) | (9,386 | ) | |||||||||||||
Amortization of unrecognized: | |||||||||||||||||||||||||
Prior service cost (credit) | 1,746 | 2,958 | 2,981 | (3,853 | ) | (3,853 | ) | (3,878 | ) | ||||||||||||||||
Net loss | 58,608 | 43,874 | 30,266 | 8,549 | 7,421 | 7,192 | |||||||||||||||||||
Net curtailment loss | — | — | 236 | — | — | — | |||||||||||||||||||
Settlement loss | — | 6,242 | 274 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 48,262 | $ | 52,910 | $ | 45,291 | $ | 18,616 | $ | 19,868 | $ | 21,202 | |||||||||||||
Schedule Of Net Periodic Benefit Cost Recognized In Accumulated And Other Comprehensive Income | ' | ||||||||||||||||||||||||
Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2013 which have not yet been recognized in net periodic benefit cost are as follows (in thousands): | |||||||||||||||||||||||||
Pension and | Postretirement | Total | |||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 2,390 | $ | (13,495 | ) | $ | (11,105 | ) | |||||||||||||||||
Net actuarial loss | 326,588 | 48,563 | 375,151 | ||||||||||||||||||||||
$ | 328,978 | $ | 35,068 | $ | 364,046 | ||||||||||||||||||||
Schedule Of Net Periodic Benefit Cost Expected To Be Recognized | ' | ||||||||||||||||||||||||
Amounts expected to be recognized in net periodic benefit cost, net of tax, during the year ended December 31, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Pension and | Postretirement | Total | |||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
Prior service cost (credit) | $ | 704 | $ | (2,426 | ) | $ | (1,722 | ) | |||||||||||||||||
Net actuarial loss | 23,020 | 2,977 | 25,997 | ||||||||||||||||||||||
$ | 23,724 | $ | 551 | $ | 24,275 | ||||||||||||||||||||
Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at December 31 were as follows: | |||||||||||||||||||||||||
Pension and | Postretirement | ||||||||||||||||||||||||
SERPA Benefits | Healthcare Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Assumptions for benefit obligations: | |||||||||||||||||||||||||
Discount rate | 5.08 | % | 4.23 | % | 5.3 | % | 4.7 | % | 3.93 | % | 4.9 | % | |||||||||||||
Rate of compensation | 4 | % | 4 | % | 3.49 | % | n/a | n/a | n/a | ||||||||||||||||
Assumptions for net periodic benefit cost: | |||||||||||||||||||||||||
Discount rate | 4.23 | % | 5.3 | % | 5.79 | % | 3.93 | % | 4.9 | % | 5.28 | % | |||||||||||||
Expected return on plan assets | 7.75 | % | 7.8 | % | 8 | % | 8 | % | 8 | % | 8 | % | |||||||||||||
Rate of compensation increase | 4 | % | 3.49 | % | 3.49 | % | n/a | n/a | n/a | ||||||||||||||||
Schedule Of PBO In Excess Of Fair Value Of Plan Assets | ' | ||||||||||||||||||||||||
The following table summarizes information related to Company pension plan with a PBO in excess of the fair value of plan assets at December 31, 2012 (in billions): | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Pension plan with PBOs in excess of fair value of plan assets: | |||||||||||||||||||||||||
PBO | $ | 1.8 | |||||||||||||||||||||||
Fair value of plan assets | $ | 1.5 | |||||||||||||||||||||||
Number of plans | 1 | ||||||||||||||||||||||||
Schedule Of ABO In Excess Of Fair Value Of Plan Assets | ' | ||||||||||||||||||||||||
The following table summarizes information related to Company pension plan with an ABO in excess of the fair value of plan assets at December 31, 2012 (in billions): | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Pension plan with ABOs in excess of fair value of plan assets: | |||||||||||||||||||||||||
ABO | $ | 1.7 | |||||||||||||||||||||||
Fair value of plan assets | $ | 1.5 | |||||||||||||||||||||||
Number of plans | 1 | ||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | ' | ||||||||||||||||||||||||
The fair values of the Company’s postretirement healthcare plan assets, which did not contain any Level 3 assets, as of December 31, 2013, were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2013 | Quoted Prices in | Significant | |||||||||||||||||||||||
Active Markets for | Other | ||||||||||||||||||||||||
Identical Assets | Observable | ||||||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,402 | $ | — | $ | 8,402 | |||||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 29,365 | 29,365 | — | ||||||||||||||||||||||
Foreign companies | 18,010 | 17,630 | 380 | ||||||||||||||||||||||
Pooled equity funds | 61,134 | 61,134 | — | ||||||||||||||||||||||
Total equity holdings | 108,509 | 108,129 | 380 | ||||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 9,488 | 9,488 | — | ||||||||||||||||||||||
Federal agencies | 2,579 | — | 2,579 | ||||||||||||||||||||||
Corporate bonds | 8,685 | — | 8,685 | ||||||||||||||||||||||
Pooled fixed income funds | 8,977 | — | 8,977 | ||||||||||||||||||||||
Foreign bonds | 941 | — | 941 | ||||||||||||||||||||||
Municipal bonds | 294 | — | 294 | ||||||||||||||||||||||
Total fixed-income holdings | 30,964 | 9,488 | 21,476 | ||||||||||||||||||||||
Total postretirement healthcare plan assets | $ | 147,875 | $ | 117,617 | $ | 30,258 | |||||||||||||||||||
The fair values of the Company’s postretirement healthcare plan assets, which did not contain any Level 3 assets, as of December 31, 2012, were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2012 | Quoted Prices in | Significant | |||||||||||||||||||||||
Active Markets for | Other | ||||||||||||||||||||||||
Identical Assets | Observable | ||||||||||||||||||||||||
(Level 1) | Inputs | ||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 5,522 | $ | — | $ | 5,522 | |||||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 60,658 | 60,658 | — | ||||||||||||||||||||||
Foreign companies | 13,625 | 13,625 | — | ||||||||||||||||||||||
Pooled equity funds | 27,617 | 27,617 | — | ||||||||||||||||||||||
Total equity holdings | 101,900 | 101,900 | — | ||||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 5,370 | 5,370 | — | ||||||||||||||||||||||
Federal agencies | 3,489 | — | 3,489 | ||||||||||||||||||||||
Corporate bonds | 6,033 | — | 6,033 | ||||||||||||||||||||||
Foreign bonds | 659 | — | 659 | ||||||||||||||||||||||
Municipal bonds | 133 | — | 133 | ||||||||||||||||||||||
Total fixed-income holdings | 15,684 | 5,370 | 10,314 | ||||||||||||||||||||||
Total postretirement healthcare plan assets | $ | 123,106 | $ | 107,270 | $ | 15,836 | |||||||||||||||||||
The fair values of the Company’s pension plan assets as of December 31, 2012 were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2012 | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 42,625 | $ | — | $ | 42,625 | $ | — | |||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 540,579 | 540,578 | 1 | — | |||||||||||||||||||||
Foreign companies | 85,415 | 85,415 | — | — | |||||||||||||||||||||
Harley-Davidson common stock | 62,189 | 62,189 | — | — | |||||||||||||||||||||
Pooled equity funds | 309,878 | 309,878 | — | — | |||||||||||||||||||||
Limited partnership interests | 35,954 | — | — | 35,954 | |||||||||||||||||||||
Other | 628 | — | — | 628 | |||||||||||||||||||||
Total equity holdings | 1,034,643 | 998,060 | 1 | 36,582 | |||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 55,014 | 55,014 | — | — | |||||||||||||||||||||
Federal agencies | 14,302 | — | 14,302 | — | |||||||||||||||||||||
Corporate bonds | 189,643 | — | 189,643 | — | |||||||||||||||||||||
Pooled fixed income funds | 165,192 | 48,528 | 116,664 | — | |||||||||||||||||||||
Foreign bonds | 29,149 | — | 29,149 | — | |||||||||||||||||||||
Municipal bonds | 8,450 | — | 8,450 | — | |||||||||||||||||||||
Total fixed-income holdings | 461,750 | 103,542 | 358,208 | — | |||||||||||||||||||||
Total pension plan assets | $ | 1,539,018 | $ | 1,101,602 | $ | 400,834 | $ | 36,582 | |||||||||||||||||
The fair values of the Company’s pension plan assets as of December 31, 2013 were as follows (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 40,578 | $ | — | $ | 40,578 | $ | — | |||||||||||||||||
Equity holdings: | |||||||||||||||||||||||||
U.S. companies | 519,405 | 516,444 | 2,961 | — | |||||||||||||||||||||
Foreign companies | 125,361 | 125,320 | 41 | — | |||||||||||||||||||||
Harley-Davidson common stock | 88,184 | 88,184 | — | — | |||||||||||||||||||||
Pooled equity funds | 558,004 | 558,004 | — | — | |||||||||||||||||||||
Limited partnership interests | 34,234 | — | — | 34,234 | |||||||||||||||||||||
Other | — | — | — | — | |||||||||||||||||||||
Total equity holdings | 1,325,188 | 1,287,952 | 3,002 | 34,234 | |||||||||||||||||||||
Fixed-income holdings: | |||||||||||||||||||||||||
U.S. Treasuries | 34,044 | 34,044 | — | — | |||||||||||||||||||||
Federal agencies | 33,250 | — | 33,250 | — | |||||||||||||||||||||
Corporate bonds | 223,992 | — | 223,992 | — | |||||||||||||||||||||
Pooled fixed income funds | 212,465 | 51,959 | 160,506 | — | |||||||||||||||||||||
Foreign bonds | 40,885 | — | 40,885 | — | |||||||||||||||||||||
Municipal bonds | 10,199 | — | 10,199 | — | |||||||||||||||||||||
Total fixed-income holdings | 554,835 | 86,003 | 468,832 | — | |||||||||||||||||||||
Total pension plan assets | $ | 1,920,601 | $ | 1,373,955 | $ | 512,412 | $ | 34,234 | |||||||||||||||||
Schedule Of Reconciliation Of The Fair Value Measurements Using Significant Unobservable Inputs | ' | ||||||||||||||||||||||||
The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2012 (in thousands): | |||||||||||||||||||||||||
Total | Limited Partnership | Other | |||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, beginning of period | $ | 42,127 | $ | 40,016 | $ | 2,111 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | (820 | ) | (930 | ) | 110 | ||||||||||||||||||||
Purchases, sales and settlements | (4,725 | ) | (3,132 | ) | (1,593 | ) | |||||||||||||||||||
Balance, end of period | $ | 36,582 | $ | 35,954 | $ | 628 | |||||||||||||||||||
The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Total | Limited Partnership | Other | |||||||||||||||||||||||
Interests | |||||||||||||||||||||||||
Balance, beginning of period | $ | 36,582 | $ | 35,954 | $ | 628 | |||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||
Relating to assets still held at the reporting date | 2,951 | 2,951 | — | ||||||||||||||||||||||
Purchases, sales and settlements | (5,299 | ) | (4,671 | ) | (628 | ) | |||||||||||||||||||
Balance, end of period | $ | 34,234 | $ | 34,234 | $ | — | |||||||||||||||||||
Schedule Of Weighted Average Health Care Cost Trend Rate | ' | ||||||||||||||||||||||||
The weighted-average healthcare cost trend rate used in determining the accumulated postretirement benefit obligation of the healthcare plans was as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Healthcare cost trend rate for next year | 8 | % | 7.5 | % | |||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate rate) | 5 | % | 5 | % | |||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2021 | 2019 | |||||||||||||||||||||||
Schedule Of Weighted Average Health Care Cost Trend Rate Assumption | ' | ||||||||||||||||||||||||
This healthcare cost trend rate assumption can have a significant effect on the amounts reported. A one-percentage-point change in the assumed healthcare cost trend rate would have the following effects (in thousands): | |||||||||||||||||||||||||
One | One | ||||||||||||||||||||||||
Percent | Percent | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Total of service and interest cost components in 2013 | $ | 729 | $ | (729 | ) | ||||||||||||||||||||
Accumulated benefit obligation as of December 31, 2013 | $ | 13,318 | $ | (12,368 | ) | ||||||||||||||||||||
Schedule Of Expected Benefit Payments And Medicare Subsidy Receipts For Next Five Years And Thereafter | ' | ||||||||||||||||||||||||
The expected benefit payments and Medicare subsidy receipts for the next five years and thereafter were as follows (in thousands): | |||||||||||||||||||||||||
Pension | SERPA | Postretirement | Medicare | ||||||||||||||||||||||
Benefits | Benefits | Healthcare | Subsidy | ||||||||||||||||||||||
Benefits | Receipts | ||||||||||||||||||||||||
2014 | $ | 68,418 | $ | 2,549 | $ | 30,694 | $ | 1,507 | |||||||||||||||||
2015 | $ | 69,178 | $ | 1,440 | $ | 31,047 | $ | 1,716 | |||||||||||||||||
2016 | $ | 70,098 | $ | 1,895 | $ | 30,644 | $ | 1,988 | |||||||||||||||||
2017 | $ | 71,508 | $ | 1,880 | $ | 29,817 | $ | 2,224 | |||||||||||||||||
2018 | $ | 73,150 | $ | 2,014 | $ | 28,785 | $ | 2,466 | |||||||||||||||||
2019-2023 | $ | 430,427 | $ | 16,506 | $ | 147,623 | $ | 16,125 | |||||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Future Minimum Operating Lease Payments, Maturity Schedule | ' | ||||
Future minimum operating lease payments at December 31, 2013 were as follows (in thousands): | |||||
2014 | $ | 10,866 | |||
2015 | 9,943 | ||||
2016 | 7,478 | ||||
2017 | 5,479 | ||||
2018 | 4,998 | ||||
After 2018 | 19,790 | ||||
Total operating lease payments | $ | 58,554 | |||
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stock Repurchases Pursuant To Board Of Director Authorizations | ' | ||||||||||||
The remaining repurchases were made pursuant to the following authorizations (in millions of shares): | |||||||||||||
Shares Repurchased | Authorization Remaining | ||||||||||||
Board of Directors’ Authorization | 2013 | 2012 | 2011 | at December 31, 2013 | |||||||||
1997 Authorization | — | 4.3 | 6.2 | 1.8 | |||||||||
2007 Authorization | 7.7 | 2.2 | — | 6.8 | |||||||||
Total | 7.7 | 6.5 | 6.2 | 8.6 | |||||||||
ShareBased_Awards_Tables
Share-Based Awards (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
Assumptions used in calculating the lattice-based fair value of options granted during 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected average term (in years) | 6.1 | 6.3 | 6.5 | ||||||||||
Expected volatility | 27% - 36% | 32% - 50% | 39% - 52% | ||||||||||
Weighted average volatility | 33 | % | 41 | % | 43 | % | |||||||
Expected dividend yield | 1.6 | % | 1.1 | % | 1 | % | |||||||
Risk-free interest rate | 0.1% - 2.1% | 0.1% - 2.1% | 0.1% - 3.7% | ||||||||||
Summary Of Stock Option Transactions | ' | ||||||||||||
The following table summarizes the stock option transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
Options | Weighted- | ||||||||||||
Average | |||||||||||||
Price | |||||||||||||
Options outstanding, beginning of period | 4,460 | $ | 38 | ||||||||||
Options granted | 453 | $ | 52 | ||||||||||
Options exercised | (1,357 | ) | $ | 37 | |||||||||
Options forfeited | (165 | ) | $ | 61 | |||||||||
Options outstanding, end of period | 3,391 | $ | 40 | ||||||||||
Exercisable, end of period | 2,535 | $ | 37 | ||||||||||
Summary Of The Aggregate Intrinsic Value Related To Options Outstanding, Exercisable And Exercised | ' | ||||||||||||
The following table summarizes the aggregate intrinsic value related to options outstanding, exercisable and exercised as of and for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Exercised | $ | 28,879 | $ | 34,443 | $ | 7,919 | |||||||
Outstanding | $ | 100,054 | $ | 60,963 | $ | 55,701 | |||||||
Exercisable | $ | 81,930 | $ | 35,873 | $ | 22,926 | |||||||
Stock Options Outstanding By Price Range | ' | ||||||||||||
Stock options outstanding at December 31, 2013 (options in thousands): | |||||||||||||
Price Range | Weighted-Average | Options | Weighted-Average | ||||||||||
Contractual Life | Exercise Price | ||||||||||||
$10.01 to $20 | 5.1 | 593 | $ | 13 | |||||||||
$20.01 to $30 | 6.1 | 504 | $ | 23 | |||||||||
$30.01 to $40 | 4.1 | 334 | $ | 39 | |||||||||
$40.01 to $50 | 7.7 | 788 | $ | 44 | |||||||||
$50.01 to $60 | 6.9 | 634 | $ | 52 | |||||||||
$60.01 to $70 | 2 | 538 | $ | 66 | |||||||||
Options outstanding | 5.6 | 3,391 | $ | 40 | |||||||||
Options exercisable | 4.6 | 2,535 | $ | 37 | |||||||||
Assumptions Used In Calculating Fair Value Of Options | ' | ||||||||||||
The assumptions used to determine the fair value of the SAR awards at December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Expected average term (in years) | 3.5 - 4.3 | 1.3 - 5.6 | |||||||||||
Expected volatility | 24% - 32% | 31% - 45% | |||||||||||
Expected dividend yield | 1.2 | % | 1.3 | % | |||||||||
Risk-free interest rate | 0.1% - 3.0% | .1% - 1.8% | |||||||||||
Summary Of Stock Appreciation Right Transactions | ' | ||||||||||||
The following table summarizes the SAR transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
SARs | Weighted- | ||||||||||||
Average | |||||||||||||
Price | |||||||||||||
Outstanding, beginning of period | 253 | $ | 21 | ||||||||||
Granted | 20 | $ | 52 | ||||||||||
Exercised | (60 | ) | $ | 22 | |||||||||
Forfeited | (3 | ) | $ | 22 | |||||||||
Outstanding, end of period | 210 | $ | 26 | ||||||||||
Exercisable, end of period | 171 | $ | 21 | ||||||||||
Summary Of Restricted Stock Unit Transactions | ' | ||||||||||||
The fair value of restricted stock is determined based on the market price of the Company’s shares on the grant date. The following table summarizes the restricted stock transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
Restricted | Grant Date | ||||||||||||
Shares | Fair Value | ||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 1,692 | $ | 29 | ||||||||||
Granted | 490 | $ | 52 | ||||||||||
Vested | (1,161 | ) | $ | 24 | |||||||||
Forfeited | (39 | ) | $ | 48 | |||||||||
Nonvested, end of period | 982 | $ | 47 | ||||||||||
The fair value of RSUs is determined based on the market price of the Company’s shares on the grant date. The following table summarizes the RSU transactions for the year ended December 31, 2013 (in thousands except for per share amounts): | |||||||||||||
Restricted | Weighted-Average | ||||||||||||
Stock Unit | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Per Share | |||||||||||||
Nonvested, beginning of period | 242 | $ | 47 | ||||||||||
Granted | 83 | $ | 69 | ||||||||||
Vested | (161 | ) | $ | 54 | |||||||||
Forfeited | (17 | ) | $ | 65 | |||||||||
Nonvested, end of period | 147 | $ | 66 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation Of Earnings Per Share Basic And Diluted | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the years ended December 31 (in thousands except per share amounts): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations used in computing basic and diluted earnings per share | $ | 733,993 | $ | 623,925 | $ | 548,078 | |||||||
Denominator: | |||||||||||||
Denominator for basic earnings per share-weighted-average common shares | 222,475 | 227,119 | 232,889 | ||||||||||
Effect of dilutive securities – employee stock compensation plan | 1,596 | 2,110 | 2,029 | ||||||||||
Denominator for diluted earnings per share- adjusted weighted-average shares outstanding | 224,071 | 229,229 | 234,918 | ||||||||||
Earnings per common share from continuing operations: | |||||||||||||
Basic | $ | 3.3 | $ | 2.75 | $ | 2.35 | |||||||
Diluted | $ | 3.28 | $ | 2.72 | $ | 2.33 | |||||||
Business_Segments_And_Geograph1
Business Segments And Geographic Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Information By Industry Segment | ' | ||||||||||||
Information by segment is set forth below for the years ended December 31, (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Motorcycles net revenue | $ | 5,258,290 | $ | 4,942,582 | $ | 4,662,264 | |||||||
Gross profit | 1,862,372 | 1,720,188 | 1,555,976 | ||||||||||
Selling, administrative and engineering expense | 993,894 | 976,224 | 926,808 | ||||||||||
Restructuring (benefit) expense and other impairments | (2,131 | ) | 28,475 | 67,992 | |||||||||
Operating income from Motorcycles | $ | 870,609 | $ | 715,489 | $ | 561,176 | |||||||
Financial services revenue | $ | 641,582 | $ | 637,924 | $ | 649,449 | |||||||
Financial services expense | 358,489 | 353,237 | 380,658 | ||||||||||
Operating income from Financial Services | $ | 283,093 | $ | 284,687 | $ | 268,791 | |||||||
Information by industry segment is set forth below as of December 31, (in thousands): | |||||||||||||
Motorcycles | Financial | Consolidated | |||||||||||
Services | |||||||||||||
2013 | |||||||||||||
Total assets | $ | 2,793,497 | $ | 6,611,543 | $ | 9,405,040 | |||||||
Depreciation | $ | 160,181 | $ | 6,891 | $ | 167,072 | |||||||
Capital expenditures | $ | 199,354 | $ | 8,967 | $ | 208,321 | |||||||
2012 | |||||||||||||
Total assets | $ | 2,751,018 | $ | 6,419,755 | $ | 9,170,773 | |||||||
Depreciation | $ | 162,659 | $ | 6,319 | $ | 168,978 | |||||||
Capital expenditures | $ | 180,416 | $ | 8,586 | $ | 189,002 | |||||||
2011 | |||||||||||||
Total assets | $ | 2,959,333 | $ | 6,714,831 | $ | 9,674,164 | |||||||
Depreciation | $ | 173,959 | $ | 6,449 | $ | 180,408 | |||||||
Capital expenditures | $ | 179,988 | $ | 9,047 | $ | 189,035 | |||||||
Segment Information By Geographical Locations | ' | ||||||||||||
Included in the consolidated financial statements are the following amounts relating to geographic locations for the years ended December 31 (in thousands): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenue from Motorcycles(a): | |||||||||||||
United States | $ | 3,562,847 | $ | 3,363,640 | $ | 3,155,608 | |||||||
EMEA region | 769,864 | 710,861 | 781,432 | ||||||||||
Japan | 217,700 | 244,907 | 229,427 | ||||||||||
Canada | 204,315 | 186,550 | 154,314 | ||||||||||
Australia | 193,081 | 186,674 | 141,392 | ||||||||||
Other foreign countries | 310,483 | 249,950 | 200,091 | ||||||||||
$ | 5,258,290 | $ | 4,942,582 | $ | 4,662,264 | ||||||||
Revenue from Financial Services(a): | |||||||||||||
United States | $ | 609,574 | $ | 607,909 | $ | 619,214 | |||||||
Europe | 4,274 | 3,661 | 3,657 | ||||||||||
Canada | 24,486 | 24,532 | 25,764 | ||||||||||
Other foreign countries | 3,248 | 1,822 | 814 | ||||||||||
$ | 641,582 | $ | 637,924 | $ | 649,449 | ||||||||
Long-lived assets(b): | |||||||||||||
United States | $ | 874,833 | $ | 825,509 | $ | 822,089 | |||||||
International | 36,860 | 56,143 | 59,571 | ||||||||||
$ | 911,693 | $ | 881,652 | $ | 881,660 | ||||||||
(a) | Revenue is attributed to geographic regions based on location of customer. | ||||||||||||
(b) | Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, “Segment Reporting,” such as deferred income taxes and finance receivables. |
Supplemental_Consolidating_Dat1
Supplemental Consolidating Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||||||
Operations | ' | ||||||||||||||||
All supplemental data is presented in thousands. | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
Revenue: | |||||||||||||||||
Motorcycles and related products | $ | 5,268,480 | $ | — | $ | (10,190 | ) | $ | 5,258,290 | ||||||||
Financial services | — | 643,067 | (1,485 | ) | 641,582 | ||||||||||||
Total revenue | 5,268,480 | 643,067 | (11,675 | ) | 5,899,872 | ||||||||||||
Costs and expenses: | |||||||||||||||||
Motorcycles and related products cost of goods sold | 3,395,918 | — | — | 3,395,918 | |||||||||||||
Financial services interest expense | — | 165,491 | — | 165,491 | |||||||||||||
Financial services provision for credit losses | — | 60,008 | — | 60,008 | |||||||||||||
Selling, administrative and engineering expense | 995,378 | 143,181 | (11,675 | ) | 1,126,884 | ||||||||||||
Restructuring benefit | (2,131 | ) | — | — | (2,131 | ) | |||||||||||
Total costs and expenses | 4,389,165 | 368,680 | (11,675 | ) | 4,746,170 | ||||||||||||
