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Supplemental Consolidating Data (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Operations

Supplemental consolidating data is as follows (in thousands):

			Three months ended September 30, 2024
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Revenue:
Motorcycles and related products			$	883,958					$	—					$	(2,745)					$	881,213
Financial services			—						269,880						(398)						269,482
			883,958						269,880						(3,143)						1,150,695
Costs and expenses:
Motorcycles and related products cost of goods sold			618,580						—						—						618,580
Financial services interest expense			—						94,463						—						94,463
Financial services provision for credit losses			—						57,977						—						57,977
Selling, administrative and engineering expense			234,002						43,042						(3,165)						273,879
			852,582						195,482						(3,165)						1,044,899
Operating income			31,376						74,398						22						105,796
Other income, net			18,408						—						—						18,408
Investment income			16,450						—						—						16,450
Interest expense			7,707						—						—						7,707
Income before income taxes			58,527						74,398						22						132,947
Income tax provision			(914)						17,894						—						16,980
Net income			59,441						56,504						22						115,967
Less: (income) loss attributable to noncontrolling interests			3,073						$	—					$	—					$	3,073
Net income attributable to Harley-Davidson, Inc.			$	62,514					$	56,504					$	22					$	119,040
			Nine months ended September 30, 2024
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Revenue:
Motorcycles and related products			$	3,724,668					$	—					$	(7,293)					$	3,717,375
Financial services			—						783,339						(1,521)						781,818
			3,724,668						783,339						(8,814)						4,499,193
Costs and expenses:
Motorcycles and related products cost of goods sold			2,566,272						—						—						2,566,272
Financial services interest expense			—						276,943						—						276,943
Financial services provision for credit losses			—						175,017						—						175,017
Selling, administrative and engineering expense			744,663						135,169						(8,847)						870,985
			3,310,935						587,129						(8,847)						3,889,217
Operating income			413,733						196,210						33						609,976
Other income, net			54,851						—						—						54,851
Investment income			45,665						—						—						45,665
Interest expense			23,066						—						—						23,066
Income before income taxes			491,183						196,210						33						687,426
Provision for income taxes			76,648						47,173						—						123,821
Net income			414,535						149,037						33						563,605
Less: (income) loss attributable to noncontrolling interests			8,644						—						—						8,644
Net income attributable to Harley-Davidson, Inc.			$	423,179					$	149,037					$	33					$	572,249

			Three months ended September 30, 2023
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Revenue:
Motorcycles and Related Products			$	1,307,289					$	—					$	(2,164)					$	1,305,125
Financial Services			—						244,554						(620)						243,934
			1,307,289						244,554						(2,784)						1,549,059
Costs and expenses:
Motorcycles and Related Products cost of goods sold			893,343						—						—						893,343
Financial Services interest expense			—						84,123						—						84,123
Financial Services provision for credit losses			—						60,854						—						60,854
Selling, administrative and engineering expense			262,444						41,745						(2,735)						301,454
			1,155,787						186,722						(2,735)						1,339,774
Operating income			151,502						57,832						(49)						209,285
Other income, net			26,814						—						—						26,814
Investment income			209,868						—						(200,000)						9,868
Interest expense			7,688						—						—						7,688
Income before income taxes			380,496						57,832						(200,049)						238,279
Provision for income taxes			27,867						14,309						—						42,176
Net income			352,629						43,523						(200,049)						196,103
Less: (income) loss attributable to noncontrolling interests			2,546						—						—						2,546
Net income attributable to Harley-Davidson, Inc.			$	355,175					$	43,523					$	(200,049)					$	198,649
			Nine months ended September 30, 2023
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Revenue:
Motorcycles and related products			$	4,082,312					$	—					$	(6,434)					$	4,075,878
Financial services			—						709,167						(1,777)						707,390
			4,082,312						709,167						(8,211)						4,783,268
Costs and expenses:
Motorcycles and related products cost of goods sold			2,691,272						—						—						2,691,272
Financial services interest expense			—						243,677						—						243,677
Financial services provision for credit losses			—						170,496						—						170,496
Selling, administrative and engineering expense			762,963						122,871						(8,243)						877,591
			3,454,235						537,044						(8,243)						3,983,036
Operating income			628,077						172,123						32						800,232
Other income, net			54,136						—						—						54,136
Investment income			231,044						—						(200,000)						31,044
Interest expense			23,104						—						—						23,104
Income before income taxes			890,153						172,123						(199,968)						862,308
Provision for income taxes			150,265						40,281						—						190,546
Net income			739,888						131,842						(199,968)						671,762
Less: (income) loss attributable to noncontrolling interests			9,016						—						—						9,016
Net income attributable to Harley-Davidson, Inc.			$	748,904					$	131,842					$	(199,968)					$	680,778

