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v3.25.3

Supplemental Consolidating Data | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Consolidating Data | Supplemental Consolidating Data The supplemental consolidating data includes separate legal entity data for the Company's financial services entities, including Harley-Davidson Financial Services, Inc. and its subsidiaries (Financial Services Entities), and all other Harley-Davidson, Inc. entities (Non-Financial Services Entities). This information is presented to highlight the separate financial statement impacts of the Company's Financial Services Entities and its Non-Financial Services Entities. The income statement information presented below differs from reportable segment income statement information due to the allocation of legal entity consolidating adjustments to income for reportable segments. Supplemental consolidating data is as follows (in thousands):
| Three months ended September 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 1,095,322 |  |  | $ | — |  |  | $ | (15,800) |  |  | $ | 1,079,522 |
Financial services | — |  |  | 261,687 |  |  | (499) |  |  | 261,188 |
| 1,095,322 |  |  | 261,687 |  |  | (16,299) |  |  | 1,340,710 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 798,683 |  |  | — |  |  | — |  |  | 798,683 |
Financial services interest expense | — |  |  | 75,883 |  |  | — |  |  | 75,883 |
Financial services provision for credit losses | — |  |  | (301,499) |  |  | — |  |  | (301,499) |
Selling, administrative and engineering expense | 245,425 |  |  | 63,782 |  |  | (16,322) |  |  | 292,885 |
| 1,044,108 |  |  | (161,834) |  |  | (16,322) |  |  | 865,952 |
Operating income | 51,214 |  |  | 423,521 |  |  | 23 |  |  | 474,758 |
Other income, net | 14,706 |  |  | — |  |  | — |  |  | 14,706 |
Investment income | 12,267 |  |  | — |  |  | — |  |  | 12,267 |
Interest expense | 10,182 |  |  | — |  |  | — |  |  | 10,182 |
Income before income taxes | 68,005 |  |  | 423,521 |  |  | 23 |  |  | 491,549 |
Income tax provision | 14,752 |  |  | 101,632 |  |  | — |  |  | 116,384 |
Net income | 53,253 |  |  | 321,889 |  |  | 23 |  |  | 375,165 |
Less: (income) loss attributable to noncontrolling interests | 2,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,201 |
Net income attributable to Harley-Davidson, Inc. | $ | 55,454 |  |  | $ | 321,889 |  |  | $ | 23 |  |  | $ | 377,366 |
| Nine months ended September 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 3,234,041 |  |  | $ | — |  |  | $ | (20,610) |  |  | $ | 3,213,431 |
Financial services | — |  |  | 766,238 |  |  | (2,651) |  |  | 763,587 |
| 3,234,041 |  |  | 766,238 |  |  | (23,261) |  |  | 3,977,018 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 2,320,261 |  |  | — |  |  | — |  |  | 2,320,261 |
Financial services interest expense | — |  |  | 258,391 |  |  | — |  |  | 258,391 |
Financial services provision for credit losses | — |  |  | (198,427) |  |  | — |  |  | (198,427) |
Selling, administrative and engineering expense | 720,733 |  |  | 151,602 |  |  | (23,237) |  |  | 849,098 |
| 3,040,994 |  |  | 211,566 |  |  | (23,237) |  |  | 3,229,323 |
Operating income | 193,047 |  |  | 554,672 |  |  | (24) |  |  | 747,695 |
Other income, net | 45,456 |  |  | — |  |  | — |  |  | 45,456 |
Investment income | 32,158 |  |  | — |  |  | — |  |  | 32,158 |
Interest expense | 25,564 |  |  | — |  |  | — |  |  | 25,564 |
Income before income taxes | 245,097 |  |  | 554,672 |  |  | (24) |  |  | 799,745 |
Provision for income taxes | 55,496 |  |  | 132,540 |  |  | — |  |  | 188,036 |
Net income | 189,601 |  |  | 422,132 |  |  | (24) |  |  | 611,709 |
Less: (income) loss attributable to noncontrolling interests | 6,332 |  |  | — |  |  | — |  |  | 6,332 |
Net income attributable to Harley-Davidson, Inc. | $ | 195,933 |  |  | $ | 422,132 |  |  | $ | (24) |  |  | $ | 618,041 |
