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Supplemental Consolidating Data (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Operations | Supplemental consolidating data for 2024 is as follows (in thousands):
| Year Ended December 31, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 4,157,275 |  |  | $ | — |  |  | $ | (9,011) |  |  | $ | 4,148,264 |
Financial services | — |  |  | 1,040,203 |  |  | (1,665) |  |  | 1,038,538 |
| 4,157,275 |  |  | 1,040,203 |  |  | (10,676) |  |  | 5,186,802 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 3,005,940 |  |  | — |  |  | — |  |  | 3,005,940 |
Financial services interest expense | — |  |  | 371,766 |  |  | — |  |  | 371,766 |
Financial services provision for credit losses | — |  |  | 247,225 |  |  | — |  |  | 247,225 |
Selling, administrative and engineering expense | 976,028 |  |  | 180,137 |  |  | (10,921) |  |  | 1,145,244 |
| 3,981,968 |  |  | 799,128 |  |  | (10,921) |  |  | 4,770,175 |
Operating income | 175,307 |  |  | 241,075 |  |  | 245 |  |  | 416,627 |
Other income, net | 72,295 |  |  | — |  |  | — |  |  | 72,295 |
Investment income | 258,964 |  |  | — |  |  | (200,000) |  |  | 58,964 |
Interest expense | 30,748 |  |  | — |  |  | — |  |  | 30,748 |
Income before income taxes | 475,818 |  |  | 241,075 |  |  | (199,755) |  |  | 517,138 |
Income tax provision | 15,197 |  |  | 56,766 |  |  | — |  |  | 71,963 |
Net income | 460,621 |  |  | 184,309 |  |  | (199,755) |  |  | 445,175 |
Less: (income) loss attributable to noncontrolling interests | 10,182 |  |  | — |  |  | — |  |  | 10,182 |
Net income attributable to Harley-Davidson, Inc. | $ | 470,803 |  |  | $ | 184,309 |  |  | $ | (199,755) |  |  | $ | 455,357 |
| Year Ended December 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 4,891,449 |  |  | $ | — |  |  | $ | (8,557) |  |  | $ | 4,882,892 |
Financial services | — |  |  | 955,810 |  |  | (2,224) |  |  | 953,586 |
| 4,891,449 |  |  | 955,810 |  |  | (10,781) |  |  | 5,836,478 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 3,322,306 |  |  | — |  |  | — |  |  | 3,322,306 |
Financial services interest expense | — |  |  | 332,380 |  |  | — |  |  | 332,380 |
Financial services provision for credit losses | — |  |  | 227,158 |  |  | — |  |  | 227,158 |
Selling, administrative and engineering expense | 1,018,670 |  |  | 167,861 |  |  | (10,981) |  |  | 1,175,550 |
| 4,340,976 |  |  | 727,399 |  |  | (10,981) |  |  | 5,057,394 |
Operating income | 550,473 |  |  | 228,411 |  |  | 200 |  |  | 779,084 |
Other income, net | 71,808 |  |  | — |  |  | — |  |  | 71,808 |
Investment income | 246,771 |  |  | — |  |  | (200,000) |  |  | 46,771 |
Interest expense | 30,787 |  |  | — |  |  | — |  |  | 30,787 |
Income before income taxes | 838,265 |  |  | 228,411 |  |  | (199,800) |  |  | 866,876 |
Income tax provision | 125,356 |  |  | 46,474 |  |  | — |  |  | 171,830 |
Net income | 712,909 |  |  | 181,937 |  |  | (199,800) |  |  | 695,046 |
Less: (income) loss attributable to noncontrolling interests | 11,540 |  |  | — |  |  | — |  |  | 11,540 |
Net income attributable to Harley-Davidson, Inc. | $ | 724,449 |  |  | $ | 181,937 |  |  | $ | (199,800) |  |  | $ | 706,586 |
| Year Ended December 31, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 4,946,005 |  |  | $ | — |  |  | $ | (11,500) |  |  | $ | 4,934,505 |
