Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 29, 2016 | Jun. 28, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HARLEY DAVIDSON INC | ||
Entity Central Index Key | 793,952 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 184,026,026 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 11,663,564,377 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenue: | ||||
Motorcycles and Related Products | [1] | $ 5,308,744 | $ 5,567,681 | $ 5,258,290 |
Financial Services | [1] | 686,658 | 660,827 | 641,582 |
Total revenue | 5,995,402 | 6,228,508 | 5,899,872 | |
Costs and expenses: | ||||
Motorcycles and Related Products cost of goods sold | 3,356,284 | 3,542,601 | 3,395,918 | |
Financial Services interest expense | 161,983 | 164,476 | 165,491 | |
Financial Services provision for credit losses | 101,345 | 80,946 | 60,008 | |
Selling, administrative and engineering expense | 1,220,095 | 1,159,502 | 1,124,753 | |
Total costs and expenses | 4,839,707 | 4,947,525 | 4,746,170 | |
Operating income | 1,155,695 | 1,280,983 | 1,153,702 | |
Investment income | 6,585 | 6,499 | 5,859 | |
Interest expense | 12,117 | 4,162 | 45,256 | |
Income before provision for income taxes | 1,150,163 | 1,283,320 | 1,114,305 | |
Provision for income taxes | 397,956 | 438,709 | 380,312 | |
Income from continuing operations | 752,207 | 844,611 | 733,993 | |
Net income | $ 752,207 | $ 844,611 | $ 733,993 | |
Earnings per common share from continuing operations: | ||||
Basic (in dollars per share) | $ 3.71 | $ 3.90 | $ 3.30 | |
Diluted (in dollars per share) | 3.69 | 3.88 | 3.28 | |
Earnings per common share: | ||||
Basic (in dollars per share) | 3.71 | 3.90 | 3.30 | |
Diluted (in dollars per share) | 3.69 | 3.88 | 3.28 | |
Cash dividends per common share (in dollars per share) | $ 1.24 | $ 1.1 | $ 0.84 | |
[1] | Revenue is attributed to geographic regions based on location of customer. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 752,207 | $ 844,611 | $ 733,993 |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation adjustment | (55,362) | (36,808) | (18,009) |
Derivative financial instruments | (13,156) | 20,722 | 2,157 |
Marketable securities | (394) | (424) | (953) |
Pension and postretirement benefit plans | (31,350) | (165,757) | 291,807 |
Total other comprehensive (loss) income, net of tax | (100,262) | (182,267) | 275,002 |
Comprehensive income | $ 651,945 | $ 662,344 | $ 1,008,995 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 722,209 | $ 906,680 |
Marketable securities | 45,192 | 57,325 |
Accounts receivable, net | 247,405 | 247,621 |
Finance receivables, net | 2,053,582 | 1,916,635 |
Inventories | 585,907 | 448,871 |
Restricted cash | 88,267 | 98,627 |
Deferred income taxes | 102,769 | 89,916 |
Other current assets | 137,823 | 182,420 |
Total current assets | 3,983,154 | 3,948,095 |
Finance receivables, net | 4,814,571 | 4,516,246 |
Property, plant and equipment, net | 942,418 | 883,077 |
Goodwill | 54,182 | 27,752 |
Deferred income taxes | 99,614 | 77,835 |
Other long-term assets | 97,228 | 75,092 |
Total assets | 9,991,167 | 9,528,097 |
Current liabilities: | ||
Accounts payable | 235,614 | 196,868 |
Accrued liabilities | 471,964 | 449,317 |
Short-term debt | 1,201,380 | 731,786 |
Current portion of long-term debt | 843,620 | 1,011,315 |
Total current liabilities | 2,752,578 | 2,389,286 |
Long-term debt | 4,845,388 | 3,761,528 |
Pension liability | 164,888 | 76,186 |
Postretirement healthcare liability | 193,659 | 203,006 |
Other long-term liabilities | $ 195,000 | $ 188,805 |
Commitments and contingencies (Note 15) | ||
Shareholders’ equity: | ||
Preferred stock, none issued | $ 0 | $ 0 |
Common stock, 344,855,704 and 344,174,653 shares issued, respectively | 3,449 | 3,442 |
Additional paid-in-capital | 1,328,561 | 1,265,257 |
Retained earnings | 8,961,985 | 8,459,040 |
Accumulated other comprehensive loss | (615,205) | (514,943) |
Treasury stock (160,121,966 and 132,297,840 shares, respectively), at cost | (7,839,136) | (6,303,510) |
Total shareholders’ equity | 1,839,654 | 2,909,286 |
Total liabilities and shareholders' equity | 9,991,167 | 9,528,097 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current assets: | ||
Finance receivables, net | 322,768 | 312,645 |
Restricted cash | 100,151 | 110,017 |
Other current assets | 4,706 | 3,409 |
Finance receivables, net | 1,250,919 | 1,113,801 |
Current liabilities: | ||
Current portion of long-term debt | 353,363 | 366,889 |
Long-term debt | $ 1,109,791 | $ 904,644 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares issued | 0 | 0 |
Common stock, shares issued | 344,855,704 | 344,174,653 |
Treasury stock, shares | 160,121,966 | 132,297,840 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Net cash provided by operating activities (Note 2) | $ 1,100,118 | $ 1,146,677 | $ 977,093 |
Cash flows from investing activities of continuing operations: | |||
Capital expenditures | (259,974) | (232,319) | (208,321) |
Origination of finance receivables | (3,751,830) | (3,568,423) | (3,244,005) |
Collections on finance receivables | 3,136,885 | 3,013,245 | 2,831,994 |
Purchases of marketable securities | 0 | 0 | (4,998) |
Sales and redemptions of marketable securities | 11,507 | 41,010 | 40,108 |
Payments to Acquire Businesses, Gross | (59,910) | 0 | 0 |
Other | 7,474 | 1,837 | 16,355 |
Net cash used by investing activities | (915,848) | (744,650) | (568,867) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from issuance of medium-term notes | 595,386 | 991,835 | 0 |
Repayments of medium-term notes | (610,331) | (526,431) | (27,858) |
Proceeds from Issuance of Senior Long-term Debt | 740,385 | 0 | 0 |
Repayments of Senior Debt | 0 | 303,000 | 0 |
Proceeds from securitization debt | 1,195,668 | 847,126 | 647,516 |
Repayments of securitization debt | (1,008,135) | (834,856) | (840,387) |
Borrowings of asset-backed commercial paper | 87,442 | 84,907 | 88,456 |
Repayments of asset-backed commercial paper | (72,727) | (77,800) | (78,765) |
Net increase in credit facilities and unsecured commercial paper | 469,473 | 63,945 | 371,085 |
Net change in restricted cash | 11,410 | 22,755 | 43,201 |
Dividends paid | (249,262) | (238,300) | (187,688) |
Purchase of common stock for treasury | (1,537,020) | (615,602) | (479,231) |
Excess tax benefits from share-based payments | 3,468 | 11,540 | 19,895 |
Issuance of common stock under employee stock option plans | 20,179 | 37,785 | 50,567 |
Net cash used by financing activities | (354,064) | (536,096) | (393,209) |
Effect of exchange rate changes on cash and cash equivalents | (14,677) | (25,863) | (16,543) |
Net decrease in cash and cash equivalents | (184,471) | (159,932) | (1,526) |
Cash and cash equivalents: | |||
Cash and cash equivalents—beginning of period | 906,680 | 1,066,612 | 1,068,138 |
Net decrease in cash and cash equivalents | (184,471) | (159,932) | (1,526) |
Cash and cash equivalents—end of period | $ 722,209 | $ 906,680 | $ 1,066,612 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Balance [Member] |
Beginning Balance, shares at Dec. 31, 2012 | 341,265,838 | |||||
Beginning Balance at Dec. 31, 2012 | $ 2,557,624 | $ 3,413 | $ 1,066,069 | $ 7,306,424 | $ (607,678) | $ (5,210,604) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 733,993 | 733,993 | ||||
Total other comprehensive loss, net of tax (Note 10) | 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) | 1,398,638 | |||||
Tax benefit of stock options and nonvested stock | 17,711 | 17,711 | ||||
Ending Balance, shares at Dec. 31, 2013 | 343,157,231 | |||||
Ending Balance at Dec. 31, 2013 | 3,009,486 | $ 3,432 | 1,175,052 | 7,852,729 | (332,676) | (5,689,051) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 844,611 | 844,611 | ||||
Total other comprehensive loss, net of tax (Note 10) | (182,267) | (182,267) | ||||
Dividends | (238,300) | (238,300) | ||||
Repurchase of common stock | (615,602) | (615,602) | ||||
Share-based compensation and 401(k) match made with Treasury shares | 41,991 | 40,848 | 1,143 | |||
Issuance of nonvested stock (in shares) | 15,891 | |||||
Issuance of nonvested stock | $ 0 | 0 | ||||
Exercise of stock options | 37,785 | $ 10 | 37,775 | |||
Exercise of stock options (in shares) | 1,001,531 | |||||
Tax benefit of stock options and nonvested stock | 11,582 | 11,582 | ||||
Ending Balance, shares at Dec. 31, 2014 | 344,174,653 | |||||
Ending Balance at Dec. 31, 2014 | 2,909,286 | $ 3,442 | 1,265,257 | 8,459,040 | (514,943) | (6,303,510) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 752,207 | 752,207 | ||||
Total other comprehensive loss, net of tax (Note 10) | (100,262) | (100,262) | ||||
Dividends | (249,262) | (249,262) | ||||
Repurchase of common stock | (1,537,020) | (1,537,020) | ||||
Share-based compensation and 401(k) match made with Treasury shares | 40,851 | 39,457 | 1,394 | |||
Issuance of nonvested stock (in shares) | 162,193 | |||||
Issuance of nonvested stock | $ (2) | (2) | ||||
Exercise of stock options | $ 20,179 | $ 5 | 20,174 | |||
Exercise of stock options (in shares) | 517,000 | 518,858 | ||||
Tax benefit of stock options and nonvested stock | $ 3,675 | 3,675 | ||||
Ending Balance, shares at Dec. 31, 2015 | 344,855,704 | |||||
Ending Balance at Dec. 31, 2015 | $ 1,839,654 | $ 3,449 | $ 1,328,561 | $ 8,961,985 | $ (615,205) | $ (7,839,136) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 reportable segments: Motorcycles & Related Products (Motorcycles) and Financial Services. 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): 2015 2014 Available-for-sale securities: corporate bonds $ 45,192 $ 57,325 Trading securities: mutual funds 36,256 33,815 Total marketable securities $ 81,448 $ 91,140 The Company’s available-for-sale securities are carried at fair value with any unrealized gains or losses reported in other comprehensive income. During 2015 and 2014 , the Company recognized gross unrealized losses of $0.6 million and $0.7 million , respectively, or losses of $0.4 million and $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 4 to 16 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, Net – The Company’s motorcycles and related products are sold to independent dealers 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 $2.9 million and $3.5 million as of December 31, 2015 and 2014 , respectively. 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 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. The Company performs a periodic and systematic collective evaluation of the adequacy of the retail allowance for credit losses. The Company 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. 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 representing recovered collateral on impaired finance receivables is recorded at the lower of cost or net realizable value. In the period during which the collateral is repossessed, the related finance receivable is adjusted to the fair value of the collateral through a charge to the allowance for credit losses and reclassified to repossessed inventory. Repossessed inventory is included in other current assets and was $17.7 million and $13.4 million at December 31, 2015 and 2014 , respectively. Asset-Backed Financing – The Company participates in asset-backed financing both through term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. The Company treats these transactions as secured borrowing because either they are transferred to consolidated VIEs or the Company maintains effective control over the assets and does not meet the accounting sale requirements under ASC Topic 860, "Transfers and Servicing." In the Company's asset-backed financing programs, the Company 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. The Company 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. The Company 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, the Company retains a residual interest in the VIEs in the form of a debt security, which gives the Company 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. The Company is not the primary beneficiary of the asset-backed Canadian commercial paper conduit facility VIE; therefore, the Company does not consolidate the VIE. However, the Company 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 the Company are eliminated in consolidation and therefore are not recorded on a consolidated basis. The Company 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 $266.6 million at December 31, 2015 and $232.8 million at December 31, 2014 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 2015 and 2014 , the Company performed a quantitative test on 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 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 offers a one -year warranty for Parts & Accessories (P&A). 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 using an estimated cost, which are based primarily on historical Company claim information. Additionally, the Company has from time to time initiated certain voluntary recall campaigns. The Company reserves for all estimated costs associated with recalls in the period that management approves and commits to the recall. Changes in the Company’s warranty and recall liability were as follows (in thousands): 2015 2014 2013 Balance, beginning of period $ 69,250 $ 64,120 $ 60,263 Warranties issued during the period 59,259 60,331 59,022 Settlements made during the period (96,529 ) (74,262 ) (64,462 ) Recalls and changes to pre-existing warranty liabilities 42,237 19,061 9,297 Balance, end of period $ 74,217 $ 69,250 $ 64,120 The liability for recall campaigns was $10.2 million , $9.8 million and $4.0 million at December 31, 2015 , 2014 and 2013 , 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 7). 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 9 for a detailed description of the Company’s derivative instruments. Motorcycles and Related Products Revenue Recognition – Sales are recorded when title and ownership is transferred, which is generally when products are shipped to wholesale customers (independent dealers). 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 recorded within finance receivables, 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, 2015 and 2014 , 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. Wholesale finance receivables are written down once management determines that the specific borrower does not have the ability to repay the loan in full. 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. The Company 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. 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 $4.6 million and $5.7 million as of December 31, 2015 and 2014 , 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 income. Research and development expenses were $161.2 million , $138.3 million and $152.2 million for 2015 , 2014 and 2013 , 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 2015 , 2014 and 2013 , the Company incurred $119.8 million , $107.4 million and $90.7 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 income. 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 2015 , 2014 and 2013 was $29.4 million , $37.9 million and $41.2 million , respectively, or $18.5 million , $23.9 million and $26.0 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 May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers (ASU No. 2014-09). ASU No. 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers: Deferral of Effective Date (ASU No. 2015-14) to defer the effective date of the new revenue recognition standard by one year to fiscal years beginning after December 15, 2017 and for interim periods therein. The Company is currently evaluating the impact of adoption. In February 2015, the FASB issued ASU No. 2015-02 Amendments to the Consolidation Analysis (ASU 2015-02). ASU No. 2015-02 amends the guidance within Accounting Standards Codification (ASC) Topic 810, "Consolidation,” to change the analysis that a reporting entity must perform to determine whether it should consolidate certain legal entities. The Company is required to adopt ASU No. 2015-02 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company believes the adoption of ASU No. 2015-02 will not have an impact on its financial results and will only impact the content of the current disclosure. In April 2015, the FASB issued ASU No. 2015-03 Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU No. 2015-03 amends the guidance within ASC Topic 835, "Interest " , to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt premiums and discounts. In August 2015, the FASB further clarified their views on debt costs incurred in connection with a line of credit arrangement by issuing ASU No. 2015-15 Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (ASU 2015-15). ASU No. 2015-15 amends the guidance within ASC Topic 835, “Interest”, to allow an entity to defer and present debt issuance costs associated with a line of credit arrangement as an asset, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The Company plans to adopt both ASUs for fiscal years beginning after December 15, 2015 and for interim periods therein, on a retrospective basis. Upon adoption, the Company will reclassify debt issuance costs, other than debt issuance costs related to line of credit arrangements, from other assets to debt on the balance sheet. The Company intends to continue to classify debt issuance costs related to the line of credit arrangements as an asset, regardless of whether it has any outstanding borrowings on the line of credit arrangements. At December 31, 2015, the Company had $20.4 million of debt issuance costs, which includes $2.1 million of debt issuance costs related to line of credit arrangements, recorded as assets on the balance sheet. In September 2015, the FASB issued ASU No. 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (ASU No. 2015-16). ASU No. 2015-16 eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Acquirers must recognize measurement-period adjustments during the period in which they determine the amounts. This would include any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The Company is required to adopt ASU 2015-16 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not anticipate any material impacts upon adopting this standard in 2016. In November 2015, the FASB issued ASU No. 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU No. 2015-17). ASU No. 2015-17 eliminates the requirement for a Company to separate deferred income tax liabilities and assets into current and noncurrent amounts on a classified statement of financial position and requires that deferred tax liabilities and assets be classified as noncurrent. The Company is required to adopt ASU 2015-17 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016 on either a retrospective or prospective basis. Early adoption is permitted. The Company is currently evaluating the timing and basis of adoption. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01). ASU No. 2016-01 enhances the existing financial instruments reporting model by modifying fair value measurement tools, simplifying impairment assessments for certain equity instruments, and modifying overall presentation and disclosure requirements. The Company is required to adopt ASU 2016-01 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017 on a prospective basis. The Company is currently evaluating the impact of adoption. |
Additional Balance Sheet And Ca
Additional Balance Sheet And Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Components at the lower of FIFO cost or market Raw materials and work in process $ 161,704 $ 151,254 Motorcycle finished goods 327,952 230,309 Parts and accessories and general merchandise 145,519 117,210 Inventory at lower of FIFO cost or market 635,175 498,773 Excess of FIFO over LIFO cost (49,268 ) (49,902 ) Total inventories, net $ 585,907 $ 448,871 Inventory obsolescence reserves deducted from FIFO cost were $26.7 million and $17.8 million as of December 31, 2015 and 2014 , respectively. Property, plant and equipment, at cost (in thousands): 2015 2014 Land and related improvements $ 56,554 $ 55,238 Buildings and related improvements 453,433 475,268 Machinery and equipment 1,859,443 1,823,790 Software 524,076 440,703 Construction in progress 280,147 200,708 3,173,653 2,995,707 Accumulated depreciation (2,231,235 ) (2,112,630 ) Total property, plant and equipment, net $ 942,418 $ 883,077 Accrued liabilities (in thousands): 2015 2014 Payroll, employee benefits and related expenses $ 160,971 $ 165,448 Warranty and recalls 54,894 48,529 Sales incentive programs 37,568 44,423 Tax-related accruals 18,535 28,333 Accrued interest 33,925 19,072 Other 166,071 143,512 Total accrued liabilities $ 471,964 $ 449,317 Cash Flow Information: The reconciliation of net income to net cash provided by operating activities of continuing operations is as follows (in thousands): 2015 2014 2013 Cash flows from operating activities: Net income $ 752,207 $ 844,611 $ 733,993 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 198,074 179,300 167,072 Amortization of deferred loan origination costs 93,546 94,429 86,181 Amortization of financing origination fees 9,975 8,442 9,376 Provision for long-term employee benefits 60,824 33,709 66,877 Contributions to pension and postretirement plans (28,490 ) (29,686 ) (204,796 ) Stock compensation expense 29,433 37,929 41,244 Net change in wholesale finance receivables related to sales (113,970 ) (75,210 ) 28,865 Provision for credit losses 101,345 80,946 60,008 Loss on debt extinguishment 1,099 3,942 4,947 Deferred income taxes (16,484 ) (7,621 ) 52,580 Foreign currency adjustments 20,067 21,964 16,269 Other, net 846 (1,491 ) 10,123 Changes in current assets and liabilities: Accounts receivable, net (13,665 ) (9,809 ) (36,653 ) Finance receivables – accrued interest and other (3,046 ) (2,515 ) (346 ) Inventories (155,222 ) (50,886 ) (46,474 ) Accounts payable and accrued liabilities 138,823 21,309 (78,665 ) Derivative instruments (5,615 ) 703 (2,189 ) Prepaid and other 30,371 (3,389 ) 68,681 Total adjustments 347,911 302,066 243,100 Net cash provided by operating activities $ 1,100,118 $ 1,146,677 $ 977,093 Cash paid during the period for interest and income taxes (in thousands): 2015 2014 2013 Interest $ 148,654 $ 154,310 $ 197,161 Income taxes $ 371,547 $ 438,840 $ 236,972 Interest paid represents interest payments of HDFS (included in financial services interest expense) and interest payments of the Company (included in interest expense). |
Acquisition (Notes)
Acquisition (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisition [Abstract] | |
Business Combination Disclosure [Text Block] | On August 4, 2015, the Company completed its purchase of certain assets and liabilities from Fred Deeley Imports, Ltd (Deeley Imports) including, among other things, the acquisition of the exclusive right to distribute the Company's motorcycles and other products in Canada (Transaction) for total consideration of $59.9 million . The majority equity owner of Deeley Imports is a member of the Board of Directors of the Company. The Company believes that the acquisition of the Canadian distribution rights will align Harley-Davidson's Canada distribution with the Company's global go-to-market approach. The financial impact of the acquisition, which is part of the Motorcycles segment, has been included in the Company's consolidated financial statements from the date of acquisition. Proforma information reflecting this acquisition has not been disclosed as the proforma impact on consolidated net income would not be material. The following table summarizes the preliminary fair values of the Deeley Imports assets acquired and liabilities assumed at the date of acquisition (in thousands): August 4, 2015 Current assets $ 11,088 Property, plant and equipment 144 Intangible assets 20,842 Goodwill 28,567 Total assets 60,641 Current liabilities 731 Net assets acquired $ 59,910 As noted above, in conjunction with the acquisition of certain assets and assumption of certain liabilities of Deeley Imports, the Company recorded goodwill of $28.6 million , all of which the Company believes is tax deductible, and intangible assets with an initial fair value of $20.8 million . Of the total intangible assets acquired, $13.3 million was assigned to reacquired distribution rights with a useful life of two years and $7.5 million was assigned to customer relationships with a useful life of twenty years. The Company agreed to reimburse Deeley Imports for certain severance costs associated with the Transaction resulting in $3.3 million of expense included in selling, administrative and engineering expense in the third quarter of 2015. The Company did not acquire any cash as part of the Transaction. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | The following table summarizes changes in the carrying amount of goodwill in the Motorcycles segment for the following years ended December 31 (in thousands): 2015 2014 2013 Balance, beginning of period $ 27,752 $ 30,452 $ 29,530 Business acquisitions 28,567 — — Currency translation (2,137 ) (2,700 ) 922 Balance, end of period $ 54,182 $ 27,752 $ 30,452 The following table summarizes the Motorcycles segment intangible assets other than goodwill at December 31 (in thousands): 2015 Gross Carrying Amount Accumulated Amortization Net Estimated useful life (years) Intangible assets other than goodwill Reacquired distribution rights $ 12,614 $ (2,628 ) $ 9,986 2 Customer relationships 7,116 (148 ) 6,968 20 Total other intangible assets $ 19,730 $ (2,776 ) $ 16,954 Intangible assets other than goodwill are included in other long-term assets on the Company's consolidated balance sheets. The gross carrying amounts at December 31 differs from the acquisition date amounts due to changes in foreign currency exchange rates. Total amortization expense of other intangible assets for 2015 was $2.8 million . There was no amortization expense of other intangible assets for 2014 . The Company estimates future amortization to be as follows (in thousands): Estimated Amortization 2016 6,756 2017 4,091 2018 360 2019 360 2020 360 Thereafter 5,027 Total $ 16,954 The Financial Services segment had no goodwill or intangible assets at December 31, 2015 and December 31, 2014 . |
Finance Receivables
Finance Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Finance Receivables | Finance Receivables Finance receivables, net at December 31 for the past five years were as follows (in thousands): 2015 2014 2013 2012 2011 Wholesale United States $ 965,379 $ 903,380 $ 800,491 $ 776,633 $ 778,320 Canada 58,481 48,941 44,721 39,771 46,320 Total wholesale 1,023,860 952,321 845,212 816,404 824,640 Retail United States 5,803,071 5,398,006 5,051,245 4,850,450 4,858,781 Canada 188,400 209,918 213,799 222,665 228,709 Total retail 5,991,471 5,607,924 5,265,044 5,073,115 5,087,490 7,015,331 6,560,245 6,110,256 5,889,519 5,912,130 Allowance for credit losses (147,178 ) (127,364 ) (110,693 ) (107,667 ) (125,449 ) Total finance receivables, net $ 6,868,153 $ 6,432,881 $ 5,999,563 $ 5,781,852 $ 5,786,681 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. Wholesale finance receivables are related primarily to motorcycles and related parts and accessories sales. 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 secured installment contracts and are primarily related to sales of motorcycles to the dealers’ customers. HDFS holds either titles or liens on titles to vehicles financed by promissory notes and installment sales contracts. As of December 31, 2015 and 2014 , approximately 12% of gross outstanding finance receivables were originated in Texas; there were no other states that accounted for more than 10%. Unused lines of credit extended to the Company's wholesale finance customers totaled $1.27 billion and $1.01 billion at December 31, 2015 and 2014 , respectively. Approved but unfunded retail finance loans totaled $169.6 million and $168.7 million at December 31, 2015 and 2014 , respectively. Wholesale finance receivables are generally contractually due within one year. On December 31, 2015 , contractual maturities of finance receivables were as follows (in thousands): United States Canada Total 2016 $ 1,991,614 $ 93,539 $ 2,085,153 2017 1,104,233 37,415 1,141,648 2018 1,234,333 41,339 1,275,672 2019 1,379,791 45,673 1,425,464 2020 1,024,927 28,915 1,053,842 Thereafter 33,552 — 33,552 Total $ 6,768,450 $ 246,881 $ 7,015,331 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): 2015 Retail Wholesale Total Balance, beginning of period $ 122,025 $ 5,339 $ 127,364 Provision for credit losses 98,826 2,519 101,345 Charge-offs (123,911 ) — (123,911 ) Recoveries 42,380 — 42,380 Balance, end of period $ 139,320 $ 7,858 $ 147,178 2014 Retail Wholesale Total Balance, beginning of period $ 106,063 $ 4,630 $ 110,693 Provision for credit losses 80,237 709 80,946 Charge-offs (102,831 ) — (102,831 ) Recoveries 38,556 — 38,556 Balance, end of period $ 122,025 $ 5,339 $ 127,364 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 There were no finance receivables individually evaluated for impairment on December 31, 2014 or 2015. The allowance for credit losses and finance receivables by portfolio collectively evaluated for impairment, at December 31 were as follows (in thousands): 2015 Retail Wholesale Total Allowance for credit losses, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 139,320 7,858 147,178 Total allowance for credit losses $ 139,320 $ 7,858 $ 147,178 Finance receivables, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 5,991,471 1,023,860 7,015,331 Total finance receivables $ 5,991,471 $ 1,023,860 $ 7,015,331 2014 Retail Wholesale Total Allowance for credit losses, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 122,025 5,339 127,364 Total allowance for credit losses $ 122,025 $ 5,339 $ 127,364 Finance receivables, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 5,607,924 952,321 6,560,245 Total finance receivables $ 5,607,924 $ 952,321 $ 6,560,245 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. At December 31, 2015 and 2014 , there were no wholesale finance receivables that were on non-accrual status or individually deemed to be impaired under ASC Topic 310, “Receivables”. An analysis of the aging of past due finance receivables at December 31 was as follows (in thousands): 2015 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Total Finance Receivables Retail $ 5,796,003 $ 118,996 $ 43,680 $ 32,792 $ 195,468 $ 5,991,471 Wholesale 1,022,365 888 530 77 1,495 1,023,860 Total $ 6,818,368 $ 119,884 $ 44,210 $ 32,869 $ 196,963 $ 7,015,331 2014 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Total Finance Receivables Retail $ 5,427,719 $ 113,007 $ 38,486 $ 28,712 $ 180,205 $ 5,607,924 Wholesale 951,660 383 72 206 661 952,321 Total $ 6,379,379 $ 113,390 $ 38,558 $ 28,918 $ 180,866 $ 6,560,245 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): 2015 2014 2013 2012 2011 United States $ 31,677 $ 27,800 $ 23,770 $ 26,500 $ 27,171 Canada 1,192 1,118 1,031 1,533 1,207 Total $ 32,869 $ 28,918 $ 24,801 $ 28,033 $ 28,378 A significant part of managing the Company's finance receivable portfolios includes the assessment of credit risk associated with each borrower. As the credit risk varies between the retail and wholesale portfolios, the Company utilizes different credit risk indicators for each portfolio. The Company manages retail credit risk through its credit approval policy and ongoing collection efforts. The Company 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): 2015 2014 Prime $ 4,777,448 $ 4,435,352 Sub-prime 1,214,023 1,172,572 Total $ 5,991,471 $ 5,607,924 The Company's 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. The Company utilizes an internal credit risk rating system to manage credit risk exposure consistently across wholesale borrowers and evaluates credit risk factors for each borrower. The Company uses the following internal credit quality indicators, based on an 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): 2015 2014 Doubtful $ 5,169 $ 954 Substandard 21,774 7,025 Special Mention 6,271 — Medium Risk 11,494 11,557 Low Risk 979,152 932,785 Total $ 1,023,860 $ 952,321 |
Asset-Backed Financing
Asset-Backed Financing | 12 Months Ended |
Dec. 31, 2015 | |
Secured Debt [Abstract] | |