Operating income | 879,315 | 274,387 | — | 1,153,702 | |||||||||||||
Investment income | 190,859 | — | (185,000 | ) | 5,859 | ||||||||||||
Interest expense | 45,256 | — | — | 45,256 | |||||||||||||
Income before provision for income taxes | 1,024,918 | 274,387 | (185,000 | ) | 1,114,305 | ||||||||||||
Provision for income taxes | 279,841 | 100,471 | — | 380,312 | |||||||||||||
Income from continuing operations | 745,077 | 173,916 | (185,000 | ) | 733,993 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | |||||||||||||
Net income | $ | 745,077 | $ | 173,916 | $ | (185,000 | ) | $ | 733,993 | ||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
Revenue: | |||||||||||||||||
Motorcycles and related products | $ | 4,952,748 | $ | — | $ | (10,166 | ) | $ | 4,942,582 | ||||||||
Financial services | — | 639,482 | (1,558 | ) | 637,924 | ||||||||||||
Total revenue | 4,952,748 | 639,482 | (11,724 | ) | 5,580,506 | ||||||||||||
Costs and expenses: | |||||||||||||||||
Motorcycles and related products cost of goods sold | 3,222,394 | — | — | 3,222,394 | |||||||||||||
Financial services interest expense | — | 195,990 | — | 195,990 | |||||||||||||
Financial services provision for credit losses | — | 22,239 | — | 22,239 | |||||||||||||
Selling, administrative and engineering expense | 977,782 | 145,174 | (11,724 | ) | 1,111,232 | ||||||||||||
Restructuring expense | 28,475 | — | — | 28,475 | |||||||||||||
Total costs and expenses | 4,228,651 | 363,403 | (11,724 | ) | 4,580,330 | ||||||||||||
Operating income | 724,097 | 276,079 | — | 1,000,176 | |||||||||||||
Investment income | 232,369 | — | (225,000 | ) | 7,369 | ||||||||||||
Interest expense | 46,033 | — | — | 46,033 | |||||||||||||
Income before provision for income taxes | 910,433 | 276,079 | (225,000 | ) | 961,512 | ||||||||||||
Provision for income taxes | 233,385 | 104,202 | — | 337,587 | |||||||||||||
Income from continuing operations | 677,048 | 171,877 | (225,000 | ) | 623,925 | ||||||||||||
Income from discontinued operations, net of tax | — | — | — | — | |||||||||||||
Net income | $ | 677,048 | $ | 171,877 | $ | (225,000 | ) | $ | 623,925 | ||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
Revenue: | |||||||||||||||||
Motorcycles and related products | $ | 4,671,942 | $ | — | $ | (9,678 | ) | $ | 4,662,264 | ||||||||
Financial services | — | 649,474 | (25 | ) | 649,449 | ||||||||||||
Total revenue | 4,671,942 | 649,474 | (9,703 | ) | 5,311,713 | ||||||||||||
Costs and expenses: | |||||||||||||||||
Motorcycles and related products cost of goods sold | 3,106,288 | — | — | 3,106,288 | |||||||||||||
Financial services interest expense | — | 229,492 | — | 229,492 | |||||||||||||
Financial services provision for credit losses | — | 17,031 | — | 17,031 | |||||||||||||
Selling, administrative and engineering expense | 926,832 | 143,814 | (9,703 | ) | 1,060,943 | ||||||||||||
Restructuring expense | 67,992 | — | — | 67,992 | |||||||||||||
Total costs and expenses | 4,101,112 | 390,337 | (9,703 | ) | 4,481,746 | ||||||||||||
Operating income | 570,830 | 259,137 | — | 829,967 | |||||||||||||
Investment income | 132,963 | — | (125,000 | ) | 7,963 | ||||||||||||
Interest expense | 45,266 | — | — | 45,266 | |||||||||||||
Income before provision for income taxes | 658,527 | 259,137 | (125,000 | ) | 792,664 | ||||||||||||
Provision for income taxes | 150,756 | 93,830 | — | 244,586 | |||||||||||||
Income from continuing operations | 507,771 | 165,307 | (125,000 | ) | 548,078 | ||||||||||||
Income from discontinued operations, net of tax | 51,036 | — | — | 51,036 | |||||||||||||
Net income | $ | 558,807 | $ | 165,307 | $ | (125,000 | ) | $ | 599,114 | ||||||||
Balance Sheet | ' | ||||||||||||||||
December 31, 2013 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 718,912 | $ | 347,700 | $ | — | $ | 1,066,612 | |||||||||
Marketable securities | 99,009 | — | — | 99,009 | |||||||||||||
Accounts receivable, net | 850,248 | — | (589,183 | ) | 261,065 | ||||||||||||
Finance receivables, net | — | 1,773,686 | — | 1,773,686 | |||||||||||||
Inventories | 424,507 | — | — | 424,507 | |||||||||||||
Restricted cash | — | 144,807 | — | 144,807 | |||||||||||||
Deferred income taxes | 70,557 | 33,068 | — | 103,625 | |||||||||||||
Other current assets | 82,717 | 34,573 | (1,798 | ) | 115,492 | ||||||||||||
Total current assets | 2,245,950 | 2,333,834 | (590,981 | ) | 3,988,803 | ||||||||||||
Finance receivables, net | — | 4,225,877 | — | 4,225,877 | |||||||||||||
Property, plant and equipment, net | 808,005 | 34,472 | — | 842,477 | |||||||||||||
Pension asset | 244,871 | — | — | 244,871 | |||||||||||||
Goodwill | 30,452 | — | — | 30,452 | |||||||||||||
Deferred income taxes | 3,339 | — | — | 3,339 | |||||||||||||
Other long-term assets | 126,940 | 17,360 | (75,079 | ) | 69,221 | ||||||||||||
$ | 3,459,557 | $ | 6,611,543 | $ | (666,060 | ) | $ | 9,405,040 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 203,786 | $ | 625,191 | $ | (589,183 | ) | $ | 239,794 | ||||||||
Accrued liabilities | 353,618 | 77,774 | (4,057 | ) | 427,335 | ||||||||||||
Short-term debt | — | 666,317 | — | 666,317 | |||||||||||||
Current portion of long-term debt | 303,000 | 873,140 | — | 1,176,140 | |||||||||||||
Total current liabilities | 860,404 | 2,242,422 | (593,240 | ) | 2,509,586 | ||||||||||||
Long-term debt | — | 3,416,713 | — | 3,416,713 | |||||||||||||
Pension liability | 36,371 | — | — | 36,371 | |||||||||||||
Postretirement healthcare liability | 216,165 | — | — | 216,165 | |||||||||||||
Deferred income taxes | 44,584 | 2,656 | 2,259 | 49,499 | |||||||||||||
Other long-term liabilities | 146,686 | 20,534 | — | 167,220 | |||||||||||||
Commitments and contingencies (Note 16) | |||||||||||||||||
Total shareholders’ equity | 2,155,347 | 929,218 | (75,079 | ) | 3,009,486 | ||||||||||||
$ | 3,459,557 | $ | 6,611,543 | $ | (666,060 | ) | $ | 9,405,040 | |||||||||
December 31, 2012 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | ||||||||||||||||
Products | Operations | ||||||||||||||||
Operations | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | |||||||||
Marketable securities | 135,634 | — | — | 135,634 | |||||||||||||
Accounts receivable, net | 781,642 | — | (551,563 | ) | 230,079 | ||||||||||||
Finance receivables, net | — | 1,743,045 | — | 1,743,045 | |||||||||||||
Inventories | 393,524 | — | — | 393,524 | |||||||||||||
Restricted cash | — | 188,008 | — | 188,008 | |||||||||||||
Deferred income taxes | 84,486 | 26,367 | — | 110,853 | |||||||||||||
Other current assets | 146,419 | 31,242 | 3,994 | 181,655 | |||||||||||||
Total current assets | 2,269,421 | 2,329,084 | (547,569 | ) | 4,050,936 | ||||||||||||
Finance receivables, net | — | 4,038,807 | — | 4,038,807 | |||||||||||||
Property, plant and equipment, net | 783,068 | 32,396 | — | 815,464 | |||||||||||||
Goodwill | 29,530 | — | — | 29,530 | |||||||||||||
Deferred income taxes | 175,839 | — | (3,994 | ) | 171,845 | ||||||||||||
Other long-term assets | 116,925 | 19,468 | (72,202 | ) | 64,191 | ||||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 221,064 | $ | 587,885 | $ | (551,563 | ) | $ | 257,386 | ||||||||
Accrued liabilities | 439,144 | 74,447 | — | 513,591 | |||||||||||||
Short-term debt | — | 294,943 | — | 294,943 | |||||||||||||
Current portion of long-term debt | — | 437,162 | — | 437,162 | |||||||||||||
Total current liabilities | 660,208 | 1,394,437 | (551,563 | ) | 1,503,082 | ||||||||||||
Long-term debt | 303,000 | 4,067,544 | — | 4,370,544 | |||||||||||||
Pension liability | 330,294 | — | — | 330,294 | |||||||||||||
Postretirement healthcare liability | 278,062 | — | — | 278,062 | |||||||||||||
Other long-term liabilities | 114,476 | 16,691 | — | 131,167 | |||||||||||||
Commitments and contingencies (Note 16) | |||||||||||||||||
Total shareholders’ equity | 1,688,743 | 941,083 | (72,202 | ) | 2,557,624 | ||||||||||||
$ | 3,374,783 | $ | 6,419,755 | $ | (623,765 | ) | $ | 9,170,773 | |||||||||
Cash Flows | ' | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | & | |||||||||||||||
Products | Operations | Adjustments | |||||||||||||||
Operations | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Income from continuing operations | $ | 745,077 | $ | 173,916 | $ | (185,000 | ) | $ | 733,993 | ||||||||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||||||||||||||||
Depreciation | 160,181 | 6,891 | — | 167,072 | |||||||||||||
Amortization of deferred loan origination costs | — | 86,181 | — | 86,181 | |||||||||||||
Amortization of financing origination fees | 473 | 8,903 | — | 9,376 | |||||||||||||
Provision for employee long-term benefits | 66,877 | — | — | 66,877 | |||||||||||||
Contributions to pension and postretirement plans | (204,796 | ) | — | — | (204,796 | ) | |||||||||||
Stock compensation expense | 38,367 | 2,877 | — | 41,244 | |||||||||||||
Net change in wholesale finance receivables | — | — | 28,865 | 28,865 | |||||||||||||
Provision for credit losses | — | 60,008 | — | 60,008 | |||||||||||||
Loss on debt extinguishment | — | 4,947 | — | 4,947 | |||||||||||||
Deferred income taxes | 54,568 | (1,988 | ) | — | 52,580 | ||||||||||||
Foreign currency adjustments | 16,269 | — | — | 16,269 | |||||||||||||
Other, net | 10,942 | (819 | ) | — | 10,123 | ||||||||||||
Change in current assets and current liabilities: | |||||||||||||||||
Accounts receivable | (24,273 | ) | — | (12,380 | ) | (36,653 | ) | ||||||||||
Finance receivables—accrued interest and other | — | (346 | ) | — | (346 | ) | |||||||||||
Inventories | (46,474 | ) | — | — | (46,474 | ) | |||||||||||
Accounts payable and accrued liabilities | (60,907 | ) | (5,096 | ) | 12,380 | (53,623 | ) | ||||||||||
Restructuring reserves | (25,042 | ) | — | — | (25,042 | ) | |||||||||||
Derivative instruments | (2,161 | ) | (28 | ) | — | (2,189 | ) | ||||||||||
Prepaid and other | 70,900 | (2,219 | ) | — | 68,681 | ||||||||||||
Total adjustments | 54,924 | 159,311 | 28,865 | 243,100 | |||||||||||||
Net cash provided by operating activities of continuing operations | 800,001 | 333,227 | (156,135 | ) | 977,093 | ||||||||||||
Cash flows from investing activities of continuing operations: | |||||||||||||||||
Capital expenditures | (199,354 | ) | (8,967 | ) | — | (208,321 | ) | ||||||||||
Origination of finance receivables | — | (7,140,533 | ) | 3,896,528 | (3,244,005 | ) | |||||||||||
Collections of finance receivables | — | 6,757,387 | (3,925,393 | ) | 2,831,994 | ||||||||||||
Purchases of marketable securities | (4,998 | ) | — | — | (4,998 | ) | |||||||||||
Sales and redemptions of marketable securities | 40,108 | — | — | 40,108 | |||||||||||||
Other | 16,355 | — | — | 16,355 | |||||||||||||
Net cash used by investing activities of continuing operations | (147,889 | ) | (392,113 | ) | (28,865 | ) | (568,867 | ) | |||||||||
Cash flows from financing activities of continuing operations: | |||||||||||||||||
Repayments of medium-term notes | — | (27,858 | ) | — | (27,858 | ) | |||||||||||
Intercompany borrowing activity | (50,000 | ) | 50,000 | — | — | ||||||||||||
Proceeds from securitization debt | — | 647,516 | — | 647,516 | |||||||||||||
Repayments of securitization debt | — | (840,387 | ) | — | (840,387 | ) | |||||||||||
Borrowings of asset-backed commercial paper | — | 88,456 | — | 88,456 | |||||||||||||
Repayments of asset-backed commercial paper | — | (78,765 | ) | — | (78,765 | ) | |||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 371,085 | — | 371,085 | |||||||||||||
Net change in restricted cash | — | 43,201 | — | 43,201 | |||||||||||||
Dividends | (187,688 | ) | (185,000 | ) | 185,000 | (187,688 | ) | ||||||||||
Purchase of common stock for treasury | (479,231 | ) | — | — | (479,231 | ) | |||||||||||
Excess tax benefits from share-based payments | 19,895 | — | — | 19,895 | |||||||||||||
Issuance of common stock under employee stock option plans | 50,567 | — | — | 50,567 | |||||||||||||
Net cash (used by) provided by financing activities of continuing operations | (646,457 | ) | 68,248 | 185,000 | (393,209 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (14,459 | ) | (2,084 | ) | — | (16,543 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents from continuing operations | $ | (8,804 | ) | $ | 7,278 | $ | — | $ | (1,526 | ) | |||||||
Cash and cash equivalents: | |||||||||||||||||
Cash and cash equivalents—beginning of period | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | |||||||||
Net (decrease) increase in cash and cash equivalents | (8,804 | ) | 7,278 | — | (1,526 | ) | |||||||||||
Cash and cash equivalents—end of period | $ | 718,912 | $ | 347,700 | $ | — | $ | 1,066,612 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | & | |||||||||||||||
Products | Operations | Adjustments | |||||||||||||||
Operations | |||||||||||||||||
Cash flows from operating activities of continuing operations: | |||||||||||||||||
Income from continuing operations | $ | 677,048 | $ | 171,877 | $ | (225,000 | ) | $ | 623,925 | ||||||||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||||||||||||||||
Depreciation | 162,659 | 6,319 | — | 168,978 | |||||||||||||
Amortization of deferred loan origination costs | — | 78,592 | — | 78,592 | |||||||||||||
Amortization of financing origination fees | 473 | 9,496 | — | 9,969 | |||||||||||||
Provision for employee long-term benefits | 67,612 | 3,735 | — | 71,347 | |||||||||||||
Contributions to pension and postretirement plans | (244,416 | ) | — | — | (244,416 | ) | |||||||||||
Stock compensation expense | 37,544 | 3,271 | — | 40,815 | |||||||||||||
Net change in wholesale finance receivables | — | — | 2,513 | 2,513 | |||||||||||||
Provision for credit losses | — | 22,239 | — | 22,239 | |||||||||||||
Loss on debt extinguishment | — | 4,323 | — | 4,323 | |||||||||||||
Pension and postretirement healthcare plan curtailment and settlement expense | 6,242 | — | — | 6,242 | |||||||||||||
Deferred income taxes | 117,772 | 10,680 | — | 128,452 | |||||||||||||
Foreign currency adjustments | 9,773 | — | — | 9,773 | |||||||||||||
Other, net | (2,290 | ) | (4,926 | ) | — | (7,216 | ) | ||||||||||
Change in current assets and current liabilities: | |||||||||||||||||
Accounts receivable | 9,323 | — | (23,013 | ) | (13,690 | ) | |||||||||||
Finance receivables – accrued interest and other | — | (4 | ) | — | (4 | ) | |||||||||||
Inventories | 21,459 | — | — | 21,459 | |||||||||||||
Accounts payable and accrued liabilities | (6,368 | ) | (27,443 | ) | 23,013 | (10,798 | ) | ||||||||||
Restructuring reserves | (16,087 | ) | — | — | (16,087 | ) | |||||||||||
Derivative instruments | 2,906 | (148 | ) | — | 2,758 | ||||||||||||
Prepaid and other | (95,162 | ) | (2,554 | ) | — | (97,716 | ) | ||||||||||
Total adjustments | 71,440 | 103,580 | 2,513 | 177,533 | |||||||||||||
Net cash provided by operating activities of continuing operations | 748,488 | 275,457 | (222,487 | ) | 801,458 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (180,416 | ) | (8,586 | ) | — | (189,002 | ) | ||||||||||
Origination of finance receivables | — | (6,544,828 | ) | 3,686,127 | (2,858,701 | ) | |||||||||||
Collections of finance receivables | — | 6,456,729 | (3,688,640 | ) | 2,768,089 | ||||||||||||
Purchases of marketable securities | (4,993 | ) | — | — | (4,993 | ) | |||||||||||
Sales and redemptions of marketable securities | 23,296 | — | — | 23,296 | |||||||||||||
Net cash used by investing activities of continuing operations | (162,113 | ) | (96,685 | ) | (2,513 | ) | (261,311 | ) | |||||||||
Cash flows from financing activities of continuing operations: | |||||||||||||||||
Proceeds from issuance medium-term notes | — | 993,737 | — | 993,737 | |||||||||||||
Repayments of medium-term notes | — | (420,870 | ) | — | (420,870 | ) | |||||||||||
Intercompany borrowing activity | (400,000 | ) | 400,000 | — | — | ||||||||||||
Proceeds from securitization debt | — | 763,895 | — | 763,895 | |||||||||||||
Repayments of securitization debt | — | (1,405,599 | ) | — | (1,405,599 | ) | |||||||||||
Borrowings of asset-backed commercial paper | — | 200,417 | — | 200,417 | |||||||||||||
Net decrease in credit facilities and unsecured commercial paper | — | (744,724 | ) | — | (744,724 | ) | |||||||||||
Repayments of asset-backed commercial paper | — | (24,301 | ) | — | (24,301 | ) | |||||||||||
Net change in restricted cash | — | 41,647 | — | 41,647 | |||||||||||||
Dividends paid | (141,681 | ) | (225,000 | ) | 225,000 | (141,681 | ) | ||||||||||
Purchase of common stock for treasury, net of issuances | (311,632 | ) | — | — | (311,632 | ) | |||||||||||
Excess tax benefits from share based payments | 13,065 | — | — | 13,065 | |||||||||||||
Issuance of common stock under employee stock option plans | 45,973 | — | — | 45,973 | |||||||||||||
Net cash used by financing activities of continuing operations | (794,275 | ) | (420,798 | ) | 225,000 | (990,073 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (7,714 | ) | (1,172 | ) | — | (8,886 | ) | ||||||||||
Net decrease in cash and cash equivalents from continuing operations | $ | (215,614 | ) | $ | (243,198 | ) | $ | — | $ | (458,812 | ) | ||||||
Cash and cash equivalents: | |||||||||||||||||
Cash and cash equivalents – beginning of period | $ | 943,330 | $ | 583,620 | $ | — | $ | 1,526,950 | |||||||||
Net decrease in cash and cash equivalents | (215,614 | ) | (243,198 | ) | — | (458,812 | ) | ||||||||||
Cash and cash equivalents – end of period | $ | 727,716 | $ | 340,422 | $ | — | $ | 1,068,138 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||
Motorcycles | Financial | Eliminations | Consolidated | ||||||||||||||
& Related | Services | & | |||||||||||||||
Products | Operations | Adjustments | |||||||||||||||
Operations | |||||||||||||||||
Cash flows from operating activities of continuing operations: | |||||||||||||||||
Net income | $ | 558,807 | $ | 165,307 | $ | (125,000 | ) | $ | 599,114 | ||||||||
Gain from discontinued operations | 51,036 | — | — | 51,036 | |||||||||||||
Income from continuing operations | 507,771 | 165,307 | (125,000 | ) | 548,078 | ||||||||||||
Adjustments to reconcile income from continuing operations to cash provided by operating activities: | |||||||||||||||||
Depreciation | 173,959 | 6,449 | — | 180,408 | |||||||||||||
Amortization of deferred loan origination costs | — | 78,695 | — | 78,695 | |||||||||||||
Amortization of financing origination fees | 473 | 10,317 | — | 10,790 | |||||||||||||
Provision for employee long-term benefits | 55,942 | 3,499 | — | 59,441 | |||||||||||||
Contributions to pension and postretirement plans | (219,695 | ) | — | — | (219,695 | ) | |||||||||||
Stock compensation expense | 35,404 | 2,788 | — | 38,192 | |||||||||||||
Net change in wholesale finance receivables | — | — | (2,335 | ) | (2,335 | ) | |||||||||||
Provision for credit losses | — | 17,031 | — | 17,031 | |||||||||||||
Loss on debt extinguishment | — | 9,608 | — | 9,608 | |||||||||||||
Pension and postretirement healthcare plan curtailment and settlement expense | 236 | — | — | 236 | |||||||||||||
Deferred income taxes | 71,555 | 16,318 | — | 87,873 | |||||||||||||
Foreign currency adjustments | 10,678 | — | — | 10,678 | |||||||||||||
Other, net | (16,650 | ) | 843 | — | (15,807 | ) | |||||||||||
Change in current assets and current liabilities: | |||||||||||||||||
Accounts receivable | 60,403 | — | (17,353 | ) | 43,050 | ||||||||||||
Finance receivables – accrued interest and other | — | 5,027 | — | 5,027 | |||||||||||||
Inventories | (94,957 | ) | — | — | (94,957 | ) | |||||||||||
Accounts payable and accrued liabilities | 81,670 | (25,989 | ) | 64,610 | 120,291 | ||||||||||||
Restructuring reserves | 8,072 | — | — | 8,072 | |||||||||||||
Derivative instruments | (2,519 | ) | 31 | — | (2,488 | ) | |||||||||||
Prepaid and other | 1,154 | 49,524 | (47,575 | ) | 3,103 | ||||||||||||
Total adjustments | 165,725 | 174,141 | (2,653 | ) | 337,213 | ||||||||||||
Net cash provided by operating activities of continuing operations | 673,496 | 339,448 | (127,653 | ) | 885,291 | ||||||||||||
Cash flows from investing activities of continuing operations: | |||||||||||||||||
Capital expenditures | (179,988 | ) | (9,047 | ) | — | (189,035 | ) | ||||||||||
Origination of finance receivables | — | (6,056,242 | ) | 3,434,218 | (2,622,024 | ) | |||||||||||
Collections of finance receivables | — | 6,191,932 | (3,431,883 | ) | 2,760,049 | ||||||||||||
Purchases of marketable securities | (142,653 | ) | — | — | (142,653 | ) | |||||||||||
Sales and redemptions of marketable securities | 130,121 | — | — | 130,121 | |||||||||||||
Net cash (used by) provided by investing activities of continuing operations | (192,520 | ) | 126,643 | 2,335 | (63,542 | ) | |||||||||||
Cash flows from financing activities of continuing operations: | |||||||||||||||||
Proceeds from issuance of medium-term notes | — | 447,076 | — | 447,076 | |||||||||||||
Repayment of medium-term notes | — | (59,211 | ) | — | (59,211 | ) | |||||||||||
Proceeds from securitization debt | — | 1,082,599 | — | 1,082,599 | |||||||||||||
Repayments of securitization debt | — | (1,754,568 | ) | — | (1,754,568 | ) | |||||||||||
Net increase in credit facilities and unsecured commercial paper | — | 237,827 | — | 237,827 | |||||||||||||
Repayments of asset-backed commercial paper | — | (483 | ) | — | (483 | ) | |||||||||||
Net change in restricted cash | — | 59,232 | — | 59,232 | |||||||||||||
Dividends paid | (111,011 | ) | (125,000 | ) | 125,000 | (111,011 | ) | ||||||||||
Purchase of common stock for treasury, net of issuances | (224,548 | ) | — | — | (224,548 | ) | |||||||||||
Excess tax benefits from share based payments | 6,303 | — | — | 6,303 | |||||||||||||
Issuance of common stock under employee stock option plans | 7,840 | — | — | 7,840 | |||||||||||||
Net cash used by financing activities of continuing operations | (321,416 | ) | (112,528 | ) | 125,000 | (308,944 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents of continuing operations | (8,021 | ) | (85 | ) | 318 | (7,788 | ) | ||||||||||
Net increase in cash and cash equivalents of continuing operations | 151,539 | 353,478 | — | 505,017 | |||||||||||||
Cash flows from discontinued operations: | |||||||||||||||||
Cash flows from operating activities of discontinued operations | — | — | — | — | |||||||||||||
Cash flows from investing activities of discontinued operations | — | — | — | — | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents of discontinued operations | — | — | — | — | |||||||||||||
— | — | — | — | ||||||||||||||
Net increase in cash and cash equivalents | $ | 151,539 | $ | 353,478 | $ | — | $ | 505,017 | |||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash and cash equivalents – beginning of period | $ | 791,791 | $ | 230,142 | $ | — | $ | 1,021,933 | |||||||||
Net increase in cash and cash equivalents | 151,539 | 353,478 | — | 505,017 | |||||||||||||
Cash and cash equivalents – end of period | $ | 943,330 | $ | 583,620 | $ | — | $ | 1,526,950 | |||||||||
Supplementary_Data_Tables
Supplementary Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
Quarterly financial data (unaudited) | |||||||||||||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||||||||||