Financial services | — |  |  | 822,530 |  |  | (1,905) |  |  | 820,625 |
| 4,946,005 |  |  | 822,530 |  |  | (13,405) |  |  | 5,755,130 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 3,403,728 |  |  | — |  |  | — |  |  | 3,403,728 |
Financial services interest expense | — |  |  | 217,653 |  |  | — |  |  | 217,653 |
Financial services provision for credit losses | — |  |  | 145,133 |  |  | — |  |  | 145,133 |
Selling, administrative and engineering expense | 941,312 |  |  | 151,833 |  |  | (13,807) |  |  | 1,079,338 |
| 4,345,040 |  |  | 514,619 |  |  | (13,807) |  |  | 4,845,852 |
Operating income | 600,965 |  |  | 307,911 |  |  | 402 |  |  | 909,278 |
Other income, net | 48,652 |  |  | — |  |  | — |  |  | 48,652 |
Investment income | 204,538 |  |  | — |  |  | (200,000) |  |  | 4,538 |
Interest expense | 31,235 |  |  | — |  |  | — |  |  | 31,235 |
Income before income taxes | 822,920 |  |  | 307,911 |  |  | (199,598) |  |  | 931,233 |
Income tax provision | 125,820 |  |  | 66,199 |  |  | — |  |  | 192,019 |
Net income | 697,100 |  |  | 241,712 |  |  | (199,598) |  |  | 739,214 |
Less: (income) loss attributable to noncontrolling interests | 2,194 |  |  | — |  |  | — |  |  | 2,194 |
Net income attributable to Harley-Davidson, Inc. | $ | 699,294 |  |  | $ | 241,712 |  |  | $ | (199,598) |  |  | $ | 741,408 |
Schedule of Comprehensive Income |
| Year Ended December 31, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 460,621 |  |  | $ | 184,309 |  |  | $ | (199,755) |  |  | $ | 445,175 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | (13,039) |  |  | (9,324) |  |  | — |  |  | (22,363) |
Derivative financial instruments | 16,621 |  |  | (2,478) |  |  | — |  |  | 14,143 |
Pension and postretirement benefit plans | (19,524) |  |  | — |  |  | — |  |  | (19,524) |
| (15,942) |  |  | (11,802) |  |  | — |  |  | (27,744) |
Comprehensive income | 444,679 |  |  | 172,507 |  |  | (199,755) |  |  | 417,431 |
Less: Comprehensive loss attributable to noncontrolling interests | 10,182 |  |  | — |  |  | — |  |  | 10,182 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 454,861 |  |  | $ | 172,507 |  |  | $ | (199,755) |  |  | $ | 427,613 |
| Year Ended December 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 712,909 |  |  | $ | 181,937 |  |  | $ | (199,800) |  |  | $ | 695,046 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | 9,619 |  |  | 1,913 |  |  | — |  |  | 11,532 |
Derivative financial instruments | 919 |  |  | 2,920 |  |  | — |  |  | 3,839 |
Pension and postretirement benefit plans | 21,596 |  |  | — |  |  | — |  |  | 21,596 |
| 32,134 |  |  | 4,833 |  |  | — |  |  | 36,967 |
Comprehensive income | 745,043 |  |  | 186,770 |  |  | (199,800) |  |  | 732,013 |
Less: Comprehensive loss attributable to noncontrolling interests | 11,540 |  |  | — |  |  | — |  |  | 11,540 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 756,583 |  |  | $ | 186,770 |  |  | $ | (199,800) |  |  | $ | 743,553 |
| Year Ended December 31, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 697,100 |  |  | $ | 241,712 |  |  | $ | (199,598) |  |  | $ | 739,214 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | (27,198) |  |  | (8,672) |  |  | — |  |  | (35,870) |
Derivative financial instruments | (15,312) |  |  | 6,877 |  |  | — |  |  | (8,435) |
