Additional Balance Sheet and Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 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):


	June 30, 2025		December 31, 2024		June 30, 2024
Raw materials and work in process	$	322,451	$	353,819	$	297,580
Motorcycle finished goods	333,347		411,442		368,692
Parts and accessories and apparel	108,495		110,591		133,477
Inventory at lower of FIFO cost or net realizable value	764,293		875,852		799,749
Excess of FIFO over LIFO cost	(134,006)		(130,059)		(130,825)
	$	630,287	$	745,793	$	668,924

Future maturities of the Company's certificates of deposit as of June 30, 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):


	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 amortization	82,129		80,376
Amortization of deferred loan origination costs	32,489		36,466
Amortization of financing origination fees	6,630		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 expense	17,407		28,995
Net change in wholesale finance receivables related to sales	(145,174)		(388,030)
Provision for credit losses	103,072		117,040



Deferred income taxes	13,856		146

Other, net	1,592		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, net	142,996		235,539
Accounts payable and accrued liabilities	136,098		64,166

Other current assets	(25,511)		25,451
	272,950		130,003
Net cash provided by operating activities	$	509,492	$	577,642