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Additional Balance Sheet and Cash Flow Information
 9 Months Ended
Sep. 25, 2022
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 25,
2022		December 31,
2021		September 26,
2021
Mutual funds$33,631 $49,650 $48,766 
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 affected by global supply chain constraints. Inventories, net consisted of the following (in thousands):
September 25,
2022		December 31,
2021		September 26,
2021
Raw materials and work in process$311,424 $347,915 $279,699 
Motorcycle finished goods304,195 345,956 178,315 
Parts and accessories and apparel160,724 103,191 86,977 
Inventory at lower of FIFO cost or net realizable value776,343 797,062 544,991 
Excess of FIFO over LIFO cost(95,581)(84,120)(69,677)
$680,762 $712,942 $475,314 
Restricted cash – During the quarter ended September 25, 2022, the Company received a $100 million cash deposit from an independent strategic investor, Kwang Yang Motor Co., Ltd. (KYMCO), in advance of the pending LiveWire transaction, discussed further in Note 20. Restricted cash recorded in connection with asset-backed financing is discussed further in Note 12.
Deposits – Harley-Davidson Financial Services 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 $344.7 million, $290.3 million and $290.3 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of September 25, 2022, December 31, 2021, and September 26, 2021, 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 25, 2022 were as follows (in thousands):
2022$27,475 
202380,106 
202480,378 
202524,006 
202679,742 
Thereafter54,158 
Future maturities345,865 
Unamortized fees(1,130)
$344,735 
Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):
 Nine months ended
September 25,
2022		September 26,
2021
Cash flows from operating activities:
Net income$699,537 $628,457 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization114,867 122,483 
Amortization of deferred loan origination costs72,214 63,265 
Amortization of financing origination fees11,475 10,426 
Provision for long-term employee benefits(14,637)19,640 
Employee benefit plan contributions and payments(4,766)(14,677)
Stock compensation expense33,595 34,032 
Net change in wholesale finance receivables related to sales(294,698)(22,031)
Provision for credit losses94,572 4,935 
Deferred income taxes(2,980)10,626 
Other, net24,392 2,094 
Changes in current assets and liabilities:
Accounts receivable, net(150,726)(148,670)
Finance receivables – accrued interest and other
3,566 11,088 
Inventories, net(6,577)31,874 
Accounts payable and accrued liabilities37,745 168,306 
Other current assets(42,875)3,703 
(124,833)297,094 
Net cash provided by operating activities$574,704 $925,551