Mar 31, | April 1, | June 30, | July 1, | Sep 29, | Sep 30, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Motorcycles: | |||||||||||||||||||||||||||||||||
Revenue | $ | 1,414.20 | $ | 1,273.40 | $ | 1,631.50 | $ | 1,569.00 | $ | 1,180.30 | $ | 1,089.30 | $ | 1,032.30 | $ | 1,010.90 | |||||||||||||||||
Operating income(a) | $ | 276.8 | $ | 208.1 | $ | 357.7 | $ | 309.6 | $ | 175.5 | $ | 144.8 | $ | 60.7 | $ | 53.1 | |||||||||||||||||
Financial Services: | |||||||||||||||||||||||||||||||||
Revenue | $ | 157 | $ | 156.3 | $ | 162.8 | $ | 160.6 | $ | 163.4 | $ | 161 | $ | 158.3 | $ | 160 | |||||||||||||||||
Operating income | $ | 71.5 | $ | 67.4 | $ | 74.2 | $ | 82 | $ | 76.1 | $ | 72.4 | $ | 61.3 | $ | 63 | |||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||
Income before taxes | $ | 338.5 | $ | 265.9 | $ | 422.4 | $ | 382.1 | $ | 241.3 | $ | 207.1 | $ | 112.1 | $ | 106.4 | |||||||||||||||||
Net income | $ | 224.1 | $ | 172 | $ | 271.7 | $ | 247.3 | $ | 162.7 | $ | 134 | $ | 75.4 | $ | 70.6 | |||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||||||||||||
Basic | $ | 1 | $ | 0.75 | $ | 1.22 | $ | 1.08 | $ | 0.73 | $ | 0.59 | $ | 0.34 | $ | 0.31 | |||||||||||||||||
Diluted | $ | 0.99 | $ | 0.74 | $ | 1.21 | $ | 1.07 | $ | 0.73 | $ | 0.59 | $ | 0.34 | $ | 0.31 | |||||||||||||||||
(a) | Operating income for the Motorcycles segment includes restructuring expense (benefit) as discussed in Note 4 for the following periods (in millions): | ||||||||||||||||||||||||||||||||
Schedule Of Restructuring Expense | ' | ||||||||||||||||||||||||||||||||
2009 Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the following years ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | |||||||||||||||||||||||||
Restructuring expense | — | — | 907 | 907 | |||||||||||||||||||||||||||||
Utilized – cash | (1,645 | ) | — | (1,068 | ) | (2,713 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (1,551 | ) | — | — | (1,551 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 2,000 | $ | — | $ | — | $ | 2,000 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | |||||||||||||||||||||||||
Restructuring expense | 4,099 | — | 13,154 | 17,253 | |||||||||||||||||||||||||||||
Utilized – cash | (6,566 | ) | — | (12,993 | ) | (19,559 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (2,426 | ) | — | — | (2,426 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 5,196 | $ | — | $ | 161 | $ | 5,357 | |||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
Employee | Accelerated | Other | Total | ||||||||||||||||||||||||||||||
Severance | Depreciation | ||||||||||||||||||||||||||||||||
and | |||||||||||||||||||||||||||||||||
Termination | |||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 23,818 | $ | — | $ | 2,764 | $ | 26,582 | |||||||||||||||||||||||||
Restructuring expense | 5,062 | — | 34,470 | 39,532 | |||||||||||||||||||||||||||||
Utilized – cash | (16,498 | ) | — | (37,234 | ) | (53,732 | ) | ||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | — | |||||||||||||||||||||||||||||
Noncash reserve release | (2,293 | ) | — | — | (2,293 | ) | |||||||||||||||||||||||||||
Balance, end of period | $ | 10,089 | $ | — | $ | — | $ | 10,089 | |||||||||||||||||||||||||
The following table summarizes the Motorcycles segment’s 2011 Kansas City Restructuring Plan and 2011 New Castalloy Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the year ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | |||||||||||||||||||||||||||||||
Employee Severance and Termination Costs | Other | Total | Employee Severance and Termination Costs | Accelerated Depreciation | Other | Total | Total | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | |||||||||||||||||
Restructuring expense | — | — | — | 1,480 | 2,093 | 1,709 | 5,282 | 5,282 | |||||||||||||||||||||||||
Utilized - cash | (1,290 | ) | — | (1,290 | ) | (5,369 | ) | — | — | (5,369 | ) | (6,659 | ) | ||||||||||||||||||||
Utilized - non-cash | — | — | — | — | (2,093 | ) | (1,721 | ) | (3,814 | ) | (3,814 | ) | |||||||||||||||||||||
Non-cash reserve release | (969 | ) | — | (969 | ) | (5,369 | ) | — | — | (5,369 | ) | (6,338 | ) | ||||||||||||||||||||
Balance, end of period | $ | — | $ | — | $ | — | $ | 48 | $ | — | $ | 133 | $ | 181 | $ | 181 | |||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Kansas City | New Castalloy | Consolidated | |||||||||||||||||||||||||||||||
Employee Severance and Termination Costs | Other | Total | Employee Severance and Termination Costs | Accelerated Depreciation | Other | Total | Total | ||||||||||||||||||||||||||
Balance, beginning of period | $ | 4,123 | $ | — | $ | 4,123 | $ | 8,428 | $ | — | $ | 305 | $ | 8,733 | $ | 12,856 | |||||||||||||||||
Restructuring expense | — | — | — | 3,180 | 8,212 | 1,427 | 12,819 | 12,819 | |||||||||||||||||||||||||
Utilized - cash | — | — | — | (2,302 | ) | — | (1,587 | ) | (3,889 | ) | (3,889 | ) | |||||||||||||||||||||
Utilized - non-cash | — | — | — | — | (8,212 | ) | — | (8,212 | ) | (8,212 | ) | ||||||||||||||||||||||
Non-cash reserve release | (1,864 | ) | — | (1,864 | ) | — | — | — | — | (1,864 | ) | ||||||||||||||||||||||
Balance, end of period | $ | 2,259 | $ | — | $ | 2,259 | $ | 9,306 | $ | — | $ | 145 | $ | 9,451 | $ | 11,710 | |||||||||||||||||
The following table summarizes the Motorcycles segment’s 2010 Restructuring Plan reserve activity and balances as recorded in accrued liabilities for the following years ended December 31 (in thousands): | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Employee | Employee | Employee | |||||||||||||||||||||||||||||||
Severance and | Severance and | Severance and | |||||||||||||||||||||||||||||||
Termination Costs | Termination Costs | Termination Costs | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 10,156 | $ | 20,361 | $ | 8,652 | |||||||||||||||||||||||||||
Restructuring expense | — | 4,005 | 12,575 | ||||||||||||||||||||||||||||||
Utilized – cash | (9,725 | ) | (12,898 | ) | (866 | ) | |||||||||||||||||||||||||||
Utilized – non-cash | — | — | — | ||||||||||||||||||||||||||||||
Non-cash reserve release | (431 | ) | (1,312 | ) | — | ||||||||||||||||||||||||||||
Balance, end of period | $ | — | $ | 10,156 | $ | 20,361 | |||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||||||||||||||||||
Mar 31, | April 1, | June 30, | July 1, | Sep 29, | Sep 30, | Dec 31, | Dec 31, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
Restructuring expense (benefit) | $ | 2.9 | $ | 11.5 | $ | (5.3 | ) | $ | 6.2 | $ | 0.6 | $ | 0.9 | $ | (0.4 | ) | $ | 1.6 | |||||||||||||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Marketable Securities, Unrealized Loss | ($1.50) | $0.60 | ' |
Gross unrealized gain, net of tax | -1 | 0.4 | ' |
Marketable securities maturity period, minimum (in months) | '1 month | ' | ' |
Marketable securities maturity period, maximum (in months) | '29 months | ' | ' |
Allowance for doubtful accounts receivable | 5 | 5 | ' |
Repossessed inventory | 13.8 | 11.9 | ' |
Other inventories | 210.7 | 195 | ' |
Deferred revenue related to extended service contracts | 6.8 | 8.3 | ' |
Research and development expenses | 152.2 | 137.3 | 145.4 |
Advertising costs | 90.7 | 80.7 | 82.3 |
Total share-based award compensation expense | 41.2 | 40.8 | 38.2 |
Total share-based award compensation expense, net of taxes | 26 | 25.7 | 24 |
Safety Recall [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Loss Contingency Accrual, Product Liability, Gross | $4 | $4.60 | $10.70 |
Motorcycles Segment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Standard Product Warranty, Period | '2 years | ' | ' |
Parts and Accessories Finished Goods [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Standard Product Warranty, Period | '1 year | ' | ' |
Japan [Member] | Motorcycles Segment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Standard Product Warranty, Period | '3 years | ' | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of property, plant and equipment, minimum (in years) | '30 years 0 months 0 days | ' | ' |
Building Equipment and Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of property, plant and equipment, minimum (in years) | '7 years 0 months 0 days | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of property, plant and equipment, minimum (in years) | '3 years 0 months 0 days | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of property, plant and equipment, minimum (in years) | '10 years 0 months 0 days | ' | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of property, plant and equipment, minimum (in years) | '5 years 0 months 0 days | ' | ' |
Software [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of property, plant and equipment, minimum (in years) | '3 years 0 months 0 days | ' | ' |
Software [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful lives of property, plant and equipment, minimum (in years) | '7 years 0 months 0 days | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Marketable Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Available-for-sale securities: corporate bonds | $99,009 | $135,634 |
Trading securities: mutual funds | 30,172 | 18,417 |
Marketable Securities | $129,181 | $154,051 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Changes In Warranty And Safety Recall Liability) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $60,263 | $54,994 | $54,134 |
Warranties issued during the period | 59,022 | 54,394 | 44,092 |
Settlements made during the period | -64,462 | -67,247 | -55,386 |
Recalls and changes to pre-existing warranty liabilities | 9,297 | 18,122 | 12,154 |
Balance, end of period | $64,120 | $60,263 | $54,994 |
Additional_Balance_Sheet_And_C2
Additional Balance Sheet And Cash Flow Information (Inventories, Net) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory [Line Items] | ' | ' |
Raw materials and work in process | $140,302,000 | $111,335,000 |
Inventory at lower of FIFO cost or market | 473,233,000 | 439,413,000 |
Excess of FIFO over LIFO cost | -48,726,000 | -45,889,000 |
Inventories, net | 424,507,000 | 393,524,000 |
Obsolescence reserves deducted from FIFO cost | 17,500,000 | 22,900,000 |
Motorcycle Finished Goods [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Motorcycle finished goods | 205,416,000 | 205,660,000 |
Parts and Accessories Finished Goods [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Motorcycle finished goods | $127,515,000 | $122,418,000 |
Additional_Balance_Sheet_And_C3
Additional Balance Sheet And Cash Flow Information (Property, Plant And Equipment, At Cost) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $2,802,984 | $2,684,844 |
Accumulated depreciation | -1,960,507 | -1,869,380 |
Property, plant and equipment, net | 842,477 | 815,464 |
Land and Related Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 56,146 | 57,801 |
Building and Related Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 424,485 | 417,316 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 2,153,755 | 2,042,484 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $168,598 | $167,243 |
Additional_Balance_Sheet_And_C4
Additional Balance Sheet And Cash Flow Information (Accrued Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ' | ' |
Payroll, employee benefits and related expenses | $166,346 | $215,461 |
Restructuring reserves | 2,181 | 27,223 |
Warranty and recalls | 46,571 | 60,263 |
Sales incentive programs | 42,541 | 43,938 |
Tax-related accruals | 21,970 | 19,923 |
Fair value of derivative financial instruments | 3,925 | 7,920 |
Other Accrued Liabilities, Current | 143,801 | 138,863 |
Accrued liabilities, Total | $427,335 | $513,591 |
Additional_Balance_Sheet_And_C5
Additional Balance Sheet And Cash Flow Information (Reconciliation Of Net Income (Loss) To Net Cash Provided By Operating Activities Of Continuing Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $75,409 | $162,716 | $271,739 | $224,129 | $70,639 | $134,001 | $247,250 | $172,035 | $733,993 | $623,925 | $599,114 |
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 51,036 |
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 733,993 | 623,925 | 548,078 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 167,072 | 168,978 | 180,408 |
Amortization of deferred loan origination costs | ' | ' | ' | ' | ' | ' | ' | ' | 86,181 | 78,592 | 78,695 |
Amortization of financing origination fees | ' | ' | ' | ' | ' | ' | ' | ' | 9,376 | 9,969 | 10,790 |
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 66,877 | 71,347 | 59,441 |
Contributions to pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | -204,796 | -244,416 | -219,695 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 41,244 | 40,815 | 38,192 |
Net change in wholesale finance receivables related to sales | ' | ' | ' | ' | ' | ' | ' | ' | 28,865 | 2,513 | -2,335 |
Provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | 60,008 | 22,239 | 17,031 |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 4,947 | 4,323 | 9,608 |
Pension and postretirement healthcare plan curtailment and settlement expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,242 | 236 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 52,580 | 128,452 | 87,873 |
Foreign currency adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 16,269 | 9,773 | 10,678 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 10,123 | -7,216 | -15,807 |
Changes in current assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | -36,653 | -13,690 | 43,050 |
Finance receivables – accrued interest and other | ' | ' | ' | ' | ' | ' | ' | ' | -346 | -4 | 5,027 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | -46,474 | 21,459 | -94,957 |
Accounts payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -53,623 | -10,798 | 120,291 |
Restructuring reserves | ' | ' | ' | ' | ' | ' | ' | ' | -25,042 | -16,087 | 8,072 |
Derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | -2,189 | 2,758 | -2,488 |
Prepaid and other | ' | ' | ' | ' | ' | ' | ' | ' | 68,681 | -97,716 | 3,103 |
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 243,100 | 177,533 | 337,213 |
Net cash provided by operating activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 977,093 | 801,458 | 885,291 |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | 197,161 | 225,228 | 251,341 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $236,972 | $317,812 | $84,984 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | |
MV Agusta [Member] | MV Agusta [Member] | MV Agusta [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Discontinued operation, tax (expense) benefit from provision for (gain) loss on disposal before uncertain tax position adjustment | ' | ' | ' | ' | ' | $101,000,000 |
Discontinued operation uncertain tax position from provision for gain loss on disposal | ' | ' | ' | ' | ' | 43,500,000 |
Discontinued operation, tax (expense) benefit from provision for (gain) loss on disposal | ' | ' | ' | ' | ' | 57,500,000 |
Discontinued operation, tax effect of adjustment to prior period gain (loss) on disposal, final settlement | ' | ' | ' | 43,500,000 | ' | ' |
Discontinued operation, tax effect of adjustment to prior period gain (loss) on disposal, final tax calculation | ' | ' | ' | 7,500,000 | ' | ' |
Income from discontinued operations, net of tax | $0 | $0 | $51,036,000 | ' | $51,036,000 | ' |
Discontinued operation, income (loss) from discontinued operation, net of tax, per basic and diluted share | ' | ' | ' | ' | $0.22 | ' |
Restructuring_Expense_And_Othe1
Restructuring Expense And Other Impairments (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 60 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
Motorcycles Segment [Member] | Motorcycles Segment [Member] | Motorcycles Segment [Member] | 2011 Restructuring Plan [Member] | 2011 Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | Original 2011 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | ||||
Motorcycles Segment [Member] | Motorcycles Segment [Member] | employee | Motorcycles Segment [Member] | Motorcycles Segment [Member] | employee | Motorcycles Segment [Member] | Motorcycles Segment [Member] | employee | agreement | Milwaukee Facilities [Member] | Tomahawk Facilities [Member] | Production, Hourly [Member] | Motorcycles Segment [Member] | Motorcycles Segment [Member] | Motorcycles Segment [Member] | Motorcycles Segment [Member] | Financial Services Segment [Member] | |||||||||||
employee | employee | employee | Non-Production [Member] | Salaried [Member] | ||||||||||||||||||||||||
employee | employee | |||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated reduction in workforce | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | 145 | ' | ' | 200 | ' | ' | 250 | 75 | ' | ' | 2,900 | ' | ' | ' | 800 | 100 |
Expected number of positions retained | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expense | ($2,131) | $28,475 | $67,992 | ($2,131) | $28,475 | $67,992 | $5,282 | $12,819 | $22,100 | $5,282 | $12,819 | ' | $6,000 | $0 | $0 | ' | ' | $59,200 | ' | ' | ' | $393,800 | ' | $907 | $17,253 | $39,532 | ' | ' |
Non-cash charges | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' |
Labor agreement period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost incurred to date, non-cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of labor agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Expense_And_Othe2
Restructuring Expense And Other Impairments (Restructuring Plan Reserve Recorded In Accrued Liabilities) (Details) (USD $) | 12 Months Ended | 60 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | 2011 Restructuring Plan [Member] | 2011 Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 Kansas City Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2011 New Castalloy Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2010 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | 2009 Restructuring Plan [Member] | ||||
Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Employee Severance [Member] | Employee Severance [Member] | Other [Member] | Other [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Employee Severance [Member] | Employee Severance [Member] | Accelerated Depreciation [Member] | Accelerated Depreciation [Member] | Other [Member] | Other [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Employee Severance [Member] | Employee Severance [Member] | Employee Severance [Member] | Accelerated Depreciation [Member] | Accelerated Depreciation [Member] | Accelerated Depreciation [Member] | Other [Member] | Other [Member] | Other [Member] | ||||||||||||
Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | Motorcycles & Related Products [Member] | |||||||||||||||||||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | ' | ' | ' | $11,710 | $12,856 | ' | $2,259 | $4,123 | $2,259 | $4,123 | $0 | $0 | ' | $9,451 | $8,733 | $9,306 | $8,428 | $0 | $0 | $145 | $305 | ' | $10,156 | $20,361 | $8,652 | ' | ' | $5,357 | $10,089 | $26,582 | $5,196 | $10,089 | $23,818 | $0 | $0 | $0 | $161 | $0 | $2,764 |
Restructuring expense | -2,131 | 28,475 | 67,992 | -2,131 | 28,475 | 67,992 | 5,282 | 12,819 | 6,000 | 0 | 0 | 0 | 0 | 0 | 0 | 22,100 | 5,282 | 12,819 | 1,480 | 3,180 | 2,093 | 8,212 | 1,709 | 1,427 | 59,200 | 0 | 4,005 | 12,575 | ' | 393,800 | 907 | 17,253 | 39,532 | 0 | 4,099 | 5,062 | 0 | 0 | 0 | 907 | 13,154 | 34,470 |
Utilized - cash | ' | ' | ' | ' | ' | ' | -6,659 | -3,889 | ' | -1,290 | 0 | -1,290 | 0 | 0 | 0 | ' | -5,369 | -3,889 | -5,369 | -2,302 | 0 | 0 | 0 | -1,587 | ' | -9,725 | -12,898 | -866 | ' | ' | -2,713 | -19,559 | -53,732 | -1,645 | -6,566 | -16,498 | 0 | 0 | 0 | -1,068 | -12,993 | -37,234 |
Utilized - non-cash | ' | ' | ' | ' | ' | ' | -3,814 | -8,212 | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | -3,814 | -8,212 | 0 | 0 | -2,093 | -8,212 | -1,721 | 0 | ' | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Noncash reserve release | ' | ' | ' | ' | ' | ' | -6,338 | -1,864 | ' | -969 | -1,864 | -969 | -1,864 | 0 | 0 | ' | -5,369 | 0 | -5,369 | 0 | 0 | 0 | 0 | 0 | ' | -431 | -1,312 | 0 | -1,551 | ' | ' | -2,426 | -2,293 | -1,551 | -2,426 | -2,293 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance, end of period | ' | ' | ' | ' | ' | ' | $181 | $11,710 | ' | $0 | $2,259 | $0 | $2,259 | $0 | $0 | ' | $181 | $9,451 | $48 | $9,306 | $0 | $0 | $133 | $145 | ' | $0 | $10,156 | $20,361 | ' | ' | $2,000 | $5,357 | $10,089 | $2,000 | $5,196 | $10,089 | $0 | $0 | $0 | $0 | $161 | $0 |
Goodwill_Changes_In_Carrying_A
Goodwill (Changes In Carrying Amount Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Ending Balance | $30,452 | $29,530 | ' |
Motorcycles Segment [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Beginning Balance | 29,530 | 29,081 | 29,590 |
Currency translation | 922 | 449 | -509 |
Goodwill, Ending Balance | 30,452 | 29,530 | 29,081 |
Financial Services Segment [Member] | ' | ' | ' |
Goodwill [Roll Forward] | ' | ' | ' |
Goodwill, Ending Balance | $0 | ' | ' |
Finance_Receivables_Narrative_
Finance Receivables (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Commercial Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Unused lines of credit, wholesale | 1,010 | 955.5 |
Consumer Portfolio Segment [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Approved but unfunded retail loans | 149.8 | 137.7 |
Financing Receivable [Member] | Geographic Concentration Risk [Member] | Texas [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Concentration Risk, Percentage | 12.00% | 12.00% |
Finance_Receivables_Finance_Re
Finance Receivables (Finance Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | $6,110,256 | $5,889,519 | $5,912,130 | $6,191,158 | $4,961,894 |
Allowance for credit losses | -110,693 | -107,667 | -125,449 | -173,589 | -150,082 |
Financing Receivable, Net | 5,999,563 | 5,781,852 | 5,786,681 | 6,017,569 | 4,811,812 |
Investment in retained securitization interests | 0 | 0 | 0 | 0 | 245,350 |
Total of finance receivables, net and investment in retained securitization interests | 5,999,563 | 5,781,852 | 5,786,681 | 6,017,569 | 5,057,162 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 845,212 | 816,404 | 824,640 | 813,997 | 870,001 |
Allowance for credit losses | -4,630 | -6,225 | -9,337 | -15,798 | ' |
Commercial Portfolio Segment [Member] | United States [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 800,491 | 776,633 | 778,320 | 735,481 | 787,891 |
Commercial Portfolio Segment [Member] | Canada [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 44,721 | 39,771 | 46,320 | 78,516 | 82,110 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 5,265,044 | 5,073,115 | 5,087,490 | 5,377,161 | 4,091,893 |
Allowance for credit losses | -106,063 | -101,442 | -116,112 | -157,791 | ' |
Consumer Portfolio Segment [Member] | United States [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 5,051,245 | 4,850,450 | 4,858,781 | 5,126,699 | 3,835,235 |
Consumer Portfolio Segment [Member] | Canada [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | $213,799 | $222,665 | $228,709 | $250,462 | $256,658 |
Finance_Receivables_Contractua
Finance Receivables (Contractual Maturities Of Finance Receivables) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