| Three months ended September 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 883,958 |  |  | $ | — |  |  | $ | (2,745) |  |  | $ | 881,213 |
Financial Services | — |  |  | 269,880 |  |  | (398) |  |  | 269,482 |
| 883,958 |  |  | 269,880 |  |  | (3,143) |  |  | 1,150,695 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 618,580 |  |  | — |  |  | — |  |  | 618,580 |
Financial Services interest expense | — |  |  | 94,463 |  |  | — |  |  | 94,463 |
Financial Services provision for credit losses | — |  |  | 57,977 |  |  | — |  |  | 57,977 |
Selling, administrative and engineering expense | 234,002 |  |  | 43,042 |  |  | (3,165) |  |  | 273,879 |
| 852,582 |  |  | 195,482 |  |  | (3,165) |  |  | 1,044,899 |
Operating income | 31,376 |  |  | 74,398 |  |  | 22 |  |  | 105,796 |
Other income, net | 18,408 |  |  | — |  |  | — |  |  | 18,408 |
Investment income | 16,450 |  |  | — |  |  | — |  |  | 16,450 |
Interest expense | 7,707 |  |  | — |  |  | — |  |  | 7,707 |
Income before income taxes | 58,527 |  |  | 74,398 |  |  | 22 |  |  | 132,947 |
Provision for income taxes | (914) |  |  | 17,894 |  |  | — |  |  | 16,980 |
Net income | 59,441 |  |  | 56,504 |  |  | 22 |  |  | 115,967 |
Less: (income) loss attributable to noncontrolling interests | 3,073 |  |  | — |  |  | — |  |  | 3,073 |
Net income attributable to Harley-Davidson, Inc. | $ | 62,514 |  |  | $ | 56,504 |  |  | $ | 22 |  |  | $ | 119,040 |
| Nine months ended September 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 3,724,668 |  |  | $ | — |  |  | $ | (7,293) |  |  | $ | 3,717,375 |
Financial services | — |  |  | 783,339 |  |  | (1,521) |  |  | 781,818 |
| 3,724,668 |  |  | 783,339 |  |  | (8,814) |  |  | 4,499,193 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 2,566,272 |  |  | — |  |  | — |  |  | 2,566,272 |
Financial services interest expense | — |  |  | 276,943 |  |  | — |  |  | 276,943 |
Financial services provision for credit losses | — |  |  | 175,017 |  |  | — |  |  | 175,017 |
Selling, administrative and engineering expense | 744,663 |  |  | 135,169 |  |  | (8,847) |  |  | 870,985 |
| 3,310,935 |  |  | 587,129 |  |  | (8,847) |  |  | 3,889,217 |
Operating income | 413,733 |  |  | 196,210 |  |  | 33 |  |  | 609,976 |
Other income, net | 54,851 |  |  | — |  |  | — |  |  | 54,851 |
Investment income | 45,665 |  |  | — |  |  | — |  |  | 45,665 |
Interest expense | 23,066 |  |  | — |  |  | — |  |  | 23,066 |
Income before income taxes | 491,183 |  |  | 196,210 |  |  | 33 |  |  | 687,426 |
Provision for income taxes | 76,648 |  |  | 47,173 |  |  | — |  |  | 123,821 |
Net income | 414,535 |  |  | 149,037 |  |  | 33 |  |  | 563,605 |
Less: (income) loss attributable to noncontrolling interests | 8,644 |  |  | — |  |  | — |  |  | 8,644 |
Net income attributable to Harley-Davidson, Inc. | $ | 423,179 |  |  | $ | 149,037 |  |  | $ | 33 |  |  | $ | 572,249 |
| Three months ended September 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 53,253 |  |  | $ | 321,889 |  |  | $ | 23 |  |  | $ | 375,165 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | 1,344 |  |  | (2,986) |  |  | — |  |  | (1,642) |
Derivative financial instruments | 8,180 |  |  | (14,343) |  |  | — |  |  | (6,163) |
Unrealized gain on available for sale securities | — |  |  | 718 |  |  | — |  |  | 718 |
Pension and postretirement benefit plans | (776) |  |  | — |  |  | — |  |  | (776) |
| 8,748 |  |  | (16,611) |  |  | — |  |  | (7,863) |
Comprehensive income | 62,001 |  |  | 305,278 |  |  | 23 |  |  | 367,302 |
Less: Comprehensive loss attributable to noncontrolling interests | 2,201 |  |  | — |  |  | — |  |  | 2,201 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 64,202 |  |  | $ | 305,278 |  |  | $ | 23 |  |  | $ | 369,503 |
