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v3.22.1

Supplemental Consolidating Data | 3 Months Ended
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Mar. 27, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Consolidating Data | Supplemental Consolidating DataThe supplemental consolidating legal entity data for Harley-Davidson Motor Company, Harley-Davidson Financial Services and related consolidating adjustments are presented for informational purposes. The legal entity income statement information presented below differs from reportable segment income statement information due to the allocation of legal entity consolidating adjustments to income for reportable segments. Supplemental consolidating data is as follows (in thousands):
| Three months ended March 27, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,306,293 |  |  | $ | — |  |  | $ | (3,122) |  |  | $ | 1,303,171 |
Financial Services | — |  |  | 192,390 |  |  | (375) |  |  | 192,015 |
| 1,306,293 |  |  | 192,390 |  |  | (3,497) |  |  | 1,495,186 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 895,536 |  |  | — |  |  | — |  |  | 895,536 |
Financial Services interest expense | — |  |  | 42,099 |  |  | — |  |  | 42,099 |
Financial Services provision for credit losses | — |  |  | 28,822 |  |  | — |  |  | 28,822 |
Selling, administrative and engineering expense | 205,417 |  |  | 37,858 |  |  | (3,650) |  |  | 239,625 |
Restructuring benefit | (128) |  |  | — |  |  | — |  |  | (128) |
| 1,100,825 |  |  | 108,779 |  |  | (3,650) |  |  | 1,205,954 |
Operating income | 205,468 |  |  | 83,611 |  |  | 153 |  |  | 289,232 |
Other income, net | 11,030 |  |  | — |  |  | — |  |  | 11,030 |
Investment loss | (1,979) |  |  | — |  |  | — |  |  | (1,979) |
Interest expense | 7,711 |  |  | — |  |  | — |  |  | 7,711 |
Income before income taxes | 206,808 |  |  | 83,611 |  |  | 153 |  |  | 290,572 |
Provision for income taxes | 47,847 |  |  | 20,223 |  |  | — |  |  | 68,070 |
Net income | $ | 158,961 |  |  | $ | 63,388 |  |  | $ | 153 |  |  | $ | 222,502 |
| Three months ended March 28, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | 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 27, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 678,616 |  |  | $ | 715,115 |  |  | $ | — |  |  | $ | 1,393,731 |
Accounts receivable, net | 601,148 |  |  | — |  |  | (346,862) |  |  | 254,286 |
Finance receivables, net | — |  |  | 1,699,642 |  |  | — |  |  | 1,699,642 |
Inventories, net | 714,259 |  |  | — |  |  | — |  |  | 714,259 |
Restricted cash | — |  |  | 142,812 |  |  | — |  |  | 142,812 |
Other current assets | 149,955 |  |  | 61,455 |  |  | (28,883) |  |  | 182,527 |
| 2,143,978 |  |  | 2,619,024 |  |  | (375,745) |  |  | 4,387,257 |
Finance receivables, net | — |  |  | 5,121,911 |  |  | — |  |  | 5,121,911 |
Property, plant and equipment, net | 636,216 |  |  | 27,591 |  |  | — |  |  | 663,807 |
Pension and postretirement assets | 399,029 |  |  | — |  |  | — |  |  | 399,029 |
Goodwill | 62,607 |  |  | — |  |  | — |  |  | 62,607 |
Deferred income taxes | — |  |  | 75,185 |  |  | (3,259) |  |  | 71,926 |
Lease assets | 38,126 |  |  | 6,947 |  |  | — |  |  | 45,073 |
Other long-term assets | 210,157 |  |  | 37,595 |  |  | (104,722) |  |  | 143,030 |
| $ | 3,490,113 |  |  | $ | 7,888,253 |  |  | $ | (483,726) |  |  | $ | 10,894,640 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 434,731 |  |  | $ | 389,048 |  |  | $ | (346,862) |  |  | $ | 476,917 |
Accrued liabilities | 495,921 |  |  | 129,581 |  |  | (27,578) |  |  | 597,924 |
Short-term deposits, net | — |  |  | 65,049 |  |  | — |  |  | 65,049 |
Short-term debt | — |  |  | 816,016 |  |  | — |  |  | 816,016 |
Current portion of long-term debt, net | — |  |  | 1,327,357 |  |  | — |  |  | 1,327,357 |
| 930,652 |  |  | 2,727,051 |  |  | (374,440) |  |  | 3,283,263 |
Long-term deposits, net | — |  |  | 283,034 |  |  | — |  |  | 283,034 |
Long-term debt, net | 744,842 |  |  | 3,725,244 |  |  | — |  |  | 4,470,086 |
Lease liabilities | 20,544 |  |  | 7,089 |  |  | — |  |  | 27,633 |
Pension and postretirement liabilities | 93,792 |  |  | — |  |  | — |  |  | 93,792 |
