v3.25.4
Additional Balance Sheet and Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Marketable Securities
Investments in marketable securities consisted of the following at December 31 (in thousands): 
20252024
Mutual funds$31,513 $32,070 
Schedule of Inventories, Net
Inventories, net consisted of the following as of December 31 (in thousands):
20252024
Raw materials and work in process$338,744 $353,819 
Motorcycle finished goods434,044 411,442 
Parts and accessories and apparel97,674 110,591 
Inventory at lower of FIFO cost or net realizable value870,462 875,852 
Excess of FIFO over LIFO cost(139,564)(130,059)
$730,898 $745,793 
Schedule of Property, Plant and Equipment, at Cost
Property, plant and equipment, net consisted of the following as of December 31 (in thousands):
20252024
Land and related improvements$67,805 $68,140 
Buildings and related improvements480,647 450,890 
Machinery and equipment1,509,398 1,503,514 
Software717,045 627,161 
Construction in progress143,772 246,933 
2,918,667 2,896,638 
Accumulated depreciation(2,168,443)(2,139,566)
$750,224 $757,072 
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following as of December 31 (in thousands):
20252024
Sales incentive programs$115,954 $80,305 
Payroll, employee benefits and related expenses88,373 66,238 
Interest84,620 85,919 
Warranty and recalls45,608 46,260 
Contract liability
34,722 23,083 
Tax-related accruals31,460 20,029 
Leases17,254 18,658 
Fair value of derivative financial instruments6,494 311 
Other247,472 253,157 
$671,957 $593,960 
Schedule of Time Deposit Maturities
Future maturities of the Company's certificates of deposit as of December 31, 2025 were as follows (in thousands):
2026$280,626 
2027203,382 
2028
18,500 
2029
15,200 
2030
19,790 
Future maturities537,498 
Unamortized fees(854)
$536,644 
Schedule of Reconciliation of Net Cash Provided by Operating Activities
The following is a schedule of cash paid for income taxes (in thousands):
202520242023
Jurisdiction
U.S. Federal
$9,686 $— $— 
State:
Pennsylvania
2,168 — — 
State - Other
10,622 — — 
Foreign:
Germany
2,641 — — 
Singapore
2,485 — — 
Thailand
7,815 — — 
Foreign - Other
3,941 — — 
Total cash paid for income taxes (net of refunds)
$39,358 $— $— 
Total cash paid for income taxes (prior to ASU 2023-09)
$— $111,117 $237,658 
Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities for the years ended December 31, was as follows (in thousands):
202520242023
Cash flows from operating activities:
Net income $329,154 $445,175 $695,046 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization172,371 160,673 158,112 
Amortization of deferred loan origination costs45,165 70,745 85,018 
Amortization of financing origination fees13,552 13,963 13,208 
Income related to long-term employee benefits
(55,195)(54,008)(67,624)
Employee benefit plan contributions and payments(6,835)(5,078)(5,736)
Stock compensation expense31,749 49,005 82,901 
Net change in wholesale finance receivables related to sales64,461 46,884 (387,743)
Provision for credit losses(191,392)247,225 227,158 
Collections from finance receivables held for sale28,979 — — 
Proceeds from sale of finance receivables held for sale
552,670 — — 
Originations and purchases of finance receivables held for sale
(844,232)— — 
Gain on sale of securitization beneficial interests(27,867)— — 
Loss on sale of finance receivables
11,378 — — 
Loss on debt extinguishment72,630 — — 
Deferred income taxes84,143 (26,276)(30,059)
Other, net33,174 17,070 (39,713)
Changes in current assets and liabilities:
Accounts receivable, net32,646 19,778 (11,443)
Finance receivables – accrued interest and other43,786 36 (339)
Inventories, net47,577 164,609 21,257 
Accounts payable and accrued liabilities125,556 (55,436)28,570 
Other current assets5,452 (30,532)(13,726)
239,768 618,658 59,841 
Net cash provided by operating activities$568,922 $1,063,833 $754,887 
Cash paid during the years ended December 31, for interest and income taxes was as follows (in thousands):
202520242023
Interest$330,823 $358,996 $290,467 
Income taxes$39,358 $111,117 $237,658