| Nine months ended September 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 189,601 |  |  | $ | 422,132 |  |  | $ | (24) |  |  | $ | 611,709 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | 47,486 |  |  | 4,533 |  |  | — |  |  | 52,019 |
Derivative financial instruments | (22,104) |  |  | (1,883) |  |  | — |  |  | (23,987) |
Unrealized gain on available for sale securities | — |  |  | 718 |  |  | — |  |  | 718 |
Pension and postretirement benefit plans | (2,329) |  |  | — |  |  | — |  |  | (2,329) |
| 23,053 |  |  | 3,368 |  |  | — |  |  | 26,421 |
Comprehensive income | 212,654 |  |  | 425,500 |  |  | (24) |  |  | 638,130 |
Less: Comprehensive loss attributable to noncontrolling interests | 6,332 |  |  | — |  |  | — |  |  | 6,332 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 218,986 |  |  | $ | 425,500 |  |  | $ | (24) |  |  | $ | 644,462 |
| Three months ended September 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 59,441 |  |  | $ | 56,504 |  |  | $ | 22 |  |  | $ | 115,967 |
Other comprehensive (loss) income, net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | 61,961 |  |  | 1,961 |  |  | — |  |  | 63,922 |
Derivative financial instruments | (16,148) |  |  | (7,792) |  |  | — |  |  | (23,940) |
Pension and postretirement benefit plans | (821) |  |  | — |  |  | — |  |  | (821) |
| 44,992 |  |  | (5,831) |  |  | — |  |  | 39,161 |
Comprehensive income | 104,433 |  |  | 50,673 |  |  | 22 |  |  | 155,128 |
Less: Comprehensive loss attributable to noncontrolling interests | 3,073 |  |  | — |  |  | — |  |  | 3,073 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 107,506 |  |  | $ | 50,673 |  |  | $ | 22 |  |  | $ | 158,201 |
| Nine months ended September 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Net income | $ | 414,535 |  |  | $ | 149,037 |  |  | $ | 33 |  |  | $ | 563,605 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments | 27,969 |  |  | (2,236) |  |  | — |  |  | 25,733 |
Derivative financial instruments | (3,810) |  |  | (13,206) |  |  | — |  |  | (17,016) |
Pension and postretirement benefit plans | (2,468) |  |  | — |  |  | — |  |  | (2,468) |
| 21,691 |  |  | (15,442) |  |  | — |  |  | 6,249 |
Comprehensive income | 436,226 |  |  | 133,595 |  |  | 33 |  |  | 569,854 |
Less: Comprehensive loss attributable to noncontrolling interests | 8,644 |  |  | — |  |  | — |  |  | 8,644 |
Comprehensive income attributable to Harley-Davidson, Inc. | $ | 444,870 |  |  | $ | 133,595 |  |  | $ | 33 |  |  | $ | 578,498 |
| September 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,185,181 |  |  | $ | 589,857 |  |  | $ | — |  |  | $ | 1,775,038 |
Accounts receivable, net | 506,057 |  |  | 142 |  |  | (201,189) |  |  | 305,010 |
Finance receivables held for sale, net | — |  |  | 4,080,885 |  |  | — |  |  | 4,080,885 |
Finance receivables held for investment, net | — |  |  | 1,221,348 |  |  | — |  |  | 1,221,348 |
Inventories, net | 512,186 |  |  | — |  |  | — |  |  | 512,186 |
Restricted cash | — |  |  | 51,530 |  |  | — |  |  | 51,530 |
Other current assets | 188,319 |  |  | 175,544 |  |  | (66,419) |  |  | 297,444 |
| 2,391,743 |  |  | 6,119,306 |  |  | (267,608) |  |  | 8,243,441 |
Finance receivables held for investment, net | — |  |  | 662,201 |  |  | — |  |  | 662,201 |
Property, plant and equipment, net | 712,722 |  |  | 6,381 |  |  | — |  |  | 719,103 |
Pension and postretirement assets | 481,427 |  |  | — |  |  | — |  |  | 481,427 |
Goodwill | 63,850 |  |  | — |  |  | — |  |  | 63,850 |
Deferred income taxes | 88,381 |  |  | 3,464 |  |  | (1,008) |  |  | 90,837 |
Lease assets | 64,678 |  |  | 2,612 |  |  | — |  |  | 67,290 |
Other long-term assets | 221,289 |  |  | 138,178 |  |  | (121,232) |  |  | 238,235 |
| $ | 4,024,090 |  |  | $ | 6,932,142 |  |  | $ | (389,848) |  |  | $ | 10,566,384 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 315,728 |  |  | $ | 228,248 |  |  | $ | (201,189) |  |  | $ | 342,787 |