2014 | $1,796,601 |
2015 | 1,031,420 |
2016 | 1,162,491 |
2017 | 1,178,935 |
2018 | 876,094 |
Thereafter | 64,715 |
Total | 6,110,256 |
United States [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
2014 | 1,713,839 |
2015 | 990,463 |
2016 | 1,116,609 |
2017 | 1,127,536 |
2018 | 838,574 |
Thereafter | 64,715 |
Total | 5,851,736 |
Canada [Member] | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' |
2014 | 82,762 |
2015 | 40,957 |
2016 | 45,882 |
2017 | 51,399 |
2018 | 37,520 |
Thereafter | 0 |
Total | $258,520 |
Finance_Receivables_Changes_In
Finance Receivables (Changes In The Allowance For Finance Credit Losses On Finance Receivables) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | $107,667 | $125,449 | $173,589 | $150,082 |
Provision for credit losses | 60,008 | 22,239 | 17,031 | ' |
Charge-offs | -97,928 | -87,062 | -119,496 | ' |
Recoveries | 40,946 | 47,041 | 54,325 | ' |
Balance, end of period | 110,693 | 107,667 | 125,449 | 150,082 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 101,442 | 116,112 | 157,791 | ' |
Provision for credit losses | 61,603 | 25,252 | 23,054 | ' |
Charge-offs | -97,928 | -86,963 | -118,993 | ' |
Recoveries | 40,946 | 47,041 | 54,260 | ' |
Balance, end of period | 106,063 | 101,442 | 116,112 | ' |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of period | 6,225 | 9,337 | 15,798 | ' |
Provision for credit losses | -1,595 | -3,013 | -6,023 | ' |
Charge-offs | 0 | -99 | -503 | ' |
Recoveries | 0 | 0 | 65 | ' |
Balance, end of period | $4,630 | $6,225 | $9,337 | ' |
Finance_Receivables_Allowance_
Finance Receivables (Allowance For Credit Losses And Finance Receivables By Portfolio, Individually And Collectively Evaluated For Impairment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $0 | $0 | ' | ' | ' |
Collectively evaluated for impairment | 110,693 | 107,667 | ' | ' | ' |
Total allowance for credit losses | 110,693 | 107,667 | 125,449 | 173,589 | 150,082 |
Individually evaluated for impairment | 0 | 0 | ' | ' | ' |
Collectively evaluated for impairment | 6,110,256 | 5,889,519 | ' | ' | ' |
Total finance receivables | 6,110,256 | 5,889,519 | 5,912,130 | 6,191,158 | 4,961,894 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' | ' |
Collectively evaluated for impairment | 106,063 | 101,442 | ' | ' | ' |
Total allowance for credit losses | 106,063 | 101,442 | 116,112 | 157,791 | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' | ' |
Collectively evaluated for impairment | 5,265,044 | 5,073,115 | ' | ' | ' |
Total finance receivables | 5,265,044 | 5,073,115 | 5,087,490 | 5,377,161 | 4,091,893 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' | ' |
Collectively evaluated for impairment | 4,630 | 6,225 | ' | ' | ' |
Total allowance for credit losses | 4,630 | 6,225 | 9,337 | 15,798 | ' |
Individually evaluated for impairment | 0 | 0 | ' | ' | ' |
Collectively evaluated for impairment | 845,212 | 816,404 | ' | ' | ' |
Total finance receivables | $845,212 | $816,404 | $824,640 | $813,997 | $870,001 |
Finance_Receivables_Aging_Of_P
Finance Receivables (Aging Of Past Due Finance Receivables Including Non-Accrual Status Finance Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Current | $5,938,648 | $5,709,381 | ' | ' | ' |
31-60 Days Past Due | 110,597 | 114,588 | ' | ' | ' |
61-90 Days Past Due | 36,210 | 37,517 | ' | ' | ' |
Greater than 90 Days Past Due | 24,801 | 28,033 | ' | ' | ' |
Total Past Due | 171,608 | 180,138 | ' | ' | ' |
Total finance receivables | 6,110,256 | 5,889,519 | 5,912,130 | 6,191,158 | 4,961,894 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Current | 5,094,615 | 4,894,675 | ' | ' | ' |
31-60 Days Past Due | 109,806 | 113,604 | ' | ' | ' |
61-90 Days Past Due | 36,029 | 37,239 | ' | ' | ' |
Greater than 90 Days Past Due | 24,594 | 27,597 | ' | ' | ' |
Total Past Due | 170,429 | 178,440 | ' | ' | ' |
Total finance receivables | 5,265,044 | 5,073,115 | 5,087,490 | 5,377,161 | 4,091,893 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Current | 844,033 | 814,706 | ' | ' | ' |
31-60 Days Past Due | 791 | 984 | ' | ' | ' |
61-90 Days Past Due | 181 | 278 | ' | ' | ' |
Greater than 90 Days Past Due | 207 | 436 | ' | ' | ' |
Total Past Due | 1,179 | 1,698 | ' | ' | ' |
Total finance receivables | $845,212 | $816,404 | $824,640 | $813,997 | $870,001 |
Finance_Receivables_Wholesale_
Finance Receivables (Wholesale And Retail Receivables Accruing Interest And Are Past Due) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2008 |
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Receivables past due and accruing interest | $24,801 | $28,033 | $28,378 | $35,742 | $26,790 |
United States [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Receivables past due and accruing interest | 23,770 | 26,500 | 27,171 | 34,391 | 24,629 |
Canada [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ' | ' |
Receivables past due and accruing interest | $1,031 | $1,533 | $1,207 | $1,351 | $2,161 |
Finance_Receivables_Investment
Finance Receivables (Investment Of Wholesale Finance Receivables By Internal And External Credit Quality Indicator) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Thousands, unless otherwise specified | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | $6,110,256 | $5,889,519 | $5,912,130 | $6,191,158 | $4,961,894 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 5,265,044 | 5,073,115 | 5,087,490 | 5,377,161 | 4,091,893 |
Consumer Portfolio Segment [Member] | Prime [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 4,141,559 | 4,035,584 | ' | ' | ' |
Consumer Portfolio Segment [Member] | Sub Prime [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 1,123,485 | 1,037,531 | ' | ' | ' |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 845,212 | 816,404 | 824,640 | 813,997 | 870,001 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 0 | 8,107 | ' | ' | ' |
Commercial Portfolio Segment [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 8,383 | 2,593 | ' | ' | ' |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 2,076 | 3,504 | ' | ' | ' |
Commercial Portfolio Segment [Member] | Risk Level, Medium [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | 5,205 | 8,451 | ' | ' | ' |
Commercial Portfolio Segment [Member] | Risk Level, Low [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Gross | $829,548 | $793,749 | ' | ' | ' |
AssetBacked_Financing_Schedule
Asset-Backed Financing (Schedule Of Assets And Liabilities Of Variable Interest Entities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $1,773,210 | $2,337,993 |
Financing Receivable [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,569,118 | 2,143,708 |
Financing Receivable [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 0 | 0 |
Financing Receivable [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 204,092 | 194,285 |
Allowance for Credit Loss [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | -35,139 | -45,571 |
Allowance for Credit Loss [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | -31,778 | -42,139 |
Allowance for Credit Loss [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 0 | 0 |
Allowance for Credit Loss [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | -3,361 | -3,432 |
Restricted Cash [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 144,807 | 188,008 |
Restricted Cash [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 133,053 | 176,290 |
Restricted Cash [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 0 | 0 |
Restricted Cash [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 11,754 | 11,718 |
Other Assets [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 4,738 | 5,543 |
Other Assets [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 3,720 | 4,869 |
Other Assets [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 429 | 419 |
Other Assets [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 589 | 255 |
Assets, Total [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,887,616 | 2,485,973 |
Assets, Total [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,674,113 | 2,282,728 |
Assets, Total [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 429 | 419 |
Assets, Total [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 213,074 | 202,826 |
Asset-Backed Debt [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,430,873 | 1,623,434 |
Asset-Backed Debt [Member] | Asset-backed Securities [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,256,632 | 1,447,776 |
Asset-Backed Debt [Member] | Asset-backed U.S. Commercial Paper Conduit Facility [Member] | SPEs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 0 | 0 |
Asset-Backed Debt [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $174,241 | $175,658 |
AssetBacked_Financing_Narrativ
Asset-Backed Financing (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | SPEs [Member] | SPEs [Member] | Term Asset-Backed Securitization VIEs [Member] | Term Asset-Backed Securitization VIEs [Member] | Term Asset-Backed Securitization Sold at Premium VIEs [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Line of Credit [Member] | Third-party Bank [Member] | Third-party Bank [Member] | |
USD ($) | USD ($) | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | ||||
SPEs [Member] | SPEs [Member] | SPEs [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Line of Credit [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Variable Interest Entity, Not Primary Beneficiary [Member] | SPEs [Member] | SPEs [Member] | ||||||
USD ($) | USD ($) | USD ($) | ||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets transferred to special purpose entities | ' | ' | ' | $680,600,000 | $715,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | 650,000,000 | 675,300,000 | 89,500,000 | ' | ' | ' | ' | ' | ' |
Financial services interest expense | 165,491,000 | 195,990,000 | 229,492,000 | ' | ' | 14,500,000 | 25,800,000 | ' | 3,400,000 | 1,100,000 | ' | ' | 1,200,000 | 1,400,000 |
Weighted average interest rate at date of issuance | ' | ' | ' | ' | ' | 0.99% | 1.09% | ' | 2.03% | 1.95% | ' | ' | ' | ' |
Total aggregate commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | 600,000,000 | ' |
Line of credit facility, outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Maturity date of Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Face Amount of Finance Receivables Transferred | ' | ' | ' | ' | ' | ' | ' | ' | 101,100,000 | 230,000,000 | ' | ' | ' | ' |
Proceeds from Sale of Finance Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,300,000 | ' | 88,600,000 | ' | ' |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $38,800,000 | ' | ' | ' | ' | ' |
AssetBacked_Financing_Schedule1
Asset-Backed Financing (Schedule Of Secured Notes With Related Maturity) (Details) (Variable Interest Entity, Primary Beneficiary [Member], Secured Debt [Member], USD $) | Dec. 31, 2013 |
May 2014 - December 2020 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | $650,000,000 |
Weighted average interest rate at date of issuance | 0.57% |
August 2013 - June 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 675,306,000 |
Weighted average interest rate at date of issuance | 0.59% |
November 2012 - February 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 513,300,000 |
Weighted average interest rate at date of issuance | 0.88% |
September 2012 - August 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 573,380,000 |
Weighted average interest rate at date of issuance | 0.76% |
December 2011 - April 2018 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | 600,000,000 |
Weighted average interest rate at date of issuance | 1.05% |
December 2010 - June 2017 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, face amount | $562,499,000 |
Weighted average interest rate at date of issuance | 1.55% |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $836,387 | $834,562 |
Marketable securities | 129,181 | 154,051 |
Derivatives | 1,932 | 317 |
Assets, Fair Value Disclosure | 967,500 | 988,930 |
Derivatives, Liabilities | 3,925 | 7,920 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 516,173 | 672,274 |
Marketable securities | 30,172 | 18,417 |
Derivatives | 0 | 0 |
Assets, Fair Value Disclosure | 546,345 | 690,691 |
Derivatives, Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 320,214 | 162,288 |
Marketable securities | 99,009 | 135,634 |
Derivatives | 1,932 | 317 |
Assets, Fair Value Disclosure | 421,155 | 298,239 |
Derivatives, Liabilities | 3,925 | 7,920 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Derivatives | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Derivatives, Liabilities | $0 | $0 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Summary Of The Fair Value And Carrying Value Of The Company's Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Restricted cash | $144,807 | $188,008 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Cash and cash equivalents | 1,066,612 | 1,068,138 |
Marketable securities | 129,181 | 154,051 |
Accounts receivable, net | 261,065 | 230,079 |
Derivatives, Assets | 1,932 | 317 |
Finance receivables, net | 6,086,441 | 5,861,442 |
Restricted cash | 144,807 | 188,008 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Accounts payable | 239,794 | 257,386 |
Derivatives, Liabilities | 3,925 | 7,920 |
Estimate of Fair Value Measurement [Member] | Unsecured Commercial Paper [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 666,317 | 294,943 |
Estimate of Fair Value Measurement [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 174,241 | 175,658 |
Estimate of Fair Value Measurement [Member] | Medium-term Notes [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 3,087,852 | 3,199,548 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Notes [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 305,958 | 338,594 |
Estimate of Fair Value Measurement [Member] | Secured Debt [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 1,259,314 | 1,457,807 |
Reported Value Measurement [Member] | ' | ' |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ' | ' |
Cash and cash equivalents | 1,066,612 | 1,068,138 |
Marketable securities | 129,181 | 154,051 |
Accounts receivable, net | 261,065 | 230,079 |
Derivatives, Assets | 1,932 | 317 |
Finance receivables, net | 5,999,563 | 5,781,852 |
Restricted cash | 144,807 | 188,008 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Accounts payable | 239,794 | 257,386 |
Derivatives, Liabilities | 3,925 | 7,920 |
Reported Value Measurement [Member] | Unsecured Commercial Paper [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 666,317 | 294,943 |
Reported Value Measurement [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 174,241 | 175,658 |
Reported Value Measurement [Member] | Medium-term Notes [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 2,858,980 | 2,881,272 |
Reported Value Measurement [Member] | Senior Unsecured Notes [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | 303,000 | 303,000 |
Reported Value Measurement [Member] | Secured Debt [Member] | ' | ' |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ' | ' |
Debt instrument, fair value | $1,256,632 | $1,447,776 |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Schedule Of Derivative Instrument Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Current | $3,925 | $7,920 | ||
Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | 300,836 | 381,885 | ||
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Current | 1,748 | 317 | ||
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Current | 3,842 | 7,906 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | 299,550 | [1] | 345,021 | [1] |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Current | 1,672 | [1],[2] | 169 | [1],[2] |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Current | 3,842 | [1],[3] | 6,850 | [1],[3] |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | 1,286 | [1] | 1,064 | [1] |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Current | 76 | [1],[2] | 148 | [1],[2] |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Current | 0 | [1],[3] | 683 | [1],[3] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | 0 | [1] | 35,800 | [1] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Current | 0 | [1],[2] | 0 | [1],[2] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Current | 0 | [1],[3] | 373 | [1],[3] |
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | 9,855 | 16,237 | ||
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Current | 184 | 0 | ||
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Current | 83 | 14 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative, Notional Amount | 9,855 | 16,237 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Asset, Current | 184 | [2] | 0 | [2] |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Derivative Liability, Current | $83 | [3] | $14 | [3] |
[1] | Derivative designated as a cash flow hedge | |||
[2] | Included in other current assets | |||
[3] | Included in accrued liabilities |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Gain Loss On Derivative Cash Flow Hedges Recognized In OCI) (Details) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $3,505 | ($814) | ($1,524) |
Foreign Exchange Contract [Member] | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3,468 | -344 | -304 |
Commodity Contract [Member] | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 39 | -427 | -558 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($2) | ($43) | ($662) |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Gain Loss On Derivative Cash Flow Hedges Reclassified From AOCI Into Income) (Details) (Cash Flow Hedging [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $86 | $15,339 | ($30,388) | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -2,668 | ' | ' | |||
Foreign Exchange Contract [Member] | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 482 | [1] | 18,586 | [1] | -24,746 | [1] |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -2,744 | [1] | ' | ' | ||
Commodity Contract [Member] | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -51 | [1] | -705 | [1] | -539 | [1] |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 76 | [1] | ' | ' | ||
Interest Rate Swap [Member] | ' | ' | ' | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -345 | [2] | -2,542 | [2] | -5,103 | [2] |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $0 | [2] | ' | ' | ||
[1] | Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold. | |||||
[2] | Gain/(loss) reclassified from AOCL to income is included in financial services interest expense. |
Derivative_Instruments_And_Hed5
Derivative Instruments And Hedging Activities (Gain Loss Recognized In Income On Hedged Derivatives) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($572) | ($535) | $0 | |||
Commodity Contract [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | ($572) | [1] | ($535) | [1] | $0 | [1] |
[1] | Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes in Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($607,678) | ($476,733) | ($366,222) | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 380,229 | -249,337 | -240,389 | |||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | -146,132 | 92,361 | 87,499 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 234,097 | -156,976 | -152,890 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 64,964 | 41,303 | 67,459 | |||
Income tax expense (benefit) | -24,059 | -15,272 | -25,080 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 40,905 | 26,031 | 42,379 | |||
Other Comprehensive Income (Loss), Net of Tax | 275,002 | -130,945 | -110,511 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -332,676 | -607,678 | -476,733 | |||
Prior Service Costs [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -2,107 | [1] | -895 | [1] | -897 | [1] |
Actuarial Losses [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 67,157 | [1] | 51,295 | [1] | 37,458 | [1] |
Curtailment and Settlement Losses [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' | 6,242 | 510 | |||
Foreign Exchange Contract [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -482 | [2] | -18,586 | [2] | 24,746 | [2] |
Commodity Contract [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 51 | [2] | 705 | [2] | 539 | [2] |
Interest Rate Swap [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 345 | [3] | 2,542 | [3] | 5,103 | [3] |
Accumulated Translation Adjustment [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 51,335 | 49,935 | 55,551 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -20,192 | 2,212 | -6,251 | |||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 2,183 | -812 | 635 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -18,009 | 1,400 | -5,616 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | |||
Income tax expense (benefit) | 0 | 0 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | -18,009 | 1,400 | -5,616 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 33,326 | 51,335 | 49,935 | |||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 677 | 327 | -133 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | -1,514 | 556 | 731 | |||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 561 | -206 | -271 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -953 | 350 | 460 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | 0 | |||
Income tax expense (benefit) | 0 | 0 | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | |||
Other Comprehensive Income (Loss), Net of Tax | -953 | 350 | 460 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -276 | 677 | 327 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,837 | 6,307 | -11,912 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 3,505 | -814 | -1,524 | |||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | -1,298 | 301 | 558 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2,207 | -513 | -966 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -86 | -15,339 | 30,388 | |||
Income tax expense (benefit) | 36 | 5,708 | -11,203 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -50 | -9,631 | 19,185 | |||
Other Comprehensive Income (Loss), Net of Tax | 2,157 | -10,144 | 18,219 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,680 | -3,837 | 6,307 | |||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -482 | [2] | -18,586 | [2] | 24,746 | [2] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Commodity Contract [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 51 | [2] | 705 | [2] | 539 | [2] |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 345 | [3] | 2,542 | [3] | 5,103 | [3] |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -655,853 | -533,302 | -409,728 | |||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 398,430 | -251,291 | -233,345 | |||
Other Comprehensive Income (Loss), Before Reclassifications, Tax | -147,578 | 93,078 | 86,577 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 250,852 | -158,213 | -146,768 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 65,050 | 56,642 | 37,071 | |||
