Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

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 were as follows (in thousands):

	March 31, 2025
	Balance		Level 1		Level 2
Assets:
Cash equivalents	$	1,626,758	$	1,377,048	$	249,710
Marketable securities	30,496		30,496		—
Derivative financial instruments	7,692		—		7,692
	$	1,664,946	$	1,407,544	$	257,402
Liabilities:
Derivative financial instruments	$	9,644	$	—	$	9,644
LiveWire warrants	644		421		223
	$	10,288	$	421	$	9,867
	December 31, 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
	March 31, 2024
	Balance		Level 1		Level 2
Assets:
Cash equivalents	$	1,030,632	$	816,000	$	214,632
Marketable securities	36,484		36,484		—
Derivative financial instruments	9,316		—		9,316
	$	1,076,432	$	852,484	$	223,948
Liabilities:
Derivative financial instruments	$	28,104	$	—	$	28,104
LiveWire warrants	7,561		$	4,946	$	2,615
	$	35,665	$	4,946	$	30,719

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 were as follows (in thousands):

	March 31, 2025				December 31, 2024				March 31, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value
Assets:
Finance receivables, net	$	7,428,722	$	7,399,607	$	7,342,319	$	7,288,294	$	7,927,504	$	7,906,022
Liabilities:
Deposits, net	$	517,576	$	513,330	$	555,902	$	550,586	$	454,617	$	441,168
Debt:
Unsecured commercial paper	$	498,500	$	498,500	$	640,204	$	640,204	$	938,719	$	938,719
Asset-backed U.S. commercial paper conduit facility	$	531,260	$	531,260	$	431,846	$	431,846	$	502,521	$	502,521
Asset-backed Canadian commercial paper conduit facility	$	68,275	$	68,275	$	77,381	$	77,381	$	88,333	$	88,333
Asset-backed securitization debt	$	1,668,698	$	1,658,745	$	1,955,006	$	1,950,138	$	1,640,573	$	1,644,626
Medium-term notes	$	3,837,976	$	3,797,100	$	3,127,710	$	3,114,013	$	3,276,959	$	3,288,993
Senior notes	$	690,824	$	746,981	$	683,624	$	746,800	$	684,792	$	746,258