Accrued liabilities | 481,314 |  |  | 213,366 |  |  | (66,056) |  |  | 628,624 |
Short-term deposits, net | — |  |  | 292,667 |  |  | — |  |  | 292,667 |
Short-term debt | — |  |  | 684,741 |  |  | — |  |  | 684,741 |
Current portion of long-term debt, net | — |  |  | 1,329,244 |  |  | — |  |  | 1,329,244 |
| 797,042 |  |  | 2,748,266 |  |  | (267,245) |  |  | 3,278,063 |
Long-term deposits, net | — |  |  | 261,801 |  |  | — |  |  | 261,801 |
Long-term debt, net | 745,508 |  |  | 2,402,328 |  |  | — |  |  | 3,147,836 |
Lease liabilities | 50,309 |  |  | 2,178 |  |  | — |  |  | 52,487 |
Pension and postretirement liabilities | 51,141 |  |  | — |  |  | — |  |  | 51,141 |
Deferred income taxes | 15,789 |  |  | 1,866 |  |  | — |  |  | 17,655 |
Other long-term liabilities | 140,940 |  |  | 53,330 |  |  | 1,752 |  |  | 196,022 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |
Shareholders’ equity | 2,223,361 |  |  | 1,462,373 |  |  | (124,355) |  |  | 3,561,379 |
| $ | 4,024,090 |  |  | $ | 6,932,142 |  |  | $ | (389,848) |  |  | $ | 10,566,384 |
| 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 held for investment, 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 held for investment, 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 |
| September 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,213,301 |  |  | $ | 1,030,609 |  |  | $ | — |  |  | $ | 2,243,910 |
Accounts receivable, net | 498,694 |  |  | 60 |  |  | (191,053) |  |  | 307,701 |
Finance receivables held for investment, net | — |  |  | 2,300,551 |  |  | — |  |  | 2,300,551 |
Inventories, net | 681,864 |  |  | — |  |  | — |  |  | 681,864 |
Restricted cash | — |  |  | 147,910 |  |  | — |  |  | 147,910 |
Other current assets | 167,555 |  |  | 58,209 |  |  | (17,764) |  |  | 208,000 |
| 2,561,414 |  |  | 3,537,339 |  |  | (208,817) |  |  | 5,889,936 |
Finance receivables held for investment, net | — |  |  | 5,499,836 |  |  | — |  |  | 5,499,836 |
Property, plant and equipment, net | 713,603 |  |  | 14,864 |  |  | — |  |  | 728,467 |
Pension and postretirement assets | 452,515 |  |  | — |  |  | — |  |  | 452,515 |
Goodwill | 62,909 |  |  | — |  |  | — |  |  | 62,909 |
Deferred income taxes | 77,990 |  |  | 92,208 |  |  | (908) |  |  | 169,290 |
Lease assets | 66,304 |  |  | 3,533 |  |  | — |  |  | 69,837 |
Other long-term assets | 223,749 |  |  | 46,247 |  |  | (116,127) |  |  | 153,869 |
| $ | 4,158,484 |  |  | $ | 9,194,027 |  |  | $ | (325,852) |  |  | $ | 13,026,659 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 283,296 |  |  | $ | 213,376 |  |  | $ | (191,053) |  |  | $ | 305,619 |
Accrued liabilities | 491,697 |  |  | 151,907 |  |  | (17,252) |  |  | 626,352 |
Short-term deposits, net | — |  |  | 178,638 |  |  | — |  |  | 178,638 |
Short-term debt | — |  |  | 497,373 |  |  | — |  |  | 497,373 |
Current portion of long-term debt, net | 449,759 |  |  | 2,111,776 |  |  | — |  |  | 2,561,535 |
| 1,224,752 |  |  | 3,153,070 |  |  | (208,305) |  |  | 4,169,517 |
Long-term deposits, net | — |  |  | 370,372 |  |  | — |  |  | 370,372 |
Long-term debt, net | 296,859 |  |  | 4,442,648 |  |  | — |  |  | 4,739,507 |
Lease liabilities | 48,821 |  |  | 3,134 |  |  | — |  |  | 51,955 |
Pension and postretirement liabilities | 58,551 |  |  | — |  |  | — |  |  | 58,551 |
Deferred income taxes | 30,266 |  |  | 3,227 |  |  | — |  |  | 33,493 |
Other long-term liabilities | 147,563 |  |  | 28,697 |  |  | 1,892 |  |  | 178,152 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |
Shareholders’ equity | 2,351,672 |  |  | 1,192,879 |  |  | (119,439) |  |  | 3,425,112 |
| $ | 4,158,484 |  |  | $ | 9,194,027 |  |  | $ | (325,852) |  |  | $ | 13,026,659 |
| Nine months ended September 30, 2025