Schedule of Balance Sheet

			September 30, 2024
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
ASSETS
Current assets:
Cash and cash equivalents			$	1,213,301					$	1,030,609					$	—					$	2,243,910
Accounts receivable, net			498,694						60						(191,053)						307,701
Finance receivables, net			—						2,300,551						—						2,300,551
Inventories, net			681,864						—						—						681,864
Restricted cash			—						147,910						—						147,910
Other current assets			167,555						58,209						(17,764)						208,000
			2,561,414						3,537,339						(208,817)						5,889,936
Finance receivables, net			—						5,499,836						—						5,499,836
Property, plant and equipment, net			713,603						14,864						—						728,467
Pension and postretirement assets			452,515						—						—						452,515
Goodwill			62,909						—						—						62,909
Deferred income taxes			77,990						92,208						(908)						169,290
Lease assets			66,304						3,533						—						69,837
Other long-term assets			223,749						46,247						(116,127)						153,869
			$	4,158,484					$	9,194,027					$	(325,852)					$	13,026,659
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	283,296					$	213,376					$	(191,053)					$	305,619
Accrued liabilities			491,697						151,907						(17,252)						626,352
Short-term deposits, net			—						178,638						—						178,638
Short-term debt			—						497,373						—						497,373
Current portion of long-term debt, net			449,759						2,111,776						—						2,561,535
			1,224,752						3,153,070						(208,305)						4,169,517
Long-term deposits, net			—						370,372						—						370,372
Long-term debt, net			296,859						4,442,648						—						4,739,507
Lease liabilities			48,821						3,134						—						51,955
Pension and postretirement liabilities			58,551						—						—						58,551
Deferred income taxes			30,266						3,227						—						33,493
Other long-term liabilities			147,563						28,697						1,892						178,152
Commitments and contingencies (Note 14)
Shareholders’ equity			2,351,672						1,192,879						(119,439)						3,425,112
			$	4,158,484					$	9,194,027					$	(325,852)					$	13,026,659

			September 30, 2023
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
ASSETS
Current assets:
Cash and cash equivalents			$	1,218,420					$	659,931					$	—					$	1,878,351
Accounts receivable, net			672,755						8						(357,432)						315,331
Finance receivables, net			—						2,101,965						—						2,101,965
Inventories, net			768,765						—						—						768,765
Restricted cash			—						130,838						—						130,838
Other current assets			172,174						59,920						(4,538)						227,556
			2,832,114						2,952,662						(361,970)						5,422,806
Finance receivables, net			—						5,553,259						—						5,553,259
Property, plant and equipment, net			682,350						20,954						—						703,304
Pension and postretirement assets			369,440						—						—						369,440
Goodwill			61,935						—						—						61,935
Deferred income taxes			54,972						90,976						(1,184)						144,764
Lease assets			65,327						3,707						—						69,034
Other long-term assets			223,757						26,765						(112,848)						137,674
			$	4,289,895					$	8,648,323					$	(476,002)					$	12,462,216
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	362,662					$	376,897					$	(357,432)					$	382,127
Accrued liabilities			461,725						128,585						(4,176)						586,134
Short-term deposits, net									250,987												250,987
Short-term debt			—						815,081						—						815,081
Current portion of long-term debt, net			—						638,496						—						638,496
			824,387						2,210,046						(361,608)						2,672,825
Long-term deposits, net			—						227,946						—						227,946
Long-term debt, net			745,900						5,110,105						—						5,856,005
Lease liabilities			48,572						3,666						—						52,238
Pension and postretirement liabilities			67,991						—						—						67,991
Deferred income taxes			27,116						2,412						—						29,528
Other long-term liabilities			144,405						98,041						1,967						244,413
Commitments and contingencies (Note 14)
Shareholders’ equity			2,431,524						996,107						(116,361)						3,311,270
			$	4,289,895					$	8,648,323					$	(476,002)					$	12,462,216

Schedule of Cash Flows

			Nine months ended September 30, 2024
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Cash flows from operating activities:
Net income			$	414,535					$	149,037					$	33					$	563,605
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization			112,605						6,963						—						119,568
Amortization of deferred loan origination costs			—						54,461						—						54,461
Amortization of financing origination fees			540						9,823						—						10,363
Provision for long-term employee benefits			(40,076)						—						—						(40,076)
Employee benefit plan contributions and payments			(3,781)						—						—						(3,781)
Stock compensation expense			38,234						1,586						—						39,820
Net change in wholesale finance receivables related to sales			—						—						(211,800)						(211,800)
Provision for credit losses			—						175,017						—						175,017
Deferred income taxes			3,347						(4,724)						(438)						(1,815)
Other, net			15,505						4,085						(33)						19,557
Changes in current assets and liabilities:
Accounts receivable, net			(79,746)						—						43,217						(36,529)
Finance receivables – accrued interest and other			—						2,325						—						2,325
Inventories, net			253,373						—						—						253,373
Accounts payable and accrued liabilities			(35,743)						53,591						(30,751)						(12,903)
Other current assets			(23,008)						12,295						10,183						(530)
			241,250						315,422						(189,622)						367,050
Net cash provided by operating activities			655,785						464,459						(189,589)						930,655
Cash flows from investing activities:
Capital expenditures			(139,295)						(1,129)						—						(140,424)
Origination of finance receivables			—						(5,671,416)						2,668,679						(3,002,737)
Collections on finance receivables			—						5,136,239						(2,479,090)						2,657,149
Other investing activities			(1,165)						—						1,000						(165)
Net cash used by investing activities			(140,460)						(536,306)						190,589						(486,177)

