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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Recurring Fair Value Measurements – The Company’s assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):
| September 30, 2025
| Balance |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,474,496 |  |  | $ | 1,244,794 |  |  | $ | 229,702 |  |  | $ | — |
Marketable securities | 32,493 |  |  | 32,493 |  |  | — |  |  | — |
Derivative financial instruments | 116,748 |  |  | — |  |  | 116,748 |  |  | — |
Investments in Retained Notes | 80,204 |  |  | — |  |  | 80,204 |  |  | — |
Investments in Residual Interests | 12,086 |  |  | — |  |  | — |  |  | 12,086 |
| $ | 1,716,027 |  |  | $ | 1,277,287 |  |  | $ | 426,654 |  |  | $ | 12,086 |
Liabilities: |  |  |  |  |  |  |
Derivative financial instruments | 7,447 |  |  | — |  |  | 7,447 |  |  | — |
LiveWire warrants | $ | 2,204 |  |  | $ | 1,442 |  |  | $ | 762 |  |  |
| $ | 9,651 |  |  | $ | 1,442 |  |  | $ | 8,209 |  |  | $ | — |
| December 31, 2024
| Balance |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,275,561 |  |  | $ | 1,000,933 |  |  | $ | 274,628 |  |  | $ | — |
Marketable securities | 32,070 |  |  | 32,070 |  |  | — |  |  | — |
Derivative financial instruments | 19,839 |  |  | — |  |  | 19,839 |  |  | — |
| $ | 1,327,470 |  |  | $ | 1,033,003 |  |  | $ | 294,467 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative financial instruments | $ | 35,020 |  |  | $ | — |  |  | $ | 35,020 |  |  | $ | — |
LiveWire warrants | 1,549 |  |  | 1,013 |  |  | 536 |  |  |
| $ | 36,569 |  |  | $ | 1,013 |  |  | $ | 35,556 |  |  | $ | — |
| September 30, 2024
| Balance |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 1,847,818 |  |  | $ | 1,603,315 |  |  | $ | 244,503 |  |  | $ | — |
Marketable securities | 33,816 |  |  | 33,816 |  |  | — |  |  | — |
Derivative financial instruments | 19,804 |  |  | — |  |  | 19,804 |  |  | — |
| $ | 1,901,438 |  |  | $ | 1,637,131 |  |  | $ | 264,307 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative financial instruments | $ | 14,235 |  |  | $ | — |  |  | $ | 14,235 |  |  | $ | — |
LiveWire warrants | 3,189 |  |  | $ | 2,086 |  |  | $ | 1,103 |  |  |
| $ | 17,424 |  |  | $ | 2,086 |  |  | $ | 15,338 |  |  | $ | — |
Schedule of the Fair Value and Carrying Value of the Company's Financial Instruments | The fair value and carrying value of the Company’s remaining financial instruments that are measured at cost or amortized cost were as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2024
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Assets: |  |  |  |  |  |  |  |  |  |  |
Finance receivables held for sale, net | $ | 4,090,641 |  |  | $ | 4,080,885 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Finance receivables held for investment, net | $ | 1,841,091 |  |  | $ | 1,824,360 | a |  | $ | 7,342,319 |  |  | $ | 7,288,294 |  |  | $ | 7,865,082 |  |  | $ | 7,800,387 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits, net | $ | 555,311 |  |  | $ | 554,468 |  |  | $ | 555,902 |  |  | $ | 550,586 |  |  | $ | 551,806 |  |  | $ | 549,010 |
Debt: |  |  |  |  |  |  |  |  |  |  |
Unsecured commercial paper | $ | 684,741 |  |  | $ | 684,741 |  |  | $ | 640,204 |  |  | $ | 640,204 |  |  | $ | 497,373 |  |  | $ | 497,373 |
Asset-backed U.S. commercial paper conduit facility | $ | 399,502 |  |  | $ | 399,502 |  |  | $ | 431,846 |  |  | $ | 431,846 |  |  | $ | 378,968 |  |  | $ | 378,968 |
Asset-backed Canadian commercial paper conduit facility | $ | 49,642 |  |  | $ | 49,642 |  |  | $ | 77,381 |  |  | $ | 77,381 |  |  | $ | 94,142 |  |  | $ | 94,142 |
Asset-backed securitization debt | $ | 63,107 |  |  | $ | 62,635 |  |  | $ | 1,955,006 |  |  | $ | 1,950,138 |  |  | $ | 2,258,289 |  |  | $ | 2,244,742 |
Medium-term notes | $ | 3,308,179 |  |  | $ | 3,219,793 |  |  | $ | 3,127,710 |  |  | $ | 3,114,013 |  |  | $ | 3,882,407 |  |  | $ | 3,836,572 |
Term loans | $ | 448,261 |  |  | $ | 448,261 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Senior notes | $ | 241,899 |  |  | $ | 297,247 |  |  | $ | 683,624 |  |  | $ | 746,800 |  |  | $ | 703,108 |  |  | $ | 746,618 |