Pension and postretirement benefit plans | (56,705) |  |  | — |  |  | — |  |  | (56,705) |
| (99,215) |  |  | (1,795) |  |  | — |  |  | (101,010) |
Comprehensive income | 597,885 |  |  | 239,917 |  |  | (199,598) |  |  | 638,204 |
Less: Comprehensive loss attributable to noncontrolling interests | 2,194 |  |  | — |  |  | — |  |  | 2,194 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 600,079 |  |  | $ | 239,917 |  |  | $ | (199,598) |  |  | $ | 640,398 |
Schedule of Balance Sheet |
| December 31, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,105,663 |  |  | $ | 483,945 |  |  | $ | — |  |  | $ | 1,589,608 |
Accounts receivable, net | 294,776 |  |  | 65 |  |  | (60,526) |  |  | 234,315 |
Finance receivables, net | — |  |  | 2,031,496 |  |  | — |  |  | 2,031,496 |
Inventories, net | 745,793 |  |  | — |  |  | — |  |  | 745,793 |
Restricted cash | — |  |  | 135,661 |  |  | — |  |  | 135,661 |
Other current assets | 273,791 |  |  | 63,608 |  |  | (77,635) |  |  | 259,764 |
| 2,420,023 |  |  | 2,714,775 |  |  | (138,161) |  |  | 4,996,637 |
Finance receivables, net | — |  |  | 5,256,798 |  |  | — |  |  | 5,256,798 |
Property, plant and equipment, net | 743,875 |  |  | 13,197 |  |  | — |  |  | 757,072 |
Pension and postretirement assets | 440,825 |  |  | — |  |  | — |  |  | 440,825 |
Goodwill | 61,655 |  |  | — |  |  | — |  |  | 61,655 |
Deferred income taxes | 88,734 |  |  | 88,109 |  |  | (1,017) |  |  | 175,826 |
Lease assets | 60,628 |  |  | 3,225 |  |  | — |  |  | 63,853 |
Other long-term assets | 221,694 |  |  | 26,805 |  |  | (119,586) |  |  | 128,913 |
| $ | 4,037,434 |  |  | $ | 8,102,909 |  |  | $ | (258,764) |  |  | $ | 11,881,579 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 275,314 |  |  | $ | 83,930 |  |  | $ | (60,526) |  |  | $ | 298,718 |
Accrued liabilities | 515,830 |  |  | 155,437 |  |  | (77,307) |  |  | 593,960 |
Short-term deposits, net | — |  |  | 173,099 |  |  | — |  |  | 173,099 |
Short-term debt | — |  |  | 640,204 |  |  | — |  |  | 640,204 |
Current portion of long-term debt, net | 449,831 |  |  | 1,401,682 |  |  | — |  |  | 1,851,513 |
| 1,240,975 |  |  | 2,454,352 |  |  | (137,833) |  |  | 3,557,494 |
Long-term deposits, net | — |  |  | 377,487 |  |  | — |  |  | 377,487 |
Long-term debt, net | 296,969 |  |  | 4,171,696 |  |  | — |  |  | 4,468,665 |
Lease liabilities | 44,520 |  |  | 2,900 |  |  | — |  |  | 47,420 |
Pension and postretirement liabilities | 53,874 |  |  | — |  |  | — |  |  | 53,874 |
Deferred income taxes | 15,765 |  |  | 1,124 |  |  | — |  |  | 16,889 |
Other long-term liabilities | 139,373 |  |  | 60,123 |  |  | 1,754 |  |  | 201,250 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |
Shareholders’ equity | 2,245,958 |  |  | 1,035,227 |  |  | (122,685) |  |  | 3,158,500 |
| $ | 4,037,434 |  |  | $ | 8,102,909 |  |  | $ | (258,764) |  |  | $ | 11,881,579 |
| December 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,127,400 |  |  | $ | 406,406 |  |  | $ | — |  |  | $ | 1,533,806 |
Accounts receivable, net | 415,004 |  |  | 32 |  |  | (147,836) |  |  | 267,200 |
Finance receivables, net | — |  |  | 2,113,729 |  |  | — |  |  | 2,113,729 |
Inventories, net | 929,951 |  |  | — |  |  | — |  |  | 929,951 |
Restricted cash | — |  |  | 104,642 |  |  | — |  |  | 104,642 |