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 189,601 |  |  | $ | 422,132 |  |  | $ | (24) |  |  | $ | 611,709 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 119,178 |  |  | 7,161 |  |  | — |  |  | 126,339 |
Amortization of deferred loan origination costs | — |  |  | 43,871 |  |  | — |  |  | 43,871 |
Amortization of financing origination fees | 694 |  |  | 9,079 |  |  | — |  |  | 9,773 |
Income related to long-term employee benefits | (41,287) |  |  | — |  |  | — |  |  | (41,287) |
Employee benefit plan contributions and payments | (5,091) |  |  | — |  |  | — |  |  | (5,091) |
Stock compensation expense | 24,192 |  |  | 1,646 |  |  | — |  |  | 25,838 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (183,006) |  |  | (183,006) |
Provision for credit losses | — |  |  | (198,427) |  |  | — |  |  | (198,427) |
Origination of finance receivables held for sale | — |  |  | (414,009) |  |  | — |  |  | (414,009) |
Collections from finance receivables held for sale | — |  |  | 16,916 |  |  | — |  |  | 16,916 |
Gain on sale of securitization beneficial interests | — |  |  | (26,958) |  |  | — |  |  | (26,958) |
Deferred income taxes | 6,109 |  |  | 86,022 |  |  | (9) |  |  | 92,122 |
Other, net | (9,166) |  |  | 28,502 |  |  | 24 |  |  | 19,360 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (187,078) |  |  | — |  |  | 140,663 |  |  | (46,415) |
Finance receivables – accrued interest and other | — |  |  | 11,279 |  |  | — |  |  | 11,279 |
Inventories, net | 262,287 |  |  | — |  |  | — |  |  | 262,287 |
Accounts payable and accrued liabilities | 3,969 |  |  | 194,538 |  |  | (123,468) |  |  | 75,039 |
Other current assets | 68,175 |  |  | (19,396) |  |  | (11,216) |  |  | 37,563 |
| 241,982 |  |  | (259,776) |  |  | (177,012) |  |  | (194,806) |
Net cash provided by operating activities | 431,583 |  |  | 162,356 |  |  | (177,036) |  |  | 416,903 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (101,672) |  |  | (418) |  |  | — |  |  | (102,090) |
Origination of finance receivables held for investment | — |  |  | (4,477,446) |  |  | 2,190,077 |  |  | (2,287,369) |
Collections on finance receivables held for investment | — |  |  | 4,472,447 |  |  | (2,013,041) |  |  | 2,459,406 |
Proceeds from sale of securitization beneficial interests, net | — |  |  | 125,369 |  |  | — |  |  | 125,369 |
Collection of retained securitization beneficial interests |  |  | 9,353 |  |  |  |  | 9,353 |
Other investing activities | 808 |  |  | — |  |  | — |  |  | 808 |
Net cash used by investing activities | (100,864) |  |  | 129,305 |  |  | 177,036 |  |  | 205,477 |
| Nine months ended September 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 term loan | 448,013 |  |  | — |  |  | — |  |  | 448,013 |
Repayments of senior unsecured notes | (450,000) |  |  | — |  |  | — |  |  | (450,000) |
Proceeds from securitization debt | — |  |  | 497,790 |  |  | — |  |  | 497,790 |
Repayments of securitization debt | — |  |  | (718,034) |  |  | — |  |  | (718,034) |
Borrowings of asset-backed commercial paper | — |  |  | 155,000 |  |  | — |  |  | 155,000 |
Repayments of asset-backed commercial paper | — |  |  | (217,554) |  |  | — |  |  | (217,554) |
Net decrease in unsecured commercial paper | — |  |  | 44,938 |  |  | — |  |  | 44,938 |
Net decrease in deposits | — |  |  | 3,312 |  |  | — |  |  | 3,312 |
Dividends paid | (66,288) |  |  | — |  |  | — |  |  | (66,288) |
Repurchase of common stock | (193,209) |  |  | — |  |  | — |  |  | (193,209) |
Other financing activities | 1,269 |  |  | — |  |  | — |  |  | 1,269 |
Net cash used by financing activities | (260,215) |  |  | (287,460) |  |  | — |  |  | (547,675) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9,014 |  |  | 1,995 |  |  | — |  |  | 11,009 |
Net increase in cash, cash equivalents and restricted cash | $ | 79,518 |  |  | $ | 6,196 |  |  | $ | — |  |  | $ | 85,714 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,105,663 |  |  | $ | 635,191 |  |  | $ | — |  |  | $ | 1,740,854 |
