Supplemental Consolidating Data - Schedule of Cash Flows (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2026 |
Jun. 30, 2026 |
Mar. 31, 2026 |
Sep. 30, 2025 |
Jun. 30, 2025 |
Mar. 31, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
$ 40,943
|
$ 78,981
|
$ 24,123
|
$ 375,165
|
$ 105,745
|
$ 130,797
|
$ 144,047
|
$ 611,709
|
| Adjustments to reconcile Net income to Net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
38,777
|
|
|
44,210
|
|
|
125,480
|
126,339
|
| Amortization of deferred loan origination costs |
|
|
|
|
|
|
8,324
|
43,871
|
| Amortization of financing origination fees |
|
|
|
|
|
|
3,676
|
9,773
|
| Income related to long-term employee benefits |
|
|
|
|
|
|
(32,112)
|
(41,287)
|
| Employee benefit plan contributions and payments |
|
|
|
|
|
|
(5,039)
|
(5,091)
|
| Stock compensation expense |
|
|
|
|
|
|
25,459
|
25,838
|
| Net change in wholesale finance receivables related to sales |
|
|
|
|
|
|
603
|
(183,006)
|
| Provision for credit losses |
|
|
|
|
|
|
51,120
|
(198,427)
|
| Collections from finance receivables held for sale |
|
|
|
|
|
|
128,186
|
16,916
|
| Proceeds from sale of finance receivables held for sale |
|
|
|
|
|
|
1,307,502
|
0
|
| Originations of finance receivables held for sale |
|
|
|
|
|
|
(1,727,770)
|
(414,009)
|
| Gain on sale of securitization beneficial interests |
|
|
|
|
|
|
(856)
|
(26,958)
|
| Deferred income taxes |
|
|
|
|
|
|
(5,770)
|
92,122
|
| Other, net |
|
|
|
|
|
|
44,976
|
19,360
|
| Changes in current assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable, net |
|
|
|
|
|
|
(55,675)
|
(46,415)
|
| Finance receivables – accrued interest and other |
|
|
|
|
|
|
(7,877)
|
11,279
|
| Inventories, net |
|
|
|
|
|
|
263,392
|
262,287
|
| Accounts payable and accrued liabilities |
|
|
|
|
|
|
3,647
|
75,039
|
| Other current assets |
|
|
|
|
|
|
4,621
|
37,563
|
| Total adjustments |
|
|
|
|
|
|
131,887
|
(194,806)
|
| Net cash provided by operating activities |
|
|
|
|
|
|
275,934
|
416,903
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
|
|
|
|
(64,422)
|
(102,090)
|
| Origination of finance receivables held for investment |
|
|
|
|
|
|
(1,298,341)
|
(2,287,369)
|
| Collections on finance receivables held for investment |
|
|
|
|
|
|
861,678
|
2,459,406
|
| Proceeds from sale of securitization beneficial interests, net |
|
|
|
|
|
|
0
|
125,369
|
| Collection of retained securitization beneficial interests |
|
|
|
|
|
|
32,115
|
9,353
|
| Proceeds from derivative instruments |
|
|
|
|
|
|
51,574
|
0
|
| Other investing activities |
|
|
|
|
|
|
(52)
|
808
|
| Net cash used by investing activities |
|
|
|
|
|
|
(417,448)
|
205,477
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from issuance of medium-term notes |
|
|
|
|
|
|
0
|
647,088
|
| Repayments of medium-term notes |
|
|
|
|
|
|
(810,950)
|
(700,000)
|
| Proceeds from term loan |
|
|
|
|
|
|
0
|
448,013
|
| Repayments of senior unsecured notes |
|
|
|
|
|
|
0
|
(450,000)
|
| Proceeds from securitization debt |
|
|
|
|
|
|
0
|
497,790
|
| Repayments of securitization debt |
|
|
|
|
|
|
0
|
(718,034)
|
| Borrowings of asset-backed commercial paper |
|
|
|
|
|
|
260,250
|
155,000
|
| Repayments of asset-backed commercial paper |
|
|
|
|
|
|
(17,675)
|
(217,554)
|
| Net (decrease) increase in unsecured commercial paper |
|
|
|
|
|
|
(26,744)
|
44,938
|
| Net increase in deposits |
|
|
|
|
|
|
196
|
3,312
|
| Dividends paid |
|
|
|
|
|
|
(60,382)
|
(66,288)
|
| Repurchase of common stock |
|
|
|
|
|
|
(191,169)
|
(193,209)
|
| Other financing activities |
|
|
|
|
|
|
96
|
1,269
|
| Net cash used by financing activities |
|
|
|
|
|
|
(846,378)
|
(547,675)
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(10,489)
|
11,009
