Harley Davidson 2012 Annual Report Download - page 71

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71
Restructuring Plan reserve related to employee severance costs as these costs are no longer expected to be incurred. In addition,
the Company released $3.8 million of its 2009 Restructuring Plan reserve related to exiting the Buell product line during 2010,
as these costs are no longer expected to be incurred.
5. Goodwill
The following table summarizes changes in the carrying amount of goodwill in the Company’s Motorcycles segment for
the following years ended December 31(in thousands):
Motorcycles
Balance, December 31, 2009 $ 31,400
Currency translation (1,810)
Balance, December 31, 2010 $ 29,590
Currency translation (509)
Balance, December 31, 2011 $ 29,081
Currency translation $ 449
Balance, December 31, 2012 $ 29,530
The Company’s Financial Services segment did not have a goodwill balance.
6. Finance Receivables
Finance receivables, net at December 31 for the past five years were as follows (in thousands):
2012 2011 2010 2009 2008
Wholesale
United States $ 776,633 $ 778,320 $ 735,481 $ 787,891 $ 1,074,377
Canada 39,771 46,320 78,516 82,110 89,859
Total wholesale 816,404 824,640 813,997 870,001 1,164,236
Retail
United States 4,850,450 4,858,781 5,126,699 3,835,235 514,637
Canada 222,665 228,709 250,462 256,658 226,084
Total retail 5,073,115 5,087,490 5,377,161 4,091,893 740,721
5,889,519 5,912,130 6,191,158 4,961,894 1,904,957
Allowance for credit losses (107,667) (125,449)(173,589)(150,082)(40,068)
5,781,852 5,786,681 6,017,569 4,811,812 1,864,889
Investment in retained securitization
interests — — — 245,350 330,674
$ 5,781,852 $ 5,786,681 $ 6,017,569 $ 5,057,162 $ 2,195,563
Retail - finance receivables held for
sale
United States — — — — 2,443,965
Total finance receivables, net $ 5,781,852 $ 5,786,681 $ 6,017,569 $ 5,057,162 $ 4,639,528
Prior to the second quarter of 2009, U.S. retail motorcycle finance receivables intended for securitization at origination
were classified as finance receivables held for sale. These finance receivables held for sale were carried at the lower of cost or
estimated fair value. Any amount by which cost exceeded fair value was accounted for as a valuation adjustment. Included in
finance receivables held for sale at December 31, 2008 is a lower of cost or market adjustment of $31.7 million.
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.