Additional Balance Sheet and Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):

Inventories, net consisted of the following (in thousands):


	March 31, 2024		December 31, 2023		March 31, 2023
Raw materials and work in process	$	341,884	$	389,221	$	387,466
Motorcycle finished goods	422,504		514,964		380,083
Parts and accessories and apparel	144,157		150,844		182,905
Inventory at lower of FIFO cost or net realizable value	908,545		1,055,029		950,454
Excess of FIFO over LIFO cost	(128,970)		(125,078)		(119,933)
	$	779,575	$	929,951	$	830,521

Future maturities of the Company's certificates of deposit as of March 31, 2024 were as follows (in thousands):

Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):


	Three months ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities:
Net income	$	232,233	$	301,829
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	41,504		34,352
Amortization of deferred loan origination costs	18,282		21,858
Amortization of financing origination fees	3,358		3,011
Provision for long-term employee benefits	(13,933)		(16,939)
Employee benefit plan contributions and payments	(1,399)		(1,739)
Stock compensation expense	16,212		23,628
Net change in wholesale finance receivables related to sales	(435,047)		(487,314)
Provision for credit losses	61,010		52,364



Deferred income taxes	5,399		5,648

Other, net	1,769		(21,671)
Changes in current assets and liabilities:
Accounts receivable, net	(47,119)		(77,993)
Finance receivables – accrued interest and other	1,213		2,252
Inventories, net	131,529		123,047
Accounts payable and accrued liabilities	53,233		43,787

Other current assets	35,753		40,557
	(128,236)		(255,152)
Net cash provided by operating activities	$	103,997	$	46,677