v3.26.1
Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
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
 March 31, 2026December 31, 2025March 31, 2025
Notional
Value
Assets(b)
Liabilities(a)
Notional
Value
Assets(b)
Liabilities(a)
Notional
Value
Assets(b)
Liabilities(a)
Foreign currency contracts$431,128 $9,622 $1,649 $448,287 $2,096 $6,299 $426,635 $6,456 $3,824 
Commodity contracts718 — 87 879 — 89 668 134 3 
Cross-currency swaps657,214 38,826 — 657,214 46,889 — 1,416,994 1,101 5,713 
$1,089,060 $48,448 $1,736 $1,106,380 $48,985 $6,388 $1,844,297 $7,691 $9,540 
Derivative Financial Instruments
Not Designated as Hedging Instruments
March 31, 2026December 31, 2025March 31, 2025
Notional
Value
Assets
LiabilitiesNotional
Value
Assets(c)
LiabilitiesNotional
Value
Assets
Liabilities
Commodity contracts$3,804 $1,055 $— $3,632 $— $106 $3,404 $— $104 
Cross-currency swaps
— — — 759,780 59,450 — — — — 
Interest rate caps— — — — — — 201,253 1 — 
$3,804 $1,055 $— $763,412 $59,450 $106 $204,657 $1 $104 
(a)Includes $5.7 million of cross-currency swaps recorded in Other long-term liabilities as of March 31, 2025, with all remaining amounts recorded in Accrued liabilities.
(b)Includes $38.8 million, $46.9 million, and $1.1 million of cross-currency swaps recorded in Other long-term assets as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, with all remaining amounts recorded in Other current assets.
(c)Includes $59.5 million of cross-currency swaps recorded in Other current assets as of December 31, 2025, for which hedge accounting was discontinued prospectively effective September 30, 2025, as it was reasonably possible, but not probable, that the related medium-term notes would be settled prior to maturity.
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 endedThree months ended
March 31,
2026		March 31,
2025		March 31,
2026		March 31,
2025
Foreign currency contracts$7,471 $(8,593)$(2,229)$3,399 
Commodity contracts129 131 125 58 
Cross-currency swaps(8,063)30,097 (15,106)34,320 
Treasury rate lock contracts— — (110)(211)
Swap rate lock contracts— — (141)(146)
$(463)$21,635 $(17,461)$37,420 
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 March 31, 2026
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$794,133 $302,454 $3,570 $39,297 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts(2,229)— — — 
Commodity contracts125 — — — 
Cross-currency swaps— (15,106)— — 
Treasury rate lock contracts— — (47)(63)
Swap rate lock contracts— — — (141)
Three months ended March 31, 2025
Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded
$770,785 $255,657 $7,686 $88,934 
Gain/(loss) reclassified from AOCL into income:
Foreign currency contracts3,399 — — — 
Commodity contracts58 — — — 
Cross-currency swaps— 34,320 — — 
Treasury rate lock contracts— — (91)(120)
Swap rate lock contracts— — — (146)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The amount of gains and losses recognized in income related to derivative financial instruments not designated as hedging instruments were as follows (in thousands). Gains and losses on foreign currency contracts and commodity contracts were recorded in Motorcycles and related products cost of goods sold. Gains and losses on cross-currency swaps and interest rate caps were recorded in Selling, administrative & engineering expense.
 Amount of Gain/(Loss)
Recognized in Income
 Three months ended
March 31,
2026		March 31,
2025
Foreign currency contracts$(6,109)$(2,158)
Commodity contracts1,155 (57)
Cross-currency swaps
4,101 — 
Interest rate caps— (2)
$(853)$(2,217)