Other current assets | 148,006 |  |  | 73,976 |  |  | (7,581) |  |  | 214,401 |
| 2,620,361 |  |  | 2,698,785 |  |  | (155,417) |  |  | 5,163,729 |
Finance receivables, net | — |  |  | 5,384,536 |  |  | — |  |  | 5,384,536 |
Property, plant and equipment, net | 710,982 |  |  | 20,742 |  |  | — |  |  | 731,724 |
Pension and postretirement assets | 413,107 |  |  | — |  |  | — |  |  | 413,107 |
Goodwill | 62,696 |  |  | — |  |  | — |  |  | 62,696 |
Deferred income taxes | 79,151 |  |  | 83,379 |  |  | (1,346) |  |  | 161,184 |
Lease assets | 66,166 |  |  | 3,484 |  |  | — |  |  | 69,650 |
Other long-term assets | 228,261 |  |  | 39,208 |  |  | (113,541) |  |  | 153,928 |
| $ | 4,180,724 |  |  | $ | 8,230,134 |  |  | $ | (270,304) |  |  | $ | 12,140,554 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 323,798 |  |  | $ | 173,200 |  |  | $ | (147,836) |  |  | $ | 349,162 |
Accrued liabilities | 509,725 |  |  | 144,622 |  |  | (7,488) |  |  | 646,859 |
Short-term deposits, net | — |  |  | 253,309 |  |  | — |  |  | 253,309 |
Short-term debt | — |  |  | 878,935 |  |  | — |  |  | 878,935 |
Current portion of long-term debt, net | — |  |  | 1,255,999 |  |  | — |  |  | 1,255,999 |
| 833,523 |  |  | 2,706,065 |  |  | (155,324) |  |  | 3,384,264 |
Long-term deposits, net | — |  |  | 194,473 |  |  | — |  |  | 194,473 |
Long-term debt, net | 746,077 |  |  | 4,244,509 |  |  | — |  |  | 4,990,586 |
Lease liabilities | 48,433 |  |  | 3,415 |  |  | — |  |  | 51,848 |
Pension and postretirement liabilities | 59,772 |  |  | — |  |  | — |  |  | 59,772 |
Deferred income taxes | 30,266 |  |  | 3,248 |  |  | — |  |  | 33,514 |
Other long-term liabilities | 150,171 |  |  | 21,725 |  |  | 1,906 |  |  | 173,802 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |
Shareholders’ equity | 2,312,482 |  |  | 1,056,699 |  |  | (116,886) |  |  | 3,252,295 |
| $ | 4,180,724 |  |  | $ | 8,230,134 |  |  | $ | (270,304) |  |  | $ | 12,140,554 |
Schedule of Cash Flows |
| Year Ended December 31, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 460,621 |  |  | $ | 184,309 |  |  | $ | (199,755) |  |  | $ | 445,175 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 151,316 |  |  | 9,357 |  |  | — |  |  | 160,673 |
Amortization of deferred loan origination costs | — |  |  | 70,745 |  |  | — |  |  | 70,745 |
Amortization of financing origination fees | 721 |  |  | 13,242 |  |  | — |  |  | 13,963 |
Provision for long-term employee benefits | (54,008) |  |  | — |  |  | — |  |  | (54,008) |
Employee benefit plan contributions and payments | (5,078) |  |  | — |  |  | — |  |  | (5,078) |
Stock compensation expense | 46,960 |  |  | 2,045 |  |  | — |  |  | 49,005 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | 46,884 |  |  | 46,884 |
Provision for credit losses | — |  |  | 247,225 |  |  | — |  |  | 247,225 |
Deferred income taxes | (21,136) |  |  | (4,811) |  |  | (329) |  |  | (26,276) |
Other, net | 17,289 |  |  | 25 |  |  | (244) |  |  | 17,070 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | 107,088 |  |  | — |  |  | (87,310) |  |  | 19,778 |
Finance receivables - accrued interest and other | — |  |  | 36 |  |  | — |  |  | 36 |
Inventories, net | 164,609 |  |  | — |  |  | — |  |  | 164,609 |
Accounts payable and accrued liabilities | (27,273) |  |  | (73,795) |  |  | 45,632 |  |  | (55,436) |