Income tax expense (benefit) | -24,095 | -20,980 | -13,877 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 40,955 | 35,662 | 23,194 | |||
Other Comprehensive Income (Loss), Net of Tax | 291,807 | -122,551 | -123,574 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -364,046 | -655,853 | -533,302 | |||
Accumulated Defined Benefit Plans Adjustment [Member] | Prior Service Costs [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -2,107 | [1] | -895 | [1] | -897 | [1] |
Accumulated Defined Benefit Plans Adjustment [Member] | Actuarial Losses [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 67,157 | [1] | 51,295 | [1] | 37,458 | [1] |
Accumulated Defined Benefit Plans Adjustment [Member] | Curtailment and Settlement Losses [Member] | ' | ' | ' | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | ' | $6,242 | $510 | |||
[1] | Amounts reclassified are included in the computation of net periodic period cost. See note 14 for information related to pension and postretirement benefit plans. | |||||
[2] | Amounts reclassified to net income are included in motorcycles and related products cost of goods sold. | |||||
[3] | Amounts reclassified to net income are presented in financial services interest expense. |
Debt_Narrative_Details
Debt (Narrative) (Details) | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 28, 2009 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Apr. 13, 2012 | Apr. 13, 2012 | Sep. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | |
USD ($) | USD ($) | USD ($) | Secured Notes Through One Term Asset-backed Securitization Transaction [Member] | Secured Notes Through One Term Asset-backed Securitization Transaction [Member] | Secured Notes Sold Through Term Asset-backed Securitization Transaction [Member] | Term Asset-Backed Securitization VIEs [Member] | Term Asset-Backed Securitization VIEs [Member] | Medium-Term Notes Due 2017 [Member] | Medium-Term Notes Due 2015 [Member] | Medium-Term Notes Due 2018 [Member] | Senior Unsecured Notes Effective February 2009 [Member] | Senior Unsecured Notes Effective February 2009 [Member] | Senior Unsecured Notes Effective February 2009 [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Credit Agreement [Member] | Line of Credit [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Unsecured Commercial Paper [Member] | Unsecured Commercial Paper [Member] | |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | USD ($) | USD ($) | USD ($) | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Global Credit Facilities [Member] | Global Credit Facilities [Member] | Global Credit Facilities [Member] | Credit Facility Maturing April 2017 [Member] | Credit Facility Maturing April 2015 [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Medium-term Notes [Member] | Medium-term Notes [Member] | Medium-Term Notes Due 2017 [Member] | Medium-Term Notes Due 2015 [Member] | Medium-Term Notes Due 2018 [Member] | Medium-Term Notes Due 2018 [Member] | Medium-Term Notes Due 2018 [Member] | Medium-term Notes Matured [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Line of Credit [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | Financial Services Segment [Member] | ||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Line of Credit [Member] | USD ($) | USD ($) | Medium-term Notes [Member] | Medium-term Notes [Member] | Medium-term Notes [Member] | Medium-term Notes [Member] | Medium-term Notes [Member] | Medium-term Notes [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | ||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | USD ($) | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | Foreign Line of Credit [Member] | ||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | CAD | ||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | '365 days | ' |
Weighted-average interest rate of commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.23% | 0.75% |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $675,000,000 | $675,000,000 | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | 200,000,000 | ' | ' |
Line of credit facility, outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face Amount of Finance Receivables Transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,100,000 | ' | 230,000,000 | ' | 101,100,000 | 230,000,000 | ' | ' | ' |
Proceeds from Sale of Finance Receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 201,300,000 | 88,600,000 | 88,600,000 | 201,300,000 | ' | ' | ' |
Long-term Debt, Current Maturities | 1,176,140,000 | 437,162,000 | ' | ' | ' | ' | 334,600,000 | 399,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,600,000 | 37,700,000 | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | 650,000,000 | 675,300,000 | 89,500,000 | ' | ' | 400,000,000 | 600,000,000 | 910,500,000 | ' | 600,000,000 | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | 600,000,000 | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount (Premium), Net | ' | ' | ' | ' | ' | ' | 500,000 | 1,200,000 | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate of asset-backed securitization transactions | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | 1.15% | 6.80% | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | 1.15% | 6.80% | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase Of Medium Term Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 380,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | 16,600,000 | 49,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | 4,947,000 | 4,323,000 | 9,608,000 | ' | ' | ' | ' | ' | ' | ' | ' | -85,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | 4,300,000 | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $297,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Debt to Equity Ratio, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Debt_With_Contractual_Ter
Debt (Debt With Contractual Term Less Than One Year) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Short-term Debt | $666,317 | $294,943 |
Unsecured Commercial Paper [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term Debt | $666,317 | $294,943 |
Debt_Debt_With_A_Contractual_T
Debt (Debt With A Contractual Term Greater Than One Year) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | $4,592,853,000 | $4,807,706,000 |
Long-term Debt, Current Maturities | -1,176,140,000 | -437,162,000 |
Long-term debt | 3,416,713,000 | 4,370,544,000 |
Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | 174,241,000 | 175,658,000 |
Term Asset-Backed Securitization VIEs [Member] | Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | 1,256,632,000 | 1,447,776,000 |
Long-term Debt, Current Maturities | -334,600,000 | -399,500,000 |
Medium-Term Notes Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Par value of debt instrument | 500,000,000 | ' |
Weighted average interest rate of asset-backed securitization transactions | 5.75% | ' |
Medium-Term Notes Due 2014 [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | 499,866,000 | 499,705,000 |
Medium-Term Notes Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Par value of debt instrument | 600,000,000 | ' |
Weighted average interest rate of asset-backed securitization transactions | 1.15% | ' |
Medium-Term Notes Due 2015 [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | 599,543,000 | 599,269,000 |
Medium-Term Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Par value of debt instrument | 450,000,000 | ' |
Weighted average interest rate of asset-backed securitization transactions | 3.88% | ' |
Medium-Term Notes Due 2016 [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | 449,883,000 | 449,829,000 |
Medium-Term Notes Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Par value of debt instrument | 400,000,000 | ' |
Weighted average interest rate of asset-backed securitization transactions | 2.70% | ' |
Medium-Term Notes Due 2017 [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | 399,946,000 | 399,929,000 |
Medium-Term Notes Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Par value of debt instrument | 910,500,000 | ' |
Weighted average interest rate of asset-backed securitization transactions | 6.80% | ' |
Medium-Term Notes Due 2018 [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | 909,742,000 | 932,540,000 |
Senior Notes Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Par value of debt instrument | 600,000,000 | ' |
Weighted average interest rate of asset-backed securitization transactions | 15.00% | ' |
Senior Notes Due 2014 [Member] | Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Gross long-term debt | $303,000,000 | $303,000,000 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Tax Credit Carryforward [Line Items] | ' |
Unrecognized tax benefits affecting effective tax rate | $47.90 |
Interest and penalties associated with unrecognized tax benefits (Operations) | 3.7 |
Interest and penalties associated with unrecognized tax benefits (Balance Sheet) | 24.4 |
State and Local Jurisdiction [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss carryforwards | 420 |
Deferred tax assets, operating loss and tax credit carryforwards | 28.5 |
Net operating loss carryforwards, valuation allowance | 6.8 |
Foreign Tax Authority [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net operating loss carryforwards | 12 |
Operating loss carryforwards, valuation allowance | 15 |
Wisconsin Research And Development Credit [Member] | State and Local Jurisdiction [Member] | Wisconsin [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Net capital loss carryforwards | $10.40 |
Income_Taxes_Provision_For_Inc
Income Taxes (Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Current, Federal | $281,938 | $191,006 | $135,232 |
Current, State | 23,701 | 4,221 | 12,177 |
Current, Foreign | 22,093 | 13,189 | 5,776 |
Total Current | 327,732 | 208,416 | 153,185 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' |
Deferred, Federal | 51,509 | 121,934 | 104,723 |
Deferred, State | -1,471 | 7,697 | -12,201 |
Deferred, Foreign | 2,542 | -460 | -1,121 |
Total, Deferred | 52,580 | 129,171 | 91,401 |
Total Current and Deferred | $380,312 | $337,587 | $244,586 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Before Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | $1,042,317 | $946,592 | $782,896 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 71,988 | 14,920 | 9,768 |
Income before provision for income taxes | $112,091 | $241,331 | $422,353 | $338,530 | $106,356 | $207,111 | $382,149 | $265,896 | $1,114,305 | $961,512 | $792,664 |
Income_Taxes_Provision_For_Inc1
Income Taxes (Provision For Income Tax Rate To Statutory Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ' | ' | ' |
Provision at statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.60% | 1.60% | 1.60% |
Domestic manufacturing deduction | -1.70% | -1.60% | -1.80% |
Research and development credit | -0.90% | 0.00% | -0.60% |
Unrecognized tax benefits including interest and penalties | 0.90% | 0.10% | -1.10% |
Valuation allowance adjustments | -0.30% | -0.30% | -2.00% |
Tax audit settlements | 0.10% | -0.10% | -1.10% |
Adjustments for previously accrued taxes | -0.20% | -0.40% | 0.30% |
Other | -0.40% | 0.80% | 0.60% |
Provision for income taxes | 34.10% | 35.10% | 30.90% |
Income_Taxes_Principal_Compone
Income Taxes (Principal Components Of The Company's Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Net [Abstract] | ' | ' |
Accruals not yet tax deductible | $128,307 | $118,434 |
Pension and postretirement benefit plan obligations | 5,192 | 227,593 |
Stock compensation | 22,370 | 28,001 |
Net operating loss carryforward | 40,530 | 32,276 |
Valuation allowance | -21,818 | -16,314 |
Other, net | 37,034 | 45,053 |
Deferred tax assets, net | 211,615 | 435,043 |
Deferred Tax Liabilities, Gross [Abstract] | ' | ' |
Depreciation, tax in excess of book | -119,916 | -117,743 |
Other | -34,234 | -34,602 |
Deferred tax liabilities, net | -154,150 | -152,345 |
Total | $57,465 | $282,698 |
Income_Taxes_Changes_In_Gross_
Income Taxes (Changes In Gross Liability For Unrecognized Tax Benefits Excluding Interest And Penalties) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' |
Unrecognized tax benefits, beginning of period | $48,752 | $57,137 |
Increase in unrecognized tax benefits for tax positions taken in a prior period | 9,713 | 1,806 |
Decrease in unrecognized tax benefits for tax positions taken in a prior period | -4,335 | -6,439 |
Increase in unrecognized tax benefits for tax positions taken in the current period | 11,142 | 3,737 |
Statute lapses | -336 | -415 |
Settlements with taxing authorities | -1,879 | -7,074 |
Unrecognized tax benefits, end of period | $63,057 | $48,752 |
Employee_Benefit_Plans_And_Oth2
Employee Benefit Plans And Other Postretirement Benefits (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension and SERPA Benefits [Member] | Pension and SERPA Benefits [Member] | Pension and SERPA Benefits [Member] | Pension Plan Assets [Member] | Pension Plan Assets [Member] | Pension Plan Assets [Member] | Pension Plan Assets [Member] | Pension Plan Assets [Member] | Postretirement Healthcare Benefits [Member] | Postretirement Healthcare Benefits [Member] | Postretirement Healthcare Benefits [Member] | Postretirement Healthcare Benefits [Member] | Postretirement Healthcare Benefits [Member] | Postretirement Healthcare Benefits [Member] | SERPA Benefits [Member] | SERPA Benefits [Member] | ||||
Scenario, Forecast [Member] | Equity Securities [Member] | Fixed Income Securities [Member] | Scenario, Forecast [Member] | Equity Securities [Member] | Fixed Income Securities [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Postretirement benefits eligibility, years of service requirement | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation | ' | ' | ' | $1,600,000,000 | $1,730,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,800,000 | $20,100,000 |
Projected benefit obligations | ' | ' | ' | 1,714,650,000 | 1,871,575,000 | 1,570,930,000 | ' | ' | ' | ' | ' | 366,524,000 | 403,227,000 | 380,625,000 | ' | ' | ' | 38,900,000 | 37,800,000 |
Target plan asset allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 35.00% | ' | ' | ' | ' | 70.00% | 30.00% | ' | ' |
Investment in company common stock - shares | ' | ' | ' | ' | ' | ' | 1,273,592 | 1,273,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in company common stock - value | ' | ' | ' | ' | ' | ' | 88,200,000 | 62,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected return on plan assets | ' | ' | ' | 7.75% | 7.80% | 8.00% | ' | ' | 7.75% | ' | ' | 8.00% | 8.00% | 8.00% | 7.70% | ' | ' | ' | ' |
Company contributions | ' | ' | ' | 176,947,000 | 216,741,000 | ' | ' | ' | ' | ' | ' | 27,849,000 | 27,675,000 | ' | ' | ' | ' | ' | ' |
Further contributions by company | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company contributions | $14,900,000 | $15,300,000 | $12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_And_Oth3
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Obligation And Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension and SERPA Benefits [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation, beginning of period | $1,871,575 | $1,570,930 | ' |
Service cost | 35,987 | 33,681 | 37,341 |
Interest cost | 79,248 | 83,265 | 80,805 |
Actuarial (gains) losses | -199,408 | 276,069 | ' |
Plan participant contributions | 0 | 1,459 | ' |
Benefits paid, net of Medicare Part D subsidy | -72,752 | -93,829 | ' |
Benefit obligation, end of period | 1,714,650 | 1,871,575 | 1,570,930 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of period | 1,539,018 | 1,253,916 | ' |
Actual return on plan assets | 277,388 | 160,731 | ' |
Company contributions | 176,947 | 216,741 | ' |
Plan participant contributions | 0 | 1,459 | ' |
Benefits paid | -72,752 | -93,829 | ' |
Fair value of plan assets, end of period | 1,920,601 | 1,539,018 | 1,253,916 |
Funded status of the plans, December 31 | 205,951 | -332,557 | ' |
Prepaid benefit costs (long-term assets) | 244,871 | 0 | ' |
Accrued benefit liability (current liabilities) | -2,549 | -2,263 | ' |
Accrued benefit liability (long-term liabilities) | -36,371 | -330,294 | ' |
Net amount recognized | 205,951 | -332,557 | ' |
Postretirement Healthcare Benefits [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation, beginning of period | 403,227 | 380,625 | ' |
Service cost | 7,858 | 7,413 | 7,630 |
Interest cost | 15,599 | 18,310 | 19,644 |
Actuarial (gains) losses | -33,729 | 23,367 | ' |
Plan participant contributions | 2,609 | 1,561 | ' |
Benefits paid, net of Medicare Part D subsidy | -29,040 | -28,049 | ' |
Benefit obligation, end of period | 366,524 | 403,227 | 380,625 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning of period | 123,106 | 109,160 | ' |
Actual return on plan assets | 24,769 | 13,946 | ' |
Company contributions | 27,849 | 27,675 | ' |
Plan participant contributions | 2,609 | 1,561 | ' |
Benefits paid | -30,458 | -29,236 | ' |
Fair value of plan assets, end of period | 147,875 | 123,106 | 109,160 |
Funded status of the plans, December 31 | -218,649 | -280,121 | ' |
Prepaid benefit costs (long-term assets) | 0 | 0 | ' |
Accrued benefit liability (current liabilities) | -2,484 | -2,059 | ' |
Accrued benefit liability (long-term liabilities) | -216,165 | -278,062 | ' |
Net amount recognized | ($218,649) | ($280,121) | ' |
Employee_Benefit_Plans_And_Oth4
Employee Benefit Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension and SERPA Benefits [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | $35,987 | $33,681 | $37,341 |
Interest cost | 79,248 | 83,265 | 80,805 |
Expected return on plan assets | -127,327 | -117,110 | -106,612 |
Prior service cost (credit) | 1,746 | 2,958 | 2,981 |
Net loss | 58,608 | 43,874 | 30,266 |
Net curtailment loss | 0 | 0 | 236 |
Settlement loss | 0 | 6,242 | 274 |
Net periodic benefit cost | 48,262 | 52,910 | 45,291 |
Postretirement Healthcare Benefits [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Service cost | 7,858 | 7,413 | 7,630 |
Interest cost | 15,599 | 18,310 | 19,644 |
Expected return on plan assets | -9,537 | -9,423 | -9,386 |
Prior service cost (credit) | -3,853 | -3,853 | -3,878 |
Net loss | 8,549 | 7,421 | 7,192 |
Net curtailment loss | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | $18,616 | $19,868 | $21,202 |
Employee_Benefit_Plans_And_Oth5
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Net Periodic Benefit Cost Recognized In Accumulated And Other Comprehensive Income) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | ($11,105) |
Net actuarial loss | 375,151 |
Amounts included in other comprehensive income, net of tax | 364,046 |
Pension and SERPA Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | 2,390 |
Net actuarial loss | 326,588 |
Amounts included in other comprehensive income, net of tax | 328,978 |
Postretirement Healthcare Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | -13,495 |
Net actuarial loss | 48,563 |
Amounts included in other comprehensive income, net of tax | $35,068 |
Employee_Benefit_Plans_And_Oth6
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Net Periodic Benefit Cost Expected To Be Recognized) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | ($1,722) |
Net actuarial loss | 25,997 |
Amounts expected to be recognized in net periodic benefit cost, net of tax | 24,275 |
Pension and SERPA Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | 704 |
Net actuarial loss | 23,020 |
Amounts expected to be recognized in net periodic benefit cost, net of tax | 23,724 |
Postretirement Healthcare Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Prior service cost (credit) | -2,426 |
Net actuarial loss | 2,977 |
Amounts expected to be recognized in net periodic benefit cost, net of tax | $551 |
Employee_Benefit_Plans_And_Oth7
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension and SERPA Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate, Benefit obligations | 5.08% | 4.23% | 5.30% |
Rate of compensation, Benefit obligations | 4.00% | 4.00% | 3.49% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate, Net periodic benefit cost | 4.23% | 5.30% | 5.79% |
Expected return on plan assets | 7.75% | 7.80% | 8.00% |
Rate of compensation increase | 4.00% | 3.49% | 3.49% |
Postretirement Healthcare Benefits [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate, Benefit obligations | 4.70% | 3.93% | 4.90% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate, Net periodic benefit cost | 3.93% | 4.90% | 5.28% |
Expected return on plan assets | 8.00% | 8.00% | 8.00% |
Employee_Benefit_Plans_And_Oth8
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Pension Plans With PBO And ABO In Excess Of Fair value Of Plan Assets) (Details) (Pension Plan Assets [Member], USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2012 |
benefit_plan | |
Pension Plan Assets [Member] | ' |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ' |
PBO | $1.80 |
Fair value of plan assets | 1.5 |
Number of plans | 1 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' |
ABO | 1.7 |
Fair value of plan assets | $1.50 |
Number of plans | 1 |
Employee_Benefit_Plans_And_Oth9
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Fair Value Of Pension Plan and Postretirement Healthcare Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Pension Plan Assets [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | $1,539,018 | ' |
Pension Plan Assets [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 1,920,601 | ' | ' |
Pension Plan Assets [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 1,373,955 | 1,101,602 | ' |
Pension Plan Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 512,412 | 400,834 | ' |
Pension Plan Assets [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 34,234 | 36,582 | 42,127 |
Pension Plan Assets [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 42,625 | ' |
Pension Plan Assets [Member] | Cash And Cash Equivalents [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 40,578 | ' | ' |
Pension Plan Assets [Member] | Cash And Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Cash And Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 40,578 | 42,625 | ' |
Pension Plan Assets [Member] | Cash And Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Total Equity Holdings [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 1,034,643 | ' |
Pension Plan Assets [Member] | Total Equity Holdings [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 1,325,188 | ' | ' |
Pension Plan Assets [Member] | Total Equity Holdings [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 1,287,952 | 998,060 | ' |
Pension Plan Assets [Member] | Total Equity Holdings [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 3,002 | 1 | ' |
Pension Plan Assets [Member] | Total Equity Holdings [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 34,234 | 36,582 | ' |
Pension Plan Assets [Member] | U.S. Companies [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 540,579 | ' |
Pension Plan Assets [Member] | U.S. Companies [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 519,405 | ' | ' |