Asset-Backed Financing | Asset-Backed Financing The Company participates in asset-backed financing through both term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. The Company treats these transactions as secured borrowings because assets are either transferred to consolidated VIEs or the Company 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): 2015 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 $ 1,611,624 $ (37,937 ) $ 100,151 $ 4,383 $ 1,678,221 $ 1,463,154 Asset-backed U.S. commercial paper conduit facility — — — 323 323 — Unconsolidated VIEs Asset-backed Canadian commercial paper conduit facility 170,708 (3,061 ) 10,491 393 178,531 153,839 Total $ 1,782,332 $ (40,998 ) $ 110,642 $ 5,099 $ 1,857,075 $ 1,616,993 2014 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 $ 1,458,602 $ (32,156 ) $ 110,017 $ 2,987 $ 1,539,450 $ 1,271,533 Asset-backed U.S. commercial paper conduit facility — — — 422 422 — Unconsolidated VIEs Asset-backed Canadian commercial paper conduit facility 185,099 (2,965 ) 12,035 262 194,431 166,912 Total $ 1,643,701 $ (35,121 ) $ 122,052 $ 3,671 $ 1,734,303 $ 1,438,445 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. 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. Restricted cash balances held by the SPEs are used only to support the securitizations. In 2015 , the Company transferred a total of $1.31 billion of U.S. retail motorcycle finance receivables to two separate SPEs. The SPEs in turn issued $1.20 billion of secured notes. In 2014 , the Company transferred $924.9 million of U.S. retail motorcycle finance receivables to one SPE. The SPE in turn issued $850.0 million of secured notes. At December 31, 2015 , 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 Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date May 2015 $500,000 0.88% May 2016 - December 2022 January 2015 $700,000 0.89% February 2016 - August 2022 April 2014 $850,000 0.66% April 2015 - October 2021 April 2013 $650,000 0.57% May 2014 - December 2020 July 2012 $675,306 0.59% August 2013 - June 2018 In addition to the above transactions, 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 2015 , the notes related to the August 2011 and November 2011 term asset-backed securitization transactions were repaid. During 2013 , the notes related to the December 2009 term asset-backed securitization transaction were repaid. Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2014 and the Company completed repayment of those balances during 2015 (in thousands): Issue Date Principal Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date November 2011 $513,300 0.88% November 2012 - February 2018 August 2011 $573,380 0.76% September 2012 - August 2017 For the year ended December 31, 2015 and 2014 , interest expense on the secured notes was $17.2 million and $13.5 million , respectively, which is included in financial services interest expense. The weighted average interest rate of the outstanding term asset-backed securitization transactions was 1.04% and 0.94% at December 31, 2015 and 2014 , respectively. Asset-Backed U.S. Commercial Paper Conduit Facility VIE On December 14, 2015 , the Company entered into a new revolving facility agreement (U.S. Conduit) with a third party bank-sponsored asset-backed U.S. commercial paper 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. The prior facility agreement expired on December 14, 2015 and had similar terms. Under the facility, the Company 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 to the extent the advance is not funded by a conduit lender through the issuance of commercial paper plus, in each case, a program fee based on outstanding principal. 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 will be 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 the Company and the lenders, the U.S. Conduit has an expiration date of December 14, 2016 . The SPE had no borrowings outstanding under the U.S. Conduit at December 31, 2015 or 2014 ; 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 both years ended December 31, 2015 and 2014 , the interest expense was $1.1 million 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, 2015 or 2014 as the Company had no outstanding borrowings under the U.S. Conduit during 2015 or 2014 . Asset-Backed Canadian Commercial Paper Conduit Facility In June 2015, the Company amended its facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase eligible Canadian retail motorcycle finance receivables from the Company for proceeds up to C$240 million . The transferred assets are restricted as collateral for the payment of debt. 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$240 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 the Company and the lenders, the Canadian Conduit expires on June 30, 2016 . The contractual maturity of the debt is approximately 5 years. During 2015 and 2014, the Company transferred $100.0 million and $97.1 million , respectively, of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $87.5 million and $85.0 million , respectively. For the years ended December 31, 2015 and 2014 , the Company recorded interest expense of $3.0 million and $3.5 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 1.80% and 2.03% at December 31, 2015 and 2014 . As the Company 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 $24.7 million at December 31, 2015 . The maximum exposure is not an indication of the Company's expected loss exposure. Debt 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): 2015 2014 Unsecured commercial paper $ 1,201,380 $ 731,786 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): 2015 2014 Secured debt Asset-backed Canadian commercial paper conduit facility $ 153,839 $ 166,912 Term asset-backed securitization debt 1,463,154 1,271,533 Unsecured notes 1.15% Medium-term notes due in 2015 ($600.0 million par value) — 599,817 3.88% Medium-term notes due in 2016 ($450.0 million par value) 449,991 449,937 2.70% Medium-term notes due in 2017 ($400.0 million par value) 399,980 399,963 1.55% Medium-term notes due in 2017 ($400.0 million par value) 399,650 399,464 6.80% Medium-term notes due in 2018 ($879.0 million par value) 878,308 887,381 2.40% Medium-term notes due in 2019 ($600.0 million par value) 598,296 597,836 2.15% Medium-term notes due in 2020 ($600.0 million par value) 598,856 — 3.50% Senior unsecured notes due in 2025 ($450.0 million par value) 447,608 — 4.625% Senior unsecured notes due in 2045 ($300.0 million par value) 299,326 — Gross long-term debt 5,689,008 4,772,843 Less: current portion of long-term debt (843,620 ) (1,011,315 ) Long-term debt $ 4,845,388 $ 3,761,528 A summary of the Company’s expected principal payments for debt obligations as of December 31, 2015 is as follows (in thousands): 2016 2017 2018 2019 2020 Thereafter Total Principal payments on debt $ 2,045,000 $ 1,177,493 $ 1,303,698 $ 934,386 $ 682,877 $ 746,934 $ 6,890,388 Commercial paper maturities may range up to 365 days from the issuance date. The weighted-average interest rate of outstanding commercial paper balances was 0.56% and 0.30% at December 31, 2015 and 2014 , respectively. In April 2014, the Company entered into a new $675.0 million five -year credit facility to refinance and replace a $675 million four-year credit facility that was due to mature in April 2015. The new five-year credit facility matures in April 2019. The Company also has a $675.0 million five-year credit facility which matures in April 2017. The new five-year credit facility and the existing five-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 the Company's unsecured commercial paper program. During July 2015, the Company borrowed C$20 million under the Global Credit Facilities and repaid the borrowings in August 2015. No borrowings were outstanding at December 31, 2015 and 2014 . In December 2015, the Company entered into a new revolving facility agreement (U.S. Conduit) with a third party bank-sponsored asset-backed U.S. commercial paper conduit, which provides for a total aggregate commitment of $600.0 million . The prior facility agreement expired on December 14, 2015 and had similar terms. At December 31, 2015 and 2014 , the Company had no outstanding borrowings under the U.S. Conduit. Refer to Note 6 for further discussion on the U.S. Conduit. In June 2015, the Company amended its revolving facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase from the Company eligible Canadian retail motorcycle financial receivables for proceeds up to C$240 million . During 2015 and 2014, the Company transferred $100.0 million and $97.1 million , respectively, of Canadian retail motorcycle finance receivables for proceeds of $87.5 million and $85.0 million , respectively. Approximately $40.3 million and $44.6 million of the debt was classified as current portion of long-term debt at December 31, 2015 and 2014 . Refer to Note 6 for further discussion on the Canadian Conduit. During 2015 , the Company issued $1.20 billion of secured notes through two term asset-backed securitization transactions. During 2014 , the Company issued $850.0 million of secured notes through a term asset-backed securitization transaction. Approximately $353.4 million and $366.9 million of the obligations under the secured notes were classified as current at December 31, 2015 and 2014 , respectively, based on the contractual maturities of the restricted finance receivables. The term-asset backed securitization transactions are further discussed in Note 6. In February 2015 , the Company issued $600.0 million of medium-term notes which mature in February 2020 and have an annual interest rate of 2.15% . In September 2014 , the Company issued $600.0 million of medium-term notes which mature in September 2019 and have an annual interest rate of 2.40% . In November 2014 , the Company issued $400.0 million of medium-term notes which mature in November 2017 and have an annual interest rate of 1.55% . All of the Company's 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 $3.6 million at December 31, 2015 and 2014 . During 2015 , 2014 , and 2013 , the Company repurchased an aggregate of $9.3 million , $22.6 million , and $23.0 million respectively, of its 6.80% medium-term notes which mature in June 2018 . As a result, the Company recognized in financial services interest expense $1.1 million , $3.9 million , and $4.9 million of loss on extinguishment of debt, respectively, which included unamortized discounts and fees. During September 2015 , $600.0 million of 1.15% medium-term notes matured, and the principal and accrued interest were paid in full. During December 2014 , $500.0 million of the 5.75% medium-term notes matured, and the principal and accrued interest were paid in full. In July 2015, the Company issued $450.0 million of senior unsecured notes that mature in July 2025 that have an interest rate of 3.50% and $300.0 million of senior unsecured notes that mature in July 2045 that have an interest rate of 4.625% in an underwritten offering. The senior unsecured notes provide for semi-annual interest payments and principal due at maturity. The Company is using the proceeds from the issuance to repurchase shares of the Company's common stock. Unamortized discounts on the senior unsecured notes reduced the balance by $3.1 million at December 31, 2015 . In February 2009 , the Company issued $600.0 million of senior unsecured notes in an underwritten offering. The senior unsecured notes provided for semi-annual interest payments and principal due at maturity. The senior unsecured notes matured in February 2014 and had 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 and the remaining $303.0 million was repaid at maturity in February 2014 . 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 operating covenants limit the Company’s and HDFS’ ability to: • assume or incur certain liens; • participate in certain mergers, consolidations, liquidations or dissolutions; and • purchase or hold margin stock. Under the current financial covenants of the Global Credit Facilities, the consolidated debt to equity ratio of HDFS cannot exceed 10.0 to 1.0 as of the end of any fiscal quarter. In addition, the ratio of the Company's consolidated debt to the Company's consolidated debt and equity, in each case excluding the debt of HDFS and its subsidiaries, cannot exceed 0.65 to 1.0 as of the end of any fiscal quarter. No financial covenants are required under the Notes or the U.S. or Canadian asset-backed commercial paper conduit facilities. At December 31, 2015 and 2014 , HDFS and the Company remained in compliance with all of these covenants. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 required by particular events or circumstances. In determining the 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 prices. The Company uses the market approach to derive the fair value for its level 2 fair value measurements. Forward contracts for foreign currency, commodities and interest rates are valued using current quoted forward rates and prices; and investments in marketable securities and cash equivalents 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. 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): 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 555,910 $ 390,706 $ 165,204 $ — Marketable securities 81,448 36,256 45,192 — Derivatives 16,235 — 16,235 — Total $ 653,593 $ 426,962 $ 226,631 $ — Liabilities: Derivatives $ 1,300 $ — $ 1,300 $ — 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 737,024 $ 482,686 $ 254,338 $ — Marketable securities 91,140 33,815 57,325 — Derivatives 32,244 — 32,244 — Total $ 860,408 $ 516,501 $ 343,907 $ — Liabilities: Derivatives $ 2,027 $ — $ 2,027 $ — Nonrecurring Fair Value Measurements Repossessed inventory is recorded at the lower of cost or net realizable value through a nonrecurring fair value measurement. Repossessed inventory was $17.7 million and $13.4 million at December 31, 2015 and 2014 , for which the fair value adjustment was $8.6 million and $5.0 million at December 31, 2015 and 2014 , respectively. Fair value is estimated using Level 2 inputs based on the recent market values of repossessed inventory. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, finance receivables, net, debt, foreign currency exchange and commodity contracts (derivative instruments are discussed further in Note 9). The following table summarizes the fair value and carrying value of the Company’s financial instruments at December 31 (in thousands): 2015 2014 Fair Value Carrying Value Fair Value Carrying Value Assets: Cash and cash equivalents $ 722,209 $ 722,209 $ 906,680 $ 906,680 Marketable securities $ 81,448 $ 81,448 $ 91,140 $ 91,140 Derivatives $ 16,235 $ 16,235 $ 32,244 $ 32,244 Finance receivables, net $ 6,937,053 $ 6,868,153 $ 6,519,500 $ 6,432,881 Restricted cash $ 110,642 $ 110,642 $ 122,052 $ 122,052 Liabilities: Derivatives $ 1,300 $ 1,300 $ 2,027 $ 2,027 Unsecured commercial paper $ 1,201,380 $ 1,201,380 $ 731,786 $ 731,786 Asset-backed Canadian commercial paper conduit facility $ 153,839 $ 153,839 $ 166,912 $ 166,912 Medium-term notes $ 3,410,966 $ 3,325,081 $ 3,502,536 $ 3,334,398 Senior unsecured notes $ 737,435 $ 746,934 $ — $ — Term asset-backed securitization debt $ 1,455,776 $ 1,463,154 $ 1,270,656 $ 1,271,533 Cash and Cash Equivalents and Restricted Cash – 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 – Forward contracts for foreign currency exchange and commodities are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of these contracts is determined using quoted forward rates and 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 was estimated based upon rates then available for debt with similar terms and remaining maturities. Fair value was 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 Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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 required by particular events or circumstances. In determining the 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 prices. The Company uses the market approach to derive the fair value for its level 2 fair value measurements. Forward contracts for foreign currency, commodities and interest rates are valued using current quoted forward rates and prices; and investments in marketable securities and cash equivalents 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. 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): 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 555,910 $ 390,706 $ 165,204 $ — Marketable securities 81,448 36,256 45,192 — Derivatives 16,235 — 16,235 — Total $ 653,593 $ 426,962 $ 226,631 $ — Liabilities: Derivatives $ 1,300 $ — $ 1,300 $ — 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 737,024 $ 482,686 $ 254,338 $ — Marketable securities 91,140 33,815 57,325 — Derivatives 32,244 — 32,244 — Total $ 860,408 $ 516,501 $ 343,907 $ — Liabilities: Derivatives $ 2,027 $ — $ 2,027 $ — Nonrecurring Fair Value Measurements Repossessed inventory is recorded at the lower of cost or net realizable value through a nonrecurring fair value measurement. Repossessed inventory was $17.7 million and $13.4 million at December 31, 2015 and 2014 , for which the fair value adjustment was $8.6 million and $5.0 million at December 31, 2015 and 2014 , respectively. Fair value is estimated using Level 2 inputs based on the recent market values of repossessed inventory. Fair Value of Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, marketable securities, finance receivables, net, debt, foreign currency exchange and commodity contracts (derivative instruments are discussed further in Note 9). The following table summarizes the fair value and carrying value of the Company’s financial instruments at December 31 (in thousands): 2015 2014 Fair Value Carrying Value Fair Value Carrying Value Assets: Cash and cash equivalents $ 722,209 $ 722,209 $ 906,680 $ 906,680 Marketable securities $ 81,448 $ 81,448 $ 91,140 $ 91,140 Derivatives $ 16,235 $ 16,235 $ 32,244 $ 32,244 Finance receivables, net $ 6,937,053 $ 6,868,153 $ 6,519,500 $ 6,432,881 Restricted cash $ 110,642 $ 110,642 $ 122,052 $ 122,052 Liabilities: Derivatives $ 1,300 $ 1,300 $ 2,027 $ 2,027 Unsecured commercial paper $ 1,201,380 $ 1,201,380 $ 731,786 $ 731,786 Asset-backed Canadian commercial paper conduit facility $ 153,839 $ 153,839 $ 166,912 $ 166,912 Medium-term notes $ 3,410,966 $ 3,325,081 $ 3,502,536 $ 3,334,398 Senior unsecured notes $ 737,435 $ 746,934 $ — $ — Term asset-backed securitization debt $ 1,455,776 $ 1,463,154 $ 1,270,656 $ 1,271,533 Cash and Cash Equivalents and Restricted Cash – 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 – Forward contracts for foreign currency exchange and commodities are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of these contracts is determined using quoted forward rates and 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 was estimated based upon rates then available for debt with similar terms and remaining maturities. Fair value was 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 Hedg
Derivative Instruments And Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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 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, both at 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 utilizes foreign currency exchange contracts to mitigate the effects of the Euro, the Australian dollar, the Japanese yen, the Brazilian real and the Mexican peso. The foreign currency exchange 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 exchange contracts and commodity contracts generally have maturities of less than one year. During the second quarter of 2015, the Company entered into treasury rate locks to fix the interest rate on a portion of the principal related to its anticipated issuance of senior unsecured debt during the third quarter of 2015. The treasury rate lock contracts were settled in July 2015. The loss at settlement was recorded in accumulated other comprehensive loss and will be reclassified into earnings over the life of the debt. The Company 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, there were no interest rate swaps outstanding. The following tables summarize the fair value of the Company’s derivative financial instruments at December 31 (in thousands): 2015 2014 Derivatives Designated As Hedging Instruments Under ASC Topic 815 Notional Value Asset Fair Value (a) Liability Fair Value (b) Notional Value Asset Fair Value (a) Liability Fair Value (b) Foreign currency contracts (c) $ 436,352 $ 16,167 $ 181 $ 339,077 $ 32,244 $ — Commodities contracts (c) 968 — 159 1,728 — 414 Total $ 437,320 $ 16,167 $ 340 $ 340,805 $ 32,244 $ 414 2015 2014 Derivatives Not Designated As Hedging Instruments Under ASC Topic 815 Notional Value Asset Fair Value (a) Liability Fair Value (b) Notional Value Asset Fair Value (a) Liability Fair Value (b) Commodities contracts $ 6,510 $ 68 $ 960 $ 11,804 $ — $ 1,613 Total $ 6,510 $ 68 $ 960 $ 11,804 $ — $ 1,613 (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 2015 2014 2013 Foreign currency contracts $ 45,810 $ 47,037 $ 3,468 Commodities contracts (421 ) (262 ) 39 Treasury rate locks (7,381 ) — — Interest rate swaps – unsecured commercial paper — — (2 ) Total $ 38,008 $ 46,775 $ 3,505 Amount of Gain/(Loss) Reclassified from AOCL into Income Cash Flow Hedges 2015 2014 2013 Expected to be Reclassified Over the Next Twelve Months Foreign currency contracts (a) $ 59,730 $ 13,635 $ 482 $ 16,738 Commodities contracts (a) (677 ) 228 (51 ) (159 ) Treasury rate locks (b) (151 ) — — (362 ) Interest rate swaps – unsecured commercial paper (c) — — (345 ) — Total $ 58,902 $ 13,863 $ 86 $ 16,217 (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 interest expense (c) Gain/(loss) reclassified from AOCL to income is included in financial services interest expense. For the years ended December 31, 2015 and 2014 , 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 2015 2014 2013 Commodities contracts (a) $ (648 ) $ (1,969 ) $ (572 ) Total $ (648 ) $ (1,969 ) $ (572 ) (a) Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 Foreign currency translation adjustments Marketable securities Derivative financial instruments Pension and postretirement benefit plans Total Balance, beginning of period $ (3,482 ) $ (700 ) $ 19,042 $ (529,803 ) $ (514,943 ) Other comprehensive (loss) income before reclassifications (48,309 ) (626 ) 38,008 (106,059 ) (116,986 ) Income tax (7,053 ) 232 (14,079 ) 39,284 18,384 Net other comprehensive (loss) income before reclassifications (55,362 ) (394 ) 23,929 (66,775 ) (98,602 ) Reclassifications: Realized (gains) losses - foreign currency contracts (a) — — (59,730 ) — (59,730 ) Realized (gains) losses - commodities contracts (a) — — 677 — 677 Realized (gains) losses - treasury rate lock (b) 151 151 Prior service credits (c) — — — (2,782 ) (2,782 ) Actuarial losses (c) — — — 58,680 58,680 Curtailment and settlement losses — — — 368 368 Total before tax — — (58,902 ) 56,266 (2,636 ) Income tax expense (benefit) — — 21,817 (20,841 ) 976 Net reclassifications — — (37,085 ) 35,425 (1,660 ) Other comprehensive loss (55,362 ) (394 ) (13,156 ) (31,350 ) (100,262 ) Balance, end of period $ (58,844 ) $ (1,094 ) $ 5,886 $ (561,153 ) $ (615,205 ) 2014 Foreign currency translation adjustments Marketable securities Derivative financial instruments Pension and postretirement benefit plans Total Balance, beginning of period $ 33,326 $ (276 ) $ (1,680 ) $ (364,046 ) $ (332,676 ) Other comprehensive (loss) income before reclassifications (50,310 ) (673 ) 46,775 (301,832 ) (306,040 ) Income tax 13,502 249 (17,325 ) 111,799 108,225 Net other comprehensive (loss) income before reclassifications (36,808 ) (424 ) 29,450 (190,033 ) (197,815 ) Reclassifications: Realized (gains) losses - foreign currency contracts (a) — — (13,635 ) — (13,635 ) Realized (gains) losses - commodities contracts (a) — — (228 ) — (228 ) Prior service credits (c) — — — (2,734 ) (2,734 ) Actuarial losses (c) — — — 41,292 41,292 Total before tax — — (13,863 ) 38,558 24,695 Income tax expense (benefit) — — 5,135 (14,282 ) (9,147 ) Net reclassifications — — (8,728 ) 24,276 15,548 Other comprehensive (loss) income (36,808 ) (424 ) 20,722 (165,757 ) (182,267 ) Balance, end of period $ (3,482 ) $ (700 ) $ 19,042 $ (529,803 ) $ (514,943 ) 2013 Foreign currency translation adjustments Marketable securities Derivative financial instruments Pension and postretirement benefit plans Total Balance, beginning of period $ 51,335 $ 677 $ (3,837 ) $ (655,853 ) $ (607,678 ) Other comprehensive income (loss) 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 (d) — — 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 Balance, end of period $ 33,326 $ (276 ) $ (1,680 ) $ (364,046 ) $ (332,676 ) (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 interest expense. (c) Amounts reclassified are included in the computation of net periodic cost. See Note 13 for information related to pension and postretirement benefit plans. (d) Amounts reclassified to net income are presented in financial services interest expense. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Asset-Backed Financing The Company participates in asset-backed financing through both term asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. The Company treats these transactions as secured borrowings because assets are either transferred to consolidated VIEs or the Company 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): 2015 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 $ 1,611,624 $ (37,937 ) $ 100,151 $ 4,383 $ 1,678,221 $ 1,463,154 Asset-backed U.S. commercial paper conduit facility — — — 323 323 — Unconsolidated VIEs Asset-backed Canadian commercial paper conduit facility 170,708 (3,061 ) 10,491 393 178,531 153,839 Total $ 1,782,332 $ (40,998 ) $ 110,642 $ 5,099 $ 1,857,075 $ 1,616,993 2014 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 $ 1,458,602 $ (32,156 ) $ 110,017 $ 2,987 $ 1,539,450 $ 1,271,533 Asset-backed U.S. commercial paper conduit facility — — — 422 422 — Unconsolidated VIEs Asset-backed Canadian commercial paper conduit facility 185,099 (2,965 ) 12,035 262 194,431 166,912 Total $ 1,643,701 $ (35,121 ) $ 122,052 $ 3,671 $ 1,734,303 $ 1,438,445 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. 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. Restricted cash balances held by the SPEs are used only to support the securitizations. In 2015 , the Company transferred a total of $1.31 billion of U.S. retail motorcycle finance receivables to two separate SPEs. The SPEs in turn issued $1.20 billion of secured notes. In 2014 , the Company transferred $924.9 million of U.S. retail motorcycle finance receivables to one SPE. The SPE in turn issued $850.0 million of secured notes. At December 31, 2015 , 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 Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date May 2015 $500,000 0.88% May 2016 - December 2022 January 2015 $700,000 0.89% February 2016 - August 2022 April 2014 $850,000 0.66% April 2015 - October 2021 April 2013 $650,000 0.57% May 2014 - December 2020 July 2012 $675,306 0.59% August 2013 - June 2018 In addition to the above transactions, 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 2015 , the notes related to the August 2011 and November 2011 term asset-backed securitization transactions were repaid. During 2013 , the notes related to the December 2009 term asset-backed securitization transaction were repaid. Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2014 and the Company completed repayment of those balances during 2015 (in thousands): Issue Date Principal Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date November 2011 $513,300 0.88% November 2012 - February 2018 August 2011 $573,380 0.76% September 2012 - August 2017 For the year ended December 31, 2015 and 2014 , interest expense on the secured notes was $17.2 million and $13.5 million , respectively, which is included in financial services interest expense. The weighted average interest rate of the outstanding term asset-backed securitization transactions was 1.04% and 0.94% at December 31, 2015 and 2014 , respectively. Asset-Backed U.S. Commercial Paper Conduit Facility VIE On December 14, 2015 , the Company entered into a new revolving facility agreement (U.S. Conduit) with a third party bank-sponsored asset-backed U.S. commercial paper 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. The prior facility agreement expired on December 14, 2015 and had similar terms. Under the facility, the Company 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 to the extent the advance is not funded by a conduit lender through the issuance of commercial paper plus, in each case, a program fee based on outstanding principal. 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 will be 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 the Company and the lenders, the U.S. Conduit has an expiration date of December 14, 2016 . The SPE had no borrowings outstanding under the U.S. Conduit at December 31, 2015 or 2014 ; 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 both years ended December 31, 2015 and 2014 , the interest expense was $1.1 million 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, 2015 or 2014 as the Company had no outstanding borrowings under the U.S. Conduit during 2015 or 2014 . Asset-Backed Canadian Commercial Paper Conduit Facility In June 2015, the Company amended its facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase eligible Canadian retail motorcycle finance receivables from the Company for proceeds up to C$240 million . The transferred assets are restricted as collateral for the payment of debt. 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$240 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 the Company and the lenders, the Canadian Conduit expires on June 30, 2016 . The contractual maturity of the debt is approximately 5 years. During 2015 and 2014, the Company transferred $100.0 million and $97.1 million , respectively, of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $87.5 million and $85.0 million , respectively. For the years ended December 31, 2015 and 2014 , the Company recorded interest expense of $3.0 million and $3.5 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 1.80% and 2.03% at December 31, 2015 and 2014 . As the Company 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 $24.7 million at December 31, 2015 . The maximum exposure is not an indication of the Company's expected loss exposure. Debt 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): 2015 2014 Unsecured commercial paper $ 1,201,380 $ 731,786 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): 2015 2014 Secured debt Asset-backed Canadian commercial paper conduit facility $ 153,839 $ 166,912 Term asset-backed securitization debt 1,463,154 1,271,533 Unsecured notes 1.15% Medium-term notes due in 2015 ($600.0 million par value) — 599,817 3.88% Medium-term notes due in 2016 ($450.0 million par value) 449,991 449,937 2.70% Medium-term notes due in 2017 ($400.0 million par value) 399,980 399,963 1.55% Medium-term notes due in 2017 ($400.0 million par value) 399,650 399,464 6.80% Medium-term notes due in 2018 ($879.0 million par value) 878,308 887,381 2.40% Medium-term notes due in 2019 ($600.0 million par value) 598,296 597,836 2.15% Medium-term notes due in 2020 ($600.0 million par value) 598,856 — 3.50% Senior unsecured notes due in 2025 ($450.0 million par value) 447,608 — 4.625% Senior unsecured notes due in 2045 ($300.0 million par value) 299,326 — Gross long-term debt 5,689,008 4,772,843 Less: current portion of long-term debt (843,620 ) (1,011,315 ) Long-term debt $ 4,845,388 $ 3,761,528 A summary of the Company’s expected principal payments for debt obligations as of December 31, 2015 is as follows (in thousands): 2016 2017 2018 2019 2020 Thereafter Total Principal payments on debt $ 2,045,000 $ 1,177,493 $ 1,303,698 $ 934,386 $ 682,877 $ 746,934 $ 6,890,388 Commercial paper maturities may range up to 365 days from the issuance date. The weighted-average interest rate of outstanding commercial paper balances was 0.56% and 0.30% at December 31, 2015 and 2014 , respectively. In April 2014, the Company entered into a new $675.0 million five -year credit facility to refinance and replace a $675 million four-year credit facility that was due to mature in April 2015. The new five-year credit facility matures in April 2019. The Company also has a $675.0 million five-year credit facility which matures in April 2017. The new five-year credit facility and the existing five-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 the Company's unsecured commercial paper program. During July 2015, the Company borrowed C$20 million under the Global Credit Facilities and repaid the borrowings in August 2015. No borrowings were outstanding at December 31, 2015 and 2014 . In December 2015, the Company entered into a new revolving facility agreement (U.S. Conduit) with a third party bank-sponsored asset-backed U.S. commercial paper conduit, which provides for a total aggregate commitment of $600.0 million . The prior facility agreement expired on December 14, 2015 and had similar terms. At December 31, 2015 and 2014 , the Company had no outstanding borrowings under the U.S. Conduit. Refer to Note 6 for further discussion on the U.S. Conduit. In June 2015, the Company amended its revolving facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase from the Company eligible Canadian retail motorcycle financial receivables for proceeds up to C$240 million . During 2015 and 2014, the Company transferred $100.0 million and $97.1 million , respectively, of Canadian retail motorcycle finance receivables for proceeds of $87.5 million and $85.0 million , respectively. Approximately $40.3 million and $44.6 million of the debt was classified as current portion of long-term debt at December 31, 2015 and 2014 . Refer to Note 6 for further discussion on the Canadian Conduit. During 2015 , the Company issued $1.20 billion of secured notes through two term asset-backed securitization transactions. During 2014 , the Company issued $850.0 million of secured notes through a term asset-backed securitization transaction. Approximately $353.4 million and $366.9 million of the obligations under the secured notes were classified as current at December 31, 2015 and 2014 , respectively, based on the contractual maturities of the restricted finance receivables. The term-asset backed securitization transactions are further discussed in Note 6. In February 2015 , the Company issued $600.0 million of medium-term notes which mature in February 2020 and have an annual interest rate of 2.15% . In September 2014 , the Company issued $600.0 million of medium-term notes which mature in September 2019 and have an annual interest rate of 2.40% . In November 2014 , the Company issued $400.0 million of medium-term notes which mature in November 2017 and have an annual interest rate of 1.55% . All of the Company's 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 $3.6 million at December 31, 2015 and 2014 . During 2015 , 2014 , and 2013 , the Company repurchased an aggregate of $9.3 million , $22.6 million , and $23.0 million respectively, of its 6.80% medium-term notes which mature in June 2018 . As a result, the Company recognized in financial services interest expense $1.1 million , $3.9 million , and $4.9 million of loss on extinguishment of debt, respectively, which included unamortized discounts and fees. During September 2015 , $600.0 million of 1.15% medium-term notes matured, and the principal and accrued interest were paid in full. During December 2014 , $500.0 million of the 5.75% medium-term notes matured, and the principal and accrued interest were paid in full. In July 2015, the Company issued $450.0 million of senior unsecured notes that mature in July 2025 that have an interest rate of 3.50% and $300.0 million of senior unsecured notes that mature in July 2045 that have an interest rate of 4.625% in an underwritten offering. The senior unsecured notes provide for semi-annual interest payments and principal due at maturity. The Company is using the proceeds from the issuance to repurchase shares of the Company's common stock. Unamortized discounts on the senior unsecured notes reduced the balance by $3.1 million at December 31, 2015 . In February 2009 , the Company issued $600.0 million of senior unsecured notes in an underwritten offering. The senior unsecured notes provided for semi-annual interest payments and principal due at maturity. The senior unsecured notes matured in February 2014 and had 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 and the remaining $303.0 million was repaid at maturity in February 2014 . 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 operating covenants limit the Company’s and HDFS’ ability to: • assume or incur certain liens; • participate in certain mergers, consolidations, liquidations or dissolutions; and • purchase or hold margin stock. Under the current financial covenants of the Global Credit Facilities, the consolidated debt to equity ratio of HDFS cannot exceed 10.0 to 1.0 as of the end of any fiscal quarter. In addition, the ratio of the Company's consolidated debt to the Company's consolidated debt and equity, in each case excluding the debt of HDFS and its subsidiaries, cannot exceed 0.65 to 1.0 as of the end of any fiscal quarter. No financial covenants are required under the Notes or the U.S. or Canadian asset-backed commercial paper conduit facilities. At December 31, 2015 and 2014 , HDFS and the Company remained in compliance with all of these covenants. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for income taxes for the years ended December 31 consists of the following (in thousands): 2015 2014 2013 Current: Federal $ 363,803 $ 394,904 $ 281,938 State 37,811 30,997 23,701 Foreign 12,826 20,429 22,093 414,440 446,330 327,732 Deferred: Federal (15,474 ) (5,743 ) 51,509 State (2,264 ) (3,155 ) (1,471 ) Foreign 1,254 1,277 2,542 (16,484 ) (7,621 ) 52,580 Total $ 397,956 $ 438,709 $ 380,312 The components of income before income taxes for the years ended December 31 were as follows (in thousands): 2015 2014 2013 Domestic $ 1,101,427 $ 1,196,335 $ 1,042,317 Foreign 48,736 86,985 71,988 Total $ 1,150,163 $ 1,283,320 $ 1,114,305 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: 2015 2014 2013 Provision at statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 1.8 1.7 1.6 Domestic manufacturing deduction (2.1 ) (2.1 ) (1.7 ) Research and development credit (0.4 ) (0.4 ) (0.9 ) Unrecognized tax benefits including interest and penalties 1.1 0.2 0.9 Valuation allowance adjustments (0.1 ) (0.1 ) (0.3 ) Tax audit settlements — — 0.1 Adjustments for previously accrued taxes (0.1 ) (0.3 ) (0.2 ) Other (0.6 ) 0.2 (0.4 ) Provision for income taxes 34.6 % 34.2 % 34.1 % The principal components of the Company’s deferred tax assets and liabilities as of December 31 include the following (in thousands): 2015 2014 Deferred tax assets: Accruals not yet tax deductible $ 129,449 $ 120,817 Pension and postretirement benefit plan obligations 126,952 104,723 Stock compensation 20,111 21,089 Net operating loss carryforward 38,250 41,927 Valuation allowance (20,659 ) (25,462 ) Other, net 47,039 38,465 341,142 301,559 Deferred tax liabilities: Depreciation, tax in excess of book (136,340 ) (128,117 ) Other (2,419 ) (5,691 ) (138,759 ) (133,808 ) Total $ 202,383 $ 167,751 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, 2015 , the Company had approximately $339.4 million state net operating loss carry-forwards expiring in 2031 . At December 31, 2015 the Company also had Wisconsin research and development credit carryforwards of $13.1 million expiring in 2028 . The Company had a deferred tax asset of $26.0 million as of December 31, 2015 for the benefit of these losses and credits. The Company has foreign net operating losses (NOL) totaling $12.2 million as of December 31, 2015 . It has a valuation allowance of $20.7 million against the NOLs as well as other associated deferred tax assets of $8.5 million . 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): 2015 2014 Unrecognized tax benefits, beginning of period $ 64,200 $ 63,057 Increase in unrecognized tax benefits for tax positions taken in a prior period 9,149 900 Decrease in unrecognized tax benefits for tax positions taken in a prior period (1,993 ) (4,989 ) Increase in unrecognized tax benefits for tax positions taken in the current period 6,302 5,876 Statute lapses (2,465 ) — Settlements with taxing authorities (2,093 ) (644 ) Unrecognized tax benefits, end of period $ 73,100 $ 64,200 The amount of unrecognized tax benefits as of December 31, 2015 that, if recognized, would affect the effective tax rate was $56.9 million . The total gross amount of expense related to interest and penalties associated with unrecognized tax benefits recognized during 2015 in the Company’s Consolidated Statements of Income was $3.7 million . The total gross amount of interest and penalties associated with unrecognized tax benefits recognized at December 31, 2015 in the Company’s Consolidated Balance Sheets was $28.7 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, 2016. 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 2011 or for United States federal income taxes before 2012. |