Other current assets | (110,404) |  |  | 9,818 |  |  | 70,054 |  |  | (30,532) |
| 270,084 |  |  | 273,887 |  |  | 74,687 |  |  | 618,658 |
Net cash provided by operating activities | 730,705 |  |  | 458,196 |  |  | (125,068) |  |  | 1,063,833 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (194,707) |  |  | (1,856) |  |  | — |  |  | (196,563) |
Origination of finance receivables | — |  |  | (6,464,892) |  |  | 2,825,613 |  |  | (3,639,279) |
Collections on finance receivables | — |  |  | 6,340,885 |  |  | (2,900,545) |  |  | 3,440,340 |
Other investing activities | 8,172 |  |  | — |  |  | 4,000 |  |  | 12,172 |
Net cash used by investing activities | (186,535) |  |  | (125,863) |  |  | (70,932) |  |  | (383,330) |
| Year Ended December 31, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 495,856 |  |  | — |  |  | 495,856 |
Repayments of medium-term notes | — |  |  | (660,780) |  |  | — |  |  | (660,780) |
Proceeds from securitization debt | — |  |  | 1,145,211 |  |  | — |  |  | 1,145,211 |
Repayments of securitization debt | — |  |  | (1,078,248) |  |  | — |  |  | (1,078,248) |
Borrowings of asset-backed commercial paper | — |  |  | 469,986 |  |  | — |  |  | 469,986 |
Repayments of asset-backed commercial paper | — |  |  | (258,077) |  |  | — |  |  | (258,077) |
Net decrease in unsecured commercial paper | — |  |  | (237,340) |  |  | — |  |  | (237,340) |
Net increase in deposits | — |  |  | 102,119 |  |  | — |  |  | 102,119 |
Dividends paid | (91,224) |  |  | (200,000) |  |  | 200,000 |  |  | (91,224) |
Repurchase of common stock | (459,829) |  |  | — |  |  | — |  |  | (459,829) |
Other financing activities | 11 |  |  | 4,000 |  |  | (4,000) |  |  | 11 |
Net cash used by financing activities | (551,042) |  |  | (217,273) |  |  | 196,000 |  |  | (572,315) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14,865) |  |  | (1,280) |  |  | — |  |  | (16,145) |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (21,737) |  |  | $ | 113,780 |  |  | $ | — |  |  | $ | 92,043 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,127,400 |  |  | $ | 521,411 |  |  | $ | — |  |  | $ | 1,648,811 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (21,737) |  |  | 113,780 |  |  | — |  |  | 92,043 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,105,663 |  |  | $ | 635,191 |  |  | $ | — |  |  | $ | 1,740,854 |
| Year Ended December 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 712,909 |  |  | $ | 181,937 |  |  | $ | (199,800) |  |  | $ | 695,046 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 149,187 |  |  | 8,925 |  |  | — |  |  | 158,112 |
Amortization of deferred loan origination costs | — |  |  | 85,018 |  |  | — |  |  | 85,018 |
Amortization of financing origination fees | 709 |  |  | 12,499 |  |  | — |  |  | 13,208 |
Provision for long-term employee benefits | (67,624) |  |  | — |  |  | — |  |  | (67,624) |
Employee benefit plan contributions and payments | (5,736) |  |  | — |  |  | — |  |  | (5,736) |
Stock compensation expense | 79,311 |  |  | 3,590 |  |  | — |  |  | 82,901 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (387,743) |  |  | (387,743) |
Provision for credit losses | — |  |  | 227,158 |  |  | — |  |  | 227,158 |
Deferred income taxes | (26,720) |  |  | (3,663) |  |  | 324 |  |  | (30,059) |
