Additional Balance Sheet and Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Marketable Securities

Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):

	September 30, 2025		December 31, 2024		September 30, 2024
Mutual funds	$	32,493	$	32,070	$	33,816

Schedule of Inventories, Net

Inventories, net consisted of the following (in thousands):

	September 30, 2025		December 31, 2024		September 30, 2024
Raw materials and work in process	$	294,480	$	353,819	$	299,296
Motorcycle finished goods	255,339		411,442		399,699
Parts and accessories and apparel	98,431		110,591		119,260
Inventory at lower of FIFO cost or net realizable value	648,250		875,852		818,255
Excess of FIFO over LIFO cost	(136,064)		(130,059)		(136,391)
	$	512,186	$	745,793	$	681,864

Schedule of Certificates of Deposit Maturity

Future maturities of the Company's certificates of deposit as of September 30, 2025 were as follows (in thousands):

2025	28,000
2026	277,304
2027	196,704
2028	18,500
2029	15,200
Thereafter	19,790
Future maturities	555,498
Unamortized fees	(1,030)
	$	554,468

Schedule of Reconciliation of Net Cash Provided by Operating Activities

Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):

	Nine months ended
	September 30, 2025		September 30, 2024
Cash flows from operating activities:
Net income	$	611,709	$	563,605
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	126,339		119,568
Amortization of deferred loan origination costs	43,871		54,461
Amortization of financing origination fees	9,773		10,363
Income related to long-term employee benefits	(41,287)		(40,076)
Employee benefit plan contributions and payments	(5,091)		(3,781)
Stock compensation expense	25,838		39,820
Net change in wholesale finance receivables related to sales	(183,006)		(211,800)
Provision for credit losses	(198,427)		175,017
Origination of finance receivables held for sale	(414,009)		—
Collections from finance receivables held for sale	16,916		—
Gain on sale of securitization beneficial interests	(26,958)		—
Deferred income taxes	92,122		(1,815)
Other, net	19,360		19,557
Changes in current assets and liabilities:
Accounts receivable, net	(46,415)		(36,529)
Finance receivables – accrued interest and other	11,279		2,325
Inventories, net	262,287		253,373
Accounts payable and accrued liabilities	75,039		(12,903)
Other current assets	37,563		(530)
	(194,806)		367,050
Net cash provided by operating activities	$	416,903	$	930,655