Pension Plan Assets [Member] | U.S. Companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 516,444 | 540,578 | ' |
Pension Plan Assets [Member] | U.S. Companies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 2,961 | 1 | ' |
Pension Plan Assets [Member] | U.S. Companies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Foreign Companies [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 85,415 | ' |
Pension Plan Assets [Member] | Foreign Companies [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 125,361 | ' | ' |
Pension Plan Assets [Member] | Foreign Companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 125,320 | 85,415 | ' |
Pension Plan Assets [Member] | Foreign Companies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 41 | 0 | ' |
Pension Plan Assets [Member] | Foreign Companies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Harley-Davidson Common Stock [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 62,189 | ' |
Pension Plan Assets [Member] | Harley-Davidson Common Stock [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 88,184 | ' | ' |
Pension Plan Assets [Member] | Harley-Davidson Common Stock [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 88,184 | 62,189 | ' |
Pension Plan Assets [Member] | Harley-Davidson Common Stock [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Harley-Davidson Common Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Pooled Equity Funds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 309,878 | ' |
Pension Plan Assets [Member] | Pooled Equity Funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 558,004 | ' | ' |
Pension Plan Assets [Member] | Pooled Equity Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 558,004 | 309,878 | ' |
Pension Plan Assets [Member] | Pooled Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Pooled Equity Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Limited Partnership Interests [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 35,954 | ' |
Pension Plan Assets [Member] | Limited Partnership Interests [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 34,234 | ' | ' |
Pension Plan Assets [Member] | Limited Partnership Interests [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Limited Partnership Interests [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Limited Partnership Interests [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 34,234 | 35,954 | 40,016 |
Pension Plan Assets [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 628 | ' |
Pension Plan Assets [Member] | Other [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | ' | ' |
Pension Plan Assets [Member] | Other [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 628 | 2,111 |
Pension Plan Assets [Member] | Total Fixed Income Holdings [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 461,750 | ' |
Pension Plan Assets [Member] | Total Fixed Income Holdings [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 554,835 | ' | ' |
Pension Plan Assets [Member] | Total Fixed Income Holdings [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 86,003 | 103,542 | ' |
Pension Plan Assets [Member] | Total Fixed Income Holdings [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 468,832 | 358,208 | ' |
Pension Plan Assets [Member] | Total Fixed Income Holdings [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | U.S. Treasuries [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 55,014 | ' |
Pension Plan Assets [Member] | U.S. Treasuries [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 34,044 | ' | ' |
Pension Plan Assets [Member] | U.S. Treasuries [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 34,044 | 55,014 | ' |
Pension Plan Assets [Member] | U.S. Treasuries [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | U.S. Treasuries [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Federal Agencies [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 14,302 | ' |
Pension Plan Assets [Member] | Federal Agencies [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 33,250 | ' | ' |
Pension Plan Assets [Member] | Federal Agencies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Federal Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 33,250 | 14,302 | ' |
Pension Plan Assets [Member] | Federal Agencies [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 189,643 | ' |
Pension Plan Assets [Member] | Corporate Bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 223,992 | ' | ' |
Pension Plan Assets [Member] | Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 223,992 | 189,643 | ' |
Pension Plan Assets [Member] | Corporate Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Pooled Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 165,192 | ' |
Pension Plan Assets [Member] | Pooled Fixed Income Funds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 212,465 | ' | ' |
Pension Plan Assets [Member] | Pooled Fixed Income Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 51,959 | 48,528 | ' |
Pension Plan Assets [Member] | Pooled Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 160,506 | 116,664 | ' |
Pension Plan Assets [Member] | Pooled Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Foreign Bonds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 29,149 | ' |
Pension Plan Assets [Member] | Foreign Bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 40,885 | ' | ' |
Pension Plan Assets [Member] | Foreign Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Foreign Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 40,885 | 29,149 | ' |
Pension Plan Assets [Member] | Foreign Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Municipal Bonds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | ' | 8,450 | ' |
Pension Plan Assets [Member] | Municipal Bonds [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 10,199 | ' | ' |
Pension Plan Assets [Member] | Municipal Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Pension Plan Assets [Member] | Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 10,199 | 8,450 | ' |
Pension Plan Assets [Member] | Municipal Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 147,875 | 123,106 | 109,160 |
Postretirement Healthcare Benefits [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 117,617 | 107,270 | ' |
Postretirement Healthcare Benefits [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 30,258 | 15,836 | ' |
Postretirement Healthcare Benefits [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 8,402 | 5,522 | ' |
Postretirement Healthcare Benefits [Member] | Cash And Cash Equivalents [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Cash And Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 8,402 | 5,522 | ' |
Postretirement Healthcare Benefits [Member] | Total Equity Holdings [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 108,509 | 101,900 | ' |
Postretirement Healthcare Benefits [Member] | Total Equity Holdings [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 108,129 | 101,900 | ' |
Postretirement Healthcare Benefits [Member] | Total Equity Holdings [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 380 | 0 | ' |
Postretirement Healthcare Benefits [Member] | U.S. Companies [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 29,365 | 60,658 | ' |
Postretirement Healthcare Benefits [Member] | U.S. Companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 29,365 | 60,658 | ' |
Postretirement Healthcare Benefits [Member] | U.S. Companies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Foreign Companies [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 18,010 | 13,625 | ' |
Postretirement Healthcare Benefits [Member] | Foreign Companies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 17,630 | 13,625 | ' |
Postretirement Healthcare Benefits [Member] | Foreign Companies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 380 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Pooled Equity Funds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 61,134 | 27,617 | ' |
Postretirement Healthcare Benefits [Member] | Pooled Equity Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 61,134 | 27,617 | ' |
Postretirement Healthcare Benefits [Member] | Pooled Equity Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Total Fixed Income Holdings [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 30,964 | 15,684 | ' |
Postretirement Healthcare Benefits [Member] | Total Fixed Income Holdings [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 9,488 | 5,370 | ' |
Postretirement Healthcare Benefits [Member] | Total Fixed Income Holdings [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 21,476 | 10,314 | ' |
Postretirement Healthcare Benefits [Member] | U.S. Treasuries [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 9,488 | 5,370 | ' |
Postretirement Healthcare Benefits [Member] | U.S. Treasuries [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 9,488 | 5,370 | ' |
Postretirement Healthcare Benefits [Member] | U.S. Treasuries [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Federal Agencies [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 2,579 | 3,489 | ' |
Postretirement Healthcare Benefits [Member] | Federal Agencies [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Federal Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 2,579 | 3,489 | ' |
Postretirement Healthcare Benefits [Member] | Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 8,685 | 6,033 | ' |
Postretirement Healthcare Benefits [Member] | Corporate Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 8,685 | 6,033 | ' |
Postretirement Healthcare Benefits [Member] | Pooled Fixed Income Funds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 8,977 | ' | ' |
Postretirement Healthcare Benefits [Member] | Pooled Fixed Income Funds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | ' | ' |
Postretirement Healthcare Benefits [Member] | Pooled Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 8,977 | ' | ' |
Postretirement Healthcare Benefits [Member] | Foreign Bonds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 941 | 659 | ' |
Postretirement Healthcare Benefits [Member] | Foreign Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Foreign Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 941 | 659 | ' |
Postretirement Healthcare Benefits [Member] | Municipal Bonds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 294 | 133 | ' |
Postretirement Healthcare Benefits [Member] | Municipal Bonds [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | 0 | 0 | ' |
Postretirement Healthcare Benefits [Member] | Municipal Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total pension plan assets | $294 | $133 | ' |
Recovered_Sheet2
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Reconciliation Of The Fair Value Measurements Using Significant Unobservable Inputs) (Details) (Pension Plan Assets [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in plan assets: | ' | ' |
Fair value of plan assets, end of period | ' | $1,539,018 |
Limited Partnership Interests [Member] | ' | ' |
Change in plan assets: | ' | ' |
Fair value of plan assets, end of period | ' | 35,954 |
Other [Member] | ' | ' |
Change in plan assets: | ' | ' |
Fair value of plan assets, end of period | ' | 628 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Change in plan assets: | ' | ' |
Fair value of plan assets, beginning of period | 36,582 | 42,127 |
Relating to assets still held at the reporting date | 2,951 | -820 |
Purchases, sales and settlements | -5,299 | -4,725 |
Fair value of plan assets, end of period | 34,234 | 36,582 |
Significant Unobservable Inputs (Level 3) [Member] | Limited Partnership Interests [Member] | ' | ' |
Change in plan assets: | ' | ' |
Fair value of plan assets, beginning of period | 35,954 | 40,016 |
Relating to assets still held at the reporting date | 2,951 | -930 |
Purchases, sales and settlements | -4,671 | -3,132 |
Fair value of plan assets, end of period | 34,234 | 35,954 |
Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | ' | ' |
Change in plan assets: | ' | ' |
Fair value of plan assets, beginning of period | 628 | 2,111 |
Relating to assets still held at the reporting date | 0 | 110 |
Purchases, sales and settlements | -628 | -1,593 |
Fair value of plan assets, end of period | $0 | $628 |
Recovered_Sheet3
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Weighted-Average Health Care Cost Trend Rate) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ' | ' |
Healthcare cost trend rate for next year | 8.00% | 7.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate rate) | 5.00% | 5.00% |
Recovered_Sheet4
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of-Weighted Average Health Care Cost Trend Rate Assumption) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Total of service and interest cost components in 2012, One Percent Increase | $729 |
Total of service and interest cost components in 2012, One Percent Decrease | -729 |
Accumulated benefit obligation as of December 31, 2012, One Percent Increase | 13,318 |
Accumulated benefit obligation as of December 31, 2012, One Percent Decrease | ($12,368) |
Recovered_Sheet5
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments And Medicare Subsidy Receipts For Next Five Years And Thereafter) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Prescription Drug Subsidy Receipts, Fiscal Year Maturity [Abstract] | ' |
Medicare subsidy receipts in 2013 | $1,507 |
Medicare subsidy receipts in 2014 | 1,716 |
Medicare subsidy receipts in 2015 | 1,988 |
Medicare subsidy receipts in 2016 | 2,224 |
Medicare subsidy receipts in 2017 | 2,466 |
Medicare subsidy receipts in 2018-2022 | 16,125 |
Pension Plan Assets [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
Expected benefit payments in 2013 | 68,418 |
Expected benefit payments in 2014 | 69,178 |
Expected benefit payments in 2015 | 70,098 |
Expected benefit payments in 2016 | 71,508 |
Expected benefit payments in 2017 | 73,150 |
Expected benefit payments in 2018-2022 | 430,427 |
SERPA Benefits [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
Expected benefit payments in 2013 | 2,549 |
Expected benefit payments in 2014 | 1,440 |
Expected benefit payments in 2015 | 1,895 |
Expected benefit payments in 2016 | 1,880 |
Expected benefit payments in 2017 | 2,014 |
Expected benefit payments in 2018-2022 | 16,506 |
Postretirement Healthcare Benefits [Member] | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | ' |
Expected benefit payments in 2013 | 30,694 |
Expected benefit payments in 2014 | 31,047 |
Expected benefit payments in 2015 | 30,644 |
Expected benefit payments in 2016 | 29,817 |
Expected benefit payments in 2017 | 28,785 |
Expected benefit payments in 2018-2022 | $147,623 |
Leases_Schedule_Of_Future_Mini
Leases (Schedule Of Future Minimum Operating Lease Payments) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Leases [Abstract] | ' | ' | ' |
Total rental expense | $12,500,000 | $13,500,000 | $11,600,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2013 | 10,866,000 | ' | ' |
2014 | 9,943,000 | ' | ' |
2015 | 7,478,000 | ' | ' |
2016 | 5,479,000 | ' | ' |
2017 | 4,998,000 | ' | ' |
After 2017 | 19,790,000 | ' | ' |
Total operating lease payments | $58,554,000 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (York, Pennsylvania Facility [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
York, Pennsylvania Facility [Member] | ' |
Site Contingency [Line Items] | ' |
Site Contingency, Third Party Cost, Percentage of Total Cost | 53.00% |
Site Contingency, Portion of Total Cost | 47.00% |
Loss Contingency, Estimate of Possible Loss | $3.90 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Shares authorized | 800,000,000 | ' |
Common stock stated value per share | $0.01 | ' |
Common shares outstanding | 219,960,000 | 226,100,000 |
Stock repurchased | 8,200,000 | ' |
Weighted-average cost per share repurchased | $59 | ' |
Stock repurchase program, covenant percentage | 1.00% | ' |
Preferred stock shares authorized | 2,000,000 | ' |
Preferred stock stated value per share | $1 | ' |
Preferred stock, shares outstanding | 0 | ' |
2007 Authorization [Member] | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' |
Common stock repurchase authorization value | 20,000,000 | ' |
Capital_Stock_Stock_Repurchase
Capital Stock (Stock Repurchases Pursuant To Board Of Director Authorizations) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock repurchased during period, shares | 7.7 | 6.5 | 6.2 |
Stock repurchase program remaining authorization | 8.6 | ' | ' |
1997 Authorization [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock repurchased during period, shares | 0 | 4.3 | 6.2 |
Stock repurchase program remaining authorization | 1.8 | ' | ' |
2007 Authorization [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock repurchased during period, shares | 7.7 | 2.2 | 0 |
Stock repurchase program remaining authorization | 6.8 | ' | ' |
ShareBased_Awards_Narrative_De
Share-Based Awards (Narrative) (Details) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares of common stock reserved for future issuance under the plan | 10.8 |
Stock Options [Member] | Prior to 2010 [Member] | 2009 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '4 years |
Stock Options [Member] | Prior to 2010 [Member] | 2009 Plan [Member] | Vesting Period 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '1 year |
Award Vesting Rights, Percentage | 25.00% |
Stock Options [Member] | 2010 and later [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '3 years |
Expiration Period | '10 years |
Stock Options [Member] | 2010 and later [Member] | 2010 Plan [Member] | Vesting Period 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '1 year |
Award Vesting Rights, Percentage | 33.00% |
Stock Appreciation Rights (SARs) [Member] | Prior to 2010 [Member] | 2009 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '4 years |
Stock Appreciation Rights (SARs) [Member] | Prior to 2010 [Member] | 2009 Plan [Member] | Vesting Period 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '1 year |
Award Vesting Rights, Percentage | 25.00% |
Stock Appreciation Rights (SARs) [Member] | 2010 and later [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '3 years |
Expiration Period | '10 years |
Stock Appreciation Rights (SARs) [Member] | 2010 and later [Member] | 2010 Plan [Member] | Vesting Period 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '1 year |
Award Vesting Rights, Percentage | 33.00% |
Restricted Stock [Member] | 2010 and later [Member] | 2010 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '3 years |
Restricted Stock [Member] | 2010 and later [Member] | 2010 Plan [Member] | Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '2 years |
Restricted Stock [Member] | 2010 and later [Member] | 2010 Plan [Member] | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '5 years |
Restricted Stock [Member] | 2010 and later [Member] | 2010 Plan [Member] | Vesting Period 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '1 year |
Award Vesting Rights, Percentage | 33.00% |
Restricted Stock Units (RSUs) [Member] | 2010 and later [Member] | 2010 Plan [Member] | Vesting Period 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award Vesting Rights, Percentage | 33.00% |
ShareBased_Awards_Assumptions_
Share-Based Awards (Assumptions Used In Calculating Fair Value Of Options) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility (minimum) | 24.00% | 31.00% | ' |
Expected volatility (maximum) | 32.00% | 45.00% | ' |
Risk-free interest rate (minimum) | 0.10% | 0.10% | ' |
Risk-free interest rate (maximum) | 3.00% | 1.80% | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected average term (in years) | '6 years 1 month 18 days | '6 years 3 months 18 days | '6 years 6 months |
Expected volatility (minimum) | 27.00% | 32.00% | 39.00% |
Expected volatility (maximum) | 36.00% | 50.00% | 52.00% |
Weighted average volatility | 33.00% | 41.00% | 43.00% |
Expected dividend yield | 1.60% | 1.10% | 1.00% |
Risk-free interest rate (minimum) | 0.10% | 0.10% | 0.10% |
Risk-free interest rate (maximum) | 2.10% | 2.10% | 3.70% |
ShareBased_Awards_Summary_Of_S
Share-Based Awards (Summary Of Stock Option Transactions) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Options outstanding, beginning of period | 4,460 |
Options granted | 453 |
Options exercised | -1,357 |
Options forfeited | -165 |
Options outstanding, end of period | 3,391 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' |
Weighted-Average Price, Options outstanding, beginning of period | $38 |
Weighted-Average Price, Options granted | $52 |
Weighted-Average Price, Options exercised | $37 |
Weighted-Average Price, Options forfeited | $61 |
Weighted-Average Price, Options outstanding, end of period | $40 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Weighted-Average Price, Exercisable, end of period | $37 |
Exercisable, end of period | 2,535 |
ShareBased_Awards_Stock_Option
Share-Based Awards (Stock Options) (Narrative) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average Aggregate weighted-average fair value of options | $12 | $14 | $15 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $3.90 | ' | ' |
Weighted-average period of recognition (years) | '1 year 7 months 18 days | ' | ' |
ShareBased_Awards_ShareBased_A
Share-Based Awards Share-Based Awards (Aggregate Intrinsic Value) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $28,879 | $34,443 | $7,919 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 100,054 | 60,963 | 55,701 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $81,930 | $35,873 | $22,926 |
ShareBased_Awards_Stock_Option1
Share-Based Awards (Stock Options Outstanding By Price Range) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted-Average Contractual Life, options outstanding | '5 years 7 months 6 days |
Options | 3,391 |
Weighted-Average Exercise Price, options outstanding | $40 |
Weighted-Average Contractual Life, Options exercisable | '4 years 7 months 6 days |
Options exercisable | 2,535 |
Weighted-Average Exercise Price, Options exercisable | $37 |
$10.01 To $20 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted-Average Contractual Life, options outstanding | '5 years 1 month |
Options | 593 |
Weighted-Average Exercise Price, options outstanding | $13 |
Lower Range Limit | $10.01 |
Upper Range Limit | $20 |
$20.01 To $30 [ Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted-Average Contractual Life, options outstanding | '6 years 1 month |
Options | 504 |
Weighted-Average Exercise Price, options outstanding | $23 |
Lower Range Limit | $20.01 |
Upper Range Limit | $30 |
$30.01 To $40 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted-Average Contractual Life, options outstanding | '4 years 1 month 12 days |
Options | 334 |
Weighted-Average Exercise Price, options outstanding | $39 |
Lower Range Limit | $30.01 |
Upper Range Limit | $40 |
$40.01 To $50 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted-Average Contractual Life, options outstanding | '7 years 8 months |