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(998,381)
|
85,714
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
3,091,744
|
|
|
1,740,854
|
3,091,744
|
1,740,854
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(998,381)
|
85,714
|
| Cash, cash equivalents and restricted cash, end of period |
2,093,363
|
|
|
1,826,568
|
|
|
2,093,363
|
1,826,568
|
| Reportable Legal Entities | Non-Financial Services Entities |
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
35,844
|
|
|
53,253
|
|
|
206,395
|
189,601
|
| Adjustments to reconcile Net income to Net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
123,471
|
119,178
|
| Amortization of deferred loan origination costs |
|
|
|
|
|
|
0
|
0
|
| Amortization of financing origination fees |
|
|
|
|
|
|
96
|
694
|
| Income related to long-term employee benefits |
|
|
|
|
|
|
(32,112)
|
(41,287)
|
| Employee benefit plan contributions and payments |
|
|
|
|
|
|
(5,039)
|
(5,091)
|
| Stock compensation expense |
|
|
|
|
|
|
24,261
|
24,192
|
| Net change in wholesale finance receivables related to sales |
|
|
|
|
|
|
0
|
0
|
| Provision for credit losses |
|
|
|
|
|
|
0
|
0
|
| Collections from finance receivables held for sale |
|
|
|
|
|
|
0
|
0
|
| Proceeds from sale of finance receivables held for sale |
|
|
|
|
|
|
0
|
|
| Originations of finance receivables held for sale |
|
|
|
|
|
|
0
|
0
|
| Gain on sale of securitization beneficial interests |
|
|
|
|
|
|
0
|
0
|
| Deferred income taxes |
|
|
|
|
|
|
6,742
|
6,109
|
| Other, net |
|
|
|
|
|
|
30,790
|
(9,166)
|
| Changes in current assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable, net |
|
|
|
|
|
|
(205,955)
|
(187,078)
|
| Finance receivables – accrued interest and other |
|
|
|
|
|
|
0
|
0
|
| Inventories, net |
|
|
|
|
|
|
263,392
|
262,287
|
| Accounts payable and accrued liabilities |
|
|
|
|
|
|
46,668
|
3,969
|
| Other current assets |
|
|
|
|
|
|
(40,341)
|
68,175
|
| Total adjustments |
|
|
|
|
|
|
211,973
|
241,982
|
| Net cash provided by operating activities |
|
|
|
|
|
|
418,368
|
431,583
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
|
|
|
|
(64,259)
|
(101,672)
|
| Origination of finance receivables held for investment |
|
|
|
|
|
|
0
|
0
|
| Collections on finance receivables held for investment |
|
|
|
|
|
|
0
|
0
|
| Proceeds from sale of securitization beneficial interests, net |
|
|
|
|
|
|
|
0
|
| Collection of retained securitization beneficial interests |
|
|
|
|
|
|
0
|
0
|
| Proceeds from derivative instruments |
|
|
|
|
|
|
0
|
|
| Other investing activities |
|
|
|
|
|
|
(52)
|
808
|
| Net cash used by investing activities |
|
|
|
|
|
|
(64,311)
|
(100,864)
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from issuance of medium-term notes |
|
|
|
|
|
|
|
0
|
| Repayments of medium-term notes |
|
|
|
|
|
|
0
|
0
|
| Proceeds from term loan |
|
|
|
|
|
|
|
448,013
|
| Repayments of senior unsecured notes |
|
|
|
|
|
|
|
(450,000)
|
| Proceeds from securitization debt |
|
|
|
|
|
|
|
0
|
| Repayments of securitization debt |
|
|
|
|
|
|
|
0
|
| Borrowings of asset-backed commercial paper |
|
|
|
|
|
|
0
|
0
|
| Repayments of asset-backed commercial paper |
|
|
|
|
|
|
0
|
0
|
| Net (decrease) increase in unsecured commercial paper |
|
|
|
|
|
|
0
|
0
|
| Net increase in deposits |
|
|
|
|
|
|
0
|
0
|
| Dividends paid |
|
|
|
|
|
|
(60,382)
|
(66,288)
|
| Repurchase of common stock |
|
|
|
|
|
|
(191,169)
|
(193,209)
|
| Other financing activities |
|
|
|
|
|
|
96
|
1,269
|
| Net cash used by financing activities |
|
|
|
|
|
|
(251,455)
|
(260,215)
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(7,994)
|
9,014
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
94,608
|
79,518
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
