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Employee Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of obligation and funded status
The changes in the benefit obligation, fair value of plan assets and the funded status of the Company’s pension and SERPA plans and the postretirement healthcare plans as of the Company’s measurement dates of December 31, were as follows (in thousands): 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2020201920202019
Change in benefit obligation:
Benefit obligation, beginning of period$2,212,012 $1,984,708 $293,505 $286,574 
Service cost27,224 25,408 11,761 4,449 
Interest cost76,447 85,483 9,391 11,753 
Actuarial losses (gains)228,081 236,719 18,824 9,590 
Plan participant contributions— — 2,140 1,999 
Plan amendments— 8,371 — — 
Special early retirement benefits— 1,583 — — 
Benefits paid(137,381)(126,079)(19,703)(20,860)
Net curtailments and settlements(15,948)(4,181)(673)— 
Benefit obligation, end of period2,390,435 2,212,012 315,245 293,505 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2020201920202019
Change in plan assets:
Fair value of plan assets, beginning of period2,209,222 1,874,618 220,992 190,357 
Return on plan assets361,674 459,388 36,349 41,717 
Plan participant contributions— — 2,140 1,999 
Benefits paid(136,921)(124,784)(15,446)(13,081)
Fair value of plan assets, end of period2,433,975 2,209,222 244,035 220,992 
Funded status of the plan$43,540 $(2,790)$(71,210)$(72,513)
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$82,537 $56,014 $13,174 $— 
Accrued liabilities(8,814)(2,666)(361)— 
Pension and postretirement liabilities(30,183)(56,138)(84,023)(72,513)
$43,540 $(2,790)$(71,210)$(72,513)
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$(5,712)$(6,489)$(5,438)$(7,559)
Actuarial losses (gains)445,804 496,919 (4,942)(1,321)
$440,092 $490,430 $(10,380)$(8,880)
Schedule of amounts recognized in balance sheet
The changes in the benefit obligation, fair value of plan assets and the funded status of the Company’s pension and SERPA plans and the postretirement healthcare plans as of the Company’s measurement dates of December 31, were as follows (in thousands): 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2020201920202019
Change in benefit obligation:
Benefit obligation, beginning of period$2,212,012 $1,984,708 $293,505 $286,574 
Service cost27,224 25,408 11,761 4,449 
Interest cost76,447 85,483 9,391 11,753 
Actuarial losses (gains)228,081 236,719 18,824 9,590 
Plan participant contributions— — 2,140 1,999 
Plan amendments— 8,371 — — 
Special early retirement benefits— 1,583 — — 
Benefits paid(137,381)(126,079)(19,703)(20,860)
Net curtailments and settlements(15,948)(4,181)(673)— 
Benefit obligation, end of period2,390,435 2,212,012 315,245 293,505 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2020201920202019
Change in plan assets:
Fair value of plan assets, beginning of period2,209,222 1,874,618 220,992 190,357 
Return on plan assets361,674 459,388 36,349 41,717 
Plan participant contributions— — 2,140 1,999 
Benefits paid(136,921)(124,784)(15,446)(13,081)
Fair value of plan assets, end of period2,433,975 2,209,222 244,035 220,992 
Funded status of the plan$43,540 $(2,790)$(71,210)$(72,513)
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$82,537 $56,014 $13,174 $— 
Accrued liabilities(8,814)(2,666)(361)— 
Pension and postretirement liabilities(30,183)(56,138)(84,023)(72,513)
$43,540 $(2,790)$(71,210)$(72,513)
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$(5,712)$(6,489)$(5,438)$(7,559)
Actuarial losses (gains)445,804 496,919 (4,942)(1,321)
$440,092 $490,430 $(10,380)$(8,880)
Schedule of PBO in excess of fair value of plan assets
The funded status of the qualified pension plan and the SERPA plans are combined above. Plans with projected benefit obligations (PBO) or accumulated benefit obligations (ABO) in excess of the fair value of plan assets at December 31, is presented below (in thousands):
20202019
Plans with PBO in excess of fair value of plan assets:
PBO$38,996 $58,804 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$30,598 $44,232 
Fair value of plan assets$— $— 
Schedule of ABO in excess of fair value of plan assets
The funded status of the qualified pension plan and the SERPA plans are combined above. Plans with projected benefit obligations (PBO) or accumulated benefit obligations (ABO) in excess of the fair value of plan assets at December 31, is presented below (in thousands):
20202019
Plans with PBO in excess of fair value of plan assets:
PBO$38,996 $58,804 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$30,598 $44,232 
Fair value of plan assets$— $— 
Components of net periodic benefit costs Components of net periodic benefit costs for the Company's defined benefit plans for the years ended December 31, were as follows (in thousands): 
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 202020192018202020192018
Service cost$27,224 $25,408 $32,340 $11,761 $4,449 $7,180 
Interest cost76,447 85,483 82,778 9,391 11,753 11,556 
