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v3.23.1

Supplemental Consolidating Data (Tables) | 3 Months Ended
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Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Operations | Supplemental consolidating data is as follows (in thousands):
| Three months ended March 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and related products | $ | 1,567,709 |  |  | $ | — |  |  | $ | (2,118) |  |  | $ | 1,565,591 |
Financial services | — |  |  | 223,523 |  |  | (428) |  |  | 223,095 |
| 1,567,709 |  |  | 223,523 |  |  | (2,546) |  |  | 1,788,686 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold | 1,007,301 |  |  | — |  |  | — |  |  | 1,007,301 |
Financial services interest expense | — |  |  | 73,549 |  |  | — |  |  | 73,549 |
Financial services provision for credit losses | — |  |  | 52,364 |  |  | — |  |  | 52,364 |
Selling, administrative and engineering expense | 247,695 |  |  | 40,880 |  |  | (2,712) |  |  | 285,863 |
| 1,254,996 |  |  | 166,793 |  |  | (2,712) |  |  | 1,419,077 |
Operating income | 312,713 |  |  | 56,730 |  |  | 166 |  |  | 369,609 |
Other income, net | 20,096 |  |  | — |  |  | — |  |  | 20,096 |
Investment income | 10,025 |  |  | — |  |  | — |  |  | 10,025 |
Interest expense | 7,720 |  |  | — |  |  | — |  |  | 7,720 |
Income before income taxes | 335,114 |  |  | 56,730 |  |  | 166 |  |  | 392,010 |
Provision for income taxes | 78,729 |  |  | 11,452 |  |  | — |  |  | 90,181 |
Net income | 256,385 |  |  | 45,278 |  |  | 166 |  |  | 301,829 |
Less: (income) loss attributable to noncontrolling interests | 2,261 |  |  | — |  |  | — |  |  | 2,261 |
Net income attributable to Harley-Davidson, Inc. | $ | 258,646 |  |  | $ | 45,278 |  |  | $ | 166 |  |  | $ | 304,090 |
| Three months ended March 27, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | 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 |
Less: (income) loss attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |
Net income attributable to Harley-Davidson, Inc. | $ | 158,961 |  |  | $ | 63,388 |  |  | $ | 153 |  |  | $ | 222,502 |
Schedule of Balance Sheet |
| March 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 876,248 |  |  | $ | 684,952 |  |  | $ | — |  |  | $ | 1,561,200 |
Accounts receivable, net | 798,728 |  |  | — |  |  | (465,195) |  |  | 333,533 |
Finance receivables, net | — |  |  | 2,245,628 |  |  | — |  |  | 2,245,628 |
Inventories, net | 830,521 |  |  | — |  |  | — |  |  | 830,521 |
Restricted cash | — |  |  | 164,965 |  |  | — |  |  | 164,965 |
Other current assets | 110,559 |  |  | 50,727 |  |  | (6,626) |  |  | 154,660 |
| 2,616,056 |  |  | 3,146,272 |  |  | (471,821) |  |  | 5,290,507 |
Finance receivables, net | — |  |  | 5,328,095 |  |  | — |  |  | 5,328,095 |
Property, plant and equipment, net | 667,474 |  |  | 22,577 |  |  | — |  |  | 690,051 |
Pension and postretirement assets | 336,569 |  |  | — |  |  | — |  |  | 336,569 |
Goodwill | 62,426 |  |  | — |  |  | — |  |  | 62,426 |
Deferred income taxes | 58,175 |  |  | 83,725 |  |  | (692) |  |  | 141,208 |
Lease assets | 37,868 |  |  | 5,672 |  |  | — |  |  | 43,540 |
Other long-term assets | 217,124 |  |  | 28,650 |  |  | (108,585) |  |  | 137,189 |
| $ | 3,995,692 |  |  | $ | 8,614,991 |  |  | $ | (581,098) |  |  | $ | 12,029,585 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 375,395 |  |  | $ | 494,214 |  |  | $ | (465,195) |  |  | $ | 404,414 |
Accrued liabilities | 488,814 |  |  | 142,192 |  |  | (5,710) |  |  | 625,296 |
Short-term deposits, net | — |  |  | 144,854 |  |  | — |  |  | 144,854 |
Short-term debt | — |  |  | 501,243 |  |  | — |  |  | 501,243 |
Current portion of long-term debt, net | — |  |  | 1,408,777 |  |  | — |  |  | 1,408,777 |
| 864,209 |  |  | 2,691,280 |  |  | (470,905) |  |  | 3,084,584 |
Long-term deposits, net | — |  |  | 224,457 |  |  | — |  |  | 224,457 |
Long-term debt, net | 745,545 |  |  | 4,529,624 |  |  | — |  |  | 5,275,169 |
Lease liabilities | 21,160 |  |  | 5,514 |  |  | — |  |  | 26,674 |
Pension and postretirement liabilities | 66,968 |  |  | — |  |  | — |  |  | 66,968 |
Deferred income taxes | 28,180 |  |  | 2,852 |  |  | — |  |  | 31,032 |
Other long-term liabilities | 155,487 |  |  | 67,626 |  |  | 1,739 |  |  | 224,852 |
Commitments and contingencies (Note 14) |  |  |  |  |  |  |
Shareholders’ equity | 2,114,143 |  |  | 1,093,638 |  |  | (111,932) |  |  | 3,095,849 |
| $ | 3,995,692 |  |  | $ | 8,614,991 |  |  | $ | (581,098) |  |  | $ | 12,029,585 |
| March 27, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | 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 14) |  |  |  |  |  |  |
