HARLEY-DAVIDSON, INC., 10-Q filed on 11/5/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 1-9183  
Entity Registrant Name Harley-Davidson, Inc.  
Entity Incorporation, State or Country Code WI  
Entity Tax Identification Number 39-1382325  
Entity Address, Address Line One 3700 West Juneau Avenue  
Entity Address, City or Town Milwaukee  
Entity Address, State or Province WI  
Entity Address, Postal Zip Code 53208  
City Area Code 414  
Local Phone Number 342-4680  
Title of 12(b) Security Common Stock Par Value $.01 PER SHARE  
Trading Symbol HOG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   118,141,863
Entity Central Index Key 0000793952  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:                
Motorcycles and related products $ 1,079,522     $ 881,213     $ 3,213,431 $ 3,717,375
Financial services 261,188     269,482     763,587 781,818
Total revenue 1,340,710     1,150,695     3,977,018 4,499,193
Costs and expenses:                
Motorcycles and related products cost of goods sold 798,683     618,580     2,320,261 2,566,272
Financial services interest expense 75,883     94,463     258,391 276,943
Financial services provision for credit losses (301,499)     57,977     (198,427) 175,017
Selling, administrative and engineering expense 292,885     273,879     849,098 870,985
Total costs and expenses 865,952     1,044,899     3,229,323 3,889,217
Operating income 474,758     105,796     747,695 609,976
Other income, net 14,706     18,408     45,456 54,851
Investment income 12,267     16,450     32,158 45,665
Interest expense 10,182     7,707     25,564 23,066
Income before income taxes 491,549     132,947     799,745 687,426
Income tax provision 116,384     16,980     188,036 123,821
Net income 375,165 $ 105,745 $ 130,797 115,967 $ 215,406 $ 232,233 611,709 563,605
Less: Loss attributable to noncontrolling interests 2,201     3,073     6,332 8,644
Net income attributable to Harley-Davidson, Inc. $ 377,366     $ 119,040     $ 618,041 $ 572,249
Earnings per share:                
Basic (in dollars per share) $ 3.13     $ 0.92     $ 5.07 $ 4.30
Diluted (in dollars per share) 3.10     0.91     5.03 4.27
Cash dividends per share (in dollars per share) $ 0.1800 $ 0.1800 $ 0.1800 $ 0.1725 $ 0.1725 $ 0.1725 $ 0.5400 $ 0.5175
v3.25.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]                
Net income $ 375,165 $ 105,745 $ 130,797 $ 115,967 $ 215,406 $ 232,233 $ 611,709 $ 563,605
Other comprehensive (loss) income, net of tax:                
Foreign currency translation adjustments (1,642)     63,922     52,019 25,733
Derivative financial instruments (6,163)     (23,940)     (23,987) (17,016)
Unrealized gain on available for sale securities 718     0     718 0
Pension and postretirement benefit plans (776)     (821)     (2,329) (2,468)
Other comprehensive (loss) income (7,863) $ 39,761 $ (5,477) 39,161 $ (5,316) $ (27,596) 26,421 6,249
Comprehensive income 367,302     155,128     638,130 569,854
Less: Comprehensive loss attributable to noncontrolling interests 2,201     3,073     6,332 8,644
Comprehensive income attributable to Harley-Davidson, Inc. $ 369,503     $ 158,201     $ 644,462 $ 578,498
v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
ASSETS      
Cash and cash equivalents $ 1,775,038 $ 1,589,608 $ 2,243,910
Accounts receivable, net 305,010 234,315 307,701
Finance receivables held for sale, net 4,080,885 0 0
Finance receivables held for investment, net of (recovery) allowance of $(15,952), $72,244, and $70,073 1,221,348 2,031,496 2,300,551
Inventories, net 512,186 745,793 681,864
Restricted cash 51,530 135,661 147,910
Other current assets 297,444 259,764 208,000
Current assets 8,243,441 4,996,637 5,889,936
Finance receivables held for investment, net of allowance of $3,051, $328,939, and $329,839 662,201 5,256,798 5,499,836
Property, plant and equipment, net 719,103 757,072 728,467
Pension and postretirement assets 481,427 440,825 452,515
Goodwill 63,850 61,655 62,909
Deferred income taxes 90,837 175,826 169,290
Lease assets 67,290 63,853 69,837
Other long-term assets 238,235 128,913 153,869
Assets 10,566,384 11,881,579 13,026,659
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Accounts payable 342,787 298,718 305,619
Accrued liabilities 628,624 593,960 626,352
Short-term deposits, net 292,667 173,099 178,638
Short-term debt 684,741 640,204 497,373
Current portion of long-term debt, net 1,329,244 1,851,513 2,561,535
Current liabilities 3,278,063 3,557,494 4,169,517
Long-term deposits, net 261,801 377,487 370,372
Long-term debt, net 3,147,836 4,468,665 4,739,507
Lease liabilities 52,487 47,420 51,955
Pension and postretirement liabilities 51,141 53,874 58,551
Deferred income taxes 17,655 16,889 33,493
Other long-term liabilities 196,022 201,250 178,152
Commitments and contingencies (Note 14)
Shareholders’ equity:      
Common stock 1,726 1,720 1,720
Additional paid-in-capital 1,814,691 1,792,523 1,784,123
Retained earnings 4,016,811 3,465,058 3,603,720
Accumulated other comprehensive loss (306,285) (332,706) (298,713)
Treasury stock, at cost (1,954,543) (1,760,548) (1,659,544)
Total Harley-Davidson, Inc. shareholders' equity 3,572,400 3,166,047 3,431,306
Noncontrolling interest (11,021) (7,547) (6,194)
Total equity 3,561,379 3,158,500 3,425,112
Total liabilities and shareholders' equity $ 10,566,384 $ 11,881,579 $ 13,026,659
v3.25.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Allowance for credit loss (recovery), current $ (15,952) $ 72,244 $ 70,073
Allowance for credit loss, noncurrent 3,051 328,939 329,839
Finance receivables held for sale, net - current 4,080,885 0 0
Finance receivables held for investment, net - current 1,221,348 2,031,496 2,300,551
Other assets 297,444 259,764 208,000
Finance receivables held for investment, net - non-current 662,201 5,256,798 5,499,836
Current portion of long-term debt, net 1,329,244 1,851,513 2,561,535
Long-term debt, net 3,147,836 4,468,665 4,739,507
Consolidated VIEs      
Finance receivables held for sale, net - current 785,461 0 0
Finance receivables held for investment, net - current 0 618,231 646,317
Other assets 3,408 7,364 6,045
Finance receivables held for investment, net - non-current 0 2,174,160 2,359,227
Restricted cash - current and non-current 47,739 146,511 156,583
Current portion of long-term debt, net 462,137 683,272 719,535
Long-term debt, net $ 0 $ 1,698,712 $ 1,904,175
v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Cash flows from operating activities:    
Net cash provided by operating activities (Note 6) $ 416,903 $ 930,655
Cash flows from investing activities:    
Capital expenditures (102,090) (140,424)
Origination of finance receivables held for investment (2,287,369) (3,002,737)
Collections from finance receivables held for investment 2,459,406 2,657,149
Proceeds from sale of securitization beneficial interests, net 125,369 0
Collection of retained securitization beneficial interests 9,353 0
Other investing activities 808 (165)
Net cash used by investing activities 205,477 (486,177)
Cash flows from financing activities:    
Proceeds from issuance of medium-term notes 647,088 495,856
Repayments of medium-term notes (700,000) 0
Proceeds from term loan 448,013 0
Repayments of senior unsecured notes (450,000) 0
Proceeds from securitization debt 497,790 1,145,211
Repayments of securitization debt (718,034) (782,161)
Borrowings of asset-backed commercial paper 155,000 366,171
Repayments of asset-backed commercial paper (217,554) (195,709)
Net increase (decrease) in unsecured commercial paper 44,938 (387,392)
Net increase in deposits 3,312 100,737
Dividends paid (66,288) (69,454)
Repurchase of common stock (193,209) (359,810)
Other financing activities 1,269 11
Net cash (used) provided by financing activities (547,675) 313,460
Effect of exchange rate changes on cash, cash equivalents and restricted cash 11,009 198
Net increase in cash, cash equivalents and restricted cash 85,714 758,136
Cash, cash equivalents and restricted cash, beginning of period 1,740,854 1,648,811
Net increase in cash, cash equivalents and restricted cash 85,714 758,136
Cash, cash equivalents and restricted cash, end of period 1,826,568 2,406,947
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:    
Cash and cash equivalents 1,775,038 2,243,910
Restricted cash 51,530 147,910
Restricted cash included in Other long-term assets 0 15,127
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows $ 1,826,568 $ 2,406,947
v3.25.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock
Equity Attributable to Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023     171,218,640          
Balance, beginning of period at Dec. 31, 2023 $ 3,252,295 $ 3,252,808 $ 1,712 $ 1,752,435 $ 3,100,925 $ (304,962) $ (1,297,302) $ (513)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 232,233 234,941     234,941     (2,708)
Other comprehensive income (loss), net of tax (Note 15) (27,596) (27,596)       (27,596)    
Dividends (24,385) (24,385)     (24,385)      
Repurchase of common stock (108,620) (108,620)         (108,620)  
Share-based compensation and other (in shares)     745,160          
Share-based compensation and other 12,159 10,573 $ 8 10,565       1,586
Ending balance (in shares) at Mar. 31, 2024     171,963,800          
Balance, end of period at Mar. 31, 2024 3,336,086 3,337,721 $ 1,720 1,763,000 3,311,481 (332,558) (1,405,922) (1,635)
Beginning balance (in shares) at Dec. 31, 2023     171,218,640          
Balance, beginning of period at Dec. 31, 2023 3,252,295 3,252,808 $ 1,712 1,752,435 3,100,925 (304,962) (1,297,302) (513)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 563,605              
Other comprehensive income (loss), net of tax (Note 15) 6,249         6,249    
Ending balance (in shares) at Sep. 30, 2024     171,980,837          
Balance, end of period at Sep. 30, 2024 3,425,112 3,431,306 $ 1,720 1,784,123 3,603,720 (298,713) (1,659,544) (6,194)
Beginning balance (in shares) at Mar. 31, 2024     171,963,800          
Balance, beginning of period at Mar. 31, 2024 3,336,086 3,337,721 $ 1,720 1,763,000 3,311,481 (332,558) (1,405,922) (1,635)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 215,406 218,269     218,269     (2,863)
Other comprehensive income (loss), net of tax (Note 15) (5,316) (5,316)       (5,316)    
Dividends (22,974) (22,974)     (22,974)      
Repurchase of common stock (102,870) (102,870)         (102,870)  
Share-based compensation and other (in shares)     5,124          
Share-based compensation and other 12,984 12,928   12,049     879 56
Ending balance (in shares) at Jun. 30, 2024     171,968,924          
Balance, end of period at Jun. 30, 2024 3,433,316 3,437,758 $ 1,720 1,775,049 3,506,776 (337,874) (1,507,913) (4,442)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 115,967 119,040     119,040     (3,073)
Other comprehensive income (loss), net of tax (Note 15) 39,161 39,161       39,161    
Dividends (22,096) (22,096)     (22,096)      
Repurchase of common stock (151,631) (151,631)         (151,631)  
Share-based compensation and other (in shares)     11,913          
Share-based compensation and other 10,395 9,074   9,074       1,321
Ending balance (in shares) at Sep. 30, 2024     171,980,837          
Balance, end of period at Sep. 30, 2024 3,425,112 3,431,306 $ 1,720 1,784,123 3,603,720 (298,713) (1,659,544) (6,194)
Beginning balance (in shares) at Dec. 31, 2024     171,982,732          
Balance, beginning of period at Dec. 31, 2024 3,158,500 3,166,047 $ 1,720 1,792,523 3,465,058 (332,706) (1,760,548) (7,547)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 130,797 133,104     133,104     (2,307)
Other comprehensive income (loss), net of tax (Note 15) (5,477) (5,477)       (5,477)    
Dividends (22,921) (22,921)     (22,921)      
Repurchase of common stock (93,871) (93,871)         (93,871)  
Share-based compensation and other (in shares)     576,785          
Share-based compensation and other 6,662 5,297 $ 6 5,291       1,365
Ending balance (in shares) at Mar. 31, 2025     172,559,517          
Balance, end of period at Mar. 31, 2025 3,173,690 3,182,179 $ 1,726 1,797,814 3,575,241 (338,183) (1,854,419) (8,489)
Beginning balance (in shares) at Dec. 31, 2024     171,982,732          
Balance, beginning of period at Dec. 31, 2024 3,158,500 3,166,047 $ 1,720 1,792,523 3,465,058 (332,706) (1,760,548) (7,547)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 611,709              
Other comprehensive income (loss), net of tax (Note 15) 26,421         26,421    
Ending balance (in shares) at Sep. 30, 2025     172,573,523          
Balance, end of period at Sep. 30, 2025 3,561,379 3,572,400 $ 1,726 1,814,691 4,016,811 (306,285) (1,954,543) (11,021)
Beginning balance (in shares) at Mar. 31, 2025     172,559,517          
Balance, beginning of period at Mar. 31, 2025 3,173,690 3,182,179 $ 1,726 1,797,814 3,575,241 (338,183) (1,854,419) (8,489)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 105,745 107,569     107,569     (1,824)
Other comprehensive income (loss), net of tax (Note 15) 39,761 39,761       39,761    
Dividends (21,835) (21,835)     (21,835)      
Repurchase of common stock (45) (45)         (45)  
Share-based compensation and other (in shares)     5,651          
Share-based compensation and other 10,617 9,296   8,526     770 1,321
Ending balance (in shares) at Jun. 30, 2025     172,565,168          
Balance, end of period at Jun. 30, 2025 3,307,933 3,316,925 $ 1,726 1,806,340 3,660,975 (298,422) (1,853,694) (8,992)
Increase (Decrease) in Stockholders' Equity                
Net income (loss) 375,165 377,366     377,366     (2,201)
Other comprehensive income (loss), net of tax (Note 15) (7,863) (7,863)       (7,863)    
Dividends (21,530) (21,530)     (21,530)      
Repurchase of common stock (101,057) (101,057)         (101,057)  
Share-based compensation and other (in shares)     8,355          
Share-based compensation and other 8,731 8,559   8,351     208 172
Ending balance (in shares) at Sep. 30, 2025     172,573,523          
Balance, end of period at Sep. 30, 2025 $ 3,561,379 $ 3,572,400 $ 1,726 $ 1,814,691 $ 4,016,811 $ (306,285) $ (1,954,543) $ (11,021)
v3.25.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]                
Dividends (in dollars per share) $ 0.1800 $ 0.1800 $ 0.1800 $ 0.1725 $ 0.1725 $ 0.1725 $ 0.5400 $ 0.5175
v3.25.3
Basis of Presentation and Use of Estimates
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Use of Estimates Basis of Presentation and Use of Estimates
Principles of Consolidation and Basis of Presentation – The consolidated financial statements include the accounts of Harley-Davidson, Inc. and its subsidiaries and certain variable interest entities (VIEs) related to secured financing as the Company is the primary beneficiary. All intercompany accounts and material intercompany transactions have been eliminated. The Company has a controlling equity interest in LiveWire Group, Inc. As the controlling shareholder, the Company consolidates LiveWire Group, Inc. results with additional adjustments to recognize non-controlling shareholder interests.
The Company operates in three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire and Harley-Davidson Financial Services (HDFS).
Substantially all of the Company’s international subsidiaries use their respective local currency as their functional currency. Assets and liabilities of international subsidiaries have been translated at period-end exchange rates, and revenues and expenses have been translated using average exchange rates for the period. Monetary assets and liabilities denominated in a currency that is different from an entity's functional currency are remeasured from the transactional currency to the entity's functional currency on a monthly basis. The aggregate transaction gain (loss) resulting from foreign currency remeasurements was $(8.9) million and $5.8 million for the three month periods ended September 30, 2025 and September 30, 2024, respectively, and $11.6 million and $(0.9) million for the nine month periods ended September 30, 2025 and September 30, 2024, respectively.
In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Consolidated balance sheets as of September 30, 2025 and September 30, 2024, the Consolidated statements of operations for the three and nine month periods then ended, the Consolidated statements of comprehensive income for the three and nine month periods then ended, the Consolidated statements of cash flows for the nine month periods then ended, and the Consolidated statements of shareholders' equity for the three month periods within the nine month periods ended September 30, 2025 and September 30, 2024.
Certain information and disclosures normally included in complete financial statements have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and U.S. generally accepted accounting principles (U.S. GAAP) for interim financial reporting. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Fair Value Measurements – The Company assesses the inputs used to measure fair value using a three-tier hierarchy.
Level 1 inputs include quoted prices for identical instruments and are the most observable.
Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity prices, and yield curves. The Company uses the market approach to derive the fair value for its Level 2 fair value measurements. Foreign currency contracts, commodity contracts, and cross-currency swaps are valued using quoted forward rates and prices; interest rate caps are valued using quoted interest rates and yield curves; LiveWire warrants, including public (Level 1) and private placement (Level 2) warrants, are valued using the closing market price of the public warrants as the private placement warrants have terms and provisions that are identical to those of the public warrants.
Level 3 inputs are not observable in the market and include the Company's judgments about the assumptions market participants would use in pricing the asset or liability.
v3.25.3
New Accounting Standards
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
New Accounting Standards New Accounting Standards
Accounting Standards Recently Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The main provisions of ASU 2023-07 require a public entity to disclose on an annual and interim basis: (i) significant segment expenses provided to the chief operating decision maker, (ii) an amount representing the difference between segment revenue less segment expenses disclosed under the significant segment expense principle and each reported measure of segment profit or loss and a description of its composition, (iii) provide all annual disclosures about a reportable segment's profit or loss and assets currently required under Topic 280 in interim periods, (iv) clarify that if the chief operating decision maker uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit, (v) the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (vi) all disclosures required by ASU 2023-07 and all existing segment disclosures under Topic 280 for an entity with a single reportable segment. The Company adopted ASU 2023-07 on December 31, 2024 on a retrospective basis. The adoption of ASU 2023-07 is reflected in Note 16 of the Company's consolidated financial statement disclosures.
Accounting Standards Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The main provisions of ASU 2023-09 require a public entity to disclose on an annual basis (i) specific prescribed categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, (iv) the amount of income taxes paid, net of refunds received, disaggregated by individual jurisdictions in which income taxes paid is equal to greater than 5 percent of total income taxes paid, (v) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (vi) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 also removes certain disclosure requirements related to unrecognized tax benefits and cumulative unrecognized temporary differences. The new guidance is effective for the fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is still evaluating the impact ASU 2023-09 will have on the Company's consolidated financial statement disclosures.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and provide more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The main provisions of ASU 2024-03 require a public entity at each interim and annual reporting period to (i) disclose the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion included in each relevant expense caption presented on the face of the income statement within continuing operations, (ii) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date, which is intended to clarify the effective date of ASU No. 2024-03. As clarified in ASU 2025-01, the new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating the impact ASU 2024-03 will have on the Company's consolidated financial statement disclosures.
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which is intended to reduce complexity related to estimating expected credit losses for current accounts receivable and current contract asset balances accounted for under Topic 606 Revenue from Contracts with Customers. The main provision of ASU 2025-05 applicable to the Company provides a practical expedient that allows all entities to assume that conditions as of the balance sheet date will not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses accounted for under Topic 606. The new guidance is effective for the fiscal years beginning after December 15, 2025. Early adoption is permitted in both
interim and annual reporting periods. If elected, the amendments in ASU 2025-05 should be applied prospectively. The Company is still evaluating the impact ASU 2025-05 will have on the Company's consolidated financial statements.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. Revenue is measured based on the consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue.
Disaggregated revenue by major source was as follows (in thousands):
Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
HDMC:
Motorcycles$821,864 $615,628 $2,463,793 $2,905,861 
Parts and accessories167,252 174,301 497,558 534,359 
Apparel56,052 55,688 168,614 183,192 
Licensing5,547 3,897 14,549 18,312 
Other23,244 26,891 54,599 59,693 
1,073,959 876,405 3,199,113 3,701,417 
LiveWire5,563 4,808 14,318 15,958 
Motorcycles and related products revenue1,079,522 881,213 3,213,431 3,717,375 
HDFS:
Interest income198,239 232,990 622,696 666,903 
Other62,949 36,492 140,891 114,915 
Financial services revenue261,188 269,482 763,587 781,818 
$1,340,710 $1,150,695 $3,977,018 $4,499,193 
The Company maintains certain contract liability balances related to payments received at contract inception in advance of the Company’s performance under the contract which generally relate to the sale of memberships, loyalty points earned under membership programs and certain licensing and insurance-related contracts. Contract liabilities are recognized as revenue as the Company performs under the contract. Contract liabilities, included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets, was as follows (in thousands):
September 30,
2025		September 30,
2024
Balance, beginning of period$56,753 $47,091 
Balance, end of period$93,221 $54,792 
Previously recorded contract liabilities recognized as revenue in the three months ended September 30, 2025 and September 30, 2024 were $8.3 million and $7.3 million, respectively, and $26.1 million and $22.2 million in the nine months ended September 30, 2025 and September 30, 2024, respectively. The Company expects to recognize approximately $33.7 million of the remaining unearned revenue over the next 12 months and $59.5 million thereafter.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective income tax rate for the nine months ended September 30, 2025 was 23.5% compared to 18.0% for the nine months ended September 30, 2024. The increase in the effective income tax rate was attributable to changes in the mix of earnings between the domestic and foreign jurisdictions that are taxed at rates that differ from the U.S. statutory rate as well as a lower benefit from income tax credits.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Net income attributable to Harley-Davidson, Inc.$377,366 $119,040 $618,041 $572,249 
Basic weighted-average shares outstanding120,614 130,078 122,015 133,187 
Effect of dilutive securities – employee stock compensation plan
1,062 884 840 798 
Diluted weighted-average shares outstanding121,676 130,962 122,855 133,985 
Net earnings per share:
Basic$3.13 $0.92 $5.07 $4.30 
Diluted$3.10 $0.91 $5.03 $4.27 
Shares of common stock related to share-based compensation that were not included in the effect of dilutive securities because the effect would have been anti-dilutive include 0.5 million and 0.4 million shares for the three months ended September 30, 2025 and September 30, 2024, respectively, and 1.6 million and 0.9 million shares for the nine months ended September 30, 2025 and September 30, 2024, respectively.
v3.25.3
Additional Balance Sheet and Cash Flow Information
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Balance Sheet and Cash Flow Information Additional Balance Sheet and Cash Flow Information
Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Mutual funds$32,493 $32,070 $33,816 
Mutual funds, included in Other long-term assets on the Consolidated balance sheets, are carried at fair value with gains and losses recorded in income. Mutual funds are held to support certain deferred compensation obligations.
Inventories, net – Substantially all inventories located in the U.S. are valued using the last-in, first-out (LIFO) method. Other inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Motorcycle finished goods inventories include motorcycles that are ready for sale and motorcycles that are substantially complete but awaiting installation of certain components. Inventories, net consisted of the following (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Raw materials and work in process$294,480 $353,819 $299,296 
Motorcycle finished goods255,339 411,442 399,699 
Parts and accessories and apparel98,431 110,591 119,260 
Inventory at lower of FIFO cost or net realizable value648,250 875,852 818,255 
Excess of FIFO over LIFO cost(136,064)(130,059)(136,391)
$512,186 $745,793 $681,864 
Deposits – HDFS offers brokered certificates of deposit to customers indirectly through contractual arrangements with third-party banks and/or securities brokerage firms through its bank subsidiary. The Company had $554.5 million, $550.6 million, and $549.0 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of September 30, 2025, December 31, 2024, and September 30, 2024, respectively. The liabilities for deposits are included in Short-term deposits, net or Long-term deposits, net on the Consolidated balance sheets based upon the term of each brokered certificate of deposit issued. Each separate brokered certificate of deposit is issued under a master certificate, and as such, all outstanding brokered certificates of deposit are considered below the Federal Deposit Insurance Corporation insurance coverage limits.
Future maturities of the Company's certificates of deposit as of September 30, 2025 were as follows (in thousands):
202528,000 
2026277,304 
2027196,704 
202818,500 
202915,200 
Thereafter19,790 
Future maturities555,498 
Unamortized fees(1,030)
$554,468 
Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):
 Nine months ended
September 30,
2025		September 30,
2024
Cash flows from operating activities:
Net income$611,709 $563,605 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization126,339 119,568 
Amortization of deferred loan origination costs43,871 54,461 
Amortization of financing origination fees9,773 10,363 
Income related to long-term employee benefits
(41,287)(40,076)
Employee benefit plan contributions and payments(5,091)(3,781)
Stock compensation expense25,838 39,820 
Net change in wholesale finance receivables related to sales(183,006)(211,800)
Provision for credit losses(198,427)175,017 
Origination of finance receivables held for sale
(414,009)— 
Collections from finance receivables held for sale
16,916 — 
Gain on sale of securitization beneficial interests
(26,958)— 
Deferred income taxes92,122 (1,815)
Other, net19,360 19,557 
Changes in current assets and liabilities:
Accounts receivable, net(46,415)(36,529)
Finance receivables – accrued interest and other
11,279 2,325 
Inventories, net262,287 253,373 
Accounts payable and accrued liabilities75,039 (12,903)
Other current assets37,563 (530)
(194,806)367,050 
Net cash provided by operating activities$416,903 $930,655 
Gain on sale of securitization beneficial interests – As discussed in Note 10 of the Notes to Consolidated financial statements, the Company consolidates certain SPEs, which are considered VIEs under U.S. GAAP and which hold certain assets and liabilities, including finance receivables, restricted cash, and debt. In the third quarter of 2025, HDFS entered into an agreement with two counterparties ("HDFS Transaction") that included the sale of 95% of its residual interests in retail finance receivables that were previously transferred to certain special purpose entities (SPEs) through on-balance sheet asset-backed securitization transactions. This sale of securitization beneficial interests resulted in the deconsolidation of assets and liabilities held by certain SPEs under U.S. GAAP. The sale of securitization beneficial interests resulted in the non-cash deconsolidation of $1.87 billion of Finance receivables held for investment, net and $1.67 billion of asset-backed securitization debt held by the VIEs that were previously consolidated. As a result of the sale of securitization beneficial interests, the Company received $234.6 million in cash consideration. On the Consolidated statements of cash flows, this amount was reduced by $109.2 million of restricted cash that was deconsolidated, resulting in a $125.4 million of net cash inflow included within Proceeds from sale of securitization beneficial interests, net within Cash flows from investing activities on the Consolidated statements of cash flows. The sale of securitization beneficial interests also resulted in a gain on the sale of $27.0 million included within Cash flows provided by operating activities. Refer to Note 7 of the Notes to Consolidated financial statements for further discussion about the HDFS Transaction.
v3.25.3
Finance Receivables
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Finance Receivables Finance Receivables
The Company provides retail financial services to customers of its dealers in the U.S. and Canada. The origination of retail loans is a separate and distinct transaction between the Company and the retail customer, unrelated to the Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and secured installment sales contracts and are primarily related to dealer sales of motorcycles to retail customers. The Company holds either titles or liens on titles to vehicles financed by promissory notes and installment sales contracts.
The Company offers wholesale financing to its dealers in the U.S. and Canada. Wholesale finance receivables are related primarily to the Company's sale of motorcycles, related parts and accessories and apparel to dealers. Wholesale loans to dealers are generally secured by financed inventory or property.
As discussed in Note 6 of the Notes to Consolidated financial statements, the Company entered into the HDFS Transaction during the third quarter of 2025. This transaction had the following key aspects:
•Sale of Securitization Beneficial Interests: In the third quarter of 2025, the Company sold 95% of its residual interests in retail finance receivables that were previously transferred to certain SPEs through on-balance sheet asset-backed securitization transactions to the two counterparties. The impacts of this component of the transaction are discussed more fully within this Note, as well as in Notes 6, 10 and 11 of the Notes to Consolidated financial statements.
•Sale of Retail Finance Receivables: In the third quarter of 2025, the Company agreed to sell the majority of its retail finance receivables to the two counterparties. Accordingly, the Company reclassified those retail finance receivables at the time of the agreement to Finance receivables held for sale, net on the Consolidated balance sheets, which resulted in a benefit in the third quarter of 2025 from the release of the allowance for credit losses on this portfolio of retail finance receivables as discussed more fully within this Note. In October 2025, the Company completed the sale of these retail finance receivables. In order to facilitate the sale of the remaining finance receivables that were previously subject to on-balance sheet asset-backed financing as described in Note 10, in advance of the sale of retail finance receivables, the Company redeemed, in full, the related asset-backed debt associated with the asset-backed securitizations, asset-backed U.S. commercial paper conduit facility, and asset-backed Canadian commercial paper conduit facility.