Options | 788 |
Weighted-Average Exercise Price, options outstanding | $44 |
Lower Range Limit | $40.01 |
Upper Range Limit | $50 |
$50.01 To $60 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted-Average Contractual Life, options outstanding | '6 years 10 months 15 days |
Options | 634 |
Weighted-Average Exercise Price, options outstanding | $52 |
Lower Range Limit | $50.01 |
Upper Range Limit | $60 |
$60.01 To $70 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted-Average Contractual Life, options outstanding | '2 years 0 months |
Options | 538 |
Weighted-Average Exercise Price, options outstanding | $66 |
Lower Range Limit | $60.01 |
Upper Range Limit | $70 |
ShareBased_Awards_Assumptions_1
Share-Based Awards (Assumptions Used In Calculating Fair Value Of Stock Appreciation Rights) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected volatility (minimum) | 24.00% | 31.00% |
Expected volatility (maximum) | 32.00% | 45.00% |
Risk-free interest rate (minimum) | 0.10% | 0.10% |
Risk-free interest rate (maximum) | 3.00% | 1.80% |
Stock Appreciation Rights (SARs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected dividend yield | 1.20% | 1.30% |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected average term (in years) | '4 years 3 months 17 days | '5 years 7 months 6 days |
Minimum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected average term (in years) | '3 years 6 months | '1 year 3 months 18 days |
ShareBased_Awards_Summary_Of_S1
Share-Based Awards (Summary Of Stock Appreciation Right Transactions) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding, beginning of period | 253 | ' | ' |
Options granted | 20 | ' | ' |
Options exercised | -60 | ' | ' |
Options forfeited | -3 | ' | ' |
Options outstanding, beginning of period | 210 | 253 | ' |
Exercisable, end of period | 171 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other Than Options Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted-Average Price, Options outstanding, beginning of period | $21 | ' | ' |
Weighted-Average Price, Options granted | $52 | ' | ' |
Weighted-Average Price, Options exercised | $22 | ' | ' |
Weighted-Average Price, Options forfeited | $22 | ' | ' |
Weighted-Average Price, Options outstanding, beginning of period | $26 | $21 | ' |
Weighted-Average Price, Exercisable, end of period | $21 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity, Nonvested, Weighted Average Grant Date Fair Value | $12 | $14 | $15 |
ShareBased_Awards_Summary_Of_R
Share-Based Awards (Summary Of Restricted Share and RSUs Transactions) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Nonvested, beginning of period | 1,692 |
Granted | 490 |
Vested | -1,161 |
Forfeited | -39 |
Nonvested, end of period | 982 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Grant Date Fair Value Per Share, beginning of period | $29 |
Grant Date Fair Value Per Share, Granted | $52 |
Grant Date Fair Value Per Share, Vested | $24 |
Grant Date Fair Value Per Share, Forfeited | $48 |
Grant Date Fair Value Per Share, end of period | $47 |
Unrecognized compensation | $20 |
Weighted-average period of recognition (years) | '1 year 8 months 24 days |
Restricted Stock Units (RSUs) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Nonvested, beginning of period | 242 |
Granted | 83 |
Vested | -161 |
Forfeited | -17 |
Nonvested, end of period | 147 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Grant Date Fair Value Per Share, beginning of period | $47 |
Grant Date Fair Value Per Share, Granted | $69 |
Grant Date Fair Value Per Share, Vested | $54 |
Grant Date Fair Value Per Share, Forfeited | $65 |
Grant Date Fair Value Per Share, end of period | $66 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Income (loss) from continuing operations | $733,993 | $623,925 | $548,078 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' |
Weighted Average Number of Shares Outstanding, Basic | 222,475 | 227,119 | 232,889 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,596 | 2,110 | 2,029 |
Weighted Average Number of Shares Outstanding, Diluted | 224,071 | 229,229 | 234,918 |
Basic (in dollars per share) | $3.30 | $2.75 | $2.35 |
Diluted (in dollars per share) | $3.28 | $2.72 | $2.33 |
Earnings_Per_Share_Earnings_Pe
Earnings Per Share Earnings Per Share (Narrative) (Details) (Equity Option [Member]) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Option [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.9 | 2.1 | 3.8 |
Business_Segments_And_Geograph2
Business Segments And Geographic Information (Information By Strategic Business Units) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
segment | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Number of Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |||||||||||
Motorcycles net revenue | $1,032,292,000 | $1,180,284,000 | $1,631,466,000 | $1,414,248,000 | $1,010,898,000 | $1,089,268,000 | $1,569,047,000 | $1,273,369,000 | $5,258,290,000 | [1] | $4,942,582,000 | [1] | $4,662,264,000 | [1] | ||||||||
Selling, administrative and engineering expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,126,884,000 | 1,111,232,000 | 1,060,943,000 | |||||||||||
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,131,000 | 28,475,000 | 67,992,000 | |||||||||||
Financial services revenue | 158,342,000 | 163,434,000 | 162,841,000 | 156,965,000 | 159,962,000 | 161,027,000 | 160,613,000 | 156,322,000 | 641,582,000 | [1] | 637,924,000 | [1] | 649,449,000 | [1] | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 1,153,702,000 | 1,000,176,000 | 829,967,000 | |||||||||||
Interest Income Paid By Motorcycles Segment | ' | ' | ' | ' | ' | ' | ' | ' | 10,400,000 | 11,500,000 | 10,500,000 | |||||||||||
Motorcycles Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Motorcycles net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,258,290,000 | 4,942,582,000 | 4,662,264,000 | |||||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,862,372,000 | 1,720,188,000 | 1,555,976,000 | |||||||||||
Selling, administrative and engineering expense | ' | ' | ' | ' | ' | ' | ' | ' | 993,894,000 | 976,224,000 | 926,808,000 | |||||||||||
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,131,000 | 28,475,000 | 67,992,000 | |||||||||||
Operating income | 60,712,000 | [2] | 175,471,000 | [2] | 357,665,000 | [2] | 276,761,000 | [2] | 53,114,000 | [2] | 144,752,000 | [2] | 309,559,000 | [2] | 208,064,000 | [2] | 870,609,000 | 715,489,000 | 561,176,000 | |||
Financial Services Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Financial services revenue | ' | ' | ' | ' | ' | ' | ' | ' | 641,582,000 | 637,924,000 | 649,449,000 | |||||||||||
Financial Services Costs | ' | ' | ' | ' | ' | ' | ' | ' | 358,489,000 | 353,237,000 | 380,658,000 | |||||||||||
Operating income | $61,324,000 | $76,068,000 | $74,156,000 | $71,545,000 | $62,989,000 | $72,350,000 | $81,954,000 | $67,394,000 | $283,093,000 | $284,687,000 | $268,791,000 | |||||||||||
[1] | Revenue is attributed to geographic regions based on location of customer. | |||||||||||||||||||||
[2] | Operating income for the Motorcycles segment includes restructuring expense (benefit) as discussed in Note 4 for the following periods (in millions): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Mar 31,2013 April 1,2012 June 30,2013 July 1,2012 Sep 29,2013 Sep 30,2012 Dec 31,2013 Dec 31,2012Restructuring expense (benefit) $2.9 $11.5 $(5.3) $6.2 $0.6 $0.9 $(0.4) $1.6 |
Business_Segments_And_Geograph3
Business Segments And Geographic Information (Information By Industry Segment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | $9,405,040 | $9,170,773 | $9,674,164 |
Depreciation | 167,072 | 168,978 | 180,408 |
Capital expenditures | 208,321 | 189,002 | 189,035 |
Motorcycles Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 2,793,497 | 2,751,018 | 2,959,333 |
Depreciation | 160,181 | 162,659 | 173,959 |
Capital expenditures | 199,354 | 180,416 | 179,988 |
Financial Services Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total assets | 6,611,543 | 6,419,755 | 6,714,831 |
Depreciation | 6,891 | 6,319 | 6,449 |
Capital expenditures | $8,967 | $8,586 | $9,047 |
Business_Segments_And_Geograph4
Business Segments And Geographic Information (Segment Information By Geographical Locations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Motorcycles and related products | $1,032,292 | $1,180,284 | $1,631,466 | $1,414,248 | $1,010,898 | $1,089,268 | $1,569,047 | $1,273,369 | $5,258,290 | [1] | $4,942,582 | [1] | $4,662,264 | [1] | ||
Financial services | 158,342 | 163,434 | 162,841 | 156,965 | 159,962 | 161,027 | 160,613 | 156,322 | 641,582 | [1] | 637,924 | [1] | 649,449 | [1] | ||
Revenue from Financial Services | ' | ' | ' | ' | ' | ' | ' | ' | 5,899,872 | 5,580,506 | 5,311,713 | |||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 911,693 | [2] | ' | ' | ' | 881,652 | [2] | ' | ' | ' | 911,693 | [2] | 881,652 | [2] | 881,660 | [2] |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 3,562,847 | [1] | 3,363,640 | [1] | 3,155,608 | [1] | ||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | 609,574 | [1] | 607,909 | [1] | 619,214 | [1] | ||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 874,833 | [2] | ' | ' | ' | 825,509 | [2] | ' | ' | ' | 874,833 | [2] | 825,509 | [2] | 822,089 | [2] |
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | 36,860 | [2] | ' | ' | ' | 56,143 | [2] | ' | ' | ' | 36,860 | [2] | 56,143 | [2] | 59,571 | [2] |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 769,864 | [1] | 710,861 | [1] | 781,432 | [1] | ||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | 4,274 | [1] | 3,661 | [1] | 3,657 | [1] | ||
Japan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 217,700 | [1] | 244,907 | [1] | 229,427 | [1] | ||
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 204,315 | [1] | 186,550 | [1] | 154,314 | [1] | ||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | 24,486 | [1] | 24,532 | [1] | 25,764 | [1] | ||
Australia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 193,081 | [1] | 186,674 | [1] | 141,392 | [1] | ||
Other Foreign Countries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 310,483 | [1] | 249,950 | [1] | 200,091 | [1] | ||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | $3,248 | [1] | $1,822 | [1] | $814 | [1] | ||
[1] | Revenue is attributed to geographic regions based on location of customer. | |||||||||||||||
[2] | Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, “Segment Reporting,†such as deferred income taxes and finance receivables. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Affiliated Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue due from Deeley | $204.80 | $187.10 | $155.20 |
Director [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Finance receivables balances due from Deeley | $11.50 | $9.20 | $14.50 |
Supplemental_Consolidating_Dat2
Supplemental Consolidating Data (Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products | $1,032,292 | $1,180,284 | $1,631,466 | $1,414,248 | $1,010,898 | $1,089,268 | $1,569,047 | $1,273,369 | $5,258,290 | [1] | $4,942,582 | [1] | $4,662,264 | [1] |
Financial services | 158,342 | 163,434 | 162,841 | 156,965 | 159,962 | 161,027 | 160,613 | 156,322 | 641,582 | [1] | 637,924 | [1] | 649,449 | [1] |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,899,872 | 5,580,506 | 5,311,713 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 3,395,918 | 3,222,394 | 3,106,288 | |||
Financial services interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 165,491 | 195,990 | 229,492 | |||
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 60,008 | 22,239 | 17,031 | |||
Selling, administrative and engineering expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,126,884 | 1,111,232 | 1,060,943 | |||
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,131 | 28,475 | 67,992 | |||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,746,170 | 4,580,330 | 4,481,746 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 1,153,702 | 1,000,176 | 829,967 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 5,859 | 7,369 | 7,963 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 45,256 | 46,033 | 45,266 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 4,947 | 4,323 | 9,608 | |||
Income before provision for income taxes | 112,091 | 241,331 | 422,353 | 338,530 | 106,356 | 207,111 | 382,149 | 265,896 | 1,114,305 | 961,512 | 792,664 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 380,312 | 337,587 | 244,586 | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 733,993 | 623,925 | 548,078 | |||
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 51,036 | |||
Net income | 75,409 | 162,716 | 271,739 | 224,129 | 70,639 | 134,001 | 247,250 | 172,035 | 733,993 | 623,925 | 599,114 | |||
Eliminations & Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | -10,190 | -10,166 | -9,678 | |||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | -1,485 | -1,558 | -25 | |||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | -11,675 | -11,724 | -9,703 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Financial services interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling, administrative and engineering expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,675 | -11,724 | -9,703 | |||
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,675 | -11,724 | -9,703 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | -185,000 | -225,000 | -125,000 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -185,000 | -225,000 | -125,000 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -185,000 | -225,000 | -125,000 | |||
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -185,000 | -225,000 | -125,000 | |||
Motorcycles & Related Products Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 5,268,480 | 4,952,748 | 4,671,942 | |||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,268,480 | 4,952,748 | 4,671,942 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 3,395,918 | 3,222,394 | 3,106,288 | |||
Financial services interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Selling, administrative and engineering expense | ' | ' | ' | ' | ' | ' | ' | ' | 995,378 | 977,782 | 926,832 | |||
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | -2,131 | 28,475 | 67,992 | |||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,389,165 | 4,228,651 | 4,101,112 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 879,315 | 724,097 | 570,830 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 190,859 | 232,369 | 132,963 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 45,256 | 46,033 | 45,266 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,024,918 | 910,433 | 658,527 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 279,841 | 233,385 | 150,756 | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 745,077 | 677,048 | 507,771 | |||
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 51,036 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 745,077 | 677,048 | 558,807 | |||
Financial Services Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenue: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | 643,067 | 639,482 | 649,474 | |||
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 643,067 | 639,482 | 649,474 | |||
Costs and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Motorcycles and related products cost of goods sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Financial services interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 165,491 | 195,990 | 229,492 | |||
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 60,008 | 22,239 | 17,031 | |||
Selling, administrative and engineering expense | ' | ' | ' | ' | ' | ' | ' | ' | 143,181 | 145,174 | 143,814 | |||
Restructuring expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 368,680 | 363,403 | 390,337 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 274,387 | 276,079 | 259,137 | |||
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 4,947 | 4,323 | 9,608 | |||
Income before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 274,387 | 276,079 | 259,137 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 100,471 | 104,202 | 93,830 | |||
Income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 173,916 | 171,877 | 165,307 | |||
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $173,916 | $171,877 | $165,307 | |||
[1] | Revenue is attributed to geographic regions based on location of customer. |
Supplemental_Consolidating_Dat3
Supplemental Consolidating Data (Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $1,066,612 | $1,068,138 | $1,526,950 | $1,021,933 |
Marketable securities | 99,009 | 135,634 | ' | ' |
Accounts receivable, net | 261,065 | 230,079 | ' | ' |
Finance receivables, net | 1,773,686 | 1,743,045 | ' | ' |
Inventories | 424,507 | 393,524 | ' | ' |
Restricted cash | 144,807 | 188,008 | ' | ' |
Deferred income taxes | 103,625 | 110,853 | ' | ' |
Other current assets | 115,492 | 181,655 | ' | ' |
Total current assets | 3,988,803 | 4,050,936 | ' | ' |
Notes, Loans and Financing Receivable, Net, Noncurrent | 4,225,877 | 4,038,807 | ' | ' |
Property, plant and equipment, net | 842,477 | 815,464 | ' | ' |
Prepaid pension costs | 244,871 | 0 | ' | ' |
Goodwill | 30,452 | 29,530 | ' | ' |
Deferred income taxes | 3,339 | 171,845 | ' | ' |
Other long-term assets | 69,221 | 64,191 | ' | ' |
Total assets | 9,405,040 | 9,170,773 | 9,674,164 | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 239,794 | 257,386 | ' | ' |
Accrued liabilities | 427,335 | 513,591 | ' | ' |
Short-term Debt | 666,317 | 294,943 | ' | ' |
Current portion of long-term debt | 1,176,140 | 437,162 | ' | ' |
Total current liabilities | 2,509,586 | 1,503,082 | ' | ' |
Long-term debt | 3,416,713 | 4,370,544 | ' | ' |
Pension liability | 36,371 | 330,294 | ' | ' |
Postretirement healthcare liability | 216,165 | 278,062 | ' | ' |
Deferred income taxes | 49,499 | 0 | ' | ' |
Other long-term liabilities | 167,220 | 131,167 | ' | ' |
Commitments and contingencies (Note 16) | ' | ' | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Total shareholders’ equity | 3,009,486 | 2,557,624 | 2,420,256 | 2,206,866 |
Total liabilities and shareholders' equity | 9,405,040 | 9,170,773 | ' | ' |
Motorcycles & Related Products Operations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 718,912 | 727,716 | 943,330 | 791,791 |
Marketable securities | 99,009 | 135,634 | ' | ' |
Accounts receivable, net | 850,248 | 781,642 | ' | ' |
Finance receivables, net | 0 | 0 | ' | ' |
Inventories | 424,507 | 393,524 | ' | ' |
Restricted cash | 0 | 0 | ' | ' |
Deferred income taxes | 70,557 | 84,486 | ' | ' |
Other current assets | 82,717 | 146,419 | ' | ' |
Total current assets | 2,245,950 | 2,269,421 | ' | ' |
Notes, Loans and Financing Receivable, Net, Noncurrent | 0 | 0 | ' | ' |
Property, plant and equipment, net | 808,005 | 783,068 | ' | ' |
Prepaid pension costs | 244,871 | ' | ' | ' |
Goodwill | 30,452 | 29,530 | ' | ' |
Deferred income taxes | 3,339 | 175,839 | ' | ' |
Other long-term assets | 126,940 | 116,925 | ' | ' |
Total assets | 3,459,557 | 3,374,783 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 203,786 | 221,064 | ' | ' |
Accrued liabilities | 353,618 | 439,144 | ' | ' |
Short-term Debt | 0 | 0 | ' | ' |
Current portion of long-term debt | 303,000 | 0 | ' | ' |
Total current liabilities | 860,404 | 660,208 | ' | ' |
Long-term debt | 0 | 303,000 | ' | ' |
Pension liability | 36,371 | 330,294 | ' | ' |
Postretirement healthcare liability | 216,165 | 278,062 | ' | ' |
Deferred income taxes | 44,584 | ' | ' | ' |
Other long-term liabilities | 146,686 | 114,476 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Total shareholders’ equity | 2,155,347 | 1,688,743 | ' | ' |
Total liabilities and shareholders' equity | 3,459,557 | 3,374,783 | ' | ' |
Financial Services Operations [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 347,700 | 340,422 | 583,620 | 230,142 |
Marketable securities | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Finance receivables, net | 1,773,686 | 1,743,045 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Restricted cash | 144,807 | 188,008 | ' | ' |
Deferred income taxes | 33,068 | 26,367 | ' | ' |
Other current assets | 34,573 | 31,242 | ' | ' |
Total current assets | 2,333,834 | 2,329,084 | ' | ' |
Notes, Loans and Financing Receivable, Net, Noncurrent | 4,225,877 | 4,038,807 | ' | ' |
Property, plant and equipment, net | 34,472 | 32,396 | ' | ' |
Prepaid pension costs | 0 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term assets | 17,360 | 19,468 | ' | ' |
Total assets | 6,611,543 | 6,419,755 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 625,191 | 587,885 | ' | ' |
Accrued liabilities | 77,774 | 74,447 | ' | ' |
Short-term Debt | 666,317 | 294,943 | ' | ' |
Current portion of long-term debt | 873,140 | 437,162 | ' | ' |
Total current liabilities | 2,242,422 | 1,394,437 | ' | ' |
Long-term debt | 3,416,713 | 4,067,544 | ' | ' |
Pension liability | 0 | 0 | ' | ' |
Postretirement healthcare liability | 0 | 0 | ' | ' |
Deferred income taxes | 2,656 | ' | ' | ' |
Other long-term liabilities | 20,534 | 16,691 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Total shareholders’ equity | 929,218 | 941,083 | ' | ' |
Total liabilities and shareholders' equity | 6,611,543 | 6,419,755 | ' | ' |
Eliminations & Adjustments [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Marketable securities | 0 | 0 | ' | ' |
Accounts receivable, net | -589,183 | -551,563 | ' | ' |
Finance receivables, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Restricted cash | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | -1,798 | 3,994 | ' | ' |
Total current assets | -590,981 | -547,569 | ' | ' |
Notes, Loans and Financing Receivable, Net, Noncurrent | 0 | 0 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Prepaid pension costs | 0 | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Deferred income taxes | 0 | -3,994 | ' | ' |
Other long-term assets | -75,079 | -72,202 | ' | ' |
Total assets | -666,060 | -623,765 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | -589,183 | -551,563 | ' | ' |
Accrued liabilities | -4,057 | 0 | ' | ' |
Short-term Debt | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Total current liabilities | -593,240 | -551,563 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Pension liability | 0 | 0 | ' | ' |
Postretirement healthcare liability | 0 | 0 | ' | ' |
Deferred income taxes | 2,259 | ' | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Shareholders’ equity: | ' | ' | ' | ' |
Total shareholders’ equity | -75,079 | -72,202 | ' | ' |
Total liabilities and shareholders' equity | ($666,060) | ($623,765) | ' | ' |
Supplemental_Consolidating_Dat4
Supplemental Consolidating Data (Cash Flows) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $75,409 | $162,716 | $271,739 | $224,129 | $70,639 | $134,001 | $247,250 | $172,035 | $733,993 | $623,925 | $599,114 |
