Additional Balance Sheet and Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025		December 31, 2024		March 31, 2024
Raw materials and work in process	$	318,169	$	353,819	$	341,884
Motorcycle finished goods	407,231		411,442		422,504
Parts and accessories and apparel	118,805		110,591		144,157
Inventory at lower of FIFO cost or net realizable value	844,205		875,852		908,545
Excess of FIFO over LIFO cost	(131,893)		(130,059)		(128,970)
	$	712,312	$	745,793	$	779,575

Future maturities of the Company's certificates of deposit as of March 31, 2025 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, 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 amortization	41,704		41,504
Amortization of deferred loan origination costs	15,856		18,282
Amortization of financing origination fees	3,269		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 expense	6,815		16,212
Net change in wholesale finance receivables related to sales	(270,851)		(435,047)
Provision for credit losses	53,334		61,010



Deferred income taxes	18,573		5,399

Other, net	2,808		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, net	42,217		131,529
Accounts payable and accrued liabilities	203,281		53,233

Other current assets	(14,868)		35,753
	10,737		(128,236)
Net cash provided by operating activities	$	141,534	$	103,997