•Sale of Future Retail Finance Receivable Originations: In October 2025, the Company completed the closing of its agreement to sell approximately two-thirds of future retail loan originations over the next five years to the two counterparties (Forward Flow Agreement). The Company expects HDFS will continue to service the future retail loan originations it sells to the counterparties and earn a loan servicing fee. This component of the transaction did not have any financial statement impact in the third quarter of 2025.
•Equity Investment in HDFS: During the fourth quarter, each of the counterparties paid $23 million cash to acquire 4.9% of HDFS based on a multiple of approximately 1.75x HDFS's post-transaction equity carrying value for a total of 9.8% of HDFS. Seven years after closing the transaction or in the event of a change of control of HDI or HDFS, each counterparty will have the right to exchange its HDFS ownership interest for Harley-Davidson common stock. Three years after closing the transaction, the Company has the right to repurchase the counterparties' ownership interest in HDFS using cash that would otherwise be available to the Company in the form of a dividend from HDFS; however, the Company may not purchase any more than one-third of the counterparties' post-closing HDFS
ownership in an individual year. As a result of the counterparties' acquisition of HDFS stock, the Company will have a non-controlling interest that will participate in 9.8% of HDFS's earnings. This component of the transaction did not have any financial statement impact in the third quarter of 2025.
Finance receivables held for investment, net includes both retail and wholesale finance receivables, including amounts held by consolidated VIEs, which management has the intent and ability to hold. Finance receivables held for investment are recorded in the financial statements at amortized cost net of an allowance for credit losses as appropriate.
Finance receivables held for sale, net includes retail finance receivables that management intends to sell. When finance receivables are reclassified to held for sale from held for investment status, the previously recorded allowance for credit losses associated with the finance receivables is released and the finance receivables are held at the lower of amortized cost or fair value. If fair value is lower than amortized cost, a valuation allowance is recorded through Financial services revenue on the Consolidated statements of operations. The valuation allowance is updated each period to reflect the difference between amortized cost and the estimated selling price of the receivables.
Amortized cost for finance receivables held for investment and held for sale includes the principal outstanding, accrued interest, and deferred loan fees and costs. Deferred loan fee and cost amortization associated with loans held for investment is included within Financial services revenue on the Consolidated statements of operations. Amortization of deferred loan fees and costs is terminated at the time a loan is reclassified to held for sale status and any remaining deferred balances are included in any subsequent gain or loss on sale of the associated finance receivables.
As a result of the HDFS Transaction, $4.08 billion of the Company's retail finance receivables as of September 30, 2025 were reclassified as held for sale. The allowance for credit losses on this portfolio of retail finance receivables was released in conjunction with the reclassification from held for investment to held for sale status, resulting in a benefit to the provision expense of $338.2 million. In addition, $75.5 million was released from the allowance for credit losses and included in the gain on the sale of securitization beneficial interests during the three months ended September 30, 2025. The release of the allowance for credit losses resulted in an asset balance in the retail allowance for credit losses as estimated recoveries from retail finance receivables previously charged-off exceeded the remaining allowance for credit losses on loans held for investment.
Finance receivables held for investment, net were as follows (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Retail finance receivables$704,294 $6,681,106 $6,961,975 
Wholesale finance receivables1,166,354 1,008,371 1,238,324 
1,870,648 7,689,477 8,200,299 
Recovery (allowance) for credit losses
12,901 (401,183)(399,912)
$1,883,549 $7,288,294 $7,800,387 
The Company's allowance for credit losses reflects expected lifetime credit losses, net of expected recoveries, on its finance receivables held for investment. Based on differences in the nature of the finance receivables held for investment and the underlying methodology for calculating the allowance for credit losses, the Company segments its finance receivables held for investment into the retail and wholesale portfolios. The Company further disaggregates each portfolio by credit quality indicators. As the credit risk varies between the retail and wholesale portfolios, the Company utilizes different credit quality indicators for each portfolio.
The retail portfolio primarily consists of a large number of small balance, homogeneous finance receivables. The Company performs a collective evaluation of the adequacy of the retail allowance for credit losses. The Company utilizes weighted-average remaining maturity and vintage-based loss forecast methodologies. Vintage-based forecasts include decompositions for probability of default, exposure at default, attrition rate, and recovery balance rate. Reasonable and supportable economic forecasts for a one- or two-year period are incorporated into the methodologies to reflect the estimated impact of changes in future economic conditions, such as unemployment rates, household obligations or other relevant factors, over the reasonable and supportable period. For periods beyond the Company’s reasonable and supportable forecasts, the Company reverts to its average historical loss experience immediately or using a mean-reversion process over a three-year period. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, or term as well as other relevant factors.
The wholesale portfolio is primarily composed of large balance, non-homogeneous loans. The Company’s evaluation for the wholesale allowance for credit losses is first based on a loan-by-loan review to determine whether the loans share similar
risk characteristics. The Company individually evaluates loans that do not share risk characteristics. Loans identified as those for which foreclosure is probable are classified as Non-Performing, and a specific allowance for credit losses is established when appropriate. The specific allowance is determined based on the amortized cost of the related finance receivable and the estimated fair value of the collateral, less selling costs and the cash that the Company expects to receive. Finance receivables in the wholesale portfolio not individually assessed are aggregated, based on similar risk characteristics, according to the Company’s internal risk rating system and measured collectively. The related allowance for credit losses is based on factors such as the specific borrower’s financial performance and ability to repay, the Company’s past credit loss experience, reasonable and supportable economic forecasts, and the value of the underlying collateral and expected recoveries.
The Company considers various third-party economic forecast scenarios as part of estimating the allowance for expected credit losses and applies a probability-weighting to those economic forecast scenarios. Each quarter, the Company's outlook on economic conditions impacts the Company's retail and wholesale estimates for expected credit losses. At the end of the third quarter of 2025, the Company's probability weighting of its economic forecast scenarios was weighted towards more pessimistic scenarios given continued challenging macro-economic conditions including a persistently high interest rate environment, ongoing elevated inflation levels, and muted consumer confidence.
Additionally, the historical experience incorporated into the portfolio-specific models does not fully reflect the Company's comprehensive expectations regarding the future. As such, the Company incorporated qualitative factors to establish an appropriate allowance for credit losses balance. These factors may include motorcycle recovery value considerations, delinquency adjustments, specific problem loan trends, or changes in other portfolio-specific loan characteristics as appropriate.
Due to the use of projections and assumptions in estimating the losses, the amount of losses incurred by the Company in either portfolio could differ from the amounts estimated. Further, the Company’s allowance for credit losses incorporates known conditions at the balance sheet date and the Company’s expectations surrounding the economic forecasts. The Company will continue to monitor future economic trends and conditions. Expectations surrounding the Company's economic forecasts may change in future periods as additional information becomes available.
Changes in the Company's (recovery) allowance for credit losses on its finance receivables held for investment by portfolio were as follows (in thousands):
 Three months ended September 30, 2025Nine months ended September 30, 2025
 RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$374,828 $24,465 $399,293 $378,373 $22,810 $401,183 
Provision for credit losses(307,162)5,663 (301,499)(206,386)7,959 (198,427)
Charge-offs(44,555)(4,701)(49,256)(183,395)(5,342)(188,737)
Recoveries14,108 — 14,108 48,627 — 48,627 
Sale of Residual Interest in Securitizations
(75,547)— (75,547)(75,547)— (75,547)
Balance, end of period$(38,328)$25,427 $(12,901)$(38,328)$25,427 $(12,901)
 Three months ended September 30, 2024Nine months ended September 30, 2024
 RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$377,826 $15,691 $393,517 $367,037 $14,929 $381,966 
Provision for credit losses55,831 2,146 57,977 172,109 2,908 175,017 
Charge-offs(65,029)— (65,029)(207,109)— (207,109)
Recoveries13,447 — 13,447 50,038 — 50,038 
Balance, end of period$382,075 $17,837 $399,912 $382,075 $17,837 $399,912 
The Company manages retail credit risk through its credit approval process and ongoing collection efforts. The Company uses FICO scores, a standard credit rating measurement, to differentiate the expected default rates of retail credit applicants, enabling the Company to better evaluate credit applicants for approval and to tailor pricing according to this assessment. For the Company’s U.S. and Canadian retail finance receivables, the Company determines the credit quality indicator for each loan at origination and does not update the credit quality indicator subsequent to the loan origination date.
As loan performance by credit quality indicator differs between the U.S. and Canadian retail loans, the Company’s credit quality indicators vary for the two portfolios. For U.S. retail finance receivables, those with a FICO score of 740 or above at origination are generally considered super prime, loans with a FICO score between 640 and 740 are generally categorized as prime, and loans with FICO score below 640 are generally considered sub-prime. For Canadian retail finance receivables, those with a FICO score of 700 or above at origination are generally considered super prime, loans with a FICO score between 620 and 700 are generally categorized as prime, and loans with FICO score below 620 are generally considered sub-prime.
The amortized cost of the Company's U.S. and Canadian retail finance receivables held for investment, along with total retail gross charge-offs by vintage and credit quality indicator were as follows (in thousands):
September 30, 2025
20252024202320222021
2020 & Prior
Total
U.S. Retail:
Super prime$144,780 $120,456 $61,502 $19,838 $12,198 $2,011 $360,785 
Prime125,804 104,939 60,992 29,368 13,633 2,767 337,503 
Sub-prime1,601 886 830 808 710 1,171 6,006 
$272,185 $226,281 $123,324 $50,014 $26,541 $5,949 $704,294 
Gross charge-offs for the nine months ended September 30, 2025:
U.S. Retail
$2,771 $47,626 $53,155 $41,175 $21,364 $13,560 $179,651 
Canadian Retail126 996 991 821 383 427 3,744 
$2,897 $48,622 $54,146 $41,996 $21,747 $13,987 $183,395 
December 31, 2024
20242023202220212020
2019 & Prior
Total
U.S. Retail:
Super prime$1,040,491 $694,941 $449,697 $206,974 $67,668 $28,606 $2,488,377 
Prime1,042,910 821,719 659,000 363,507 141,495 82,771 3,111,402 
Sub-prime318,689 224,656 180,048 119,457 58,297 47,624 948,771 
2,402,090 1,741,316 1,288,745 689,938 267,460 159,001 6,548,550 
Canadian Retail:
Super prime36,011 29,098 17,468 8,330 3,179 1,096 95,182 
Prime9,111 8,687 6,724 4,033 2,212 1,524 32,291 
Sub-prime1,701 1,229 972 435 462 284 5,083 
46,823 39,014 25,164 12,798 5,853 2,904 132,556 
$2,448,913 $1,780,330 $1,313,909 $702,736 $273,313 $161,905 $6,681,106 
Gross charge-offs for the year ended December 31, 2024:
U.S. Retail
$18,322 $92,489 $90,023 $47,678 $19,628 $17,143 $285,283 
Canadian Retail241 1,474 1,398 755 391 464 4,723 
$18,563 $93,963 $91,421 $48,433 $20,019 $17,607 $290,006 
September 30, 2024
20242023202220212020
2019 & Prior
Total
U.S. Retail:
Super prime$931,374 $769,173 $507,694 $241,713 $84,111 $39,590 $2,573,655 
Prime927,821 901,954 730,870 410,721 166,169 106,766 3,244,301 
Sub-prime281,501 249,447 200,838 134,880 67,592 59,151 993,409 
2,140,696 1,920,574 1,439,402 787,314 317,872 205,507 6,811,365 
Canadian Retail:
Super prime35,280 34,382 21,186 10,573 4,410 1,702 107,533 
Prime9,200 10,340 8,054 4,812 2,782 2,124 37,312 
Sub-prime1,731 1,457 1,132 490 564 391 5,765 
46,211 46,179 30,372 15,875 7,756 4,217 150,610 
$2,186,907 $1,966,753 $1,469,774 $803,189 $325,628 $209,724 $6,961,975 
Gross charge-offs for the nine months ended September 30, 2024:
U.S. Retail
$4,680 $65,972 $67,945 $36,365 $15,270 $13,485 $203,717 
Canadian Retail87 1,033 976 616 329 351 3,392 
$4,767 $67,005 $68,921 $36,981 $15,599 $13,836 $207,109 
Information about the asset performance of the total portfolio of retail loans serviced by the Company ("Managed Portfolio"), including receivables retained or consolidated as part of on-balance sheet VIEs (collectively, the "Owned Portfolio"), along with receivables included in off-balance sheet VIEs ("Off-Balance Sheet Portfolio"), is provided in the table below (in thousands):
Principal BalancesCredit Losses
30+ Day DelinquentThree months endedNine Months Ended
September 30, 2025September 30, 2025
Owned portfolio
$242,408 $30,341 $135,056 
Off-balance sheet portfolio
32,972 1,717 1,717 
Managed portfolio
$275,380 $32,058 $136,773 
The Company's credit risk on the wholesale portfolio is different from that of the retail portfolio. Whereas the retail portfolio represents a relatively homogeneous pool of retail finance receivables that exhibit more consistent loss patterns, the wholesale portfolio exposures are less consistent. The Company utilizes an internal credit risk rating system to manage credit risk exposure consistently across wholesale borrowers and individually evaluates credit risk factors for each borrower. The Company uses the following internal credit quality indicators, based on an internal risk rating system, listed from highest level of risk to lowest level of risk for the wholesale portfolio: Doubtful, Substandard, Special Mention, Medium Risk and Low Risk. Based upon the Company’s review, the dealers classified in the Doubtful category are the dealers with the greatest likelihood of being charged-off, while the dealers classified as Low Risk are least likely to be charged-off. Additionally, the Company classifies dealers identified as those in which foreclosure is probable as Non-Performing. The internal rating system considers factors such as the specific borrower's ability to repay and the estimated value of any collateral. Dealer risk rating classifications are reviewed and updated by the Company on a quarterly basis.
The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):
September 30, 2025
20252024202320222021
2020 & Prior
Total
Non-Performing$933 $1,090 $282 $— $— $— $2,305 
Doubtful15,333 7,473 1,070 20 — — 23,896 
Substandard1,831 1,796 — — — — 3,627 
Special Mention16,109 4,171 175 — 59 — 20,514 
Medium Risk36,215 4,268 752 — — — 41,235 
Low Risk921,295 103,843 13,101 34,350 1,176 1,012 1,074,777 
$991,716 $122,641 $15,380 $34,370 $1,235 $1,012 $1,166,354 
Gross charge-offs for the nine months ended September 30, 2025:
        Wholesale$2,401 $506 $134 $— $— $2,301 $5,342 
December 31, 2024
20242023202220212020
2019 & Prior
Total
Non-Performing$6,430 $4,702 $129 $— $— $2 $11,263 
Doubtful25,827 3,869 139 — — 8,196 38,031 
Substandard14,470 2,928 — — — — 17,398 
Special Mention3,162 362 19 — — — 3,543 
Medium Risk1,471 271 — — — — 1,742 
Low Risk808,771 83,611 38,815 1,702 3,358 137 936,394 
$860,131 $95,743 $39,102 $1,702 $3,358 $8,335 $1,008,371 
Gross charge-offs for the year ended December 31, 2024:
        Wholesale$709 $710 $42 $— $— $1 $1,462 
September 30, 2024
20242023202220212020
2019 & Prior
Total
Non-Performing$1,986 $2,134 $122 $— $— $2 $4,244 
Doubtful9,939 4,043 129 — — 5 14,116 
Substandard14,669 3,391 34 — — — 18,094 
Special Mention4,527 1,240 58 — — — 5,825 
Medium Risk615 146 — — — — 761 
Low Risk1,008,975 134,065 38,019 2,567 3,500 8,158 1,195,284 
$1,040,711 $145,019 $38,362 $2,567 $3,500 $8,165 $1,238,324 
Gross charge-offs for the nine months ended September 30, 2024:
Wholesale$— $— $— $— $— $— $— 
Retail finance receivables are contractually delinquent if the minimum payment is not received by the specified due date. Retail finance receivables at amortized cost, excluding accrued interest, are generally charged-off when the receivable is 120 days or more delinquent, the related asset is repossessed, or the receivable is otherwise deemed uncollectible. The Company reverses accrued interest related to charged-off accounts against HDFS interest income when the account is charged-off. The Company reversed $7.1 million and $6.9 million of accrued interest against HDFS interest income during the three months ended September 30, 2025 and September 30, 2024, respectively, and $24.7 million and $24.0 million during the nine months ended September 30, 2025 and September 30, 2024, respectively. All retail finance receivables accrue interest until either collected or charged-off. Due to the timely write-off of accrued interest, the Company made the election provided under Accounting Standards Codification (ASC) Topic 326, Financial Instruments - Credit Losses to exclude accrued interest from its allowance for credit losses. Accordingly, as of September 30, 2025, December 31, 2024, and September 30, 2024, all retail finance receivables were accounted for as interest-earning receivables.
Wholesale finance receivables are delinquent if the minimum payment is not received by the contractual due date. Wholesale finance receivables are written down once the Company determines that the specific borrower does not have the ability to repay the loan in full. Interest continues to accrue on past due finance receivables until the date the Company determines that foreclosure is probable, and the finance receivable is placed on non-accrual status. The Company will resume accruing interest on these accounts when payments are current according to the terms of the loans and future payments are reasonably assured. While on non-accrual status, all cash received is applied to principal or interest as appropriate. Once an account is charged-off, the Company will reverse the associated accrued interest against HDFS interest income. Due to the timely write-off of accrued interest, the allowance for credit losses excludes accrued interest for the wholesale portfolio. The Company reversed $1.8 million and $1.9 million of accrued interest related to the charge-off of Non-Performing dealer loans during the three and nine months ended September 30, 2025, respectively. There were no charged off accounts for the three and nine months ended September 30, 2024, and as such, the Company did not reverse any wholesale accrued interest during that period.
Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):
Amortized Cost Amortized CostInterest Income
January 1, 2025
September 30, 2025
Recognized
Wholesale:
No related allowance recorded$7,510 $184 $986 
Related allowance recorded3,753 2,121 56 
$11,263 $2,305 $1,042 
Amortized CostAmortized CostInterest Income
January 1, 2024
September 30, 2024
Recognized
Wholesale:
No related allowance recorded$— $2,423 $123 
Related allowance recorded— 1,821 123 
$— $4,244 $246 
The aging analysis of the Company's finance receivables held for investment was as follows (in thousands):
September 30, 2025
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$693,233 $6,774 $1,292 $2,995 $— $11,061 $704,294 
Wholesale1,160,152 3,041 563 1,932 666 6,202 1,166,354 
$1,853,385 $9,815 $1,855 $4,927 $666 $17,263 $1,870,648 
December 31, 2024
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$6,368,447 $178,752 $69,257 $64,650 $— $312,659 $6,681,106 
Wholesale1,002,584 3,463 718 1,080 526 5,787 1,008,371 
$7,371,031 $182,215 $69,975 $65,730 $526 $318,446 $7,689,477 
September 30, 2024
Current31-60 Days
Past Due		61-90 Days
Past Due		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$6,679,994 $163,963 $61,542 $56,476 $— $281,981 $6,961,975 
Wholesale1,236,124 832 777 89 502 2,200 1,238,324 
$7,916,118 $164,795 $62,319 $56,565 $502 $284,181 $8,200,299 
Generally, it is the Company’s policy not to change the terms and conditions of finance receivables. However, to minimize economic loss, the Company may modify certain finance receivables as troubled loan modifications. Total finance
receivables subject to troubled loan modifications were not significant as of September 30, 2025, December 31, 2024, and September 30, 2024. In accordance with its policies, in certain situations, the Company may offer short-term adjustments to customer payment due dates without affecting the associated interest rate or loan term.
v3.25.3
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities
The Company is exposed to risks from fluctuations in foreign currency exchange rates, interest rates and commodity prices. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. All derivative transactions are authorized and executed pursuant to regularly reviewed policies and procedures which prohibit the use of financial instruments for speculative trading purposes.
The Company sells products in foreign currencies and utilizes foreign currency exchange contracts to mitigate the effects of foreign currency exchange rate fluctuations related to the Euro, Australian dollar, Japanese yen, Canadian dollar, and Mexican peso. The Company's foreign currency exchange contracts generally have maturities of less than one year.
The Company utilizes commodity contracts to mitigate the effects of commodity price fluctuations related to metals and fuel consumed in its motorcycle operations. The Company's commodity contracts generally have maturities of less than one year.
The Company periodically utilizes treasury rate and swap rate lock contracts to fix the interest rate on a portion of the principal related to an anticipated issuance of long-term debt and cross-currency swaps to mitigate the effect of foreign currency exchange rate fluctuations on its foreign currency-denominated debt. The Company also utilizes interest rate caps to facilitate certain asset-backed securitization transactions.
All derivative financial instruments are recognized on the Consolidated balance sheets at fair value. In accordance with ASC Topic 815, Derivatives and Hedging (ASC Topic 815), the accounting for changes in the fair value of a derivative financial instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship.
Changes in the fair value of derivative financial instruments that are designated as cash flow hedges are initially recorded in Other comprehensive (loss) income (OCI) and subsequently reclassified into income when the hedged item affects income. Refer to Note 15 of the Notes to Consolidated financial statements for more detail on derivatives activity included in accumulated other comprehensive income. The Company assesses, both at the inception of each hedge and on an ongoing basis, whether the derivative financial instruments that are designated as cash flow hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. No component of a designated hedging derivative financial instrument’s gain or loss is excluded from the assessment of hedge effectiveness. Derivative financial instruments not designated as hedges are not speculative and are used to manage the Company’s exposure to foreign currency, commodity risks and interest rate risks. Changes in the fair value of derivative financial instruments not designated as hedging instruments are recorded directly in income. Cash flow activity associated with the Company's derivative financial instruments is recorded in Cash flows from operating activities on the Consolidated statement of cash flows. Derivative assets and liabilities are reported in Other current assets and Accrued liabilities on the Consolidated balance sheets, respectively, other than long-term balances noted below.
The notional and fair values of the Company's derivative financial instruments under ASC Topic 815 were as follows (in thousands):
Derivative Financial Instruments
Designated as Cash Flow Hedging Instruments
 September 30, 2025December 31, 2024September 30, 2024
Notional
Value
Assets(b)
Liabilities(a)
Notional
Value
Assets(b)
Liabilities(a)
Notional
Value
Assets(b)
Liabilities(a)
Foreign currency contracts$362,988 $1,501 $7,359 $455,322 $19,778 $148 $416,405 $106 $9,168 
Commodity contracts940 — 81 663 59 — 789 25 — 
Cross-currency swaps1,416,994 115,232 — 759,780 — 34,709 1,420,560 19,663 4,702 
$1,780,922 $116,733 $7,440 $1,215,765 $19,837 $34,857 $1,837,754 $19,794 $13,870 
Derivative Financial Instruments
Not Designated as Hedging Instruments
September 30, 2025December 31, 2024September 30, 2024
Notional
Value
Assets
LiabilitiesNotional
Value
Assets
LiabilitiesNotional
Value
Assets
Liabilities
Commodity contracts$3,247 $15 $7 $3,489 $— $163 $3,538 $— $365 
Interest rate caps— — — 272,997 2 — 349,697 10 — 
$3,247 $15 $7 $276,486 $2 $163 $353,235 $10 $365 
(a)Includes $34.7 million of cross-currency swaps recorded in Other long-term liabilities as of December 31, 2024, with all remaining amounts recorded in Accrued liabilities.
(b)Includes $52.3 million and $19.7 million of cross-currency swaps recorded in Other long-term assets as of September 30, 2025 and September 30, 2024, with all remaining amounts recorded in Other current assets.

The amounts of gains and losses related to the Company's derivative financial instruments designated as cash flow hedges were as follows (in thousands):
 Gain/(Loss)
Recognized in OCI		Gain/(Loss)
Reclassified from AOCL into Income
 Three months endedNine months endedThree months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Foreign currency contracts$4,410 $(14,470)$(26,136)$8,311 $(6,293)$6,749 $2,855 $13,718 
Commodity contracts(112)(35)(121)(148)(39)(62)19 (306)
Cross-currency swaps(16,877)48,167 149,941 3,041 2,227 58,669 153,216 16,523 
Treasury rate lock contracts— — — (4,293)(181)(210)(603)(247)
Swap rate lock contracts— — — — (149)(149)(443)(445)
$(12,579)$33,662 $123,684 $6,911 $(4,435)$64,997 $155,044 $29,243 
The location and amount of gains and losses recognized in income related to the Company's derivative financial instruments designated as cash flow hedges were as follows (in thousands):
 Motorcycles and related products
cost of goods sold		Selling, administrative &
engineering expense		Interest expenseFinancial services interest expense
Three months ended September 30, 2025
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$798,683 $292,885 $10,182 $75,883 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts(6,293)— — — 
Commodity contracts(39)— — — 
Cross-currency swaps— 2,227 — — 
Treasury rate lock contracts— — (61)(120)
Swap rate lock contracts— — — (149)
Three months ended September 30, 2024
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$618,580 $273,879 $7,707 $94,463 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts6,749 — — — 
Commodity contracts(62)— — — 
Cross-currency swaps— 58,669 — — 
Treasury rate lock contracts— — (90)(120)
Swap rate lock contracts— — — (149)
Nine months ended September 30, 2025
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$2,320,261 $849,098 $25,564 $258,391 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts2,855 — — — 
Commodity contracts19 — — — 
Cross-currency swaps— 153,216 — — 
Treasury rate lock contracts— — (243)(360)
Swap rate lock contracts— — — (443)
Nine months ended September 30, 2024
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$2,566,272 $870,985 $23,066 $276,943 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts13,718 — — — 
Commodity contracts(306)— — — 
Cross-currency swaps— 16,523 — — 
Treasury rate lock contracts— — (272)25 
Swap rate lock contracts— — — (445)
The amount of net gain included in Accumulated other comprehensive loss (AOCL) at September 30, 2025, estimated to be reclassified into income over the next 12 months was $64.4 million.
The amount of gains and losses recognized in income related to derivative financial instruments not designated as hedging instruments were as follows (in thousands). Gains and losses on foreign currency contracts and commodity contracts were recorded in Motorcycles and related products cost of goods sold. Gains and losses on interest rate caps were recorded in Selling, administrative & engineering expense.
 Amount of Gain/(Loss)
Recognized in Income
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Foreign currency contracts$387 $(2,943)$5,753 $(250)
Commodity contracts75 (344)(46)(537)
Interest rate caps— (249)(2)(454)
$462 $(3,536)$5,705 $(1,241)
The Company is exposed to credit loss risk in the event of non-performance by counterparties to its derivative financial instruments. Although no assurances can be given, the Company does not expect any of the counterparties to its derivative financial instruments to fail to meet their obligations. To manage credit loss risk, the Company evaluates counterparties based on credit ratings and, on a quarterly basis, evaluates each hedge’s net position relative to the counterparty’s ability to cover their position.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Unsecured commercial paper$684,741 $640,204 $497,373 
Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands): 
September 30,
2025		December 31,
2024		September 30,
2024
Secured debt:
Asset-backed Canadian commercial paper conduit facility$49,642 $77,381 $94,142 
Asset-backed U.S. commercial paper conduit facility399,502 431,846 378,968 
Asset-backed securitization debt63,107 1,956,383 2,252,468 
Unamortized discounts and debt issuance costs(472)(6,245)(7,726)
511,779 2,459,365 2,717,852 
September 30,
2025		December 31,
2024		September 30,
2024
Unsecured notes (at par value):
Medium-term notes:
Due in 2024, issued November 2019(a)
3.14 %— — 669,864 
Due in 2025, issued June 20203.35 %— 700,000 700,000 
Due in 2026, issued April 2023(b)
6.36 %821,583 727,104 781,508 
Due in 2027, issued February 20223.05 %500,000 500,000 500,000 
Due in 2028, issued March 20236.50 %700,000 700,000 700,000 
Due in 2029, issued June 20245.95 %500,000 500,000 500,000 
Due in 2030, issued March 2025(c)
5.61 %715,951 — — 
Unamortized discounts and debt issuance costs(17,741)(13,091)(14,800)
3,219,793 3,114,013 3,836,572 
Term loan:
Due in 2027, issued July 2025450,000 — — 
Unamortized debt issuance costs
(1,739)— — 
448,261 — — 
Senior notes:
Due in 2025, issued July 20153.50 %— 450,000 450,000 
Due in 2045, issued July 20154.625 %300,000 300,000 300,000 
Unamortized discounts and debt issuance costs(2,753)(3,200)(3,382)
297,247 746,800 746,618 
3,965,301 3,860,813 4,583,190 
Long-term debt4,477,080 6,320,178 7,301,042 
Current portion of long-term debt, net(1,329,244)(1,851,513)(2,561,535)
Long-term debt, net$3,147,836 $4,468,665 $4,739,507 
(a)€600.0 million par value remeasured to U.S. dollar at September 30, 2024
(b)€700.0 million par value remeasured to U.S. dollar at September 30, 2025, December 31, 2024, and September 30, 2024, respectively
(c)€610.0 million par value remeasured to U.S. dollar at September 30, 2025

Future principal payments of the Company's debt obligations as of September 30, 2025 were as follows (in thousands):
2025$1,196,993 
2026821,583 
2027950,000 
2028700,000 
2029500,000 
Thereafter1,015,950 
Future principal payments5,184,526 
Unamortized discounts and debt issuance costs(22,705)
$5,161,821 
v3.25.3
Asset-Backed Financing
 9 Months Ended
Sep. 30, 2025
Transfers and Servicing [Abstract]  
Asset-Backed Financing Asset-Backed Financing
The Company participates in asset-backed financing both through asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. In the Company's asset-backed financing programs, the Company transfers retail motorcycle finance receivables to special purpose entities (SPEs), which are considered VIEs under U.S. GAAP. Each SPE then converts those assets into cash through the issuance of debt. The Company retains servicing rights for all of the retail motorcycle finance receivables transferred to SPEs as part of an asset-backed financing and retains a residual interest in each VIE in the form of a debt security. The accounting treatment for asset-backed financings depends on the terms of the related transaction and the Company’s continuing involvement with the VIE.