Employee Benefit Plans And Othe
Employee Benefit Plans And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
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. 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, 2015 and 2014 measurement dates (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation, beginning of period $ 2,069,980 $ 1,714,650 $ 361,006 $ 366,524 Service cost 40,039 31,498 8,259 7,015 Interest cost 87,345 86,923 14,166 16,878 Actuarial (gains) losses (128,082 ) 309,542 (6,757 ) (2,870 ) Plan participant contributions — — 2,587 2,368 Plan amendments 6,407 — — — Special early retirement benefits 10,563 — 622 — Benefits paid, net of Medicare Part D subsidy (77,252 ) (72,633 ) (25,144 ) (28,909 ) Benefit obligation, end of period 2,009,000 2,069,980 354,739 361,006 Change in plan assets: Fair value of plan assets, beginning of period 1,992,646 1,920,601 156,840 147,875 Actual return on plan assets (77,980 ) 143,040 (75 ) 8,965 Company contributions 4,553 1,638 23,937 28,048 Plan participant contributions — — 2,587 2,368 Benefits paid (77,252 ) (72,633 ) (26,524 ) (30,416 ) Fair value of plan assets, end of period 1,841,967 1,992,646 156,765 156,840 Funded status of the plans, December 31 $ (167,033 ) $ (77,334 ) $ (197,974 ) $ (204,166 ) Amounts recognized in the Consolidated Balance Sheets, December 31: Accrued benefit liability (current liabilities) $ (2,145 ) $ (1,148 ) $ (4,315 ) $ (1,160 ) Accrued benefit liability (long-term liabilities) (164,888 ) (76,186 ) (193,659 ) (203,006 ) Net amount recognized $ (167,033 ) $ (77,334 ) $ (197,974 ) $ (204,166 ) Benefit Costs: Components of net periodic benefit costs for the years ended December 31 (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 40,039 $ 31,498 $ 35,987 $ 8,259 $ 7,015 $ 7,858 Interest cost 87,345 86,923 79,248 14,166 16,878 15,599 Special early retirement benefits 10,563 — — 622 — — Expected return on plan assets (144,929 ) (136,734 ) (127,327 ) (11,506 ) (10,429 ) (9,537 ) Amortization of unrecognized: Prior service cost (credit) 435 1,119 1,746 (3,217 ) (3,853 ) (3,853 ) Net loss 54,709 36,563 58,608 3,971 4,729 8,549 Settlement loss 368 — — — — — Net periodic benefit cost $ 48,530 $ 19,369 $ 48,262 $ 12,295 $ 14,340 $ 18,616 Net periodic benefit costs are allocated among selling, administrative and engineering expense, cost of goods sold and inventory. The expected return on plan assets is calculated based on the market-related value of plan assets. The market-related value of plan assets is different from the fair value in that asset gains/losses are smoothed over a five year period. U nrecognized gains and losses related to plan obligations and assets are initially recorded in other comprehensive income and result from actual experience that differs from assumed or expected results, and the impacts of changes in assumptions. Unrecognized plan asset gains and losses not yet reflected in the market-related value of plan assets are not subject to amortization. Remaining unrecognized gains and losses that exceed 10% of the greater of the projected benefit obligation or the market-related value of plan assets are amortized to earnings over the estimated future service period of active plan participants. The impacts of plan amendments, if any, are amortized over the estimated future service period of plan participants at the time of the amendment. Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2015 which have not yet been recognized in net periodic benefit cost are as follows (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits Total Prior service cost (credit) $ 5,445 $ (9,044 ) $ (3,599 ) Net actuarial loss 513,107 51,645 564,752 Total $ 518,552 $ 42,601 $ 561,153 Amounts expected to be recognized in net periodic benefit cost, net of tax, during the year ended December 31, 2016 are as follows (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits Total Prior service cost (credit) $ 636 $ (1,765 ) $ (1,129 ) Net actuarial loss 29,182 2,227 31,409 Total $ 29,818 $ 462 $ 30,280 Assumptions: Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at December 31 were as follows: Pension and SERPA Benefits Postretirement Healthcare Benefits 2015 2014 2013 2015 2014 2013 Assumptions for benefit obligations: Discount rate 4.53 % 4.21 % 5.08 % 4.29 % 3.99 % 4.70 % Rate of compensation 3.50 % 4.00 % 4.00 % n/a n/a n/a Assumptions for net periodic benefit cost: Discount rate 4.21 % 5.08 % 4.23 % 3.99 % 4.70 % 3.93 % Expected return on plan assets 7.75 % 7.75 % 7.75 % 7.70 % 7.70 % 8.00 % Rate of compensation increase 4.00 % 4.00 % 4.00 % 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 $1.92 billion and $1.92 billion as of December 31, 2015 and 2014 , respectively. The following table summarizes information related to the Company pension plan with a PBO in excess of the fair value of plan assets at December 31 (in millions): 2015 2014 Pension plan with PBOs in excess of fair value of plan assets: PBO $ 1,964.0 $ 2,023.4 Fair value of plan assets $ 1,842.0 $ 1,992.6 The fair value of pension plan assets was greater than the plan's ABO at December 31, 2015 and 2014 . The Company’s SERPA plans, which can only be funded as claims are paid, had projected and accumulated benefit obligations of $45.0 million and $35.8 million , respectively, as of December 31, 2015 and $46.6 million and $33.6 million , respectively, as of December 31, 2014 . 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 63% equities and 37% fixed-income and cash. 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 69% equities and 31% fixed-income and cash. Equity holdings primarily include investments in small-, medium-, and large-cap companies in the U.S., 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. 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 7. The fair values of the Company’s pension plan assets as of December 31, 2015 were as follows (in thousands): Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 33,539 $ 1,485 $ 32,054 $ — Equity holdings: U.S. companies 574,826 571,949 2,877 — Foreign companies 113,803 113,803 — — Harley-Davidson common stock 57,808 57,808 — — Pooled equity funds 301,824 301,824 — — Private equity/real estate 23,441 109 — 23,332 Total equity holdings 1,071,702 1,045,493 2,877 23,332 Fixed-income holdings: U.S. Treasuries 42,827 42,827 — — Federal agencies 43,695 — 43,695 — Corporate bonds 388,439 — 388,439 — Pooled fixed income funds 184,142 49,271 134,871 — Foreign bonds 64,533 — 64,533 — Municipal bonds 13,090 — 13,090 — Total fixed-income holdings 736,726 92,098 644,628 — Total pension plan assets $ 1,841,967 $ 1,139,076 $ 679,559 $ 23,332 Included in the pension plan assets are 1,273,592 shares of the Company’s common stock with a market value of $57.8 million at December 31, 2015 . The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2015 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ 31,086 Actual return on plan assets: Relating to assets still held at the reporting date 2,375 Purchases, sales and settlements (10,129 ) Balance, end of period $ 23,332 The fair values of the Company’s postretirement healthcare plan assets as of December 31, 2015 , were as follows (in thousands): Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 6,068 $ 2,980 $ 3,088 $ — Equity holdings: U.S. companies 74,083 74,083 — — Foreign companies 17,267 16,849 418 — Pooled equity funds 17,410 17,410 — — Private equity/real estate 4,902 11 — 4,891 Total equity holdings 113,662 108,353 418 4,891 Fixed-income holdings: U.S. Treasuries 10,531 10,531 — — Federal agencies 6,508 — 6,508 — Corporate bonds 10,270 — 10,270 — Pooled fixed income funds 8,305 — 8,305 — Foreign bonds 890 — 890 — Municipal bonds 531 — 531 — Total fixed-income holdings 37,035 10,531 26,504 — Total postretirement healthcare plan assets $ 156,765 $ 121,864 $ 30,010 $ 4,891 The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2015 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ 3,869 Actual return on plan assets: Relating to assets still held at the reporting date 1,362 Purchases, sales and settlements (340 ) Balance, end of period $ 4,891 The fair values of the Company’s pension plan assets as of December 31, 2014 were as follows (in thousands): Balance as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 38,131 $ 2,965 $ 35,166 $ — Equity holdings: U.S. companies 625,174 620,964 4,210 — Foreign companies 109,088 109,088 — — Harley-Davidson common stock 83,942 83,942 — — Pooled equity funds 323,613 323,613 — — Private equity/real estate 31,227 140 1 31,086 Total equity holdings 1,173,044 1,137,747 4,211 31,086 Fixed-income holdings: U.S. Treasuries 51,375 51,375 — — Federal agencies 45,282 — 45,282 — Corporate bonds 376,454 — 376,454 — Pooled fixed income funds 236,024 52,335 183,689 — Foreign bonds 58,956 — 58,956 — Municipal bonds 13,380 — 13,380 — Total fixed-income holdings 781,471 103,710 677,761 — Total pension plan assets $ 1,992,646 $ 1,244,422 $ 717,138 $ 31,086 Included in the pension plan assets are 1,273,592 shares of the Company’s common stock with a market value of $83.9 million at December 31, 2014 . The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2014 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ 34,234 Actual return on plan assets: Relating to assets still held at the reporting date (3,178 ) Purchases, sales and settlements 30 Balance, end of period $ 31,086 The fair values of the Company’s postretirement healthcare plan assets as of December 31, 2014 , were as follows (in thousands): Balance as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 8,033 $ 7,278 $ 755 $ — Equity holdings: U.S. companies 75,349 75,349 — — Foreign companies 15,571 15,050 521 — Pooled equity funds 19,138 19,138 — — Private equity/real estate 3,884 15 — 3,869 Total equity holdings 113,942 109,552 521 3,869 Fixed-income holdings: U.S. Treasuries 11,457 11,457 — — Federal agencies 1,876 — 1,876 — Corporate bonds 11,549 — 11,549 — Pooled fixed income funds 8,996 — 8,996 — Foreign bonds 770 — 770 — Municipal bonds 217 — 217 — Total fixed-income holdings 34,865 11,457 23,408 — Total postretirement healthcare plan assets $ 156,840 $ 128,287 $ 24,684 $ 3,869 The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2014 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ — Actual return on plan assets: Relating to assets still held at the reporting date (178 ) Purchases, sales and settlements 4,047 Balance, end of period $ 3,869 No plan assets are expected to be returned to the Company during the fiscal year ending December 31, 2016 . For 2016 , the Company’s overall expected long-term rate of return is 7.5% for pension assets and 7.5% 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: 2015 2014 Healthcare cost trend rate for next year 7.5 % 8.0 % Rate to which the cost trend rate is assumed to decline (the ultimate rate) 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate 2021 2021 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 Percent Increase One Percent Decrease Total of service and interest cost components in 2015 $ 755 $ (605 ) Accumulated benefit obligation as of December 31, 2015 $ 12,211 $ (10,875 ) Future Contributions and Benefit Payments: In January 2016, the Company voluntarily contributed $25.0 million to further fund its qualified pension plan. No pension plan contributions are required in 2016 . The Company expects it will continue to make on-going contributions related to current benefit payments for SERPA and postretirement healthcare plans in 2016 (1) . The expected benefit payments for the next five years and thereafter were as follows (in thousands): Pension Benefits SERPA Benefits Postretirement Healthcare Benefits 2016 $ 77,310 $ 2,145 $ 33,848 2017 $ 78,884 $ 2,215 $ 33,160 2018 $ 80,877 $ 2,234 $ 31,571 2019 $ 83,377 $ 2,683 $ 29,975 2020 $ 86,533 $ 2,976 $ 28,139 2021-2025 $ 497,276 $ 21,253 $ 129,295 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 $18.0 million , $18.1 million and $14.9 million for Company contributions during 2015 , 2014 and 2013 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
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 $15.0 million , $12.0 million and $12.5 million for 2015 , 2014 and 2013 , respectively. Future minimum operating lease payments at December 31, 2015 were as follows (in thousands): 2016 $ 13,727 2017 9,324 2018 7,725 2019 6,883 2020 4,772 Thereafter 13,098 Total operating lease payments $ 55,529 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 probable that a result of the EPA’s investigation will be some form of enforcement action by the EPA that will seek a fine and/or other relief. The Company has a reserve associated with this matter which is included in accrued liabilities in the Consolidated Balance Sheet. However, given the uncertainty that still exists concerning the resolution of this matter, there is a possibility that the actual loss incurred may be materially different than the Company’s current reserve. At this time, the Company cannot reasonably estimate the impact of any remedies the EPA might seek beyond the Company's current reserve for this matter, if any. 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, and the parties amended the Agreement in 2013 to address ordnance and explosive waste. 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. The Company has a reserve for its estimate of its share of the future Response Costs at the York facility which is included in accrued liabilities in the 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 through 2017 although certain Response Costs may continue for some time beyond 2017. Product Liability Matters: 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, 2015 | |
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 184.7 million and 211.9 million common shares outstanding as of December 31, 2015 and 2014 , respectively. During 2015 , the Company repurchased 28.0 million shares of its common stock at a weighted-average price of $55 . This includes 0.2 million 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 2015 2014 2013 1997 Authorization 0.9 3.2 — — 2007 Authorization 0.9 5.8 7.7 — 2014 Authorization 20.0 — — — 2015 Authorization 6.0 — — 9.0 Total 27.8 9.0 7.7 9.0 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. 2014 Authorization – In February 2014, 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. 2015 Authorization – In June 2015, the Company’s Board of Directors separately authorized the Company to buy back up to 15.0 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. |
Share-Based Awards
Share-Based Awards | 12 Months Ended |
Dec. 31, 2015 | |
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 2014 (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 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 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, 2015 , there were 8.3 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 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Expected average term (in years) 6.0 6.1 6.1 Expected volatility 24% - 30% 25% - 34% 27% - 36% Weighted average volatility 28 % 32 % 33 % Expected dividend yield 2.0 % 1.8 % 1.6 % Risk-free interest rate 0.1% - 2.0% 0.1% - 2.8% 0.1% - 2.1% The following table summarizes the stock option transactions for the year ended December 31, 2015 (in thousands except for per share amounts): Options Weighted- Average Price Options outstanding, beginning of period 2,717 $ 43 Options granted 468 $ 63 Options exercised (517 ) $ 39 Options forfeited (165 ) $ 64 Options outstanding, end of period 2,503 $ 47 Exercisable, end of period 1,888 $ 42 The weighted-average fair value of options granted during the years ended December 31, 2015 , 2014 and 2013 was $13 , $14 and $12 , respectively. As of December 31, 2015 , there was $3.3 million of unrecognized compensation cost related to stock options that is expected to be recognized over a weighted-average period of 1.7 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): 2015 2014 2013 Exercised $ 9,890 $ 31,623 $ 28,879 Outstanding $ 16,605 $ 61,947 $ 100,054 Exercisable $ 16,605 $ 54,071 $ 81,930 The Company’s policy is to issue new shares of common stock upon the exercise of employee stock options. Stock options outstanding at December 31, 2015 (options in thousands): Price Range Weighted-Average Contractual Life Options Weighted-Average Exercise Price $10.01 to $20 3.1 322 $ 13 $20.01 to $30 4.0 200 $ 24 $30.01 to $40 2.1 202 $ 39 $40.01 to $50 5.1 418 $ 44 $50.01 to $60 4.5 464 $ 52 $60.01 to $70 6.4 897 $ 64 Options outstanding 4.9 2,503 $ 47 Options exercisable 3.7 1,888 $ 42 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, 2015 and 2014 were as follows: 2015 2014 Expected average term (in years) 5.3 - 7.4 3.7 - 5.4 Expected volatility 28% - 30% 25% - 31% Expected dividend yield 2.7 % 1.7 % Risk-free interest rate 0.2% - 2.3% 0.0% - 2.3% The following table summarizes the SAR transactions for the year ended December 31, 2015 (in thousands except for per share amounts): SARs Weighted-Average Price Outstanding, beginning of period 176 $ 30 Granted 12 $ 63 Exercised (26 ) $ 26 Forfeited — $ — Outstanding, end of period 162 $ 33 Exercisable, end of period 137 $ 28 The weighted-average fair value of SARs granted during the years ended December 31, 2015 , 2014 and 2013 was $13 , $14 and $12 , respectively. Restricted Stock Awards Settled in Stock: Beginning in 2014, the Company granted certain eligible U.S. employees restricted stock units (RSUs) that settle in Company stock. Prior to 2014, the Company granted restricted, nonvested, stock. The fair value of RSUs settled in stock and restricted stock is determined based on the market price of the Company’s shares on the grant date. The following table summarizes the RSUs settled in stock and restricted stock transactions for the year ended December 31, 2015 (in thousands except for per share amounts): Restricted Shares Grant Date Fair Value Per Share Nonvested, beginning of period 920 $ 54 Granted 472 $ 63 Vested (454 ) $ 53 Forfeited (88 ) $ 62 Nonvested, end of period 850 $ 59 As of December 31, 2015 , there was $21.7 million of unrecognized compensation cost related to RSUs settled in stock and restricted stock that is expected to be recognized over a weighted-average period of 1.7 years. Restricted Stock Awards Settled in Cash Restricted stock units, granted to certain eligible non-U.S. employees (RSUIs) vest under the same terms and conditions as RSUs settled in stock and restricted stock; however, they are settled in cash equal to their settlement date fair value. As a result, RSUIs are recorded in the Company’s consolidated balance sheets as a liability until the date of vesting. The fair value of RSUIs is determined based on the market price of the Company’s shares on the grant date. The following table summarizes the RSUI transactions for the year ended December 31, 2015 (in thousands except for per share amounts): Restricted Stock Unit Weighted-Average Grant Date Fair Value Per Share Nonvested, beginning of period 129 $ 66 Granted 64 $ 47 Vested (64 ) $ 56 Forfeited (20 ) $ 50 Nonvested, end of period 109 $ 49 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 2013 Numerator : Income used in computing basic and diluted earnings per share $ 752,207 $ 844,611 $ 733,993 Denominator : Denominator for basic earnings per share-weighted-average common shares 202,681 216,305 222,475 Effect of dilutive securities – employee stock compensation plan 1,005 1,401 1,596 Denominator for diluted earnings per share- adjusted weighted-average shares outstanding 203,686 217,706 224,071 Earnings per common share: Basic $ 3.71 $ 3.90 $ 3.30 Diluted $ 3.69 $ 3.88 $ 3.28 Options to purchase 1.0 million , 0.5 million and 0.9 million weighted-average shares of common stock outstanding during 2015 , 2014 and 2013 , 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, 2015 , 2014 and 2013 . |
Business Segments And Geographi
Business Segments And Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments And Foreign Operations | Reportable Segments and Geographic Information Reportable Segments: Harley-Davidson, Inc. is the parent company for the groups of companies doing business as Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). The Company operates in two segments: the Motorcycles & Related Products (Motorcycles) segment and the Financial Services segment. The Company’s reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations. The Motorcycle reportable segment consists of HDMC which designs, manufactures and sells at wholesale on-road Harley-Davidson motorcycles as well as a line of motorcycle parts, accessories, general merchandise and related services. The Company's products are sold to retail customers through a network of independent dealers. The Company conducts business on a global basis, with sales in the following regions: Americas, Europe/Middle East/Africa (EMEA) and Asia-Pacific. The Financial Services reportable segment consists of HDFS which 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): 2015 2014 2013 Motorcycles net revenue $ 5,308,744 $ 5,567,681 $ 5,258,290 Gross profit 1,952,460 2,025,080 1,862,372 Selling, administrative and engineering expense 1,076,970 1,021,933 991,763 Operating income from Motorcycles $ 875,490 $ 1,003,147 $ 870,609 Financial Services revenue $ 686,658 $ 660,827 $ 641,582 Financial Services expense 406,453 382,991 358,489 Operating income from Financial Services $ 280,205 $ 277,836 $ 283,093 Financial Services revenue includes $6.9 million , $8.1 million and $10.4 million of interest that HDMC paid to HDFS on wholesale finance receivables in 2015 , 2014 and 2013 , respectively. The offsetting cost of these interest incentives was recorded as a reduction to Motorcycles revenue. Information by segment is set forth below as of December 31 (in thousands): Motorcycles Financial Services Consolidated 2015 Total assets $ 2,528,530 $ 7,462,637 $ 9,991,167 Depreciation and amortization $ 188,926 $ 9,148 $ 198,074 Capital expenditures $ 249,772 $ 10,202 $ 259,974 2014 Total assets $ 2,502,190 $ 7,025,907 $ 9,528,097 Depreciation and amortization $ 171,187 $ 8,113 $ 179,300 Capital expenditures $ 224,262 $ 8,057 $ 232,319 2013 Total assets $ 2,793,497 $ 6,611,543 $ 9,405,040 Depreciation and amortization $ 160,181 $ 6,891 $ 167,072 Capital expenditures $ 199,354 $ 8,967 $ 208,321 Geographic Information: Included in the consolidated financial statements are the following amounts relating to geographic locations for the years ended December 31 (in thousands): 2015 2014 2013 Revenue from Motorcycles (a) : United States $ 3,768,069 $ 3,773,087 $ 3,562,847 EMEA region 728,198 869,690 769,864 Japan 162,675 197,792 217,700 Canada 178,042 194,422 204,315 Australia 165,854 190,029 193,081 Other foreign countries 305,906 342,661 310,483 Total revenue from Motorcycles $ 5,308,744 $ 5,567,681 $ 5,258,290 Revenue from Financial Services (a) : United States $ 656,888 $ 627,317 $ 609,574 Europe 5,373 5,684 4,274 Canada 21,180 23,707 24,486 Other foreign countries 3,217 4,119 3,248 Total revenue from Financial Services $ 686,658 $ 660,827 $ 641,582 Long-lived assets (b) : United States $ 915,509 $ 865,617 $ 874,833 International 26,909 34,328 36,860 Total long-lived assets $ 942,418 $ 899,945 $ 911,693 (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, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 until August 2015. On August 4, 2015, the Company completed its purchase of certain assets and liabilities from Deeley Imports including, among other things, the acquisition of the exclusive right to distribute the Company's motorcycles and other products in Canada. As a result of the acquisition, the Company no longer does business with Deeley Imports. Refer to Note 3 for further details. In 2015 , the Company recorded $111.3 million Motorcycles and Related Products revenue and Financial Services revenue from Deeley Imports which represents sales to Deeley Imports through August 4, 2015. The Company had no finance receivables balances due from Deeley Imports at December 31, 2015 . The Company recorded Motorcycles and Related Products revenue and Financial Services revenue from Deeley Imports during 2014 and 2013 of $194.8 million and $204.8 million , respectively, and had finance receivables balances due from Deeley Imports of $7.4 million and $11.5 million at December 31, 2014 and 2013 , respectively. |
Supplemental Consolidating Data
Supplemental Consolidating Data | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated Revenue: Motorcycles and Related Products $ 5,318,850 $ — $ (10,106 ) $ 5,308,744 Financial Services — 688,211 (1,553 ) 686,658 Total revenue 5,318,850 688,211 (11,659 ) 5,995,402 Costs and expenses: Motorcycles and Related Products cost of goods sold 3,356,284 — — 3,356,284 Financial Services interest expense — 161,983 — 161,983 Financial Services provision for credit losses — 101,345 — 101,345 Selling, administrative and engineering expense 1,078,525 153,229 (11,659 ) 1,220,095 Total costs and expenses 4,434,809 416,557 (11,659 ) 4,839,707 Operating income 884,041 271,654 — 1,155,695 Investment income 106,585 — (100,000 ) 6,585 Interest expense 12,117 — — 12,117 Income before provision for income taxes 978,509 271,654 (100,000 ) 1,150,163 Provision for income taxes 300,499 97,457 — 397,956 Net income $ 678,010 $ 174,197 $ (100,000 ) $ 752,207 Year Ended December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated Revenue: Motorcycles and Related Products $ 5,577,697 $ — $ (10,016 ) $ 5,567,681 Financial Services — 662,345 (1,518 ) 660,827 Total revenue 5,577,697 662,345 (11,534 ) 6,228,508 Costs and expenses: Motorcycles and Related Products cost of goods sold 3,542,601 — — 3,542,601 Financial Services interest expense — 164,476 — 164,476 Financial Services provision for credit losses — 80,946 — 80,946 Selling, administrative and engineering expense 1,023,450 147,586 (11,534 ) 1,159,502 Total costs and expenses 4,566,051 393,008 (11,534 ) 4,947,525 Operating income 1,011,646 269,337 — 1,280,983 Investment income 126,499 — (120,000 ) 6,499 Interest expense 4,162 — — 4,162 Income before provision for income taxes 1,133,983 269,337 (120,000 ) 1,283,320 Provision for income taxes 338,453 100,256 — 438,709 Net income $ 795,530 $ 169,081 $ (120,000 ) $ 844,611 Year Ended December 31, 2013 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated 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 993,247 143,181 (11,675 ) 1,124,753 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 Net income $ 745,077 $ 173,916 $ (185,000 ) $ 733,993 December 31, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 400,443 $ 321,766 $ — $ 722,209 Marketable securities 45,192 — — 45,192 Accounts receivable, net 390,799 — (143,394 ) 247,405 Finance receivables, net — 2,053,582 — 2,053,582 Inventories 585,907 — — 585,907 Restricted cash — 88,267 — 88,267 Deferred income taxes 56,319 46,450 — 102,769 Other current assets 90,824 49,078 (2,079 ) 137,823 Total current assets 1,569,484 2,559,143 (145,473 ) 3,983,154 Finance receivables, net — 4,814,571 — 4,814,571 Property, plant and equipment, net 906,972 35,446 — 942,418 Goodwill 54,182 — — 54,182 Deferred income taxes 86,075 15,681 (2,142 ) 99,614 Other long-term assets 140,034 37,796 (80,602 ) 97,228 $ 2,756,747 $ 7,462,637 $ (228,217 ) $ 9,991,167 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 220,050 $ 158,958 $ (143,394 ) $ 235,614 Accrued liabilities 387,137 89,048 (4,221 ) 471,964 Short-term debt — 1,201,380 — 1,201,380 Current portion of long-term debt — 843,620 — 843,620 Total current liabilities 607,187 2,293,006 (147,615 ) 2,752,578 Long-term debt 746,934 4,098,454 — 4,845,388 Pension liability 164,888 — — 164,888 Postretirement healthcare liability 193,659 — — 193,659 Other long-term liabilities 166,440 28,560 — 195,000 Commitments and contingencies (Note 15) Total shareholders’ equity 877,639 1,042,617 (80,602 ) 1,839,654 $ 2,756,747 $ 7,462,637 $ (228,217 ) $ 9,991,167 December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 573,895 $ 332,785 $ — $ 906,680 Marketable securities 57,325 — — 57,325 Accounts receivable, net 658,735 — (411,114 ) 247,621 Finance receivables, net — 1,916,635 — 1,916,635 Inventories 448,871 — — 448,871 Restricted cash — 98,627 — 98,627 Deferred income taxes 50,015 39,901 — 89,916 Other current assets 142,278 43,125 (2,983 ) 182,420 Total current assets 1,931,119 2,431,073 (414,097 ) 3,948,095 Finance receivables, net — 4,516,246 — 4,516,246 Property, plant and equipment, net 848,661 34,416 — 883,077 Goodwill 27,752 — — 27,752 Deferred income taxes 75,121 4,863 (2,149 ) 77,835 Other long-term assets 113,727 39,309 (77,944 ) 75,092 $ 2,996,380 $ 7,025,907 $ (494,190 ) $ 9,528,097 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 171,098 $ 436,884 $ (411,114 ) $ 196,868 Accrued liabilities 370,652 83,797 (5,132 ) 449,317 Short-term debt — 731,786 — 731,786 Current portion of long-term debt — 1,011,315 — 1,011,315 Total current liabilities 541,750 2,263,782 (416,246 ) 2,389,286 Long-term debt — 3,761,528 — 3,761,528 Pension liability 76,186 — — 76,186 Postretirement healthcare liability 203,006 — — 203,006 Other long-term liabilities 164,060 24,745 — 188,805 Commitments and contingencies (Note 15) Total shareholders’ equity 2,011,378 975,852 (77,944 ) 2,909,286 $ 2,996,380 $ 7,025,907 $ (494,190 ) $ 9,528,097 Year Ended December 31, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from operating activities: Net income $ 678,010 $ 174,197 $ (100,000 ) $ 752,207 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 188,926 9,148 — 198,074 Amortization of deferred loan origination costs — 93,546 — 93,546 Amortization of financing origination fees 267 9,708 — 9,975 Provision for long-term employee benefits 60,824 — — 60,824 Contributions to pension and postretirement plans (28,490 ) — — (28,490 ) Stock compensation expense 26,775 2,658 — 29,433 Net change in wholesale finance receivables — — (113,970 ) (113,970 ) Provision for credit losses — 101,345 — 101,345 Loss on debt extinguishment — 1,099 — 1,099 Deferred income taxes (4,792 ) (11,692 ) — (16,484 ) Foreign currency adjustments 20,067 — — 20,067 Other, net (442 ) 1,288 — 846 Change in current assets and current liabilities: Accounts receivable 4,055 — (17,720 ) (13,665 ) Finance receivables—accrued interest and other — (3,046 ) — (3,046 ) Inventories (155,222 ) — — (155,222 ) Accounts payable and accrued liabilities 81,929 18,539 38,355 138,823 Derivative instruments (5,615 ) — — (5,615 ) Prepaid and other 33,658 (3,287 ) — 30,371 Total adjustments 221,940 219,306 (93,335 ) 347,911 Net cash provided by operating activities 899,950 393,503 (193,335 ) 1,100,118 Cash flows from investing activities: Capital expenditures (249,772 ) (10,202 ) — (259,974 ) Origination of finance receivables — (7,836,279 ) 4,084,449 (3,751,830 ) Collections of finance receivables — 7,127,999 (3,991,114 ) 3,136,885 Sales and redemptions of marketable securities 11,507 — — 11,507 Acquisition of business (59,910 ) — — (59,910 ) Other 7,474 — — 7,474 Net cash used by investing activities (290,701 ) (718,482 ) 93,335 (915,848 ) Year Ended December 31, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from financing activities: Proceeds from issuance of medium-term notes — 595,386 — 595,386 Repayments of medium-term notes — (610,331 ) — (610,331 ) Proceeds from issuance of senior unsecured notes 740,385 — — 740,385 Intercompany borrowing activity 250,000 (250,000 ) — — Proceeds from securitization debt — 1,195,668 — 1,195,668 Repayments of securitization debt — (1,008,135 ) — (1,008,135 ) Borrowings of asset-backed commercial paper — 87,442 — 87,442 Repayments of asset-backed commercial paper — (72,727 ) — (72,727 ) Net increase in credit facilities and unsecured commercial paper — 469,473 — 469,473 Net change in restricted cash — 11,410 — 11,410 Dividends (249,262 ) (100,000 ) 100,000 (249,262 ) Purchase of common stock for treasury (1,537,020 ) — — (1,537,020 ) Excess tax benefits from share-based payments 3,468 — — 3,468 Issuance of common stock under employee stock option plans 20,179 — — 20,179 Net cash (used by) provided by financing activities (772,250 ) 318,186 100,000 (354,064 ) Effect of exchange rate changes on cash and cash equivalents (10,451 ) (4,226 ) — (14,677 ) Net decrease in cash and cash equivalents $ (173,452 ) $ (11,019 ) $ — $ (184,471 ) Cash and cash equivalents: Cash and cash equivalents—beginning of period $ 573,895 $ 332,785 $ — $ 906,680 Net decrease in cash and cash equivalents (173,452 ) (11,019 ) — (184,471 ) Cash and cash equivalents—end of period $ 400,443 $ 321,766 $ — $ 722,209 Year Ended December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from operating activities: Net income $ 795,530 $ 169,081 $ (120,000 ) $ 844,611 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 171,187 8,113 — 179,300 Amortization of deferred loan origination costs — 94,429 — 94,429 Amortization of financing origination fees 59 8,383 — 8,442 Provision for long-term employee benefits 33,709 — — 33,709 Contributions to pension and postretirement plans (29,686 ) — — (29,686 ) Stock compensation expense 35,064 2,865 — 37,929 Net change in wholesale finance receivables — — (75,210 ) (75,210 ) Provision for credit losses — 80,946 — 80,946 Loss on debt extinguishment — 3,942 — 3,942 Deferred income taxes (191 ) (7,430 ) — (7,621 ) Foreign currency adjustments 21,964 — — 21,964 Other, net 20,273 (21,764 ) — (1,491 ) Change in current assets and current liabilities: Accounts receivable (31,740 ) — 21,931 (9,809 ) Finance receivables – accrued interest and other — (2,515 ) — (2,515 ) Inventories (50,886 ) — — (50,886 ) Accounts payable and accrued liabilities 18,255 21,629 (18,575 ) 21,309 Derivative instruments 703 — — 703 Prepaid and other (17,187 ) 13,798 — (3,389 ) Total adjustments 171,524 202,396 (71,854 ) 302,066 Net cash provided by operating activities 967,054 371,477 (191,854 ) 1,146,677 Cash flows from investing activities: Capital expenditures (224,262 ) (8,057 ) — (232,319 ) Origination of finance receivables — (7,693,884 ) 4,125,461 (3,568,423 ) Collections of finance receivables — 7,066,852 (4,053,607 ) 3,013,245 Sales and redemptions of marketable securities 41,010 — — 41,010 Other 1,837 — — 1,837 Net cash used by investing activities (181,415 ) (635,089 ) 71,854 (744,650 ) Year Ended December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from financing activities: Proceeds from issuance medium-term notes — 991,835 — 991,835 Repayments of medium-term notes — (526,431 ) — (526,431 ) Repayments of senior unsecured note (303,000 ) — — (303,000 ) Intercompany borrowing activity 200,000 (200,000 ) — — Proceeds from securitization debt — 847,126 — 847,126 Repayments of securitization debt — (834,856 ) — (834,856 ) Borrowings of asset-backed commercial paper — 84,907 — 84,907 Net increase in credit facilities and unsecured commercial paper — 63,945 — 63,945 Repayments of asset-backed commercial paper — (77,800 ) — (77,800 ) Net change in restricted cash — 22,755 — 22,755 Dividends paid (238,300 ) (120,000 ) 120,000 (238,300 ) Purchase of common stock for treasury, net of issuances (615,602 ) — — (615,602 ) Excess tax benefits from share based payments 11,540 — — 11,540 Issuance of common stock under employee stock option plans 37,785 — — 37,785 Net cash (used by) provided by financing activities (907,577 ) 251,481 120,000 (536,096 ) Effect of exchange rate changes on cash and cash equivalents (23,079 ) (2,784 ) — (25,863 ) Net decrease in cash and cash equivalents $ (145,017 ) $ (14,915 ) $ — $ (159,932 ) Cash and cash equivalents: Cash and cash equivalents – beginning of period $ 718,912 $ 347,700 $ — $ 1,066,612 Net decrease in cash and cash equivalents (145,017 ) (14,915 ) — (159,932 ) Cash and cash equivalents – end of period $ 573,895 $ 332,785 $ — $ 906,680 Year Ended December 31, 2013 Motorcycles Financial Eliminations Consolidated Cash flows from operating activities: Net income $ 745,077 $ 173,916 $ (185,000 ) $ 733,993 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 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 long-term employee 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 (85,949 ) (5,096 ) 12,380 (78,665 ) 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 800,001 333,227 (156,135 ) 977,093 Cash flows from investing activities: 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 (147,889 ) (392,113 ) (28,865 ) (568,867 ) Year Ended December 31, 2013 Motorcycles Financial Eliminations Consolidated Cash flows from financing activities: Repayment 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 Net increase in credit facilities and unsecured commercial paper — 371,085 — 371,085 Repayments of asset-backed commercial paper — (78,765 ) — (78,765 ) Net change in restricted cash — 43,201 — 43,201 Dividends paid (187,688 ) (185,000 ) 185,000 (187,688 ) Purchase of common stock for treasury, net of issuances (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 (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 $ (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 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events In January 2016, HDFS issued $600.0 million of medium-term notes that mature in January 2019 and have an annual interest rate of 2.25% and $600.0 million of medium-term notes that mature in January 2021 and have an annual interest rate of 2.85% . |
