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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to           
Commission file number 1-9183
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin 39-1382325
(State of organization) (I.R.S. Employer Identification No.)
3700 West Juneau AvenueMilwaukeeWisconsin53208
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (414) 342-4680
None
(Former name, former address and former fiscal year, if changed since last report)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock Par Value $.01 PER SHAREHOGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No  ☒
The registrant had outstanding 139,269,602 shares of common stock as of November 3, 2023.


HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended September 30, 2023
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 2.
Item 5.
Item 6.


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 Three months endedNine months ended
September 30,
2023		September 25,
2022		September 30,
2023		September 25,
2022
Revenue:
Motorcycles and related products$1,305,125 $1,436,962 $4,075,878 $4,006,604 
Financial services243,934 211,613 707,390 606,244 
1,549,059 1,648,575 4,783,268 4,612,848 
Costs and expenses:
Motorcycles and related products cost of goods sold893,343 946,656 2,691,272 2,721,913 
Financial services interest expense84,123 60,740 243,677 150,488 
Financial services provision for credit losses60,854 36,617 170,496 94,572 
Selling, administrative and engineering expense301,454 265,841 877,591 740,699 
Restructuring expense (benefit)
— 3 — (389)
1,339,774 1,309,857 3,983,036 3,707,283 
Operating income209,285 338,718 800,232 905,565 
Other income, net 26,814 9,358 54,136 30,443 
Investment income (loss)9,868 1,723 31,044 (3,786)
Interest expense7,688 8,124 23,104 23,555 
Income before income taxes238,279 341,675 862,308 908,667 
Income tax provision42,176 80,489 190,546 209,130 
Net income196,103 261,186 671,762 699,537 
Less: Loss attributable to noncontrolling interests2,546 — 9,016 — 
Net income attributable to Harley-Davidson, Inc.$198,649 $261,186 $680,778 $699,537 
Earnings per share:
Basic$1.40 $1.79 $4.74 $4.71 
Diluted$1.38 $1.78 $4.65 $4.68 
Cash dividends per share$0.1650 $0.1575 $0.4950 $0.4725 
The accompanying notes are integral to the consolidated financial statements.

3
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
 Three months endedNine months ended
September 30,
2023		September 25,
2022		September 30,
2023		September 25,
2022
Net income$196,103 $261,186 $671,762 $699,537 
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments(11,552)(46,245)(21,068)(81,387)
Derivative financial instruments11,898 9,031 9,142 31,811 
Pension and postretirement benefit plans(961)5,503 (2,884)16,508 
(615)(31,711)(14,810)(33,068)
Comprehensive income195,488 229,475 656,952 666,469 
Less: Comprehensive loss attributable to noncontrolling interests2,546 — 9,016 — 
Comprehensive income attributable to Harley-Davidson, Inc.$198,034 $229,475 $665,968 $666,469 
The accompanying notes are integral to the consolidated financial statements.


4
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)(Unaudited)
September 30,
2023		December 31,
2022		September 25,
2022
ASSETS
Cash and cash equivalents$1,878,351 $1,433,175 $1,730,250 
Accounts receivable, net315,331 252,225 300,454 
Finance receivables, net of allowance of $67,346, $62,488, and $61,671
2,101,965 1,782,631 1,807,718 
Inventories, net768,765 950,960 680,762 
Restricted cash130,838 135,424 287,264 
Other current assets227,556 196,238 205,734 
Current assets5,422,806 4,750,653 5,012,182 
Finance receivables, net of allowance of $325,368, $296,223, and $298,425
5,553,259 5,355,807 5,534,730 
Property, plant and equipment, net703,304 689,886 641,651 
Pension and postretirement assets369,440 320,133 424,784 
Goodwill61,935 62,090 60,440 