In transactions where the Company has power over the significant activities of the VIE and has an obligation to absorb losses or the right to receive benefits from the VIE that are potentially significant to the VIE, the Company is the primary beneficiary of the VIE and consolidates the VIE within its consolidated financial statements. On a consolidated basis, the asset-backed financing is treated as a secured borrowing in this type of transaction and is referred to as an on-balance sheet asset-backed financing.
In transactions where the Company is not the primary beneficiary of the VIE, the Company must determine whether it can achieve a sale for accounting purposes under ASC Topic 860, Transfers and Servicing (ASC 860). To achieve a sale for accounting purposes, the assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond the Company’s control. If the Company does not meet all of these criteria for sale accounting, then the transaction is accounted for as a secured borrowing and is referred to as an on-balance sheet asset-backed financing.
If the Company meets all three of the sale criteria above, the transaction is recorded as a sale for accounting purposes and is referred to as an off-balance sheet asset-backed financing. Upon sale, the retail motorcycle finance receivables are removed from the Company’s Consolidated balance sheets and a gain or loss is recognized for the difference between the cash proceeds received, the assets derecognized, and the liabilities recognized as part of the transaction. The gain or loss on sale is recorded in Financial services revenue on the Consolidated statements of operations.
The Company is not required, and does not currently intend, to provide any additional financial support to the on- or off-balance sheet VIEs associated with these transactions. Investors and creditors in these transactions only have recourse to the assets held by the VIEs.
The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets were as follows (in thousands):
September 30, 2025
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$334,759 $— $18,655 $1,491 $354,905 $62,635 
Asset-backed U.S. commercial paper conduit facility450,702 — 29,084 1,917 481,703 399,502 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility58,045 — 3,791 143 61,979 49,642 
$843,506 $— $51,530 $3,551 $898,587 $511,779 
December 31, 2024
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$2,470,147 $(140,632)$118,310 $5,260 $2,453,085 $1,950,138 
Asset-backed U.S. commercial paper conduit facility490,766 (27,890)28,201 2,104 493,181 431,846 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility90,122 (4,215)4,735 234 90,876 77,381 
$3,051,035 $(172,737)$151,246 $7,598 $3,037,142 $2,459,365 
September 30, 2024
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$2,772,473 $(152,943)$131,459 $4,523 $2,755,512 $2,244,742 
Asset-backed U.S. commercial paper conduit facility408,515 (22,501)25,124 1,522 412,660 378,968 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility109,199 (4,999)6,454 163 110,817 94,142 
$3,290,187 $(180,443)$163,037 $6,208 $3,278,989 $2,717,852 
On-Balance Sheet Asset-Backed Securitization VIEs – The Company transfers U.S. retail motorcycle finance receivables to SPEs that in turn issue secured notes to investors, with various maturities and interest rates, secured by future collections of the purchased U.S. retail motorcycle finance receivables. Each on-balance sheet asset-backed securitization SPE is a separate legal entity, and the U.S. retail motorcycle finance receivables included in the asset-backed securitizations are only available for payment of the secured debt and other obligations arising from the asset-backed securitization transactions and are not available to pay other obligations or claims of the Company’s creditors until the associated secured debt and other obligations are satisfied. Restricted cash balances held by the SPEs are used only to support the securitizations. There are no amortization schedules for the secured notes; however, the debt is reduced monthly as available collections on the related U.S. retail motorcycle finance receivables are applied to outstanding principal. After deconsolidating certain VIEs in conjunction with the HDFS Transaction, the Company had one on-balance sheet asset-backed securitization secured note remaining as of September 30, 2025, which is contractually due in 2028.
The Company is the primary beneficiary of its on-balance sheet asset-backed securitization VIEs because it is the variable interest holder with the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses and the right to receive benefits which could potentially be significant to the VIE.
Quarterly transfers of U.S. retail motorcycle finance receivables to SPEs, the respective proceeds, and the respective proceeds, net of discounts and issuance costs were as follows (in millions):
2025
2024
TransfersProceedsProceeds, netTransfersProceedsProceeds, net
First quarter$— $— $— $— $— $— 
Second quarter584.4500.0497.8607.8550.0547.6
Third quarter$— $— $— 663.1 600.0 597.6 
$584.4 $500.0 $497.8 $1,270.9 $1,150.0 $1,145.2 
On-Balance Sheet Asset-Backed U.S. Commercial Paper Conduit Facility VIE – In November 2024, the Company renewed its $1.50 billion revolving facility agreement (the U.S. Conduit Facility) with third-party banks and their asset-backed U.S. commercial paper conduits. Under the revolving facility agreement, the Company may transfer U.S. retail motorcycle finance receivables to an SPE, which in turn may issue debt to those third-party banks and their asset-backed U.S. commercial paper conduits. Availability under the U.S. Conduit Facility is based on, among other things, the amount and credit performance of eligible U.S. retail motorcycle finance receivables held by the SPE as collateral.
Under the U.S. Conduit Facility, the assets of the SPE are restricted as collateral for the payment of the debt or other obligations arising in the transaction and are not available to pay other obligations or claims of the Company’s creditors. The terms for this debt provide for interest on the outstanding principal based on prevailing commercial paper rates if funded by a conduit lender through the issuance of commercial paper. The interest rate on all outstanding debt and future borrowings, if not funded by a conduit lender through the issuance of commercial paper, is based on the Secured Overnight Financing Rate (SOFR), with provisions for a transition to other benchmark rates in the future, if necessary. In addition to interest, a program fee is assessed based on the outstanding debt principal balance. The U.S. Conduit Facility also provides for an unused commitment fee based on the unused portion of the total aggregate commitment. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding
principal. Upon expiration of the U.S. Conduit Facility, any outstanding principal will continue to be reduced monthly through available collections. The expected remaining term of the related receivables held by the SPE is approximately 4 years. Unless earlier terminated or extended by mutual agreement of the Company and the lenders, as of September 30, 2025, the U.S. Conduit Facility had an expiration date of November 21, 2025.
The Company is the primary beneficiary of its U.S. Conduit Facility VIE because it is the variable interest holder with the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and has the obligation to absorb losses and the right to receive benefits which could potentially be significant to the VIE.
Quarterly transfers of U.S. retail motorcycle finance receivables to the U.S. Conduit and the respective proceeds were as follows (in millions):
20252024
TransfersProceedsTransfersProceeds
First quarter$179.5 $155.0 $334.8 $306.0 
Second quarter— — — — 
Third quarter— — — — 
$179.5 $155.0 $334.8 $306.0 
On-Balance Sheet Asset-Backed Canadian Commercial Paper Conduit Facility – In June 2025, the Company renewed and amended its revolving facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the renewed and amended agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase eligible Canadian retail motorcycle finance receivables for proceeds up to C$165.0 million. The transferred assets are restricted as collateral for the payment of the associated debt.
Availability under the Canadian Conduit is based on, among other things, the amount and credit performance of eligible Canadian retail motorcycle finance receivables held as collateral. As of March 31, 2025, the Company was temporarily unable to draw on the Canadian Conduit as a result of elevated credit losses. The June 2025 renewal restored the Company's access to the Canadian Conduit facility and increased credit loss thresholds for future periods.
The terms for this debt provide for interest on the outstanding principal based on prevailing market interest rates plus a specified margin. The Canadian Conduit also provides for a program fee and an unused commitment fee based on the unused portion of the total aggregate commitment. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the Canadian Conduit, any outstanding principal will continue to be reduced monthly through available collections. The expected remaining term of the related receivables is approximately 5 years. Unless earlier terminated or extended by mutual agreement of the Company and the lenders, as of September 30, 2025, the Canadian Conduit had an expiration date of June 30, 2026.
The Company is not the primary beneficiary of the Canadian bank-sponsored, multi-seller conduit VIE; therefore, the Company does not consolidate the VIE. However, the Company treats the conduit facility as a secured borrowing as it maintains effective control over the assets transferred to the VIE and, therefore, does not meet the requirements for sale accounting.
As the Company participates in and does not consolidate the Canadian bank-sponsored, multi-seller conduit VIE, the maximum exposure to loss associated with this VIE, which would only be incurred in the unlikely event that all the finance receivables and underlying collateral have no residual value, was $12.3 million at September 30, 2025. The maximum exposure is not an indication of the Company's expected loss exposure.
There were no finance receivable transfers under the Canadian Conduit Facility during the first nine months of 2025. Quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds were as follows in 2024 (in millions):
2024
TransfersProceeds
First quarter$34.9 $28.6 
Second quarter20.616.9
Third quarter17.9 14.7 
$73.4 $60.2 
Off-Balance Sheet Asset-Backed Financing - During the third quarter of 2025, HDFS completed the sale of the securitization beneficial interests to two counterparties as part of the HDFS Transaction. As a result, the Company determined that it was no longer the primary beneficiary of the associated VIEs. Accordingly, the VIEs were deconsolidated during the third quarter of 2025. The Company confirmed that the transfers of loans that occurred at the inception of each VIE, and the subsequent sale of the beneficial interests, met the criteria for an accounting sale under ASC 860. These transfers have been aggregated for purposes of the disclosures below.
In conjunction with this portion of the HDFS Transaction, the Company received $234.6 million cash ($125.4 million, net of restricted cash deconsolidated) and recorded a gain on sale of $27.0 million within Financial services revenue on the Consolidated statements of operations during the three months ended September 30, 2025. Additionally, the Company recorded an investment in a 5% interest in all notes (Retained Notes) previously issued by the VIEs that were deconsolidated, in accordance with Regulation RR of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Regulation RR). The Company is prevented from transferring the Retained Notes due to risk retention rules in Regulation RR. The Company also retained an investment in 5% of the residual cash flows of the deconsolidated VIEs (Residual Interests). The investments in Retained Notes and Residual Interests, which are collectively the retained securitization beneficial interests, are recorded within Other current assets and Other long-term assets on the Consolidated Balance Sheets. The Company had no other assets or liabilities related to its continuing involvement with the off-balance sheet VIEs as of September 30, 2025. Refer to Note 11 of the Notes to Consolidated financial statements for further information about the valuation and classification of these investments.
Cash flows from the Residual Interests, if any, arise from collections on U.S. retail motorcycle loans sold to the securitization trust, less servicing fees, credit losses, and contracted payment obligations owed to securitization trust investors. The investments in Residual Interests and investments in Retained Notes balances are classified as available for sale (AFS) securities and, accordingly, are held at fair value remeasured through OCI in the Statement of comprehensive income. The Company evaluates the investments in Residual Interests and investments in Retained Notes for impairment on a quarterly basis. Cash flows from the Residual Interests and Retained Notes are presented within Collection of retained securitization beneficial interests on the Consolidated statement of cash flows. The Company's interest in residual cash flows is subject primarily to the credit risk and prepayment risk inherent in the underlying finance receivables. Retained Notes have a stated principal and interest rate and are senior securities within the VIEs. As the Company participates in and does not consolidate the off-balance sheet VIEs, the maximum exposure to loss associated with these VIEs, which would only be incurred in the unlikely event that all the finance receivables and underlying collateral have no residual value was $92.3 million at September 30, 2025.
The Company retained servicing rights on the U.S. retail motorcycle loans within the deconsolidated VIEs for which it will receive servicing fees of 1% per annum. The servicing fee paid to the Company is considered adequate compensation for the services provided and therefore no servicing asset or liability has been recorded. Servicing and related fee income is included in Financial services revenue on the Consolidated statements of operations as earned. The Company recorded $3.7 million from contractually-specified servicing, late, and ancillary fees during the three and nine months ended September 30, 2025.
v3.25.3
Fair Value
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The following tables present the fair values of certain of the Company's assets and liabilities within the fair value hierarchy as defined in Note 1.
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
BalanceLevel 1Level 2Level 3
Assets:
Cash equivalents$1,474,496 $1,244,794 $229,702 $— 
Marketable securities32,493 32,493 — — 
Derivative financial instruments116,748 — 116,748 — 
Investments in Retained Notes80,204 — 80,204 — 
Investments in Residual Interests12,086 — — 12,086 
$1,716,027 $1,277,287 $426,654 $12,086 
Liabilities:
Derivative financial instruments7,447 — 7,447 — 
LiveWire warrants$2,204 $1,442 $762 
$9,651 $1,442 $8,209 $— 
 December 31, 2024
Balance Level 1Level 2Level 3
Assets:
Cash equivalents$1,275,561 $1,000,933 $274,628 $— 
Marketable securities32,070 32,070 — — 
Derivative financial instruments19,839 — 19,839 — 
$1,327,470 $1,033,003 $294,467 $— 
Liabilities:
Derivative financial instruments$35,020 $— $35,020 $— 
LiveWire warrants1,549 1,013 536 
$36,569 $1,013 $35,556 $— 
 September 30, 2024
Balance Level 1Level 2Level 3
Assets:
Cash equivalents$1,847,818 $1,603,315 $244,503 $— 
Marketable securities33,816 33,816 — — 
Derivative financial instruments19,804 — 19,804 — 
$1,901,438 $1,637,131 $264,307 $— 
Liabilities:
Derivative financial instruments$14,235 $— $14,235 $— 
LiveWire warrants3,189 $2,086 $1,103 
$17,424 $2,086 $15,338 $— 
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.
Investments in Retained Notes and Residual Interests – As discussed in Note 10 of the Notes to Consolidated financial statements, the Company recorded investments in Retained Notes and Residual Interests in off-balance sheet VIEs. The initial fair value of the Retained Notes was $88.6 million and was estimated based on pricing currently available for transactions with similar terms and maturities (Level 2 inputs). The initial fair value of the Residual Interests was $12.3 million based on a discounted cash flow calculation using the key assumptions below (Level 3 inputs). Both investments are classified as available for sale (AFS) securities and, accordingly, are held at fair value remeasured through OCI in the Statement of comprehensive income.
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 ValueSeptember 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)
1.911.90
Residual cash flows discount rate
15.00%15.00%
Additionally, the fair value assumes that the Company, as servicer, does not exercise its option to purchase the underlying receivables at the earliest distribution date on which it is permitted to do so.
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)
These sensitivities are hypothetical and should not be considered to be predictive of future performance. Changes in fair value generally cannot be extrapolated because the relationship of change in assumption to change in fair value may not be linear. Also, in these tables, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated independently from any change in another assumption. In reality, changes in one factor may contribute to changes in another, which may magnify or counteract the sensitivities. Furthermore, the estimated fair values as disclosed should not be considered indicative of future earnings on these assets.
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
80,032172 80,204 
Total Beneficial Interests
$91,572 $718 $92,290 
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.
Nonrecurring Fair Value Measurements – Repossessed inventory was $38.0 million, $27.1 million and $24.3 million as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively. There was not a fair value adjustment as of September 30, 2025 as the associated repossessed inventory was considered held for sale. The fair value adjustment of the repossessed inventory was a decrease of $18.4 million and $16.8 million as of December 31, 2024 and September 30, 2024, respectively. Fair value is estimated using Level 2 inputs based on the recent market values of repossessed inventory.
Fair Value of Financial Instruments Measured at Cost – The carrying value of the Company's Cash and cash equivalents and Restricted cash approximates their fair values. 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, 2025December 31, 2024September 30, 2024
 Fair ValueCarrying ValueFair ValueCarrying ValueFair ValueCarrying 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.
Finance Receivables held for sale, net - The carrying value of retail finance receivables held for sale is amortized cost. The fair value of finance receivables held for sale was based on the selling price of the finance receivables that was agreed upon with the counterparties in the HDFS Transaction (Level 2 inputs).
Finance Receivables held for investment, net – The carrying value of retail and wholesale finance receivables held for investment is amortized cost less an allowance for credit losses. The fair value of retail finance receivables is generally calculated by discounting future cash flows using an estimated discount rate that reflects current credit, interest rate and prepayment risks associated with similar types of instruments. Fair value is determined based on Level 3 inputs. The amortized cost basis of wholesale finance receivables approximates fair value because they are generally either short-term or have interest rates that adjust with changes in market interest rates.
Deposits, net – The carrying value of deposits is amortized cost, net of fees. The fair value of deposits is estimated based upon rates currently available for deposits with similar terms and maturities. Fair value is calculated using Level 3 inputs.
Debt – The carrying value of debt is generally cost, net of unamortized discounts and debt issuance costs. The fair value of unsecured commercial paper is calculated using Level 2 inputs and approximates carrying value due to its short maturity. The fair value of debt provided under the term loan, the U.S. Conduit Facility and the Canadian Conduit Facility is calculated using Level 2 inputs and approximates carrying value since the interest rates charged under the term loan and facilities are tied directly to market rates and fluctuate as market rates change. The fair values of the medium-term notes and senior notes are estimated based upon rates currently available for debt with similar terms and remaining maturities (Level 2 inputs). The fair value of the fixed-rate debt related to on-balance sheet asset-backed securitization transactions is estimated based on pricing currently available for transactions with similar terms and maturities (Level 2 inputs). The fair value of the floating-rate debt related to on-balance sheet asset-backed securitization transactions is calculated using Level 2 inputs and approximates carrying value since the interest rates charged are tied directly to market rates and fluctuate as market rates change.
v3.25.3
Product Warranty and Recall Campaigns
 9 Months Ended
Sep. 30, 2025
Product Warranties Disclosures [Abstract]  
Product Warranty and Recall Campaigns Product Warranty and Recall Campaigns
The Company currently provides a standard two-year limited warranty on all new motorcycles sold worldwide, except in certain markets, where the Company currently provides a standard three-year limited warranty. The Company also provides a five-year limited warranty on the battery for electric motorcycles. In addition, the Company provides a one-year warranty for parts and accessories. The warranty coverage for the retail customer generally begins when the product is sold to a retail customer. The Company accrues for future warranty claims at the time of shipment using an estimated cost based primarily on historical Company claim information.
Additionally, the Company has from time to time initiated certain voluntary recall campaigns. The Company records estimated recall costs when the liability is both probable and estimable. This generally occurs when the Company's management approves and commits to a recall. The warranty and recall liability is included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets. Changes in the Company’s warranty and recall liabilities were as follows (in thousands):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Balance, beginning of period$73,949 $69,633 $71,591 $64,144 
Warranties issued during the period12,390 10,150 36,445 39,338 
Settlements made during the period(15,972)(16,001)(43,382)(45,846)
Recalls and changes to pre-existing warranty liabilities8,526 15,291 14,239 21,437 
Balance, end of period$78,893 $79,073 $78,893 $79,073 
The liability for recall campaigns, included in the balance above, was $26.9 million, $21.0 million and $23.9 million at September 30, 2025, December 31, 2024 and September 30, 2024, respectively.
v3.25.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company has a qualified pension plan and postretirement healthcare benefit plans. The plans cover certain eligible employees and retirees of the HDMC segment. The Company also has unfunded supplemental employee retirement plan agreements (SERPA) with certain employees. Service cost is allocated among Selling, administrative and engineering expense, Motorcycles and related products cost of goods sold and Inventories, net. Amounts capitalized in inventory are not significant. Non-service cost components of net periodic benefit (income) cost are presented in Other income, net. Components of net periodic benefit (income) cost for the Company's defined benefit plans were as follows (in thousands):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Pension and SERPA Benefits:
Service cost$963 $1,175 $2,889 $3,525 
Interest cost20,501 20,118 61,505 60,355 
Expected return on plan assets(32,799)(33,143)(98,397)(99,429)
Amortization of unrecognized:
Prior service cost
380 188 1,140 564 
Net gain
(174)(163)(522)(489)
Special retirement benefit cost
— — — 1,722 
Net periodic benefit income$(11,129)$(11,825)$(33,385)$(33,752)
Postretirement Healthcare Benefits:
Service cost$643 $723 $1,929 $2,169 
Interest cost2,618 2,694 7,854 8,082 
Expected return on plan assets(4,675)(4,424)(14,025)(13,272)
Amortization of unrecognized:
Prior service cost
149 149 447 447 
Net gain
(1,369)(1,250)(4,107)(3,750)
Net periodic benefit income$(2,634)$(2,108)$(7,902)$(6,324)
There are no required or planned voluntary qualified pension plan contributions for 2025. The Company expects it will continue to make ongoing benefit payments under the SERPA and postretirement healthcare plans.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Other Claims – The Company is subject to lawsuits and other claims related to product, commercial, employee, environmental and other matters. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The Company accrues for matters when losses are both probable and estimable. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. The Company also maintains insurance coverage for product liability exposures. Except for the Supply Matters discussed separately below, the Company believes there are no material exposures to loss in excess of amounts accrued.
Product Liability Matter – In August 2024, a jury awarded approximately $288 million in damages to the plaintiffs in a product lawsuit against the Company. In November 2024, the award for damages was reduced to $81 million. The Company appealed and subsequently settled and fully resolved this matter during the third quarter of 2025 resulting in no remaining liability.
Supply Matters – During the second quarter of 2022, the Company received information from a Tier 2 supplier, Proterial Cable America, Inc. ("PCA" f/k/a Hitachi Cable America, Inc.), concerning a potential regulatory compliance matter relating to PCA's brake hose assemblies. As a result, out of an abundance of caution, the Company suspended all vehicle assembly and shipments for approximately two weeks during the second quarter of 2022. Since then, the Company has been working through the regulatory compliance matter with PCA, the Company’s relevant Tier-1 suppliers, and the National Highway Traffic Safety Administration (NHTSA), the agency responsible for brake hose assembly compliance in the United States.
In connection with this matter, in July 2022, PCA notified NHTSA of a population of brake hose assemblies manufactured between May and July of 2022 that were non-compliant with select NHTSA laboratory test standards. Based on that filing, in August 2022, the Company notified NHTSA of the corresponding population of Harley-Davidson motorcycles containing those brake hose assemblies. In October 2022, PCA amended its original notification, expanding its population of non-compliant brake hose assemblies to include units produced by PCA for use in Harley-Davidson motorcycles beginning as early as model year 2008. In December 2022, the Company amended its August notification, expanding the population to also include Harley-Davidson motorcycles that contained PCA's newly identified brake hose assemblies. In March 2023, PCA again amended its NHTSA notification, identifying additional compliance issues with the previously identified brake hose assemblies. The Company followed PCA's March amendment with a derivative amended notification to NHTSA in May 2023.
In June 2023, the Company received a letter from PCA advising that PCA was investigating a new, separate potential quality issue with brake hose assemblies produced by PCA after the Company’s 2022 production suspension. Due to this issue, the Company was forced to suspend production of most of the motorcycles manufactured at its York facility and run limited motorcycle manufacturing operations there for approximately two weeks. The Company continued to manufacture, among other motorcycles, the 2023 CVO Road Glide and Street Glide, which do not use PCA's brake hose assemblies. It also continued its normal motorcycle manufacturing operations at its international facilities. In connection with this matter, in late June 2023, PCA filed a new and separate NHTSA notification, identifying certain brake hose assemblies produced between June of 2022 and June of 2023 as noncompliant with select NHTSA laboratory test standards. The Company followed PCA’s June 2023 notification by filing a derivative notification with NHTSA in early July 2023.
As permitted by federal law, both PCA and the Company have utilized NHTSA’s standard process to petition the agency to determine that these compliance issues are inconsequential to motor vehicle safety ("Inconsequentiality Determinations"). If NHTSA makes the Inconsequentiality Determinations requested, the Company will be exempt from conducting a field action or recall of its motorcycles related to these matters.
In its inconsequentiality petitions, the Company has presented NHTSA with: (1) extensive independent, third-party and internal testing demonstrating that the brake hose assemblies at issue are robust to extreme conditions - which far exceed maximum expected motorcycle lifetime demands - with no impact to brake performance; and (2) real-world field safety data showing no documented crashes or injuries attributable to the identified compliance issues for the relevant affected populations. The Company believes its petitions are closely comparable to inconsequentiality petitions that have resulted in successful inconsequentiality determinations in the past. The Company is also confident that its position that the compliance issues are inconsequential to motor vehicle safety is strong and, therefore, no field action or recall will be necessary.
Based on its expectation that NHTSA will make Inconsequentiality Determinations, the Company does not expect that these regulatory noncompliance matters will result in material costs in the future, and no costs have been accrued to date. However, it is possible that a field action or recall could be required that could cause the Company to incur material costs. There are several variables and uncertainties associated with any potential field action or recall that are not yet fully known including, but not limited to, the population of brake hose assemblies and motorcycles, the specific field action or recall required, the complexity and cost of the required repair, the need for and availability of replacement parts, the suppliers of replacement parts and the number of motorcycle owners that would participate. The Company estimates, based on its available information and assumptions, that the cost of a potential field action or recall in the aggregate, if any were to occur, could range from approximately $140 million to $450 million. The Company continues to evaluate and update its estimates as it learns more about these regulatory matters, including the variables and uncertainties discussed above. The Company also continues to maintain its expectation that NHTSA will make the requested Inconsequentiality Determinations and that these regulatory matters will not result in any material field action or recall costs. If a material field action or recall were to result, the Company would seek full recovery of those amounts from its suppliers.
v3.25.3
Accumulated Other Comprehensive Loss
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Changes in Accumulated other comprehensive loss were as follows (in thousands):
Three months ended September 30, 2025
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(37,441)$(10,282)$— $(250,699)$(298,422)
Other comprehensive (loss) income, before reclassifications
(1,137)(12,579)718 — (12,998)
Income tax (expense) benefit
(505)3,016 — — 2,511 
(1,642)(9,563)718 — (10,487)
Reclassifications:
Net loss on derivative financial instruments
— 4,435 — — 4,435 
Prior service credits(a)
— — — 529 529 
Actuarial gains(a)
— — — (1,543)(1,543)
Reclassifications before tax— 4,435 — (1,014)3,421 
Income tax (expense) benefit
— (1,035)— 238 (797)
— 3,400 — (776)2,624 
Other comprehensive (loss) income
(1,642)(6,163)718 (776)(7,863)
Balance, end of period$(39,083)$(16,445)$718 $(251,475)$(306,285)
Three months ended September 30, 2024
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(106,928)$323 $— $(231,269)$(337,874)
Other comprehensive income, before reclassifications
63,922 33,662 — — 97,584 
Income tax expense
— (8,078)— — (8,078)
63,922 25,584 — — 89,506 
Reclassifications:
Net gain on derivative financial instruments
— (64,997)— — (64,997)
Prior service credits(a)
— — — 337 337 
Actuarial gains(a)
— — — (1,413)(1,413)
Reclassifications before tax— (64,997)— (1,076)(66,073)
Income tax benefit
— 15,473 — 255 15,728 
— (49,524)— (821)(50,345)
Other comprehensive income (loss)
63,922 (23,940)— (821)39,161 
Balance, end of period$(43,006)$(23,617)$— $(232,090)$(298,713)
(a)    Amounts reclassified are included in the computation of net periodic benefit (income) cost, discussed further in Note 13.
