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v3.25.2

Supplemental Consolidating Data (Tables) | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Operations | Supplemental consolidating data is as follows (in thousands):
| Three months ended June 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 1,052,206 |  |  | $ | — |  |  | $ | (2,546) |  |  | $ | 1,049,660 |
Financial services | — |  |  | 258,834 |  |  | (1,396) |  |  | 257,438 |
| 1,052,206 |  |  | 258,834 |  |  | (3,942) |  |  | 1,307,098 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 750,793 |  |  | — |  |  | — |  |  | 750,793 |
Financial services interest expense | — |  |  | 93,574 |  |  | — |  |  | 93,574 |
Financial services provision for credit losses | — |  |  | 49,738 |  |  | — |  |  | 49,738 |
Selling, administrative and engineering expense | 257,361 |  |  | 46,884 |  |  | (3,688) |  |  | 300,557 |
| 1,008,154 |  |  | 190,196 |  |  | (3,688) |  |  | 1,194,662 |
Operating income | 44,052 |  |  | 68,638 |  |  | (254) |  |  | 112,436 |
Other income, net | 14,477 |  |  | — |  |  | — |  |  | 14,477 |
Investment income | 10,950 |  |  | — |  |  | — |  |  | 10,950 |
Interest expense | 7,696 |  |  | — |  |  | — |  |  | 7,696 |
Income before income taxes | 61,783 |  |  | 68,638 |  |  | (254) |  |  | 130,167 |
Income tax provision | 7,976 |  |  | 16,446 |  |  | — |  |  | 24,422 |
Net income | 53,807 |  |  | 52,192 |  |  | (254) |  |  | 105,745 |
Less: (income) loss attributable to noncontrolling interests | 1,824 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,824 |
Net income attributable to Harley-Davidson, Inc. | $ | 55,631 |  |  | $ | 52,192 |  |  | $ | (254) |  |  | $ | 107,569 |
| Six months ended June 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 2,138,719 |  |  | $ | — |  |  | $ | (4,810) |  |  | $ | 2,133,909 |
Financial services | — |  |  | 504,551 |  |  | (2,152) |  |  | 502,399 |
| 2,138,719 |  |  | 504,551 |  |  | (6,962) |  |  | 2,636,308 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 1,521,579 |  |  | — |  |  | — |  |  | 1,521,579 |
Financial services interest expense | — |  |  | 182,508 |  |  | — |  |  | 182,508 |
Financial services provision for credit losses | — |  |  | 103,072 |  |  | — |  |  | 103,072 |
Selling, administrative and engineering expense | 475,309 |  |  | 87,820 |  |  | (6,915) |  |  | 556,214 |
| 1,996,888 |  |  | 373,400 |  |  | (6,915) |  |  | 2,363,373 |
Operating income | 141,831 |  |  | 131,151 |  |  | (47) |  |  | 272,935 |
Other income, net | 30,750 |  |  | — |  |  | — |  |  | 30,750 |
Investment income | 19,891 |  |  | — |  |  | — |  |  | 19,891 |
Interest expense | 15,382 |  |  | — |  |  | — |  |  | 15,382 |
Income before income taxes | 177,090 |  |  | 131,151 |  |  | (47) |  |  | 308,194 |
Provision for income taxes | 40,744 |  |  | 30,908 |  |  | — |  |  | 71,652 |
Net income | 136,346 |  |  | 100,243 |  |  | (47) |  |  | 236,542 |
Less: (income) loss attributable to noncontrolling interests | 4,131 |  |  | — |  |  | — |  |  | 4,131 |
Net income attributable to Harley-Davidson, Inc. | $ | 140,477 |  |  | $ | 100,243 |  |  | $ | (47) |  |  | $ | 240,673 |
| Three months ended June 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,357,953 |  |  | $ | — |  |  | $ | (2,599) |  |  | $ | 1,355,354 |
Financial Services | — |  |  | 264,220 |  |  | (681) |  |  | 263,539 |
| 1,357,953 |  |  | 264,220 |  |  | (3,280) |  |  | 1,618,893 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 924,012 |  |  | — |  |  | — |  |  | 924,012 |
Financial Services interest expense | — |  |  | 93,741 |  |  | — |  |  | 93,741 |
