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v3.22.1

Supplemental Consolidating Data (Tables) | 3 Months Ended
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Mar. 27, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations | 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 |
Balance Sheet |
| 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 |
Cash Flows |
| 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 |
| Three months ended March 28, 2021
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | 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 | (2,743) |  |  | 685 |  |  | (80) |  |  | (2,138) |
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 |
Other current assets | 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
| Harley-Davidson Motor Company |  | Harley-Davidson Financial Services |  | 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) |
Borrowings of asset-backed commercial paper |  |  |  |  |  |  | — |
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) |
Other financing activities | 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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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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