Deferred income taxes144,764 135,041 69,734 
Lease assets69,034 43,931 40,543 
Other long-term assets137,674 134,935 143,547 
$12,462,216 $11,492,476 $11,927,611 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable$382,127 $378,002 $438,534 
Accrued liabilities586,134 620,945 710,544 
Short-term deposits, net250,987 79,710 97,856 
Short-term debt815,081 770,468 692,551 
Current portion of long-term debt, net638,496 1,684,782 1,740,422 
Current liabilities2,672,825 3,533,907 3,679,907 
Long-term deposits, net227,946 237,665 246,879 
Long-term debt, net5,856,005 4,457,052 4,738,234 
Lease liabilities52,238 26,777 23,836 
Pension and postretirement liabilities67,991 67,955 92,953 
Deferred income taxes29,528 29,528 8,312 
Other long-term liabilities244,413 232,784 297,280 
Commitments and contingencies (Note 14)
Shareholders’ equity:
Common stock1,712 1,704 1,704 
Additional paid-in-capital1,738,026 1,688,159 1,575,632 
Retained earnings3,098,652 2,490,649 2,471,795 
Accumulated other comprehensive loss(356,739)(341,929)(273,987)
Treasury stock, at cost(1,171,635)(935,064)(934,934)
Total Harley-Davidson, Inc. shareholders' equity3,310,016 2,903,519 2,840,210 
Noncontrolling interest1,254 3,289 — 
Total equity3,311,270 2,906,808 2,840,210 
$12,462,216 $11,492,476 $11,927,611 
5
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
September 30,
2023		December 31,
2022		September 25,
2022
Balances held by consolidated variable interest entities (Note 10):
Finance receivables, net - current$555,109 $559,651 $635,628 
Other assets$9,395 $9,805 $9,582 
Finance receivables, net - non-current$2,196,887 $2,317,956 $2,730,915 
Restricted cash - current and non-current$135,762 $141,128 $205,878 
Current portion of long-term debt, net $619,666 $619,683 $736,332 
Long-term debt, net$1,791,784 $1,825,525 $2,158,148 
The accompanying notes are integral to the consolidated financial statements.
6
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine months ended
September 30,
2023		September 25,
2022
Net cash provided by operating activities (Note 6)$706,767 $574,704 
Cash flows from investing activities:
Capital expenditures(138,902)(84,947)
Origination of finance receivables(3,162,957)(3,773,830)
Collections on finance receivables2,789,848 3,110,881 
Other investing activities878 2,160 
Net cash used by investing activities(511,133)(745,736)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes1,446,304 495,785 
Repayments of medium-term notes(1,056,680)(950,000)
Proceeds from securitization debt1,045,547 1,826,891 
Repayments of securitization debt(930,608)(1,054,939)
Borrowings of asset-backed commercial paper42,429 448,255 
Repayments of asset-backed commercial paper(187,599)(228,431)
Net increase (decrease) in unsecured commercial paper
43,523 (60,281)
Net increase in deposits161,157 54,080 
Deposit in advance of business combination— 100,000 
Dividends paid(72,775)(70,163)
Repurchase of common stock(239,428)(338,496)
Other financing activities1,706 (1,237)
Net cash provided by financing activities253,576 221,464 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(8,415)(33,361)
Net increase in cash, cash equivalents and restricted cash$440,795 $17,071 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$1,579,177 $2,025,219 
Net increase in cash, cash equivalents and restricted cash440,795 17,071 
Cash, cash equivalents and restricted cash, end of period$2,019,972 $2,042,290 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,878,351 $1,730,250 
Restricted cash 130,838 287,264 
Restricted cash included in Other long-term assets10,783 24,776 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$2,019,972 $2,042,290 
The accompanying notes are integral to the consolidated financial statements.


7
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In thousands, except share and per share amounts)
(Unaudited)
Equity Attributable to Harley-Davidson, Inc.
