XML 64 R40.htm IDEA: XBRL DOCUMENT v3.22.4
Derivative Financial Instruments and Hedging Activities (Tables)
12 Months Ended
Dec. 31, 2022
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, at December 31, were as follows (in thousands):
Derivative Financial Instruments
Designated as Cash Flow Hedging Instruments
 20222021
Notional
Value
Assets(a)
Liabilities(b)
Notional
Value
Assets(a)
Liabilities(b)
Foreign currency contracts$550,160 $6,054 $13,440 $562,262 $14,644 $1,388 
Commodity contracts1,361 — 410 996 19 39 
Cross-currency swaps1,367,460 — 36,101 1,367,460 35,071 — 
$1,918,981 $6,054 $49,951 $1,930,718 $49,734 $1,427 
Derivative Financial Instruments
Not Designated as Hedging Instruments
 20222021
Notional
Value
Assets(a)
Liabilities(b)
Notional
Value
Assets(a)
Liabilities(b)
Foreign currency contracts$— $— $— $241,935 $1,299 $916 
Commodity contracts10,803 310 310 10,631 641 18 
Interest rate caps1,058,827 2,373 — 504,526 360 — 
$1,069,630 $2,683 $310 $757,092 $2,300 $934 
(a)Includes $2.4 million of interest rate caps recorded in Other Long-term assets as of December 31, 2022 with all remaining amounts recorded in Other current assets.
(b)Includes $24.2 million of cross-currency swaps recorded in Other long-term liabilities as of December 31, 2022 with all remaining amounts recorded in Accrued liabilities.
Schedule of Gain/(Loss) on Derivative Cash Flow Hedges Reclassified From AOCI Into Income The amount of gains and losses related to derivative financial instruments designated as cash flow hedges for the years ended December 31, were as follows (in thousands): 
 Gain/(Loss)
Recognized in OCI
Gain/(Loss)
Reclassified from AOCL into Income
202220212020202220212020
Foreign currency contracts$26,093 $29,602 $(14,507)$46,077 $(12,531)$9,859 
Commodity contracts312 345 (160)703 313 (189)
Cross-currency swaps(71,172)(103,551)130,297 (79,952)(115,200)153,472 
Treasury rate lock contracts— — — (426)(502)(492)
Interest rate swaps— 397 (8,449)— (2,689)(14,543)
$(44,767)$(73,207)$107,181 $(33,598)$(130,609)$148,107 
The location and amount of gains and losses recognized in income related to derivative financial instruments designated as cash flow hedges for the years ended December 31, were as follows (in thousands):
 Motorcycles and related products
cost of goods sold
Selling, administrative &
engineering expense
Interest expenseFinancial services interest expense
2022
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded$3,403,728 $1,079,882 $31,235 $217,653 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts$46,077 $— $— $— 
Commodity contracts$703 $— $— $— 
Cross-currency swaps$— $(79,952)$— $— 
Treasury rate lock contracts$— $— $(363)$(63)
2021
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded$3,243,287 $1,048,174 $30,972 $192,944 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts$(12,531)$— $— $— 
Commodity contracts$313 $— $— $— 
Cross-currency swaps$— $(115,200)$— $— 
Treasury rate lock contracts$— $— $(363)$(139)
Interest rate swaps$— $— $— $(2,689)
2020
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded$2,435,745 $1,050,627 $31,121 $246,447 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts$9,859 $— $— $— 
Commodity contracts$(189)$— $— $— 
Cross-currency swaps$— $153,472 $— $— 
Treasury rate lock contracts$— $— $(362)$(130)
Interest rate swaps$— $— $— $(14,543)
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 as of December 31, 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
202220212020
Foreign currency contracts$7,730 $(2,374)$(205)
Commodity contracts1,264 1,966 (148)
Interest rate caps530 313 (532)
$9,524 $(95)$(885)