HARLEY-DAVIDSON, INC.

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):

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. Inventories, net consisted of the following (in thousands):

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 $513.3 million, $550.6 million, and $441.2 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of March 31, 2025, December 31, 2024, and March 31, 2024, 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 March 31, 2025 were as follows (in thousands):

Operating Cash Flow –The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):