Additional Balance Sheet and Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Investments in marketable securities consisted of the following at December 31 (in thousands):


	2023		2022

Mutual funds	$	34,079	$	33,071

Schedule of Inventories, Net

Inventories, net consisted of the following as of December 31 (in thousands):


	2023		2022
Raw materials and work in process	$	389,221	$	331,380
Motorcycle finished goods	514,964		549,041
Parts and accessories and apparel	150,844		187,039
Inventory at lower of FIFO cost or net realizable value	1,055,029		1,067,460
Excess of FIFO over LIFO cost	(125,078)		(116,500)
	$	929,951	$	950,960

Schedule of Property, Plant and Equipment, at Cost

Property, plant and equipment, net consisted of the following as of December 31 (in thousands):


	2023		2022
Land and related improvements	$	66,939	$	71,360
Buildings and related improvements	431,215		411,859
Machinery and equipment	1,491,448		1,507,224
Software	722,213		705,013
Construction in progress	243,010		189,492
	2,954,825		2,884,948
Accumulated depreciation	(2,223,101)		(2,195,062)
	$	731,724	$	689,886

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of December 31 (in thousands):


	2023		2022
Payroll, employee benefits and related expenses	$	101,955	$	108,980
Sales incentive programs	116,167		50,298
Warranty and recalls	41,375		46,707
Interest	84,313		55,670
Tax-related accruals	38,219		51,730
Contract liability	23,357		17,615
Leases	18,685		16,208
Fair value of derivative financial instruments	12,806		26,022

Other	209,982		247,715
	$	646,859	$	620,945

Schedule of Time Deposit Maturities

Future maturities of the Company's certificates of deposit as of December 31, 2023 were as follows (in thousands):


2024	$	253,720
2025	61,002
2026	79,678
2027	54,158
Thereafter	—
Future maturities	448,558
Unamortized fees	(776)
	$	447,782

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 for the years ended December 31, was as follows (in thousands):


	2023		2022		2021
Cash flows from operating activities:
Net income	$	695,046	$	739,214	$	650,024
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	158,112		151,942		165,185
Amortization of deferred loan origination costs	85,018		94,914		86,115
Amortization of financing origination fees	13,208		15,105		13,810
Provision for long-term employee benefits	(67,624)		(21,891)		8,317
Employee benefit plan contributions and payments	(5,736)		(14,320)		(17,133)
Stock compensation expense	82,901		54,353		42,156
Net change in wholesale finance receivables related to sales	(387,743)		(198,623)		89,001
Provision for credit losses	227,158		145,133		25,049



Deferred income taxes	(30,059)		(15,936)		(7,672)
Other, net	(39,713)		(13,027)		(9,985)
Changes in current assets and liabilities:
Accounts receivable, net	(11,443)		(82,385)		(53,463)
Finance receivables – accrued interest and other	(339)		414		13,316
Inventories, net	21,257		(254,170)		(207,550)
Accounts payable and accrued liabilities	28,570		4,503		173,548

Other current assets	(13,726)		(56,765)		4,983
	59,841		(190,753)		325,677
Net cash provided by operating activities	$	754,887	$	548,461	$	975,701

Cash paid during the years ended December 31, for interest and income taxes was as follows (in thousands):


	2023		2022		2021
Interest	$	290,467	$	231,651	$	191,663
Income taxes	$	237,658	$	244,374	$	155,579