Supplementary Data
Supplementary Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Data | SUPPLEMENTARY DATA Quarterly financial data (unaudited) (In millions, except per share data) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Mar 29, 2015 Mar 30, 2014 June 28, 2015 June 29, 2014 Sep 27, 2015 Sep 28, 2014 Dec 31, 2015 Dec 31, 2014 Motorcycles: Revenue $ 1,510.6 $ 1,571.7 $ 1,650.8 $ 1,834.3 $ 1,140.3 $ 1,130.6 $ 1,007.1 $ 1,031.2 Operating income $ 345.5 $ 347.7 $ 380.6 $ 473.3 $ 143.1 $ 146.3 $ 6.4 $ 35.9 Financial Services: Revenue $ 162.4 $ 154.4 $ 173.6 $ 166.4 $ 177.1 $ 171.0 $ 173.6 $ 169.0 Operating income $ 64.7 $ 63.2 $ 81.9 $ 74.4 $ 72.8 $ 77.8 $ 60.9 $ 62.4 Consolidated: Income before taxes $ 411.4 $ 408.9 $ 464.0 $ 549.1 $ 214.2 $ 225.5 $ 60.6 $ 99.9 Net income $ 269.9 $ 265.9 $ 299.8 $ 354.2 $ 140.3 $ 150.1 $ 42.2 $ 74.5 Earnings per common share: Basic $ 1.28 $ 1.21 $ 1.44 $ 1.63 $ 0.69 $ 0.70 $ 0.22 $ 0.35 Diluted $ 1.27 $ 1.21 $ 1.44 $ 1.62 $ 0.69 $ 0.69 $ 0.22 $ 0.35 |
Consolidated Valuation And Qual
Consolidated Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Consolidated Valuation And Qualifying Accounts | Schedule II HARLEY-DAVIDSON, INC. CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS Years ended December 31, 2015 , 2014 and 2013 (In thousands) 2015 2014 2013 Accounts receivable – allowance for doubtful accounts Balance, beginning of period $ 3,458 $ 4,960 $ 4,954 Provision charged to expense 266 (471 ) 245 Reserve adjustments (276 ) (394 ) (136 ) Write-offs, net of recoveries (543 ) (637 ) (103 ) Balance, end of period $ 2,905 $ 3,458 $ 4,960 Finance receivables – allowance for credit losses Balance, beginning of period $ 127,364 $ 110,693 $ 107,667 Provision for credit losses 101,345 80,946 60,008 Charge-offs, net of recoveries (81,531 ) (64,275 ) (56,982 ) Balance, end of period $ 147,178 $ 127,364 $ 110,693 Inventories – allowance for obsolescence (a) Balance, beginning of period $ 17,775 $ 17,463 $ 22,936 Provision charged to expense 19,564 19,044 5,254 Reserve adjustments (1,028 ) (399 ) (1,281 ) Write-offs, net of recoveries (9,571 ) (18,333 ) (9,446 ) Balance, end of period $ 26,740 $ 17,775 $ 17,463 Deferred tax assets – valuation allowance Balance, beginning of period $ 25,462 $ 21,818 $ 16,314 Adjustments (4,803 ) 3,644 5,504 Balance, end of period $ 20,659 $ 25,462 $ 21,818 (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 Accoun32
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Available-for-sale securities: corporate bonds $ 45,192 $ 57,325 Trading securities: mutual funds 36,256 33,815 Total marketable securities $ 81,448 $ 91,140 The Company’s available-for-sale securities are carried at fair value with any unrealized gains or losses reported in other comprehensive income. During 2015 and 2014 , the Company recognized gross unrealized losses of $0.6 million and $0.7 million , respectively, or losses of $0.4 million and $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 4 to 16 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 | Accounts Receivable, Net – The Company’s motorcycles and related products are sold to independent dealers 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 $2.9 million and $3.5 million as of December 31, 2015 and 2014 , respectively. 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 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. The Company performs a periodic and systematic collective evaluation of the adequacy of the retail allowance for credit losses. The Company 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. 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 representing recovered collateral on impaired finance receivables is recorded at the lower of cost or net realizable value. In the period during which the collateral is repossessed, the related finance receivable is adjusted to the fair value of the collateral through a charge to the allowance for credit losses and reclassified to repossessed inventory. |
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 $266.6 million at December 31, 2015 and $232.8 million at December 31, 2014 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 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 offers a one -year warranty for Parts & Accessories (P&A). 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 using an estimated cost, which are based primarily on historical Company claim information. Additionally, the Company has from time to time initiated certain voluntary recall campaigns. The Company reserves for all estimated costs associated with recalls in the period that management approves and commits to the recall. |
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 7). 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 title and ownership is transferred, which is generally when products are shipped to wholesale customers (independent dealers). 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 recorded within finance receivables, 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, 2015 and 2014 , 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. Wholesale finance receivables are written down once management determines that the specific borrower does not have the ability to repay the loan in full. 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. The Company 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. 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 income. |
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 income. 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 May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers (ASU No. 2014-09). ASU No. 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers: Deferral of Effective Date (ASU No. 2015-14) to defer the effective date of the new revenue recognition standard by one year to fiscal years beginning after December 15, 2017 and for interim periods therein. The Company is currently evaluating the impact of adoption. In February 2015, the FASB issued ASU No. 2015-02 Amendments to the Consolidation Analysis (ASU 2015-02). ASU No. 2015-02 amends the guidance within Accounting Standards Codification (ASC) Topic 810, "Consolidation,” to change the analysis that a reporting entity must perform to determine whether it should consolidate certain legal entities. The Company is required to adopt ASU No. 2015-02 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company believes the adoption of ASU No. 2015-02 will not have an impact on its financial results and will only impact the content of the current disclosure. In April 2015, the FASB issued ASU No. 2015-03 Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU No. 2015-03 amends the guidance within ASC Topic 835, "Interest " , to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt premiums and discounts. In August 2015, the FASB further clarified their views on debt costs incurred in connection with a line of credit arrangement by issuing ASU No. 2015-15 Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (ASU 2015-15). ASU No. 2015-15 amends the guidance within ASC Topic 835, “Interest”, to allow an entity to defer and present debt issuance costs associated with a line of credit arrangement as an asset, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The Company plans to adopt both ASUs for fiscal years beginning after December 15, 2015 and for interim periods therein, on a retrospective basis. Upon adoption, the Company will reclassify debt issuance costs, other than debt issuance costs related to line of credit arrangements, from other assets to debt on the balance sheet. The Company intends to continue to classify debt issuance costs related to the line of credit arrangements as an asset, regardless of whether it has any outstanding borrowings on the line of credit arrangements. At December 31, 2015, the Company had $20.4 million of debt issuance costs, which includes $2.1 million of debt issuance costs related to line of credit arrangements, recorded as assets on the balance sheet. In September 2015, the FASB issued ASU No. 2015-16 Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (ASU No. 2015-16). ASU No. 2015-16 eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Acquirers must recognize measurement-period adjustments during the period in which they determine the amounts. This would include any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The Company is required to adopt ASU 2015-16 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company does not anticipate any material impacts upon adopting this standard in 2016. In November 2015, the FASB issued ASU No. 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (ASU No. 2015-17). ASU No. 2015-17 eliminates the requirement for a Company to separate deferred income tax liabilities and assets into current and noncurrent amounts on a classified statement of financial position and requires that deferred tax liabilities and assets be classified as noncurrent. The Company is required to adopt ASU 2015-17 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016 on either a retrospective or prospective basis. Early adoption is permitted. The Company is currently evaluating the timing and basis of adoption. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU No. 2016-01). ASU No. 2016-01 enhances the existing financial instruments reporting model by modifying fair value measurement tools, simplifying impairment assessments for certain equity instruments, and modifying overall presentation and disclosure requirements. The Company is required to adopt ASU 2016-01 for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017 on a prospective basis. The Company is currently evaluating the impact of adoption. |
Fair Value of Financial Instruments | Cash and Cash Equivalents and Restricted Cash – 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 – Forward contracts for foreign currency exchange and commodities are derivative financial instruments and are carried at fair value on the balance sheet. The fair value of these contracts is determined using quoted forward rates and 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 Accoun33
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Marketable Securities | Marketable Securities – The Company’s marketable securities consisted of the following at December 31 (in thousands): 2015 2014 Available-for-sale securities: corporate bonds $ 45,192 $ 57,325 Trading securities: mutual funds 36,256 33,815 Total marketable securities $ 81,448 $ 91,140 |
Changes In Warranty And Safety Recall Liability | Changes in the Company’s warranty and recall liability were as follows (in thousands): 2015 2014 2013 Balance, beginning of period $ 69,250 $ 64,120 $ 60,263 Warranties issued during the period 59,259 60,331 59,022 Settlements made during the period (96,529 ) (74,262 ) (64,462 ) Recalls and changes to pre-existing warranty liabilities 42,237 19,061 9,297 Balance, end of period $ 74,217 $ 69,250 $ 64,120 |
Additional Balance Sheet And 34
Additional Balance Sheet And Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Inventories, Net | Inventories, net (in thousands): 2015 2014 Components at the lower of FIFO cost or market Raw materials and work in process $ 161,704 $ 151,254 Motorcycle finished goods 327,952 230,309 Parts and accessories and general merchandise 145,519 117,210 Inventory at lower of FIFO cost or market 635,175 498,773 Excess of FIFO over LIFO cost (49,268 ) (49,902 ) Total inventories, net $ 585,907 $ 448,871 |
Property, Plant And Equipment, At Cost | Property, plant and equipment, at cost (in thousands): 2015 2014 Land and related improvements $ 56,554 $ 55,238 Buildings and related improvements 453,433 475,268 Machinery and equipment 1,859,443 1,823,790 Software 524,076 440,703 Construction in progress 280,147 200,708 3,173,653 2,995,707 Accumulated depreciation (2,231,235 ) (2,112,630 ) Total property, plant and equipment, net $ 942,418 $ 883,077 |
Accrued Liabilities | Accrued liabilities (in thousands): 2015 2014 Payroll, employee benefits and related expenses $ 160,971 $ 165,448 Warranty and recalls 54,894 48,529 Sales incentive programs 37,568 44,423 Tax-related accruals 18,535 28,333 Accrued interest 33,925 19,072 Other 166,071 143,512 Total accrued liabilities $ 471,964 $ 449,317 |
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): 2015 2014 2013 Cash flows from operating activities: Net income $ 752,207 $ 844,611 $ 733,993 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 198,074 179,300 167,072 Amortization of deferred loan origination costs 93,546 94,429 86,181 Amortization of financing origination fees 9,975 8,442 9,376 Provision for long-term employee benefits 60,824 33,709 66,877 Contributions to pension and postretirement plans (28,490 ) (29,686 ) (204,796 ) Stock compensation expense 29,433 37,929 41,244 Net change in wholesale finance receivables related to sales (113,970 ) (75,210 ) 28,865 Provision for credit losses 101,345 80,946 60,008 Loss on debt extinguishment 1,099 3,942 4,947 Deferred income taxes (16,484 ) (7,621 ) 52,580 Foreign currency adjustments 20,067 21,964 16,269 Other, net 846 (1,491 ) 10,123 Changes in current assets and liabilities: Accounts receivable, net (13,665 ) (9,809 ) (36,653 ) Finance receivables – accrued interest and other (3,046 ) (2,515 ) (346 ) Inventories (155,222 ) (50,886 ) (46,474 ) Accounts payable and accrued liabilities 138,823 21,309 (78,665 ) Derivative instruments (5,615 ) 703 (2,189 ) Prepaid and other 30,371 (3,389 ) 68,681 Total adjustments 347,911 302,066 243,100 Net cash provided by operating activities $ 1,100,118 $ 1,146,677 $ 977,093 |
Cash Paid During The Period For Interest And Income Taxes | Cash paid during the period for interest and income taxes (in thousands): 2015 2014 2013 Interest $ 148,654 $ 154,310 $ 197,161 Income taxes $ 371,547 $ 438,840 $ 236,972 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the preliminary fair values of the Deeley Imports assets acquired and liabilities assumed at the date of acquisition (in thousands): August 4, 2015 Current assets $ 11,088 Property, plant and equipment 144 Intangible assets 20,842 Goodwill 28,567 Total assets 60,641 Current liabilities 731 Net assets acquired $ 59,910 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | The following table summarizes changes in the carrying amount of goodwill in the Motorcycles segment for the following years ended December 31 (in thousands): 2015 2014 2013 Balance, beginning of period $ 27,752 $ 30,452 $ 29,530 Business acquisitions 28,567 — — Currency translation (2,137 ) (2,700 ) 922 Balance, end of period $ 54,182 $ 27,752 $ 30,452 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following table summarizes the Motorcycles segment intangible assets other than goodwill at December 31 (in thousands): 2015 Gross Carrying Amount Accumulated Amortization Net Estimated useful life (years) Intangible assets other than goodwill Reacquired distribution rights $ 12,614 $ (2,628 ) $ 9,986 2 Customer relationships 7,116 (148 ) 6,968 20 Total other intangible assets $ 19,730 $ (2,776 ) $ 16,954 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The Company estimates future amortization to be as follows (in thousands): Estimated Amortization 2016 6,756 2017 4,091 2018 360 2019 360 2020 360 Thereafter 5,027 Total $ 16,954 |
Finance Receivables (Tables)
Finance Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Finance Receivables | Finance receivables, net at December 31 for the past five years were as follows (in thousands): 2015 2014 2013 2012 2011 Wholesale United States $ 965,379 $ 903,380 $ 800,491 $ 776,633 $ 778,320 Canada 58,481 48,941 44,721 39,771 46,320 Total wholesale 1,023,860 952,321 845,212 816,404 824,640 Retail United States 5,803,071 5,398,006 5,051,245 4,850,450 4,858,781 Canada 188,400 209,918 213,799 222,665 228,709 Total retail 5,991,471 5,607,924 5,265,044 5,073,115 5,087,490 7,015,331 6,560,245 6,110,256 5,889,519 5,912,130 Allowance for credit losses (147,178 ) (127,364 ) (110,693 ) (107,667 ) (125,449 ) Total finance receivables, net $ 6,868,153 $ 6,432,881 $ 5,999,563 $ 5,781,852 $ 5,786,681 |
Contractual Maturities Of Finance Receivables | On December 31, 2015 , contractual maturities of finance receivables were as follows (in thousands): United States Canada Total 2016 $ 1,991,614 $ 93,539 $ 2,085,153 2017 1,104,233 37,415 1,141,648 2018 1,234,333 41,339 1,275,672 2019 1,379,791 45,673 1,425,464 2020 1,024,927 28,915 1,053,842 Thereafter 33,552 — 33,552 Total $ 6,768,450 $ 246,881 $ 7,015,331 |
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): 2015 Retail Wholesale Total Balance, beginning of period $ 122,025 $ 5,339 $ 127,364 Provision for credit losses 98,826 2,519 101,345 Charge-offs (123,911 ) — (123,911 ) Recoveries 42,380 — 42,380 Balance, end of period $ 139,320 $ 7,858 $ 147,178 2014 Retail Wholesale Total Balance, beginning of period $ 106,063 $ 4,630 $ 110,693 Provision for credit losses 80,237 709 80,946 Charge-offs (102,831 ) — (102,831 ) Recoveries 38,556 — 38,556 Balance, end of period $ 122,025 $ 5,339 $ 127,364 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 There were no finance receivables individually evaluated for impairment on December 31, 2014 or 2015. The allowance for credit losses and finance receivables by portfolio collectively evaluated for impairment, at December 31 were as follows (in thousands): 2015 Retail Wholesale Total Allowance for credit losses, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 139,320 7,858 147,178 Total allowance for credit losses $ 139,320 $ 7,858 $ 147,178 Finance receivables, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 5,991,471 1,023,860 7,015,331 Total finance receivables $ 5,991,471 $ 1,023,860 $ 7,015,331 2014 Retail Wholesale Total Allowance for credit losses, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 122,025 5,339 127,364 Total allowance for credit losses $ 122,025 $ 5,339 $ 127,364 Finance receivables, ending balance: Individually evaluated for impairment $ — $ — $ — Collectively evaluated for impairment 5,607,924 952,321 6,560,245 Total finance receivables $ 5,607,924 $ 952,321 $ 6,560,245 |
Past Due Financing Receivables | An analysis of the aging of past due finance receivables at December 31 was as follows (in thousands): 2015 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Total Finance Receivables Retail $ 5,796,003 $ 118,996 $ 43,680 $ 32,792 $ 195,468 $ 5,991,471 Wholesale 1,022,365 888 530 77 1,495 1,023,860 Total $ 6,818,368 $ 119,884 $ 44,210 $ 32,869 $ 196,963 $ 7,015,331 2014 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due Total Past Due Total Finance Receivables Retail $ 5,427,719 $ 113,007 $ 38,486 $ 28,712 $ 180,205 $ 5,607,924 Wholesale 951,660 383 72 206 661 952,321 Total $ 6,379,379 $ 113,390 $ 38,558 $ 28,918 $ 180,866 $ 6,560,245 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): 2015 2014 2013 2012 2011 United States $ 31,677 $ 27,800 $ 23,770 $ 26,500 $ 27,171 Canada 1,192 1,118 1,031 1,533 1,207 Total $ 32,869 $ 28,918 $ 24,801 $ 28,033 $ 28,378 |
Financing Receivable Credit Quality Indicators | The recorded investment of retail finance receivables, by credit quality indicator, at December 31 was as follows (in thousands): 2015 2014 Prime $ 4,777,448 $ 4,435,352 Sub-prime 1,214,023 1,172,572 Total $ 5,991,471 $ 5,607,924 The recorded investment of wholesale finance receivables, by internal credit quality indicator, at December 31 was as follows (in thousands): 2015 2014 Doubtful $ 5,169 $ 954 Substandard 21,774 7,025 Special Mention 6,271 — Medium Risk 11,494 11,557 Low Risk 979,152 932,785 Total $ 1,023,860 $ 952,321 |
Asset-Backed Financing (Tables)
Asset-Backed Financing (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 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 $ 1,611,624 $ (37,937 ) $ 100,151 $ 4,383 $ 1,678,221 $ 1,463,154 Asset-backed U.S. commercial paper conduit facility — — — 323 323 — Unconsolidated VIEs Asset-backed Canadian commercial paper conduit facility 170,708 (3,061 ) 10,491 393 178,531 153,839 Total $ 1,782,332 $ (40,998 ) $ 110,642 $ 5,099 $ 1,857,075 $ 1,616,993 2014 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 $ 1,458,602 $ (32,156 ) $ 110,017 $ 2,987 $ 1,539,450 $ 1,271,533 Asset-backed U.S. commercial paper conduit facility — — — 422 422 — Unconsolidated VIEs Asset-backed Canadian commercial paper conduit facility 185,099 (2,965 ) 12,035 262 194,431 166,912 Total $ 1,643,701 $ (35,121 ) $ 122,052 $ 3,671 $ 1,734,303 $ 1,438,445 |
Schedule Of Secured Notes With Related Maturity | Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2014 and the Company completed repayment of those balances during 2015 (in thousands): Issue Date Principal Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date November 2011 $513,300 0.88% November 2012 - February 2018 August 2011 $573,380 0.76% September 2012 - August 2017 At December 31, 2015 , 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 Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date May 2015 $500,000 0.88% May 2016 - December 2022 January 2015 $700,000 0.89% February 2016 - August 2022 April 2014 $850,000 0.66% April 2015 - October 2021 April 2013 $650,000 0.57% May 2014 - December 2020 July 2012 $675,306 0.59% August 2013 - June 2018 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): 2015 2014 Secured debt Asset-backed Canadian commercial paper conduit facility $ 153,839 $ 166,912 Term asset-backed securitization debt 1,463,154 1,271,533 Unsecured notes 1.15% Medium-term notes due in 2015 ($600.0 million par value) — 599,817 3.88% Medium-term notes due in 2016 ($450.0 million par value) 449,991 449,937 2.70% Medium-term notes due in 2017 ($400.0 million par value) 399,980 399,963 1.55% Medium-term notes due in 2017 ($400.0 million par value) 399,650 399,464 6.80% Medium-term notes due in 2018 ($879.0 million par value) 878,308 887,381 2.40% Medium-term notes due in 2019 ($600.0 million par value) 598,296 597,836 2.15% Medium-term notes due in 2020 ($600.0 million par value) 598,856 — 3.50% Senior unsecured notes due in 2025 ($450.0 million par value) 447,608 — 4.625% Senior unsecured notes due in 2045 ($300.0 million par value) 299,326 — Gross long-term debt 5,689,008 4,772,843 Less: current portion of long-term debt (843,620 ) (1,011,315 ) Long-term debt $ 4,845,388 $ 3,761,528 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 555,910 $ 390,706 $ 165,204 $ — Marketable securities 81,448 36,256 45,192 — Derivatives 16,235 — 16,235 — Total $ 653,593 $ 426,962 $ 226,631 $ — Liabilities: Derivatives $ 1,300 $ — $ 1,300 $ — 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 737,024 $ 482,686 $ 254,338 $ — Marketable securities 91,140 33,815 57,325 — Derivatives 32,244 — 32,244 — Total $ 860,408 $ 516,501 $ 343,907 $ — Liabilities: Derivatives $ 2,027 $ — $ 2,027 $ — |
Fair Value Of Financial Instr40
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Fair Value Carrying Value Fair Value Carrying Value Assets: Cash and cash equivalents $ 722,209 $ 722,209 $ 906,680 $ 906,680 Marketable securities $ 81,448 $ 81,448 $ 91,140 $ 91,140 Derivatives $ 16,235 $ 16,235 $ 32,244 $ 32,244 Finance receivables, net $ 6,937,053 $ 6,868,153 $ 6,519,500 $ 6,432,881 Restricted cash $ 110,642 $ 110,642 $ 122,052 $ 122,052 Liabilities: Derivatives $ 1,300 $ 1,300 $ 2,027 $ 2,027 Unsecured commercial paper $ 1,201,380 $ 1,201,380 $ 731,786 $ 731,786 Asset-backed Canadian commercial paper conduit facility $ 153,839 $ 153,839 $ 166,912 $ 166,912 Medium-term notes $ 3,410,966 $ 3,325,081 $ 3,502,536 $ 3,334,398 Senior unsecured notes $ 737,435 $ 746,934 $ — $ — Term asset-backed securitization debt $ 1,455,776 $ 1,463,154 $ 1,270,656 $ 1,271,533 |
Derivative Instruments And He41
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Derivatives Designated As Hedging Instruments Under ASC Topic 815 Notional Value Asset Fair Value (a) Liability Fair Value (b) Notional Value Asset Fair Value (a) Liability Fair Value (b) Foreign currency contracts (c) $ 436,352 $ 16,167 $ 181 $ 339,077 $ 32,244 $ — Commodities contracts (c) 968 — 159 1,728 — 414 Total $ 437,320 $ 16,167 $ 340 $ 340,805 $ 32,244 $ 414 2015 2014 Derivatives Not Designated As Hedging Instruments Under ASC Topic 815 Notional Value Asset Fair Value (a) Liability Fair Value (b) Notional Value Asset Fair Value (a) Liability Fair Value (b) Commodities contracts $ 6,510 $ 68 $ 960 $ 11,804 $ — $ 1,613 Total $ 6,510 $ 68 $ 960 $ 11,804 $ — $ 1,613 (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 2015 2014 2013 Foreign currency contracts $ 45,810 $ 47,037 $ 3,468 Commodities contracts (421 ) (262 ) 39 Treasury rate locks (7,381 ) — — Interest rate swaps – unsecured commercial paper — — (2 ) Total $ 38,008 $ 46,775 $ 3,505 Amount of Gain/(Loss) Reclassified from AOCL into Income Cash Flow Hedges 2015 2014 2013 Expected to be Reclassified Over the Next Twelve Months Foreign currency contracts (a) $ 59,730 $ 13,635 $ 482 $ 16,738 Commodities contracts (a) (677 ) 228 (51 ) (159 ) Treasury rate locks (b) (151 ) — — (362 ) Interest rate swaps – unsecured commercial paper (c) — — (345 ) — Total $ 58,902 $ 13,863 $ 86 $ 16,217 (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 interest expense (c) 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 2015 2014 2013 Commodities contracts (a) $ (648 ) $ (1,969 ) $ (572 ) Total $ (648 ) $ (1,969 ) $ (572 ) (a) Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 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): 2015 Foreign currency translation adjustments Marketable securities Derivative financial instruments Pension and postretirement benefit plans Total Balance, beginning of period $ (3,482 ) $ (700 ) $ 19,042 $ (529,803 ) $ (514,943 ) Other comprehensive (loss) income before reclassifications (48,309 ) (626 ) 38,008 (106,059 ) (116,986 ) Income tax (7,053 ) 232 (14,079 ) 39,284 18,384 Net other comprehensive (loss) income before reclassifications (55,362 ) (394 ) 23,929 (66,775 ) (98,602 ) Reclassifications: Realized (gains) losses - foreign currency contracts (a) — — (59,730 ) — (59,730 ) Realized (gains) losses - commodities contracts (a) — — 677 — 677 Realized (gains) losses - treasury rate lock (b) 151 151 Prior service credits (c) — — — (2,782 ) (2,782 ) Actuarial losses (c) — — — 58,680 58,680 Curtailment and settlement losses — — — 368 368 Total before tax — — (58,902 ) 56,266 (2,636 ) Income tax expense (benefit) — — 21,817 (20,841 ) 976 Net reclassifications — — (37,085 ) 35,425 (1,660 ) Other comprehensive loss (55,362 ) (394 ) (13,156 ) (31,350 ) (100,262 ) Balance, end of period $ (58,844 ) $ (1,094 ) $ 5,886 $ (561,153 ) $ (615,205 ) 2014 Foreign currency translation adjustments Marketable securities Derivative financial instruments Pension and postretirement benefit plans Total Balance, beginning of period $ 33,326 $ (276 ) $ (1,680 ) $ (364,046 ) $ (332,676 ) Other comprehensive (loss) income before reclassifications (50,310 ) (673 ) 46,775 (301,832 ) (306,040 ) Income tax 13,502 249 (17,325 ) 111,799 108,225 Net other comprehensive (loss) income before reclassifications (36,808 ) (424 ) 29,450 (190,033 ) (197,815 ) Reclassifications: Realized (gains) losses - foreign currency contracts (a) — — (13,635 ) — (13,635 ) Realized (gains) losses - commodities contracts (a) — — (228 ) — (228 ) Prior service credits (c) — — — (2,734 ) (2,734 ) Actuarial losses (c) — — — 41,292 41,292 Total before tax — — (13,863 ) 38,558 24,695 Income tax expense (benefit) — — 5,135 (14,282 ) (9,147 ) Net reclassifications — — (8,728 ) 24,276 15,548 Other comprehensive (loss) income (36,808 ) (424 ) 20,722 (165,757 ) (182,267 ) Balance, end of period $ (3,482 ) $ (700 ) $ 19,042 $ (529,803 ) $ (514,943 ) 2013 Foreign currency translation adjustments Marketable securities Derivative financial instruments Pension and postretirement benefit plans Total Balance, beginning of period $ 51,335 $ 677 $ (3,837 ) $ (655,853 ) $ (607,678 ) Other comprehensive income (loss) 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 (d) — — 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 Balance, end of period $ 33,326 $ (276 ) $ (1,680 ) $ (364,046 ) $ (332,676 ) (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 interest expense. (c) Amounts reclassified are included in the computation of net periodic cost. See Note 13 for information related to pension and postretirement benefit plans. (d) Amounts reclassified to net income are presented in financial services interest expense. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 Unsecured commercial paper $ 1,201,380 $ 731,786 |
Debt With A Contractual Term Greater Than One Year | Outstanding balances related to the following secured notes were included in the Company's consolidated balance sheet at December 31, 2014 and the Company completed repayment of those balances during 2015 (in thousands): Issue Date Principal Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date November 2011 $513,300 0.88% November 2012 - February 2018 August 2011 $573,380 0.76% September 2012 - August 2017 At December 31, 2015 , 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 Amount at Date of Issuance Weighted-Average Rate at Date of Issuance Contractual Maturity Date May 2015 $500,000 0.88% May 2016 - December 2022 January 2015 $700,000 0.89% February 2016 - August 2022 April 2014 $850,000 0.66% April 2015 - October 2021 April 2013 $650,000 0.57% May 2014 - December 2020 July 2012 $675,306 0.59% August 2013 - June 2018 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): 2015 2014 Secured debt Asset-backed Canadian commercial paper conduit facility $ 153,839 $ 166,912 Term asset-backed securitization debt 1,463,154 1,271,533 Unsecured notes 1.15% Medium-term notes due in 2015 ($600.0 million par value) — 599,817 3.88% Medium-term notes due in 2016 ($450.0 million par value) 449,991 449,937 2.70% Medium-term notes due in 2017 ($400.0 million par value) 399,980 399,963 1.55% Medium-term notes due in 2017 ($400.0 million par value) 399,650 399,464 6.80% Medium-term notes due in 2018 ($879.0 million par value) 878,308 887,381 2.40% Medium-term notes due in 2019 ($600.0 million par value) 598,296 597,836 2.15% Medium-term notes due in 2020 ($600.0 million par value) 598,856 — 3.50% Senior unsecured notes due in 2025 ($450.0 million par value) 447,608 — 4.625% Senior unsecured notes due in 2045 ($300.0 million par value) 299,326 — Gross long-term debt 5,689,008 4,772,843 Less: current portion of long-term debt (843,620 ) (1,011,315 ) Long-term debt $ 4,845,388 $ 3,761,528 |
Schedule of Maturities of Long-term Debt [Table Text Block] | A summary of the Company’s expected principal payments for debt obligations as of December 31, 2015 is as follows (in thousands): 2016 2017 2018 2019 2020 Thereafter Total Principal payments on debt $ 2,045,000 $ 1,177,493 $ 1,303,698 $ 934,386 $ 682,877 $ 746,934 $ 6,890,388 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | Provision for income taxes for the years ended December 31 consists of the following (in thousands): 2015 2014 2013 Current: Federal $ 363,803 $ 394,904 $ 281,938 State 37,811 30,997 23,701 Foreign 12,826 20,429 22,093 414,440 446,330 327,732 Deferred: Federal (15,474 ) (5,743 ) 51,509 State (2,264 ) (3,155 ) (1,471 ) Foreign 1,254 1,277 2,542 (16,484 ) (7,621 ) 52,580 Total $ 397,956 $ 438,709 $ 380,312 |
Components Of Income Before Taxes | The components of income before income taxes for the years ended December 31 were as follows (in thousands): 2015 2014 2013 Domestic $ 1,101,427 $ 1,196,335 $ 1,042,317 Foreign 48,736 86,985 71,988 Total $ 1,150,163 $ 1,283,320 $ 1,114,305 |
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: 2015 2014 2013 Provision at statutory rate 35.0 % 35.0 % 35.0 % State taxes, net of federal benefit 1.8 1.7 1.6 Domestic manufacturing deduction (2.1 ) (2.1 ) (1.7 ) Research and development credit (0.4 ) (0.4 ) (0.9 ) Unrecognized tax benefits including interest and penalties 1.1 0.2 0.9 Valuation allowance adjustments (0.1 ) (0.1 ) (0.3 ) Tax audit settlements — — 0.1 Adjustments for previously accrued taxes (0.1 ) (0.3 ) (0.2 ) Other (0.6 ) 0.2 (0.4 ) Provision for income taxes 34.6 % 34.2 % 34.1 % |
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): 2015 2014 Deferred tax assets: Accruals not yet tax deductible $ 129,449 $ 120,817 Pension and postretirement benefit plan obligations 126,952 104,723 Stock compensation 20,111 21,089 Net operating loss carryforward 38,250 41,927 Valuation allowance (20,659 ) (25,462 ) Other, net 47,039 38,465 341,142 301,559 Deferred tax liabilities: Depreciation, tax in excess of book (136,340 ) (128,117 ) Other (2,419 ) (5,691 ) (138,759 ) (133,808 ) Total $ 202,383 $ 167,751 |
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): 2015 2014 Unrecognized tax benefits, beginning of period $ 64,200 $ 63,057 Increase in unrecognized tax benefits for tax positions taken in a prior period 9,149 900 Decrease in unrecognized tax benefits for tax positions taken in a prior period (1,993 ) (4,989 ) Increase in unrecognized tax benefits for tax positions taken in the current period 6,302 5,876 Statute lapses (2,465 ) — Settlements with taxing authorities (2,093 ) (644 ) Unrecognized tax benefits, end of period $ 73,100 $ 64,200 |
Employee Benefit Plans And Ot45
Employee Benefit Plans And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
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, 2015 and 2014 measurement dates (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation, beginning of period $ 2,069,980 $ 1,714,650 $ 361,006 $ 366,524 Service cost 40,039 31,498 8,259 7,015 Interest cost 87,345 86,923 14,166 16,878 Actuarial (gains) losses (128,082 ) 309,542 (6,757 ) (2,870 ) Plan participant contributions — — 2,587 2,368 Plan amendments 6,407 — — — Special early retirement benefits 10,563 — 622 — Benefits paid, net of Medicare Part D subsidy (77,252 ) (72,633 ) (25,144 ) (28,909 ) Benefit obligation, end of period 2,009,000 2,069,980 354,739 361,006 Change in plan assets: Fair value of plan assets, beginning of period 1,992,646 1,920,601 156,840 147,875 Actual return on plan assets (77,980 ) 143,040 (75 ) 8,965 Company contributions 4,553 1,638 23,937 28,048 Plan participant contributions — — 2,587 2,368 Benefits paid (77,252 ) (72,633 ) (26,524 ) (30,416 ) Fair value of plan assets, end of period 1,841,967 1,992,646 156,765 156,840 Funded status of the plans, December 31 $ (167,033 ) $ (77,334 ) $ (197,974 ) $ (204,166 ) Amounts recognized in the Consolidated Balance Sheets, December 31: Accrued benefit liability (current liabilities) $ (2,145 ) $ (1,148 ) $ (4,315 ) $ (1,160 ) Accrued benefit liability (long-term liabilities) (164,888 ) (76,186 ) (193,659 ) (203,006 ) Net amount recognized $ (167,033 ) $ (77,334 ) $ (197,974 ) $ (204,166 ) |