Other, net | (18,480) |  |  | (21,033) |  |  | (200) |  |  | (39,713) |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (42,312) |  |  | — |  |  | 30,869 |  |  | (11,443) |
Finance receivables - accrued interest and other | — |  |  | (339) |  |  | — |  |  | (339) |
Inventories, net | 21,257 |  |  | — |  |  | — |  |  | 21,257 |
Accounts payable and accrued liabilities | (21,957) |  |  | 67,635 |  |  | (17,108) |  |  | 28,570 |
Other current assets | (11,283) |  |  | (5,482) |  |  | 3,039 |  |  | (13,726) |
| 56,352 |  |  | 374,308 |  |  | (370,819) |  |  | 59,841 |
Net cash provided by operating activities | 769,261 |  |  | 556,245 |  |  | (570,619) |  |  | 754,887 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (202,325) |  |  | (5,079) |  |  | — |  |  | (207,404) |
Origination of finance receivables | — |  |  | (7,284,431) |  |  | 3,410,889 |  |  | (3,873,542) |
Collections on finance receivables | — |  |  | 6,611,092 |  |  | (3,040,270) |  |  | 3,570,822 |
Other investing activities | (4,680) |  |  | — |  |  | 2,500 |  |  | (2,180) |
Net cash used by investing activities | (207,005) |  |  | (678,418) |  |  | 373,119 |  |  | (512,304) |
| Year Ended December 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,446,304 |  |  | — |  |  | 1,446,304 |
Repayments of medium-term notes | — |  |  | (1,056,680) |  |  | — |  |  | (1,056,680) |
Proceeds from securitization debt | — |  |  | 1,045,547 |  |  | — |  |  | 1,045,547 |
Repayments of securitization debt | — |  |  | (1,193,526) |  |  | — |  |  | (1,193,526) |
Borrowings of asset-backed commercial paper | — |  |  | 42,429 |  |  | — |  |  | 42,429 |
Repayments of asset-backed commercial paper | — |  |  | (237,370) |  |  | — |  |  | (237,370) |
Net increase in unsecured commercial paper | — |  |  | 107,146 |  |  | — |  |  | 107,146 |
Net increase in deposits | — |  |  | 129,855 |  |  | — |  |  | 129,855 |
Dividends paid | (96,310) |  |  | (200,000) |  |  | 200,000 |  |  | (96,310) |
Repurchase of common stock | (363,987) |  |  | — |  |  | — |  |  | (363,987) |
Other financing activities | 1,946 |  |  | 2,500 |  |  | (2,500) |  |  | 1,946 |
Net cash (used) provided by financing activities | (458,351) |  |  | 86,205 |  |  | 197,500 |  |  | (174,646) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,697 |  |  | — |  |  | — |  |  | 1,697 |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 105,602 |  |  | $ | (35,968) |  |  | $ | — |  |  | $ | 69,634 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,021,798 |  |  | $ | 557,379 |  |  | $ | — |  |  | $ | 1,579,177 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 105,602 |  |  | (35,968) |  |  | — |  |  | 69,634 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,127,400 |  |  | $ | 521,411 |  |  | $ | — |  |  | $ | 1,648,811 |
| Year Ended December 31, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 697,100 |  |  | $ | 241,712 |  |  | $ | (199,598) |  |  | $ | 739,214 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 143,276 |  |  | 8,666 |  |  | — |  |  | 151,942 |
Amortization of deferred loan origination costs | — |  |  | 94,914 |  |  | — |  |  | 94,914 |
Amortization of financing origination fees | 700 |  |  | 14,405 |  |  | — |  |  | 15,105 |
Provision for long-term employee benefits | (21,891) |  |  | — |  |  | — |  |  | (21,891) |
Employee benefit plan contributions and payments | (14,320) |  |  | — |  |  | — |  |  | (14,320) |
