| 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 | | September 30, 2026 | | December 31, 2025 | | September 30, 2025 | | Notional
Value | | Assets(a) | | Liabilities | | Notional
Value | | Assets(a) | | Liabilities | | Notional
Value | | Assets(a) | | Liabilities | | Foreign currency contracts | $ | 398,475 | | | $ | 9,063 | | | $ | 573 | | | $ | 448,287 | | | $ | 2,096 | | | $ | 6,299 | | | $ | 362,988 | | | $ | 1,501 | | | $ | 7,359 | | | Commodity contracts | 842 | | | — | | | 105 | | | 879 | | | — | | | 89 | | | 940 | | | — | | | 81 | | | Cross-currency swaps | 657,214 | | | 30,323 | | | — | | | 657,214 | | | 46,889 | | | — | | | 1,416,994 | | | 115,232 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 1,056,531 | | | $ | 39,386 | | | $ | 678 | | | $ | 1,106,380 | | | $ | 48,985 | | | $ | 6,388 | | | $ | 1,780,922 | | | $ | 116,733 | | | $ | 7,440 | | | | | | | | | | | | | | | | | | | | | Derivative Financial Instruments
Not Designated as Hedging Instruments | | September 30, 2026 | | December 31, 2025 | | September 30, 2025 | | Notional
Value | | Assets | | Liabilities | | Notional
Value | | Assets(b) | | Liabilities | | Notional
Value | | Assets | | Liabilities | | | | | | | | | | | | | | | | | | | | Commodity contracts | $ | 4,423 | | | $ | 1,096 | | | $ | — | | | $ | 3,632 | | | $ | — | | | $ | 106 | | | $ | 3,247 | | | $ | 15 | | | $ | 7 | | Cross-currency swaps | — | | | — | | | — | | | 759,780 | | | 59,450 | | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | $ | 4,423 | | | $ | 1,096 | | | $ | — | | | $ | 763,412 | | | $ | 59,450 | | | $ | 106 | | | $ | 3,247 | | | $ | 15 | | | $ | 7 | |
(a)Includes $30.3 million, $46.9 million, and $52.3 million of cross-currency swaps recorded in Other long-term assets as of September 30, 2026, December 31, 2025, and September 30, 2025, respectively, with all remaining amounts recorded in Other current assets. (b)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.
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| 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 ended | | Nine months ended | | Three months ended | | Nine months ended | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | Foreign currency contracts | $ | 1,038 | | | $ | 4,410 | | | $ | 13,199 | | | $ | (26,136) | | | $ | 1,455 | | | $ | (6,293) | | | $ | (1,668) | | | $ | 2,855 | | | Commodity contracts | (95) | | | (112) | | | (16) | | | (121) | | | (51) | | | (39) | | | (1) | | | 19 | | | Cross-currency swaps | (8,842) | | | (16,877) | | | (16,566) | | | 149,941 | | | (6,097) | | | 2,227 | | | (28,087) | | | 153,216 | | | Treasury rate lock contracts | — | | | — | | | — | | | — | | | (110) | | | (181) | | | (329) | | | (603) | | | Swap rate lock contracts | — | | | — | | | — | | | — | | | — | | | (149) | | | (141) | | | (443) | | | $ | (7,899) | | | $ | (12,579) | | | $ | (3,383) | | | $ | 123,684 | | | $ | (4,803) | | | $ | (4,435) | | | $ | (30,226) | | | $ | 155,044 | |
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 expense | | Financial services interest expense | | Three months ended September 30, 2026 | Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 701,453 | | | $ | 291,313 | | | $ | 3,629 | | | $ | 32,245 | | | | | | | | | | | Gain/(loss) reclassified from AOCL into income: | | | | | | | | | Foreign currency contracts | 1,455 | | | — | | | — | | | — | | | Commodity contracts | (51) | | | — | | | — | | | — | | | Cross-currency swaps | — | | | (6,097) | | | — | | | — | | | Treasury rate lock contracts | — | | | — | | | (47) | | | (63) | | | Swap rate lock contracts | — | | | — | | | — | | | — | | | Three months ended September 30, 2025 | Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 798,683 | | | $ | 292,885 | | | $ | 10,182 | | | $ | 75,883 | | | | | | | | | | | Gain/(loss) reclassified from AOCL into income: | | | | | | | | | Foreign currency contracts | (6,293) | | | — | | | — | | | — | | | Commodity contracts | (39) | | | — | | | — | | | — | | | Cross-currency swaps | — | | | 2,227 | | | — | | | — | | | Treasury rate lock contracts | — | | | — | | | (61) | | | (120) | | | Swap rate lock contracts | — | | | — | | | — | | | (149) | | | | | | | | | | | Nine months ended September 30, 2026 | Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 2,304,903 | | | $ | 890,672 | | | $ | 10,820 | | | $ | 102,105 | | | | | | | | | | | Gain/(loss) reclassified from AOCL into income: | | | | | | | | | Foreign currency contracts | (1,668) | | | — | | | — | | | — | | | Commodity contracts | (1) | | | — | | | — | | | — | | | Cross-currency swaps | — | | | (28,087) | | | — | | | — | | | Treasury rate lock contracts | — | | | — | | | (140) | | | (189) | | | | | | | | | | | Swap rate lock contracts | — | | | — | | | — | | | (141) | | | Nine months ended September 30, 2025 | Line item on the Consolidated statements of operations in which the effects of cash flow hedges are recorded | $ | 2,320,261 | | | $ | 849,098 | | | $ | 25,564 | | | $ | 258,391 | | | | | | | | | | | Gain/(loss) reclassified from AOCL into income: | | | | | | | | | Foreign currency contracts | 2,855 | | | — | | | — | | | — | | | Commodity contracts | 19 | | | — | | | — | | | — | | | Cross-currency swaps | — | | | 153,216 | | | — | | | — | | | Treasury rate lock contracts | — | | | — | | | (243) | | | (360) | | | Swap rate lock contracts | — | | | — | | | — | | | (443) | |
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| 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 on the Consolidated statements of operations. | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain/(Loss)
Recognized in Income | | Three months ended | | Nine months ended | | September 30,
2026 | | September 30,
2025 | | September 30,
2026 | | September 30,
2025 | | Foreign currency contracts | $ | (535) | | | $ | 387 | | | $ | (6,309) | | | $ | 5,753 | | | Commodity contracts | 1,081 | | | 75 | | | 2,307 | | | (46) | | Cross-currency swaps | — | | | — | | | 4,101 | | | — | | | Interest rate caps | — | | | — | | | — | | | (2) | | | $ | 546 | | | $ | 462 | | | $ | 99 | | | $ | 5,705 | |
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