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Fair Value (Tables)
 9 Months Ended
Sep. 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):
 September 30, 2025
BalanceLevel 1Level 2Level 3
Assets:
Cash equivalents$1,474,496 $1,244,794 $229,702 $— 
Marketable securities32,493 32,493 — — 
Derivative financial instruments116,748 — 116,748 — 
Investments in Retained Notes80,204 — 80,204 — 
Investments in Residual Interests12,086 — — 12,086 
$1,716,027 $1,277,287 $426,654 $12,086 
Liabilities:
Derivative financial instruments7,447 — 7,447 — 
LiveWire warrants$2,204 $1,442 $762 
$9,651 $1,442 $8,209 $— 
 December 31, 2024
Balance Level 1Level 2Level 3
Assets:
Cash equivalents$1,275,561 $1,000,933 $274,628 $— 
Marketable securities32,070 32,070 — — 
Derivative financial instruments19,839 — 19,839 — 
$1,327,470 $1,033,003 $294,467 $— 
Liabilities:
Derivative financial instruments$35,020 $— $35,020 $— 
LiveWire warrants1,549 1,013 536 
$36,569 $1,013 $35,556 $— 
 September 30, 2024
Balance Level 1Level 2Level 3
Assets:
Cash equivalents$1,847,818 $1,603,315 $244,503 $— 
Marketable securities33,816 33,816 — — 
Derivative financial instruments19,804 — 19,804 — 
$1,901,438 $1,637,131 $264,307 $— 
Liabilities:
Derivative financial instruments$14,235 $— $14,235 $— 
LiveWire warrants3,189 $2,086 $1,103 
$17,424 $2,086 $15,338 $— 
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):
 September 30, 2025December 31, 2024September 30, 2024
 Fair ValueCarrying ValueFair ValueCarrying ValueFair ValueCarrying Value
Assets:
Finance receivables held for sale, net$4,090,641 $4,080,885 $— $— $— $— 
Finance receivables held for investment, net
$1,841,091 $1,824,360  a$7,342,319 $7,288,294 $7,865,082 $7,800,387 
Liabilities:
Deposits, net$555,311 $554,468 $555,902 $550,586 $551,806 $549,010 
Debt:
Unsecured commercial paper$684,741 $684,741 $640,204 $640,204 $497,373 $497,373 
Asset-backed U.S. commercial paper conduit facility$399,502 $399,502 $431,846 $431,846 $378,968 $378,968 
Asset-backed Canadian commercial paper conduit facility$49,642 $49,642 $77,381 $77,381 $94,142 $94,142 
Asset-backed securitization debt$63,107 $62,635 $1,955,006 $1,950,138 $2,258,289 $2,244,742 
Medium-term notes$3,308,179 $3,219,793 $3,127,710 $3,114,013 $3,882,407 $3,836,572 
Term loans
$448,261 $448,261 $— $— $— $— 
Senior notes$241,899 $297,247 $683,624 $746,800 $703,108 $746,618 
(a)     Excludes $59.1 million estimated recovery amount included in the allowance for credit losses.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the reconciliation for all Level 3 assets measured at fair value on a recurring basis (in thousands):
Investments in Residual Interests
Fair value at December 31, 2024(a)
$— 
Initial Fair Value
12,348
Investment Proceeds
(808)
Unrealized gain/(loss) included in Other Comprehensive Loss
546
Fair value at September 30, 2025
$12,086 
(a)    No assets or liabilities were measured using Level 3 inputs as of September 30, 2024 so separate reconciliations of the balance from these periods have been excluded.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The initial and current period fair values of the Residual Interests were calculated using the following ranges of key assumptions:
Initial Fair Value
September 30,
2025
Recovery rate on defaulted receivables
50.00%50.00%
Prepayment speed
1.40%1.40%
Expected cumulative lifetime losses
1.56% - 2.65%
1.53% - 2.82%
Weighted-average life (in years)
0.85 - 2.49
0.77 - 2.53
Residual cash flows discount rate
15.00%15.00%
The weighted average of the key assumptions utilized in calculating the initial and current period fair values of the Residual Interests were as follows:
Initial Fair ValueSeptember 30,
2025
Recovery rate on defaulted receivables
50.00%50.00%
Prepayment speed
1.40%1.40%
Expected cumulative lifetime losses
2.33%2.39%
Weighted-average life (in years)
1.911.90
Residual cash flows discount rate
15.00%15.00%
Schedule of Sensitivity Analysis of Fair Value, Investment in Retained Notes and Residual Interests
The sensitivity of the fair value to immediate adverse changes in the key assumptions for the investment in Retained Notes at September 30, 2025 is as follows (dollars in thousands):
September 30, 2025
Fair value of Retained Notes
$80,204 
Weighted-average life (in years)
1.98
Discount rate
Impact on fair value of a 50 bps adverse change
$(401)
Impact on fair value of a 100 bps adverse change
$(745)

The sensitivity of the fair value to immediate adverse changes in the key assumptions for the investment in Residual Interests at September 30, 2025 is as follows (dollars in thousands):
September 30, 2025
Fair value of Residual Interests
$12,086 
Prepayment speed
Impact on fair value of a 1.5% absolute prepayment speed adverse change
$(114)
Impact on fair value of a 1.6% absolute prepayment speed adverse change
$(216)
Expected cumulative lifetime losses
Impact on fair value of a 25 bps adverse change
$(221)
Impact on fair value of a 50 bps adverse change
$(436)
Residual cash flows discount rate
Impact on fair value of a 25 bps adverse change
$(53)
Impact on fair value of a 50 bps adverse change
$(105)
Summary Of the Unrealized Positions for Available for Sale Residual Interests and Retained Notes
The table below summarizes the unrealized positions for Residual Interests and Retained Notes (in thousands):
September 30, 2025
Amortized Cost
Unrealized Gains
Fair Value
Residual Interests
$11,540 $546 $12,086 
Retained Notes
80,032172 80,204 
Total Beneficial Interests
$91,572 $718 $92,290 
Schedule of Fair Value, Cash Flows Received/Paid to all Motorcycle Loan Securitization Trusts
The table below provides information regarding certain cash flows received from and paid to all motorcycle loan off-balance sheet securitized trusts during the three and nine months ended September 30, 2025 (in thousands):
Proceeds from sale of residual interests (a)
$234,617 
Servicing, late, and ancillary fees received
3,695 
Collection of retained securitization beneficial interests
$9,353 
(a)    Excludes reduction of $109.2 million restricted cash deconsolidated. Refer to Note 6 to the Notes to Consolidated financial statements for further information.