Nine months ended September 30, 2025
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(91,102)$7,542 $— $(249,146)$(332,706)
Other comprehensive income, before reclassifications
54,531 123,684 718 — 178,933 
Income tax expense
(2,512)(29,587)— — (32,099)
52,019 94,097 718 — 146,834 
Reclassifications:
Net gain on derivative financial instruments
— (155,044)— — (155,044)
Prior service credits(a)
— — — 1,587 1,587 
Actuarial gains(a)
— — — (4,629)(4,629)
Reclassifications before tax— (155,044)— (3,042)(158,086)
Income tax benefit
— 36,960 — 713 37,673 
— (118,084)— (2,329)(120,413)
Other comprehensive income (loss)
52,019 (23,987)718 (2,329)26,421 
Balance, end of period$(39,083)$(16,445)$718 $(251,475)$(306,285)
Nine months ended September 30, 2024
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(68,739)$(6,601)$— $(229,622)$(304,962)
Other comprehensive income, before reclassifications
25,722 6,911 — — 32,633 
Income tax benefit (expense)
11 (1,659)— — (1,648)
25,733 5,252 — — 30,985 
Reclassifications:
Net gain on derivative financial instruments
— (29,243)— — (29,243)
Prior service credits(a)
— — — 1,011 1,011 
Actuarial gains(a)
— — — (4,239)(4,239)
Reclassifications before tax— (29,243)— (3,228)(32,471)
Income tax benefit
— 6,975 — 760 7,735 
— (22,268)— (2,468)(24,736)
Other comprehensive income (loss)
25,733 (17,016)— (2,468)6,249 
Balance, end of period$(43,006)$(23,617)$— $(232,090)$(298,713)
(a)Amounts reclassified are included in the computation of net periodic benefit (income) cost, discussed further in Note 15
v3.25.3
Reportable Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
The Company operates in three business segments: HDMC, LiveWire and HDFS. The Company's reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations.
Selected segment information is set forth below (in thousands):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
HDMC:
Revenue$1,073,959 $876,405 $3,199,113 $3,701,417 
Motorcycles and related products cost of goods sold790,849 612,592 2,302,054 2,543,407 
Gross profit283,110 263,813 897,059 1,158,010 
Selling, administrative and engineering expense:
People expenses(a)
92,212 76,197 264,086 289,944 
Marketing and advertising expenses(b)
40,610 30,850 121,524 96,070 
Other segment items(c)
96,169 101,629 279,742 280,508 
Operating income
54,119 55,137 231,707 491,488 
LiveWire:
Revenue5,563 4,808 14,318 15,958 
Motorcycles and related products cost of goods sold7,834 5,988 18,207 22,865 
Gross profit(2,271)(1,180)(3,889)(6,907)
Selling, administrative and engineering expense
15,910 24,905 52,752 76,587 
Operating loss(18,181)(26,085)(56,641)(83,494)
HDFS:
Financial services revenue261,188 269,482 763,587 781,818 
Financial services interest expense75,883 94,463 258,391 276,943 
Financial services provision for credit losses(301,499)57,977 (198,427)175,017 
Selling and administrative expense47,984 40,298 130,994 127,876 
Operating income438,820 76,744 572,629 201,982 
Operating income$474,758 $105,796 $747,695 $609,976 
(a)People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation, primarily in the form of share-based awards.
(b)Marketing and advertising expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.
(c)Other segment items for HDMC include depreciation, warranty, maintenance and facilities costs, supplies and materials, and other professional services.  These costs are all included in Selling, administrative and engineering expense.
Additional segment information is set forth below (in thousands): 
 (Unaudited)(Unaudited)
September 30,
2025		December 31,
2024		September 30,
2024
Assets:
HDMC$3,545,022 $3,630,710 $3,654,334 
LiveWire89,220 147,960 178,298 
HDFS6,932,142 8,102,909 9,194,027 
Consolidated$10,566,384 $11,881,579 $13,026,659 
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Depreciation and Amortization:
HDMC$39,472 $34,142 $111,151 $104,868 
LiveWire2,354 2,695 8,027 7,737 
HDFS2,384 2,355 7,161 6,963 
Consolidated$44,210 $39,192 $126,339 $119,568 
 Nine months ended
September 30,
2025		September 30,
2024
Capital expenditures:
HDMC$98,894 $132,634 
LiveWire2,778 6,661 
HDFS418 1,129 
Consolidated$102,090 $140,424 
v3.25.3
Supplemental Consolidating Data
 9 Months Ended
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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold798,683 — — 798,683 
Financial services interest expense— 75,883 — 75,883 
Financial services provision for credit losses— (301,499)— (301,499)
Selling, administrative and engineering expense245,425 63,782 (16,322)292,885 
1,044,108 (161,834)(16,322)865,952 
Operating income51,214 423,521 23 474,758 
Other income, net 14,706 — — 14,706 
Investment income12,267 — — 12,267 
Interest expense10,182 — — 10,182 
Income before income taxes68,005 423,521 23 491,549 
Income tax provision14,752 101,632 — 116,384 
Net income53,253 321,889 23 375,165 
Less: (income) loss attributable to noncontrolling interests2,201 $— $— $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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold2,320,261 — — 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 expense720,733 151,602 (23,237)849,098 
3,040,994 211,566 (23,237)3,229,323 
Operating income193,047 554,672 (24)747,695 
Other income, net 45,456 — — 45,456 
Investment income32,158 — — 32,158 
Interest expense25,564 — — 25,564 
Income before income taxes245,097 554,672 (24)799,745 
Provision for income taxes55,496 132,540 — 188,036 
Net income189,601 422,132 (24)611,709 
Less: (income) loss attributable to noncontrolling interests6,332 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 expense234,002 43,042 (3,165)273,879 
852,582 195,482 (3,165)1,044,899 
Operating income31,376 74,398 22 105,796 
Other income, net18,408 — — 18,408 
Investment income16,450 — — 16,450 
Interest expense7,707 — — 7,707 
Income before income taxes58,527 74,398 22 132,947 
Provision for income taxes(914)17,894 — 16,980 
Net income59,441 56,504 22 115,967 
Less: (income) loss attributable to noncontrolling interests3,073 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold2,566,272 — — 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 expense744,663 135,169 (8,847)870,985 
3,310,935 587,129 (8,847)3,889,217 
Operating income413,733 196,210 33 609,976 
Other income, net54,851 — — 54,851 
Investment income
45,665 — — 45,665 
Interest expense23,066 — — 23,066 
Income before income taxes491,183 196,210 33 687,426 
Provision for income taxes76,648 47,173 — 123,821 
Net income414,535 149,037 33 563,605 
Less: (income) loss attributable to noncontrolling interests8,644 — — 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 EntitiesConsolidating AdjustmentsConsolidated
Net income$53,253 $321,889 $23 $375,165 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments1,344 (2,986)— (1,642)
Derivative financial instruments8,180 (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 income62,001 305,278 23 367,302 
Less: Comprehensive loss attributable to noncontrolling interests2,201 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$189,601 $422,132 $(24)$611,709 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments47,486 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 income212,654 425,500 (24)638,130 
Less: Comprehensive loss attributable to noncontrolling interests6,332 — — 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 EntitiesConsolidating AdjustmentsConsolidated
Net income$59,441 $56,504 $22 $115,967 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments61,961 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 income104,433 50,673 22 155,128 
Less: Comprehensive loss attributable to noncontrolling interests3,073 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$414,535 $149,037 $33 $563,605 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments27,969 (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 income436,226 133,595 33 569,854 
Less: Comprehensive loss attributable to noncontrolling interests8,644 — — 8,644 
Comprehensive income attributable to Harley-Davidson, Inc.$444,870 $133,595 $33 $578,498 
 September 30, 2025
 Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,185,181 $589,857 $— $1,775,038 
Accounts receivable, net506,057 142 (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, net512,186 — — 512,186 
Restricted cash— 51,530 — 51,530 
Other current assets188,319 175,544 (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, net712,722 6,381 — 719,103 
Pension and postretirement assets481,427 — — 481,427 
Goodwill63,850 — — 63,850 
Deferred income taxes88,381 3,464 (1,008)90,837 
Lease assets64,678 2,612 — 67,290 
Other long-term assets221,289 138,178 (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 liabilities481,314 213,366 (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, net745,508 2,402,328 — 3,147,836 
Lease liabilities50,309 2,178 — 52,487 
Pension and postretirement liabilities51,141 — — 51,141 
Deferred income taxes15,789 1,866 — 17,655 
Other long-term liabilities140,940 53,330 1,752 196,022 
Commitments and contingencies (Note 14)
Shareholders’ equity2,223,361 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,105,663 $483,945 $— $1,589,608 
Accounts receivable, net294,776 65 (60,526)234,315 
Finance receivables held for investment, net
— 2,031,496 — 2,031,496 
Inventories, net745,793 — — 745,793 
Restricted cash— 135,661 — 135,661 
Other current assets273,791 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, net743,875 13,197 — 757,072 
Pension and postretirement assets440,825 — — 440,825 
Goodwill61,655 — — 61,655 
Deferred income taxes88,734 88,109 (1,017)175,826 
Lease assets60,628 3,225 — 63,853 
Other long-term assets221,694 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 liabilities515,830 155,437 (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, net449,831 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, net296,969 4,171,696 — 4,468,665 
Lease liabilities44,520 2,900 — 47,420 
Pension and postretirement liabilities53,874 — — 53,874 
Deferred income taxes15,765 1,124 — 16,889 
Other long-term liabilities139,373 60,123 1,754 201,250 
Commitments and contingencies (Note 14)
Shareholders’ equity2,245,958 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,213,301 $1,030,609 $— $2,243,910 
Accounts receivable, net498,694 60 (191,053)307,701 
Finance receivables held for investment, net
— 2,300,551 — 2,300,551 
Inventories, net681,864 — — 681,864 
Restricted cash— 147,910 — 147,910 
Other current assets167,555 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, net713,603 14,864 — 728,467 
Pension and postretirement assets452,515 — — 452,515 
Goodwill62,909 — — 62,909 
Deferred income taxes77,990 92,208 (908)169,290 
Lease assets66,304 3,533 — 69,837 
Other long-term assets223,749 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 liabilities491,697 151,907 (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, net449,759 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, net296,859 4,442,648 — 4,739,507 
Lease liabilities48,821 3,134 — 51,955 
Pension and postretirement liabilities58,551 — — 58,551 
Deferred income taxes30,266 3,227 — 33,493 
Other long-term liabilities147,563 28,697 1,892 178,152 
Commitments and contingencies (Note 14)
Shareholders’ equity2,351,672 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization119,178 7,161 — 126,339 
Amortization of deferred loan origination costs— 43,871 — 43,871 
Amortization of financing origination fees694 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 expense24,192 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 taxes6,109 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, net262,287 — — 262,287 
Accounts payable and accrued liabilities3,969 194,538 (123,468)75,039 
Other current assets68,175 (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 activities808 — — 808 
Net cash used by investing activities
(100,864)129,305 177,036 205,477 
 Nine months ended September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities1,269 — — 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 cash9,014 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization112,605 6,963 — 119,568 
Amortization of deferred loan origination costs— 54,461 — 54,461 
Amortization of financing origination fees540 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 expense38,234 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 taxes3,347 (4,724)(438)(1,815)
Other, net15,505 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, net253,373 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities11 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 cash85,901 672,235 — 758,136 
Cash, cash equivalents and restricted cash, end of period$1,213,301 $1,193,646 $— $2,406,947 
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 17, 2025, the Company renewed and amended the US Conduit Facility. This amendment extended the commitment term to October 30, 2026 and amended certain terms within the agreement, primarily related to timing of funding related to the Forward Flow Agreement of the HDFS Transaction.
On November 4, 2025, the Company announced that it expected to commence an accelerated share repurchase (ASR) program under which the Company would repurchase $200 million of its shares beginning in the fourth quarter of 2025.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Basis of Presentation and Use of Estimates (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation – The consolidated financial statements include the accounts of Harley-Davidson, Inc. and its subsidiaries and certain variable interest entities (VIEs) related to secured financing as the Company is the primary beneficiary. All intercompany accounts and material intercompany transactions have been eliminated. The Company has a controlling equity interest in LiveWire Group, Inc. As the controlling shareholder, the Company consolidates LiveWire Group, Inc. results with additional adjustments to recognize non-controlling shareholder interests.
Use of Estimates
Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Fair Value Measurements
Fair Value Measurements – The Company assesses the inputs used to measure fair value using a three-tier hierarchy.
Level 1 inputs include quoted prices for identical instruments and are the most observable.
Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity prices, and yield curves. The Company uses the market approach to derive the fair value for its Level 2 fair value measurements. Foreign currency contracts, commodity contracts, and cross-currency swaps are valued using quoted forward rates and prices; interest rate caps are valued using quoted interest rates and yield curves; LiveWire warrants, including public (Level 1) and private placement (Level 2) warrants, are valued using the closing market price of the public warrants as the private placement warrants have terms and provisions that are identical to those of the public warrants.
Level 3 inputs are not observable in the market and include the Company's judgments about the assumptions market participants would use in pricing the asset or liability.
Accounting Standards Recently Adopted and Accounting Standards Not Yet Adopted
Accounting Standards Recently Adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The main provisions of ASU 2023-07 require a public entity to disclose on an annual and interim basis: (i) significant segment expenses provided to the chief operating decision maker, (ii) an amount representing the difference between segment revenue less segment expenses disclosed under the significant segment expense principle and each reported measure of segment profit or loss and a description of its composition, (iii) provide all annual disclosures about a reportable segment's profit or loss and assets currently required under Topic 280 in interim periods, (iv) clarify that if the chief operating decision maker uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit, (v) the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (vi) all disclosures required by ASU 2023-07 and all existing segment disclosures under Topic 280 for an entity with a single reportable segment. The Company adopted ASU 2023-07 on December 31, 2024 on a retrospective basis. The adoption of ASU 2023-07 is reflected in Note 16 of the Company's consolidated financial statement disclosures.
Accounting Standards Not Yet Adopted
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The main provisions of ASU 2023-09 require a public entity to disclose on an annual basis (i) specific prescribed categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, (iv) the amount of income taxes paid, net of refunds received, disaggregated by individual jurisdictions in which income taxes paid is equal to greater than 5 percent of total income taxes paid, (v) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (vi) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 also removes certain disclosure requirements related to unrecognized tax benefits and cumulative unrecognized temporary differences. The new guidance is effective for the fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is still evaluating the impact ASU 2023-09 will have on the Company's consolidated financial statement disclosures.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and provide more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The main provisions of ASU 2024-03 require a public entity at each interim and annual reporting period to (i) disclose the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion included in each relevant expense caption presented on the face of the income statement within continuing operations, (ii) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date, which is intended to clarify the effective date of ASU No. 2024-03. As clarified in ASU 2025-01, the new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating the impact ASU 2024-03 will have on the Company's consolidated financial statement disclosures.
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which is intended to reduce complexity related to estimating expected credit losses for current accounts receivable and current contract asset balances accounted for under Topic 606 Revenue from Contracts with Customers. The main provision of ASU 2025-05 applicable to the Company provides a practical expedient that allows all entities to assume that conditions as of the balance sheet date will not change for the remaining life of the asset when developing reasonable and supportable forecasts as part of estimating expected credit losses accounted for under Topic 606. The new guidance is effective for the fiscal years beginning after December 15, 2025. Early adoption is permitted in both
interim and annual reporting periods. If elected, the amendments in ASU 2025-05 should be applied prospectively. The Company is still evaluating the impact ASU 2025-05 will have on the Company's consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which is intended to modernize the accounting for internal-use software costs. The main provisions of ASU 2025-06 remove all references to prescriptive and sequential software development stages and require capitalization of software costs when both (a) management has authorized and committed to funding the software project and (b) it is probable the project will be completed and the software will be used to perform the function intended (the "probable-to-complete recognition threshold"). In evaluating the probable-to-complete recognition threshold, consideration is given to whether there is significant uncertainty associated with the development activities of the software ("significant development uncertainty"). Significant development uncertainty considers whether (a) the software being development has technological innovations or novel, unique, or unproven functions or features, and the uncertainty related to those technological innovations, functions, or features, if identified, that have not been resolved through coding and testing and (b) a determination has been made regarding what the software needs to do (for example, functions or features), including whether the software's significant performance requirements have been identified or are being substantially revised. The new guidance is effective for the fiscal years beginning after December 15, 2027, including interim periods within the fiscal year the new guidance is adopted. Early adoption is permitted at the beginning of an annual reporting period. If elected, the amendments in ASU 2025-06 can be applied using a prospective transition approach, a modified transition approach, or a retrospective transition approach. Under a prospective transition approach, the new guidance would apply to new software costs incurred as of the beginning of the period of adoption for all projects, including in-process projects. Under a modified transition approach, the new guidance would be applied on a prospective basis to new software costs incurred (for all projects, including costs incurred for in-process projects), except for in-process projects that, as of the date of adoption, do not meet the capitalization requirements under the new guidance but meet the capitalization requirements under prior guidance. For those in-process projects, any capitalized costs should be derecognized through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the date of adoption. Under a retrospective transition approach, comparative periods would be recast to reflect the new guidance with a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the first period presented. The Company is still evaluating the impact ASU 2025-06 will have on the Company's consolidated financial statements.
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Disaggregated revenue by major source was as follows (in thousands):
Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
HDMC:
Motorcycles$821,864 $615,628 $2,463,793 $2,905,861 
Parts and accessories167,252 174,301 497,558 534,359 
Apparel56,052 55,688 168,614 183,192 
Licensing5,547 3,897 14,549 18,312 
Other23,244 26,891 54,599 59,693 
1,073,959 876,405 3,199,113 3,701,417 
LiveWire5,563 4,808 14,318 15,958 
Motorcycles and related products revenue1,079,522 881,213 3,213,431 3,717,375 
HDFS:
Interest income198,239 232,990 622,696 666,903 
Other62,949 36,492 140,891 114,915 
Financial services revenue261,188 269,482 763,587 781,818 
$1,340,710 $1,150,695 $3,977,018 $4,499,193 
Schedule of Accrued liabilities and Other Long-Term Liabilities Contract liabilities, included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets, was as follows (in thousands):
September 30,
2025		September 30,
2024
Balance, beginning of period$56,753 $47,091 
Balance, end of period$93,221 $54,792 
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Earnings Per Share Basic and Diluted
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Net income attributable to Harley-Davidson, Inc.$377,366 $119,040 $618,041 $572,249 
Basic weighted-average shares outstanding120,614 130,078 122,015 133,187 
Effect of dilutive securities – employee stock compensation plan
1,062 884 840 798 
Diluted weighted-average shares outstanding121,676 130,962 122,855 133,985 
Net earnings per share:
Basic$3.13 $0.92 $5.07 $4.30 
Diluted$3.10 $0.91 $5.03 $4.27 
v3.25.3
Additional Balance Sheet and Cash Flow Information (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Marketable Securities
Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Mutual funds$32,493 $32,070 $33,816 
Schedule of Inventories, Net Inventories, net consisted of the following (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Raw materials and work in process$294,480 $353,819 $299,296 
Motorcycle finished goods255,339 411,442 399,699 
Parts and accessories and apparel98,431 110,591 119,260 
Inventory at lower of FIFO cost or net realizable value648,250 875,852 818,255 
Excess of FIFO over LIFO cost(136,064)(130,059)(136,391)
$512,186 $745,793 $681,864 
Schedule of Certificates of Deposit Maturity
Future maturities of the Company's certificates of deposit as of September 30, 2025 were as follows (in thousands):
202528,000 
2026277,304 
2027196,704 
202818,500 
202915,200 
Thereafter19,790 
Future maturities555,498 
Unamortized fees(1,030)
$554,468 
Schedule of Reconciliation of Net Cash Provided by Operating Activities
Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):
 Nine months ended
September 30,
2025		September 30,
2024
Cash flows from operating activities:
Net income$611,709 $563,605 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization126,339 119,568 
Amortization of deferred loan origination costs43,871 54,461 
Amortization of financing origination fees9,773 10,363 
Income related to long-term employee benefits
(41,287)(40,076)
Employee benefit plan contributions and payments(5,091)(3,781)
Stock compensation expense25,838 39,820 
Net change in wholesale finance receivables related to sales(183,006)(211,800)
Provision for credit losses(198,427)175,017 
Origination of finance receivables held for sale
(414,009)— 
Collections from finance receivables held for sale
16,916 — 
Gain on sale of securitization beneficial interests
(26,958)— 
Deferred income taxes92,122 (1,815)
Other, net19,360 19,557 
Changes in current assets and liabilities:
Accounts receivable, net(46,415)(36,529)
Finance receivables – accrued interest and other
11,279 2,325 
Inventories, net262,287 253,373 
Accounts payable and accrued liabilities75,039 (12,903)
Other current assets37,563 (530)
(194,806)367,050 
Net cash provided by operating activities$416,903 $930,655 
v3.25.3
Finance Receivables (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Schedule of Finance Receivables
Finance receivables held for investment, net were as follows (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Retail finance receivables$704,294 $6,681,106 $6,961,975 
Wholesale finance receivables1,166,354 1,008,371 1,238,324 
1,870,648 7,689,477 8,200,299 
Recovery (allowance) for credit losses
12,901 (401,183)(399,912)
$1,883,549 $7,288,294 $7,800,387 
Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables Held for Investment
Changes in the Company's (recovery) allowance for credit losses on its finance receivables held for investment by portfolio were as follows (in thousands):
 Three months ended September 30, 2025Nine months ended September 30, 2025
 RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$374,828 $24,465 $399,293 $378,373 $22,810 $401,183 
Provision for credit losses(307,162)5,663 (301,499)(206,386)7,959 (198,427)
Charge-offs(44,555)(4,701)(49,256)(183,395)(5,342)(188,737)
Recoveries14,108 — 14,108 48,627 — 48,627 
Sale of Residual Interest in Securitizations
(75,547)— (75,547)(75,547)— (75,547)
Balance, end of period$(38,328)$25,427 $(12,901)$(38,328)$25,427 $(12,901)
 Three months ended September 30, 2024Nine months ended September 30, 2024
 RetailWholesaleTotalRetailWholesaleTotal
Balance, beginning of period$377,826 $15,691 $393,517 $367,037 $14,929 $381,966 
Provision for credit losses55,831 2,146 57,977 172,109 2,908 175,017 
Charge-offs(65,029)— (65,029)(207,109)— (207,109)
Recoveries13,447 — 13,447 50,038 — 50,038 
Balance, end of period$382,075 $17,837 $399,912 $382,075 $17,837 $399,912 
Schedule of Financing Receivable Credit Quality Indicators
The amortized cost of the Company's U.S. and Canadian retail finance receivables held for investment, along with total retail gross charge-offs by vintage and credit quality indicator were as follows (in thousands):
September 30, 2025
20252024202320222021
2020 & Prior
Total
U.S. Retail:
Super prime$144,780 $120,456 $61,502 $19,838 $12,198 $2,011 $360,785 
Prime125,804 104,939 60,992 29,368 13,633 2,767 337,503 
Sub-prime1,601 886 830 808 710 1,171 6,006 
$272,185 $226,281 $123,324 $50,014 $26,541 $5,949 $704,294 
Gross charge-offs for the nine months ended September 30, 2025:
U.S. Retail
$2,771 $47,626 $53,155 $41,175 $21,364 $13,560 $179,651 
Canadian Retail126 996 991 821 383 427 3,744 
$2,897 $48,622 $54,146 $41,996 $21,747 $13,987 $183,395 
December 31, 2024
20242023202220212020
2019 & Prior
Total
U.S. Retail:
Super prime$1,040,491 $694,941 $449,697 $206,974 $67,668 $28,606 $2,488,377 
Prime1,042,910 821,719 659,000 363,507 141,495 82,771 3,111,402 
Sub-prime318,689 224,656 180,048 119,457 58,297 47,624 948,771 
2,402,090 1,741,316 1,288,745 689,938 267,460 159,001 6,548,550 
Canadian Retail:
Super prime36,011 29,098 17,468 8,330 3,179 1,096 95,182 
Prime9,111 8,687 6,724 4,033 2,212 1,524 32,291 
Sub-prime1,701 1,229 972 435 462 284 5,083 
46,823 39,014 25,164 12,798 5,853 2,904 132,556 
$2,448,913 $1,780,330 $1,313,909 $702,736 $273,313 $161,905 $6,681,106 
Gross charge-offs for the year ended December 31, 2024:
U.S. Retail
$18,322 $92,489 $90,023 $47,678 $19,628 $17,143 $285,283 
Canadian Retail241 1,474 1,398 755 391 464 4,723 
$18,563 $93,963 $91,421 $48,433 $20,019 $17,607 $290,006 
September 30, 2024
20242023202220212020
2019 & Prior
Total
U.S. Retail:
Super prime$931,374 $769,173 $507,694 $241,713 $84,111 $39,590 $2,573,655 
Prime927,821 901,954 730,870 410,721 166,169 106,766 3,244,301 
Sub-prime281,501 249,447 200,838 134,880 67,592 59,151 993,409 
2,140,696 1,920,574 1,439,402 787,314 317,872 205,507 6,811,365 
Canadian Retail:
Super prime35,280 34,382 21,186 10,573 4,410 1,702 107,533 
Prime9,200 10,340 8,054 4,812 2,782 2,124 37,312 
Sub-prime1,731 1,457 1,132 490 564 391 5,765 
46,211 46,179 30,372 15,875 7,756 4,217 150,610 
$2,186,907 $1,966,753 $1,469,774 $803,189 $325,628 $209,724 $6,961,975 
Gross charge-offs for the nine months ended September 30, 2024:
U.S. Retail
$4,680 $65,972 $67,945 $36,365 $15,270 $13,485 $203,717 
Canadian Retail87 1,033 976 616 329 351 3,392 
$4,767 $67,005 $68,921 $36,981 $15,599 $13,836 $207,109 
The amortized cost of the Company's wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):
September 30, 2025
20252024202320222021
2020 & Prior
Total
Non-Performing$933 $1,090 $282 $— $— $— $2,305 
Doubtful15,333 7,473 1,070 20 — — 23,896 
Substandard1,831 1,796 — — — — 3,627 
Special Mention16,109 4,171 175 — 59 — 20,514 
Medium Risk36,215 4,268 752 — — — 41,235 
Low Risk921,295 103,843 13,101 34,350 1,176 1,012 1,074,777 
$991,716 $122,641 $15,380 $34,370 $1,235 $1,012 $1,166,354 
Gross charge-offs for the nine months ended September 30, 2025:
        Wholesale$2,401 $506 $134 $— $— $2,301 $5,342 
December 31, 2024
20242023202220212020
2019 & Prior
Total
Non-Performing$6,430 $4,702 $129 $— $— $2 $11,263 
Doubtful25,827 3,869 139 — — 8,196 38,031 
Substandard14,470 2,928 — — — — 17,398 
Special Mention3,162 362 19 — — — 3,543 
Medium Risk1,471 271 — — — — 1,742 
Low Risk808,771 83,611 38,815 1,702 3,358 137 936,394 
$860,131 $95,743 $39,102 $1,702 $3,358 $8,335 $1,008,371 
Gross charge-offs for the year ended December 31, 2024:
        Wholesale$709 $710 $42 $— $— $1 $1,462 
September 30, 2024
20242023202220212020
2019 & Prior
Total
Non-Performing$1,986 $2,134 $122 $— $— $2 $4,244 
Doubtful9,939 4,043 129 — — 5 14,116 
Substandard14,669 3,391 34 — — — 18,094 
Special Mention4,527 1,240 58 — — — 5,825 
Medium Risk615 146 — — — — 761 
Low Risk1,008,975 134,065 38,019 2,567 3,500 8,158 1,195,284 
$1,040,711 $145,019 $38,362 $2,567 $3,500 $8,165 $1,238,324 
Gross charge-offs for the nine months ended September 30, 2024:
Wholesale$— $— $— $— $— $— $— 
Schedule of Transfer​ of​ Financial​ Assets, off Balance sheet VEI's Portfolio
Information about the asset performance of the total portfolio of retail loans serviced by the Company ("Managed Portfolio"), including receivables retained or consolidated as part of on-balance sheet VIEs (collectively, the "Owned Portfolio"), along with receivables included in off-balance sheet VIEs ("Off-Balance Sheet Portfolio"), is provided in the table below (in thousands):
Principal BalancesCredit Losses
30+ Day DelinquentThree months endedNine Months Ended
September 30, 2025September 30, 2025
Owned portfolio
$242,408 $30,341 $135,056 
Off-balance sheet portfolio
32,972 1,717 1,717 
Managed portfolio
$275,380 $32,058 $136,773 
Schedule of Impaired Financing Receivables
Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):
Amortized Cost Amortized CostInterest Income
January 1, 2025
September 30, 2025
Recognized
Wholesale:
No related allowance recorded$7,510 $184 $986 
Related allowance recorded3,753 2,121 56 
$11,263 $2,305 $1,042 
Amortized CostAmortized CostInterest Income
January 1, 2024
September 30, 2024
Recognized
Wholesale:
No related allowance recorded$— $2,423 $123 
Related allowance recorded— 1,821 123 
$— $4,244 $246 
Schedule of Past Due Financing Receivables
The aging analysis of the Company's finance receivables held for investment was as follows (in thousands):
September 30, 2025
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$693,233 $6,774 $1,292 $2,995 $— $11,061 $704,294 
Wholesale1,160,152 3,041 563 1,932 666 6,202 1,166,354 
$1,853,385 $9,815 $1,855 $4,927 $666 $17,263 $1,870,648 
December 31, 2024
Current31-60 Days
Past Due 		61-90 Days
Past Due 		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$6,368,447 $178,752 $69,257 $64,650 $— $312,659 $6,681,106 
Wholesale1,002,584 3,463 718 1,080 526 5,787 1,008,371 
$7,371,031 $182,215 $69,975 $65,730 $526 $318,446 $7,689,477 
September 30, 2024
Current31-60 Days
Past Due		61-90 Days
Past Due		Greater than
90 Days
Past Due and Still Accruing		Greater Than 90 Days Past Due and Not AccruingTotal
Past Due		Total
Finance
Receivables
Retail$6,679,994 $163,963 $61,542 $56,476 $— $281,981 $6,961,975 
Wholesale1,236,124 832 777 89 502 2,200 1,238,324 
$7,916,118 $164,795 $62,319 $56,565 $502 $284,181 $8,200,299 
v3.25.3
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instrument Fair Value
The notional and fair values of the Company's derivative financial instruments under ASC Topic 815 were as follows (in thousands):
Derivative Financial Instruments
Designated as Cash Flow Hedging Instruments
 September 30, 2025December 31, 2024September 30, 2024
Notional
Value
Assets(b)
Liabilities(a)
Notional
Value
Assets(b)
Liabilities(a)
Notional
Value
Assets(b)
Liabilities(a)
Foreign currency contracts$362,988 $1,501 $7,359 $455,322 $19,778 $148 $416,405 $106 $9,168 
Commodity contracts940 — 81 663 59 — 789 25 — 
Cross-currency swaps1,416,994 115,232 — 759,780 — 34,709 1,420,560 19,663 4,702 
$1,780,922 $116,733 $7,440 $1,215,765 $19,837 $34,857 $1,837,754 $19,794 $13,870 
Derivative Financial Instruments
Not Designated as Hedging Instruments
September 30, 2025December 31, 2024September 30, 2024
Notional
Value
Assets
LiabilitiesNotional
Value
Assets
LiabilitiesNotional
Value
Assets
Liabilities
Commodity contracts$3,247 $15 $7 $3,489 $— $163 $3,538 $— $365 
Interest rate caps— — — 272,997 2 — 349,697 10 — 
$3,247 $15 $7 $276,486 $2 $163 $353,235 $10 $365 
(a)Includes $34.7 million of cross-currency swaps recorded in Other long-term liabilities as of December 31, 2024, with all remaining amounts recorded in Accrued liabilities.