Shareholders’ equity | 1,523,815 |  |  | 1,093,797 |  |  | (108,511) |  |  | 2,509,101 |
| $ | 3,490,113 |  |  | $ | 7,888,253 |  |  | $ | (483,726) |  |  | $ | 10,894,640 |
Schedule of Cash Flows |
| Three months ended March 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 256,385 |  |  | $ | 45,278 |  |  | $ | 166 |  |  | $ | 301,829 |
Adjustments to reconcile Net income to Net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization | 32,120 |  |  | 2,232 |  |  | — |  |  | 34,352 |
Amortization of deferred loan origination costs | — |  |  | 21,858 |  |  | — |  |  | 21,858 |
Amortization of financing origination fees | 177 |  |  | 2,834 |  |  | — |  |  | 3,011 |
Provision for long-term employee benefits | (16,939) |  |  | — |  |  | — |  |  | (16,939) |
Employee benefit plan contributions and payments | (1,739) |  |  | — |  |  | — |  |  | (1,739) |
Stock compensation expense | 22,494 |  |  | 1,134 |  |  | — |  |  | 23,628 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (487,314) |  |  | (487,314) |
Provision for credit losses | — |  |  | 52,364 |  |  | — |  |  | 52,364 |
Deferred income taxes | 4,261 |  |  | 1,717 |  |  | (330) |  |  | 5,648 |
Other, net | (18,087) |  |  | (3,418) |  |  | (166) |  |  | (21,671) |
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (426,221) |  |  | — |  |  | 348,228 |  |  | (77,993) |
Finance receivables – accrued interest and other | — |  |  | 2,252 |  |  | — |  |  | 2,252 |
Inventories, net | 123,047 |  |  | — |  |  | — |  |  | 123,047 |
Accounts payable and accrued liabilities | 14,610 |  |  | 379,094 |  |  | (349,917) |  |  | 43,787 |
Other current assets | 25,342 |  |  | 13,131 |  |  | 2,084 |  |  | 40,557 |
| (240,935) |  |  | 473,198 |  |  | (487,415) |  |  | (255,152) |
Net cash provided by operating activities | 15,450 |  |  | 518,476 |  |  | (487,249) |  |  | 46,677 |
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (44,894) |  |  | (220) |  |  | — |  |  | (45,114) |
Origination of finance receivables | — |  |  | (2,100,019) |  |  | 1,182,874 |  |  | (917,145) |
Collections on finance receivables | — |  |  | 1,586,477 |  |  | (695,625) |  |  | 890,852 |
Other investing activities | 821 |  |  | — |  |  | — |  |  | 821 |
Net cash used by investing activities | (44,073) |  |  | (513,762) |  |  | 487,249 |  |  | (70,586) |
| Three months ended March 31, 2023
| Non-Financial Services Entities |  | Financial Services Entities |  | Consolidating Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 693,276 |  |  | — |  |  | 693,276 |
Repayments of medium-term notes | — |  |  | (350,000) |  |  | — |  |  | (350,000) |
Proceeds from securitization debt | — |  |  | 547,706 |  |  | — |  |  | 547,706 |
Repayments of securitization debt | — |  |  | (310,640) |  |  | — |  |  | (310,640) |
Repayments of asset-backed commercial paper | — |  |  | (62,634) |  |  | — |  |  | (62,634) |
Net decrease in unsecured commercial paper | — |  |  | (270,119) |  |  | — |  |  | (270,119) |
Net increase in deposits | — |  |  | 51,822 |  |  | — |  |  | 51,822 |
Dividends paid | (24,123) |  |  | — |  |  | — |  |  | (24,123) |
Repurchase of common stock | (96,767) |  |  | — |  |  | — |  |  | (96,767) |
Other financing activities | 69 |  |  | — |  |  | — |  |  | 69 |
Net cash (used) provided by financing activities | (120,821) |  |  | 299,411 |  |  | — |  |  | 178,590 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,894 |  |  | (74) |  |  | — |  |  | 3,820 |
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (145,550) |  |  | $ | 304,051 |  |  | $ | — |  |  | $ | 158,501 |
Cash, cash equivalents and restricted cash: |  |  |  |  |  |  |
Cash, cash equivalents and restricted cash, beginning of period | $ | 1,021,798 |  |  | $ | 557,379 |  |  | $ | — |  |  | $ | 1,579,177 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (145,550) |  |  | 304,051 |  |  | — |  |  | 158,501 |
Cash, cash equivalents and restricted cash, end of period | $ | 876,248 |  |  | $ | 861,430 |  |  | $ | — |  |  | $ | 1,737,678 |
| Three months ended March 27, 2022
| Non-Financial Services Entities |  | Financial Services Entities |  | 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 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
| Non-Financial Services Entities |  | Financial Services Entities |  | 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 decrease 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 Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 + Details
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