It is black on clear. Just peel off the backing and stick in place. The "III" can be cut off for earlier models without it.
SUPER STEERING DECAL for FLEXIBLE FLYER Sled, Adhesive Backed, SL105
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FLEXIBLE FLYER DECAL SET WATER SLIDE LASER PRINT CLEAR BACKING FOR STREERING ARM
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FLEXIBLE FLYER SLED DECAL EAGLE/ARROWS, WATER SLIDE WHITE BACKING LASER PRINTED