Financial Services provision for credit losses | — |  |  | 56,030 |  |  | — |  |  | 56,030 |
Selling, administrative and engineering expense | 262,188 |  |  | 45,004 |  |  | (3,184) |  |  | 304,008 |
| 1,186,200 |  |  | 194,775 |  |  | (3,184) |  |  | 1,377,791 |
Operating income | 171,753 |  |  | 69,445 |  |  | (96) |  |  | 241,102 |
Other income, net | 15,879 |  |  | — |  |  | — |  |  | 15,879 |
Investment income | 14,811 |  |  | — |  |  | — |  |  | 14,811 |
Interest expense | 7,680 |  |  | — |  |  | — |  |  | 7,680 |
Income before income taxes | 194,763 |  |  | 69,445 |  |  | (96) |  |  | 264,112 |
Provision for income taxes | 32,032 |  |  | 16,674 |  |  | — |  |  | 48,706 |
Net income | 162,731 |  |  | 52,771 |  |  | (96) |  |  | 215,406 |
Less: (income) loss attributable to noncontrolling interests | 2,863 |  |  | — |  |  | — |  |  | 2,863 |
Net income attributable to Harley-Davidson, Inc. | $ | 165,594 |  |  | $ | 52,771 |  |  | $ | (96) |  |  | $ | 218,269 |
| Six months ended June 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 2,840,712 |  |  | $ | — |  |  | $ | (4,548) |  |  | $ | 2,836,164 |
Financial services | — |  |  | 513,459 |  |  | (1,123) |  |  | 512,336 |
| 2,840,712 |  |  | 513,459 |  |  | (5,671) |  |  | 3,348,500 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 1,947,693 |  |  | — |  |  | — |  |  | 1,947,693 |
Financial services interest expense | — |  |  | 182,480 |  |  | — |  |  | 182,480 |
Financial services provision for credit losses | — |  |  | 117,040 |  |  | — |  |  | 117,040 |
Selling, administrative and engineering expense | 510,661 |  |  | 92,126 |  |  | (5,682) |  |  | 597,105 |
| 2,458,354 |  |  | 391,646 |  |  | (5,682) |  |  | 2,844,318 |
Operating income | 382,358 |  |  | 121,813 |  |  | 11 |  |  | 504,182 |
Other income, net | 36,443 |  |  | — |  |  | — |  |  | 36,443 |
Investment income | 29,215 |  |  | — |  |  | — |  |  | 29,215 |
Interest expense | 15,359 |  |  | — |  |  | — |  |  | 15,359 |
Income before income taxes | 432,657 |  |  | 121,813 |  |  | 11 |  |  | 554,481 |
Provision for income taxes | 77,562 |  |  | 29,280 |  |  | — |  |  | 106,842 |
Net income | 355,095 |  |  | 92,533 |  |  | 11 |  |  | 447,639 |
Less: (income) loss attributable to noncontrolling interests | 5,571 |  |  | — |  |  | — |  |  | 5,571 |
Net income attributable to Harley-Davidson, Inc. | $ | 360,666 |  |  | $ | 92,533 |  |  | $ | 11 |  |  | $ | 453,210 |
Schedule of Comprehensive Income |
| Three months ended June 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 53,807 |  |  | $ | 52,192 |  |  | $ | (254) |  |  | $ | 105,745 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | 39,941 |  |  | 6,355 |  |  | — |  |  | 46,296 |
Derivative financial instruments | (21,234) |  |  | 15,475 |  |  | — |  |  | (5,759) |
Pension and postretirement benefit plans | (776) |  |  | — |  |  | — |  |  | (776) |
| 17,931 |  |  | 21,830 |  |  | — |  |  | 39,761 |
Comprehensive income | 71,738 |  |  | 74,022 |  |  | (254) |  |  | 145,506 |
Less: Comprehensive loss attributable to noncontrolling interests | 1,824 |  |  | — |  |  | — |  |  | 1,824 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 73,562 |  |  | $ | 74,022 |  |  | $ | (254) |  |  | $ | 147,330 |
| Six months ended June 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 136,346 |  |  | $ | 100,243 |  |  | $ | (47) |  |  | $ | 236,542 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | 46,142 |  |  | 7,519 |  |  | — |  |  | 53,661 |
Derivative financial instruments | (30,284) |  |  | 12,460 |  |  | — |  |  | (17,824) |