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		TotalEquity Attributable to Noncontrolling InterestsTotal Equity
 Issued
Shares		Balance
Balance, December 31, 2022170,400,212 $1,704 $1,688,159 $2,490,649 $(341,929)$(935,064)$2,903,519 $3,289 $2,906,808 
Net income (loss)— — — 304,090 — — 304,090 (2,261)$301,829 
Other comprehensive income, net of tax (Note 15)— — — — (12,723)— (12,723)— $(12,723)
Dividends ($0.1650 per share)
— — — (24,123)— — (24,123)— $(24,123)
Repurchase of common stock— — — — — (96,767)(96,767)— $(96,767)
Share-based compensation733,658 7 19,055 — — — 19,062 1,763 $20,825 
Balance, March 31, 2023171,133,870 1,711 1,707,214 2,770,616 (354,652)(1,031,831)3,093,058 2,791 3,095,849 
Net income (loss)— — — 178,039 — — 178,039 (4,209)$173,830 
Other comprehensive loss, net of tax (Note 15)— — — — (1,472)— (1,472)— $(1,472)
Dividends ($0.1650 per share)
— — — (24,070)— — (24,070)— $(24,070)
Repurchase of common stock— — — — — (74,184)(74,184)— $(74,184)
Share-based compensation38,173 1 15,639 — — 1,885 17,525 2,378 $19,903 
Balance, June 30, 2023171,172,043 1,712 1,722,853 2,924,585 (356,124)(1,104,130)3,188,896 960 3,189,856 
Net income (loss)
— — — 198,649 — — 198,649 (2,546)$196,103 
Other comprehensive loss, net of tax (Note 15)
— — — — (615)— (615)— $(615)
Dividends ($0.1650 per share)
— — — (24,582)— — (24,582)— $(24,582)
Repurchase of common stock— — — — — (70,451)(70,451)— $(70,451)
Share-based compensation24,077 — 15,173 — — 2,946 18,119 2,840 $20,959 
Balance, September 30, 2023171,196,120 $1,712 $1,738,026 $3,098,652 $(356,739)$(1,171,635)$3,310,016 $1,254 $3,311,270 
8
Equity Attributable to Harley-Davidson, Inc.
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		TotalEquity Attributable to Noncontrolling InterestsTotal Equity
Issued
Shares		Balance
Balance, December 31, 2021169,364,686 $1,694 $1,547,011 $1,842,421 $(240,919)$(596,963)$2,553,244 $— $2,553,244 
Net income— — — 222,502 — — 222,502 — $222,502 
Other comprehensive income, net of tax (Note 15)— — — — 11,309 — 11,309 — $11,309 
Dividends ($0.1575 per share)
— — — (24,056)— — (24,056)— $(24,056)
Repurchase of common stock— — — — — (261,737)(261,737)— $(261,737)
Share-based compensation976,062 10 7,829 — — — 7,839 — $7,839 
Balance, March 27, 2022170,340,748 1,704 1,554,840 2,040,867 (229,610)(858,700)2,509,101 — 2,509,101 
Net income— — — 215,849 — — 215,849 — $215,849 
Other comprehensive income, net of tax (Note 15)— — — — (12,666)— (12,666)— $(12,666)
Dividends ($0.1575 per share)
— — — (23,090)— — (23,090)— $(23,090)
Repurchase of common stock— — — — — (64,091)(64,091)— $(64,091)
Share-based compensation23,479 — 9,524 — — 525 10,049 — $10,049 
Balance, June 26, 2022170,364,227 1,704 1,564,364 2,233,626 (242,276)(922,266)2,635,152 — 2,635,152 
Net income— — — 261,186 — — 261,186 — $261,186 
Other comprehensive income, net of tax (Note 15)
— — — — (31,711)— (31,711)— $(31,711)
Dividends ($0.1575 per share)
— — — (23,017)— — (23,017)— $(23,017)
Repurchase of common stock— — — — — (12,668)(12,668)— $(12,668)
Share-based compensation26,625 — 11,268 — — — 11,268 — $11,268 
Balance, September 25, 2022170,390,852 $1,704 $1,575,632 $2,471,795 $(273,987)$(934,934)$2,840,210 — 2,840,210 
The accompanying notes are integral to the consolidated financial statements.
9
HARLEY-DAVIDSON, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation and Use of Estimates
Principles of Consolidation and Basis of Presentation – The consolidated financial statements include the accounts of Harley-Davidson, Inc. and its subsidiaries and certain variable interest entities (VIEs) related to secured financing as the Company is the primary beneficiary. All intercompany accounts and material intercompany transactions have been eliminated. The Company has a controlling equity interest in LiveWire Group, Inc. As the controlling shareholder, the Company consolidates LiveWire Group, Inc. results with additional adjustments to recognize non-controlling shareholder interests.
The Company operates in three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire and Harley-Davidson Financial Services (HDFS). The Company changed its segments in the period ended December 31, 2022. The change has been retrospectively reflected in the periods presented below.