Components Of Net Periodic Benefit Costs | Components of net periodic benefit costs for the years ended December 31 (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 40,039 $ 31,498 $ 35,987 $ 8,259 $ 7,015 $ 7,858 Interest cost 87,345 86,923 79,248 14,166 16,878 15,599 Special early retirement benefits 10,563 — — 622 — — Expected return on plan assets (144,929 ) (136,734 ) (127,327 ) (11,506 ) (10,429 ) (9,537 ) Amortization of unrecognized: Prior service cost (credit) 435 1,119 1,746 (3,217 ) (3,853 ) (3,853 ) Net loss 54,709 36,563 58,608 3,971 4,729 8,549 Settlement loss 368 — — — — — Net periodic benefit cost $ 48,530 $ 19,369 $ 48,262 $ 12,295 $ 14,340 $ 18,616 |
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, 2015 which have not yet been recognized in net periodic benefit cost are as follows (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits Total Prior service cost (credit) $ 5,445 $ (9,044 ) $ (3,599 ) Net actuarial loss 513,107 51,645 564,752 Total $ 518,552 $ 42,601 $ 561,153 |
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, 2016 are as follows (in thousands): Pension and SERPA Benefits Postretirement Healthcare Benefits Total Prior service cost (credit) $ 636 $ (1,765 ) $ (1,129 ) Net actuarial loss 29,182 2,227 31,409 Total $ 29,818 $ 462 $ 30,280 |
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 SERPA Benefits Postretirement Healthcare Benefits 2015 2014 2013 2015 2014 2013 Assumptions for benefit obligations: Discount rate 4.53 % 4.21 % 5.08 % 4.29 % 3.99 % 4.70 % Rate of compensation 3.50 % 4.00 % 4.00 % n/a n/a n/a Assumptions for net periodic benefit cost: Discount rate 4.21 % 5.08 % 4.23 % 3.99 % 4.70 % 3.93 % Expected return on plan assets 7.75 % 7.75 % 7.75 % 7.70 % 7.70 % 8.00 % Rate of compensation increase 4.00 % 4.00 % 4.00 % n/a n/a n/a |
Schedule Of PBO In Excess Of Fair Value Of Plan Assets | The following table summarizes information related to the Company pension plan with a PBO in excess of the fair value of plan assets at December 31 (in millions): 2015 2014 Pension plan with PBOs in excess of fair value of plan assets: PBO $ 1,964.0 $ 2,023.4 Fair value of plan assets $ 1,842.0 $ 1,992.6 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The fair values of the Company’s postretirement healthcare plan assets as of December 31, 2015 , were as follows (in thousands): Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 6,068 $ 2,980 $ 3,088 $ — Equity holdings: U.S. companies 74,083 74,083 — — Foreign companies 17,267 16,849 418 — Pooled equity funds 17,410 17,410 — — Private equity/real estate 4,902 11 — 4,891 Total equity holdings 113,662 108,353 418 4,891 Fixed-income holdings: U.S. Treasuries 10,531 10,531 — — Federal agencies 6,508 — 6,508 — Corporate bonds 10,270 — 10,270 — Pooled fixed income funds 8,305 — 8,305 — Foreign bonds 890 — 890 — Municipal bonds 531 — 531 — Total fixed-income holdings 37,035 10,531 26,504 — Total postretirement healthcare plan assets $ 156,765 $ 121,864 $ 30,010 $ 4,891 The fair values of the Company’s pension plan assets as of December 31, 2015 were as follows (in thousands): Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 33,539 $ 1,485 $ 32,054 $ — Equity holdings: U.S. companies 574,826 571,949 2,877 — Foreign companies 113,803 113,803 — — Harley-Davidson common stock 57,808 57,808 — — Pooled equity funds 301,824 301,824 — — Private equity/real estate 23,441 109 — 23,332 Total equity holdings 1,071,702 1,045,493 2,877 23,332 Fixed-income holdings: U.S. Treasuries 42,827 42,827 — — Federal agencies 43,695 — 43,695 — Corporate bonds 388,439 — 388,439 — Pooled fixed income funds 184,142 49,271 134,871 — Foreign bonds 64,533 — 64,533 — Municipal bonds 13,090 — 13,090 — Total fixed-income holdings 736,726 92,098 644,628 — Total pension plan assets $ 1,841,967 $ 1,139,076 $ 679,559 $ 23,332 The fair values of the Company’s postretirement healthcare plan assets as of December 31, 2014 , were as follows (in thousands): Balance as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 8,033 $ 7,278 $ 755 $ — Equity holdings: U.S. companies 75,349 75,349 — — Foreign companies 15,571 15,050 521 — Pooled equity funds 19,138 19,138 — — Private equity/real estate 3,884 15 — 3,869 Total equity holdings 113,942 109,552 521 3,869 Fixed-income holdings: U.S. Treasuries 11,457 11,457 — — Federal agencies 1,876 — 1,876 — Corporate bonds 11,549 — 11,549 — Pooled fixed income funds 8,996 — 8,996 — Foreign bonds 770 — 770 — Municipal bonds 217 — 217 — Total fixed-income holdings 34,865 11,457 23,408 — Total postretirement healthcare plan assets $ 156,840 $ 128,287 $ 24,684 $ 3,869 The fair values of the Company’s pension plan assets as of December 31, 2014 were as follows (in thousands): Balance as of December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash and cash equivalents $ 38,131 $ 2,965 $ 35,166 $ — Equity holdings: U.S. companies 625,174 620,964 4,210 — Foreign companies 109,088 109,088 — — Harley-Davidson common stock 83,942 83,942 — — Pooled equity funds 323,613 323,613 — — Private equity/real estate 31,227 140 1 31,086 Total equity holdings 1,173,044 1,137,747 4,211 31,086 Fixed-income holdings: U.S. Treasuries 51,375 51,375 — — Federal agencies 45,282 — 45,282 — Corporate bonds 376,454 — 376,454 — Pooled fixed income funds 236,024 52,335 183,689 — Foreign bonds 58,956 — 58,956 — Municipal bonds 13,380 — 13,380 — Total fixed-income holdings 781,471 103,710 677,761 — Total pension plan assets $ 1,992,646 $ 1,244,422 $ 717,138 $ 31,086 |
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, 2015 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ 3,869 Actual return on plan assets: Relating to assets still held at the reporting date 1,362 Purchases, sales and settlements (340 ) Balance, end of period $ 4,891 The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2015 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ 31,086 Actual return on plan assets: Relating to assets still held at the reporting date 2,375 Purchases, sales and settlements (10,129 ) Balance, end of period $ 23,332 The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2014 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ — Actual return on plan assets: Relating to assets still held at the reporting date (178 ) Purchases, sales and settlements 4,047 Balance, end of period $ 3,869 The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2014 (in thousands): Private Equity/ Real Estate Balance, beginning of period $ 34,234 Actual return on plan assets: Relating to assets still held at the reporting date (3,178 ) Purchases, sales and settlements 30 Balance, end of period $ 31,086 |
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: 2015 2014 Healthcare cost trend rate for next year 7.5 % 8.0 % Rate to which the cost trend rate is assumed to decline (the ultimate rate) 5.0 % 5.0 % Year that the rate reaches the ultimate trend rate 2021 2021 |
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 Percent Increase One Percent Decrease Total of service and interest cost components in 2015 $ 755 $ (605 ) Accumulated benefit obligation as of December 31, 2015 $ 12,211 $ (10,875 ) |
Schedule Of Expected Benefit Payments And Medicare Subsidy Receipts For Next Five Years And Thereafter | The expected benefit payments for the next five years and thereafter were as follows (in thousands): Pension Benefits SERPA Benefits Postretirement Healthcare Benefits 2016 $ 77,310 $ 2,145 $ 33,848 2017 $ 78,884 $ 2,215 $ 33,160 2018 $ 80,877 $ 2,234 $ 31,571 2019 $ 83,377 $ 2,683 $ 29,975 2020 $ 86,533 $ 2,976 $ 28,139 2021-2025 $ 497,276 $ 21,253 $ 129,295 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Operating Lease Payments, Maturity Schedule | Future minimum operating lease payments at December 31, 2015 were as follows (in thousands): 2016 $ 13,727 2017 9,324 2018 7,725 2019 6,883 2020 4,772 Thereafter 13,098 Total operating lease payments $ 55,529 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 2013 1997 Authorization 0.9 3.2 — — 2007 Authorization 0.9 5.8 7.7 — 2014 Authorization 20.0 — — — 2015 Authorization 6.0 — — 9.0 Total 27.8 9.0 7.7 9.0 |
Share-Based Awards (Tables)
Share-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Expected average term (in years) 6.0 6.1 6.1 Expected volatility 24% - 30% 25% - 34% 27% - 36% Weighted average volatility 28 % 32 % 33 % Expected dividend yield 2.0 % 1.8 % 1.6 % Risk-free interest rate 0.1% - 2.0% 0.1% - 2.8% 0.1% - 2.1% |
Summary Of Stock Option Transactions | The following table summarizes the stock option transactions for the year ended December 31, 2015 (in thousands except for per share amounts): Options Weighted- Average Price Options outstanding, beginning of period 2,717 $ 43 Options granted 468 $ 63 Options exercised (517 ) $ 39 Options forfeited (165 ) $ 64 Options outstanding, end of period 2,503 $ 47 Exercisable, end of period 1,888 $ 42 |
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): 2015 2014 2013 Exercised $ 9,890 $ 31,623 $ 28,879 Outstanding $ 16,605 $ 61,947 $ 100,054 Exercisable $ 16,605 $ 54,071 $ 81,930 |
Stock Options Outstanding By Price Range | Stock options outstanding at December 31, 2015 (options in thousands): Price Range Weighted-Average Contractual Life Options Weighted-Average Exercise Price $10.01 to $20 3.1 322 $ 13 $20.01 to $30 4.0 200 $ 24 $30.01 to $40 2.1 202 $ 39 $40.01 to $50 5.1 418 $ 44 $50.01 to $60 4.5 464 $ 52 $60.01 to $70 6.4 897 $ 64 Options outstanding 4.9 2,503 $ 47 Options exercisable 3.7 1,888 $ 42 |
Assumptions Used In Calculating Fair Value Of Options | The assumptions used to determine the fair value of the SAR awards at December 31, 2015 and 2014 were as follows: 2015 2014 Expected average term (in years) 5.3 - 7.4 3.7 - 5.4 Expected volatility 28% - 30% 25% - 31% Expected dividend yield 2.7 % 1.7 % Risk-free interest rate 0.2% - 2.3% 0.0% - 2.3% |
Summary Of Stock Appreciation Right Transactions | The following table summarizes the SAR transactions for the year ended December 31, 2015 (in thousands except for per share amounts): SARs Weighted-Average Price Outstanding, beginning of period 176 $ 30 Granted 12 $ 63 Exercised (26 ) $ 26 Forfeited — $ — Outstanding, end of period 162 $ 33 Exercisable, end of period 137 $ 28 |
Summary Of Restricted Stock Unit Transactions | The following table summarizes the RSUI transactions for the year ended December 31, 2015 (in thousands except for per share amounts): Restricted Stock Unit Weighted-Average Grant Date Fair Value Per Share Nonvested, beginning of period 129 $ 66 Granted 64 $ 47 Vested (64 ) $ 56 Forfeited (20 ) $ 50 Nonvested, end of period 109 $ 49 The following table summarizes the RSUs settled in stock and restricted stock transactions for the year ended December 31, 2015 (in thousands except for per share amounts): Restricted Shares Grant Date Fair Value Per Share Nonvested, beginning of period 920 $ 54 Granted 472 $ 63 Vested (454 ) $ 53 Forfeited (88 ) $ 62 Nonvested, end of period 850 $ 59 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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): 2015 2014 2013 Numerator : Income used in computing basic and diluted earnings per share $ 752,207 $ 844,611 $ 733,993 Denominator : Denominator for basic earnings per share-weighted-average common shares 202,681 216,305 222,475 Effect of dilutive securities – employee stock compensation plan 1,005 1,401 1,596 Denominator for diluted earnings per share- adjusted weighted-average shares outstanding 203,686 217,706 224,071 Earnings per common share: Basic $ 3.71 $ 3.90 $ 3.30 Diluted $ 3.69 $ 3.88 $ 3.28 |
Business Segments And Geograp50
Business Segments And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Information By Industry Segment | Information by segment is set forth below for the years ended December 31 (in thousands): 2015 2014 2013 Motorcycles net revenue $ 5,308,744 $ 5,567,681 $ 5,258,290 Gross profit 1,952,460 2,025,080 1,862,372 Selling, administrative and engineering expense 1,076,970 1,021,933 991,763 Operating income from Motorcycles $ 875,490 $ 1,003,147 $ 870,609 Financial Services revenue $ 686,658 $ 660,827 $ 641,582 Financial Services expense 406,453 382,991 358,489 Operating income from Financial Services $ 280,205 $ 277,836 $ 283,093 Information by segment is set forth below as of December 31 (in thousands): Motorcycles Financial Services Consolidated 2015 Total assets $ 2,528,530 $ 7,462,637 $ 9,991,167 Depreciation and amortization $ 188,926 $ 9,148 $ 198,074 Capital expenditures $ 249,772 $ 10,202 $ 259,974 2014 Total assets $ 2,502,190 $ 7,025,907 $ 9,528,097 Depreciation and amortization $ 171,187 $ 8,113 $ 179,300 Capital expenditures $ 224,262 $ 8,057 $ 232,319 2013 Total assets $ 2,793,497 $ 6,611,543 $ 9,405,040 Depreciation and amortization $ 160,181 $ 6,891 $ 167,072 Capital expenditures $ 199,354 $ 8,967 $ 208,321 |
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): 2015 2014 2013 Revenue from Motorcycles (a) : United States $ 3,768,069 $ 3,773,087 $ 3,562,847 EMEA region 728,198 869,690 769,864 Japan 162,675 197,792 217,700 Canada 178,042 194,422 204,315 Australia 165,854 190,029 193,081 Other foreign countries 305,906 342,661 310,483 Total revenue from Motorcycles $ 5,308,744 $ 5,567,681 $ 5,258,290 Revenue from Financial Services (a) : United States $ 656,888 $ 627,317 $ 609,574 Europe 5,373 5,684 4,274 Canada 21,180 23,707 24,486 Other foreign countries 3,217 4,119 3,248 Total revenue from Financial Services $ 686,658 $ 660,827 $ 641,582 Long-lived assets (b) : United States $ 915,509 $ 865,617 $ 874,833 International 26,909 34,328 36,860 Total long-lived assets $ 942,418 $ 899,945 $ 911,693 (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 Da51
Supplemental Consolidating Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Operations | All supplemental data is presented in thousands. Year Ended December 31, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated Revenue: Motorcycles and Related Products $ 5,318,850 $ — $ (10,106 ) $ 5,308,744 Financial Services — 688,211 (1,553 ) 686,658 Total revenue 5,318,850 688,211 (11,659 ) 5,995,402 Costs and expenses: Motorcycles and Related Products cost of goods sold 3,356,284 — — 3,356,284 Financial Services interest expense — 161,983 — 161,983 Financial Services provision for credit losses — 101,345 — 101,345 Selling, administrative and engineering expense 1,078,525 153,229 (11,659 ) 1,220,095 Total costs and expenses 4,434,809 416,557 (11,659 ) 4,839,707 Operating income 884,041 271,654 — 1,155,695 Investment income 106,585 — (100,000 ) 6,585 Interest expense 12,117 — — 12,117 Income before provision for income taxes 978,509 271,654 (100,000 ) 1,150,163 Provision for income taxes 300,499 97,457 — 397,956 Net income $ 678,010 $ 174,197 $ (100,000 ) $ 752,207 Year Ended December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated Revenue: Motorcycles and Related Products $ 5,577,697 $ — $ (10,016 ) $ 5,567,681 Financial Services — 662,345 (1,518 ) 660,827 Total revenue 5,577,697 662,345 (11,534 ) 6,228,508 Costs and expenses: Motorcycles and Related Products cost of goods sold 3,542,601 — — 3,542,601 Financial Services interest expense — 164,476 — 164,476 Financial Services provision for credit losses — 80,946 — 80,946 Selling, administrative and engineering expense 1,023,450 147,586 (11,534 ) 1,159,502 Total costs and expenses 4,566,051 393,008 (11,534 ) 4,947,525 Operating income 1,011,646 269,337 — 1,280,983 Investment income 126,499 — (120,000 ) 6,499 Interest expense 4,162 — — 4,162 Income before provision for income taxes 1,133,983 269,337 (120,000 ) 1,283,320 Provision for income taxes 338,453 100,256 — 438,709 Net income $ 795,530 $ 169,081 $ (120,000 ) $ 844,611 Year Ended December 31, 2013 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated 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 993,247 143,181 (11,675 ) 1,124,753 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 Net income $ 745,077 $ 173,916 $ (185,000 ) $ 733,993 |
Balance Sheet | December 31, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 400,443 $ 321,766 $ — $ 722,209 Marketable securities 45,192 — — 45,192 Accounts receivable, net 390,799 — (143,394 ) 247,405 Finance receivables, net — 2,053,582 — 2,053,582 Inventories 585,907 — — 585,907 Restricted cash — 88,267 — 88,267 Deferred income taxes 56,319 46,450 — 102,769 Other current assets 90,824 49,078 (2,079 ) 137,823 Total current assets 1,569,484 2,559,143 (145,473 ) 3,983,154 Finance receivables, net — 4,814,571 — 4,814,571 Property, plant and equipment, net 906,972 35,446 — 942,418 Goodwill 54,182 — — 54,182 Deferred income taxes 86,075 15,681 (2,142 ) 99,614 Other long-term assets 140,034 37,796 (80,602 ) 97,228 $ 2,756,747 $ 7,462,637 $ (228,217 ) $ 9,991,167 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 220,050 $ 158,958 $ (143,394 ) $ 235,614 Accrued liabilities 387,137 89,048 (4,221 ) 471,964 Short-term debt — 1,201,380 — 1,201,380 Current portion of long-term debt — 843,620 — 843,620 Total current liabilities 607,187 2,293,006 (147,615 ) 2,752,578 Long-term debt 746,934 4,098,454 — 4,845,388 Pension liability 164,888 — — 164,888 Postretirement healthcare liability 193,659 — — 193,659 Other long-term liabilities 166,440 28,560 — 195,000 Commitments and contingencies (Note 15) Total shareholders’ equity 877,639 1,042,617 (80,602 ) 1,839,654 $ 2,756,747 $ 7,462,637 $ (228,217 ) $ 9,991,167 December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 573,895 $ 332,785 $ — $ 906,680 Marketable securities 57,325 — — 57,325 Accounts receivable, net 658,735 — (411,114 ) 247,621 Finance receivables, net — 1,916,635 — 1,916,635 Inventories 448,871 — — 448,871 Restricted cash — 98,627 — 98,627 Deferred income taxes 50,015 39,901 — 89,916 Other current assets 142,278 43,125 (2,983 ) 182,420 Total current assets 1,931,119 2,431,073 (414,097 ) 3,948,095 Finance receivables, net — 4,516,246 — 4,516,246 Property, plant and equipment, net 848,661 34,416 — 883,077 Goodwill 27,752 — — 27,752 Deferred income taxes 75,121 4,863 (2,149 ) 77,835 Other long-term assets 113,727 39,309 (77,944 ) 75,092 $ 2,996,380 $ 7,025,907 $ (494,190 ) $ 9,528,097 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 171,098 $ 436,884 $ (411,114 ) $ 196,868 Accrued liabilities 370,652 83,797 (5,132 ) 449,317 Short-term debt — 731,786 — 731,786 Current portion of long-term debt — 1,011,315 — 1,011,315 Total current liabilities 541,750 2,263,782 (416,246 ) 2,389,286 Long-term debt — 3,761,528 — 3,761,528 Pension liability 76,186 — — 76,186 Postretirement healthcare liability 203,006 — — 203,006 Other long-term liabilities 164,060 24,745 — 188,805 Commitments and contingencies (Note 15) Total shareholders’ equity 2,011,378 975,852 (77,944 ) 2,909,286 $ 2,996,380 $ 7,025,907 $ (494,190 ) $ 9,528,097 |
Cash Flows | Year Ended December 31, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from operating activities: Net income $ 678,010 $ 174,197 $ (100,000 ) $ 752,207 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 188,926 9,148 — 198,074 Amortization of deferred loan origination costs — 93,546 — 93,546 Amortization of financing origination fees 267 9,708 — 9,975 Provision for long-term employee benefits 60,824 — — 60,824 Contributions to pension and postretirement plans (28,490 ) — — (28,490 ) Stock compensation expense 26,775 2,658 — 29,433 Net change in wholesale finance receivables — — (113,970 ) (113,970 ) Provision for credit losses — 101,345 — 101,345 Loss on debt extinguishment — 1,099 — 1,099 Deferred income taxes (4,792 ) (11,692 ) — (16,484 ) Foreign currency adjustments 20,067 — — 20,067 Other, net (442 ) 1,288 — 846 Change in current assets and current liabilities: Accounts receivable 4,055 — (17,720 ) (13,665 ) Finance receivables—accrued interest and other — (3,046 ) — (3,046 ) Inventories (155,222 ) — — (155,222 ) Accounts payable and accrued liabilities 81,929 18,539 38,355 138,823 Derivative instruments (5,615 ) — — (5,615 ) Prepaid and other 33,658 (3,287 ) — 30,371 Total adjustments 221,940 219,306 (93,335 ) 347,911 Net cash provided by operating activities 899,950 393,503 (193,335 ) 1,100,118 Cash flows from investing activities: Capital expenditures (249,772 ) (10,202 ) — (259,974 ) Origination of finance receivables — (7,836,279 ) 4,084,449 (3,751,830 ) Collections of finance receivables — 7,127,999 (3,991,114 ) 3,136,885 Sales and redemptions of marketable securities 11,507 — — 11,507 Acquisition of business (59,910 ) — — (59,910 ) Other 7,474 — — 7,474 Net cash used by investing activities (290,701 ) (718,482 ) 93,335 (915,848 ) Year Ended December 31, 2015 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from financing activities: Proceeds from issuance of medium-term notes — 595,386 — 595,386 Repayments of medium-term notes — (610,331 ) — (610,331 ) Proceeds from issuance of senior unsecured notes 740,385 — — 740,385 Intercompany borrowing activity 250,000 (250,000 ) — — Proceeds from securitization debt — 1,195,668 — 1,195,668 Repayments of securitization debt — (1,008,135 ) — (1,008,135 ) Borrowings of asset-backed commercial paper — 87,442 — 87,442 Repayments of asset-backed commercial paper — (72,727 ) — (72,727 ) Net increase in credit facilities and unsecured commercial paper — 469,473 — 469,473 Net change in restricted cash — 11,410 — 11,410 Dividends (249,262 ) (100,000 ) 100,000 (249,262 ) Purchase of common stock for treasury (1,537,020 ) — — (1,537,020 ) Excess tax benefits from share-based payments 3,468 — — 3,468 Issuance of common stock under employee stock option plans 20,179 — — 20,179 Net cash (used by) provided by financing activities (772,250 ) 318,186 100,000 (354,064 ) Effect of exchange rate changes on cash and cash equivalents (10,451 ) (4,226 ) — (14,677 ) Net decrease in cash and cash equivalents $ (173,452 ) $ (11,019 ) $ — $ (184,471 ) Cash and cash equivalents: Cash and cash equivalents—beginning of period $ 573,895 $ 332,785 $ — $ 906,680 Net decrease in cash and cash equivalents (173,452 ) (11,019 ) — (184,471 ) Cash and cash equivalents—end of period $ 400,443 $ 321,766 $ — $ 722,209 Year Ended December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from operating activities: Net income $ 795,530 $ 169,081 $ (120,000 ) $ 844,611 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 171,187 8,113 — 179,300 Amortization of deferred loan origination costs — 94,429 — 94,429 Amortization of financing origination fees 59 8,383 — 8,442 Provision for long-term employee benefits 33,709 — — 33,709 Contributions to pension and postretirement plans (29,686 ) — — (29,686 ) Stock compensation expense 35,064 2,865 — 37,929 Net change in wholesale finance receivables — — (75,210 ) (75,210 ) Provision for credit losses — 80,946 — 80,946 Loss on debt extinguishment — 3,942 — 3,942 Deferred income taxes (191 ) (7,430 ) — (7,621 ) Foreign currency adjustments 21,964 — — 21,964 Other, net 20,273 (21,764 ) — (1,491 ) Change in current assets and current liabilities: Accounts receivable (31,740 ) — 21,931 (9,809 ) Finance receivables – accrued interest and other — (2,515 ) — (2,515 ) Inventories (50,886 ) — — (50,886 ) Accounts payable and accrued liabilities 18,255 21,629 (18,575 ) 21,309 Derivative instruments 703 — — 703 Prepaid and other (17,187 ) 13,798 — (3,389 ) Total adjustments 171,524 202,396 (71,854 ) 302,066 Net cash provided by operating activities 967,054 371,477 (191,854 ) 1,146,677 Cash flows from investing activities: Capital expenditures (224,262 ) (8,057 ) — (232,319 ) Origination of finance receivables — (7,693,884 ) 4,125,461 (3,568,423 ) Collections of finance receivables — 7,066,852 (4,053,607 ) 3,013,245 Sales and redemptions of marketable securities 41,010 — — 41,010 Other 1,837 — — 1,837 Net cash used by investing activities (181,415 ) (635,089 ) 71,854 (744,650 ) Year Ended December 31, 2014 Motorcycles & Related Products Operations Financial Services Operations Eliminations & Adjustments Consolidated Cash flows from financing activities: Proceeds from issuance medium-term notes — 991,835 — 991,835 Repayments of medium-term notes — (526,431 ) — (526,431 ) Repayments of senior unsecured note (303,000 ) — — (303,000 ) Intercompany borrowing activity 200,000 (200,000 ) — — Proceeds from securitization debt — 847,126 — 847,126 Repayments of securitization debt — (834,856 ) — (834,856 ) Borrowings of asset-backed commercial paper — 84,907 — 84,907 Net increase in credit facilities and unsecured commercial paper — 63,945 — 63,945 Repayments of asset-backed commercial paper — (77,800 ) — (77,800 ) Net change in restricted cash — 22,755 — 22,755 Dividends paid (238,300 ) (120,000 ) 120,000 (238,300 ) Purchase of common stock for treasury, net of issuances (615,602 ) — — (615,602 ) Excess tax benefits from share based payments 11,540 — — 11,540 Issuance of common stock under employee stock option plans 37,785 — — 37,785 Net cash (used by) provided by financing activities (907,577 ) 251,481 120,000 (536,096 ) Effect of exchange rate changes on cash and cash equivalents (23,079 ) (2,784 ) — (25,863 ) Net decrease in cash and cash equivalents $ (145,017 ) $ (14,915 ) $ — $ (159,932 ) Cash and cash equivalents: Cash and cash equivalents – beginning of period $ 718,912 $ 347,700 $ — $ 1,066,612 Net decrease in cash and cash equivalents (145,017 ) (14,915 ) — (159,932 ) Cash and cash equivalents – end of period $ 573,895 $ 332,785 $ — $ 906,680 Year Ended December 31, 2013 Motorcycles Financial Eliminations Consolidated Cash flows from operating activities: Net income $ 745,077 $ 173,916 $ (185,000 ) $ 733,993 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 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 long-term employee 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 (85,949 ) (5,096 ) 12,380 (78,665 ) 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 800,001 333,227 (156,135 ) 977,093 Cash flows from investing activities: 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 (147,889 ) (392,113 ) (28,865 ) (568,867 ) Year Ended December 31, 2013 Motorcycles Financial Eliminations Consolidated Cash flows from financing activities: Repayment 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 Net increase in credit facilities and unsecured commercial paper — 371,085 — 371,085 Repayments of asset-backed commercial paper — (78,765 ) — (78,765 ) Net change in restricted cash — 43,201 — 43,201 Dividends paid (187,688 ) (185,000 ) 185,000 (187,688 ) Purchase of common stock for treasury, net of issuances (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 (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 $ (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 |
Supplementary Data (Tables)
Supplementary Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarterly financial data (unaudited) (In millions, except per share data) 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Mar 29, 2015 Mar 30, 2014 June 28, 2015 June 29, 2014 Sep 27, 2015 Sep 28, 2014 Dec 31, 2015 Dec 31, 2014 Motorcycles: Revenue $ 1,510.6 $ 1,571.7 $ 1,650.8 $ 1,834.3 $ 1,140.3 $ 1,130.6 $ 1,007.1 $ 1,031.2 Operating income $ 345.5 $ 347.7 $ 380.6 $ 473.3 $ 143.1 $ 146.3 $ 6.4 $ 35.9 Financial Services: Revenue $ 162.4 $ 154.4 $ 173.6 $ 166.4 $ 177.1 $ 171.0 $ 173.6 $ 169.0 Operating income $ 64.7 $ 63.2 $ 81.9 $ 74.4 $ 72.8 $ 77.8 $ 60.9 $ 62.4 Consolidated: Income before taxes $ 411.4 $ 408.9 $ 464.0 $ 549.1 $ 214.2 $ 225.5 $ 60.6 $ 99.9 Net income $ 269.9 $ 265.9 $ 299.8 $ 354.2 $ 140.3 $ 150.1 $ 42.2 $ 74.5 Earnings per common share: Basic $ 1.28 $ 1.21 $ 1.44 $ 1.63 $ 0.69 $ 0.70 $ 0.22 $ 0.35 Diluted $ 1.27 $ 1.21 $ 1.44 $ 1.62 $ 0.69 $ 0.69 $ 0.22 $ 0.35 |
Summary Of Significant Accoun53
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Repossessed Assets | $ 17.7 | $ 13.4 | |
Marketable Securities, Unrealized Loss | (0.6) | (0.7) | |
Gross unrealized gain, net of tax | $ (0.4) | (0.4) | |
Marketable securities maturity period, minimum (in months) | 4 months | ||
Marketable securities maturity period, maximum (in months) | 16 months | ||
Allowance for doubtful accounts receivable | $ 2.9 | 3.5 | |
Other inventories | 266.6 | 232.8 | |
Deferred revenue related to extended service contracts | 4.6 | 5.7 | |
Research and development expenses | 161.2 | 138.3 | $ 152.2 |
Advertising costs | 119.8 | 107.4 | 90.7 |
Total share-based award compensation expense | 29.4 | 37.9 | 41.2 |
Total share-based award compensation expense, net of taxes | 18.5 | 23.9 | 26 |
Safety Recall [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Loss Contingency Accrual, Product Liability, Gross | $ 10.2 | $ 9.8 | $ 4 |
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 | ||
Building Equipment and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment, minimum (in years) | 7 years | ||
Machinery and equipment | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment, minimum (in years) | 3 years | ||
Machinery and equipment | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment, minimum (in years) | 10 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment, minimum (in years) | 5 years | ||
Software [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment, minimum (in years) | 3 years | ||
Software [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful lives of property, plant and equipment, minimum (in years) | 7 years |
Summary Of Significant Accoun54
Summary Of Significant Accounting Policies (Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Available-for-sale securities: corporate bonds | $ 45,192 | $ 57,325 |
Trading securities: mutual funds | 36,256 | 33,815 |
Marketable Securities | $ 81,448 | $ 91,140 |
Summary Of Significant Accoun55
Summary Of Significant Accounting Policies (Changes In Warranty And Safety Recall Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance, beginning of period | $ 69,250 | $ 64,120 | $ 60,263 |
Warranties issued during the period | 59,259 | 60,331 | 59,022 |
Settlements made during the period | (96,529) | (74,262) | (64,462) |
Recalls and changes to pre-existing warranty liabilities | 42,237 | 19,061 | 9,297 |
Balance, end of period | $ 74,217 | $ 69,250 | $ 64,120 |
Additional Balance Sheet And 56
Additional Balance Sheet And Cash Flow Information (Inventories, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials and work in process | $ 161,704 | $ 151,254 |
Inventory at lower of FIFO cost or market | 635,175 | 498,773 |
Excess of FIFO over LIFO cost | (49,268) | (49,902) |
Inventories, net | 585,907 | 448,871 |
Obsolescence reserves deducted from FIFO cost | 26,700 | 17,800 |
Motorcycle Finished Goods [Member] | ||
Inventory [Line Items] | ||
Motorcycle finished goods | 327,952 | 230,309 |
Parts and Accessories Finished Goods [Member] | ||
Inventory [Line Items] | ||
Motorcycle finished goods | $ 145,519 | $ 117,210 |
Additional Balance Sheet And 57
Additional Balance Sheet And Cash Flow Information (Property, Plant And Equipment, At Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,173,653 | $ 2,995,707 |
Accumulated depreciation | (2,231,235) | (2,112,630) |
Total property, plant and equipment, net | 942,418 | 883,077 |
Land and related improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 56,554 | 55,238 |
Buildings and related improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 453,433 | 475,268 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,859,443 | 1,823,790 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 524,076 | 440,703 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 280,147 | $ 200,708 |
Additional Balance Sheet And 58
Additional Balance Sheet And Cash Flow Information (Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Payroll, employee benefits and related expenses | $ 160,971 | $ 165,448 |
Warranty and recalls | 54,894 | 48,529 |
Sales incentive programs | 37,568 | 44,423 |
Tax-related accruals | 18,535 | 28,333 |
Interest Payable | 33,925 | 19,072 |
Other Accrued Liabilities, Current | 166,071 | 143,512 |
Accrued liabilities, Total | $ 471,964 | $ 449,317 |
Additional Balance Sheet And 59
Additional Balance Sheet And Cash Flow Information (Reconciliation Of Net Income (Loss) To Net Cash Provided By Operating Activities Of Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Cash Flow Information [Abstract] | |||||||||||
Net income | $ 42,200 | $ 140,300 | $ 299,800 | $ 269,900 | $ 74,500 | $ 150,100 | $ 354,200 | $ 265,900 | $ 752,207 | $ 844,611 | $ 733,993 |
Income from continuing operations | 752,207 | 844,611 | 733,993 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | 198,074 | 179,300 | 167,072 | ||||||||
Amortization of deferred loan origination costs | 93,546 | 94,429 | 86,181 | ||||||||
Amortization of financing origination fees | 9,975 | 8,442 | 9,376 | ||||||||
Provision for long-term employee benefits | 60,824 | 33,709 | 66,877 | ||||||||
Contributions to pension and postretirement plans | (28,490) | (29,686) | (204,796) | ||||||||
Stock compensation expense | 29,433 | 37,929 | 41,244 | ||||||||
Net change in wholesale finance receivables related to sales | (113,970) | (75,210) | 28,865 | ||||||||
Provision for credit losses | 101,345 | 80,946 | 60,008 | ||||||||
Loss on debt extinguishment | 1,099 | 3,942 | 4,947 | ||||||||
Deferred income taxes | (16,484) | (7,621) | 52,580 | ||||||||
Foreign currency adjustments | 20,067 | 21,964 | 16,269 | ||||||||
Other, net | 846 | (1,491) | 10,123 | ||||||||
Changes in current assets and liabilities: | |||||||||||
Accounts receivable, net | (13,665) | (9,809) | (36,653) | ||||||||
Finance receivables – accrued interest and other | (3,046) | (2,515) | (346) | ||||||||
Inventories | (155,222) | (50,886) | (46,474) | ||||||||
Accounts payable and accrued liabilities | 138,823 | 21,309 | (78,665) | ||||||||
Derivative instruments | (5,615) | 703 | (2,189) | ||||||||
Prepaid and other | 30,371 | (3,389) | 68,681 | ||||||||
Total adjustments | 347,911 | 302,066 | 243,100 | ||||||||
Net cash provided by operating activities of continuing operations | 1,100,118 | 1,146,677 | 977,093 | ||||||||
Interest | 148,654 | 154,310 | 197,161 | ||||||||
Income taxes | $ 371,547 | $ 438,840 | $ 236,972 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 04, 2015 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 59,910 | $ 0 | $ 0 | ||
Goodwill | 54,182 | 27,752 | |||
Motorcycles Segment [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 11,088 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 144 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 20,842 | ||||
Goodwill | 54,182 | $ 27,752 | $ 30,452 | 28,567 | $ 29,530 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 60,641 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 731 | ||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 59,910 | ||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | $ 3,300 | ||||
Distribution Rights [Member] | Motorcycles Segment [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 13,300 | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||
Customer-Related Intangible Assets [Member] | Motorcycles Segment [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 7,500 | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 04, 2015 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 19,730 | ||||
Goodwill | 54,182 | $ 27,752 | |||
Finite-Lived Intangible Assets, Net | 16,954 | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | (2,776) | ||||
Amortization of Intangible Assets | 2,800 | ||||
Financial Services Segment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 0 | ||||
Motorcycles Segment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 54,182 | 27,752 | $ 30,452 | $ 28,567 | $ 29,530 |
Goodwill, Purchase Accounting Adjustments | 28,567 | 0 | 0 | ||
