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v3.25.3

Supplemental Consolidating Data (Tables) | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Operations | 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 |
Schedule of Comprehensive Income |
| 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 |
Schedule of Balance Sheet |
| 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 |
Schedule of Cash Flows |
| 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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