(a) Excludes $59.1 million estimated recovery amount included in the allowance for credit losses.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the reconciliation for all Level 3 assets measured at fair value on a recurring basis (in thousands):
|  | Investments in Residual Interests
Fair value at December 31, 2024(a) |  | $ | — |
Initial Fair Value |  | 12,348
Investment Proceeds |  | (808)
Unrealized gain/(loss) included in Other Comprehensive Loss |  | 546
Fair value at September 30, 2025 |  | $ | 12,086 |
(a) No assets or liabilities were measured using Level 3 inputs as of September 30, 2024 so separate reconciliations of the balance from these periods have been excluded.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The initial and current period fair values of the Residual Interests were calculated using the following ranges of key assumptions:
| Initial Fair Value |  | September 30, 2025
Recovery rate on defaulted receivables | 50.00% |  | 50.00%
Prepayment speed | 1.40% |  | 1.40%
Expected cumulative lifetime losses | 1.56% - 2.65% |  | 1.53% - 2.82%
Weighted-average life (in years) | 0.85 - 2.49 |  | 0.77 - 2.53
Residual cash flows discount rate | 15.00% |  | 15.00%
The weighted average of the key assumptions utilized in calculating the initial and current period fair values of the Residual Interests were as follows:
| Initial Fair Value |  | September 30, 2025
Recovery rate on defaulted receivables | 50.00% |  | 50.00%
Prepayment speed | 1.40% |  | 1.40%
Expected cumulative lifetime losses | 2.33% |  | 2.39%
Weighted-average life (in years) | 1.91 |  | 1.90
Residual cash flows discount rate | 15.00% |  | 15.00%
Schedule of Sensitivity Analysis of Fair Value, Investment in Retained Notes and Residual Interests | The sensitivity of the fair value to immediate adverse changes in the key assumptions for the investment in Retained Notes at September 30, 2025 is as follows (dollars in thousands):
| September 30, 2025
Fair value of Retained Notes | $ | 80,204 |
Weighted-average life (in years) | 1.98
Discount rate |
Impact on fair value of a 50 bps adverse change | $ | (401) |
Impact on fair value of a 100 bps adverse change | $ | (745) |
The sensitivity of the fair value to immediate adverse changes in the key assumptions for the investment in Residual Interests at September 30, 2025 is as follows (dollars in thousands):
| September 30, 2025
Fair value of Residual Interests | $ | 12,086 |
Prepayment speed |
Impact on fair value of a 1.5% absolute prepayment speed adverse change | $ | (114) |
Impact on fair value of a 1.6% absolute prepayment speed adverse change | $ | (216) |
Expected cumulative lifetime losses |
Impact on fair value of a 25 bps adverse change | $ | (221) |
Impact on fair value of a 50 bps adverse change | $ | (436) |
Residual cash flows discount rate |
Impact on fair value of a 25 bps adverse change | $ | (53) |
Impact on fair value of a 50 bps adverse change | $ | (105) |
Summary Of the Unrealized Positions for Available for Sale Residual Interests and Retained Notes | The table below summarizes the unrealized positions for Residual Interests and Retained Notes (in thousands):
|  | September 30, 2025
|  | Amortized Cost |  | Unrealized Gains |  | Fair Value
Residual Interests |  | $ | 11,540 |  |  | $ | 546 |  |  | $ | 12,086 |
Retained Notes |  | 80,032 |  | 172 |  |  | 80,204 |
Total Beneficial Interests |  | $ | 91,572 |  |  | $ | 718 |  |  | $ | 92,290 |
Schedule of Fair Value, Cash Flows Received/Paid to all Motorcycle Loan Securitization Trusts | The table below provides information regarding certain cash flows received from and paid to all motorcycle loan off-balance sheet securitized trusts during the three and nine months ended September 30, 2025 (in thousands):
Proceeds from sale of residual interests (a) | $ | 234,617 |
Servicing, late, and ancillary fees received | 3,695 |
Collection of retained securitization beneficial interests | $ | 9,353 |
(a) Excludes reduction of $109.2 million restricted cash deconsolidated. Refer to Note 6 to the Notes to Consolidated financial statements for further information.

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- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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