(b)Includes $52.3 million and $19.7 million of cross-currency swaps recorded in Other long-term assets as of September 30, 2025 and September 30, 2024, with all remaining amounts recorded in Other current assets.
Schedule of Gain/(Loss) on Derivative Cash Flow Hedges Reclassified From AOCI Into Income
The amounts of gains and losses related to the Company's derivative financial instruments designated as cash flow hedges were as follows (in thousands):
 Gain/(Loss)
Recognized in OCI		Gain/(Loss)
Reclassified from AOCL into Income
 Three months endedNine months endedThree months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Foreign currency contracts$4,410 $(14,470)$(26,136)$8,311 $(6,293)$6,749 $2,855 $13,718 
Commodity contracts(112)(35)(121)(148)(39)(62)19 (306)
Cross-currency swaps(16,877)48,167 149,941 3,041 2,227 58,669 153,216 16,523 
Treasury rate lock contracts— — — (4,293)(181)(210)(603)(247)
Swap rate lock contracts— — — — (149)(149)(443)(445)
$(12,579)$33,662 $123,684 $6,911 $(4,435)$64,997 $155,044 $29,243 
The location and amount of gains and losses recognized in income related to the Company's derivative financial instruments designated as cash flow hedges were as follows (in thousands):
 Motorcycles and related products
cost of goods sold		Selling, administrative &
engineering expense		Interest expenseFinancial services interest expense
Three months ended September 30, 2025
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$798,683 $292,885 $10,182 $75,883 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts(6,293)— — — 
Commodity contracts(39)— — — 
Cross-currency swaps— 2,227 — — 
Treasury rate lock contracts— — (61)(120)
Swap rate lock contracts— — — (149)
Three months ended September 30, 2024
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$618,580 $273,879 $7,707 $94,463 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts6,749 — — — 
Commodity contracts(62)— — — 
Cross-currency swaps— 58,669 — — 
Treasury rate lock contracts— — (90)(120)
Swap rate lock contracts— — — (149)
Nine months ended September 30, 2025
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$2,320,261 $849,098 $25,564 $258,391 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts2,855 — — — 
Commodity contracts19 — — — 
Cross-currency swaps— 153,216 — — 
Treasury rate lock contracts— — (243)(360)
Swap rate lock contracts— — — (443)
Nine months ended September 30, 2024
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$2,566,272 $870,985 $23,066 $276,943 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts13,718 — — — 
Commodity contracts(306)— — — 
Cross-currency swaps— 16,523 — — 
Treasury rate lock contracts— — (272)25 
Swap rate lock contracts— — — (445)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amount of gains and losses recognized in income related to derivative financial instruments not designated as hedging instruments were as follows (in thousands). Gains and losses on foreign currency contracts and commodity contracts were recorded in Motorcycles and related products cost of goods sold. Gains and losses on interest rate caps were recorded in Selling, administrative & engineering expense.
 Amount of Gain/(Loss)
Recognized in Income
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Foreign currency contracts$387 $(2,943)$5,753 $(250)
Commodity contracts75 (344)(46)(537)
Interest rate caps— (249)(2)(454)
$462 $(3,536)$5,705 $(1,241)
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term Debt
Debt with a contractual term less than 12 months is generally classified as short-term and consisted of the following (in thousands):
September 30,
2025		December 31,
2024		September 30,
2024
Unsecured commercial paper$684,741 $640,204 $497,373 
Schedule of Long-term Debt Instruments
Debt with a contractual term greater than 12 months is generally classified as long-term and consisted of the following (in thousands): 
September 30,
2025		December 31,
2024		September 30,
2024
Secured debt:
Asset-backed Canadian commercial paper conduit facility$49,642 $77,381 $94,142 
Asset-backed U.S. commercial paper conduit facility399,502 431,846 378,968 
Asset-backed securitization debt63,107 1,956,383 2,252,468 
Unamortized discounts and debt issuance costs(472)(6,245)(7,726)
511,779 2,459,365 2,717,852 
September 30,
2025		December 31,
2024		September 30,
2024
Unsecured notes (at par value):
Medium-term notes:
Due in 2024, issued November 2019(a)
3.14 %— — 669,864 
Due in 2025, issued June 20203.35 %— 700,000 700,000 
Due in 2026, issued April 2023(b)
6.36 %821,583 727,104 781,508 
Due in 2027, issued February 20223.05 %500,000 500,000 500,000 
Due in 2028, issued March 20236.50 %700,000 700,000 700,000 
Due in 2029, issued June 20245.95 %500,000 500,000 500,000 
Due in 2030, issued March 2025(c)
5.61 %715,951 — — 
Unamortized discounts and debt issuance costs(17,741)(13,091)(14,800)
3,219,793 3,114,013 3,836,572 
Term loan:
Due in 2027, issued July 2025450,000 — — 
Unamortized debt issuance costs
(1,739)— — 
448,261 — — 
Senior notes:
Due in 2025, issued July 20153.50 %— 450,000 450,000 
Due in 2045, issued July 20154.625 %300,000 300,000 300,000 
Unamortized discounts and debt issuance costs(2,753)(3,200)(3,382)
297,247 746,800 746,618 
3,965,301 3,860,813 4,583,190 
Long-term debt4,477,080 6,320,178 7,301,042 
Current portion of long-term debt, net(1,329,244)(1,851,513)(2,561,535)
Long-term debt, net$3,147,836 $4,468,665 $4,739,507 
(a)€600.0 million par value remeasured to U.S. dollar at September 30, 2024
(b)€700.0 million par value remeasured to U.S. dollar at September 30, 2025, December 31, 2024, and September 30, 2024, respectively
(c)€610.0 million par value remeasured to U.S. dollar at September 30, 2025
Schedule of Maturities of Long-term Debt
Future principal payments of the Company's debt obligations as of September 30, 2025 were as follows (in thousands):
2025$1,196,993 
2026821,583 
2027950,000 
2028700,000 
2029500,000 
Thereafter1,015,950 
Future principal payments5,184,526 
Unamortized discounts and debt issuance costs(22,705)
$5,161,821 
v3.25.3
Asset-Backed Financing (Tables)
 9 Months Ended
Sep. 30, 2025
Transfers and Servicing [Abstract]  
Schedule of Assets and Liabilities Related to the On-Balance Sheet Financing
The assets and liabilities related to the on-balance sheet asset-backed financings included in the Consolidated balance sheets were as follows (in thousands):
September 30, 2025
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$334,759 $— $18,655 $1,491 $354,905 $62,635 
Asset-backed U.S. commercial paper conduit facility450,702 — 29,084 1,917 481,703 399,502 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility58,045 — 3,791 143 61,979 49,642 
$843,506 $— $51,530 $3,551 $898,587 $511,779 
December 31, 2024
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$2,470,147 $(140,632)$118,310 $5,260 $2,453,085 $1,950,138 
Asset-backed U.S. commercial paper conduit facility490,766 (27,890)28,201 2,104 493,181 431,846 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility90,122 (4,215)4,735 234 90,876 77,381 
$3,051,035 $(172,737)$151,246 $7,598 $3,037,142 $2,459,365 
September 30, 2024
Finance receivablesAllowance for credit lossesRestricted cashOther assetsTotal assetsAsset-backed debt, net
On-balance sheet assets and liabilities:
Consolidated VIEs:
Asset-backed securitizations$2,772,473 $(152,943)$131,459 $4,523 $2,755,512 $2,244,742 
Asset-backed U.S. commercial paper conduit facility408,515 (22,501)25,124 1,522 412,660 378,968 
Unconsolidated VIEs:
Asset-backed Canadian commercial paper conduit facility109,199 (4,999)6,454 163 110,817 94,142 
$3,290,187 $(180,443)$163,037 $6,208 $3,278,989 $2,717,852 
Schedule of Transfer of Financial Assets Accounted for as Sales
Quarterly transfers of U.S. retail motorcycle finance receivables to SPEs, the respective proceeds, and the respective proceeds, net of discounts and issuance costs were as follows (in millions):
2025
2024
TransfersProceedsProceeds, netTransfersProceedsProceeds, net
First quarter$— $— $— $— $— $— 
Second quarter584.4500.0497.8607.8550.0547.6
Third quarter$— $— $— 663.1 600.0 597.6 
$584.4 $500.0 $497.8 $1,270.9 $1,150.0 $1,145.2 
Quarterly transfers of U.S. retail motorcycle finance receivables to the U.S. Conduit and the respective proceeds were as follows (in millions):
20252024
TransfersProceedsTransfersProceeds
First quarter$179.5 $155.0 $334.8 $306.0 
Second quarter— — — — 
Third quarter— — — — 
$179.5 $155.0 $334.8 $306.0 
Quarterly transfers of Canadian retail motorcycle finance receivables to the Canadian Conduit and the respective proceeds were as follows in 2024 (in millions):
2024
TransfersProceeds
First quarter$34.9 $28.6 
Second quarter20.616.9
Third quarter17.9 14.7 
$73.4 $60.2 
v3.25.3
Fair Value (Tables)
 9 Months Ended
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
BalanceLevel 1Level 2Level 3
Assets:
Cash equivalents$1,474,496 $1,244,794 $229,702 $— 
Marketable securities32,493 32,493 — — 
Derivative financial instruments116,748 — 116,748 — 
Investments in Retained Notes80,204 — 80,204 — 
Investments in Residual Interests12,086 — — 12,086 
$1,716,027 $1,277,287 $426,654 $12,086 
Liabilities:
Derivative financial instruments7,447 — 7,447 — 
LiveWire warrants$2,204 $1,442 $762 
$9,651 $1,442 $8,209 $— 
 December 31, 2024
Balance Level 1Level 2Level 3
Assets:
Cash equivalents$1,275,561 $1,000,933 $274,628 $— 
Marketable securities32,070 32,070 — — 
Derivative financial instruments19,839 — 19,839 — 
$1,327,470 $1,033,003 $294,467 $— 
Liabilities:
Derivative financial instruments$35,020 $— $35,020 $— 
LiveWire warrants1,549 1,013 536 
$36,569 $1,013 $35,556 $— 
 September 30, 2024
Balance Level 1Level 2Level 3
Assets:
Cash equivalents$1,847,818 $1,603,315 $244,503 $— 
Marketable securities33,816 33,816 — — 
Derivative financial instruments19,804 — 19,804 — 
$1,901,438 $1,637,131 $264,307 $— 
Liabilities:
Derivative financial instruments$14,235 $— $14,235 $— 
LiveWire warrants3,189 $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, 2025December 31, 2024September 30, 2024
 Fair ValueCarrying ValueFair ValueCarrying ValueFair ValueCarrying 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 ValueSeptember 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)
1.911.90
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
80,032172 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.
v3.25.3
Product Warranty and Recall Campaigns (Tables)
 9 Months Ended
Sep. 30, 2025
Product Warranties Disclosures [Abstract]  
Schedule of Warranty and Recall Liability Changes in the Company’s warranty and recall liabilities were as follows (in thousands):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Balance, beginning of period$73,949 $69,633 $71,591 $64,144 
Warranties issued during the period12,390 10,150 36,445 39,338 
Settlements made during the period(15,972)(16,001)(43,382)(45,846)
Recalls and changes to pre-existing warranty liabilities8,526 15,291 14,239 21,437 
Balance, end of period$78,893 $79,073 $78,893 $79,073 
v3.25.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Costs Components of net periodic benefit (income) cost for the Company's defined benefit plans were as follows (in thousands):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Pension and SERPA Benefits:
Service cost$963 $1,175 $2,889 $3,525 
Interest cost20,501 20,118 61,505 60,355 
Expected return on plan assets(32,799)(33,143)(98,397)(99,429)
Amortization of unrecognized:
Prior service cost
380 188 1,140 564 
Net gain
(174)(163)(522)(489)
Special retirement benefit cost
— — — 1,722 
Net periodic benefit income$(11,129)$(11,825)$(33,385)$(33,752)
Postretirement Healthcare Benefits:
Service cost$643 $723 $1,929 $2,169 
Interest cost2,618 2,694 7,854 8,082 
Expected return on plan assets(4,675)(4,424)(14,025)(13,272)
Amortization of unrecognized:
Prior service cost
149 149 447 447 
Net gain
(1,369)(1,250)(4,107)(3,750)
Net periodic benefit income$(2,634)$(2,108)$(7,902)$(6,324)
v3.25.3
Accumulated Other Comprehensive Loss (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
Changes in Accumulated other comprehensive loss were as follows (in thousands):
Three months ended September 30, 2025
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(37,441)$(10,282)$— $(250,699)$(298,422)
Other comprehensive (loss) income, before reclassifications
(1,137)(12,579)718 — (12,998)
Income tax (expense) benefit
(505)3,016 — — 2,511 
(1,642)(9,563)718 — (10,487)
Reclassifications:
Net loss on derivative financial instruments
— 4,435 — — 4,435 
Prior service credits(a)
— — — 529 529 
Actuarial gains(a)
— — — (1,543)(1,543)
Reclassifications before tax— 4,435 — (1,014)3,421 
Income tax (expense) benefit
— (1,035)— 238 (797)
— 3,400 — (776)2,624 
Other comprehensive (loss) income
(1,642)(6,163)718 (776)(7,863)
Balance, end of period$(39,083)$(16,445)$718 $(251,475)$(306,285)
Three months ended September 30, 2024
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(106,928)$323 $— $(231,269)$(337,874)
Other comprehensive income, before reclassifications
63,922 33,662 — — 97,584 
Income tax expense
— (8,078)— — (8,078)
63,922 25,584 — — 89,506 
Reclassifications:
Net gain on derivative financial instruments
— (64,997)— — (64,997)
Prior service credits(a)
— — — 337 337 
Actuarial gains(a)
— — — (1,413)(1,413)
Reclassifications before tax— (64,997)— (1,076)(66,073)
Income tax benefit
— 15,473 — 255 15,728 
— (49,524)— (821)(50,345)
Other comprehensive income (loss)
63,922 (23,940)— (821)39,161 
Balance, end of period$(43,006)$(23,617)$— $(232,090)$(298,713)
(a)    Amounts reclassified are included in the computation of net periodic benefit (income) cost, discussed further in Note 13.
Nine months ended September 30, 2025
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(91,102)$7,542 $— $(249,146)$(332,706)
Other comprehensive income, before reclassifications
54,531 123,684 718 — 178,933 
Income tax expense
(2,512)(29,587)— — (32,099)
52,019 94,097 718 — 146,834 
Reclassifications:
Net gain on derivative financial instruments
— (155,044)— — (155,044)
Prior service credits(a)
— — — 1,587 1,587 
Actuarial gains(a)
— — — (4,629)(4,629)
Reclassifications before tax— (155,044)— (3,042)(158,086)
Income tax benefit
— 36,960 — 713 37,673 
— (118,084)— (2,329)(120,413)
Other comprehensive income (loss)
52,019 (23,987)718 (2,329)26,421 
Balance, end of period$(39,083)$(16,445)$718 $(251,475)$(306,285)
Nine months ended September 30, 2024
Foreign currency translation adjustmentsDerivative financial instruments
Available for sale securities
Pension and postretirement benefit plansTotal
Balance, beginning of period$(68,739)$(6,601)$— $(229,622)$(304,962)
Other comprehensive income, before reclassifications
25,722 6,911 — — 32,633 
Income tax benefit (expense)
11 (1,659)— — (1,648)
25,733 5,252 — — 30,985 
Reclassifications:
Net gain on derivative financial instruments
— (29,243)— — (29,243)
Prior service credits(a)
— — — 1,011 1,011 
Actuarial gains(a)
— — — (4,239)(4,239)
Reclassifications before tax— (29,243)— (3,228)(32,471)
Income tax benefit
— 6,975 — 760 7,735 
— (22,268)— (2,468)(24,736)
Other comprehensive income (loss)
25,733 (17,016)— (2,468)6,249 
Balance, end of period$(43,006)$(23,617)$— $(232,090)$(298,713)
(a)Amounts reclassified are included in the computation of net periodic benefit (income) cost, discussed further in Note 15
v3.25.3
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Selected segment information is set forth below (in thousands):
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
HDMC:
Revenue$1,073,959 $876,405 $3,199,113 $3,701,417 
Motorcycles and related products cost of goods sold790,849 612,592 2,302,054 2,543,407 
Gross profit283,110 263,813 897,059 1,158,010 
Selling, administrative and engineering expense:
People expenses(a)
92,212 76,197 264,086 289,944 
Marketing and advertising expenses(b)
40,610 30,850 121,524 96,070 
Other segment items(c)
96,169 101,629 279,742 280,508 
Operating income
54,119 55,137 231,707 491,488 
LiveWire:
Revenue5,563 4,808 14,318 15,958 
Motorcycles and related products cost of goods sold7,834 5,988 18,207 22,865 
Gross profit(2,271)(1,180)(3,889)(6,907)
Selling, administrative and engineering expense
15,910 24,905 52,752 76,587 
Operating loss(18,181)(26,085)(56,641)(83,494)
HDFS:
Financial services revenue261,188 269,482 763,587 781,818 
Financial services interest expense75,883 94,463 258,391 276,943 
Financial services provision for credit losses(301,499)57,977 (198,427)175,017 
Selling and administrative expense47,984 40,298 130,994 127,876 
Operating income438,820 76,744 572,629 201,982 
Operating income$474,758 $105,796 $747,695 $609,976 
(a)People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation, primarily in the form of share-based awards.
(b)Marketing and advertising expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.
(c)Other segment items for HDMC include depreciation, warranty, maintenance and facilities costs, supplies and materials, and other professional services.  These costs are all included in Selling, administrative and engineering expense.