Substantially all of the Company’s international subsidiaries use their respective local currency as their functional currency. Assets and liabilities of international subsidiaries have been translated at period-end exchange rates, and revenues and expenses have been translated using average exchange rates for the period. Monetary assets and liabilities denominated in a currency that is different from an entity's functional currency are remeasured from the transactional currency to the entity's functional currency on a monthly basis. The aggregate transaction gain (loss) resulting from foreign currency remeasurements was $(15.6) million and $7.8 million for the three month periods ended September 30, 2023 and September 25, 2022, respectively, and $(11.1) million and $15.1 million for the nine month periods ended September 30, 2023 and September 25, 2022, respectively.
In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Consolidated balance sheets as of September 30, 2023 and September 25, 2022, the Consolidated statements of operations for the three and nine month periods then ended, the Consolidated statements of comprehensive income for the three and nine month periods then ended, the Consolidated statements of cash flows for the nine month periods then ended, and the Consolidated statements of shareholders' equity for the three month periods within the nine month periods ended September 30, 2023 and September 25, 2022.
Certain information and disclosures normally included in complete financial statements have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and U.S. generally accepted accounting principles (U.S. GAAP) for interim financial reporting. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Fair Value Measurements – The Company assesses the inputs used to measure fair value using a three-tier hierarchy.
Level 1 inputs include quoted prices for identical instruments and are the most observable.
Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity prices, and yield curves. The Company uses the market approach to derive the fair value for its Level 2 fair value measurements. Foreign currency contracts, commodity contracts, and cross-currency swaps are valued using quoted forward rates and prices; interest rate caps are valued using quoted interest rates and yield curves; LiveWire warrants, including public (Level 1) and private placement (Level 2) warrants, are valued using the closing market price of the public warrants as the private placement warrants have terms and provisions that are identical to those of the public warrants.
Level 3 inputs are not observable in the market and include the Company's judgments about the assumptions market participants would use in pricing the asset or liability.
2. New Accounting Standards
Accounting Standards Recently Adopted
10
In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02). ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of its previously issued credit losses standard (ASU 2016-13) that introduced the current expected credit losses (CECL) model. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhances disclosure requirements for certain loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The Company adopted ASU 2022-02 on January 1, 2023. The adoption did not have a material impact on the Company's consolidated financial statements.
3. Revenue
The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. Revenue is measured based on the consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue.
Disaggregated revenue by major source was as follows (in thousands):
Three months endedNine months ended
September 30,
2023		September 25,
2022		September 30,
2023		September 25,
2022
HDMC:
Motorcycles$1,023,090 $1,128,920 $3,216,387 $3,121,097 
Parts and accessories184,809 200,708 568,001 580,295 
Apparel49,325 69,819 187,072 198,560 
Licensing9,586 10,662 20,912 28,940 
Other30,171 12,145 60,574 40,097 
1,296,981 1,422,254 4,052,946 3,968,989 
LiveWire8,144 14,708 22,932 37,615 
Motorcycles and related products revenue1,305,125 1,436,962 4,075,878 4,006,604 
HDFS:
Interest income207,673 179,261 586,752 509,702 
Other36,261 32,352 120,638 96,542 
Financial services revenue243,934 211,613 707,390 606,244 
$1,549,059 $1,648,575 $4,783,268 $4,612,848 
The Company maintains certain deferred revenue balances related to payments received at contract inception in advance of the Company’s performance under the contract and generally relates to the sale of Harley Owners Group® memberships and various financial services products. Deferred revenue is recognized as revenue as the Company performs under the contract. Deferred revenue, included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets, was as follows (in thousands):
September 30,
2023		September 25,
2022
Balance, beginning of period$44,100 $40,092 
Balance, end of period$41,134 $45,746 
Previously deferred revenue recognized as revenue in the three months ended September 30, 2023 and September 25, 2022 was $6.9 million and $7.0 million, respectively, and $20.2 million and $22.4 million in the nine months ended September 30, 2023 and September 25, 2022, respectively . The Company expects to recognize approximately $17.1 million of the remaining unearned revenue over the next 12 months and $24.0 million thereafter.
11
4. Income Taxes
The Company’s effective income tax rate for the nine months ended September 30, 2023 was 22.1% compared to 23.0% for the nine months ended September 25, 2022.