Pension and postretirement benefit plans | (1,553) |  |  | — |  |  | — |  |  | (1,553) |
| 14,305 |  |  | 19,979 |  |  | — |  |  | 34,284 |
Comprehensive income | 150,651 |  |  | 120,222 |  |  | (47) |  |  | 270,826 |
Less: Comprehensive loss attributable to noncontrolling interests | 4,131 |  |  | — |  |  | — |  |  | 4,131 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 154,782 |  |  | $ | 120,222 |  |  | $ | (47) |  |  | $ | 274,957 |
| Three months ended June 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 162,731 |  |  | $ | 52,771 |  |  | $ | (96) |  |  | $ | 215,406 |
Other comprehensive (loss) income, net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | (5,607) |  |  | (1,288) |  |  | — |  |  | (6,895) |
Derivative financial instruments | 2,756 |  |  | (353) |  |  | — |  |  | 2,403 |
Pension and postretirement benefit plans | (824) |  |  | — |  |  | — |  |  | (824) |
| (3,675) |  |  | (1,641) |  |  | — |  |  | (5,316) |
Comprehensive income | 159,056 |  |  | 51,130 |  |  | (96) |  |  | 210,090 |
Less: Comprehensive loss attributable to noncontrolling interests | 2,863 |  |  | — |  |  | — |  |  | 2,863 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 161,919 |  |  | $ | 51,130 |  |  | $ | (96) |  |  | $ | 212,953 |
| Six months ended June 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 355,095 |  |  | $ | 92,533 |  |  | $ | 11 |  |  | $ | 447,639 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | (33,992) |  |  | (4,197) |  |  | — |  |  | (38,189) |
Derivative financial instruments | 12,338 |  |  | (5,414) |  |  | — |  |  | 6,924 |
Pension and postretirement benefit plans | (1,647) |  |  | — |  |  | — |  |  | (1,647) |
| (23,301) |  |  | (9,611) |  |  | — |  |  | (32,912) |
Comprehensive income | 331,794 |  |  | 82,922 |  |  | 11 |  |  | 414,727 |
Less: Comprehensive loss attributable to noncontrolling interests | 5,571 |  |  | — |  |  | — |  |  | 5,571 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 337,365 |  |  | $ | 82,922 |  |  | $ | 11 |  |  | $ | 420,298 |
Schedule of Balance Sheet |
| June 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,067,346 |  |  | $ | 520,318 |  |  | $ | — |  |  | $ | 1,587,664 |
Accounts receivable, net | 602,064 |  |  | 99 |  |  | (276,407) |  |  | 325,756 |
Finance receivables, net | — |  |  | 2,127,866 |  |  | — |  |  | 2,127,866 |
Inventories, net | 630,287 |  |  | — |  |  | — |  |  | 630,287 |
Restricted cash | — |  |  | 149,782 |  |  | — |  |  | 149,782 |
Other current assets | 249,430 |  |  | 134,295 |  |  | (56,465) |  |  | 327,260 |
| 2,549,127 |  |  | 2,932,360 |  |  | (332,872) |  |  | 5,148,615 |
Finance receivables, net | — |  |  | 5,198,356 |  |  | — |  |  | 5,198,356 |
Property, plant and equipment, net | 720,914 |  |  | 8,577 |  |  | — |  |  | 729,491 |
Pension and postretirement assets | 467,893 |  |  | — |  |  | — |  |  | 467,893 |
Goodwill | 63,839 |  |  | — |  |  | — |  |  | 63,839 |
Deferred income taxes | 84,817 |  |  | 82,876 |  |  | (893) |  |  | 166,800 |
Lease assets | 69,133 |  |  | 2,805 |  |  | — |  |  | 71,938 |
Other long-term assets | 225,461 |  |  | 98,798 |  |  | (120,746) |  |  | 203,513 |
| $ | 4,181,184 |  |  | $ | 8,323,772 |  |  | $ | (454,511) |  |  | $ | 12,050,445 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 337,519 |  |  | $ | 306,268 |  |  | $ | (276,407) |  |  | $ | 367,380 |
Accrued liabilities | 562,411 |  |  | 166,796 |  |  | (55,971) |  |  | 673,236 |
Short-term deposits, net | — |  |  | 243,101 |  |  | — |  |  | 243,101 |
Short-term debt | — |  |  | 503,353 |  |  | — |  |  | 503,353 |