Additional segment information is set forth below (in thousands): 
 (Unaudited)(Unaudited)
September 30,
2025		December 31,
2024		September 30,
2024
Assets:
HDMC$3,545,022 $3,630,710 $3,654,334 
LiveWire89,220 147,960 178,298 
HDFS6,932,142 8,102,909 9,194,027 
Consolidated$10,566,384 $11,881,579 $13,026,659 
 Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Depreciation and Amortization:
HDMC$39,472 $34,142 $111,151 $104,868 
LiveWire2,354 2,695 8,027 7,737 
HDFS2,384 2,355 7,161 6,963 
Consolidated$44,210 $39,192 $126,339 $119,568 
 Nine months ended
September 30,
2025		September 30,
2024
Capital expenditures:
HDMC$98,894 $132,634 
LiveWire2,778 6,661 
HDFS418 1,129 
Consolidated$102,090 $140,424 
v3.25.3
Supplemental Consolidating Data (Tables)
 9 Months Ended
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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold798,683 — — 798,683 
Financial services interest expense— 75,883 — 75,883 
Financial services provision for credit losses— (301,499)— (301,499)
Selling, administrative and engineering expense245,425 63,782 (16,322)292,885 
1,044,108 (161,834)(16,322)865,952 
Operating income51,214 423,521 23 474,758 
Other income, net 14,706 — — 14,706 
Investment income12,267 — — 12,267 
Interest expense10,182 — — 10,182 
Income before income taxes68,005 423,521 23 491,549 
Income tax provision14,752 101,632 — 116,384 
Net income53,253 321,889 23 375,165 
Less: (income) loss attributable to noncontrolling interests2,201 $— $— $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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold2,320,261 — — 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 expense720,733 151,602 (23,237)849,098 
3,040,994 211,566 (23,237)3,229,323 
Operating income193,047 554,672 (24)747,695 
Other income, net 45,456 — — 45,456 
Investment income32,158 — — 32,158 
Interest expense25,564 — — 25,564 
Income before income taxes245,097 554,672 (24)799,745 
Provision for income taxes55,496 132,540 — 188,036 
Net income189,601 422,132 (24)611,709 
Less: (income) loss attributable to noncontrolling interests6,332 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 expense234,002 43,042 (3,165)273,879 
852,582 195,482 (3,165)1,044,899 
Operating income31,376 74,398 22 105,796 
Other income, net18,408 — — 18,408 
Investment income16,450 — — 16,450 
Interest expense7,707 — — 7,707 
Income before income taxes58,527 74,398 22 132,947 
Provision for income taxes(914)17,894 — 16,980 
Net income59,441 56,504 22 115,967 
Less: (income) loss attributable to noncontrolling interests3,073 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 sold2,566,272 — — 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 expense744,663 135,169 (8,847)870,985 
3,310,935 587,129 (8,847)3,889,217 
Operating income413,733 196,210 33 609,976 
Other income, net54,851 — — 54,851 
Investment income
45,665 — — 45,665 
Interest expense23,066 — — 23,066 
Income before income taxes491,183 196,210 33 687,426 
Provision for income taxes76,648 47,173 — 123,821 
Net income414,535 149,037 33 563,605 
Less: (income) loss attributable to noncontrolling interests8,644 — — 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 EntitiesConsolidating AdjustmentsConsolidated
Net income$53,253 $321,889 $23 $375,165 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments1,344 (2,986)— (1,642)
Derivative financial instruments8,180 (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 income62,001 305,278 23 367,302 
Less: Comprehensive loss attributable to noncontrolling interests2,201 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$189,601 $422,132 $(24)$611,709 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments47,486 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 income212,654 425,500 (24)638,130 
Less: Comprehensive loss attributable to noncontrolling interests6,332 — — 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 EntitiesConsolidating AdjustmentsConsolidated
Net income$59,441 $56,504 $22 $115,967 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments61,961 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 income104,433 50,673 22 155,128 
Less: Comprehensive loss attributable to noncontrolling interests3,073 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
Net income$414,535 $149,037 $33 $563,605 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments27,969 (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 income436,226 133,595 33 569,854 
Less: Comprehensive loss attributable to noncontrolling interests8,644 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,185,181 $589,857 $— $1,775,038 
Accounts receivable, net506,057 142 (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, net512,186 — — 512,186 
Restricted cash— 51,530 — 51,530 
Other current assets188,319 175,544 (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, net712,722 6,381 — 719,103 
Pension and postretirement assets481,427 — — 481,427 
Goodwill63,850 — — 63,850 
Deferred income taxes88,381 3,464 (1,008)90,837 
Lease assets64,678 2,612 — 67,290 
Other long-term assets221,289 138,178 (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 liabilities481,314 213,366 (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, net745,508 2,402,328 — 3,147,836 
Lease liabilities50,309 2,178 — 52,487 
Pension and postretirement liabilities51,141 — — 51,141 
Deferred income taxes15,789 1,866 — 17,655 
Other long-term liabilities140,940 53,330 1,752 196,022 
Commitments and contingencies (Note 14)
Shareholders’ equity2,223,361 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,105,663 $483,945 $— $1,589,608 
Accounts receivable, net294,776 65 (60,526)234,315 
Finance receivables held for investment, net
— 2,031,496 — 2,031,496 
Inventories, net745,793 — — 745,793 
Restricted cash— 135,661 — 135,661 
Other current assets273,791 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, net743,875 13,197 — 757,072 
Pension and postretirement assets440,825 — — 440,825 
Goodwill61,655 — — 61,655 
Deferred income taxes88,734 88,109 (1,017)175,826 
Lease assets60,628 3,225 — 63,853 
Other long-term assets221,694 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 liabilities515,830 155,437 (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, net449,831 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, net296,969 4,171,696 — 4,468,665 
Lease liabilities44,520 2,900 — 47,420 
Pension and postretirement liabilities53,874 — — 53,874 
Deferred income taxes15,765 1,124 — 16,889 
Other long-term liabilities139,373 60,123 1,754 201,250 
Commitments and contingencies (Note 14)
Shareholders’ equity2,245,958 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$1,213,301 $1,030,609 $— $2,243,910 
Accounts receivable, net498,694 60 (191,053)307,701 
Finance receivables held for investment, net
— 2,300,551 — 2,300,551 
Inventories, net681,864 — — 681,864 
Restricted cash— 147,910 — 147,910 
Other current assets167,555 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, net713,603 14,864 — 728,467 
Pension and postretirement assets452,515 — — 452,515 
Goodwill62,909 — — 62,909 
Deferred income taxes77,990 92,208 (908)169,290 
Lease assets66,304 3,533 — 69,837 
Other long-term assets223,749 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 liabilities491,697 151,907 (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, net449,759 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, net296,859 4,442,648 — 4,739,507 
Lease liabilities48,821 3,134 — 51,955 
Pension and postretirement liabilities58,551 — — 58,551 
Deferred income taxes30,266 3,227 — 33,493 
Other long-term liabilities147,563 28,697 1,892 178,152 
Commitments and contingencies (Note 14)
Shareholders’ equity2,351,672 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization119,178 7,161 — 126,339 
Amortization of deferred loan origination costs— 43,871 — 43,871 
Amortization of financing origination fees694 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 expense24,192 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 taxes6,109 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, net262,287 — — 262,287 
Accounts payable and accrued liabilities3,969 194,538 (123,468)75,039 
Other current assets68,175 (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 activities808 — — 808 
Net cash used by investing activities
(100,864)129,305 177,036 205,477 
 Nine months ended September 30, 2025
Non-Financial Services EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities1,269 — — 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 cash9,014 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 amortization112,605 6,963 — 119,568 
Amortization of deferred loan origination costs— 54,461 — 54,461 
Amortization of financing origination fees540 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 expense38,234 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 taxes3,347 (4,724)(438)(1,815)
Other, net15,505 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, net253,373 — — 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 EntitiesFinancial Services EntitiesConsolidating AdjustmentsConsolidated
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 activities11 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 cash85,901 672,235 — 758,136 
Cash, cash equivalents and restricted cash, end of period$1,213,301 $1,193,646 $— $2,406,947 
v3.25.3
Basis of Presentation and Use of Estimates (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2024
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of reportable segments | segment     3  
Pre-tax gain (loss) from foreign currency remeasurements | $ $ (8.9) $ 5.8 $ 11.6 $ (0.9)
v3.25.3
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue        
Revenue $ 1,079,522 $ 881,213 $ 3,213,431 $ 3,717,375
Financial services 261,188 269,482 763,587 781,818
Total revenue 1,340,710 1,150,695 3,977,018 4,499,193
HDMC        
Disaggregation of Revenue        
Revenue 1,073,959 876,405 3,199,113 3,701,417
LiveWire        
Disaggregation of Revenue        
Revenue 5,563 4,808 14,318 15,958
HDFS        
Disaggregation of Revenue        
Financial services 261,188 269,482 763,587 781,818
Motorcycles | HDMC        
Disaggregation of Revenue        
Revenue 821,864 615,628 2,463,793 2,905,861
Parts and accessories | HDMC        
Disaggregation of Revenue        
Revenue 167,252 174,301 497,558 534,359
Apparel | HDMC        
Disaggregation of Revenue        
Revenue 56,052 55,688 168,614 183,192
Licensing | HDMC        
Disaggregation of Revenue        
Revenue 5,547 3,897 14,549 18,312
Other | HDMC        
Disaggregation of Revenue        
Revenue 23,244 26,891 54,599 59,693
Interest income | HDFS        
Disaggregation of Revenue        
Financial services 198,239 232,990 622,696 666,903
Other | HDFS        
Disaggregation of Revenue        
Financial services $ 62,949 $ 36,492 $ 140,891 $ 114,915
v3.25.3
Revenue - Schedule of Accrued liabilities and Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction      
Balance, beginning of period $ 56,753 $ 54,792 $ 47,091
Balance, end of period $ 93,221 $ 56,753 $ 54,792
v3.25.3
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Recognized deferred revenue $ 8.3 $ 7.3 $ 26.1 $ 22.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Unearned revenue to be recognized $ 33.7   $ 33.7  
Revenue, remaining performance obligation period 12 months   12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]        
Unearned revenue to be recognized $ 59.5   $ 59.5  
Revenue, remaining performance obligation period    
v3.25.3
Income Taxes (Details)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]    
Income tax rate 23.50% 18.00%
v3.25.3
Earnings Per Share - Schedule of Reconciliation of Earnings Per Share Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator:        
Net income attributable to Harley-Davidson, Inc. $ 377,366 $ 119,040 $ 618,041 $ 572,249
Weighted Average Number of Shares Outstanding Reconciliation        
Basic weighted-average shares outstanding (in shares) 120,614 130,078 122,015 133,187
Effect of dilutive securities – employee stock compensation plan (in shares) 1,062 884 840 798
Diluted weighted-average shares outstanding (in shares) 121,676 130,962 122,855 133,985
Net earnings per share:        
Basic (in dollars per share) $ 3.13 $ 0.92 $ 5.07 $ 4.30
Diluted (in dollars per share) $ 3.10 $ 0.91 $ 5.03 $ 4.27
v3.25.3
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Antidilutive securities (in shares) 0.5 0.4 1.6 0.9
v3.25.3
Additional Balance Sheet and Cash Flow Information - Schedule of Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Mutual funds $ 32,493 $ 32,070 $ 33,816
v3.25.3
Additional Balance Sheet and Cash Flow Information - Schedule of Inventories, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Inventory      
Raw materials and work in process $ 294,480 $ 353,819 $ 299,296
Inventory at lower of FIFO cost or net realizable value 648,250 875,852 818,255
Excess of FIFO over LIFO cost (136,064) (130,059) (136,391)
Total inventories, net 512,186 745,793 681,864
Deposits 554,500 550,600 549,000
Motorcycle finished goods      
Inventory      
Inventory, finished goods, net of inventory valuation adjustment 255,339 411,442 399,699
Parts and accessories and apparel      
Inventory      
Inventory, finished goods, net of inventory valuation adjustment $ 98,431 $ 110,591 $ 119,260
v3.25.3
Additional Balance Sheet and Cash Flow Information - Schedule of Certificates of Deposit Maturity (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Fiscal Year  
2025 $ 28,000
2026 277,304
2027 196,704
2028 18,500
2029 15,200
Thereafter 19,790
Future maturities 555,498
Unamortized fees (1,030)
Total $ 554,468
v3.25.3
Additional Balance Sheet and Cash Flow Information - Schedule of Reconciliation of Net Cash Provided by Operating Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:                
Net income $ 375,165 $ 105,745 $ 130,797 $ 115,967 $ 215,406 $ 232,233 $ 611,709 $ 563,605
Adjustments to reconcile Net income to Net cash provided by operating activities:                
Depreciation and amortization $ 44,210     $ 39,192     126,339 119,568
Amortization of deferred loan origination costs             43,871 54,461
Amortization of financing origination fees             9,773 10,363
Income related to long-term employee benefits             (41,287) (40,076)
Employee benefit plan contributions and payments             (5,091) (3,781)
Stock compensation expense             25,838 39,820
Net change in wholesale finance receivables related to sales             (183,006) (211,800)
Provision for credit losses             (198,427) 175,017
Origination of finance receivables held for sale             (414,009) 0
Collections from finance receivables held for sale             16,916 0
Gain on sale of securitization beneficial interests             (26,958) 0
Deferred income taxes             92,122 (1,815)
Other, net             19,360 19,557
Changes in current assets and liabilities:                
Accounts receivable, net             (46,415) (36,529)
Finance receivables – accrued interest and other             11,279 2,325
Inventories, net             262,287 253,373
Accounts payable and accrued liabilities             75,039 (12,903)
Other current assets             37,563 (530)
Total adjustments             (194,806) 367,050
Net cash provided by operating activities             $ 416,903 $ 930,655
v3.25.3
Additional Balance Sheet and Cash Flow Information - Additional Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
counterparty
Sep. 30, 2025
USD ($)
counterparty
Sep. 30, 2024
USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Proceeds from sale of securitization beneficial interests, net   $ 125,369 $ 0
Harley-Davidson Financial Services      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Number of counterparties | counterparty 2 2  
Harley-Davidson Financial Services | Retail      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Number of counterparties | counterparty 2 2  
Sales of retail finance receivables, transferred to special purpose entities, percent of residual interest 95.00% 95.00%  
Proceeds from sale of securitization beneficial interests, net $ 234,617 $ 234,617  
Restricted cash divested from deconsolidation 109,200 109,200  
Proceeds from sale of securitization beneficial interests, net 125,400    
Gain (loss) on sale of financing receivable 27,000    
Harley-Davidson Financial Services | Retail | Finance Receivables, Held-for-Investment      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Financing receivable, deconsolidated 1,870,000 1,870,000  
Harley-Davidson Financial Services | Retail | Asset-backed Securitization Debt      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Financing receivable, deconsolidated $ 1,670,000 $ 1,670,000  
v3.25.3
Finance Receivables - Schedule of Finance Receivables (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Accounts, Notes, Loans and Financing Receivable      
Principal Balances $ 1,870,648 $ 7,689,477 $ 8,200,299
Recovery (allowance) for credit losses 12,901 (401,183) (399,912)
Net financing receivable 1,883,549 7,288,294 7,800,387
Retail finance receivables      
Accounts, Notes, Loans and Financing Receivable      
Principal Balances 704,294 6,681,106 6,961,975
Recovery (allowance) for credit losses 38,328    
Wholesale finance receivables      
Accounts, Notes, Loans and Financing Receivable      
Principal Balances 1,166,354 $ 1,008,371 $ 1,238,324
Recovery (allowance) for credit losses $ (25,427)    
v3.25.3
Finance Receivables - Additional Information (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 30, 2025
counterparty
Nov. 05, 2025
USD ($)
Sep. 30, 2025
USD ($)
counterparty
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
counterparty
portfolio
Sep. 30, 2024
USD ($)
Accounts, Notes, Loans and Financing Receivable            
Benefit to provision expense     $ 301,499,000 $ (57,977,000) $ 198,427,000 $ (175,017,000)
Length of mean reversion process         3 years  
Number of portfolios | portfolio         2  
Subsequent Event | Harley-Davidson Financial Services            
Accounts, Notes, Loans and Financing Receivable            
Noncontrolling interest, expected cash payment per counterparty   $ 23,000,000        
Acquired ownership percentage per counterparty, noncontrolling owner   4.90%        
Equity carrying value   1.75        
Acquired ownership percentage, noncontrolling owner   9.80%        
Right to exchange ownership interest   7 years        
Right to repurchase ownership interest   3 years        
Right to repurchase ownership interest, maximum annual percentage   0.33333        
Minimum            
Accounts, Notes, Loans and Financing Receivable            
Length of economic forecast         1 year  
Maximum            
Accounts, Notes, Loans and Financing Receivable            
Length of economic forecast         2 years  
Harley-Davidson Financial Services            
Accounts, Notes, Loans and Financing Receivable            
Number of counterparties | counterparty     2   2  
Benefit to provision expense     $ 338,200,000      
Additional amount calculated in gain on sale     75,500,000      
Retail            
Accounts, Notes, Loans and Financing Receivable            
Benefit to provision expense     $ 307,162,000 (55,831,000) $ 206,386,000 (172,109,000)
Threshold period past due to be charged-off     120 days   120 days  
Reversal of accrued interest against interest income     $ 7,100,000 6,900,000 $ 24,700,000 24,000,000.0
Retail | Harley-Davidson Financial Services            
Accounts, Notes, Loans and Financing Receivable            
Sales of retail finance receivables, transferred to special purpose entities, percent of residual interest     95.00%   95.00%  
Number of counterparties | counterparty     2   2  
Financing receivable, held for sale     $ 4,080,000,000.00   $ 4,080,000,000.00  
Retail | Harley-Davidson Financial Services | Subsequent Event            
Accounts, Notes, Loans and Financing Receivable            
Number of counterparties | counterparty 2          
New loan originations, term period 5 years          
New loan originations expected to be purchased 0.66667          
Wholesale            
Accounts, Notes, Loans and Financing Receivable            
Benefit to provision expense     (5,663,000) (2,146,000) (7,959,000) (2,908,000)
Reversal of accrued interest against interest income     $ 1,800,000 0 $ 1,900,000 0
Increase (decrease) In accrued interest, write-off       $ 0   $ 0
v3.25.3
Finance Receivables - Schedule of Changes in the Allowance for Finance Credit Losses on Finance Receivables (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Financing Receivable, Allowance for Credit Loss          
Balance, beginning of period $ 399,293 $ 393,517 $ 401,183 $ 381,966 $ 381,966
Beginning balance, net     401,183    
Provision for credit losses (301,499) 57,977 (198,427) 175,017  
Charge-offs (49,256) (65,029) (188,737) (207,109)  
Recoveries 14,108 13,447 48,627 50,038  
Sale of Residual Interest in Securitizations (75,547)   (75,547)    
Balance, end of period   399,912   399,912 401,183
Ending balance, net (12,901) 399,912 (12,901) 399,912 401,183
Retail          
Financing Receivable, Allowance for Credit Loss          
Balance, beginning of period 374,828 377,826 378,373 367,037 367,037
Provision for credit losses (307,162) 55,831 (206,386) 172,109  
Charge-offs (44,555) (65,029) (183,395) (207,109) (290,006)
Recoveries 14,108 13,447 48,627 50,038  
Sale of Residual Interest in Securitizations (75,547)   (75,547)    
Balance, end of period   382,075   382,075 378,373
Ending balance, net (38,328)   (38,328)    
Wholesale          
Financing Receivable, Allowance for Credit Loss          
Balance, beginning of period 24,465 15,691 22,810 14,929 14,929
Provision for credit losses 5,663 2,146 7,959 2,908  
Charge-offs (4,701) 0 (5,342) 0 (1,462)
Recoveries 0 0 0 0  
Sale of Residual Interest in Securitizations 0   0    
Balance, end of period   $ 17,837   $ 17,837 $ 22,810
Ending balance, net $ 25,427   $ 25,427    
v3.25.3
Finance Receivables - Schedule of Financing Receivable Credit Quality Indicators (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Financing Receivable, Allowance for Credit Losses          
Total $ 1,870,648 $ 8,200,299 $ 1,870,648 $ 8,200,299 $ 7,689,477
Gross charge-offs          
Total 49,256 65,029 188,737 207,109  
Retail          
Financing Receivable, Allowance for Credit Losses          
Year 1 272,185 2,186,907 272,185 2,186,907 2,448,913
Year 2 226,281 1,966,753 226,281 1,966,753 1,780,330
Year 3 123,324 1,469,774 123,324 1,469,774 1,313,909
Year 4 50,014 803,189 50,014 803,189 702,736
Year 5 26,541 325,628 26,541 325,628 273,313
More than 5 years 5,949 209,724 5,949 209,724 161,905
Total 704,294 6,961,975 704,294 6,961,975 6,681,106
Gross charge-offs          
Year 1     2,897 4,767 18,563
Year 2     48,622 67,005 93,963
Year 3     54,146 68,921 91,421
Year 4     41,996 36,981 48,433
Year 5     21,747 15,599 20,019
More than 5 years     13,987 13,836 17,607
Total 44,555 65,029 183,395 207,109 290,006
Retail | UNITED STATES          
Financing Receivable, Allowance for Credit Losses          
Year 1   2,140,696   2,140,696 2,402,090
Year 2   1,920,574   1,920,574 1,741,316
Year 3   1,439,402   1,439,402 1,288,745
Year 4   787,314   787,314 689,938
Year 5   317,872   317,872 267,460
More than 5 years   205,507   205,507 159,001
Total   6,811,365   6,811,365 6,548,550
Gross charge-offs          
Year 1     2,771 4,680 18,322
Year 2     47,626 65,972 92,489
Year 3     53,155 67,945 90,023
Year 4     41,175 36,365 47,678
Year 5     21,364 15,270 19,628
More than 5 years     13,560 13,485 17,143
Total     179,651 203,717 285,283
Retail | CANADA          
Financing Receivable, Allowance for Credit Losses          
Year 1   46,211   46,211 46,823
Year 2   46,179   46,179 39,014
Year 3   30,372   30,372 25,164
Year 4   15,875   15,875 12,798
Year 5   7,756   7,756 5,853
More than 5 years   4,217   4,217 2,904
Total   150,610   150,610 132,556
Gross charge-offs          
Year 1     126 87 241
Year 2     996 1,033 1,474
Year 3     991 976 1,398
Year 4     821 616 755
Year 5     383 329 391
More than 5 years     427 351 464
Total     3,744 3,392 4,723
Retail | Super prime | UNITED STATES          
Financing Receivable, Allowance for Credit Losses          
Year 1 144,780 931,374 144,780 931,374 1,040,491
Year 2 120,456 769,173 120,456 769,173 694,941
Year 3 61,502 507,694 61,502 507,694 449,697
Year 4 19,838 241,713 19,838 241,713 206,974
Year 5 12,198 84,111 12,198 84,111 67,668
More than 5 years 2,011 39,590 2,011 39,590 28,606
Total 360,785 2,573,655 360,785 2,573,655 2,488,377
Retail | Super prime | CANADA          
Financing Receivable, Allowance for Credit Losses          
Year 1   35,280   35,280 36,011
Year 2   34,382   34,382 29,098
Year 3   21,186   21,186 17,468
Year 4   10,573   10,573 8,330
Year 5   4,410   4,410 3,179
More than 5 years   1,702   1,702 1,096
Total   107,533   107,533 95,182
Retail | Prime | UNITED STATES          
Financing Receivable, Allowance for Credit Losses          
Year 1 125,804 927,821 125,804 927,821 1,042,910
Year 2 104,939 901,954 104,939 901,954 821,719
Year 3 60,992 730,870 60,992 730,870 659,000
Year 4 29,368 410,721 29,368 410,721 363,507
Year 5 13,633 166,169 13,633 166,169 141,495
More than 5 years 2,767 106,766 2,767 106,766 82,771
Total 337,503 3,244,301 337,503 3,244,301 3,111,402
Retail | Prime | CANADA          
Financing Receivable, Allowance for Credit Losses          
Year 1   9,200   9,200 9,111
Year 2   10,340   10,340 8,687
Year 3   8,054   8,054 6,724
Year 4   4,812   4,812 4,033
Year 5   2,782   2,782 2,212
More than 5 years   2,124   2,124 1,524
Total   37,312   37,312 32,291
Retail | Sub-prime | UNITED STATES          
Financing Receivable, Allowance for Credit Losses          
Year 1 1,601 281,501 1,601 281,501 318,689
Year 2 886 249,447 886 249,447 224,656
Year 3 830 200,838 830 200,838 180,048
Year 4 808 134,880 808 134,880 119,457
Year 5 710 67,592 710 67,592 58,297
More than 5 years 1,171 59,151 1,171 59,151 47,624
Total $ 6,006 993,409 $ 6,006 993,409 948,771
Retail | Sub-prime | CANADA          
Financing Receivable, Allowance for Credit Losses          
Year 1   1,731   1,731 1,701
Year 2   1,457   1,457 1,229
Year 3   1,132   1,132 972
Year 4   490   490 435
Year 5   564   564 462
More than 5 years   391   391 284
Total   $ 5,765   $ 5,765 $ 5,083
v3.25.3
Finance Receivables - Schedule of Transfer​ of​ Financial​ Assets, off Balance sheet VEI's Portfolio (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Financing Receivable, Allowance for Credit Losses          
Principal Balances $ 1,870,648 $ 8,200,299 $ 1,870,648 $ 8,200,299 $ 7,689,477
Credit Losses (301,499) 57,977 (198,427) 175,017  
30+ Day Delinquent          
Financing Receivable, Allowance for Credit Losses          
Principal Balances 9,815 $ 164,795 9,815 $ 164,795 $ 182,215
Managed portfolio          
Financing Receivable, Allowance for Credit Losses          
Credit Losses 32,058   136,773    
Managed portfolio | 30+ Day Delinquent          
Financing Receivable, Allowance for Credit Losses          
Principal Balances 275,380   275,380    
Owned portfolio          
Financing Receivable, Allowance for Credit Losses          
Credit Losses 30,341   135,056    
Owned portfolio | 30+ Day Delinquent          
Financing Receivable, Allowance for Credit Losses          
Principal Balances 242,408   242,408    
Off-balance sheet portfolio          
Financing Receivable, Allowance for Credit Losses          
Credit Losses 1,717   1,717    
Off-balance sheet portfolio | 30+ Day Delinquent          
Financing Receivable, Allowance for Credit Losses          
Principal Balances $ 32,972   $ 32,972    
v3.25.3
Finance Receivables - Schedule of Recorded Investment of Retail and Wholesale Finance Receivables by Credit Quality Indicator (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Financing Receivable, Recorded Investment          
Total $ 1,870,648 $ 8,200,299 $ 1,870,648 $ 8,200,299 $ 7,689,477
Gross charge-offs          
Total 49,256 65,029 188,737 207,109  
Wholesale          
Financing Receivable, Recorded Investment          
Year 1 991,716 1,040,711 991,716 1,040,711 860,131
Year 2 122,641 145,019 122,641 145,019 95,743
Year 3 15,380 38,362 15,380 38,362 39,102
Year 4 34,370 2,567 34,370 2,567 1,702
Year 5 1,235 3,500 1,235 3,500 3,358
More than 5 years 1,012 8,165 1,012 8,165 8,335
Total 1,166,354 1,238,324 1,166,354 1,238,324 1,008,371
Gross charge-offs          
Year 1     2,401 0 709
Year 2     506 0 710
Year 3     134 0 42
Year 4     0 0 0
Year 5     0 0 0
More than 5 years     2,301 0 1
Total 4,701 0 5,342 0 1,462
Wholesale | Non-Performing          
Financing Receivable, Recorded Investment          
Year 1 933 1,986 933 1,986 6,430
Year 2 1,090 2,134 1,090 2,134 4,702
Year 3 282 122 282 122 129
Year 4 0 0 0 0 0
Year 5 0 0 0 0 0
More than 5 years 0 2 0 2 2
Total 2,305 4,244 2,305 4,244 11,263
Wholesale | Doubtful          
Financing Receivable, Recorded Investment          
Year 1 15,333 9,939 15,333 9,939 25,827
Year 2 7,473 4,043 7,473 4,043 3,869
Year 3 1,070 129 1,070 129 139
Year 4 20 0 20 0 0
Year 5 0 0 0 0 0
More than 5 years 0 5 0 5 8,196
Total 23,896 14,116 23,896 14,116 38,031
Wholesale | Substandard          
Financing Receivable, Recorded Investment          
Year 1 1,831 14,669 1,831 14,669 14,470
Year 2 1,796 3,391 1,796 3,391 2,928
Year 3 0 34 0 34 0
Year 4 0 0 0 0 0
Year 5 0 0 0 0 0
More than 5 years 0 0 0 0 0
Total 3,627 18,094 3,627 18,094 17,398
Wholesale | Special Mention          
Financing Receivable, Recorded Investment          
Year 1 16,109 4,527 16,109 4,527 3,162
Year 2 4,171 1,240 4,171 1,240 362
Year 3 175 58 175 58 19
Year 4 0 0 0 0 0
Year 5 59 0 59 0 0
More than 5 years 0 0 0 0 0
Total 20,514 5,825 20,514 5,825 3,543
Wholesale | Medium Risk          
Financing Receivable, Recorded Investment          
Year 1 36,215 615 36,215 615 1,471
Year 2 4,268 146 4,268 146 271
Year 3 752 0 752 0 0
Year 4 0 0 0 0 0
Year 5 0 0 0 0 0
More than 5 years 0 0 0 0 0
Total 41,235 761 41,235 761 1,742
Wholesale | Low Risk          
Financing Receivable, Recorded Investment          
Year 1 921,295 1,008,975 921,295 1,008,975 808,771
Year 2 103,843 134,065 103,843 134,065 83,611
Year 3 13,101 38,019 13,101 38,019 38,815
Year 4 34,350 2,567 34,350 2,567 1,702
Year 5 1,176 3,500 1,176 3,500 3,358
More than 5 years 1,012 8,158 1,012 8,158 137
Total $ 1,074,777 $ 1,195,284 $ 1,074,777 $ 1,195,284 $ 936,394
v3.25.3
Finance Receivables - Schedule of Information Related to Wholesale Finance Receivables on Non-Accrual Status (Details) - Wholesale - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost        
No related allowance recorded $ 184 $ 2,423 $ 7,510 $ 0
Related allowance recorded 2,121 1,821 3,753 0
Financing receivable, excluding accrued interest, nonaccrual 2,305 4,244 $ 11,263 $ 0
Interest Income Recognized        
No related allowance recorded 986 123    
Related allowance recorded 56 123    
Financing receivable, nonaccrual, interest income $ 1,042 $ 246    
v3.25.3
Finance Receivables - Schedule of Past Due Financing Receivables (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Financing Receivable, Recorded Investment, Past Due      
Principal Balances $ 1,870,648 $ 7,689,477 $ 8,200,299
Financing receivable, nonaccrual 666 526 502
Current      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 1,853,385 7,371,031 7,916,118
Total Past Due      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 17,263 318,446 284,181
30+ Day Delinquent      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 9,815 182,215 164,795
61-90 Days Past Due      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 1,855 69,975 62,319
Greater than 90 Days Past Due and Still Accruing      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 4,927 65,730 56,565
Retail finance receivables      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 704,294 6,681,106 6,961,975
Financing receivable, nonaccrual 0 0 0
Retail finance receivables | Current      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 693,233 6,368,447 6,679,994
Retail finance receivables | Total Past Due      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 11,061 312,659 281,981
Retail finance receivables | 30+ Day Delinquent      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 6,774 178,752 163,963
Retail finance receivables | 61-90 Days Past Due      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 1,292 69,257 61,542
Retail finance receivables | Greater than 90 Days Past Due and Still Accruing      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 2,995 64,650 56,476
Wholesale finance receivables      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 1,166,354 1,008,371 1,238,324
Financing receivable, nonaccrual 666 526 502
Wholesale finance receivables | Current      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 1,160,152 1,002,584 1,236,124
Wholesale finance receivables | Total Past Due      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 6,202 5,787 2,200
Wholesale finance receivables | 30+ Day Delinquent      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 3,041 3,463 832
Wholesale finance receivables | 61-90 Days Past Due      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances 563 718 777
Wholesale finance receivables | Greater than 90 Days Past Due and Still Accruing      
Financing Receivable, Recorded Investment, Past Due      
Principal Balances $ 1,932 $ 1,080 $ 89
v3.25.3
Derivative Financial Instruments and Hedging Activities -Schedule of Derivative Instrument Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Derivative Financial Instruments Not Designated as Hedging Instruments      