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 51,036 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 733,993 | 623,925 | 548,078 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 167,072 | 168,978 | 180,408 |
Amortization of deferred loan origination costs | ' | ' | ' | ' | ' | ' | ' | ' | 86,181 | 78,592 | 78,695 |
Amortization of financing origination fees | ' | ' | ' | ' | ' | ' | ' | ' | 9,376 | 9,969 | 10,790 |
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 66,877 | 71,347 | 59,441 |
Contributions to pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | -204,796 | -244,416 | -219,695 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 41,244 | 40,815 | 38,192 |
Net change in wholesale finance receivables related to sales | ' | ' | ' | ' | ' | ' | ' | ' | 28,865 | 2,513 | -2,335 |
Provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | 60,008 | 22,239 | 17,031 |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 4,947 | 4,323 | 9,608 |
Pension and postretirement healthcare plan curtailment and settlement expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,242 | 236 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 52,580 | 128,452 | 87,873 |
Foreign currency adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 16,269 | 9,773 | 10,678 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 10,123 | -7,216 | -15,807 |
Changes in current assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | -36,653 | -13,690 | 43,050 |
Finance receivables – accrued interest and other | ' | ' | ' | ' | ' | ' | ' | ' | -346 | -4 | 5,027 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | -46,474 | 21,459 | -94,957 |
Accounts payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -53,623 | -10,798 | 120,291 |
Restructuring reserves | ' | ' | ' | ' | ' | ' | ' | ' | -25,042 | -16,087 | 8,072 |
Derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | -2,189 | 2,758 | -2,488 |
Prepaid and other | ' | ' | ' | ' | ' | ' | ' | ' | 68,681 | -97,716 | 3,103 |
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 243,100 | 177,533 | 337,213 |
Net cash provided by operating activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 977,093 | 801,458 | 885,291 |
Cash flows from investing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -208,321 | -189,002 | -189,035 |
Origination of finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | -3,244,005 | -2,858,701 | -2,622,024 |
Collections on finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | 2,831,994 | 2,768,089 | 2,760,049 |
Purchases of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | -4,998 | -4,993 | -142,653 |
Sales and redemptions of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 40,108 | 23,296 | 130,121 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 16,355 | 0 | 0 |
Net used by investing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -568,867 | -261,311 | -63,542 |
Cash flows from financing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 993,737 | 447,076 |
Repayments of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | -27,858 | -420,870 | -59,211 |
Intercompany Borrowing Activity | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | 647,516 | 763,895 | 1,082,599 |
Repayments of securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | -840,387 | -1,405,599 | -1,754,568 |
Borrowings of asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 88,456 | 200,417 | ' |
Net increase (decrease) in credit facilities and unsecured commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 371,085 | -744,724 | 237,827 |
Net repayments in asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | -78,765 | -24,301 | -483 |
Net change in restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | 43,201 | 41,647 | 59,232 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -187,688 | -141,681 | -111,011 |
Purchase of common stock for treasury | ' | ' | ' | ' | ' | ' | ' | ' | -479,231 | -311,632 | -224,548 |
Excess tax benefits from share-based payments | ' | ' | ' | ' | ' | ' | ' | ' | 19,895 | 13,065 | 6,303 |
Issuance of common stock under employee stock option plans | ' | ' | ' | ' | ' | ' | ' | ' | 50,567 | 45,973 | 7,840 |
Net cash used by financing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -393,209 | -990,073 | -308,944 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -16,543 | -8,886 | -7,788 |
Net (decrease) increase in cash and cash equivalents of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 505,017 |
Cash flows from operating activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Cash flows from investing activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Effect of exchange rate changes on cash and cash equivalents of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -1,526 | -458,812 | 505,017 |
Cash and cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | ' | 1,068,138 | ' | ' | ' | 1,526,950 | 1,068,138 | 1,526,950 | 1,021,933 |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -1,526 | -458,812 | 505,017 |
Cash and cash equivalents—end of period | 1,066,612 | ' | ' | ' | 1,068,138 | ' | ' | ' | 1,066,612 | 1,068,138 | 1,526,950 |
Motorcycles & Related Products Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 745,077 | 677,048 | 558,807 |
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 51,036 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 745,077 | 677,048 | 507,771 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 160,181 | 162,659 | 173,959 |
Amortization of deferred loan origination costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of financing origination fees | ' | ' | ' | ' | ' | ' | ' | ' | 473 | 473 | 473 |
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 66,877 | 67,612 | 55,942 |
Contributions to pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | -204,796 | -244,416 | -219,695 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 38,367 | 37,544 | 35,404 |
Net change in wholesale finance receivables related to sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Pension and postretirement healthcare plan curtailment and settlement expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,242 | 236 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 54,568 | 117,772 | 71,555 |
Foreign currency adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 16,269 | 9,773 | 10,678 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 10,942 | -2,290 | -16,650 |
Changes in current assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | -24,273 | 9,323 | 60,403 |
Finance receivables – accrued interest and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | -46,474 | 21,459 | -94,957 |
Accounts payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -60,907 | -6,368 | 81,670 |
Restructuring reserves | ' | ' | ' | ' | ' | ' | ' | ' | -25,042 | -16,087 | 8,072 |
Derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | -2,161 | 2,906 | -2,519 |
Prepaid and other | ' | ' | ' | ' | ' | ' | ' | ' | 70,900 | -95,162 | 1,154 |
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 54,924 | 71,440 | 165,725 |
Net cash provided by operating activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 800,001 | 748,488 | 673,496 |
Cash flows from investing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -199,354 | -180,416 | -179,988 |
Origination of finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Collections on finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Purchases of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | -4,998 | -4,993 | -142,653 |
Sales and redemptions of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 40,108 | 23,296 | 130,121 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 16,355 | ' | ' |
Net used by investing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -147,889 | -162,113 | -192,520 |
Cash flows from financing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Repayments of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany Borrowing Activity | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | -400,000 | ' |
Proceeds from securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Repayments of securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Borrowings of asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net increase (decrease) in credit facilities and unsecured commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net repayments in asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net change in restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -187,688 | -141,681 | -111,011 |
Purchase of common stock for treasury | ' | ' | ' | ' | ' | ' | ' | ' | -479,231 | -311,632 | -224,548 |
Excess tax benefits from share-based payments | ' | ' | ' | ' | ' | ' | ' | ' | 19,895 | 13,065 | 6,303 |
Issuance of common stock under employee stock option plans | ' | ' | ' | ' | ' | ' | ' | ' | 50,567 | 45,973 | 7,840 |
Net cash used by financing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -646,457 | -794,275 | -321,416 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -14,459 | -7,714 | -8,021 |
Net (decrease) increase in cash and cash equivalents of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,539 |
Cash flows from operating activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Cash flows from investing activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Effect of exchange rate changes on cash and cash equivalents of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -8,804 | -215,614 | 151,539 |
Cash and cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | ' | 727,716 | ' | ' | ' | 943,330 | 727,716 | 943,330 | 791,791 |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -8,804 | -215,614 | 151,539 |
Cash and cash equivalents—end of period | 718,912 | ' | ' | ' | 727,716 | ' | ' | ' | 718,912 | 727,716 | 943,330 |
Financial Services Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 173,916 | 171,877 | 165,307 |
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 173,916 | 171,877 | 165,307 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 6,891 | 6,319 | 6,449 |
Amortization of deferred loan origination costs | ' | ' | ' | ' | ' | ' | ' | ' | 86,181 | 78,592 | 78,695 |
Amortization of financing origination fees | ' | ' | ' | ' | ' | ' | ' | ' | 8,903 | 9,496 | 10,317 |
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,735 | 3,499 |
Contributions to pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,877 | 3,271 | 2,788 |
Net change in wholesale finance receivables related to sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | 60,008 | 22,239 | 17,031 |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 4,947 | 4,323 | 9,608 |
Pension and postretirement healthcare plan curtailment and settlement expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,988 | 10,680 | 16,318 |
Foreign currency adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -819 | -4,926 | 843 |
Changes in current assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Finance receivables – accrued interest and other | ' | ' | ' | ' | ' | ' | ' | ' | -346 | -4 | 5,027 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Accounts payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -5,096 | -27,443 | -25,989 |
Restructuring reserves | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | -28 | -148 | 31 |
Prepaid and other | ' | ' | ' | ' | ' | ' | ' | ' | -2,219 | -2,554 | 49,524 |
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 159,311 | 103,580 | 174,141 |
Net cash provided by operating activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 333,227 | 275,457 | 339,448 |
Cash flows from investing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -8,967 | -8,586 | -9,047 |
Origination of finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | -7,140,533 | -6,544,828 | -6,056,242 |
Collections on finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | 6,757,387 | 6,456,729 | 6,191,932 |
Purchases of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Sales and redemptions of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net used by investing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -392,113 | -96,685 | 126,643 |
Cash flows from financing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 993,737 | 447,076 |
Repayments of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | -27,858 | -420,870 | -59,211 |
Intercompany Borrowing Activity | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | 400,000 | ' |
Proceeds from securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | 647,516 | 763,895 | 1,082,599 |
Repayments of securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | -840,387 | -1,405,599 | -1,754,568 |
Borrowings of asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 88,456 | 200,417 | ' |
Net increase (decrease) in credit facilities and unsecured commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 371,085 | -744,724 | 237,827 |
Net repayments in asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | -78,765 | -24,301 | -483 |
Net change in restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | 43,201 | 41,647 | 59,232 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -185,000 | -225,000 | -125,000 |
Purchase of common stock for treasury | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of common stock under employee stock option plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net cash used by financing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 68,248 | -420,798 | -112,528 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -2,084 | -1,172 | -85 |
Net (decrease) increase in cash and cash equivalents of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 353,478 |
Cash flows from operating activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Cash flows from investing activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Effect of exchange rate changes on cash and cash equivalents of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 7,278 | -243,198 | 353,478 |
Cash and cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | ' | 340,422 | ' | ' | ' | 583,620 | 340,422 | 583,620 | 230,142 |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 7,278 | -243,198 | 353,478 |
Cash and cash equivalents—end of period | 347,700 | ' | ' | ' | 340,422 | ' | ' | ' | 347,700 | 340,422 | 583,620 |
Eliminations & Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -185,000 | -225,000 | -125,000 |
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -185,000 | -225,000 | -125,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of deferred loan origination costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of financing origination fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Provision for employee long-term benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Contributions to pension and postretirement plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net change in wholesale finance receivables related to sales | ' | ' | ' | ' | ' | ' | ' | ' | 28,865 | 2,513 | -2,335 |
Provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on debt extinguishment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Pension and postretirement healthcare plan curtailment and settlement expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Foreign currency adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Changes in current assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | -12,380 | -23,013 | -17,353 |
Finance receivables – accrued interest and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Accounts payable and accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 12,380 | 23,013 | 64,610 |
Restructuring reserves | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Prepaid and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -47,575 |
Total adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 28,865 | 2,513 | -2,653 |
Net cash provided by operating activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -156,135 | -222,487 | -127,653 |
Cash flows from investing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Origination of finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | 3,896,528 | 3,686,127 | 3,434,218 |
Collections on finance receivables | ' | ' | ' | ' | ' | ' | ' | ' | -3,925,393 | -3,688,640 | -3,431,883 |
Purchases of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Sales and redemptions of marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Net used by investing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -28,865 | -2,513 | 2,335 |
Cash flows from financing activities of continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Repayments of medium-term notes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Intercompany Borrowing Activity | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Proceeds from securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Repayments of securitization debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Borrowings of asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net increase (decrease) in credit facilities and unsecured commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net repayments in asset-backed commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net change in restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | 185,000 | 225,000 | 125,000 |
Purchase of common stock for treasury | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Excess tax benefits from share-based payments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Issuance of common stock under employee stock option plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net cash used by financing activities of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 185,000 | 225,000 | 125,000 |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 318 |
Net (decrease) increase in cash and cash equivalents of continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Cash flows from operating activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Cash flows from investing activities of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Effect of exchange rate changes on cash and cash equivalents of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net Cash Provided by (Used in) Discontinued Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net (decrease) increase in cash and cash equivalents from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cash and cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents—beginning of period | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cash and cash equivalents—end of period | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 |
Supplementary_Data_Quarterly_F
Supplementary Data (Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Motorcycles and related products | $1,032,292 | $1,180,284 | $1,631,466 | $1,414,248 | $1,010,898 | $1,089,268 | $1,569,047 | $1,273,369 | $5,258,290 | [1] | $4,942,582 | [1] | $4,662,264 | [1] | ||||||||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 1,153,702 | 1,000,176 | 829,967 | |||||||||||
Financial services | 158,342 | 163,434 | 162,841 | 156,965 | 159,962 | 161,027 | 160,613 | 156,322 | 641,582 | [1] | 637,924 | [1] | 649,449 | [1] | ||||||||
Income (loss) before taxes | 112,091 | 241,331 | 422,353 | 338,530 | 106,356 | 207,111 | 382,149 | 265,896 | 1,114,305 | 961,512 | 792,664 | |||||||||||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 733,993 | 623,925 | 548,078 | |||||||||||
Income from discontinued operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 51,036 | |||||||||||
Net income | 75,409 | 162,716 | 271,739 | 224,129 | 70,639 | 134,001 | 247,250 | 172,035 | 733,993 | 623,925 | 599,114 | |||||||||||
Earnings per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic (in dollars per share) | $0.34 | $0.73 | $1.22 | $1 | $0.31 | $0.59 | $1.08 | $0.75 | $3.30 | $2.75 | $2.57 | |||||||||||
Diluted (in dollars per share) | $0.34 | $0.73 | $1.21 | $0.99 | $0.31 | $0.59 | $1.07 | $0.74 | $3.28 | $2.72 | $2.55 | |||||||||||
Motorcycles Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Motorcycles and related products | ' | ' | ' | ' | ' | ' | ' | ' | 5,258,290 | 4,942,582 | 4,662,264 | |||||||||||
Operating income | 60,712 | [2] | 175,471 | [2] | 357,665 | [2] | 276,761 | [2] | 53,114 | [2] | 144,752 | [2] | 309,559 | [2] | 208,064 | [2] | 870,609 | 715,489 | 561,176 | |||
Financial Services Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Operating income | 61,324 | 76,068 | 74,156 | 71,545 | 62,989 | 72,350 | 81,954 | 67,394 | 283,093 | 284,687 | 268,791 | |||||||||||
Financial services | ' | ' | ' | ' | ' | ' | ' | ' | $641,582 | $637,924 | $649,449 | |||||||||||
[1] | Revenue is attributed to geographic regions based on location of customer. | |||||||||||||||||||||
[2] | Operating income for the Motorcycles segment includes restructuring expense (benefit) as discussed in Note 4 for the following periods (in millions): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Mar 31,2013 April 1,2012 June 30,2013 July 1,2012 Sep 29,2013 Sep 30,2012 Dec 31,2013 Dec 31,2012Restructuring expense (benefit) $2.9 $11.5 $(5.3) $6.2 $0.6 $0.9 $(0.4) $1.6 |
Supplementary_Data_Schedule_Of
Supplementary Data (Schedule Of Restructuring Expense) (Details) (USD $) | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jul. 01, 2012 | Apr. 01, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring expense | ($418) | $646 | ($5,297) | $2,938 | $1,634 | $917 | $6,220 | $11,451 |
Consolidated_Valuation_And_Qua1
Consolidated Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accounts Receivable - Allowance For Doubtful Accounts [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $4,954 | $4,952 | $10,357 | |||
Provision charged to expense | 245 | 424 | 1,408 | |||
Reserve adjustments | -136 | -401 | -6,633 | |||
Write-offs, net of recoveries | -103 | -21 | -180 | |||
Balance at end of period | 4,960 | 4,954 | 4,952 | |||
Finance Receivables - Allowance For Credit Losses [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | 107,667 | 125,449 | 173,589 | |||
Provision charged to expense | 60,008 | 22,239 | 17,031 | |||
Write-offs, net of recoveries | -56,982 | -40,021 | -65,171 | |||
Balance at end of period | 110,693 | 107,667 | 125,449 | |||
Inventories - Allowance For Obsolescence [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | 22,936 | [1] | 23,204 | [1] | 34,180 | [1] |
Provision charged to expense | 5,254 | [1] | 9,489 | [1] | 4,885 | [1] |
Reserve adjustments | -1,281 | [1] | -696 | [1] | -466 | [1] |
Write-offs, net of recoveries | -9,446 | [1] | -9,061 | [1] | -15,395 | [1] |
Balance at end of period | 17,463 | [1] | 22,936 | [1] | 23,204 | [1] |
Deferred Tax Assets - Valuation Allowance [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | 16,314 | 14,914 | 27,048 | |||
Reserve adjustments | 5,504 | 1,400 | -12,134 | |||
Balance at end of period | $21,818 | $16,314 | $14,914 | |||
[1] | Inventory obsolescence reserves deducted from cost determined on first-in first-out (FIFO) basis, before deductions for last-in, first-out (LIFO) valuation reserves. |