Stock compensation expense | 50,954 |  |  | 3,399 |  |  | — |  |  | 54,353 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (198,623) |  |  | (198,623) |
Provision for credit losses | — |  |  | 145,133 |  |  | — |  |  | 145,133 |
Deferred income taxes | (11,988) |  |  | (3,925) |  |  | (23) |  |  | (15,936) |
Other, net | (5,745) |  |  | (6,880) |  |  | (402) |  |  | (13,027) |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (96,826) |  |  | — |  |  | 14,441 |  |  | (82,385) |
Finance receivables - accrued interest and other | — |  |  | 414 |  |  | — |  |  | 414 |
Inventories, net | (254,170) |  |  | — |  |  | — |  |  | (254,170) |
Accounts payable and accrued liabilities | (6,840) |  |  | 27,069 |  |  | (15,726) |  |  | 4,503 |
Other current assets | (54,516) |  |  | (3,559) |  |  | 1,310 |  |  | (56,765) |
| (271,366) |  |  | 279,636 |  |  | (199,023) |  |  | (190,753) |
Net cash provided by operating activities | 425,734 |  |  | 521,348 |  |  | (398,621) |  |  | 548,461 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (147,272) |  |  | (4,397) |  |  | — |  |  | (151,669) |
Origination of finance receivables | — |  |  | (7,960,123) |  |  | 3,401,289 |  |  | (4,558,834) |
Collections on finance receivables | — |  |  | 7,137,669 |  |  | (3,202,668) |  |  | 3,935,001 |
Other investing activities | 2,491 |  |  | — |  |  | — |  |  | 2,491 |
Net cash used by investing activities | (144,781) |  |  | (826,851) |  |  | 198,621 |  |  | (773,011) |
| Year Ended December 31, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 495,785 |  |  | — |  |  | 495,785 |
Repayments of medium-term notes | — |  |  | (950,000) |  |  | — |  |  | (950,000) |
Proceeds from securitization debt | — |  |  | 1,826,891 |  |  | — |  |  | 1,826,891 |
Repayments of securitization debt | — |  |  | (1,442,860) |  |  | — |  |  | (1,442,860) |
Borrowings of asset-backed commercial paper | — |  |  | 448,255 |  |  | — |  |  | 448,255 |
Repayments of asset-backed commercial paper | — |  |  | (302,922) |  |  | — |  |  | (302,922) |
Net increase in unsecured commercial paper | — |  |  | 16,003 |  |  | — |  |  | 16,003 |
Net increase in deposits | — |  |  | 26,605 |  |  | — |  |  | 26,605 |
Dividends paid | (93,180) |  |  | (200,000) |  |  | 200,000 |  |  | (93,180) |
Repurchase of common stock | (338,627) |  |  | — |  |  | — |  |  | (338,627) |
Cash received from business combination | 114,068 |  |  | — |  |  | — |  |  | 114,068 |
Other financing activities | (1,985) |  |  | — |  |  | — |  |  | (1,985) |
Net cash (used) provided by financing activities | (319,724) |  |  | (82,243) |  |  | 200,000 |  |  | (201,967) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (17,636) |  |  | (1,889) |  |  | — |  |  | (19,525) |
Net decrease in cash, cash equivalents and restricted cash | $ | (56,407) |  |  | $ | (389,635) |  |  | $ | — |  |  | $ | (446,042) |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,078,205 |  |  | $ | 947,014 |  |  | $ | — |  |  | $ | 2,025,219 |
Net decrease in cash, cash equivalents and restricted cash | (56,407) |  |  | (389,635) |  |  | — |  |  | (446,042) |
Cash, cash equivalents and restricted cash, end of period | $ | 1,021,798 |  |  | $ | 557,379 |  |  | $ | — |  |  | $ | 1,579,177 |

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