Current portion of long-term debt, net | 449,976 |  |  | 1,533,852 |  |  | — |  |  | 1,983,828 |
| 1,349,906 |  |  | 2,753,370 |  |  | (332,378) |  |  | 3,770,898 |
Long-term deposits, net | — |  |  | 294,783 |  |  | — |  |  | 294,783 |
Long-term debt, net | 297,188 |  |  | 4,070,365 |  |  | — |  |  | 4,367,553 |
Lease liabilities | 53,880 |  |  | 2,422 |  |  | — |  |  | 56,302 |
Pension and postretirement liabilities | 52,189 |  |  | — |  |  | — |  |  | 52,189 |
Deferred income taxes | 15,794 |  |  | 1,233 |  |  | — |  |  | 17,027 |
Other long-term liabilities | 137,012 |  |  | 44,988 |  |  | 1,760 |  |  | 183,760 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |
Shareholders’ equity | 2,275,215 |  |  | 1,156,611 |  |  | (123,893) |  |  | 3,307,933 |
| $ | 4,181,184 |  |  | $ | 8,323,772 |  |  | $ | (454,511) |  |  | $ | 12,050,445 |
| 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 14) |  |  |  |  |  |  |
Shareholders’ equity | 2,245,958 |  |  | 1,035,227 |  |  | (122,685) |  |  | 3,158,500 |
| $ | 4,037,434 |  |  | $ | 8,102,909 |  |  | $ | (258,764) |  |  | $ | 11,881,579 |
| June 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,276,973 |  |  | $ | 572,186 |  |  | $ | — |  |  | $ | 1,849,159 |
Accounts receivable, net | 636,846 |  |  | 46 |  |  | (315,607) |  |  | 321,285 |
Finance receivables, net | — |  |  | 2,472,784 |  |  | — |  |  | 2,472,784 |
Inventories, net | 668,924 |  |  | — |  |  | — |  |  | 668,924 |
Restricted cash | — |  |  | 137,486 |  |  | — |  |  | 137,486 |
Other current assets | 143,012 |  |  | 59,086 |  |  | (14,096) |  |  | 188,002 |
| 2,725,755 |  |  | 3,241,588 |  |  | (329,703) |  |  | 5,637,640 |
Finance receivables, net | — |  |  | 5,545,780 |  |  | — |  |  | 5,545,780 |
Property, plant and equipment, net | 703,548 |  |  | 16,875 |  |  | — |  |  | 720,423 |
Pension and postretirement assets | 438,805 |  |  | — |  |  | — |  |  | 438,805 |
Goodwill | 62,152 |  |  | — |  |  | — |  |  | 62,152 |
Deferred income taxes | 72,899 |  |  | 86,473 |  |  | (792) |  |  | 158,580 |
Lease assets | 58,078 |  |  | 3,838 |  |  | — |  |  | 61,916 |
Other long-term assets | 224,645 |  |  | 25,941 |  |  | (115,640) |  |  | 134,946 |
| $ | 4,285,882 |  |  | $ | 8,920,495 |  |  | $ | (446,135) |  |  | $ | 12,760,242 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 351,209 |  |  | $ | 341,465 |  |  | $ | (315,607) |  |  | $ | 377,067 |
Accrued liabilities | 502,575 |  |  | 172,019 |  |  | (13,427) |  |  | 661,167 |
Short-term deposits, net | — |  |  | 206,972 |  |  | — |  |  | 206,972 |
Short-term debt | — |  |  | 497,792 |  |  | — |  |  | 497,792 |
Current portion of long-term debt, net | — |  |  | 2,021,344 |  |  | — |  |  | 2,021,344 |
| 853,784 |  |  | 3,239,592 |  |  | (329,034) |  |  | 3,764,342 |
Long-term deposits, net | — |  |  | 297,121 |  |  | — |  |  | 297,121 |
Long-term debt, net | 746,438 |  |  | 4,203,433 |  |  | — |  |  | 4,949,871 |
Lease liabilities | 41,991 |  |  | 3,364 |  |  | — |  |  | 45,355 |
Pension and postretirement liabilities | 58,886 |  |  | — |  |  | — |  |  | 58,886 |
Deferred income taxes | 30,266 |  |  | 3,231 |  |  | — |  |  | 33,497 |
Other long-term liabilities | 143,946 |  |  | 32,034 |  |  | 1,874 |  |  | 177,854 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |
Shareholders’ equity | 2,410,571 |  |  | 1,141,720 |  |  | (118,975) |  |  | 3,433,316 |
| $ | 4,285,882 |  |  | $ | 8,920,495 |  |  | $ | (446,135) |  |  | $ | 12,760,242 |
Schedule of Cash Flows |
