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Additional Balance Sheet and Cash Flow Information
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Balance Sheet and Cash Flow Information Additional Balance Sheet and Cash Flow Information
Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):
March 31,
2025		December 31,
2024		March 31,
2024
Mutual funds$30,496 $32,070 $36,484 
Mutual funds, included in Other long-term assets on the Consolidated balance sheets, are carried at fair value with gains and losses recorded in income. Mutual funds are held to support certain deferred compensation obligations.
Inventories, net – Substantially all inventories located in the U.S. are valued using the last-in, first-out (LIFO) method. Other inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Motorcycle finished goods inventories include motorcycles that are ready for sale and motorcycles that are substantially complete but awaiting installation of certain components. Inventories, net consisted of the following (in thousands):
March 31,
2025		December 31,
2024		March 31,
2024
Raw materials and work in process$318,169 $353,819 $341,884 
Motorcycle finished goods407,231 411,442 422,504 
Parts and accessories and apparel118,805 110,591 144,157 
Inventory at lower of FIFO cost or net realizable value844,205 875,852 908,545 
Excess of FIFO over LIFO cost(131,893)(130,059)(128,970)
$712,312 $745,793 $779,575 
Deposits – HDFS offers brokered certificates of deposit to customers indirectly through contractual arrangements with third-party banks and/or securities brokerage firms through its bank subsidiary. The Company had $513.3 million, $550.6 million, and $441.2 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The liabilities for deposits are included in Short-term deposits, net or Long-term deposits, net on the Consolidated balance sheets based upon the term of each brokered certificate of deposit issued. Each separate brokered certificate of deposit is issued under a master certificate, and as such, all outstanding brokered certificates of deposit are considered below the Federal Deposit Insurance Corporation insurance coverage limits.
Future maturities of the Company's certificates of deposit as of March 31, 2025 were as follows (in thousands):
202596,460 
2026254,989 
2027124,263 
202813,500 
202915,200 
Thereafter10,000 
Future maturities514,412 
Unamortized fees(1,082)
$513,330 
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,
2025		March 31,
2024
Cash flows from operating activities:
Net income$130,797 $232,233 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization41,704 41,504 
Amortization of deferred loan origination costs15,856 18,282 
Amortization of financing origination fees3,269 3,358 
Income related to long-term employee benefits
(13,763)(13,933)
Employee benefit plan contributions and payments(1,556)(1,399)
Stock compensation expense6,815 16,212 
Net change in wholesale finance receivables related to sales(270,851)(435,047)
Provision for credit losses53,334 61,010 
Deferred income taxes18,573 5,399 
Other, net2,808 1,769 
Changes in current assets and liabilities:
Accounts receivable, net(72,586)(47,119)
Finance receivables – accrued interest and other
(3,496)1,213 
Inventories, net42,217 131,529 
Accounts payable and accrued liabilities203,281 53,233 
Other current assets(14,868)35,753 
10,737 (128,236)
Net cash provided by operating activities$141,534 $103,997