Deferred income taxes | 10,478 |  |  | 1,848 |  |  | (2,748) |  |  | 9,578 |
Other long-term liabilities | 165,990 |  |  | 50,190 |  |  | 1,973 |  |  | 218,153 |
Commitments and contingencies (Note 16) |  |  |  |  |  |  |
Shareholders’ equity | 1,523,815 |  |  | 1,093,797 |  |  | (108,511) |  |  | 2,509,101 |
| $ | 3,490,113 |  |  | $ | 7,888,253 |  |  | $ | (483,726) |  |  | $ | 10,894,640 |
| March 28, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | 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 27, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 158,961 |  |  | $ | 63,388 |  |  | $ | 153 |  |  | $ | 222,502 |
Adjustments to reconcile Net income to Net cash (used) provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 37,106 |  |  | 2,152 |  |  | — |  |  | 39,258 |
Amortization of deferred loan origination costs | — |  |  | 22,995 |  |  | — |  |  | 22,995 |
Amortization of financing origination fees | 174 |  |  | 3,527 |  |  | — |  |  | 3,701 |
Provision for long-term employee benefits | (5,050) |  |  | — |  |  | — |  |  | (5,050) |
Employee benefit plan contributions and payments | (2,143) |  |  | — |  |  | — |  |  | (2,143) |
Stock compensation expense | 8,233 |  |  | 670 |  |  | — |  |  | 8,903 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (205,727) |  |  | (205,727) |
Provision for credit losses | — |  |  | 28,822 |  |  | — |  |  | 28,822 |
Deferred income taxes | 6,176 |  |  | 665 |  |  | (534) |  |  | 6,307 |
Other, net | (5,322) |  |  | 67 |  |  | (153) |  |  | (5,408) |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (319,329) |  |  | — |  |  | 244,336 |  |  | (74,993) |
Finance receivables – accrued interest and other | — |  |  | 3,115 |  |  | — |  |  | 3,115 |
Inventories, net | (2,630) |  |  | — |  |  | — |  |  | (2,630) |
Accounts payable and accrued liabilities | 86,546 |  |  | 289,876 |  |  | (269,453) |  |  | 106,969 |
Other current assets | (47,418) |  |  | 14,467 |  |  | 25,651 |  |  | (7,300) |
| (243,657) |  |  | 366,356 |  |  | (205,880) |  |  | (83,181) |
Net cash (used) provided by operating activities | (84,696) |  |  | 429,744 |  |  | (205,727) |  |  | 139,321 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (27,149) |  |  | (850) |  |  | — |  |  | (27,999) |
Origination of finance receivables | — |  |  | (2,023,861) |  |  | 965,400 |  |  | (1,058,461) |
Collections on finance receivables | — |  |  | 1,724,863 |  |  | (759,673) |  |  | 965,190 |
Other investing activities | 135 |  |  | — |  |  | — |  |  | 135 |
Net cash used by investing activities | (27,014) |  |  | (299,848) |  |  | 205,727 |  |  | (121,135) |
| Three months ended March 27, 2022
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 495,785 |  |  | — |  |  | 495,785 |
Repayments of medium-term notes | — |  |  | (550,000) |  |  | — |  |  | (550,000) |
Repayments of securitization debt | — |  |  | (271,499) |  |  | — |  |  | (271,499) |
Borrowings of asset-backed commercial paper | — |  |  | 62,455 |  |  | — |  |  | 62,455 |
Repayments of asset-backed commercial paper | — |  |  | (56,634) |  |  | — |  |  | (56,634) |
Net increase in unsecured commercial paper | — |  |  | 64,521 |  |  | — |  |  | 64,521 |
Net increase in deposits | — |  |  | 57,660 |  |  | — |  |  | 57,660 |
Dividends paid | (24,056) |  |  | — |  |  | — |  |  | (24,056) |
Repurchase of common stock | (261,737) |  |  | — |  |  | — |  |  | (261,737) |
Net cash used by financing activities | (285,793) |  |  | (197,712) |  |  | — |  |  | (483,505) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,086) |  |  | 343 |  |  | — |  |  | (1,743) |
Net decrease in cash, cash equivalents and restricted cash | $ | (399,589) |  |  | $ | (67,473) |  |  | $ | — |  |  | $ | (467,062) |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,078,205 |  |  | $ | 947,014 |  |  | $ | — |  |  | $ | 2,025,219 |
Net decrease in cash, cash equivalents and restricted cash | (399,589) |  |  | (67,473) |  |  | — |  |  | (467,062) |
Cash, cash equivalents and restricted cash, end of period | $ | 678,616 |  |  | $ | 879,541 |  |  | $ | — |  |  | $ | 1,558,157 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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