| Six months ended June 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 136,346 |  |  | $ | 100,243 |  |  | $ | (47) |  |  | $ | 236,542 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 77,352 |  |  | 4,777 |  |  | — |  |  | 82,129 |
Amortization of deferred loan origination costs | — |  |  | 32,489 |  |  | — |  |  | 32,489 |
Amortization of financing origination fees | 364 |  |  | 6,266 |  |  | — |  |  | 6,630 |
Income related to long-term employee benefits | (27,526) |  |  | — |  |  | — |  |  | (27,526) |
Employee benefit plan contributions and payments | (3,256) |  |  | — |  |  | — |  |  | (3,256) |
Stock compensation expense | 16,246 |  |  | 1,161 |  |  | — |  |  | 17,407 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (145,174) |  |  | (145,174) |
Provision for credit losses | — |  |  | 103,072 |  |  | — |  |  | 103,072 |
Deferred income taxes | 11,955 |  |  | 2,025 |  |  | (124) |  |  | 13,856 |
Other, net | (18,648) |  |  | 20,195 |  |  | 45 |  |  | 1,592 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (282,732) |  |  | — |  |  | 215,881 |  |  | (66,851) |
Finance receivables – accrued interest and other | — |  |  | 4,999 |  |  | — |  |  | 4,999 |
Inventories, net | 142,996 |  |  | — |  |  | — |  |  | 142,996 |
Accounts payable and accrued liabilities | 95,281 |  |  | 230,797 |  |  | (189,980) |  |  | 136,098 |
Other current assets | 6,156 |  |  | (10,497) |  |  | (21,170) |  |  | (25,511) |
| 18,188 |  |  | 395,284 |  |  | (140,522) |  |  | 272,950 |
Net cash provided by operating activities | 154,534 |  |  | 495,527 |  |  | (140,569) |  |  | 509,492 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (65,330) |  |  | (230) |  |  | — |  |  | (65,560) |
Origination of finance receivables | — |  |  | (3,203,305) |  |  | 1,437,354 |  |  | (1,765,951) |
Collections on finance receivables | — |  |  | 3,037,751 |  |  | (1,296,785) |  |  | 1,740,966 |
Other investing activities | 691 |  |  | — |  |  | — |  |  | 691 |
Net cash used by investing activities | (64,639) |  |  | (165,784) |  |  | 140,569 |  |  | (89,854) |
| Six months ended June 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 647,088 |  |  | — |  |  | 647,088 |
Repayments of medium-term notes |  |  | (700,000) |  |  |  |  | (700,000) |
Proceeds from securitization debt | — |  |  | 497,790 |  |  | — |  |  | 497,790 |
Repayments of securitization debt | — |  |  | (584,153) |  |  | — |  |  | (584,153) |
Borrowings of asset-backed commercial paper | — |  |  | 155,000 |  |  | — |  |  | 155,000 |
Repayments of asset-backed commercial paper | — |  |  | (145,379) |  |  | — |  |  | (145,379) |
Net decrease in unsecured commercial paper | — |  |  | (135,902) |  |  | — |  |  | (135,902) |
Net decrease in deposits | — |  |  | (13,073) |  |  | — |  |  | (13,073) |
Dividends paid | (44,756) |  |  | — |  |  | — |  |  | (44,756) |
Repurchase of common stock | (93,140) |  |  | — |  |  | — |  |  | (93,140) |
Other financing activities | 6 |  |  | — |  |  | — |  |  | 6 |
Net cash (used) provided by financing activities | (137,890) |  |  | (278,629) |  |  | — |  |  | (416,519) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9,678 |  |  | 2,697 |  |  | — |  |  | 12,375 |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (38,317) |  |  | $ | 53,811 |  |  | $ | — |  |  | $ | 15,494 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,105,663 |  |  | $ | 635,191 |  |  | $ | — |  |  | $ | 1,740,854 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (38,317) |  |  | 53,811 |  |  | — |  |  | 15,494 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,067,346 |  |  | $ | 689,002 |  |  | $ | — |  |  | $ | 1,756,348 |
