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Additional Balance Sheet and Cash Flow Information
 12 Months Ended
Dec. 31, 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 consisted of the following at December 31, (in thousands): 
20222021
Mutual funds$33,071 $49,650 
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 consisted of the following as of December 31, (in thousands):
20222021
Raw materials and work in process$331,380 $347,915 
Motorcycle finished goods549,041 345,956 
Parts and accessories and apparel187,039 103,191 
Inventory at lower of FIFO cost or net realizable value1,067,460 797,062 
Excess of FIFO over LIFO cost(116,500)(84,120)
$950,960 $712,942 
Inventory obsolescence reserves deducted from FIFO cost were $84.6 million and $63.0 million as of December 31, 2022 and 2021, respectively.
Property, plant and equipment, net consisted of the following as of December 31, (in thousands):
20222021
Land and related improvements$71,360 $71,549 
Buildings and related improvements411,859 405,160 
Machinery and equipment1,507,224 1,614,177 
Software705,013 750,490 
Construction in progress189,492 113,615 
2,884,948 2,954,991 
Accumulated depreciation(2,195,062)(2,271,007)
$689,886 $683,984 
Software, net of accumulated amortization, included in Property, plant and equipment, net, was $59.2 million and $79.8 million as of December 31, 2022 and 2021, respectively.
Accrued liabilities consisted of the following as of December 31, (in thousands):
20222021
Payroll, employee benefits and related expenses$108,980 $159,474 
Sales incentive programs50,298 42,980 
Warranty and recalls46,707 39,635 
Interest55,670 54,001 
Tax-related accruals51,730 34,279 
Deferred revenue17,615 18,293 
Leases16,208 17,369 
Fair value of derivative financial instruments26,022 2,361 
Restructuring— 2,995 
Other247,715 230,594 
$620,945 $601,981 
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 $317.4 million and $290.3 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of December 31, 2022 and December 31, 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 December 31, 2022 were as follows (in thousands):
202380,106 
202480,378 
202524,006 
202679,742 
202754,158 
Thereafter— 
Future maturities318,390 
Unamortized fees(1,015)
$317,375 
Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities for the years ended December 31, was as follows (in thousands):
202220212020
Cash flows from operating activities:
Net income $739,214 $650,024 $1,298 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization151,942 165,185 185,715 
Amortization of deferred loan origination costs94,914 86,115 71,142 
Amortization of financing origination fees15,105 13,810 14,435 
Provision for long-term employee benefits(21,891)8,317 40,833 
Employee benefit plan contributions and payments(14,320)(17,133)(20,722)
Stock compensation expense54,353 42,156 23,494 
Net change in wholesale finance receivables related to sales(198,623)89,001 531,701 
Provision for credit losses145,133 25,049 181,870 
Deferred income taxes(15,936)(7,672)(44,079)
Other, net(13,027)(9,985)10,345 
Changes in current assets and liabilities:
Accounts receivable, net(82,385)(53,463)127,657 
Finance receivables – accrued interest and other414 13,316 7,418 
Inventories, net(254,170)(207,550)80,858 
Accounts payable and accrued liabilities4,503 173,548 (43,087)
Other current assets(56,765)4,983 9,012 
(190,753)325,677 1,176,592 
Net cash provided by operating activities$548,461 $975,701 $1,177,890 
Cash paid during the years ended December 31, for interest and income taxes was as follows (in thousands):
202220212020
Interest$231,651 $191,663 $245,961 
Income taxes$244,374 $155,579 $30,675