Expected return on plan assets(135,056)(142,323)(147,671)(13,870)(14,030)(14,161)
Amortization of unrecognized:
Prior service credit(1,088)(1,930)(420)(2,381)(2,381)(1,842)
Net loss65,489 44,511 64,773 492 277 1,817 
Special early retirement benefits— 1,583 — — — — 
Curtailment loss (gain)74 — 1,017 (392)(960)(886)
Settlement loss2,742 1,503 — — — — 
Net periodic benefit cost$35,832 $14,235 $32,817 $5,001 $(892)$3,664 
Schedule of assumptions used to determine net periodic benefit cost
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost at December 31, were as follows: 
Pension and SERPA BenefitsPostretirement Healthcare Benefits
 202020192018202020192018
Assumptions for benefit obligations:
Discount rate2.62 %3.49 %4.38 %2.11 %3.26 %4.23 %
Rate of compensation increase3.34 %3.39 %3.38 %n/an/an/a
Assumptions for net periodic benefit cost:
Discount rate3.49 %4.38 %3.71 %3.26 %4.23 %3.52 %
Expected return on plan assets6.70 %7.10 %7.25 %7.00 %7.25 %7.25 %
Rate of compensation increase3.39 %3.38 %3.43 %n/an/an/a
Schedule of allocation of plan assets The fair values of the Company’s pension plan assets at December 31, 2020 were as follows (in thousands): 
BalanceLevel 1Level 2
Cash and cash equivalents$56,153 $— $56,153 
Equity holdings:
U.S. companies785,227 769,583 15,644 
Foreign companies114,013 106,783 7,230 
Harley-Davidson common stock46,741 46,741 — 
Pooled equity funds381,538 381,538 — 
Other66 66 — 
1,327,585 1,304,711 22,874 
Fixed-income holdings:
U.S. Treasuries59,116 59,116 — 
Federal agencies15,230 — 15,230 
Corporate bonds691,003 — 691,003 
Pooled fixed income funds148,717 51,456 97,261 
Foreign bonds110,062 — 110,062 
Municipal bonds14,671 — 14,671 
1,038,799 110,572 928,227 
Plan assets subject to fair value leveling2,422,537 $1,415,283 $1,007,254 
Plan assets measured at net asset value:
Limited partnership interests537 
Real estate investment trusts 10,901 
11,438 
$2,433,975 
The fair values of the Company’s postretirement healthcare plan assets at December 31, 2020 were as follows (in thousands): 
BalanceLevel 1Level 2
Cash and cash equivalents$4,306 $— $4,306 
Equity holdings:
U.S. companies115,272 115,272 — 
Foreign companies29,670 29,670 — 
Pooled equity funds27,207 27,207 — 
Other5 5 — 
172,154 172,154 — 
Fixed-income holdings:
U.S. Treasuries2,873 2,873 — 
Federal agencies6,970 — 6,970 
Corporate bonds12,460 — 12,460 
Pooled fixed income funds37,989 37,989 — 
Foreign bonds970 — 970 
Municipal bonds458 — 458 
61,720 40,862 20,858 
Plan assets subject to fair value leveling238,180 $213,016 $25,164 
Plan assets measured at net asset value:
Real estate investment trusts 5,855 
$244,035 
The fair values of the Company’s pension plan assets at December 31, 2019 were as follows (in thousands): 
BalanceLevel 1Level 2
Cash and cash equivalents$35,463 $— $35,463 
Equity holdings:
U.S. companies728,892 707,276 21,616 
Foreign companies79,707 77,275 2,432 
Harley-Davidson common stock47,365 47,365 — 
Pooled equity funds377,301 377,301 — 
Other72 72 — 
1,233,337 1,209,289 24,048 
Fixed-income holdings:
U.S. Treasuries67,234 67,234 — 
Federal agencies15,434 — 15,434 
Corporate bonds583,475 — 583,475 
Pooled fixed income funds142,134 48,674 93,460 
Foreign bonds103,439 — 103,439 
Municipal bonds12,339 — 12,339 
924,055 115,908 808,147 
Plan assets subject to fair value leveling2,192,855 $1,325,197 $867,658 
Plan assets measured at net asset value:
Limited partnership interests4,118 
Real estate investment trust 12,249 
16,367 
$2,209,222 
The fair values of the Company’s postretirement healthcare plan assets at December 31, 2019 were as follows (in thousands): 
BalanceLevel 1Level 2
Cash and cash equivalents$2,458 $— $2,458 
Equity holdings:
U.S. companies104,399 104,399 — 
Foreign companies22,422 21,744 678 
Pooled equity funds25,029 25,029 — 
Other7 7 — 
151,857 151,179 678 
Fixed-income holdings:
U.S. Treasuries5,782 5,782 — 
Federal agencies7,986 — 7,986 
Corporate bonds8,425 — 8,425 
Pooled fixed income funds36,720 36,720 — 
Foreign bonds672 — 672 
Municipal bonds454 — 454 
60,039 42,502 17,537 
Plan assets subject to fair value leveling214,354 $193,681 $20,673 
Plan assets measured at net asset value:
Real estate investment trust 6,638 
$220,992 
Schedule of weighted average health care cost trend rate
The weighted-average healthcare cost trend rates used in determining the accumulated postretirement benefit obligation of the healthcare plans were as follows: 
20202019
Healthcare cost trend rate for next year7.00 %7.25 %
Rate to which the cost trend rate is assumed to decline (the ultimate rate)5.00 %5.00 %
Year that the rate reaches the ultimate trend rate20292029
Schedule of expected benefit payments for next five years and thereafter
The Company's future expected benefit payments as of December 31, 2020 were as follows (in thousands): 
Pension BenefitsSERPA BenefitsPostretirement Healthcare Benefits
2021$99,727 $8,813 $23,444 
2022$102,183 $1,684 $23,707 
2023$104,792 $1,955 $23,775 
2024$107,078 $1,919 $23,465 
2025$110,810 $1,818 $23,157 
2026-2030$587,220 $11,071 $108,384