1,314,917
|
|
|
1,105,663
|
1,314,917
|
1,105,663
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
94,608
|
79,518
|
| Cash, cash equivalents and restricted cash, end of period |
1,409,525
|
|
|
1,185,181
|
|
|
1,409,525
|
1,185,181
|
| Reportable Legal Entities | Financial Services Entities |
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
5,138
|
|
|
321,889
|
|
|
37,672
|
422,132
|
| Adjustments to reconcile Net income to Net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
2,009
|
7,161
|
| Amortization of deferred loan origination costs |
|
|
|
|
|
|
8,324
|
43,871
|
| Amortization of financing origination fees |
|
|
|
|
|
|
3,580
|
9,079
|
| Income related to long-term employee benefits |
|
|
|
|
|
|
0
|
0
|
| Employee benefit plan contributions and payments |
|
|
|
|
|
|
0
|
0
|
| Stock compensation expense |
|
|
|
|
|
|
1,198
|
1,646
|
| Net change in wholesale finance receivables related to sales |
|
|
|
|
|
|
0
|
0
|
| Provision for credit losses |
|
|
|
|
|
|
51,120
|
(198,427)
|
| Collections from finance receivables held for sale |
|
|
|
|
|
|
128,186
|
16,916
|
| Proceeds from sale of finance receivables held for sale |
|
|
|
|
|
|
1,307,502
|
|
| Originations of finance receivables held for sale |
|
|
|
|
|
|
(1,727,770)
|
(414,009)
|
| Gain on sale of securitization beneficial interests |
|
|
|
|
|
|
(856)
|
(26,958)
|
| Deferred income taxes |
|
|
|
|
|
|
(12,365)
|
86,022
|
| Other, net |
|
|
|
|
|
|
14,167
|
28,502
|
| Changes in current assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable, net |
|
|
|
|
|
|
0
|
0
|
| Finance receivables – accrued interest and other |
|
|
|
|
|
|
(7,877)
|
11,279
|
| Inventories, net |
|
|
|
|
|
|
0
|
0
|
| Accounts payable and accrued liabilities |
|
|
|
|
|
|
130,769
|
194,538
|
| Other current assets |
|
|
|
|
|
|
13,657
|
(19,396)
|
| Total adjustments |
|
|
|
|
|
|
(88,356)
|
(259,776)
|
| Net cash provided by operating activities |
|
|
|
|
|
|
(50,684)
|
162,356
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
|
|
|
|
(163)
|
(418)
|
| Origination of finance receivables held for investment |
|
|
|
|
|
|
(3,475,268)
|
(4,477,446)
|
| Collections on finance receivables held for investment |
|
|
|
|
|
|
3,046,855
|
4,472,447
|
| Proceeds from sale of securitization beneficial interests, net |
|
|
|
|
|
|
|
125,369
|
| Collection of retained securitization beneficial interests |
|
|
|
|
|
|
32,115
|
9,353
|
| Proceeds from derivative instruments |
|
|
|
|
|
|
51,574
|
|
| Other investing activities |
|
|
|
|
|
|
0
|
0
|
| Net cash used by investing activities |
|
|
|
|
|
|
(344,887)
|
129,305
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from issuance of medium-term notes |
|
|
|
|
|
|
|
647,088
|
| Repayments of medium-term notes |
|
|
|
|
|
|
(810,950)
|
(700,000)
|
| Proceeds from term loan |
|
|
|
|
|
|
|
0
|
| Repayments of senior unsecured notes |
|
|
|
|
|
|
|
0
|
| Proceeds from securitization debt |
|
|
|
|
|
|
|
497,790
|
| Repayments of securitization debt |
|
|
|
|
|
|
|
(718,034)
|
| Borrowings of asset-backed commercial paper |
|
|
|
|
|
|
260,250
|
155,000
|
| Repayments of asset-backed commercial paper |
|
|
|
|
|
|
(17,675)
|
(217,554)
|
| Net (decrease) increase in unsecured commercial paper |
|
|
|
|
|
|
(26,744)
|
44,938
|
| Net increase in deposits |
|
|
|
|
|
|
196
|
3,312
|
| Dividends paid |
|
|
|
|
|
|
(100,000)
|
0
|
| Repurchase of common stock |
|
|
|
|
|
|
0
|
0
|
| Other financing activities |
|
|
|
|
|
|
0
|
0
|
| Net cash used by financing activities |
|
|
|
|
|
|
(694,923)
|
(287,460)
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(2,495)
|
1,995
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(1,092,989)
|
6,196
