v3.25.4
Asset-Backed Financing (Tables)
12 Months Ended
Dec. 31, 2025
Transfers and Servicing [Abstract]  
Schedule of Assets and Liabilities of Variable Interest Entities
The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets at December 31, 2024 were as follows (in thousands):
2024
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$2,470,147 $(140,632)$118,310 $5,260 $2,453,085 $1,950,138 
Asset-backed U.S. commercial paper conduit facility490,766 (27,890)28,201 2,104 493,181 431,846 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility90,122 (4,215)4,735 234 90,876 77,381 
$3,051,035 $(172,737)$151,246 $7,598 $3,037,142 $2,459,365 
Schedule of Transfer of Financial Assets Accounted for as Sales
Quarterly transfers of U.S. retail motorcycle finance receivables to SPEs, the respective proceeds, and the respective proceeds, net of discounts and issuance costs were as follows (in millions):
2025
2024
TransfersProceedsProceeds, netTransfersProceedsProceeds, net
First quarter$— $— $— $— $— $— 
Second quarter584.4500.0497.8607.8550.0547.6
Third quarter
— — — 663.1 600.0 597.6 
Fourth quarter— — — — — — 
$584.4 $500.0 $497.8 $1,270.9 $1,150.0 $1,145.2 
Quarterly transfers of U.S. retail motorcycle finance receivables to the U.S. Conduit and the respective proceeds were as follows (in millions):
20252024
TransfersProceedsTransfersProceeds
First quarter$179.5 $155.0 $334.8 $306.0 
Second quarter— — — — 
Third quarter— — — — 
Fourth quarter— — 137.5 103.8 
$179.5 $155.0 $472.3 $409.8 
Quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds were as follows in 2024 (in millions):
2024
TransfersProceeds
First quarter$34.9 $28.6 
Second quarter20.616.9
Third quarter17.9 14.7 
Fourth quarter— — 
$73.4 $60.2