| Six months ended June 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 355,095 |  |  | $ | 92,533 |  |  | $ | 11 |  |  | $ | 447,639 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 75,768 |  |  | 4,608 |  |  | — |  |  | 80,376 |
Amortization of deferred loan origination costs | — |  |  | 36,466 |  |  | — |  |  | 36,466 |
Amortization of financing origination fees | 360 |  |  | 6,433 |  |  | — |  |  | 6,793 |
Income related to long-term employee benefits | (26,143) |  |  | — |  |  | — |  |  | (26,143) |
Employee benefit plan contributions and payments | (2,593) |  |  | — |  |  | — |  |  | (2,593) |
Stock compensation expense | 27,896 |  |  | 1,099 |  |  | — |  |  | 28,995 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (388,030) |  |  | (388,030) |
Provision for credit losses | — |  |  | 117,040 |  |  | — |  |  | 117,040 |
Deferred income taxes | 2,145 |  |  | (1,445) |  |  | (554) |  |  | 146 |
Other, net | 13,339 |  |  | 1,637 |  |  | (11) |  |  | 14,965 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (233,698) |  |  | — |  |  | 167,771 |  |  | (65,927) |
Finance receivables – accrued interest and other | — |  |  | 2,759 |  |  | — |  |  | 2,759 |
Inventories, net | 235,539 |  |  | — |  |  | — |  |  | 235,539 |
Accounts payable and accrued liabilities | 48,395 |  |  | 171,199 |  |  | (155,428) |  |  | 64,166 |
Other current assets | 9,347 |  |  | 9,589 |  |  | 6,515 |  |  | 25,451 |
| 150,355 |  |  | 349,385 |  |  | (369,737) |  |  | 130,003 |
Net cash provided by operating activities | 505,450 |  |  | 441,918 |  |  | (369,726) |  |  | 577,642 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (87,050) |  |  | (785) |  |  | — |  |  | (87,835) |
Origination of finance receivables | — |  |  | (4,210,218) |  |  | 2,114,266 |  |  | (2,095,952) |
Collections on finance receivables | — |  |  | 3,531,504 |  |  | (1,744,540) |  |  | 1,786,964 |
Other investing activities | (1,206) |  |  | — |  |  | 1,000 |  |  | (206) |
Net cash used by investing activities | (88,256) |  |  | (679,499) |  |  | 370,726 |  |  | (397,029) |
| Six months ended June 30, 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 |
Proceeds from securitization debt | — |  |  | 547,618 |  |  | — |  |  | 547,618 |
Repayments of securitization debt | — |  |  | (506,489) |  |  | — |  |  | (506,489) |
Borrowings of asset-backed commercial paper | — |  |  | 351,429 |  |  | — |  |  | 351,429 |
Repayments of asset-backed commercial paper | — |  |  | (125,654) |  |  | — |  |  | (125,654) |
Net decrease in unsecured commercial paper | — |  |  | (379,743) |  |  | — |  |  | (379,743) |
Net increase in deposits | — |  |  | 56,007 |  |  | — |  |  | 56,007 |
Dividends paid | (47,359) |  |  | — |  |  | — |  |  | (47,359) |
Repurchase of common stock | (209,675) |  |  | — |  |  | — |  |  | (209,675) |
Other financing activities | 8 |  |  | 1,000 |  |  | (1,000) |  |  | 8 |
Net cash (used) provided by financing activities | (257,026) |  |  | 440,024 |  |  | (1,000) |  |  | 181,998 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (10,595) |  |  | (226) |  |  | — |  |  | (10,821) |
Net increase in cash, cash equivalents and restricted cash | $ | 149,573 |  |  | $ | 202,217 |  |  | $ | — |  |  | $ | 351,790 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,127,400 |  |  | $ | 521,411 |  |  | $ | — |  |  | $ | 1,648,811 |
Net increase in cash, cash equivalents and restricted cash | 149,573 |  |  | 202,217 |  |  | — |  |  | 351,790 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,276,973 |  |  | $ | 723,628 |  |  | $ | — |  |  | $ | 2,000,601 |

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