			Nine months ended September 30, 2024
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Cash flows from financing activities:
Proceeds from issuance of medium-term notes			—						495,856						—						495,856
Proceeds from securitization debt			—						1,145,211						—						1,145,211
Repayments of securitization debt			—						(782,161)						—						(782,161)
Borrowings of asset-backed commercial paper			—						366,171						—						366,171
Repayments of asset-backed commercial paper			—						(195,709)						—						(195,709)
Net decrease in unsecured commercial paper			—						(387,392)						—						(387,392)
Net increase in deposits			—						100,737						—						100,737
Dividends paid			(69,454)						—						—						(69,454)
Repurchase of common stock			(359,810)						—						—						(359,810)
Other financing activities			11						1,000						(1,000)						11
Net cash (used) provided by financing activities			(429,253)						743,713						(1,000)						313,460
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(171)						369						—						198
Net increase in cash, cash equivalents and restricted cash			$	85,901					$	672,235					$	—					$	758,136
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period			$	1,127,400					$	521,411					$	—					$	1,648,811
Net increase in cash, cash equivalents and restricted cash			85,901						672,235						—						758,136
Cash, cash equivalents and restricted cash, end of period			$	1,213,301					$	1,193,646					$	—					$	2,406,947

			Nine months ended September 30, 2023
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Cash flows from operating activities:
Net income			$	739,888					$	131,842					$	(199,968)					$	671,762
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization			105,824						6,768						—						112,592
Amortization of deferred loan origination costs			—						65,996						—						65,996
Amortization of financing origination fees			532						9,202						—						9,734
Provision for long-term employee benefits			(50,373)						—						—						(50,373)
Employee benefit plan contributions and payments			(2,668)						—						—						(2,668)
Stock compensation expense			61,642						2,896						—						64,538
Net change in wholesale finance receivables related to sales			—						—						(392,817)						(392,817)
Provision for credit losses			—						170,496						—						170,496
Deferred income taxes			147						(8,764)						162						(8,455)
Other, net			(15,606)						(4,099)						(33)						(19,738)
Changes in current assets and liabilities:
Accounts receivable, net			(312,549)						—						240,465						(72,084)
Finance receivables – accrued interest and other			—						2,366						—						2,366
Inventories, net			160,742						—						—						160,742
Accounts payable and accrued liabilities			(10,440)						257,748						(232,855)						14,453
Other current assets			(24,418)						4,645						(4)						(19,777)
			(87,167)						507,254						(385,082)						35,005
Net cash provided by operating activities			652,721						639,096						(585,050)						706,767
Cash flows from investing activities:
Capital expenditures			(135,768)						(3,134)						—						(138,902)
Origination of finance receivables			—						(6,035,046)						2,872,089						(3,162,957)
Collections on finance receivables			—						5,276,887						(2,487,039)						2,789,848
Other investing activities			(1,622)						—						2,500						878
Net cash used by investing activities			(137,390)						(761,293)						387,550						(511,133)

			Nine months ended September 30, 2023
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Cash flows from financing activities:
Proceeds from issuance of medium-term notes			—						1,446,304						—						1,446,304
Repayments of medium-term notes			—						(1,056,680)						—						(1,056,680)
Proceeds from securitization debt			—						1,045,547						—						1,045,547
Repayments of securitization debt			—						(930,608)						—						(930,608)
Borrowings of asset-backed commercial paper			—						42,429						—						42,429
Repayments of asset-backed commercial paper			—						(187,599)						—						(187,599)
Net decrease in unsecured commercial paper			—						43,523						—						43,523
Net increase in deposits			—						161,157						—						161,157
Dividends paid			(72,775)						(200,000)						200,000						(72,775)
Repurchase of common stock			(239,428)						—						—						(239,428)
Other financing activities			1,706						2,500						(2,500)						1,706
Net cash (used) provided by financing activities			(310,497)						366,573						197,500						253,576
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(8,212)						(203)						—						(8,415)
Net increase in cash, cash equivalents and restricted cash			$	196,622					$	244,173					$	—					$	440,795
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period			$	1,021,798					$	557,379					$	—					$	1,579,177
Net increase in cash, cash equivalents and restricted cash			196,622						244,173						—						440,795
Cash, cash equivalents and restricted cash, end of period			$	1,218,420					$	801,552					$	—					$	2,019,972

X

- Definition

Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets 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))
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+ 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
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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/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

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