Goodwill, Translation Adjustments | (2,137) | $ (2,700) | $ 922 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 6,756 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 4,091 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 360 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 360 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 360 | ||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 5,027 | ||||
Finite-Lived Intangible Assets, Net | 16,954 | ||||
Distribution Rights [Member] | Motorcycles Segment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 12,614 | ||||
Finite-Lived Intangible Assets, Net | $ 9,986 | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (2,628) | ||||
Customer-Related Intangible Assets [Member] | Motorcycles Segment [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 7,116 | ||||
Finite-Lived Intangible Assets, Net | $ 6,968 | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (148) |
Finance Receivables (Narrative)
Finance Receivables (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unused lines of credit, wholesale | $ 1,270 | $ 1,010 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Approved but unfunded retail loans | $ 169.6 | $ 168.7 |
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 ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | $ 7,015,331 | $ 6,560,245 | $ 6,110,256 | $ 5,889,519 | $ 5,912,130 |
Allowance for credit losses | (147,178) | (127,364) | (110,693) | (107,667) | (125,449) |
Total of finance receivables, net and investment in retained securitization interests | 6,868,153 | 6,432,881 | 5,999,563 | 5,781,852 | 5,786,681 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unused Commitments to Extend Credit | 1,270,000 | 1,010,000 | |||
Financing Receivable, Gross | 1,023,860 | 952,321 | 845,212 | 816,404 | 824,640 |
Allowance for credit losses | (7,858) | (5,339) | (4,630) | (6,225) | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Commercial Portfolio Segment [Member] | United States [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 965,379 | 903,380 | 800,491 | 776,633 | 778,320 |
Commercial Portfolio Segment [Member] | Canada [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 58,481 | 48,941 | 44,721 | 39,771 | 46,320 |
Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 5,991,471 | 5,607,924 | 5,265,044 | 5,073,115 | 5,087,490 |
Allowance for credit losses | (139,320) | (122,025) | (106,063) | (101,442) | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Consumer Portfolio Segment [Member] | United States [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 5,803,071 | 5,398,006 | 5,051,245 | 4,850,450 | 4,858,781 |
Consumer Portfolio Segment [Member] | Canada [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | $ 188,400 | $ 209,918 | $ 213,799 | $ 222,665 | $ 228,709 |
Finance Receivables (Contractua
Finance Receivables (Contractual Maturities Of Finance Receivables) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2,014 | $ 2,085,153 |
2,015 | 1,141,648 |
2,016 | 1,275,672 |
2,017 | 1,425,464 |
2,018 | 1,053,842 |
Thereafter | 33,552 |
Total | 7,015,331 |
United States [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2,014 | 1,991,614 |
2,015 | 1,104,233 |
2,016 | 1,234,333 |
2,017 | 1,379,791 |
2,018 | 1,024,927 |
Thereafter | 33,552 |
Total | 6,768,450 |
Canada [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
2,014 | 93,539 |
2,015 | 37,415 |
2,016 | 41,339 |
2,017 | 45,673 |
2,018 | 28,915 |
Thereafter | 0 |
Total | $ 246,881 |
Finance Receivables (Changes In
Finance Receivables (Changes In The Allowance For Finance Credit Losses On Finance Receivables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, beginning of period | $ 127,364 | $ 110,693 | $ 107,667 |
Provision for credit losses | 101,345 | 80,946 | 60,008 |
Charge-offs | (123,911) | (102,831) | (97,928) |
Recoveries | 42,380 | 38,556 | 40,946 |
Balance, end of period | 147,178 | 127,364 | 110,693 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, beginning of period | 122,025 | 106,063 | 101,442 |
Provision for credit losses | 98,826 | 80,237 | 61,603 |
Charge-offs | (123,911) | (102,831) | (97,928) |
Recoveries | 42,380 | 38,556 | 40,946 |
Balance, end of period | 139,320 | 122,025 | 106,063 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance, beginning of period | 5,339 | 4,630 | 6,225 |
Provision for credit losses | 2,519 | 709 | (1,595) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | $ 7,858 | $ 5,339 | $ 4,630 |
Finance Receivables (Allowance
Finance Receivables (Allowance For Credit Losses And Finance Receivables By Portfolio, Individually And Collectively Evaluated For Impairment) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | $ 0 | $ 0 | |||
Collectively evaluated for impairment | 147,178,000 | 127,364,000 | |||
Total allowance for credit losses | 147,178,000 | 127,364,000 | $ 110,693,000 | $ 107,667,000 | $ 125,449,000 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Collectively evaluated for impairment | 7,015,331,000 | 6,560,245,000 | |||
Total finance receivables | 7,015,331,000 | 6,560,245,000 | 6,110,256,000 | 5,889,519,000 | 5,912,130,000 |
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 139,320,000 | 122,025,000 | |||
Total allowance for credit losses | 139,320,000 | 122,025,000 | 106,063,000 | 101,442,000 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Collectively evaluated for impairment | 5,991,471,000 | 5,607,924,000 | |||
Total finance receivables | 5,991,471,000 | 5,607,924,000 | 5,265,044,000 | 5,073,115,000 | 5,087,490,000 |
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 7,858,000 | 5,339,000 | |||
Total allowance for credit losses | 7,858,000 | 5,339,000 | 4,630,000 | 6,225,000 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | |||
Individually evaluated for impairment | 0 | 0 | |||
Collectively evaluated for impairment | 1,023,860,000 | 952,321,000 | |||
Total finance receivables | 1,023,860,000 | 952,321,000 | $ 845,212,000 | $ 816,404,000 | $ 824,640,000 |
Unused Commitments to Extend Credit | $ 1,270,000,000 | 1,010,000,000 | |||
Nonperforming Financing Receivable [Member] | Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable, Individually Evaluated for Impairment | $ 0 |
Finance Receivables (Aging Of P
Finance Receivables (Aging Of Past Due Finance Receivables Including Non-Accrual Status Finance Receivables) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | $ 196,963,000 | $ 180,866,000 | |||
Total finance receivables | 7,015,331,000 | 6,560,245,000 | $ 6,110,256,000 | $ 5,889,519,000 | $ 5,912,130,000 |
Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 195,468,000 | 180,205,000 | |||
Total finance receivables | 5,991,471,000 | 5,607,924,000 | 5,265,044,000 | 5,073,115,000 | 5,087,490,000 |
Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Individually evaluated for impairment | 0 | 0 | |||
Total Past Due | 1,495,000 | 661,000 | |||
Total finance receivables | 1,023,860,000 | 952,321,000 | $ 845,212,000 | $ 816,404,000 | $ 824,640,000 |
Financing Receivables, 1 to 29 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 6,818,368,000 | 6,379,379,000 | |||
Financing Receivables, 1 to 29 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 5,796,003,000 | 5,427,719,000 | |||
Financing Receivables, 1 to 29 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 1,022,365,000 | 951,660,000 | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 119,884,000 | 113,390,000 | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 118,996,000 | 113,007,000 | |||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 888,000 | 383,000 | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 44,210,000 | 38,558,000 | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 43,680,000 | 38,486,000 | |||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 530,000 | 72,000 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 32,869,000 | 28,918,000 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | 32,792,000 | 28,712,000 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Past Due | $ 77,000 | $ 206,000 |
Finance Receivables (Wholesale
Finance Receivables (Wholesale And Retail Receivables Accruing Interest And Are Past Due) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Receivables past due and accruing interest | $ 32,869 | $ 28,918 | $ 24,801 | $ 28,033 | $ 28,378 |
United States [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Receivables past due and accruing interest | 31,677 | 27,800 | 23,770 | 26,500 | 27,171 |
Canada [Member] | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Receivables past due and accruing interest | $ 1,192 | $ 1,118 | $ 1,031 | $ 1,533 | $ 1,207 |
Finance Receivables (Investment
Finance Receivables (Investment Of Wholesale Finance Receivables By Internal And External Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | $ 7,015,331 | $ 6,560,245 | $ 6,110,256 | $ 5,889,519 | $ 5,912,130 |
Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 5,991,471 | 5,607,924 | 5,265,044 | 5,073,115 | 5,087,490 |
Consumer Portfolio Segment [Member] | Prime [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 4,777,448 | 4,435,352 | |||
Consumer Portfolio Segment [Member] | Sub Prime [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 1,214,023 | 1,172,572 | |||
Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 1,023,860 | 952,321 | $ 845,212 | $ 816,404 | $ 824,640 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 5,169 | 954 | |||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 21,774 | 7,025 | |||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 6,271 | 0 | |||
Commercial Portfolio Segment [Member] | Risk Level, Medium [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | 11,494 | 11,557 | |||
Commercial Portfolio Segment [Member] | Risk Level, Low [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Gross | $ 979,152 | $ 932,785 |
Asset-Backed Financing (Schedul
Asset-Backed Financing (Schedule Of Assets And Liabilities Of Variable Interest Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $ 1,782,332 | $ 1,643,701 |
Financing Receivable [Member] | Asset-backed Securities [Member] | SPEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,611,624 | 1,458,602 |
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 | 170,708 | 185,099 |
Allowance for Credit Loss [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | (40,998) | (35,121) |
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 | (37,937) | (32,156) |
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 | (3,061) | (2,965) |
Restricted Cash [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 110,642 | 122,052 |
Restricted Cash [Member] | Asset-backed Securities [Member] | SPEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 100,151 | 110,017 |
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 | 10,491 | 12,035 |
Other Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 5,099 | 3,671 |
Other Assets [Member] | Asset-backed Securities [Member] | SPEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 4,383 | 2,987 |
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 | 323 | 422 |
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 | 393 | 262 |
Assets, Total [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,857,075 | 1,734,303 |
Assets, Total [Member] | Asset-backed Securities [Member] | SPEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,678,221 | 1,539,450 |
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 | 323 | 422 |
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 | 178,531 | 194,431 |
Asset-Backed Debt [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,616,993 | 1,438,445 |
Asset-Backed Debt [Member] | Asset-backed Securities [Member] | SPEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 1,463,154 | 1,271,533 |
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 | $ 153,839 | $ 166,912 |
Asset-Backed Financing (Narrati
Asset-Backed Financing (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CAD | |
Variable Interest Entity [Line Items] | ||||
Financial Services interest expense | $ 161,983,000 | $ 164,476,000 | $ 165,491,000 | |
SPEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Assets transferred to special purpose entities | 1,310,000,000 | 924,900,000 | ||
Term Asset-Backed Securitization VIEs [Member] | Secured Debt [Member] | SPEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Debt Instrument, Face Amount | 1,200,000,000 | 850,000,000 | ||
Financial Services interest expense | $ 17,200,000 | $ 13,500,000 | ||
Weighted average interest rate at date of issuance | 1.04% | 0.94% | 1.04% | |
Term Asset-Backed Securitization Sold at Premium VIEs [Member] | Secured Debt [Member] | SPEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Debt Instrument, Face Amount | $ 89,500,000 | |||
Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Foreign Line of Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Financial Services interest expense | $ 3,000,000 | $ 3,500,000 | ||
Weighted average interest rate at date of issuance | 1.80% | 2.03% | 1.80% | |
Total aggregate commitment | CAD | CAD 240,000,000 | |||
Maturity date of Debt Instrument | 5 years | |||
Face Amount of Finance Receivables Transferred | $ 87,500,000 | $ 97,100,000 | ||
Proceeds from Sale of Finance Receivables | 85,000,000 | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 24,700,000 | |||
Line of Credit [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Foreign Line of Credit [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Proceeds from Sale of Finance Receivables | 100,000,000 | |||
Third-party Bank [Member] | Line of Credit [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | SPEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Financial Services interest expense | 1,100,000 | 1,100,000 | ||
Total aggregate commitment | 600,000,000 | |||
Line of credit facility, outstanding borrowings | $ 0 | $ 0 |
Asset-Backed Financing (Sched72
Asset-Backed Financing (Schedule Of Secured Notes With Related Maturity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | |
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Secured Notes Issued May 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 500,000 | |
Weighted average interest rate at date of issuance | 0.88% | |
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Secured Notes Issued April 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 850,000 | |
Weighted average interest rate at date of issuance | 0.66% | |
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Secured Notes Issued April 2013 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 650,000 | |
Weighted average interest rate at date of issuance | 0.57% | |
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | Secured Notes Issued January 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 700,000 | |
Weighted average interest rate at date of issuance | 0.89% | |
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | August 2013 - June 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 675,306 | |
Weighted average interest rate at date of issuance | 0.59% | |
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | November 2012 - February 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 513,300 | |
Weighted average interest rate at date of issuance | 0.88% | |
Variable Interest Entity, Primary Beneficiary [Member] | Secured Debt [Member] | September 2012 - August 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 573,380 | |
Weighted average interest rate at date of issuance | 0.76% | |
Variable Interest Entity, Not Primary Beneficiary [Member] | Foreign Line of Credit [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from Sale of Finance Receivables | $ 85,000 | |
Face Amount of Finance Receivables Transferred | $ 97,100 | $ 87,500 |
Weighted average interest rate at date of issuance | 2.03% | 1.80% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Repossessed Assets | $ 17,700 | $ 13,400 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Repossessed Assets | 17,700 | 13,400 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 555,910 | 737,024 |
Marketable securities | 81,448 | 91,140 |
Derivatives | 16,235 | 32,244 |
Assets, Fair Value Disclosure | 653,593 | 860,408 |
Derivatives, Liabilities | 1,300 | 2,027 |
Fair Value, Measurements, Recurring [Member] | 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 | 390,706 | 482,686 |
Marketable securities | 36,256 | 33,815 |
Derivatives | 0 | 0 |
Assets, Fair Value Disclosure | 426,962 | 516,501 |
Derivatives, Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 165,204 | 254,338 |
Marketable securities | 45,192 | 57,325 |
Derivatives | 16,235 | 32,244 |
Assets, Fair Value Disclosure | 226,631 | 343,907 |
Derivatives, Liabilities | 1,300 | 2,027 |
Fair Value, Measurements, Recurring [Member] | 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, adjustment [Domain] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Repossessed Assets | $ 8,600 | $ 5,000 |
Fair Value Of Financial Instr74
Fair Value Of Financial Instruments (Summary Of The Fair Value And Carrying Value Of The Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Restricted cash | $ 88,267 | $ 98,627 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 722,209 | 906,680 |
Marketable securities | 81,448 | 91,140 |
Derivatives, Assets | 16,235 | 32,244 |
Finance receivables, net | 6,937,053 | 6,519,500 |
Restricted cash | 110,642 | 122,052 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Derivatives, Liabilities | 1,300 | 2,027 |
Estimate of Fair Value Measurement [Member] | Unsecured Commercial Paper [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 1,201,380 | 731,786 |
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 | 153,839 | 166,912 |
Estimate of Fair Value Measurement [Member] | Medium-term Notes [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 3,410,966 | 3,502,536 |
Estimate of Fair Value Measurement [Member] | Senior Unsecured Notes [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 737,435 | 0 |
Estimate of Fair Value Measurement [Member] | Secured Debt [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 1,455,776 | 1,270,656 |
Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash and cash equivalents | 722,209 | 906,680 |
Marketable securities | 81,448 | 91,140 |
Derivatives, Assets | 16,235 | 32,244 |
Finance receivables, net | 6,868,153 | 6,432,881 |
Restricted cash | 110,642 | 122,052 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Derivatives, Liabilities | 1,300 | 2,027 |
Reported Value Measurement [Member] | Unsecured Commercial Paper [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 1,201,380 | 731,786 |
Reported Value Measurement [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 153,839 | 166,912 |
Reported Value Measurement [Member] | Medium-term Notes [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 3,325,081 | 3,334,398 |
Reported Value Measurement [Member] | Senior Unsecured Notes [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | 746,934 | 0 |
Reported Value Measurement [Member] | Secured Debt [Member] | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Debt instrument, fair value | $ 1,463,154 | $ 1,271,533 |
Derivative Instruments And He75
Derivative Instruments And Hedging Activities (Schedule Of Derivative Instrument Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 437,320 | $ 340,805 | |
Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Current | 16,167 | 32,244 | |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Current | 340 | 414 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 436,352 | 339,077 |
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],[2] | 16,167 | 32,244 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Current | [1],[3] | 181 | 0 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | [1] | 968 | 1,728 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Current | [1],[2] | 0 | 0 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Current | [1],[3] | 159 | 414 |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 6,510 | 11,804 | |
Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Current | 68 | 0 | |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Current | 960 | 1,613 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 6,510 | 11,804 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Current | [2] | 68 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Current | [3] | $ 960 | $ 1,613 |
[1] | Derivative designated as a cash flow hedge | ||
[2] | Included in other current assets | ||
[3] | Included in accrued liabilities |
Derivative Instruments And He76
Derivative Instruments And Hedging Activities (Gain Loss On Derivative Cash Flow Hedges Recognized In OCI) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 38,008 | $ 46,775 | $ 3,505 |
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 | 45,810 | 47,037 | 3,468 |
Commodity Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (421) | (262) | 39 |
Treasury Lock [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (7,381) | 0 | 0 |
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 | $ 0 | $ 0 | $ (2) |
Derivative Instruments And He77
Derivative Instruments And Hedging Activities (Gain Loss On Derivative Cash Flow Hedges Reclassified From AOCI Into Income) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 58,902 | $ 13,863 | $ 86 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 16,217 | |||
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 | [1] | 59,730 | 13,635 | 482 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | [1] | 16,738 | ||
Commodity Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (677) | 228 | (51) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | [1] | (159) | ||
Treasury Lock [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [2] | (151) | 0 | 0 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | [2] | (362) | ||
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 | [3] | 0 | $ 0 | $ (345) |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | [3] | $ 0 | ||
[1] | Gain/(loss) reclassified from accumulated other comprehensive loss (AOCL) to income is included in cost of goods sold. | |||
[2] | (b)Gain/(loss) reclassified from AOCL to income is included in interest expense | |||
[3] | Gain/(loss) reclassified from AOCL to income is included in financial services interest expense. |
Derivative Instruments And He78
Derivative Instruments And Hedging Activities (Gain Loss Recognized In Income On Hedged Derivatives) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (648) | $ (1,969) | $ (572) | |
Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [1] | $ (648) | $ (1,969) | $ (572) |
[1] | Gain/(loss) recognized in income is included in cost of goods sold. |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Loss (Changes in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (514,943) | $ (332,676) | $ (607,678) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (116,986) | (306,040) | 380,229 | |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 18,384 | 108,225 | (146,132) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (98,602) | (197,815) | 234,097 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (2,636) | 24,695 | 64,964 | |
Income tax expense (benefit) | 976 | (9,147) | (24,059) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1,660) | 15,548 | 40,905 | |
Other Comprehensive Income (Loss), Net of Tax | (100,262) | (182,267) | 275,002 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (615,205) | (514,943) | (332,676) | |
Prior Service Costs [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | (2,782) | (2,734) | (2,107) |
Actuarial Losses [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [1] | 58,680 | 41,292 | 67,157 |
Curtailment and Settlement Losses [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (368) | |||
Foreign Exchange Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (59,730) | (13,635) | (482) |
Commodity Contract [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | 677 | (228) | 51 |
Treasury Lock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3] | 151 | ||
Interest Rate Swap [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 345 | ||
Accumulated Translation Adjustment [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,482) | 33,326 | 51,335 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (48,309) | (50,310) | (20,192) | |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | (7,053) | 13,502 | 2,183 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (55,362) | (36,808) | (18,009) | |
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 | (55,362) | (36,808) | (18,009) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (58,844) | (3,482) | 33,326 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (700) | (276) | 677 | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (626) | (673) | (1,514) | |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 232 | 249 | 561 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (394) | (424) | (953) | |
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 | (394) | (424) | (953) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1,094) | (700) | (276) | |
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 | 19,042 | (1,680) | (3,837) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 38,008 | 46,775 | 3,505 | |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | (14,079) | (17,325) | (1,298) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 23,929 | 29,450 | 2,207 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (58,902) | (13,863) | (86) | |
Income tax expense (benefit) | 21,817 | 5,135 | 36 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (37,085) | (8,728) | (50) | |
Other Comprehensive Income (Loss), Net of Tax | (13,156) | 20,722 | 2,157 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 5,886 | 19,042 | (1,680) | |
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 | [2] | (59,730) | (13,635) | (482) |
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 | [2] | 677 | (228) | 51 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Treasury Lock [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [3] | 151 | ||
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 | [4] | 345 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (529,803) | (364,046) | (655,853) | |
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (106,059) | (301,832) | 398,430 | |
Other Comprehensive Income (Loss), Before Reclassifications, Tax | 39,284 | 111,799 | (147,578) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (66,775) | (190,033) | 250,852 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 56,266 | 38,558 | 65,050 | |
Income tax expense (benefit) | (20,841) | (14,282) | (24,095) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 35,425 | 24,276 | 40,955 | |
Other Comprehensive Income (Loss), Net of Tax | (31,350) | (165,757) | 291,807 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (561,153) | (529,803) | (364,046) | |
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 | [1] | (2,782) | (2,734) | (2,107) |
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 | [1] | 58,680 | $ 41,292 | $ 67,157 |
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 | $ 368 | |||
[1] | Amounts reclassified are included in the computation of net periodic cost. See Note 13 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 interest expense. | |||
[4] | (d)Amounts reclassified to net income are presented in financial services interest expense. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Apr. 08, 2014 | Dec. 31, 2015USD ($)Rate | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CADRate | Jul. 24, 2015USD ($) | Jun. 28, 2015CAD | Apr. 07, 2014USD ($) | Apr. 13, 2012USD ($) | Dec. 31, 2010USD ($) | Feb. 28, 2009USD ($) |
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Current Maturities | $ 843,620,000 | $ 1,011,315,000 | |||||||||
Long-term Debt | 5,689,008,000 | 4,772,843,000 | |||||||||
Loss on debt extinguishment | 1,099,000 | 3,942,000 | $ 4,947,000 | ||||||||
Secured Notes Through One Term Asset-backed Securitization Transaction [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,200,000,000 | 850,000,000 | |||||||||
Term Asset-Backed Securitization VIEs [Member] | Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Current Maturities | 353,400,000 | 366,900,000 | |||||||||
Long-term Debt | 1,463,154,000 | 1,271,533,000 | |||||||||
Medium-Term Notes Due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | 2.15% | 2.15% | |||||||||
Medium-Term Notes Due 2020 [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 598,856,000 | 0 | |||||||||
Medium-Term Notes Due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | 2.40% | 2.40% | |||||||||
Medium-Term Notes Due 2019 [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 598,296,000 | 597,836,000 | |||||||||
Medium-Term Notes Due 2017 1.55 rate [Member] [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | 1.55% | 1.55% | |||||||||
Medium-Term Notes Due 2017 1.55 rate [Member] [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 399,650,000 | 399,464,000 | |||||||||
Medium-Term Notes Due 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 888,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | 6.80% | 6.80% | |||||||||
Medium-Term Notes Due 2018 [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 878,308,000 | 887,381,000 | |||||||||
Senior Unsecured Notes due 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 450,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | 3.50% | 3.50% | |||||||||
Senior Unsecured Notes due 2025 [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 447,608,000 | 0 | |||||||||
Senior Unsecured Notes due 2045 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | 4.625% | 4.625% | |||||||||
Senior Unsecured Notes due 2045 [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | $ 299,326,000 | 0 | |||||||||
Senior Unsecured Notes Effective February 2009 [Member] | Senior Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 600,000,000 | $ 600,000,000 | |||||||||
Weighted average interest rate of asset-backed securitization transactions | 15.00% | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 303,000,000 | $ 297,000,000 | |||||||||
Credit Agreement [Member] | Global Credit Facilities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant, Debt to Equity Ratio, Maximum | 0.65 | ||||||||||
Line of Credit [Member] | Credit Facility Maturing April 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 675,000,000 | ||||||||||
Line of Credit [Member] | Credit Facility Maturing April 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date of Debt Instrument | 5 years | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 675,000,000 | ||||||||||
Line of Credit [Member] | Credit Facility Maturing April 2015 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 675,000,000 | ||||||||||
Revolving Credit Facility [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Line of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | ||||||||||
Financial Services Segment [Member] | Medium-term Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 3,600,000 | 3,600,000 | |||||||||
Financial Services Segment [Member] | Medium-Term Notes Due 2020 [Member] | Medium-term Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | Rate | 2.15% | 2.15% | |||||||||
Financial Services Segment [Member] | Medium-Term Notes Due 2019 [Member] | Medium-term Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | Rate | 2.40% | 2.40% | |||||||||
Financial Services Segment [Member] | Medium-Term Notes Due 2017 1.55 rate [Member] [Member] | Medium-term Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||||||||
Weighted average interest rate of asset-backed securitization transactions | Rate | 1.55% | 1.55% | |||||||||
Financial Services Segment [Member] | Medium-Term Notes Due 2018 [Member] | Medium-term Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate of asset-backed securitization transactions | 6.80% | 6.80% | |||||||||
Repurchase Of Medium Term Notes | $ 9,300,000 | 22,600,000 | 23,000,000 | ||||||||
Loss on debt extinguishment | 1,100,000 | 3,900,000 | $ 4,900,000 | ||||||||
Financial Services Segment [Member] | Medium-term Notes Matured [Member] | Medium-term Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | $ 500,000,000 | |||||||||
Weighted average interest rate of asset-backed securitization transactions | 1.15% | 5.75% | 1.15% | ||||||||
Financial Services Segment [Member] | Credit Agreement [Member] | Global Credit Facilities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Covenant, Debt to Equity Ratio, Maximum | 10 | ||||||||||
Financial Services Segment [Member] | Revolving Credit Facility [Member] | Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, outstanding borrowings | $ 0 | $ 0 | |||||||||
Motorcycles Segment [Member] | Senior Unsecured Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 3,100,000 | ||||||||||
Motorcycles Segment [Member] | Senior Unsecured Notes due 2025 [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate of asset-backed securitization transactions | 3.50% | 3.50% | |||||||||
Long-term Debt | $ 450,000,000 | ||||||||||
Motorcycles Segment [Member] | Senior Unsecured Notes due 2045 [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted average interest rate of asset-backed securitization transactions | 4.625% | 4.625% | |||||||||
Long-term Debt | $ 300,000,000 | ||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Foreign Line of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt, Weighted Average Interest Rate | 1.80% | 2.03% | 1.80% | ||||||||
Maturity date of Debt Instrument | 5 years | ||||||||||
Line of credit facility, maximum borrowing capacity | CAD | CAD 240,000,000 | ||||||||||
Face Amount of Finance Receivables Transferred | $ 87,500,000 | $ 97,100,000 | |||||||||
Proceeds from Sale of Finance Receivables | 85,000,000 | ||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Line of Credit [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Foreign Line of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from Sale of Finance Receivables | 100,000,000 | ||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Financial Services Segment [Member] | Asset-backed Canadian Commercial Paper Conduit Facility [Member] | Foreign Line of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | CAD | CAD 240,000,000 | ||||||||||
Face Amount of Finance Receivables Transferred | 100,000,000 | 97,100,000 | |||||||||
Proceeds from Sale of Finance Receivables | 87,500,000 | 85,000,000 | |||||||||
Long-term Debt, Current Maturities | $ 40,300,000 | $ 44,600,000 | |||||||||
Unsecured Commercial Paper [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity date of Debt Instrument | 365 days | ||||||||||
Weighted-average interest rate of commercial paper | 0.56% | 0.30% | 0.56% |
Debt (Debt With Contractual Ter
Debt (Debt With Contractual Term Less Than One Year) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 1,201,380 | $ 731,786 |
Unsecured Commercial Paper [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 1,201,380 | $ 731,786 |
Debt (Debt With A Contractual T
Debt (Debt With A Contractual Term Greater Than One Year) (Details) - USD ($) | Jan. 05, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 5,689,008,000 | $ 4,772,843,000 | |
Long-term Debt, Current Maturities | (843,620,000) | (1,011,315,000) | |
Long-term debt | 4,845,388,000 | 3,761,528,000 | |
Asset-Backed U.S. Commercial Paper Conduit Facility VIE [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | 153,839,000 | 166,912,000 | |
Term Asset-Backed Securitization VIEs [Member] | Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | 1,463,154,000 | 1,271,533,000 | |
Long-term Debt, Current Maturities | (353,400,000) | (366,900,000) | |
Medium-Term Notes Due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 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 | $ 0 | 599,817,000 | |
Medium-Term Notes Due 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 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 | $ 449,991,000 | 449,937,000 | |
Medium-Term Notes Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 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 | $ 399,980,000 | 399,963,000 | |