Derivatives, Fair Value      
Notional Value $ 3,247 $ 276,486 $ 353,235
Assets 15 2 10
Liabilities 7 163 365
Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments      
Derivatives, Fair Value      
Notional Value 1,780,922 1,215,765 1,837,754
Assets 116,733 19,837 19,794
Liabilities 7,440 34,857 13,870
Foreign currency contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments      
Derivatives, Fair Value      
Notional Value 362,988 455,322 416,405
Assets 1,501 19,778 106
Liabilities 7,359 148 9,168
Commodity contracts | Derivative Financial Instruments Not Designated as Hedging Instruments      
Derivatives, Fair Value      
Notional Value 3,247 3,489 3,538
Assets 15 0 0
Liabilities 7 163 365
Commodity contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments      
Derivatives, Fair Value      
Notional Value 940 663 789
Assets 0 59 25
Liabilities 81 0 0
Cross-currency swaps | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments      
Derivatives, Fair Value      
Notional Value 1,416,994 759,780 1,420,560
Assets 115,232 0 19,663
Liabilities 0 34,709 4,702
Cross-currency swaps | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Accrued Liabilities, Current      
Derivatives, Fair Value      
Liabilities   34,700  
Cross-currency swaps | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Other Noncurrent Assets      
Derivatives, Fair Value      
Assets 52,300   19,700
Interest rate caps | Derivative Financial Instruments Not Designated as Hedging Instruments      
Derivatives, Fair Value      
Notional Value 0 272,997 349,697
Assets 0 2 10
Liabilities $ 0 $ 0 $ 0
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Amount of Gains and Losses Related to Derivative Financial Instruments (Details) - Cash Flow Hedging - Derivative Financial Instruments Designated as Cash Flow Hedging Instruments - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss)        
Gain/(Loss) Recognized in OCI $ (12,579) $ 33,662 $ 123,684 $ 6,911
Gain/(Loss) Reclassified from AOCL into Income (4,435) 64,997 155,044 29,243
Foreign currency contracts        
Derivative Instruments, Gain (Loss)        
Gain/(Loss) Recognized in OCI 4,410 (14,470) (26,136) 8,311
Gain/(Loss) Reclassified from AOCL into Income (6,293) 6,749 2,855 13,718
Commodity contracts        
Derivative Instruments, Gain (Loss)        
Gain/(Loss) Recognized in OCI (112) (35) (121) (148)
Gain/(Loss) Reclassified from AOCL into Income (39) (62) 19 (306)
Cross-currency swaps        
Derivative Instruments, Gain (Loss)        
Gain/(Loss) Recognized in OCI (16,877) 48,167 149,941 3,041
Gain/(Loss) Reclassified from AOCL into Income 2,227 58,669 153,216 16,523
Treasury rate lock contracts        
Derivative Instruments, Gain (Loss)        
Gain/(Loss) Recognized in OCI 0 0 0 (4,293)
Gain/(Loss) Reclassified from AOCL into Income (181) (210) (603) (247)
Swap rate lock contracts        
Derivative Instruments, Gain (Loss)        
Gain/(Loss) Recognized in OCI 0 0 0 0
Gain/(Loss) Reclassified from AOCL into Income $ (149) $ (149) $ (443) $ (445)
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Amount of Gains and Losses Recognized in Income Related to Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative        
Motorcycles and related products cost of goods sold $ 798,683 $ 618,580 $ 2,320,261 $ 2,566,272
Selling, administrative and engineering expense 292,885 273,879 849,098 870,985
Interest expense 10,182 7,707 25,564 23,066
Financial services interest expense 75,883 94,463 258,391 276,943
Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (4,435) 64,997 155,044 29,243
Foreign currency contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (6,293) 6,749 2,855 13,718
Foreign currency contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Motorcycles and related products cost of goods sold        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (6,293) 6,749 2,855 13,718
Commodity contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (39) (62) 19 (306)
Commodity contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Motorcycles and related products cost of goods sold        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (39) (62) 19 (306)
Cross-currency swaps | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income 2,227 58,669 153,216 16,523
Cross-currency swaps | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Selling, administrative & engineering expense        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income 2,227 58,669 153,216 16,523
Treasury rate lock contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (181) (210) (603) (247)
Treasury rate lock contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Interest expense        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (61) (90) (243) (272)
Treasury rate lock contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Financial services interest expense        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (120) (120) (360) 25
Swap rate lock contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income (149) (149) (443) (445)
Swap rate lock contracts | Cash Flow Hedging | Derivative Financial Instruments Designated as Cash Flow Hedging Instruments | Financial services interest expense        
Derivative        
Gain/(Loss) Reclassified from AOCL into Income $ (149) $ (149) $ (443) $ (445)
v3.25.3
Derivative Financial Instruments and Hedging Activities - Additional Information (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Expected gain (loss) to be reclassified in next twelve months $ 64.4
v3.25.3
Derivative Financial Instruments and Hedging Activities - Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - Derivative Financial Instruments Not Designated as Hedging Instruments - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative        
Amount of Gain/(Loss) Recognized in Income $ 462 $ (3,536) $ 5,705 $ (1,241)
Foreign currency contracts | Cost of Sales        
Derivative        
Amount of Gain/(Loss) Recognized in Income 387 (2,943) 5,753 (250)
Commodity contracts | Cost of Sales        
Derivative        
Amount of Gain/(Loss) Recognized in Income 75 (344) (46) (537)
Interest rate caps | Cost of Sales        
Derivative        
Amount of Gain/(Loss) Recognized in Income $ 0 $ (249) $ (2) $ (454)
v3.25.3
Debt - Schedule of Short-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Short-term Debt      
Short-term debt $ 684,741 $ 640,204 $ 497,373
Unsecured commercial paper      
Short-term Debt      
Short-term debt $ 684,741 $ 640,204 $ 497,373
v3.25.3
Debt - Schedule of Long-term Debt (Details)
$ in Thousands, € in Millions
Sep. 30, 2025
USD ($)
Sep. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Debt Instrument            
Unamortized discounts and debt issuance costs $ (22,705)          
Long-term debt 4,477,080   $ 6,320,178   $ 7,301,042  
Current portion of long-term debt, net (1,329,244)   (1,851,513)   (2,561,535)  
Long-term debt, net 3,147,836   4,468,665   4,739,507  
Secured debt:            
Debt Instrument            
Unamortized discounts and debt issuance costs (472)   (6,245)   (7,726)  
Long-term debt 511,779   2,459,365   2,717,852  
Medium-term notes            
Debt Instrument            
Unamortized discounts and debt issuance costs (17,741)   (13,091)   (14,800)  
Long-term debt 3,219,793   3,114,013   3,836,572  
Term loan:            
Debt Instrument            
Unamortized discounts and debt issuance costs (1,739)   0   0  
Long-term debt 448,261   0   0  
Senior notes            
Debt Instrument            
Unamortized discounts and debt issuance costs (2,753)   (3,200)   (3,382)  
Long-term debt 297,247   746,800   746,618  
Unsecured Debt            
Debt Instrument            
Long-term debt 3,965,301   3,860,813   4,583,190  
Asset-backed Canadian commercial paper conduit facility | Secured debt:            
Debt Instrument            
Long-term debt, gross 49,642   77,381   94,142  
Asset-backed U.S. commercial paper conduit facility | Secured debt:            
Debt Instrument            
Long-term debt, gross 399,502   431,846   378,968  
Asset-backed securitization debt | Secured debt:            
Debt Instrument            
Long-term debt, gross $ 63,107   1,956,383   2,252,468  
Due in 2024, issued November 2019 | Medium-term notes            
Debt Instrument            
Debt instrument, stated percentage 3.14% 3.14%        
Long-term debt, gross $ 0   0   669,864 € 600.0
Due in 2025, issued June 2020 | Medium-term notes            
Debt Instrument            
Debt instrument, stated percentage 3.35% 3.35%        
Long-term debt, gross $ 0   700,000   700,000  
Due in 2026, issued April 2023 | Medium-term notes            
Debt Instrument            
Debt instrument, stated percentage 6.36% 6.36%        
Long-term debt, gross $ 821,583 € 700.0 727,104 € 700.0 781,508 € 700.0
Due in 2027, issued February 2022 | Medium-term notes            
Debt Instrument            
Debt instrument, stated percentage 3.05% 3.05%        
Long-term debt, gross $ 500,000   500,000   500,000  
Due in 2028, issued March 2023 | Medium-term notes            
Debt Instrument            
Debt instrument, stated percentage 6.50% 6.50%        
Long-term debt, gross $ 700,000   700,000   700,000  
Due in 2029, issued June 2024 | Medium-term notes            
Debt Instrument            
Debt instrument, stated percentage 5.95% 5.95%        
Long-term debt, gross $ 500,000   500,000   500,000  
Due in 2030, issued March 2025 | Medium-term notes            
Debt Instrument            
Debt instrument, stated percentage 5.61% 5.61%        
Long-term debt, gross $ 715,951 € 610.0 0   0  
Due in 2025, issued July 2015 | Senior notes            
Debt Instrument            
Debt instrument, stated percentage 3.50% 3.50%        
Long-term debt, gross $ 0   450,000   450,000  
Due in 2045, issued July 2015 | Senior notes            
Debt Instrument            
Debt instrument, stated percentage 4.625% 4.625%        
Long-term debt, gross $ 300,000   300,000   300,000  
Due in 2027, issued July 2025 | Term loan:            
Debt Instrument            
Long-term debt, gross $ 450,000   $ 0   $ 0  
v3.25.3
Debt - Schedule of Maturities of Long-term debt (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
2025 $ 1,196,993
2026 821,583
2027 950,000
2028 700,000
2029 500,000
Thereafter 1,015,950
Future principal payments 5,184,526
Unamortized discounts and debt issuance costs (22,705)
Total future payments $ 5,161,821
v3.25.3
Asset-Backed Financing -Schedule of Assets and Liabilities of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Finance receivables      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount $ 843,506 $ 3,051,035 $ 3,290,187
Transfers accounted for as secured borrowings, assets, allowance for credit losses, carrying amount 0 (172,737) (180,443)
Restricted cash      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 51,530 151,246 163,037
Other assets      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 3,551 7,598 6,208
Total assets      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 898,587 3,037,142 3,278,989
Asset-backed debt, net      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, associated liabilities, carrying amount 511,779 2,459,365 2,717,852
Consolidated VIEs | Finance receivables | Asset-backed securitizations      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 334,759 2,470,147 2,772,473
Transfers accounted for as secured borrowings, assets, allowance for credit losses, carrying amount 0 (140,632) (152,943)
Consolidated VIEs | Finance receivables | Asset-backed U.S. commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 450,702 490,766 408,515
Transfers accounted for as secured borrowings, assets, allowance for credit losses, carrying amount 0 (27,890) (22,501)
Consolidated VIEs | Restricted cash | Asset-backed securitizations      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 18,655 118,310 131,459
Consolidated VIEs | Restricted cash | Asset-backed U.S. commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 29,084 28,201 25,124
Consolidated VIEs | Other assets | Asset-backed securitizations      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 1,491 5,260 4,523
Consolidated VIEs | Other assets | Asset-backed U.S. commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 1,917 2,104 1,522
Consolidated VIEs | Total assets | Asset-backed securitizations      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 354,905 2,453,085 2,755,512
Consolidated VIEs | Total assets | Asset-backed U.S. commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 481,703 493,181 412,660
Consolidated VIEs | Asset-backed debt, net | Asset-backed securitizations      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, associated liabilities, carrying amount 62,635 1,950,138 2,244,742
Consolidated VIEs | Asset-backed debt, net | Asset-backed U.S. commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, associated liabilities, carrying amount 399,502 431,846 378,968
Unconsolidated VIEs | Finance receivables | Asset-backed Canadian commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 58,045 90,122 109,199
Transfers accounted for as secured borrowings, assets, allowance for credit losses, carrying amount 0 (4,215) (4,999)
Unconsolidated VIEs | Restricted cash | Asset-backed Canadian commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 3,791 4,735 6,454
Unconsolidated VIEs | Other assets | Asset-backed Canadian commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 143 234 163
Unconsolidated VIEs | Total assets | Asset-backed Canadian commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, assets, carrying amount 61,979 90,876 110,817
Unconsolidated VIEs | Asset-backed debt, net | Asset-backed Canadian commercial paper conduit facility      
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings      
Transfers accounts for as secured borrowings, associated liabilities, carrying amount $ 49,642 $ 77,381 $ 94,142
v3.25.3
Asset-Backed Financing - Schedule of Transfer of Financial Assets Accounted for as Sales (Details) - Consolidated VIEs - Secured debt: - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
U.S. Line of Credit | Asset-Backed Securitization VIE | SPE                
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings                
Transfers $ 0.0 $ 584.4 $ 0.0 $ 663.1 $ 607.8 $ 0.0 $ 584.4 $ 1,270.9
Proceeds 0.0 500.0 0.0 600.0 550.0 0.0 500.0 1,150.0
Proceeds, net 0.0 497.8 0.0 597.6 547.6 0.0 497.8 1,145.2
U.S. Line of Credit | Asset-backed U.S. commercial paper conduit facility                
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings                
Transfers 0.0 0.0 179.5 0.0 0.0 334.8 179.5 334.8
Proceeds $ 0.0 $ 0.0 $ 155.0 0.0 0.0 306.0 155.0 306.0
Foreign Line of Credit | Asset-backed Canadian commercial paper conduit facility                
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings                
Transfers       17.9 20.6 34.9 $ 0.0 73.4
Proceeds       $ 14.7 $ 16.9 $ 28.6   $ 60.2
v3.25.3
Asset-Backed Financing - Additional Information (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Jul. 31, 2025
Sep. 30, 2025
USD ($)
counterparty
note
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2025
USD ($)
counterparty
note
Sep. 30, 2024
USD ($)
Sep. 30, 2025
CAD ($)
counterparty
note
Nov. 30, 2024
USD ($)
Variable Interest Entity                      
Number of asset backed securitizations secured notes | note   1           1   1  
Proceeds from sale of securitization beneficial interests, net               $ 125,369,000 $ 0    
Financial services   $ 261,188,000     $ 269,482,000     763,587,000 781,818,000    
Servicing prime loans per annum fee percentage 1.00%                    
Retail | Retained Notes                      
Variable Interest Entity                      
VIE, maximum loss exposure, amount   $ 92,300,000           $ 92,300,000      
Harley-Davidson Financial Services                      
Variable Interest Entity                      
Number of counterparties | counterparty   2           2   2  
Harley-Davidson Financial Services | Retail                      
Variable Interest Entity                      
Sales of retail finance receivables, transferred to special purpose entities, percent of residual interest   95.00%           95.00%   95.00%  
Number of counterparties | counterparty   2           2   2  
Cash   $ 234,617,000           $ 234,617,000      
Proceeds from sale of securitization beneficial interests, net   125,400,000                  
Gain (loss) on sale of financing receivable   27,000,000                  
Servicing, late, and ancillary fees received   $ 3,695,000           $ 3,695,000      
Harley-Davidson Financial Services | Retail | Retained Notes                      
Variable Interest Entity                      
Percent of residual interest retained   5.00%                  
Harley-Davidson Financial Services | Retail | Residual Interests                      
Variable Interest Entity                      
Percent of residual interest retained   5.00%                  
Unconsolidated VIEs | U.S. Line of Credit | Asset-Backed U.S. Commercial Paper Conduit Facility VIE, Combined Facilities | Secured debt:                      
Variable Interest Entity                      
Maximum borrowing capacity                     $ 1,500,000,000
Unconsolidated VIEs | Foreign Line of Credit | Asset-backed Canadian commercial paper conduit facility | Secured debt:                      
Variable Interest Entity                      
Maximum borrowing capacity                   $ 165.0  
Length of option               5 years      
VIE, maximum loss exposure, amount   $ 12,300,000           $ 12,300,000      
Consolidated VIEs | U.S. Line of Credit | Asset-backed U.S. commercial paper conduit facility | Secured debt:                      
Variable Interest Entity                      
Length of option               4 years      
Transfers   $ 0 $ 0 $ 179,500,000 0 $ 0 $ 334,800,000 $ 179,500,000 334,800,000    
Consolidated VIEs | Foreign Line of Credit | Asset-backed Canadian commercial paper conduit facility | Secured debt:                      
Variable Interest Entity                      
Transfers         $ 17,900,000 $ 20,600,000 $ 34,900,000 $ 0 $ 73,400,000    
v3.25.3
Fair Value - Schedule of Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets:      
Cash equivalents $ 1,474,496 $ 1,275,561 $ 1,847,818
Marketable securities 32,493 32,070 33,816
Derivative financial instruments 116,748 19,839 19,804
Investments in Retained Notes 80,204    
Investments in Residual Interests 12,086    
Assets, fair value 1,716,027 1,327,470 1,901,438
Liabilities:      
Derivative financial instruments 7,447 35,020 14,235
LiveWire warrants 2,204 1,549 3,189
Liabilities, fair value disclosure 9,651 36,569 17,424
Level 1      
Assets:      
Cash equivalents 1,244,794 1,000,933 1,603,315
Marketable securities 32,493 32,070 33,816
Derivative financial instruments 0 0 0
Investments in Retained Notes 0    
Investments in Residual Interests 0    
Assets, fair value 1,277,287 1,033,003 1,637,131
Liabilities:      
Derivative financial instruments 0 0 0
LiveWire warrants 1,442 1,013 2,086
Liabilities, fair value disclosure 1,442 1,013 2,086
Level 2      
Assets:      
Cash equivalents 229,702 274,628 244,503
Marketable securities 0 0 0
Derivative financial instruments 116,748 19,839 19,804
Investments in Retained Notes 80,204    
Investments in Residual Interests 0    
Assets, fair value 426,654 294,467 264,307
Liabilities:      
Derivative financial instruments 7,447 35,020 14,235
LiveWire warrants 762 536 1,103
Liabilities, fair value disclosure 8,209 35,556 15,338
Level 3      
Assets:      
Cash equivalents 0 0 0
Marketable securities 0 0 0
Derivative financial instruments 0 0 0
Investments in Retained Notes 0    
Investments in Residual Interests 12,086    
Assets, fair value 12,086 0 0
Liabilities:      
Derivative financial instruments 0 0 0
LiveWire warrants
Liabilities, fair value disclosure $ 0 $ 0 $ 0
v3.25.3
Fair Value - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jul. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis        
Fair Value $ 92,290      
Fair Value Adjustment | Fair Value, Measurements, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis        
Repossessed inventory     $ (18,400) $ (16,800)
Retained Notes        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis        
Fair Value 80,204      
Residual Interests        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis        
Fair Value 12,086      
Level 2 | Estimate of Fair Value Measurement | Fair Value, Measurements, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis        
Repossessed inventory $ 38,000   $ 27,100 $ 24,300
Level 2 | Retained Notes        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis        
Fair Value   $ 88,600    
Level 3 | Residual Interests        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis        
Fair Value   $ 12,300    
v3.25.3
Fair Value - Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Level 3
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Beginning balance $ 0
Initial Fair Value 12,348
Investment Proceeds (808)
Unrealized gain/(loss) included in Other Comprehensive Loss 546
Ending balance $ 12,086
v3.25.3
Fair Value - Fair Value Measurement Inputs and Valuation Techniques (Details) - Residual Interests
Sep. 30, 2025
Jul. 30, 2025
Recovery rate on defaulted receivables    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.5000 0.5000
Prepayment speed    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.0140 0.0140
Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.1500 0.1500
Minimum | Expected cumulative lifetime losses    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.0153 0.0156
Minimum | Weighted-average life (in years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.77 0.85
Maximum | Expected cumulative lifetime losses    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.0282 0.0265
Maximum | Weighted-average life (in years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 2.53 2.49
Weighted Average | Recovery rate on defaulted receivables    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.5000 0.5000
Weighted Average | Prepayment speed    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.0140 0.0140
Weighted Average | Expected cumulative lifetime losses    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.0239 0.0233
Weighted Average | Weighted-average life (in years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 1.90 1.91
Weighted Average | Discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.1500 0.1500
v3.25.3
Fair Value - Schedule of Sensitivity Analysis of Fair Value, Investment in Retained Notes and Residual Interests (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Jul. 30, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 92,290  
Retained Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 80,204  
Residual Interests    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 12,086  
Discount rate    
Retained Notes [Abstract]    
Impact on fair value of a 50 bps adverse change (401)  
Impact on fair value of a 100 bps adverse change (745)  
Residual Interests [Abstract]    
Impact on fair value of a 25 bps adverse change (53)  
Impact on fair value of a 50 bps adverse change $ (105)  
Discount rate | Residual Interests    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.1500 0.1500
Prepayment speed    
Residual Interests [Abstract]    
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)  
Prepayment speed | Residual Interests    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 0.0140 0.0140
Expected cumulative lifetime losses    
Residual Interests [Abstract]    
Impact on fair value of a 25 bps adverse change $ (221)  
Impact on fair value of a 50 bps adverse change $ (436)  
Weighted-average life (in years) | Retained Notes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities, available-for-sale, measurement input 1.98  
v3.25.3
Fair Value - Summary Of the Unrealized Positions for Available for Sale Residual Interests and Retained Notes (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Accounts, Notes, Loans and Financing Receivable  
Amortized Cost $ 91,572
Unrealized Gains 718
Fair Value 92,290
Residual Interests  
Accounts, Notes, Loans and Financing Receivable  
Amortized Cost 11,540
Unrealized Gains 546
Fair Value 12,086
Retained Notes  
Accounts, Notes, Loans and Financing Receivable  
Amortized Cost 80,032
Unrealized Gains 172
Fair Value $ 80,204
v3.25.3
Fair Value - Schedule of Fair Value, Cash Flows Received/Paid to all Motorcycle Loan Securitization Trusts (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Collection of retained securitization beneficial interests   $ 9,353 $ 0
Harley-Davidson Financial Services | Retail      
Fair Value, Balance Sheet Grouping, Financial Statement Captions      
Proceeds from sale of securitization beneficial interests, net $ 234,617 234,617  
Servicing, late, and ancillary fees received 3,695 3,695  
Collection of retained securitization beneficial interests 9,353 9,353  
Restricted cash divested from deconsolidation $ 109,200 $ 109,200  
v3.25.3
Fair Value - Schedule of Fair Value and Carrying Value of Company Financial Instruments (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets:      
Finance receivables held for sale, net $ 4,080,885 $ 0 $ 0
Finance receivables held for investment, net 1,883,549 7,288,294 7,800,387
Estimated recovery 59,100    
Fair Value      
Assets:      
Finance receivables held for sale, net 4,090,641 0 0
Finance receivables held for investment, net 1,841,091 7,342,319 7,865,082
Liabilities:      
Deposits, net 555,311 555,902 551,806
Fair Value | Medium-term notes      
Debt:      
Long-term debt, fair value 3,308,179 3,127,710 3,882,407
Fair Value | Term loans      
Debt:      
Long-term debt, fair value 448,261 0 0
Fair Value | Senior notes      
Debt:      
Long-term debt, fair value 241,899 683,624 703,108
Fair Value | Asset-backed U.S. commercial paper conduit facility | Secured debt:      
Debt:      
Long-term debt, fair value 399,502 431,846 378,968
Fair Value | Asset-backed Canadian commercial paper conduit facility | Secured debt:      
Debt:      
Long-term debt, fair value 49,642 77,381 94,142
Fair Value | Asset-backed securitization debt | Secured debt:      
Debt:      
Long-term debt, fair value 63,107 1,955,006 2,258,289
Fair Value | Unsecured commercial paper      
Debt:      
Short-term debt, fair value 684,741 640,204 497,373
Carrying Value      
Assets:      
Finance receivables held for sale, net 4,080,885 0 0
Finance receivables held for investment, net 1,824,360 7,288,294 7,800,387
Liabilities:      
Deposits, net 554,468 550,586 549,010
Carrying Value | Medium-term notes      
Debt:      
Long-term debt, fair value 3,219,793 3,114,013 3,836,572
Carrying Value | Term loans      
Debt:      
Long-term debt, fair value 448,261 0 0
Carrying Value | Senior notes      
Debt:      
Long-term debt, fair value 297,247 746,800 746,618
Carrying Value | Asset-backed U.S. commercial paper conduit facility | Secured debt:      
Debt:      
Long-term debt, fair value 399,502 431,846 378,968
Carrying Value | Asset-backed Canadian commercial paper conduit facility | Secured debt:      
Debt:      
Long-term debt, fair value 49,642 77,381 94,142
Carrying Value | Asset-backed securitization debt | Secured debt:      
Debt:      
Long-term debt, fair value 62,635 1,950,138 2,244,742
Carrying Value | Unsecured commercial paper      
Debt:      
Short-term debt, fair value $ 684,741 $ 640,204 $ 497,373
v3.25.3
Product Warranty and Recall Campaigns - Additional Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Product Information            
Liability for recall campaigns $ 78,893 $ 73,949 $ 71,591 $ 79,073 $ 69,633 $ 64,144
Recall Campaign            
Product Information            
Liability for recall campaigns $ 26,900   $ 21,000 $ 23,900    
Motorcycle finished goods            
Product Information            
Standard product warranty, period 3 years          
Motorcycle finished goods | All Countries, Except Certain Markets            
Product Information            
Standard product warranty, period 2 years          
Battery for electric motorcycles            
Product Information            
Unlimited warranty period 5 years          
Parts and accessories and apparel            
Product Information            
Standard product warranty, period 1 year          
v3.25.3
Product Warranty and Recall Campaigns - Schedule of Warranty and Recall Liability (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Movement in Standard Product Warranty Accrual        
Balance, beginning of period $ 73,949 $ 69,633 $ 71,591 $ 64,144
Warranties issued during the period 12,390 10,150 36,445 39,338
Settlements made during the period (15,972) (16,001) (43,382) (45,846)
Recalls and changes to pre-existing warranty liabilities 8,526 15,291 14,239 21,437
Balance, end of period $ 78,893 $ 79,073 $ 78,893 $ 79,073
v3.25.3
Employee Benefit Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pension and SERPA Benefits:        
Defined Benefit Plan Disclosure        
Service cost $ 963 $ 1,175 $ 2,889 $ 3,525
Interest cost 20,501 20,118 61,505 60,355
Expected return on plan assets (32,799) (33,143) (98,397) (99,429)
Amortization of unrecognized: Prior service cost 380 188 1,140 564
Amortization of unrecognized: Net (gain) loss (174) (163) (522) (489)
Special retirement benefit cost 0 0 0 1,722
Net periodic benefit income (11,129) (11,825) (33,385) (33,752)
Postretirement Healthcare Benefits:        
Defined Benefit Plan Disclosure        
Service cost 643 723 1,929 2,169
Interest cost 2,618 2,694 7,854 8,082
Expected return on plan assets (4,675) (4,424) (14,025) (13,272)
Amortization of unrecognized: Prior service cost 149 149 447 447
Amortization of unrecognized: Net (gain) loss (1,369) (1,250) (4,107) (3,750)
Net periodic benefit income $ (2,634) $ (2,108) $ (7,902) $ (6,324)
v3.25.3
Commitments and Contingencies (Details) - USD ($)
 1 Months Ended
Nov. 30, 2024
Aug. 31, 2024
Sep. 30, 2025
Loss Contingencies [Line Items]      
Product liability, damages awarded $ 81,000,000 $ 288,000,000  
Loss contingency, remaining liability     $ 0
Minimum      
Loss Contingencies [Line Items]      
Estimate cost     140,000,000
Maximum      
Loss Contingencies [Line Items]      
Estimate cost     $ 450,000,000
v3.25.3
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Balance, beginning of period $ 3,307,933 $ 3,173,690 $ 3,158,500 $ 3,433,316 $ 3,336,086 $ 3,252,295 $ 3,158,500 $ 3,252,295
Other comprehensive (loss) income (7,863) 39,761 (5,477) 39,161 (5,316) (27,596) 26,421 6,249
Balance, end of period 3,561,379 3,307,933 3,173,690 3,425,112 3,433,316 3,336,086 3,561,379 3,425,112
Accumulated Other Comprehensive Loss                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Balance, beginning of period (298,422) (338,183) (332,706) (337,874) (332,558) (304,962) (332,706) (304,962)
Other comprehensive (loss) income, before reclassifications (12,998)     97,584     178,933 32,633
Income tax (expense) benefit 2,511     (8,078)     (32,099) (1,648)
Other comprehensive income (loss), before reclassifications, net of tax (10,487)     89,506     146,834 30,985
Reclassifications: 3,421     (66,073)     (158,086) (32,471)
Income tax (expense) benefit (797)     15,728     37,673 7,735
Reclassification from accumulated other comprehensive income, current period, net of tax 2,624     (50,345)     (120,413) (24,736)
Other comprehensive (loss) income (7,863) 39,761 (5,477) 39,161 (5,316) (27,596) 26,421 6,249
Balance, end of period (306,285) (298,422) (338,183) (298,713) (337,874) (332,558) (306,285) (298,713)
Foreign currency translation adjustments                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Balance, beginning of period (37,441)   (91,102) (106,928)   (68,739) (91,102) (68,739)
Other comprehensive (loss) income, before reclassifications (1,137)     63,922     54,531 25,722
Income tax (expense) benefit (505)     0     (2,512) 11
Other comprehensive income (loss), before reclassifications, net of tax (1,642)     63,922     52,019 25,733
Reclassifications: 0     0     0 0
Income tax (expense) benefit 0     0     0 0
Reclassification from accumulated other comprehensive income, current period, net of tax 0     0     0 0
Other comprehensive (loss) income (1,642)     63,922     52,019 25,733
Balance, end of period (39,083) (37,441)   (43,006) (106,928)   (39,083) (43,006)
Derivative financial instruments                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Balance, beginning of period (10,282)   7,542 323   (6,601) 7,542 (6,601)
Other comprehensive (loss) income, before reclassifications (12,579)     33,662     123,684 6,911
Income tax (expense) benefit 3,016     (8,078)     (29,587) (1,659)
Other comprehensive income (loss), before reclassifications, net of tax (9,563)     25,584     94,097 5,252
Reclassifications: 4,435     (64,997)     (155,044) (29,243)
Income tax (expense) benefit (1,035)     15,473     36,960 6,975
Reclassification from accumulated other comprehensive income, current period, net of tax 3,400     (49,524)     (118,084) (22,268)
Other comprehensive (loss) income (6,163)     (23,940)     (23,987) (17,016)
Balance, end of period (16,445) (10,282)   (23,617) 323   (16,445) (23,617)
Available for sale securities                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Balance, beginning of period 0   0 0     0  
Other comprehensive (loss) income, before reclassifications 718           718  