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
1,776,827
|
|
|
635,191
|
1,776,827
|
635,191
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
(1,092,989)
|
6,196
|
| Cash, cash equivalents and restricted cash, end of period |
683,838
|
|
|
641,387
|
|
|
683,838
|
641,387
|
| Consolidating Adjustments |
|
|
|
|
|
|
|
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
(39)
|
|
|
23
|
|
|
(100,020)
|
(24)
|
| Adjustments to reconcile Net income to Net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
0
|
0
|
| Amortization of deferred loan origination costs |
|
|
|
|
|
|
0
|
0
|
| Amortization of financing origination fees |
|
|
|
|
|
|
0
|
0
|
| Income related to long-term employee benefits |
|
|
|
|
|
|
0
|
0
|
| Employee benefit plan contributions and payments |
|
|
|
|
|
|
0
|
0
|
| Stock compensation expense |
|
|
|
|
|
|
0
|
0
|
| Net change in wholesale finance receivables related to sales |
|
|
|
|
|
|
603
|
(183,006)
|
| Provision for credit losses |
|
|
|
|
|
|
0
|
0
|
| Collections from finance receivables held for sale |
|
|
|
|
|
|
0
|
0
|
| Proceeds from sale of finance receivables held for sale |
|
|
|
|
|
|
0
|
|
| Originations of finance receivables held for sale |
|
|
|
|
|
|
0
|
0
|
| Gain on sale of securitization beneficial interests |
|
|
|
|
|
|
0
|
0
|
| Deferred income taxes |
|
|
|
|
|
|
(147)
|
(9)
|
| Other, net |
|
|
|
|
|
|
19
|
24
|
| Changes in current assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable, net |
|
|
|
|
|
|
150,280
|
140,663
|
| Finance receivables – accrued interest and other |
|
|
|
|
|
|
0
|
0
|
| Inventories, net |
|
|
|
|
|
|
0
|
0
|
| Accounts payable and accrued liabilities |
|
|
|
|
|
|
(173,790)
|
(123,468)
|
| Other current assets |
|
|
|
|
|
|
31,305
|
(11,216)
|
| Total adjustments |
|
|
|
|
|
|
8,270
|
(177,012)
|
| Net cash provided by operating activities |
|
|
|
|
|
|
(91,750)
|
(177,036)
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
|
|
|
|
0
|
0
|
| Origination of finance receivables held for investment |
|
|
|
|
|
|
2,176,927
|
2,190,077
|
| Collections on finance receivables held for investment |
|
|
|
|
|
|
(2,185,177)
|
(2,013,041)
|
| Proceeds from sale of securitization beneficial interests, net |
|
|
|
|
|
|
|
0
|
| Collection of retained securitization beneficial interests |
|
|
|
|
|
|
0
|
0
|
| Proceeds from derivative instruments |
|
|
|
|
|
|
0
|
|
| Other investing activities |
|
|
|
|
|
|
0
|
0
|
| Net cash used by investing activities |
|
|
|
|
|
|
(8,250)
|
177,036
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from issuance of medium-term notes |
|
|
|
|
|
|
|
0
|
| Repayments of medium-term notes |
|
|
|
|
|
|
0
|
0
|
| Proceeds from term loan |
|
|
|
|
|
|
|
0
|
| Repayments of senior unsecured notes |
|
|
|
|
|
|
|
0
|
| Proceeds from securitization debt |
|
|
|
|
|
|
|
0
|
| Repayments of securitization debt |
|
|
|
|
|
|
|
0
|
| Borrowings of asset-backed commercial paper |
|
|
|
|
|
|
0
|
0
|
| Repayments of asset-backed commercial paper |
|
|
|
|
|
|
0
|
0
|
| Net (decrease) increase in unsecured commercial paper |
|
|
|
|
|
|
0
|
0
|
| Net increase in deposits |
|
|
|
|
|
|
0
|
0
|
| Dividends paid |
|
|
|
|
|
|
100,000
|
0
|
| Repurchase of common stock |
|
|
|
|
|
|
0
|
0
|
| Other financing activities |
|
|
|
|
|
|
0
|
0
|
| Net cash used by financing activities |
|
|
|
|
|
|
100,000
|
0
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
|
|
|
|
0
|
0
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
0
|
0
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
|
$ 0
|
|
|
$ 0
|
0
|
0
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
|
|
|
|
0
|
0
|
| Cash, cash equivalents and restricted cash, end of period |
$ 0
|
|
|
$ 0
|
|
|
$ 0
|
$ 0
|