Medium-Term Notes Due 2017 1.55 rate [Member] [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 400,000,000 | ||
Weighted average interest rate of asset-backed securitization transactions | 1.55% | ||
Medium-Term Notes Due 2017 1.55 rate [Member] [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 399,650,000 | 399,464,000 | |
Medium-Term Notes Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 888,000,000 | ||
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 | $ 878,308,000 | 887,381,000 | |
Medium-Term Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600,000,000 | ||
Weighted average interest rate of asset-backed securitization transactions | 2.40% | ||
Medium-Term Notes Due 2019 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 598,296,000 | 597,836,000 | |
Medium-Term Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600,000,000 | ||
Weighted average interest rate of asset-backed securitization transactions | 2.15% | ||
Medium-Term Notes Due 2020 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 598,856,000 | 0 | |
Senior Unsecured Notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 450,000,000 | ||
Weighted average interest rate of asset-backed securitization transactions | 3.50% | ||
Senior Unsecured Notes due 2025 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 447,608,000 | 0 | |
Senior Unsecured Notes due 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 300,000,000 | ||
Weighted average interest rate of asset-backed securitization transactions | 4.625% | ||
Senior Unsecured Notes due 2045 [Member] | Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 299,326,000 | $ 0 | |
Financial Services Segment [Member] | Subsequent Event [Member] | Medium Term Notes due 2019 2.25 rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600,000,000 | ||
Weighted average interest rate of asset-backed securitization transactions | 2.25% | ||
Financial Services Segment [Member] | Subsequent Event [Member] | Medium-Term Notes Due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 600,000,000 | ||
Weighted average interest rate of asset-backed securitization transactions | 2.85% |
Debt Debt Schedule of Maturitie
Debt Debt Schedule of Maturities of Long-term debt (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | A summary of the Company’s expected principal payments for debt obligations as of December 31, 2015 is as follows (in thousands): 2016 2017 2018 2019 2020 Thereafter Total Principal payments on debt $ 2,045,000 $ 1,177,493 $ 1,303,698 $ 934,386 $ 682,877 $ 746,934 $ 6,890,388 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 746,934 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 682,877 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 934,386 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,303,698 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,177,493 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 2,045,000 |
Long-term Debt, Gross | $ 6,890,388 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Tax Credit Carryforward [Line Items] | |
Unrecognized tax benefits affecting effective tax rate | $ 56.9 |
Interest and penalties associated with unrecognized tax benefits (Operations) | 3.7 |
Interest and penalties associated with unrecognized tax benefits (Balance Sheet) | 28.7 |
State and Local Jurisdiction [Member] | |
Tax Credit Carryforward [Line Items] | |
Net operating loss carryforwards | 339.4 |
Deferred tax assets, operating loss and tax credit carryforwards | 26 |
Foreign Tax Authority [Member] | |
Tax Credit Carryforward [Line Items] | |
Net operating loss carryforwards | 12.2 |
Deferred tax assets, operating loss and tax credit carryforwards | 8.5 |
Operating loss carryforwards, valuation allowance | 20.7 |
Wisconsin Research And Development Credit [Member] | State and Local Jurisdiction [Member] | Wisconsin [Member] | |
Tax Credit Carryforward [Line Items] | |
Net capital loss carryforwards | $ 13.1 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current, Federal | $ 363,803 | $ 394,904 | $ 281,938 |
Current, State | 37,811 | 30,997 | 23,701 |
Current, Foreign | 12,826 | 20,429 | 22,093 |
Total Current | 414,440 | 446,330 | 327,732 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Deferred, Federal | (15,474) | (5,743) | 51,509 |
Deferred, State | (2,264) | (3,155) | (1,471) |
Deferred, Foreign | 1,254 | 1,277 | 2,542 |
Total, Deferred | (16,484) | (7,621) | 52,580 |
Total Current and Deferred | $ 397,956 | $ 438,709 | $ 380,312 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 1,101,427 | $ 1,196,335 | $ 1,042,317 | ||||||||
Foreign | 48,736 | 86,985 | 71,988 | ||||||||
Income before provision for income taxes | $ 60,600 | $ 214,200 | $ 464,000 | $ 411,400 | $ 99,900 | $ 225,500 | $ 549,100 | $ 408,900 | $ 1,150,163 | $ 1,283,320 | $ 1,114,305 |
Income Taxes (Provision For I87
Income Taxes (Provision For Income Tax Rate To Statutory Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Provision at statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.80% | 1.70% | 1.60% |
Domestic manufacturing deduction | (2.10%) | (2.10%) | (1.70%) |
Research and development credit | (0.40%) | (0.40%) | (0.90%) |
Unrecognized tax benefits including interest and penalties | 1.10% | 0.20% | 0.90% |
Valuation allowance adjustments | (0.10%) | (0.10%) | (0.30%) |
Tax audit settlements | 0.00% | 0.00% | 0.10% |
Adjustments for previously accrued taxes | (0.10%) | (0.30%) | (0.20%) |
Other | (0.60%) | 0.20% | (0.40%) |
Provision for income taxes | 34.60% | 34.20% | 34.10% |
Income Taxes (Principal Compone
Income Taxes (Principal Components Of The Company's Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Net [Abstract] | ||
Accruals not yet tax deductible | $ 129,449 | $ 120,817 |
Pension and postretirement benefit plan obligations | 126,952 | 104,723 |
Stock compensation | 20,111 | 21,089 |
Net operating loss carryforward | 38,250 | 41,927 |
Valuation allowance | (20,659) | (25,462) |
Other, net | 47,039 | 38,465 |
Deferred tax assets, net | 341,142 | 301,559 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Depreciation, tax in excess of book | (136,340) | (128,117) |
Other | (2,419) | (5,691) |
Deferred tax liabilities, net | (138,759) | (133,808) |
Total | $ 202,383 | $ 167,751 |
Income Taxes (Changes In Gross
Income Taxes (Changes In Gross Liability For Unrecognized Tax Benefits Excluding Interest And Penalties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits, beginning of period | $ 64,200 | $ 63,057 |
Increase in unrecognized tax benefits for tax positions taken in a prior period | 9,149 | 900 |
Decrease in unrecognized tax benefits for tax positions taken in a prior period | (1,993) | (4,989) |
Increase in unrecognized tax benefits for tax positions taken in the current period | 6,302 | 5,876 |
Statute lapses | (2,465) | 0 |
Settlements with taxing authorities | (2,093) | (644) |
Unrecognized tax benefits, end of period | $ 73,100 | $ 64,200 |
Employee Benefit Plans And Ot90
Employee Benefit Plans And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Postretirement benefits eligibility, years of service requirement | 10 years | |||
Company contributions | $ 18,000 | $ 18,100 | $ 14,900 | |
Pension and SERPA Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accumulated benefit obligation | 1,920,000 | 1,920,000 | ||
Projected benefit obligations | $ 2,009,000 | $ 2,069,980 | $ 1,714,650 | |
Expected return on plan assets | 7.75% | 7.75% | 7.75% | |
Company contributions | $ 4,553 | $ 1,638 | ||
Pension Plan Assets [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Investment in company common stock - shares | 1,273,592 | 1,273,592 | ||
Investment in company common stock - value | $ 57,800 | $ 83,900 | ||
Further contributions by company | $ 0 | |||
Pension Plan Assets [Member] | Scenario, Forecast [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected return on plan assets | 7.50% | |||
Pension Plan Assets [Member] | Equity Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocation | 63.00% | |||
Pension Plan Assets [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocation | 37.00% | |||
Postretirement Healthcare Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Projected benefit obligations | $ 354,739 | $ 361,006 | $ 366,524 | |
Expected return on plan assets | 7.70% | 7.70% | 8.00% | |
Company contributions | $ 23,937 | $ 28,048 | ||
Postretirement Healthcare Benefits [Member] | Scenario, Forecast [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected return on plan assets | 7.50% | |||
Postretirement Healthcare Benefits [Member] | Equity Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocation | 69.00% | |||
Postretirement Healthcare Benefits [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Target plan asset allocation | 31.00% | |||
SERPA Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accumulated benefit obligation | $ 35,800 | 33,600 | ||
Projected benefit obligations | $ 45,000 | $ 46,600 |
Employee Benefit Plans And Ot91
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Obligation And Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension and SERPA Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of period | $ 2,069,980 | $ 1,714,650 | |
Service cost | 40,039 | 31,498 | $ 35,987 |
Interest cost | 87,345 | 86,923 | 79,248 |
Actuarial (gains) losses | (128,082) | 309,542 | |
Defined Benefit Plan, Plan Amendments | 6,407 | 0 | |
Plan participant contributions | 0 | 0 | |
Benefits paid, net of Medicare Part D subsidy | (77,252) | (72,633) | |
Benefit obligation, end of period | 2,009,000 | 2,069,980 | 1,714,650 |
Change in plan assets: | |||
Fair value of plan assets, beginning of period | 1,992,646 | 1,920,601 | |
Actual return on plan assets | (77,980) | 143,040 | |
Company contributions | 4,553 | 1,638 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | (77,252) | (72,633) | |
Fair value of plan assets, end of period | 1,841,967 | 1,992,646 | 1,920,601 |
Funded status of the plans, December 31 | (167,033) | (77,334) | |
Accrued benefit liability (current liabilities) | (2,145) | (1,148) | |
Accrued benefit liability (long-term liabilities) | (164,888) | (76,186) | |
Net amount recognized | (167,033) | (77,334) | |
Postretirement Healthcare Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation, beginning of period | 361,006 | 366,524 | |
Service cost | 8,259 | 7,015 | 7,858 |
Interest cost | 14,166 | 16,878 | 15,599 |
Actuarial (gains) losses | (6,757) | (2,870) | |
Defined Benefit Plan, Plan Amendments | 0 | 0 | |
Plan participant contributions | 2,587 | 2,368 | |
Benefits paid, net of Medicare Part D subsidy | (25,144) | (28,909) | |
Benefit obligation, end of period | 354,739 | 361,006 | 366,524 |
Change in plan assets: | |||
Fair value of plan assets, beginning of period | 156,840 | 147,875 | |
Actual return on plan assets | (75) | 8,965 | |
Company contributions | 23,937 | 28,048 | |
Plan participant contributions | 2,587 | 2,368 | |
Benefits paid | (26,524) | (30,416) | |
Fair value of plan assets, end of period | 156,765 | 156,840 | $ 147,875 |
Funded status of the plans, December 31 | (197,974) | (204,166) | |
Accrued benefit liability (current liabilities) | (4,315) | (1,160) | |
Accrued benefit liability (long-term liabilities) | (193,659) | (203,006) | |
Net amount recognized | $ (197,974) | $ (204,166) |
Employee Benefit Plans And Ot92
Employee Benefit Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension and SERPA Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 40,039 | $ 31,498 | $ 35,987 |
Interest cost | 87,345 | 86,923 | 79,248 |
Defined Benefit Plan, Early Retirement Reinsurance Program Proceeds | 10,563 | 0 | 0 |
Expected return on plan assets | (144,929) | (136,734) | (127,327) |
Prior service cost (credit) | 435 | 1,119 | 1,746 |
Net loss | 54,709 | 36,563 | 58,608 |
Settlement loss | 368 | 0 | 0 |
Net periodic benefit cost | 48,530 | 19,369 | 48,262 |
Postretirement Healthcare Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 8,259 | 7,015 | 7,858 |
Interest cost | 14,166 | 16,878 | 15,599 |
Defined Benefit Plan, Early Retirement Reinsurance Program Proceeds | 622 | 0 | 0 |
Expected return on plan assets | (11,506) | (10,429) | (9,537) |
Prior service cost (credit) | (3,217) | (3,853) | (3,853) |
Net loss | 3,971 | 4,729 | 8,549 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | $ 12,295 | $ 14,340 | $ 18,616 |
Employee Benefit Plans And Ot93
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Net Periodic Benefit Cost Recognized In Accumulated And Other Comprehensive Income) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost (credit) | $ (3,599) |
Net actuarial loss | 564,752 |
Amounts included in other comprehensive income, net of tax | 561,153 |
Pension and SERPA Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost (credit) | 5,445 |
Net actuarial loss | 513,107 |
Amounts included in other comprehensive income, net of tax | 518,552 |
Postretirement Healthcare Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost (credit) | (9,044) |
Net actuarial loss | 51,645 |
Amounts included in other comprehensive income, net of tax | $ 42,601 |
Employee Benefit Plans And Ot94
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Net Periodic Benefit Cost Expected To Be Recognized) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost (credit) | $ (1,129) |
Net actuarial loss | 31,409 |
Amounts expected to be recognized in net periodic benefit cost, net of tax | 30,280 |
Pension and SERPA Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost (credit) | 636 |
Net actuarial loss | 29,182 |
Amounts expected to be recognized in net periodic benefit cost, net of tax | 29,818 |
Postretirement Healthcare Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Prior service cost (credit) | (1,765) |
Net actuarial loss | 2,227 |
Amounts expected to be recognized in net periodic benefit cost, net of tax | $ 462 |
Employee Benefit Plans And Ot95
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension and SERPA Benefits [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, Benefit obligations | 4.53% | 4.21% | 5.08% |
Rate of compensation, Benefit obligations | 3.50% | 4.00% | 4.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate, Net periodic benefit cost | 4.21% | 5.08% | 4.23% |
Expected return on plan assets | 7.75% | 7.75% | 7.75% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Postretirement Healthcare Benefits [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate, Benefit obligations | 4.29% | 3.99% | 4.70% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate, Net periodic benefit cost | 3.99% | 4.70% | 3.93% |
Expected return on plan assets | 7.70% | 7.70% | 8.00% |
Employee Benefit Plans And Ot96
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 ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract] | ||
PBO | $ 1,964 | $ 2,023.4 |
Fair value of plan assets | $ 1,842 | $ 1,992.6 |
Employee Benefit Plans And Ot97
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Fair Value Of Pension Plan and Postretirement Healthcare Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Plan Assets [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | $ 1,992,646 | ||
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 | $ 1,841,967 | ||
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 | 1,139,076 | 1,244,422 | |
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 | 679,559 | 717,138 | |
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 | 23,332 | 31,086 | |
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 | 38,131 | ||
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 | 33,539 | ||
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 | 1,485 | 2,965 | |
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 | 32,054 | 35,166 | |
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 | 1,173,044 | ||
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 | 1,071,702 | ||
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 | 1,045,493 | 1,137,747 | |
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 | 2,877 | 4,211 | |
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 | 23,332 | 31,086 | |
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 | 625,174 | ||
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 | 574,826 | ||
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 | 571,949 | 620,964 | |
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 | 2,877 | 4,210 | |
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 | 109,088 | ||
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 | 113,803 | ||
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 | 113,803 | 109,088 | |
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 | 0 | 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 | 83,942 | ||
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 | 57,808 | ||
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 | 57,808 | 83,942 | |
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 | 323,613 | ||
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 | 301,824 | ||
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 | 301,824 | 323,613 | |
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] | Equity Securities, Private Equity/Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 31,227 | ||
Pension Plan Assets [Member] | Equity Securities, Private Equity/Real Estate [Member] | Estimate of Fair Value Measurement [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 23,441 | ||
Pension Plan Assets [Member] | Equity Securities, Private Equity/Real Estate [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 | 109 | 140 | |
Pension Plan Assets [Member] | Equity Securities, Private Equity/Real Estate [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 | 1 | |
Pension Plan Assets [Member] | Equity Securities, Private Equity/Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 23,332 | 31,086 | $ 34,234 |
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 | 781,471 | ||
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 | 736,726 | ||
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 | 92,098 | 103,710 | |
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 | 644,628 | 677,761 | |
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 | 51,375 | ||
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 | 42,827 | ||
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 | 42,827 | 51,375 | |
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 | 45,282 | ||
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 | 43,695 | ||
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 | 43,695 | 45,282 | |
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 | 376,454 | ||
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 | 388,439 | ||
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 | 388,439 | 376,454 | |
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 | 236,024 | ||
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 | 184,142 | ||
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 | 49,271 | 52,335 | |
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 | 134,871 | 183,689 | |
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 | 58,956 | ||
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 | 64,533 | ||
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 | 64,533 | 58,956 | |
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 | 13,380 | ||
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 | 13,090 | ||
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 | 13,090 | 13,380 | |
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 | 156,765 | 156,840 | 147,875 |
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 | 121,864 | 128,287 | |
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 | 30,010 | 24,684 | |
Postretirement Healthcare Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 4,891 | 3,869 | |
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 | 6,068 | 8,033 | |
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 | 2,980 | 7,278 | |
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 | 3,088 | 755 | |
Postretirement Healthcare Benefits [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 | |
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 | 113,662 | 113,942 | |
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 | 108,353 | 109,552 | |
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 | 418 | 521 | |
Postretirement Healthcare Benefits [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 | 4,891 | 3,869 | |
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 | 74,083 | 75,349 | |
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 | 74,083 | 75,349 | |
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] | 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 | |
Postretirement Healthcare Benefits [Member] | Foreign Companies [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 17,267 | 15,571 | |
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 | 16,849 | 15,050 | |
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 | 418 | 521 | |
Postretirement Healthcare Benefits [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 | |
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 | 17,410 | 19,138 | |
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 | 17,410 | 19,138 | |
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] | 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 | |
Postretirement Healthcare Benefits [Member] | Equity Securities, Private Equity/Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 4,902 | 3,884 | |
Postretirement Healthcare Benefits [Member] | Equity Securities, Private Equity/Real Estate [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 | 11 | 15 | |
Postretirement Healthcare Benefits [Member] | Equity Securities, Private Equity/Real Estate [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] | Equity Securities, Private Equity/Real Estate [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 4,891 | 3,869 | $ 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 | 37,035 | 34,865 | |
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 | 10,531 | 11,457 | |
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 | 26,504 | 23,408 | |
Postretirement Healthcare Benefits [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 | |
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 | 10,531 | 11,457 | |
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 | 10,531 | 11,457 | |
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] | 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 | |
Postretirement Healthcare Benefits [Member] | Federal Agencies [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 6,508 | 1,876 | |
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 | 6,508 | 1,876 | |
Postretirement Healthcare Benefits [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 | |
Postretirement Healthcare Benefits [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 10,270 | 11,549 | |
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 | 10,270 | 11,549 | |
Postretirement Healthcare Benefits [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 | |
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 | 8,305 | 8,996 | |
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 | 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 | 8,305 | 8,996 | |
Postretirement Healthcare Benefits [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 | |
Postretirement Healthcare Benefits [Member] | Foreign Bonds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 890 | 770 | |
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 | 890 | 770 | |
Postretirement Healthcare Benefits [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 | |
Postretirement Healthcare Benefits [Member] | Municipal Bonds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total pension plan assets | 531 | 217 | |
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 | 531 | 217 | |
Postretirement Healthcare Benefits [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 |
Employee Benefit Plans And Ot98
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Reconciliation Of The Fair Value Measurements Using Significant Unobservable Inputs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan Assets [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | $ 1,992,646 | |
Fair value of plan assets, end of period | $ 1,992,646 | |
Pension Plan Assets [Member] | Equity Securities, Private Equity/Real Estate [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | 31,227 | |
Fair value of plan assets, end of period | 31,227 | |
Postretirement Healthcare Benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | 156,840 | 147,875 |
Fair value of plan assets, end of period | 156,765 | 156,840 |
Postretirement Healthcare Benefits [Member] | Equity Securities, Private Equity/Real Estate [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | 3,884 | |
Fair value of plan assets, end of period | 4,902 | 3,884 |
Significant Unobservable Inputs (Level 3) [Member] | Pension Plan Assets [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | 31,086 | |
Fair value of plan assets, end of period | 23,332 | 31,086 |
Significant Unobservable Inputs (Level 3) [Member] | Pension Plan Assets [Member] | Equity Securities, Private Equity/Real Estate [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | 31,086 | 34,234 |
Relating to assets still held at the reporting date | 2,375 | (3,178) |
Purchases, sales and settlements | (10,129) | 30 |
Fair value of plan assets, end of period | 23,332 | 31,086 |
Significant Unobservable Inputs (Level 3) [Member] | Postretirement Healthcare Benefits [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | 3,869 | |
Fair value of plan assets, end of period | 4,891 | 3,869 |
Significant Unobservable Inputs (Level 3) [Member] | Postretirement Healthcare Benefits [Member] | Equity Securities, Private Equity/Real Estate [Member] | ||
Change in plan assets: | ||
Fair value of plan assets, beginning of period | 3,869 | 0 |
Relating to assets still held at the reporting date | 1,362 | (178) |
Purchases, sales and settlements | (340) | 4,047 |
Fair value of plan assets, end of period | $ 4,891 | $ 3,869 |
Employee Benefit Plans And Ot99
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Weighted-Average Health Care Cost Trend Rate) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Healthcare cost trend rate for next year | 7.50% | 8.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate rate) | 5.00% | 5.00% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,021 | 2,021 |
Employee Benefit Plans And O100
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of-Weighted Average Health Care Cost Trend Rate Assumption) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,021 | 2,021 |
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 | $ 755 | |
Total of service and interest cost components in 2012, One Percent Decrease | (605) | |
Accumulated benefit obligation as of December 31, 2012, One Percent Increase | 12,211 | |
Accumulated benefit obligation as of December 31, 2012, One Percent Decrease | $ (10,875) |
Employee Benefit Plans And O101
Employee Benefit Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments And Medicare Subsidy Receipts For Next Five Years And Thereafter) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 27, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan Assets [Member] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Expected benefit payments in 2013 | $ 77,310 | ||
Expected benefit payments in 2014 | 78,884 | ||
Expected benefit payments in 2015 | 80,877 | ||
Expected benefit payments in 2016 | 83,377 | ||
Expected benefit payments in 2017 | 86,533 | ||
Expected benefit payments in 2018-2022 | 497,276 | ||
SERPA Benefits [Member] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Expected benefit payments in 2013 | 2,145 | ||
Expected benefit payments in 2014 | 2,215 | ||
Expected benefit payments in 2015 | 2,234 | ||
Expected benefit payments in 2016 | 2,683 | ||
Expected benefit payments in 2017 | 2,976 | ||
Expected benefit payments in 2018-2022 | 21,253 | ||
Postretirement Healthcare Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 23,937 | $ 28,048 | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |||
Expected benefit payments in 2013 | 33,848 | ||
Expected benefit payments in 2014 | 33,160 | ||
Expected benefit payments in 2015 | 31,571 | ||
Expected benefit payments in 2016 | 29,975 | ||
Expected benefit payments in 2017 | 28,139 | ||
Expected benefit payments in 2018-2022 | $ 129,295 | ||
Subsequent Event [Member] | Pension Plan Assets [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 25,000 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Operating Lease Payments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Total rental expense | $ 15,000 | $ 12,000 | $ 12,500 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,013 | 13,727 | ||
2,014 | 9,324 | ||
2,015 | 7,725 | ||
2,016 | 6,883 | ||
2,017 | 4,772 | ||
After 2,017 | 13,098 | ||
Total operating lease payments | $ 55,529 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - York, Pennsylvania Facility [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Site Contingency [Line Items] | |
Site Contingency, Third Party Cost, Percentage of Total Cost | 53.00% |
Site Contingency, Portion of Total Cost | 47.00% |
Capital Stock (Narrative) (Deta
Capital Stock (Narrative) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||
Shares authorized | 800,000,000 | |
Common stock stated value per share | $ 0.01 | |
Common shares outstanding | 184,734,000 | 211,877,000 |
Stock repurchased | 28,000,000 | |
Weighted-average cost per share repurchased | $ 55 | |
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 | |
Treasury stock, shares, acquired from employees | 200,000 | |
2007 Authorization [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock repurchase authorization value | 0 | |
2014 Authorization [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock repurchase authorization value | 0 | |
2015 Authorization [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common stock repurchase authorization value | 0 |
Capital Stock (Stock Repurchase
Capital Stock (Stock Repurchases Pursuant To Board Of Director Authorizations) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period, shares | 27.8 | 9 | 7.7 |
Stock repurchase program remaining authorization | 9 | ||
1997 Authorization [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period, shares | 0.9 | 3.2 | 0 |
Stock repurchase program remaining authorization | 0 | ||
2007 Authorization [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period, shares | 0.9 | 5.8 | 7.7 |
Stock repurchase program remaining authorization | 0 | ||
2014 Authorization [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period, shares | 20 | 0 | 0 |
Stock repurchase program remaining authorization | 0 | ||
2015 Authorization [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock repurchased during period, shares | 6 | 0 | 0 |
Stock repurchase program remaining authorization | 9 |
Share-Based Awards (Narrative)
Share-Based Awards (Narrative) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of common stock reserved for future issuance under the plan | 8.3 |
Stock Options [Member] | 2014 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period | 3 years |
Expiration Period | 10 years |
Stock Options [Member] | 2014 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] | 2014 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] | 2014 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] | 2014 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period | 3 years |
Restricted Stock [Member] | 2014 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] | 2014 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting Period | 3 years |
Restricted Stock Units (RSUs) [Member] | 2014 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% |
Share-Based Awards (Assumptions
Share-Based Awards (Assumptions Used In Calculating Fair Value Of Options) (Details) - Stock Options [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected average term (in years) | 6 years | 6 years 1 month 18 days | 6 years 1 month 18 days |
Expected volatility (minimum) | 24.00% | 25.00% | 27.00% |
Expected volatility (maximum) | 30.00% | 34.00% | 36.00% |
Weighted average volatility | 28.00% | 32.00% | 33.00% |
Expected dividend yield | 2.00% | 1.80% | 1.60% |
Risk-free interest rate (minimum) | 0.10% | 0.10% | 0.10% |
Risk-free interest rate (maximum) | 2.00% | 2.80% | 2.10% |
Share-Based Awards (Summary Of
Share-Based Awards (Summary Of Stock Option Transactions) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options outstanding, beginning of period | shares | 2,717 |
Options granted | shares | 468 |
Options exercised | shares | (517) |
Options forfeited | shares | (165) |
Options outstanding, end of period | shares | 2,503 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Price, Options outstanding, beginning of period | $ / shares | $ 43 |
Weighted-Average Price, Options granted | $ / shares | 63 |
Weighted-Average Price, Options exercised | $ / shares | 39 |
Weighted-Average Price, Options forfeited | $ / shares | 64 |
Weighted-Average Price, Options outstanding, end of period | $ / shares | 47 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted-Average Price, Exercisable, end of period | $ / shares | $ 42 |
Exercisable, end of period | shares | 1,888 |
Share-Based Awards (Stock Optio
Share-Based Awards (Stock Options) (Narrative) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average Aggregate weighted-average fair value of options | $ 13 | $ 14 | $ 12 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3.3 | ||
Weighted-average period of recognition (years) | 1 year 8 months 18 days |
Share-Based Awards Share-Based
Share-Based Awards Share-Based Awards (Aggregate Intrinsic Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 9,890 | $ 31,623 | $ 28,879 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 16,605 | 61,947 | 100,054 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 16,605 | $ 54,071 | $ 81,930 |
Share-Based Awards (Stock Op111
Share-Based Awards (Stock Options Outstanding By Price Range) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted-Average Contractual Life, options outstanding | 4 years 10 months 15 days |
Options | shares | 2,503 |
Weighted-Average Exercise Price, options outstanding | $ 47 |
Weighted-Average Contractual Life, Options exercisable | 3 years 8 months 15 days |
Options exercisable | shares | 1,888 |
Weighted-Average Exercise Price, Options exercisable | $ 42 |
$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 | 3 years 1 month |
Options | shares | 322 |
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 | 4 years |
Options | shares | 200 |
Weighted-Average Exercise Price, options outstanding | $ 24 |
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 | 2 years 1 month |
Options | shares | 202 |
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 | 5 years 1 month |
Options | shares | 418 |
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 | 4 years 5 months 15 days |
Options | shares | 464 |
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 | 6 years 4 months 15 days |
Options | shares | 897 |
Weighted-Average Exercise Price, options outstanding | $ 64 |
Lower Range Limit | 60.01 |
Upper Range Limit | $ 70 |
Share-Based Awards (Assumpti112
Share-Based Awards (Assumptions Used In Calculating Fair Value Of Stock Appreciation Rights) (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility (minimum) | 28.00% | 25.00% |
Expected volatility (maximum) | 30.00% | 31.00% |
Expected dividend yield | 2.70% | 1.70% |
Risk-free interest rate (minimum) | 0.20% | 0.00% |
Risk-free interest rate (maximum) | 2.30% | 2.30% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected average term (in years) | 7 years 5 months | 5 years 5 months |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected average term (in years) | 5 years 3 months | 3 years 7 months |
Share-Based Awards (Summary 113
Share-Based Awards (Summary Of Stock Appreciation Right Transactions) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Options outstanding, beginning of period | 176 | ||
