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v3.21.1

Supplemental Consolidating Data | 3 Months Ended
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Mar. 28, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Consolidating Data | Supplemental Consolidating Data The supplemental consolidating data is presented for informational purposes and is different than segment information due to the allocation of consolidating adjustments to the reportable segments. Supplemental consolidating data is as follows (in thousands):
| Three months ended March 28, 2021
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,238,468 |  |  | $ | — |  |  | $ | (6,361) |  |  | $ | 1,232,107 |
Financial Services | — |  |  | 188,750 |  |  | 1,650 |  |  | 190,400 |
| 1,238,468 |  |  | 188,750 |  |  | (4,711) |  |  | 1,422,507 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 811,622 |  |  | — |  |  | — |  |  | 811,622 |
Financial Services interest expense | — |  |  | 55,707 |  |  | — |  |  | 55,707 |
Financial Services provision for credit losses | — |  |  | (22,474) |  |  | — |  |  | (22,474) |
Selling, administrative and engineering expense | 196,359 |  |  | 40,275 |  |  | (4,790) |  |  | 231,844 |
Restructuring (benefit) expense | (593) |  |  | 227 |  |  | — |  |  | (366) |
| 1,007,388 |  |  | 73,735 |  |  | (4,790) |  |  | 1,076,333 |
Operating income | 231,080 |  |  | 115,015 |  |  | 79 |  |  | 346,174 |
Other income, net | 277 |  |  | — |  |  | — |  |  | 277 |
Investment income | 1,402 |  |  | — |  |  | — |  |  | 1,402 |
Interest expense | 7,708 |  |  | — |  |  | — |  |  | 7,708 |
Income before income taxes | 225,051 |  |  | 115,015 |  |  | 79 |  |  | 340,145 |
Provision for income taxes | 55,996 |  |  | 25,005 |  |  | — |  |  | 81,001 |
Net income | $ | 169,055 |  |  | $ | 90,010 |  |  | $ | 79 |  |  | $ | 259,144 |
| March 28, 2021
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 607,941 |  |  | $ | 1,712,704 |  |  | $ | — |  |  | $ | 2,320,645 |
Accounts receivable, net | 603,273 |  |  | — |  |  | (386,704) |  |  | 216,569 |
Finance receivables, net | — |  |  | 1,798,194 |  |  | — |  |  | 1,798,194 |
Inventories, net | 470,997 |  |  | — |  |  | — |  |  | 470,997 |
Restricted cash | — |  |  | 185,374 |  |  | — |  |  | 185,374 |
Other current assets | 81,559 |  |  | 113,797 |  |  | — |  |  | 195,356 |
| 1,763,770 |  |  | 3,810,069 |  |  | (386,704) |  |  | 5,187,135 |
Finance receivables, net | — |  |  | 4,958,583 |  |  | — |  |  | 4,958,583 |
Property, plant and equipment, net | 687,086 |  |  | 31,882 |  |  | — |  |  | 718,968 |
Pension and postretirement assets | 105,910 |  |  | — |  |  | — |  |  | 105,910 |
Goodwill | 65,157 |  |  | — |  |  | — |  |  | 65,157 |
Deferred income taxes | 56,911 |  |  | 79,206 |  |  | (730) |  |  | 135,387 |
Lease assets | 36,559 |  |  | 8,206 |  |  | — |  |  | 44,765 |
Other long-term assets | 184,876 |  |  | 33,929 |  |  | (95,722) |  |  | 123,083 |
| $ | 2,900,269 |  |  | $ | 8,921,875 |  |  | $ | (483,156) |  |  | $ | 11,338,988 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 355,722 |  |  | $ | 433,746 |  |  | $ | (386,704) |  |  | $ | 402,764 |
Accrued liabilities | 443,529 |  |  | 125,768 |  |  | 1,143 |  |  | 570,440 |
Short-term deposits, net | — |  |  | 93,887 |  |  | — |  |  | 93,887 |
Short-term debt | — |  |  | 765,263 |  |  | — |  |  | 765,263 |
Current portion of long-term debt, net | — |  |  | 1,622,243 |  |  | — |  |  | 1,622,243 |
| 799,251 |  |  | 3,040,907 |  |  | (385,561) |  |  | 3,454,597 |
Long-term deposits, net | — |  |  | 58,766 |  |  | — |  |  | 58,766 |
Long-term debt, net | 744,149 |  |  | 4,733,942 |  |  | — |  |  | 5,478,091 |
Lease liabilities | 22,461 |  |  | 7,600 |  |  | — |  |  | 30,061 |
Pension and postretirement liabilities | 103,854 |  |  | — |  |  | — |  |  | 103,854 |
Deferred income taxes | 7,166 |  |  | 1,516 |  |  | — |  |  | 8,682 |
Other long-term liabilities | 179,525 |  |  | 46,920 |  |  | 2,106 |  |  | 228,551 |
Commitments and contingencies (Note 16) |  |  |  |  |  |  |