5. Earnings Per Share
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
 Three months endedNine months ended
September 30,
2023		September 25,
2022		September 30,
2023		September 25,
2022
Net income attributable to Harley-Davidson, Inc.$198,649 $261,186 $680,778 $699,537 
Basic weighted-average shares outstanding141,622 146,217 143,678 148,673 
Effect of dilutive securities – employee stock compensation plan
2,699 856 2,652 862 
Diluted weighted-average shares outstanding144,321 147,073 146,330 149,535 
Net earnings per share:
Basic$1.40 $1.79 $4.74 $4.71 
Diluted$1.38 $1.78 $4.65 $4.68 
Shares of common stock related to share-based compensation that were not included in the effect of dilutive securities because the effect would have been anti-dilutive include 0.8 million and 3.9 million shares for the three months ended September 30, 2023 and September 25, 2022, respectively, and 1.1 million and 2.3 million shares for the nine months ended September 30, 2023 and September 25, 2022, respectively.
6. Additional Balance Sheet and Cash Flow Information
Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):
September 30,
2023		December 31,
2022		September 25,
2022
Mutual funds$32,664 $33,071 $33,631 
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 – Substantially all inventories located in the U.S. are valued using the last-in, first-out (LIFO) method. Other inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Motorcycle finished goods inventories include motorcycles that are ready for sale and motorcycles that are substantially complete but awaiting installation of certain components affected by supply chain constraints. Inventories, net consisted of the following (in thousands):
September 30,
2023		December 31,
2022		September 25,
2022
Raw materials and work in process$333,107 $331,380 $311,424 
Motorcycle finished goods405,714 549,041 304,195 
Parts and accessories and apparel154,640 187,039 160,724 
Inventory at lower of FIFO cost or net realizable value893,461 1,067,460 776,343 
Excess of FIFO over LIFO cost(124,696)(116,500)(95,581)
$768,765 $950,960 $680,762 
12
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 $478.9 million, $317.4 million, and $344.7 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of September 30, 2023, December 31, 2022, and September 25, 2022, 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 September 30, 2023 were as follows (in thousands):
2023$31,302 
2024253,720 
202561,002 
202679,678 
202754,158 
Thereafter— 
Future maturities479,860 
Unamortized fees(927)
$478,933 
Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):
 Nine months ended
September 30,
2023		September 25,
2022
Cash flows from operating activities:
Net income$671,762 $699,537 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization112,592 114,867 
Amortization of deferred loan origination costs65,996 72,214 
Amortization of financing origination fees9,734 11,475 
Provision for long-term employee benefits(50,373)(14,637)
Employee benefit plan contributions and payments(2,668)(4,766)
Stock compensation expense64,538 33,595 
Net change in wholesale finance receivables related to sales(392,817)(294,698)
Provision for credit losses170,496 94,572 
Deferred income taxes(8,455)(2,980)
Other, net(19,738)24,392 
Changes in current assets and liabilities:
Accounts receivable, net(72,084)(150,726)
Finance receivables – accrued interest and other
2,366 3,566 
Inventories, net160,742 (6,577)
Accounts payable and accrued liabilities14,453 37,745 
Other current assets(19,777)(42,875)
35,005 (124,833)
Net cash provided by operating activities$706,767 $574,704 
13
7. Finance Receivables
Finance receivables include both retail and wholesale finance receivables, including amounts held by consolidated VIEs. Finance receivables are recorded in the financial statements at amortized cost net of an allowance for credit losses.
The Company provides retail financial services to customers of its dealers in the U.S. and Canada. The origination of retail loans is a separate and distinct transaction between the Company and the retail customer, unrelated to the Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and secured installment sales contracts and are primarily related to dealer sales of motorcycles to retail customers. The Company holds either titles or liens on titles to vehicles financed by promissory notes and installment sales contracts.
The Company offers wholesale financing to its dealers in the U.S. and Canada. Wholesale finance receivables are related primarily to the Company's sale of motorcycles, related parts and accessories and apparel to dealers. Wholesale loans to dealers are generally secured by financed inventory or property.
Finance receivables, net were as follows (in thousands):
September 30,
2023		December 31,
2022		September 25,
2022
Retail finance receivables$6,998,397 $6,748,201 $