Reportable Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

The Company operates in three business segments: HDMC, LiveWire and HDFS. The Company's reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations.

Selected segment information is set forth below (in thousands):

	Three months ended				Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
HDMC:
Revenue	$	1,043,649	$	1,348,906	$	2,125,155	$	2,825,012
Motorcycles and related products cost of goods sold	744,944		915,780		1,511,206		1,930,816
Gross profit	298,705		433,126		613,949		894,196
Selling, administrative and engineering expense:
People expenses(a)	90,566		110,617		171,874		213,747
Marketing and advertising expenses(b)	48,919		32,980		80,914		65,220
Other segment items(c)	97,904		91,624		183,574		178,878
Operating income	61,316		197,905		177,587		436,351
LiveWire:
Revenue	6,011		6,448		8,754		11,152
Motorcycles and related products cost of goods sold	5,849		8,232		10,373		16,877
Gross profit	162		(1,784)		(1,619)		(5,725)
Selling, administrative and engineering expense	18,815		26,382		36,842		51,682
Operating loss	(18,653)		(28,166)		(38,461)		(57,407)
HDFS:
Financial services revenue	257,438		263,539		502,399		512,336
Financial services interest expense	93,574		93,741		182,508		182,480
Financial services provision for credit losses	49,738		56,030		103,072		117,040
Selling and administrative expense	44,353		42,405		83,010		87,578
Operating income	69,773		71,363		133,809		125,238
Operating income	$	112,436	$	241,102	$	272,935	$	504,182

(a)People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation, primarily in the form of share-based awards.

(b)Marketing and advertising expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.

(c)Other segment items for HDMC include depreciation, warranty, maintenance and facilities costs, supplies and materials, and other professional services.  These costs are all included in Selling, administrative and engineering expense.

Additional segment information is set forth below (in thousands): 

	(Unaudited)				(Unaudited)
	June 30, 2025		December 31, 2024		June 30, 2024
Assets:
HDMC	$	3,616,903	$	3,630,710	$	3,634,831
LiveWire	109,770		147,960		204,916
HDFS	8,323,772		8,102,909		8,920,495
Consolidated	$	12,050,445	$	11,881,579	$	12,760,242

	Three months ended				Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Depreciation and Amortization:
HDMC	$	35,420	$	33,764	$	71,679	$	70,726
LiveWire	2,588		2,716		5,673		5,042
HDFS	2,417		2,392		4,777		4,608
Consolidated	$	40,425	$	38,872	$	82,129	$	80,376

	Six months ended
	June 30, 2025		June 30, 2024
Capital expenditures:
HDMC	$	63,287	$	81,970
LiveWire	2,043		5,080
HDFS	230		785
Consolidated	$	65,560	$	87,835