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Additional Balance Sheet and Cash Flow Information
 6 Months Ended
Jun. 30, 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):
June 30,
2025		December 31,
2024		June 30,
2024
Mutual funds$32,854 $32,070 $34,392 
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):
June 30,
2025		December 31,
2024		June 30,
2024
Raw materials and work in process$322,451 $353,819 $297,580 
Motorcycle finished goods333,347 411,442 368,692 
Parts and accessories and apparel108,495 110,591 133,477 
Inventory at lower of FIFO cost or net realizable value764,293 875,852 799,749 
Excess of FIFO over LIFO cost(134,006)(130,059)(130,825)
$630,287 $745,793 $668,924 
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 $537.9 million, $550.6 million, and $504.1 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of June 30, 2025, December 31, 2024, and June 30, 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 June 30, 2025 were as follows (in thousands):
202551,507 
2026264,989 
2027169,032 
202818,500 
202915,200 
Thereafter19,790 
Future maturities539,018 
Unamortized fees(1,134)
$537,884 
Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):
 Six months ended
June 30,
2025		June 30,
2024
Cash flows from operating activities:
Net income$236,542 $447,639 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization82,129 80,376 
Amortization of deferred loan origination costs32,489 36,466 
Amortization of financing origination fees6,630 6,793 
Income related to long-term employee benefits
(27,526)(26,143)
Employee benefit plan contributions and payments(3,256)(2,593)
Stock compensation expense17,407 28,995 
Net change in wholesale finance receivables related to sales(145,174)(388,030)
Provision for credit losses103,072 117,040 
Deferred income taxes13,856 146 
Other, net1,592 14,965 
Changes in current assets and liabilities:
Accounts receivable, net(66,851)(65,927)
Finance receivables – accrued interest and other
4,999 2,759 
Inventories, net142,996 235,539 
Accounts payable and accrued liabilities136,098 64,166 
Other current assets(25,511)25,451 
272,950 130,003 
Net cash provided by operating activities$509,492 $577,642