Fair Value (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Recurring Fair Value Measurements – The Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, were as follows (in thousands):


	2024
	Balance		Level 1		Level 2
Assets:
Cash equivalents	$	1,275,561	$	1,000,933	$	274,628
Marketable securities	32,070		32,070		—

Derivative financial instruments	19,839		—		19,839
	$	1,327,470	$	1,033,003	$	294,467
Liabilities:
Derivative financial instruments	$	35,020	$	—	$	35,020
LiveWire warrants	1,549		1,013		536
	$	36,569	$	1,013	$	35,556


	2023
	Balance		Level 1		Level 2
Assets:
Cash equivalents	$	1,067,755	$	898,000	$	169,755
Marketable securities	34,079		34,079		—

Derivative financial instruments	19,073		—		19,073
	$	1,120,907	$	932,079	$	188,828
Liabilities:
Derivative financial instruments	$	12,806	$	—	$	12,806
LiveWire warrants	12,319		8,059		4,260
	$	25,125	$	8,059	$	17,066

Schedule of the Fair Value and Carrying Value of the Company's Financial Instruments

The fair value and carrying value of the Company’s remaining financial instruments that are measured at cost or amortized cost at December 31, were as follows (in thousands):


	2024				2023
	Fair Value		Carrying Value		Fair Value		Carrying Value
Assets:
Finance receivables, net	$	7,342,319	$	7,288,294	$	7,500,263	$	7,498,265
Liabilities:
Deposits, net	$	555,902	$	550,586	$	460,766	$	447,782
Debt:
Unsecured commercial paper	$	640,204	$	640,204	$	878,935	$	878,935
Asset-backed U.S. commercial paper conduit facilities	$	431,846	$	431,846	$	233,258	$	233,258
Asset-backed Canadian commercial paper conduit facility	$	77,381	$	77,381	$	70,742	$	70,742
Asset-backed securitization debt	$	1,955,006	$	1,950,138	$	1,872,215	$	1,877,368
Medium-term notes	$	3,127,710	$	3,114,013	$	3,308,952	$	3,319,138
Senior notes	$	683,624	$	746,800	$	674,787	$	746,079