Income tax (expense) benefit 0           0  
Other comprehensive income (loss), before reclassifications, net of tax 718           718  
Other comprehensive (loss) income 718           718  
Balance, end of period 718 0   0 0   718 0
Pension and postretirement benefit plans                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Balance, beginning of period (250,699)   $ (249,146) (231,269)   $ (229,622) (249,146) (229,622)
Other comprehensive (loss) income, before reclassifications 0     0     0 0
Income tax (expense) benefit 0     0     0 0
Other comprehensive income (loss), before reclassifications, net of tax 0     0     0 0
Reclassifications: (1,014)     (1,076)     (3,042) (3,228)
Income tax (expense) benefit 238     255     713 760
Reclassification from accumulated other comprehensive income, current period, net of tax (776)     (821)     (2,329) (2,468)
Other comprehensive (loss) income (776)     (821)     (2,329) (2,468)
Balance, end of period (251,475) $ (250,699)   (232,090) $ (231,269)   (251,475) (232,090)
Pension and Postretirement Benefit Plans - Prior Service Credits                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Reclassifications: 529     337     1,587 1,011
Pension and Postretirement Benefit Plans - Actuarial Losses (Gains)                
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]                
Reclassifications: $ (1,543)     $ (1,413)     $ (4,629) $ (4,239)
v3.25.3
Reportable Segments - Additional Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.3
Reportable Segments - Schedule of Selected Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information        
Revenue $ 1,079,522 $ 881,213 $ 3,213,431 $ 3,717,375
Motorcycles and related products cost of goods sold 798,683 618,580 2,320,261 2,566,272
Financial services revenue 261,188 269,482 763,587 781,818
Financial services interest expense 75,883 94,463 258,391 276,943
Financial services provision for credit losses (301,499) 57,977 (198,427) 175,017
Selling, administrative and engineering expense 292,885 273,879 849,098 870,985
Operating income 474,758 105,796 747,695 609,976
HDMC        
Segment Reporting Information        
Revenue 1,073,959 876,405 3,199,113 3,701,417
Motorcycles and related products cost of goods sold 790,849 612,592 2,302,054 2,543,407
Gross profit 283,110 263,813 897,059 1,158,010
People expenses 92,212 76,197 264,086 289,944
Marketing and advertising expenses 40,610 30,850 121,524 96,070
Other segment items 96,169 101,629 279,742 280,508
Operating income 54,119 55,137 231,707 491,488
LiveWire        
Segment Reporting Information        
Revenue 5,563 4,808 14,318 15,958
Motorcycles and related products cost of goods sold 7,834 5,988 18,207 22,865
Gross profit (2,271) (1,180) (3,889) (6,907)
Selling, administrative and engineering expense 15,910 24,905 52,752 76,587
Operating income (18,181) (26,085) (56,641) (83,494)
HDFS        
Segment Reporting Information        
Financial services revenue 261,188 269,482 763,587 781,818
Financial services interest expense 75,883 94,463 258,391 276,943
Financial services provision for credit losses (301,499) 57,977 (198,427) 175,017
Selling, administrative and engineering expense 47,984 40,298 130,994 127,876
Operating income $ 438,820 $ 76,744 $ 572,629 $ 201,982
v3.25.3
Reportable Segments - Schedule of Information by Industry Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information          
Assets: $ 10,566,384 $ 13,026,659 $ 10,566,384 $ 13,026,659 $ 11,881,579
Depreciation and Amortization: 44,210 39,192 126,339 119,568  
Capital expenditures:     102,090 140,424  
HDMC          
Segment Reporting Information          
Assets: 3,545,022 3,654,334 3,545,022 3,654,334 3,630,710
Depreciation and Amortization: 39,472 34,142 111,151 104,868  
Capital expenditures:     98,894 132,634  
LiveWire          
Segment Reporting Information          
Assets: 89,220 178,298 89,220 178,298 147,960
Depreciation and Amortization: 2,354 2,695 8,027 7,737  
Capital expenditures:     2,778 6,661  
HDFS          
Segment Reporting Information          
Assets: 6,932,142 9,194,027 6,932,142 9,194,027 $ 8,102,909
Depreciation and Amortization: $ 2,384 $ 2,355 7,161 6,963  
Capital expenditures:     $ 418 $ 1,129  
v3.25.3
Supplemental Consolidating Data - Schedule of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:                
Motorcycles and related products $ 1,079,522     $ 881,213     $ 3,213,431 $ 3,717,375
Financial services 261,188     269,482     763,587 781,818
Total revenue 1,340,710     1,150,695     3,977,018 4,499,193
Costs and expenses:                
Motorcycles and related products cost of goods sold 798,683     618,580     2,320,261 2,566,272
Financial services interest expense 75,883     94,463     258,391 276,943
Credit Losses (301,499)     57,977     (198,427) 175,017
Selling, administrative and engineering expense 292,885     273,879     849,098 870,985
Total costs and expenses 865,952     1,044,899     3,229,323 3,889,217
Operating income 474,758     105,796     747,695 609,976
Other income, net 14,706     18,408     45,456 54,851
Investment income 12,267     16,450     32,158 45,665
Interest expense 10,182     7,707     25,564 23,066
Income before income taxes 491,549     132,947     799,745 687,426
Income tax provision 116,384     16,980     188,036 123,821
Net income 375,165 $ 105,745 $ 130,797 115,967 $ 215,406 $ 232,233 611,709 563,605
Less: (income) loss attributable to noncontrolling interests 2,201     3,073     6,332 8,644
Net income attributable to Harley-Davidson, Inc. 377,366     119,040     618,041 572,249
Reportable Legal Entities | Non-Financial Services Entities                
Revenue:                
Motorcycles and related products 1,095,322     883,958     3,234,041 3,724,668
Financial services 0     0     0 0
Total revenue 1,095,322     883,958     3,234,041 3,724,668
Costs and expenses:                
Motorcycles and related products cost of goods sold 798,683     618,580     2,320,261 2,566,272
Financial services interest expense 0     0     0 0
Credit Losses 0     0     0 0
Selling, administrative and engineering expense 245,425     234,002     720,733 744,663
Total costs and expenses 1,044,108     852,582     3,040,994 3,310,935
Operating income 51,214     31,376     193,047 413,733
Other income, net 14,706     18,408     45,456 54,851
Investment income 12,267     16,450     32,158 45,665
Interest expense 10,182     7,707     25,564 23,066
Income before income taxes 68,005     58,527     245,097 491,183
Income tax provision 14,752     (914)     55,496 76,648
Net income 53,253     59,441     189,601 414,535
Less: (income) loss attributable to noncontrolling interests 2,201     3,073     6,332 8,644
Net income attributable to Harley-Davidson, Inc. 55,454     62,514     195,933 423,179
Reportable Legal Entities | Financial Services Entities                
Revenue:                
Motorcycles and related products 0     0     0 0
Financial services 261,687     269,880     766,238 783,339
Total revenue 261,687     269,880     766,238 783,339
Costs and expenses:                
Motorcycles and related products cost of goods sold 0     0     0 0
Financial services interest expense 75,883     94,463     258,391 276,943
Credit Losses (301,499)     57,977     (198,427) 175,017
Selling, administrative and engineering expense 63,782     43,042     151,602 135,169
Total costs and expenses (161,834)     195,482     211,566 587,129
Operating income 423,521     74,398     554,672 196,210
Other income, net 0     0     0 0
Investment income 0     0     0 0
Interest expense 0     0     0 0
Income before income taxes 423,521     74,398     554,672 196,210
Income tax provision 101,632     17,894     132,540 47,173
Net income 321,889     56,504     422,132 149,037
Less: (income) loss attributable to noncontrolling interests 0     0     0 0
Net income attributable to Harley-Davidson, Inc. 321,889     56,504     422,132 149,037
Consolidating Adjustments                
Revenue:                
Motorcycles and related products (15,800)     (2,745)     (20,610) (7,293)
Financial services (499)     (398)     (2,651) (1,521)
Total revenue (16,299)     (3,143)     (23,261) (8,814)
Costs and expenses:                
Motorcycles and related products cost of goods sold 0     0     0 0
Financial services interest expense 0     0     0 0
Credit Losses 0     0     0 0
Selling, administrative and engineering expense (16,322)     (3,165)     (23,237) (8,847)
Total costs and expenses (16,322)     (3,165)     (23,237) (8,847)
Operating income 23     22     (24) 33
Other income, net 0     0     0 0
Investment income 0     0     0 0
Interest expense 0     0     0 0
Income before income taxes 23     22     (24) 33
Income tax provision 0     0     0 0
Net income 23     22     (24) 33
Less: (income) loss attributable to noncontrolling interests 0     0     0 0
Net income attributable to Harley-Davidson, Inc. $ 23     $ 22     $ (24) $ 33
v3.25.3
Supplemental Consolidating Data - Schedule of Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Condensed Statement of Income Captions [Line Items]                
Net income $ 375,165 $ 105,745 $ 130,797 $ 115,967 $ 215,406 $ 232,233 $ 611,709 $ 563,605
Other comprehensive income (loss), net of tax:                
Foreign currency translation adjustments (1,642)     63,922     52,019 25,733
Derivative financial instruments (6,163)     (23,940)     (23,987) (17,016)
Unrealized gain on available for sale securities 718     0     718 0
Pension and postretirement benefit plans (776)     (821)     (2,329) (2,468)
Other comprehensive (loss) income (7,863) $ 39,761 $ (5,477) 39,161 $ (5,316) $ (27,596) 26,421 6,249
Comprehensive income 367,302     155,128     638,130 569,854
Less: Comprehensive loss attributable to noncontrolling interests 2,201     3,073     6,332 8,644
Comprehensive income attributable to Harley-Davidson, Inc. 369,503     158,201     644,462 578,498
Reportable Legal Entities | Non-Financial Services Entities                
Condensed Statement of Income Captions [Line Items]                
Net income 53,253     59,441     189,601 414,535
Other comprehensive income (loss), net of tax:                
Foreign currency translation adjustments 1,344     61,961     47,486 27,969
Derivative financial instruments 8,180     (16,148)     (22,104) (3,810)
Unrealized gain on available for sale securities 0           0  
Pension and postretirement benefit plans (776)     (821)     (2,329) (2,468)
Other comprehensive (loss) income 8,748     44,992     23,053 21,691
Comprehensive income 62,001     104,433     212,654 436,226
Less: Comprehensive loss attributable to noncontrolling interests 2,201     3,073     6,332 8,644
Comprehensive income attributable to Harley-Davidson, Inc. 64,202     107,506     218,986 444,870
Reportable Legal Entities | Financial Services Entities                
Condensed Statement of Income Captions [Line Items]                
Net income 321,889     56,504     422,132 149,037
Other comprehensive income (loss), net of tax:                
Foreign currency translation adjustments (2,986)     1,961     4,533 (2,236)
Derivative financial instruments (14,343)     (7,792)     (1,883) (13,206)
Unrealized gain on available for sale securities 718           718  
Pension and postretirement benefit plans 0     0     0 0
Other comprehensive (loss) income (16,611)     (5,831)     3,368 (15,442)
Comprehensive income 305,278     50,673     425,500 133,595
Less: Comprehensive loss attributable to noncontrolling interests 0     0     0 0
Comprehensive income attributable to Harley-Davidson, Inc. 305,278     50,673     425,500 133,595
Consolidating Adjustments                
Condensed Statement of Income Captions [Line Items]                
Net income 23     22     (24) 33
Other comprehensive income (loss), net of tax:                
Foreign currency translation adjustments 0     0     0 0
Derivative financial instruments 0     0     0 0
Unrealized gain on available for sale securities 0           0  
Pension and postretirement benefit plans 0     0     0 0
Other comprehensive (loss) income 0     0     0 0
Comprehensive income 23     22     (24) 33
Less: Comprehensive loss attributable to noncontrolling interests 0     0     0 0
Comprehensive income attributable to Harley-Davidson, Inc. $ 23     $ 22     $ (24) $ 33
v3.25.3
Supplemental Consolidating Data - Schedule of Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Current assets:                
Cash and cash equivalents $ 1,775,038     $ 1,589,608 $ 2,243,910      
Accounts receivable, net 305,010     234,315 307,701      
Finance receivables held for sale, net 4,080,885     0 0      
Finance receivables held for investment, net 1,221,348     2,031,496 2,300,551      
Inventories, net 512,186     745,793 681,864      
Restricted cash 51,530     135,661 147,910      
Other current assets 297,444     259,764 208,000      
Current assets 8,243,441     4,996,637 5,889,936      
Finance receivables held for investment, net 662,201     5,256,798 5,499,836      
Property, plant and equipment, net 719,103     757,072 728,467      
Pension and postretirement assets 481,427     440,825 452,515      
Goodwill 63,850     61,655 62,909      
Deferred income taxes 90,837     175,826 169,290      
Lease assets 67,290     63,853 69,837      
Other long-term assets 238,235     128,913 153,869      
Assets 10,566,384     11,881,579 13,026,659      
Current liabilities:                
Accounts payable 342,787     298,718 305,619      
Accrued liabilities 628,624     593,960 626,352      
Short-term deposits, net 292,667     173,099 178,638      
Short-term debt 684,741     640,204 497,373      
Current portion of long-term debt, net 1,329,244     1,851,513 2,561,535      
Current liabilities 3,278,063     3,557,494 4,169,517      
Long-term deposits, net 261,801     377,487 370,372      
Long-term debt, net 3,147,836     4,468,665 4,739,507      
Lease liabilities 52,487     47,420 51,955      
Pension and postretirement liabilities 51,141     53,874 58,551      
Deferred income taxes 17,655     16,889 33,493      
Other long-term liabilities 196,022     201,250 178,152      
Commitments and contingencies (Note 14)          
Total equity 3,561,379 $ 3,307,933 $ 3,173,690 3,158,500 3,425,112 $ 3,433,316 $ 3,336,086 $ 3,252,295
Total liabilities and shareholders' equity 10,566,384     11,881,579 13,026,659      
Reportable Legal Entities | Non-Financial Services Entities                
Current assets:                
Cash and cash equivalents 1,185,181     1,105,663 1,213,301      
Accounts receivable, net 506,057     294,776 498,694      
Finance receivables held for sale, net 0              
Finance receivables held for investment, net 0     0 0      
Inventories, net 512,186     745,793 681,864      
Restricted cash 0     0 0      
Other current assets 188,319     273,791 167,555      
Current assets 2,391,743     2,420,023 2,561,414      
Finance receivables held for investment, net 0     0 0      
Property, plant and equipment, net 712,722     743,875 713,603      
Pension and postretirement assets 481,427     440,825 452,515      
Goodwill 63,850     61,655 62,909      
Deferred income taxes 88,381     88,734 77,990      
Lease assets 64,678     60,628 66,304      
Other long-term assets 221,289     221,694 223,749      
Assets 4,024,090     4,037,434 4,158,484      
Current liabilities:                
Accounts payable 315,728     275,314 283,296      
Accrued liabilities 481,314     515,830 491,697      
Short-term deposits, net 0     0 0      
Short-term debt 0     0 0      
Current portion of long-term debt, net 0     449,831 449,759      
Current liabilities 797,042     1,240,975 1,224,752      
Long-term deposits, net 0     0 0      
Long-term debt, net 745,508     296,969 296,859      
Lease liabilities 50,309     44,520 48,821      
Pension and postretirement liabilities 51,141     53,874 58,551      
Deferred income taxes 15,789     15,765 30,266      
Other long-term liabilities 140,940     139,373 147,563      
Commitments and contingencies (Note 14)          
Total equity 2,223,361     2,245,958 2,351,672      
Total liabilities and shareholders' equity 4,024,090     4,037,434 4,158,484      
Reportable Legal Entities | Financial Services Entities                
Current assets:                
Cash and cash equivalents 589,857     483,945 1,030,609      
Accounts receivable, net 142     65 60      
Finance receivables held for sale, net 4,080,885              
Finance receivables held for investment, net 1,221,348     2,031,496 2,300,551      
Inventories, net 0     0 0      
Restricted cash 51,530     135,661 147,910      
Other current assets 175,544     63,608 58,209      
Current assets 6,119,306     2,714,775 3,537,339      
Finance receivables held for investment, net 662,201     5,256,798 5,499,836      
Property, plant and equipment, net 6,381     13,197 14,864      
Pension and postretirement assets 0     0 0      
Goodwill 0     0 0      
Deferred income taxes 3,464     88,109 92,208      
Lease assets 2,612     3,225 3,533      
Other long-term assets 138,178     26,805 46,247      
Assets 6,932,142     8,102,909 9,194,027      
Current liabilities:                
Accounts payable 228,248     83,930 213,376      
Accrued liabilities 213,366     155,437 151,907      
Short-term deposits, net 292,667     173,099 178,638      
Short-term debt 684,741     640,204 497,373      
Current portion of long-term debt, net 1,329,244     1,401,682 2,111,776      
Current liabilities 2,748,266     2,454,352 3,153,070      
Long-term deposits, net 261,801     377,487 370,372      
Long-term debt, net 2,402,328     4,171,696 4,442,648      
Lease liabilities 2,178     2,900 3,134      
Pension and postretirement liabilities 0     0 0      
Deferred income taxes 1,866     1,124 3,227      
Other long-term liabilities 53,330     60,123 28,697      
Commitments and contingencies (Note 14)          
Total equity 1,462,373     1,035,227 1,192,879      
Total liabilities and shareholders' equity 6,932,142     8,102,909 9,194,027      
Consolidating Adjustments                
Current assets:                
Cash and cash equivalents 0     0 0      
Accounts receivable, net (201,189)     (60,526) (191,053)      
Finance receivables held for sale, net 0              
Finance receivables held for investment, net 0     0 0      
Inventories, net 0     0 0      
Restricted cash 0     0 0      
Other current assets (66,419)     (77,635) (17,764)      
Current assets (267,608)     (138,161) (208,817)      
Finance receivables held for investment, net 0     0 0      
Property, plant and equipment, net 0     0 0      
Pension and postretirement assets 0     0 0      
Goodwill 0     0 0      
Deferred income taxes (1,008)     (1,017) (908)      
Lease assets 0     0 0      
Other long-term assets (121,232)     (119,586) (116,127)      
Assets (389,848)     (258,764) (325,852)      
Current liabilities:                
Accounts payable (201,189)     (60,526) (191,053)      
Accrued liabilities (66,056)     (77,307) (17,252)      
Short-term deposits, net 0     0 0      
Short-term debt 0     0 0      
Current portion of long-term debt, net 0     0 0      
Current liabilities (267,245)     (137,833) (208,305)      
Long-term deposits, net 0     0 0      
Long-term debt, net 0     0 0      
Lease liabilities 0     0 0      
Pension and postretirement liabilities 0     0 0      
Deferred income taxes 0     0 0      
Other long-term liabilities 1,752     1,754 1,892      
Commitments and contingencies (Note 14)          
Total equity (124,355)     (122,685) (119,439)      
Total liabilities and shareholders' equity $ (389,848)     $ (258,764) $ (325,852)      
v3.25.3
Supplemental Consolidating Data - Schedule of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:                
Net income $ 375,165 $ 105,745 $ 130,797 $ 115,967 $ 215,406 $ 232,233 $ 611,709 $ 563,605
Adjustments to reconcile Net income to Net cash provided by operating activities:                
Depreciation and amortization             126,339 119,568
Amortization of deferred loan origination costs             43,871 54,461
Amortization of financing origination fees             9,773 10,363
Income related to long-term employee benefits             (41,287) (40,076)
Employee benefit plan contributions and payments             (5,091) (3,781)
Stock compensation expense             25,838 39,820
Net change in wholesale finance receivables related to sales             (183,006) (211,800)
Provision for credit losses             (198,427) 175,017
Origination of finance receivables held for sale             (414,009) 0
Collections from finance receivables held for sale             16,916 0
Gain on sale of securitization beneficial interests             (26,958) 0
Deferred income taxes             92,122 (1,815)
Other, net             19,360 19,557
Changes in current assets and liabilities:                
Accounts receivable, net             (46,415) (36,529)
Finance receivables – accrued interest and other             11,279 2,325
Inventories, net             262,287 253,373
Accounts payable and accrued liabilities             75,039 (12,903)
Other current assets             37,563 (530)
Total adjustments             (194,806) 367,050
Net cash provided by operating activities             416,903 930,655
Cash flows from investing activities:                
Capital expenditures             (102,090) (140,424)
Origination of finance receivables held for investment             (2,287,369) (3,002,737)
Collections on finance receivables held for investment             2,459,406 2,657,149
Proceeds from sale of securitization beneficial interests, net             125,369 0
Collection of retained securitization beneficial interests             9,353 0
Other investing activities             808 (165)
Net cash used by investing activities             205,477 (486,177)
Cash flows from financing activities:                
Proceeds from securitization debt             497,790 1,145,211
Repayments of senior unsecured notes             450,000 0
Proceeds from issuance of medium-term notes             647,088 495,856
Repayments of medium-term notes             (700,000) 0
Proceeds from term loan             448,013 0
Repayments of securitization debt             (718,034) (782,161)
Borrowings of asset-backed commercial paper             155,000 366,171
Repayments of asset-backed commercial paper             (217,554) (195,709)
Net decrease in unsecured commercial paper             44,938 (387,392)
Net increase (decrease) in deposits             3,312 100,737
Dividends paid             (66,288) (69,454)
Repurchase of common stock             (193,209) (359,810)
Other financing activities             1,269 11
Net cash (used) provided by financing activities             (547,675) 313,460
Effect of exchange rate changes on cash, cash equivalents and restricted cash             11,009 198
Net increase in cash, cash equivalents and restricted cash             85,714 758,136
Cash, cash equivalents and restricted cash:                
Cash, cash equivalents and restricted cash, beginning of period     1,740,854     1,648,811 1,740,854 1,648,811
Net increase in cash, cash equivalents and restricted cash             85,714 758,136
Cash, cash equivalents and restricted cash, end of period 1,826,568     2,406,947     1,826,568 2,406,947
Reportable Legal Entities | Non-Financial Services Entities                
Cash flows from operating activities:                
Net income 53,253     59,441     189,601 414,535
Adjustments to reconcile Net income to Net cash provided by operating activities:                
Depreciation and amortization             119,178 112,605
Amortization of deferred loan origination costs             0 0
Amortization of financing origination fees             694 540
Income related to long-term employee benefits             (41,287) (40,076)
Employee benefit plan contributions and payments             (5,091) (3,781)
Stock compensation expense             24,192 38,234
Net change in wholesale finance receivables related to sales             0 0
Provision for credit losses             0 0
Origination of finance receivables held for sale             0  
Collections from finance receivables held for sale             0  
Gain on sale of securitization beneficial interests             0  
Deferred income taxes             6,109 3,347
Other, net             (9,166) 15,505
Changes in current assets and liabilities:                
Accounts receivable, net             (187,078) (79,746)
Finance receivables – accrued interest and other             0 0
Inventories, net             262,287 253,373
Accounts payable and accrued liabilities             3,969 (35,743)
Other current assets             68,175 (23,008)
Total adjustments             241,982 241,250
Net cash provided by operating activities             431,583 655,785
Cash flows from investing activities:                
Capital expenditures             (101,672) (139,295)
Origination of finance receivables held for investment             0 0
Collections on finance receivables held for investment             0 0
Proceeds from sale of securitization beneficial interests, net             0  
Collection of retained securitization beneficial interests              
Other investing activities             808 (1,165)
Net cash used by investing activities             (100,864) (140,460)
Cash flows from financing activities:                
Proceeds from securitization debt             0 0
Repayments of senior unsecured notes             450,000  
Proceeds from issuance of medium-term notes             0 0
Repayments of medium-term notes             0  
Proceeds from term loan             448,013  
Repayments of securitization debt             0 0
Borrowings of asset-backed commercial paper             0 0
Repayments of asset-backed commercial paper             0 0
Net decrease in unsecured commercial paper             0 0
Net increase (decrease) in deposits             0 0
Dividends paid             (66,288) (69,454)
Repurchase of common stock             (193,209) (359,810)
Other financing activities             1,269 11
Net cash (used) provided by financing activities             (260,215) (429,253)
Effect of exchange rate changes on cash, cash equivalents and restricted cash             9,014 (171)
Net increase in cash, cash equivalents and restricted cash             79,518 85,901
Cash, cash equivalents and restricted cash:                
Cash, cash equivalents and restricted cash, beginning of period     1,105,663     1,127,400 1,105,663 1,127,400
Net increase in cash, cash equivalents and restricted cash             79,518 85,901
Cash, cash equivalents and restricted cash, end of period 1,185,181     1,213,301     1,185,181 1,213,301
Reportable Legal Entities | Financial Services Entities                
Cash flows from operating activities:                
Net income 321,889     56,504     422,132 149,037
Adjustments to reconcile Net income to Net cash provided by operating activities:                
Depreciation and amortization             7,161 6,963
Amortization of deferred loan origination costs             43,871 54,461
Amortization of financing origination fees             9,079 9,823
Income related to long-term employee benefits             0 0
Employee benefit plan contributions and payments             0 0
Stock compensation expense             1,646 1,586
Net change in wholesale finance receivables related to sales             0 0
Provision for credit losses             (198,427) 175,017
Origination of finance receivables held for sale             (414,009)  
Collections from finance receivables held for sale             16,916  
Gain on sale of securitization beneficial interests             (26,958)  
Deferred income taxes             86,022 (4,724)
Other, net             28,502 4,085
Changes in current assets and liabilities:                
Accounts receivable, net             0 0
Finance receivables – accrued interest and other             11,279 2,325
Inventories, net             0 0
Accounts payable and accrued liabilities             194,538 53,591
Other current assets             (19,396) 12,295
Total adjustments             (259,776) 315,422
Net cash provided by operating activities             162,356 464,459
Cash flows from investing activities:                
Capital expenditures             (418) (1,129)
Origination of finance receivables held for investment             (4,477,446) (5,671,416)
Collections on finance receivables held for investment             4,472,447 5,136,239
Proceeds from sale of securitization beneficial interests, net             125,369  
Collection of retained securitization beneficial interests             9,353  
Other investing activities             0 0
Net cash used by investing activities             129,305 (536,306)
Cash flows from financing activities:                
Proceeds from securitization debt             497,790 1,145,211
Repayments of senior unsecured notes             0  
Proceeds from issuance of medium-term notes             647,088 495,856
Repayments of medium-term notes             (700,000)  
Proceeds from term loan             0  
Repayments of securitization debt             (718,034) (782,161)
Borrowings of asset-backed commercial paper             155,000 366,171
Repayments of asset-backed commercial paper             (217,554) (195,709)
Net decrease in unsecured commercial paper             44,938 (387,392)
Net increase (decrease) in deposits             3,312 100,737
Dividends paid             0 0
Repurchase of common stock             0 0
Other financing activities             0 1,000
Net cash (used) provided by financing activities             (287,460) 743,713
Effect of exchange rate changes on cash, cash equivalents and restricted cash             1,995 369
Net increase in cash, cash equivalents and restricted cash             6,196 672,235
Cash, cash equivalents and restricted cash:                
Cash, cash equivalents and restricted cash, beginning of period     635,191     521,411 635,191 521,411
Net increase in cash, cash equivalents and restricted cash             6,196 672,235
Cash, cash equivalents and restricted cash, end of period 641,387     1,193,646     641,387 1,193,646
Consolidating Adjustments                
Cash flows from operating activities:                
Net income 23     22     (24) 33
Adjustments to reconcile Net income to Net cash provided by operating activities:                
Depreciation and amortization             0 0
Amortization of deferred loan origination costs             0 0
Amortization of financing origination fees             0 0
Income related to long-term employee benefits             0 0
Employee benefit plan contributions and payments             0 0
Stock compensation expense             0 0
Net change in wholesale finance receivables related to sales             (183,006) (211,800)
Provision for credit losses             0 0
Origination of finance receivables held for sale             0  
Collections from finance receivables held for sale             0  
Gain on sale of securitization beneficial interests             0  
Deferred income taxes             (9) (438)
Other, net             24 (33)
Changes in current assets and liabilities:                
Accounts receivable, net             140,663 43,217
Finance receivables – accrued interest and other             0 0
Inventories, net             0 0
Accounts payable and accrued liabilities             (123,468) (30,751)
Other current assets             (11,216) 10,183
Total adjustments             (177,012) (189,622)
Net cash provided by operating activities             (177,036) (189,589)
Cash flows from investing activities:                
Capital expenditures             0 0
Origination of finance receivables held for investment             2,190,077 2,668,679
Collections on finance receivables held for investment             (2,013,041) (2,479,090)
Proceeds from sale of securitization beneficial interests, net             0  
Collection of retained securitization beneficial interests              
Other investing activities             0 1,000
Net cash used by investing activities             177,036 190,589
Cash flows from financing activities:                
Proceeds from securitization debt             0 0
Repayments of senior unsecured notes             0  
Proceeds from issuance of medium-term notes             0 0
Repayments of medium-term notes             0  
Proceeds from term loan             0  
Repayments of securitization debt             0 0
Borrowings of asset-backed commercial paper             0 0
Repayments of asset-backed commercial paper             0 0
Net decrease in unsecured commercial paper             0 0
Net increase (decrease) in deposits             0 0
Dividends paid             0 0
Repurchase of common stock             0 0
Other financing activities             0 (1,000)
Net cash (used) provided by financing activities             0 (1,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash             0 0
Net increase in cash, cash equivalents and restricted cash             0 0
Cash, cash equivalents and restricted cash:                
Cash, cash equivalents and restricted cash, beginning of period     $ 0     $ 0 0 0
Net increase in cash, cash equivalents and restricted cash             0 0
Cash, cash equivalents and restricted cash, end of period $ 0     $ 0     $ 0 $ 0
v3.25.3
Subsequent Events (Details) - USD ($)
$ in Thousands
Nov. 04, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Subsequent Event        
Value of shares repurchased   $ 1,954,543 $ 1,760,548 $ 1,659,544
Subsequent Event | Accelerated Share Repurchase Program | Forecast        
Subsequent Event        
Value of shares repurchased $ 200,000