Shareholders’ equity | 1,043,863 |  |  | 1,032,224 |  |  | (99,701) |  |  | 1,976,386 |
| $ | 2,900,269 |  |  | $ | 8,921,875 |  |  | $ | (483,156) |  |  | $ | 11,338,988 |
| Three months ended March 28, 2021
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 169,055 |  |  | $ | 90,010 |  |  | $ | 79 |  |  | $ | 259,144 |
Adjustments to reconcile Net income to Net cash (used) provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 37,778 |  |  | 2,443 |  |  | — |  |  | 40,221 |
Amortization of deferred loan origination costs | — |  |  | 19,200 |  |  | — |  |  | 19,200 |
Amortization of financing origination fees | 172 |  |  | 3,442 |  |  | — |  |  | 3,614 |
Provision for long-term employee benefits | 7,090 |  |  | — |  |  | — |  |  | 7,090 |
Employee benefit plan contributions and payments | (9,885) |  |  | — |  |  | — |  |  | (9,885) |
Stock compensation expense | 8,174 |  |  | 794 |  |  | — |  |  | 8,968 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (308,532) |  |  | (308,532) |
Provision for credit losses | — |  |  | (22,474) |  |  | — |  |  | (22,474) |
Deferred income taxes | 3,811 |  |  | 9,812 |  |  | (431) |  |  | 13,192 |
Other, net | 476 |  |  | 775 |  |  | (80) |  |  | 1,171 |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (388,688) |  |  | — |  |  | 309,676 |  |  | (79,012) |
Finance receivables – accrued interest and other | — |  |  | 8,947 |  |  | — |  |  | 8,947 |
Inventories, net | 45,086 |  |  | — |  |  | — |  |  | 45,086 |
Accounts payable and accrued liabilities | 104,486 |  |  | 354,507 |  |  | (305,396) |  |  | 153,597 |
Derivative financial instruments | (3,219) |  |  | (90) |  |  | — |  |  | (3,309) |
Other | 18,222 |  |  | 11,271 |  |  | (3,730) |  |  | 25,763 |
| (176,497) |  |  | 388,627 |  |  | (308,493) |  |  | (96,363) |
Net cash (used) provided by operating activities | (7,442) |  |  | 478,637 |  |  | (308,414) |  |  | 162,781 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (18,427) |  |  | (386) |  |  | — |  |  | (18,813) |
Origination of finance receivables | — |  |  | (1,923,911) |  |  | 1,014,773 |  |  | (909,138) |
Collections on finance receivables | — |  |  | 1,606,844 |  |  | (706,359) |  |  | 900,485 |
Other investing activities | 733 |  |  | — |  |  | — |  |  | 733 |
Net cash used by investing activities | (17,694) |  |  | (317,453) |  |  | 308,414 |  |  | (26,733) |
| Three months ended March 28, 2021
| HDMC Entities |  | HDFS Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Repayments of medium-term notes | — |  |  | (1,050,000) |  |  | — |  |  | (1,050,000) |
Proceeds from securitization debt | — |  |  | 597,411 |  |  | — |  |  | 597,411 |
Repayments of securitization debt | — |  |  | (291,346) |  |  | — |  |  | (291,346) |
Repayments of asset-backed commercial paper | — |  |  | (66,894) |  |  | — |  |  | (66,894) |
Net decrease in unsecured commercial paper | — |  |  | (262,517) |  |  | — |  |  | (262,517) |
Net increase in credit facilities | — |  |  | 15,629 |  |  | — |  |  | 15,629 |
Net increase in deposits | — |  |  | 72,664 |  |  | — |  |  | 72,664 |
Dividends paid | (23,105) |  |  | — |  |  | — |  |  | (23,105) |
Repurchase of common stock | (5,646) |  |  | — |  |  | — |  |  | (5,646) |
Issuance of common stock under share-based plans | 1,085 |  |  | — |  |  | — |  |  | 1,085 |
Net cash used by financing activities | (27,666) |  |  | (985,053) |  |  | — |  |  | (1,012,719) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5,418) |  |  | 255 |  |  | — |  |  | (5,163) |
Net decrease in cash, cash equivalents and restricted cash | $ | (58,220) |  |  | $ | (823,614) |  |  | $ | — |  |  | $ | (881,834) |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 666,161 |  |  | $ | 2,743,007 |  |  | $ | — |  |  | $ | 3,409,168 |
Net decrease in cash, cash equivalents and restricted cash | (58,220) |  |  | (823,614) |  |  | — |  |  | (881,834) |
Cash, cash equivalents and restricted cash, end of period | $ | 607,941 |  |  | $ | 1,919,393 |  |  | $ | — |  |  | $ | 2,527,334 |

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