Options granted | 12 | ||
Options exercised | (26) | ||
Options forfeited | 0 | ||
Options outstanding, beginning of period | 162 | 176 | |
Exercisable, end of period | 137 | ||
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 | $ 30 | ||
Weighted-Average Price, Options granted | 63 | ||
Weighted-Average Price, Options exercised | 26 | ||
Weighted-Average Price, Options forfeited | 0 | ||
Weighted-Average Price, Options outstanding, beginning of period | 33 | $ 30 | |
Weighted-Average Price, Exercisable, end of period | 28 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity, Nonvested, Weighted Average Grant Date Fair Value | $ 13 | $ 14 | $ 12 |
Share-Based Awards (Summary 114
Share-Based Awards (Summary Of Restricted Share and RSUs Transactions) (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
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 | shares | 920 |
Granted | shares | 472 |
Vested | shares | (454) |
Forfeited | shares | (88) |
Nonvested, end of period | shares | 850 |
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 | $ / shares | $ 54 |
Grant Date Fair Value Per Share, Granted | $ / shares | 63 |
Grant Date Fair Value Per Share, Vested | $ / shares | 53 |
Grant Date Fair Value Per Share, Forfeited | $ / shares | 62 |
Grant Date Fair Value Per Share, end of period | $ / shares | $ 59 |
Unrecognized compensation | $ | $ 21.7 |
Weighted-average period of recognition (years) | 1 year 8 months 15 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 | shares | 129 |
Granted | shares | 64 |
Vested | shares | (64) |
Forfeited | shares | (20) |
Nonvested, end of period | shares | 109 |
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 | $ / shares | $ 66 |
Grant Date Fair Value Per Share, Granted | $ / shares | 47 |
Grant Date Fair Value Per Share, Vested | $ / shares | 56 |
Grant Date Fair Value Per Share, Forfeited | $ / shares | 50 |
Grant Date Fair Value Per Share, end of period | $ / shares | $ 49 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Income (loss) from continuing operations | $ 752,207 | $ 844,611 | $ 733,993 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Weighted Average Number of Shares Outstanding, Basic | 202,681 | 216,305 | 222,475 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,005 | 1,401 | 1,596 |
Weighted Average Number of Shares Outstanding, Diluted | 203,686 | 217,706 | 224,071 |
Basic (in dollars per share) | $ 3.71 | $ 3.90 | $ 3.30 |
Diluted (in dollars per share) | $ 3.69 | $ 3.88 | $ 3.28 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1 | 0.5 | 0.9 |
Business Segments And Geogra117
Business Segments And Geographic Information (Information By Strategic Business Units) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | Mar. 29, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 28, 2014USD ($) | Jun. 29, 2014USD ($) | Mar. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of Operating Segments | 2 | |||||||||||||
Motorcycles net revenue | $ 1,007,100 | $ 1,140,300 | $ 1,650,800 | $ 1,510,600 | $ 1,031,200 | $ 1,130,600 | $ 1,834,300 | $ 1,571,700 | $ 5,308,744 | [1] | $ 5,567,681 | [1] | $ 5,258,290 | [1] |
Selling, administrative and engineering expense | 1,220,095 | 1,159,502 | 1,124,753 | |||||||||||
Financial services revenue | 173,600 | 177,100 | 173,600 | 162,400 | 169,000 | 171,000 | 166,400 | 154,400 | 686,658 | [1] | 660,827 | [1] | 641,582 | [1] |
Operating income | 1,155,695 | 1,280,983 | 1,153,702 | |||||||||||
Interest Income Paid By Motorcycles Segment | 6,900 | 8,100 | 10,400 | |||||||||||
Motorcycles Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Motorcycles net revenue | 5,308,744 | 5,567,681 | 5,258,290 | |||||||||||
Gross profit | 1,952,460 | 2,025,080 | 1,862,372 | |||||||||||
Selling, administrative and engineering expense | 1,076,970 | 1,021,933 | 991,763 | |||||||||||
Operating income | 6,400 | 143,100 | 380,600 | 345,500 | 35,900 | 146,300 | 473,300 | 347,700 | 875,490 | 1,003,147 | 870,609 | |||
Financial Services Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Financial services revenue | 686,658 | 660,827 | 641,582 | |||||||||||
Financial Services Costs | 406,453 | 382,991 | 358,489 | |||||||||||
Operating income | $ 60,900 | $ 72,800 | $ 81,900 | $ 64,700 | $ 62,400 | $ 77,800 | $ 74,400 | $ 63,200 | $ 280,205 | $ 277,836 | $ 283,093 | |||
[1] | Revenue is attributed to geographic regions based on location of customer. |
Business Segments And Geogra118
Business Segments And Geographic Information (Information By Industry Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total assets | $ 9,991,167 | $ 9,528,097 | $ 9,405,040 |
Depreciation | 198,074 | 179,300 | 167,072 |
Capital expenditures | 259,974 | 232,319 | 208,321 |
Motorcycles Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,528,530 | 2,502,190 | 2,793,497 |
Depreciation | 188,926 | 171,187 | 160,181 |
Capital expenditures | 249,772 | 224,262 | 199,354 |
Financial Services Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 7,462,637 | 7,025,907 | 6,611,543 |
Depreciation | 9,148 | 8,113 | 6,891 |
Capital expenditures | $ 10,202 | $ 8,057 | $ 8,967 |
Business Segments And Geogra119
Business Segments And Geographic Information (Segment Information By Geographical Locations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Motorcycles and Related Products | $ 1,007,100 | $ 1,140,300 | $ 1,650,800 | $ 1,510,600 | $ 1,031,200 | $ 1,130,600 | $ 1,834,300 | $ 1,571,700 | $ 5,308,744 | [1] | $ 5,567,681 | [1] | $ 5,258,290 | [1] | |
Financial Services | 173,600 | $ 177,100 | $ 173,600 | $ 162,400 | 169,000 | $ 171,000 | $ 166,400 | $ 154,400 | 686,658 | [1] | 660,827 | [1] | 641,582 | [1] | |
Revenue from Financial Services | 5,995,402 | 6,228,508 | 5,899,872 | ||||||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | [2] | 942,418 | 899,945 | 942,418 | 899,945 | 911,693 | |||||||||
United States [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Motorcycles and Related Products | [1] | 3,768,069 | 3,773,087 | 3,562,847 | |||||||||||
Financial Services | [1] | 656,888 | 627,317 | 609,574 | |||||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | [2] | 915,509 | 865,617 | 915,509 | 865,617 | 874,833 | |||||||||
International [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Disclosure on Geographic Areas, Long-Lived Assets in Entity's Country of Domicile | [2] | $ 26,909 | $ 34,328 | 26,909 | 34,328 | 36,860 | |||||||||
Europe [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Motorcycles and Related Products | [1] | 728,198 | 869,690 | 769,864 | |||||||||||
Financial Services | [1] | 5,373 | 5,684 | 4,274 | |||||||||||
Japan [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Motorcycles and Related Products | [1] | 162,675 | 197,792 | 217,700 | |||||||||||
Canada [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Motorcycles and Related Products | [1] | 178,042 | 194,422 | 204,315 | |||||||||||
Financial Services | [1] | 21,180 | 23,707 | 24,486 | |||||||||||
Australia [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Motorcycles and Related Products | [1] | 165,854 | 190,029 | 193,081 | |||||||||||
Other Foreign Countries [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Motorcycles and Related Products | [1] | 305,906 | 342,661 | 310,483 | |||||||||||
Financial Services | [1] | $ 3,217 | $ 4,119 | $ 3,248 | |||||||||||
[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) - Affiliated Entity [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Revenue due from Deeley | $ 111.3 | $ 194.8 | $ 204.8 |
Finance receivables balances due from Deeley | $ 0 | $ 7.4 | $ 11.5 |
Supplemental Consolidating D121
Supplemental Consolidating Data (Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Revenue: | ||||||||||||||
Motorcycles and Related Products | $ 1,007,100 | $ 1,140,300 | $ 1,650,800 | $ 1,510,600 | $ 1,031,200 | $ 1,130,600 | $ 1,834,300 | $ 1,571,700 | $ 5,308,744 | [1] | $ 5,567,681 | [1] | $ 5,258,290 | [1] |
Financial Services | 173,600 | 177,100 | 173,600 | 162,400 | 169,000 | 171,000 | 166,400 | 154,400 | 686,658 | [1] | 660,827 | [1] | 641,582 | [1] |
Total revenue | 5,995,402 | 6,228,508 | 5,899,872 | |||||||||||
Costs and expenses: | ||||||||||||||
Motorcycles and Related Products cost of goods sold | 3,356,284 | 3,542,601 | 3,395,918 | |||||||||||
Financial Services interest expense | 161,983 | 164,476 | 165,491 | |||||||||||
Provision for employee long-term benefits | 101,345 | 80,946 | 60,008 | |||||||||||
Selling, administrative and engineering expense | 1,220,095 | 1,159,502 | 1,124,753 | |||||||||||
Total costs and expenses | 4,839,707 | 4,947,525 | 4,746,170 | |||||||||||
Operating income | 1,155,695 | 1,280,983 | 1,153,702 | |||||||||||
Investment income | 6,585 | 6,499 | 5,859 | |||||||||||
Interest expense | 12,117 | 4,162 | 45,256 | |||||||||||
Loss on debt extinguishment | 1,099 | 3,942 | 4,947 | |||||||||||
Income before provision for income taxes | 60,600 | 214,200 | 464,000 | 411,400 | 99,900 | 225,500 | 549,100 | 408,900 | 1,150,163 | 1,283,320 | 1,114,305 | |||
Provision for income taxes | 397,956 | 438,709 | 380,312 | |||||||||||
Income from continuing operations | 752,207 | 844,611 | 733,993 | |||||||||||
Net income | $ 42,200 | $ 140,300 | $ 299,800 | $ 269,900 | $ 74,500 | $ 150,100 | $ 354,200 | $ 265,900 | 752,207 | 844,611 | 733,993 | |||
Eliminations & Adjustments [Member] | ||||||||||||||
Revenue: | ||||||||||||||
Motorcycles and Related Products | (10,106) | (10,016) | (10,190) | |||||||||||
Financial Services | (1,553) | (1,518) | (1,485) | |||||||||||
Total revenue | (11,659) | (11,534) | (11,675) | |||||||||||
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 | (11,659) | (11,534) | (11,675) | |||||||||||
Total costs and expenses | (11,659) | (11,534) | (11,675) | |||||||||||
Operating income | 0 | 0 | 0 | |||||||||||
Investment income | (100,000) | (120,000) | (185,000) | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Loss on debt extinguishment | 0 | 0 | 0 | |||||||||||
Income before provision for income taxes | (100,000) | (120,000) | (185,000) | |||||||||||
Provision for income taxes | 0 | 0 | 0 | |||||||||||
Income from continuing operations | (100,000) | |||||||||||||
Net income | (100,000) | (120,000) | (185,000) | |||||||||||
Motorcycles & Related Products Operations [Member] | ||||||||||||||
Revenue: | ||||||||||||||
Motorcycles and Related Products | 5,318,850 | 5,577,697 | 5,268,480 | |||||||||||
Financial Services | 0 | 0 | 0 | |||||||||||
Total revenue | 5,318,850 | 5,577,697 | 5,268,480 | |||||||||||
Costs and expenses: | ||||||||||||||
Motorcycles and Related Products cost of goods sold | 3,356,284 | 3,542,601 | 3,395,918 | |||||||||||
Financial Services interest expense | 0 | 0 | 0 | |||||||||||
Provision for employee long-term benefits | 0 | 0 | 0 | |||||||||||
Selling, administrative and engineering expense | 1,078,525 | 1,023,450 | 993,247 | |||||||||||
Total costs and expenses | 4,434,809 | 4,566,051 | 4,389,165 | |||||||||||
Operating income | 884,041 | 1,011,646 | 879,315 | |||||||||||
Investment income | 106,585 | 126,499 | 190,859 | |||||||||||
Interest expense | 12,117 | 4,162 | 45,256 | |||||||||||
Loss on debt extinguishment | 0 | 0 | 0 | |||||||||||
Income before provision for income taxes | 978,509 | 1,133,983 | 1,024,918 | |||||||||||
Provision for income taxes | 300,499 | 338,453 | 279,841 | |||||||||||
Income from continuing operations | 678,010 | |||||||||||||
Net income | 678,010 | 795,530 | 745,077 | |||||||||||
Financial Services Operations [Member] | ||||||||||||||
Revenue: | ||||||||||||||
Motorcycles and Related Products | 0 | 0 | 0 | |||||||||||
Financial Services | 688,211 | 662,345 | 643,067 | |||||||||||
Total revenue | 688,211 | 662,345 | 643,067 | |||||||||||
Costs and expenses: | ||||||||||||||
Motorcycles and Related Products cost of goods sold | 0 | 0 | 0 | |||||||||||
Financial Services interest expense | 161,983 | 164,476 | 165,491 | |||||||||||
Provision for employee long-term benefits | 101,345 | 80,946 | 60,008 | |||||||||||
Selling, administrative and engineering expense | 153,229 | 147,586 | 143,181 | |||||||||||
Total costs and expenses | 416,557 | 393,008 | 368,680 | |||||||||||
Operating income | 271,654 | 269,337 | 274,387 | |||||||||||
Investment income | 0 | 0 | 0 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Loss on debt extinguishment | 1,099 | 3,942 | 4,947 | |||||||||||
Income before provision for income taxes | 271,654 | 269,337 | 274,387 | |||||||||||
Provision for income taxes | 97,457 | 100,256 | 100,471 | |||||||||||
Income from continuing operations | 174,197 | |||||||||||||
Net income | $ 174,197 | $ 169,081 | $ 173,916 | |||||||||||
[1] | Revenue is attributed to geographic regions based on location of customer. |
Supplemental Consolidating D122
Supplemental Consolidating Data (Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | |||||
Cash and cash equivalents | $ 722,209 | $ 906,680 | $ 1,066,612 | $ 1,066,612 | $ 1,068,138 |
Marketable securities | 45,192 | 57,325 | |||
Accounts receivable, net | 247,405 | 247,621 | |||
Finance receivables, net | 2,053,582 | 1,916,635 | |||
Inventories | 585,907 | 448,871 | |||
Restricted cash | 88,267 | 98,627 | |||
Deferred income taxes | 102,769 | 89,916 | |||
Other current assets | 137,823 | 182,420 | |||
Total current assets | 3,983,154 | 3,948,095 | |||
Notes, Loans and Financing Receivable, Net, Noncurrent | 4,814,571 | 4,516,246 | |||
Property, plant and equipment, net | 942,418 | 883,077 | |||
Goodwill | 54,182 | 27,752 | |||
Deferred income taxes | 99,614 | 77,835 | |||
Other long-term assets | 97,228 | 75,092 | |||
Total assets | 9,991,167 | 9,528,097 | 9,405,040 | ||
Current liabilities: | |||||
Accounts payable | 235,614 | 196,868 | |||
Accrued liabilities | 471,964 | 449,317 | |||
Short-term Debt | 1,201,380 | 731,786 | |||
Current portion of long-term debt | 843,620 | 1,011,315 | |||
Total current liabilities | 2,752,578 | 2,389,286 | |||
Long-term debt | 4,845,388 | 3,761,528 | |||
Pension liability | 164,888 | 76,186 | |||
Postretirement healthcare liability | 193,659 | 203,006 | |||
Other long-term liabilities | $ 195,000 | $ 188,805 | |||
Commitments and contingencies (Note 15) | |||||
Shareholders’ equity: | |||||
Total shareholders’ equity | $ 1,839,654 | $ 2,909,286 | 3,009,486 | 2,557,624 | |
Total liabilities and shareholders' equity | 9,991,167 | 9,528,097 | |||
Motorcycles & Related Products Operations [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 400,443 | 573,895 | 718,912 | 727,716 | |
Marketable securities | 45,192 | 57,325 | |||
Accounts receivable, net | 390,799 | 658,735 | |||
Finance receivables, net | 0 | 0 | |||
Inventories | 585,907 | 448,871 | |||
Restricted cash | 0 | 0 | |||
Deferred income taxes | 56,319 | 50,015 | |||
Other current assets | 90,824 | 142,278 | |||
Total current assets | 1,569,484 | 1,931,119 | |||
Notes, Loans and Financing Receivable, Net, Noncurrent | 0 | 0 | |||
Property, plant and equipment, net | 906,972 | 848,661 | |||
Goodwill | 54,182 | 27,752 | |||
Deferred income taxes | 86,075 | 75,121 | |||
Other long-term assets | 140,034 | 113,727 | |||
Total assets | 2,756,747 | 2,996,380 | |||
Current liabilities: | |||||
Accounts payable | 220,050 | 171,098 | |||
Accrued liabilities | 387,137 | 370,652 | |||
Short-term Debt | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total current liabilities | 607,187 | 541,750 | |||
Long-term debt | 746,934 | 0 | |||
Pension liability | 164,888 | 76,186 | |||
Postretirement healthcare liability | 193,659 | 203,006 | |||
Other long-term liabilities | 166,440 | 164,060 | |||
Shareholders’ equity: | |||||
Total shareholders’ equity | 877,639 | 2,011,378 | |||
Total liabilities and shareholders' equity | 2,756,747 | 2,996,380 | |||
Financial Services Operations [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 321,766 | 332,785 | 347,700 | 340,422 | |
Marketable securities | 0 | 0 | |||
Accounts receivable, net | 0 | 0 | |||
Finance receivables, net | 2,053,582 | 1,916,635 | |||
Inventories | 0 | 0 | |||
Restricted cash | 88,267 | 98,627 | |||
Deferred income taxes | 46,450 | 39,901 | |||
Other current assets | 49,078 | 43,125 | |||
Total current assets | 2,559,143 | 2,431,073 | |||
Notes, Loans and Financing Receivable, Net, Noncurrent | 4,814,571 | 4,516,246 | |||
Property, plant and equipment, net | 35,446 | 34,416 | |||
Goodwill | 0 | 0 | |||
Deferred income taxes | 15,681 | 4,863 | |||
Other long-term assets | 37,796 | 39,309 | |||
Total assets | 7,462,637 | 7,025,907 | |||
Current liabilities: | |||||
Accounts payable | 158,958 | 436,884 | |||
Accrued liabilities | 89,048 | 83,797 | |||
Short-term Debt | 1,201,380 | 731,786 | |||
Current portion of long-term debt | 843,620 | 1,011,315 | |||
Total current liabilities | 2,293,006 | 2,263,782 | |||
Long-term debt | 4,098,454 | 3,761,528 | |||
Pension liability | 0 | 0 | |||
Postretirement healthcare liability | 0 | 0 | |||
Other long-term liabilities | 28,560 | 24,745 | |||
Shareholders’ equity: | |||||
Total shareholders’ equity | 1,042,617 | 975,852 | |||
Total liabilities and shareholders' equity | 7,462,637 | 7,025,907 | |||
Eliminations & Adjustments [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Marketable securities | 0 | 0 | |||
Accounts receivable, net | (143,394) | (411,114) | |||
Finance receivables, net | 0 | 0 | |||
Inventories | 0 | 0 | |||
Restricted cash | 0 | 0 | |||
Deferred income taxes | 0 | 0 | |||
Other current assets | (2,079) | (2,983) | |||
Total current assets | (145,473) | (414,097) | |||
Notes, Loans and Financing Receivable, Net, Noncurrent | 0 | 0 | |||
Property, plant and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Deferred income taxes | (2,142) | (2,149) | |||
Other long-term assets | (80,602) | (77,944) | |||
Total assets | (228,217) | (494,190) | |||
Current liabilities: | |||||
Accounts payable | (143,394) | (411,114) | |||
Accrued liabilities | (4,221) | (5,132) | |||
Short-term Debt | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Total current liabilities | (147,615) | (416,246) | |||
Long-term debt | 0 | 0 | |||
Pension liability | 0 | 0 | |||
Postretirement healthcare liability | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Shareholders’ equity: | |||||
Total shareholders’ equity | (80,602) | (77,944) | |||
Total liabilities and shareholders' equity | $ (228,217) | $ (494,190) |
Supplemental Consolidating D123
Supplemental Consolidating Data (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Net income | $ 42,200 | $ 140,300 | $ 299,800 | $ 269,900 | $ 74,500 | $ 150,100 | $ 354,200 | $ 265,900 | $ 752,207 | $ 844,611 | $ 733,993 | |
Income (loss) from continuing operations | 752,207 | 844,611 | 733,993 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 198,074 | 179,300 | 167,072 | |||||||||
Amortization of deferred loan origination costs | 93,546 | 94,429 | 86,181 | |||||||||
Amortization of financing origination fees | 9,975 | 8,442 | 9,376 | |||||||||
Provision for long-term employee benefits | 60,824 | 33,709 | 66,877 | |||||||||
Contributions to pension and postretirement plans | (28,490) | (29,686) | (204,796) | |||||||||
Stock compensation expense | 29,433 | 37,929 | 41,244 | |||||||||
Net change in wholesale finance receivables related to sales | (113,970) | (75,210) | 28,865 | |||||||||
Provision for credit losses | 101,345 | 80,946 | 60,008 | |||||||||
Loss on debt extinguishment | 1,099 | 3,942 | 4,947 | |||||||||
Deferred income taxes | 16,484 | 7,621 | (52,580) | |||||||||
Foreign currency adjustments | 20,067 | 21,964 | 16,269 | |||||||||
Other, net | 846 | (1,491) | 10,123 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable | (13,665) | (9,809) | (36,653) | |||||||||
Finance receivables – accrued interest and other | (3,046) | (2,515) | (346) | |||||||||
Inventories | (155,222) | (50,886) | (46,474) | |||||||||
Accounts payable and accrued liabilities | 138,823 | 21,309 | (78,665) | |||||||||
Derivative instruments | (5,615) | 703 | (2,189) | |||||||||
Prepaid and other | 30,371 | (3,389) | 68,681 | |||||||||
Total adjustments | 347,911 | 302,066 | 243,100 | |||||||||
Net cash provided by operating activities of continuing operations | 1,100,118 | 1,146,677 | 977,093 | |||||||||
Cash flows from investing activities of continuing operations: | ||||||||||||
Capital expenditures | (259,974) | (232,319) | (208,321) | |||||||||
Origination of finance receivables | (3,751,830) | (3,568,423) | (3,244,005) | |||||||||
Collections on finance receivables | 3,136,885 | 3,013,245 | 2,831,994 | |||||||||
Purchases of marketable securities | 0 | 0 | (4,998) | |||||||||
Sales and redemptions of marketable securities | 11,507 | 41,010 | 40,108 | |||||||||
Payments to Acquire Businesses, Gross | (59,910) | 0 | 0 | |||||||||
Other | $ 16,355 | 7,474 | 1,837 | 16,355 | ||||||||
Net cash used by investing activities | (915,848) | (744,650) | (568,867) | |||||||||
Cash flows from financing activities of continuing operations: | ||||||||||||
Proceeds from issuance of medium-term notes | 595,386 | 991,835 | 0 | |||||||||
Repayments of medium-term notes | (610,331) | (526,431) | (27,858) | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 740,385 | 0 | 0 | |||||||||
Repayments of Unsecured Debt | (303,000) | |||||||||||
Intercompany Borrowing Activity | 0 | 0 | 0 | |||||||||
Proceeds from securitization debt | 1,195,668 | 847,126 | 647,516 | |||||||||
Repayments of securitization debt | (1,008,135) | (834,856) | (840,387) | |||||||||
Borrowings of asset-backed commercial paper | 87,442 | 84,907 | 88,456 | |||||||||
Net increase in credit facilities and unsecured commercial paper | 469,473 | 63,945 | 371,085 | |||||||||
Net repayments in asset-backed commercial paper | (72,727) | (77,800) | (78,765) | |||||||||
Net change in restricted cash | 11,410 | 22,755 | 43,201 | |||||||||
Dividends | (249,262) | (238,300) | (187,688) | |||||||||
Purchase of common stock for treasury | (1,537,020) | (615,602) | (479,231) | |||||||||
Excess tax benefits from share-based payments | 3,468 | 11,540 | 19,895 | |||||||||
Issuance of common stock under employee stock option plans | 20,179 | 37,785 | 50,567 | |||||||||
Net cash used by financing activities | (354,064) | (536,096) | (393,209) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (14,677) | (25,863) | (16,543) | |||||||||
Net decrease in cash and cash equivalents | (184,471) | (159,932) | (1,526) | |||||||||
Cash and cash equivalents—beginning of period | 906,680 | $ 1,066,612 | 1,066,612 | 1,068,138 | 906,680 | 1,066,612 | 1,068,138 | |||||
Net decrease in cash and cash equivalents | (184,471) | (159,932) | (1,526) | |||||||||
Cash and cash equivalents—end of period | 722,209 | 906,680 | $ 1,066,612 | 722,209 | 906,680 | 1,066,612 | ||||||
Motorcycles & Related Products Operations [Member] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Net income | 678,010 | 795,530 | 745,077 | |||||||||
Income (loss) from continuing operations | 678,010 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 188,926 | 171,187 | 160,181 | |||||||||
Amortization of deferred loan origination costs | 0 | 0 | 0 | |||||||||
Amortization of financing origination fees | 267 | 59 | 473 | |||||||||
Provision for long-term employee benefits | 60,824 | 33,709 | 66,877 | |||||||||
Contributions to pension and postretirement plans | (28,490) | (29,686) | (204,796) | |||||||||
Stock compensation expense | 26,775 | 35,064 | 38,367 | |||||||||
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 | |||||||||
Deferred income taxes | 4,792 | 191 | (54,568) | |||||||||
Foreign currency adjustments | 20,067 | 21,964 | 16,269 | |||||||||
Other, net | (442) | 20,273 | 10,942 | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable | 4,055 | (31,740) | (24,273) | |||||||||
Finance receivables – accrued interest and other | 0 | 0 | 0 | |||||||||
Inventories | (155,222) | (50,886) | (46,474) | |||||||||
Accounts payable and accrued liabilities | 81,929 | 18,255 | (85,949) | |||||||||
Derivative instruments | (5,615) | 703 | (2,161) | |||||||||
Prepaid and other | 33,658 | (17,187) | 70,900 | |||||||||
Total adjustments | 221,940 | 171,524 | 54,924 | |||||||||
Net cash provided by operating activities of continuing operations | 899,950 | 967,054 | 800,001 | |||||||||
Cash flows from investing activities of continuing operations: | ||||||||||||
Capital expenditures | (249,772) | (224,262) | (199,354) | |||||||||
Origination of finance receivables | 0 | 0 | 0 | |||||||||
Collections on finance receivables | 0 | 0 | 0 | |||||||||
Purchases of marketable securities | (4,998) | |||||||||||
Sales and redemptions of marketable securities | 11,507 | 41,010 | 40,108 | |||||||||
Payments to Acquire Businesses, Gross | (59,910) | |||||||||||
Other | 16,355 | 7,474 | 1,837 | |||||||||
Net cash used by investing activities | (290,701) | (181,415) | (147,889) | |||||||||
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 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 740,385 | |||||||||||
Repayments of Unsecured Debt | (303,000) | |||||||||||
Intercompany Borrowing Activity | 250,000 | 200,000 | (50,000) | |||||||||
Proceeds from securitization debt | 0 | 0 | 0 | |||||||||
Repayments of securitization debt | 0 | 0 | 0 | |||||||||
Borrowings of asset-backed commercial paper | 0 | 0 | 0 | |||||||||
Net increase 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 | (249,262) | (238,300) | (187,688) | |||||||||
Purchase of common stock for treasury | (1,537,020) | (615,602) | (479,231) | |||||||||
Excess tax benefits from share-based payments | 3,468 | 11,540 | 19,895 | |||||||||
Issuance of common stock under employee stock option plans | 20,179 | 37,785 | 50,567 | |||||||||
Net cash used by financing activities | (772,250) | (907,577) | (646,457) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (10,451) | (23,079) | (14,459) | |||||||||
Net decrease in cash and cash equivalents | (173,452) | (145,017) | (8,804) | |||||||||
Cash and cash equivalents—beginning of period | 573,895 | 718,912 | 727,716 | 573,895 | 718,912 | 727,716 | ||||||
Net decrease in cash and cash equivalents | (173,452) | (145,017) | (8,804) | |||||||||
Cash and cash equivalents—end of period | 400,443 | 573,895 | 400,443 | 573,895 | 718,912 | |||||||
Financial Services Operations [Member] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Net income | 174,197 | 169,081 | 173,916 | |||||||||
Income (loss) from continuing operations | 174,197 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | 9,148 | 8,113 | 6,891 | |||||||||
Amortization of deferred loan origination costs | 93,546 | 94,429 | 86,181 | |||||||||
Amortization of financing origination fees | 9,708 | 8,383 | 8,903 | |||||||||
Provision for long-term employee benefits | 0 | 0 | 0 | |||||||||
Contributions to pension and postretirement plans | 0 | 0 | 0 | |||||||||
Stock compensation expense | 2,658 | 2,865 | 2,877 | |||||||||
Net change in wholesale finance receivables related to sales | 0 | 0 | 0 | |||||||||
Provision for credit losses | 101,345 | 80,946 | 60,008 | |||||||||
Loss on debt extinguishment | 1,099 | 3,942 | 4,947 | |||||||||
Deferred income taxes | 11,692 | (7,430) | 1,988 | |||||||||
Foreign currency adjustments | 0 | 0 | 0 | |||||||||
Other, net | 1,288 | (21,764) | (819) | |||||||||
Changes in current assets and liabilities: | ||||||||||||
Accounts receivable | 0 | 0 | 0 | |||||||||
Finance receivables – accrued interest and other | (3,046) | (2,515) | (346) | |||||||||
Inventories | 0 | 0 | 0 | |||||||||
Accounts payable and accrued liabilities | 18,539 | 21,629 | (5,096) | |||||||||
Derivative instruments | 0 | 0 | (28) | |||||||||
Prepaid and other | (3,287) | 13,798 | (2,219) | |||||||||
Total adjustments | 219,306 | 202,396 | 159,311 | |||||||||
Net cash provided by operating activities of continuing operations | 393,503 | 371,477 | 333,227 | |||||||||
Cash flows from investing activities of continuing operations: | ||||||||||||
Capital expenditures | (10,202) | (8,057) | (8,967) | |||||||||
Origination of finance receivables | (7,836,279) | (7,693,884) | (7,140,533) | |||||||||
Collections on finance receivables | 7,127,999 | 7,066,852 | 6,757,387 | |||||||||
Purchases of marketable securities | 0 | |||||||||||
Sales and redemptions of marketable securities | 0 | 0 | 0 | |||||||||
Payments to Acquire Businesses, Gross | 0 | |||||||||||
Other | 0 | 0 | 0 | |||||||||
Net cash used by investing activities | (718,482) | (635,089) | (392,113) | |||||||||
Cash flows from financing activities of continuing operations: | ||||||||||||
Proceeds from issuance of medium-term notes | 595,386 | 991,835 | ||||||||||
Repayments of medium-term notes | (610,331) | (526,431) | (27,858) | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | |||||||||||
Repayments of Unsecured Debt | 0 | |||||||||||
Intercompany Borrowing Activity | (250,000) | (200,000) | 50,000 | |||||||||
Proceeds from securitization debt | 1,195,668 | 847,126 | 647,516 | |||||||||
Repayments of securitization debt | (1,008,135) | (834,856) | (840,387) | |||||||||
Borrowings of asset-backed commercial paper | 87,442 | 84,907 | 88,456 | |||||||||
Net increase in credit facilities and unsecured commercial paper | 469,473 | 63,945 | 371,085 | |||||||||
Net repayments in asset-backed commercial paper | (72,727) | (77,800) | (78,765) | |||||||||
Net change in restricted cash | 11,410 | 22,755 | 43,201 | |||||||||
Dividends | (100,000) | (120,000) | (185,000) | |||||||||
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 | 318,186 | 251,481 | 68,248 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (4,226) | (2,784) | (2,084) | |||||||||
Net decrease in cash and cash equivalents | (11,019) | (14,915) | 7,278 | |||||||||
Cash and cash equivalents—beginning of period | 332,785 | 347,700 | 340,422 | 332,785 | 347,700 | 340,422 | ||||||
Net decrease in cash and cash equivalents | (11,019) | (14,915) | 7,278 | |||||||||
Cash and cash equivalents—end of period | 321,766 | 332,785 | 321,766 | 332,785 | 347,700 | |||||||
Eliminations & Adjustments [Member] | ||||||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Net income | (100,000) | (120,000) | (185,000) | |||||||||
Income (loss) from continuing operations | (100,000) | |||||||||||
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 long-term employee 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 | (113,970) | (75,210) | 28,865 | |||||||||
Provision for credit losses | 0 | 0 | 0 | |||||||||
Loss on debt extinguishment | 0 | 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 | (17,720) | 21,931 | (12,380) | |||||||||
Finance receivables – accrued interest and other | 0 | 0 | 0 | |||||||||
Inventories | 0 | 0 | 0 | |||||||||
Accounts payable and accrued liabilities | 38,355 | (18,575) | 12,380 | |||||||||
Derivative instruments | 0 | 0 | 0 | |||||||||
Prepaid and other | 0 | 0 | 0 | |||||||||
Total adjustments | (93,335) | (71,854) | 28,865 | |||||||||
Net cash provided by operating activities of continuing operations | (193,335) | (191,854) | (156,135) | |||||||||
Cash flows from investing activities of continuing operations: | ||||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||
Origination of finance receivables | 4,084,449 | 4,125,461 | 3,896,528 | |||||||||
Collections on finance receivables | (3,991,114) | (4,053,607) | (3,925,393) | |||||||||
Purchases of marketable securities | 0 | |||||||||||
Sales and redemptions of marketable securities | 0 | 0 | 0 | |||||||||
Payments to Acquire Businesses, Gross | 0 | |||||||||||
Other | 0 | 0 | 0 | |||||||||
Net cash used by investing activities | 93,335 | 71,854 | (28,865) | |||||||||
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 | |||||||||
Proceeds from Issuance of Senior Long-term Debt | 0 | |||||||||||
Repayments of Unsecured Debt | 0 | |||||||||||
Intercompany Borrowing Activity | 0 | 0 | 0 | |||||||||
Proceeds from securitization debt | 0 | 0 | 0 | |||||||||
Repayments of securitization debt | 0 | 0 | 0 | |||||||||
Borrowings of asset-backed commercial paper | 0 | 0 | 0 | |||||||||
Net increase 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 | 100,000 | 120,000 | 185,000 | |||||||||
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 | 100,000 | 120,000 | 185,000 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | |||||||||
Net decrease in cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and cash equivalents—beginning of period | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Net decrease in cash and cash equivalents | 0 | 0 | 0 | |||||||||
Cash and cash equivalents—end of period | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Financial Services Segment [Member] - Subsequent Event [Member] $ in Millions | Jan. 05, 2016USD ($) |
Medium Term Notes due 2019 2.25 rate [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 600 |
Weighted average interest rate of asset-backed securitization transactions | 2.25% |
Medium-Term Notes Due 2021 [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Face Amount | $ 600 |
Weighted average interest rate of asset-backed securitization transactions | 2.85% |
Supplementary Data (Quarterly F
Supplementary Data (Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Motorcycles and Related Products | $ 1,007,100 | $ 1,140,300 | $ 1,650,800 | $ 1,510,600 | $ 1,031,200 | $ 1,130,600 | $ 1,834,300 | $ 1,571,700 | $ 5,308,744 | [1] | $ 5,567,681 | [1] | $ 5,258,290 | [1] |
Operating income | 1,155,695 | 1,280,983 | 1,153,702 | |||||||||||
Financial Services | 173,600 | 177,100 | 173,600 | 162,400 | 169,000 | 171,000 | 166,400 | 154,400 | 686,658 | [1] | 660,827 | [1] | 641,582 | [1] |
Income (loss) before taxes | 60,600 | 214,200 | 464,000 | 411,400 | 99,900 | 225,500 | 549,100 | 408,900 | 1,150,163 | 1,283,320 | 1,114,305 | |||
Income (loss) from continuing operations | 752,207 | 844,611 | 733,993 | |||||||||||
Net income | $ 42,200 | $ 140,300 | $ 299,800 | $ 269,900 | $ 74,500 | $ 150,100 | $ 354,200 | $ 265,900 | $ 752,207 | $ 844,611 | $ 733,993 | |||
Earnings per common share: | ||||||||||||||
Basic (in dollars per share) | $ 0.22 | $ 0.69 | $ 1.44 | $ 1.28 | $ 0.35 | $ 0.70 | $ 1.63 | $ 1.21 | $ 3.71 | $ 3.90 | $ 3.30 | |||
Diluted (in dollars per share) | $ 0.22 | $ 0.69 | $ 1.44 | $ 1.27 | $ 0.35 | $ 0.69 | $ 1.62 | $ 1.21 | $ 3.69 | $ 3.88 | $ 3.28 | |||
Motorcycles Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Motorcycles and Related Products | $ 5,308,744 | $ 5,567,681 | $ 5,258,290 | |||||||||||
Operating income | $ 6,400 | $ 143,100 | $ 380,600 | $ 345,500 | $ 35,900 | $ 146,300 | $ 473,300 | $ 347,700 | 875,490 | 1,003,147 | 870,609 | |||
Financial Services Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating income | $ 60,900 | $ 72,800 | $ 81,900 | $ 64,700 | $ 62,400 | $ 77,800 | $ 74,400 | $ 63,200 | 280,205 | 277,836 | 283,093 | |||
Financial Services | $ 686,658 | $ 660,827 | $ 641,582 | |||||||||||
[1] | Revenue is attributed to geographic regions based on location of customer. |
Consolidated Valuation And Q126
Consolidated Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accounts Receivable - Allowance For Doubtful Accounts [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | $ 3,458 | $ 4,960 | $ 4,954 | |
Provision charged to expense | 266 | (471) | 245 | |
Reserve adjustments | (276) | (394) | (136) | |
Write-offs, net of recoveries | (543) | (637) | (103) | |
Balance at end of period | 2,905 | 3,458 | 4,960 | |
Finance Receivables - Allowance For Credit Losses [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 127,364 | 110,693 | 107,667 | |
Provision charged to expense | 101,345 | 80,946 | 60,008 | |
Write-offs, net of recoveries | (81,531) | (64,275) | (56,982) | |
Balance at end of period | 147,178 | 127,364 | 110,693 | |
Inventories - Allowance For Obsolescence [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | [1] | 17,775 | 17,463 | 22,936 |
Provision charged to expense | [1] | 19,564 | 19,044 | 5,254 |
Reserve adjustments | [1] | (1,028) | (399) | (1,281) |
Write-offs, net of recoveries | [1] | (9,571) | (18,333) | (9,446) |
Balance at end of period | [1] | 26,740 | 17,775 | 17,463 |
Deferred Tax Assets - Valuation Allowance [Member] | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of period | 25,462 | 21,818 | 16,314 | |
Reserve adjustments | (4,803) | 3,644 | 5,504 | |
Balance at end of period | $ 20,659 | $ 25,462 | $ 21,818 | |
[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. |