Fair Value (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2025
	Balance		Level 1		Level 2
Assets:
Cash equivalents	$	1,270,875	$	1,036,092	$	234,783
Marketable securities	32,854		32,854		—
Derivative financial instruments	132,772		—		132,772
	$	1,436,501	$	1,068,946	$	367,555
Liabilities:
Derivative financial instruments	$	16,029	$	—	$	16,029
LiveWire warrants	1,549		1,013		536
	$	17,578	$	1,013	$	16,565
	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
	June 30, 2024
	Balance		Level 1		Level 2
Assets:
Cash equivalents	$	1,435,709	$	1,296,000	$	139,709
Marketable securities	34,392		34,392		—
Derivative financial instruments	9,076		—		9,076
	$	1,479,177	$	1,330,392	$	148,785
Liabilities:
Derivative financial instruments	$	34,455	$	—	$	34,455
LiveWire warrants	5,769		$	3,774	$	1,995
	$	40,224	$	3,774	$	36,450

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):

	June 30, 2025				December 31, 2024				June 30, 2024
	Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value
Assets:
Finance receivables, net	$	7,423,293	$	7,326,222	$	7,342,319	$	7,288,294	$	8,041,027	$	8,018,564
Liabilities:
Deposits, net	$	541,418	$	537,884	$	555,902	$	550,586	$	516,621	$	504,093
Debt:
Unsecured commercial paper	$	503,353	$	503,353	$	640,204	$	640,204	$	497,792	$	497,792
Asset-backed U.S. commercial paper conduit facility	$	461,477	$	461,477	$	431,846	$	431,846	$	435,930	$	435,930
Asset-backed Canadian commercial paper conduit facility	$	60,761	$	60,761	$	77,381	$	77,381	$	91,379	$	91,379
Asset-backed securitization debt	$	1,877,186	$	1,866,214	$	1,955,006	$	1,950,138	$	1,918,596	$	1,921,408
Medium-term notes	$	3,267,379	$	3,215,765	$	3,127,710	$	3,114,013	$	3,762,182	$	3,776,060
Senior notes	$	687,885	$	747,164	$	683,624	$	746,800	$	678,553	$	746,438