Net increase in cash, cash equivalents and restricted cash | 79,518 |  |  | 6,196 |  |  | — |  |  | 85,714 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,185,181 |  |  | $ | 641,387 |  |  | $ | — |  |  | $ | 1,826,568 |
| Nine months ended September 30, 2024
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 414,535 |  |  | $ | 149,037 |  |  | $ | 33 |  |  | $ | 563,605 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 112,605 |  |  | 6,963 |  |  | — |  |  | 119,568 |
Amortization of deferred loan origination costs | — |  |  | 54,461 |  |  | — |  |  | 54,461 |
Amortization of financing origination fees | 540 |  |  | 9,823 |  |  | — |  |  | 10,363 |
Income related to long-term employee benefits | (40,076) |  |  | — |  |  | — |  |  | (40,076) |
Employee benefit plan contributions and payments | (3,781) |  |  | — |  |  | — |  |  | (3,781) |
Stock compensation expense | 38,234 |  |  | 1,586 |  |  | — |  |  | 39,820 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (211,800) |  |  | (211,800) |
Provision for credit losses | — |  |  | 175,017 |  |  | — |  |  | 175,017 |
Deferred income taxes | 3,347 |  |  | (4,724) |  |  | (438) |  |  | (1,815) |
Other, net | 15,505 |  |  | 4,085 |  |  | (33) |  |  | 19,557 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (79,746) |  |  | — |  |  | 43,217 |  |  | (36,529) |
Finance receivables – accrued interest and other | — |  |  | 2,325 |  |  | — |  |  | 2,325 |
Inventories, net | 253,373 |  |  | — |  |  | — |  |  | 253,373 |
Accounts payable and accrued liabilities | (35,743) |  |  | 53,591 |  |  | (30,751) |  |  | (12,903) |
Other current assets | (23,008) |  |  | 12,295 |  |  | 10,183 |  |  | (530) |
| 241,250 |  |  | 315,422 |  |  | (189,622) |  |  | 367,050 |
Net cash provided by operating activities | 655,785 |  |  | 464,459 |  |  | (189,589) |  |  | 930,655 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (139,295) |  |  | (1,129) |  |  | — |  |  | (140,424) |
Origination of finance receivables held for investment | — |  |  | (5,671,416) |  |  | 2,668,679 |  |  | (3,002,737) |
Collections on finance receivables held for investment | — |  |  | 5,136,239 |  |  | (2,479,090) |  |  | 2,657,149 |
Other investing activities | (1,165) |  |  | — |  |  | 1,000 |  |  | (165) |
Net cash used by investing activities | (140,460) |  |  | (536,306) |  |  | 190,589 |  |  | (486,177) |
| Nine months ended September 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 | — |  |  | 1,145,211 |  |  | — |  |  | 1,145,211 |
Repayments of securitization debt | — |  |  | (782,161) |  |  | — |  |  | (782,161) |
Borrowings of asset-backed commercial paper | — |  |  | 366,171 |  |  | — |  |  | 366,171 |
Repayments of asset-backed commercial paper | — |  |  | (195,709) |  |  | — |  |  | (195,709) |
Net decrease in unsecured commercial paper | — |  |  | (387,392) |  |  | — |  |  | (387,392) |
Net increase in deposits | — |  |  | 100,737 |  |  | — |  |  | 100,737 |
Dividends paid | (69,454) |  |  | — |  |  | — |  |  | (69,454) |
Repurchase of common stock | (359,810) |  |  | — |  |  | — |  |  | (359,810) |
Other financing activities | 11 |  |  | 1,000 |  |  | (1,000) |  |  | 11 |
Net cash (used) provided by financing activities | (429,253) |  |  | 743,713 |  |  | (1,000) |  |  | 313,460 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (171) |  |  | 369 |  |  | — |  |  | 198 |
Net increase in cash, cash equivalents and restricted cash | $ | 85,901 |  |  | $ | 672,235 |  |  | $ | — |  |  | $ | 758,136 |
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 | 85,901 |  |  | 672,235 |  |  | — |  |  | 758,136 |
Cash, cash equivalents and restricted cash, end of period | $ | 1,213,301 |  |  | $ | 1,193,646 |  |  | $ | — |  |  | $ | 2,406,947 |

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