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Employee Benefit Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
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
 2021202020212020
Change in benefit obligation:
Benefit obligation, beginning of period$2,390,435 $2,212,012 $315,245 $293,505 
Service cost24,570 27,224 5,147 11,761 
Interest cost61,988 76,447 6,505 9,391 
Actuarial (gains) losses(92,157)228,081 (24,190)18,824 
Plan participant contributions— — 2,337 2,140 
Benefits paid(138,043)(137,381)(18,743)(19,703)
Net curtailments and settlements(72,198)(15,948)— (673)
Benefit obligation, end of period2,174,595 2,390,435 286,301 315,245 
Change in plan assets:
Fair value of plan assets, beginning of period2,433,975 2,209,222 244,035 220,992 
Return on plan assets189,974 361,674 30,504 36,349 
Plan participant contributions— — 2,337 2,140 
Benefits paid(137,482)(136,921)(13,931)(15,446)
Fair value of plan assets, end of period2,486,467 2,433,975 262,945 244,035 
Funded status of the plan$311,872 $43,540 $(23,356)$(71,210)
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2021202020212020
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$332,586 $82,537 $53,566 $13,174 
Accrued liabilities(1,976)(8,814)(361)(361)
Pension and postretirement liabilities(18,738)(30,183)(76,561)(84,023)
$311,872 $43,540 $(23,356)$(71,210)
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$2,457 $(5,712)$(3,661)$(5,438)
Actuarial losses (gains)232,622 445,804 (36,905)(4,942)
$235,079 $440,092 $(40,566)$(10,380)
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
 2021202020212020
Change in benefit obligation:
Benefit obligation, beginning of period$2,390,435 $2,212,012 $315,245 $293,505 
Service cost24,570 27,224 5,147 11,761 
Interest cost61,988 76,447 6,505 9,391 
Actuarial (gains) losses(92,157)228,081 (24,190)18,824 
Plan participant contributions— — 2,337 2,140 
Benefits paid(138,043)(137,381)(18,743)(19,703)
Net curtailments and settlements(72,198)(15,948)— (673)
Benefit obligation, end of period2,174,595 2,390,435 286,301 315,245 
Change in plan assets:
Fair value of plan assets, beginning of period2,433,975 2,209,222 244,035 220,992 
Return on plan assets189,974 361,674 30,504 36,349 
Plan participant contributions— — 2,337 2,140 
Benefits paid(137,482)(136,921)(13,931)(15,446)
Fair value of plan assets, end of period2,486,467 2,433,975 262,945 244,035 
Funded status of the plan$311,872 $43,540 $(23,356)$(71,210)
 Pension and SERPA BenefitsPostretirement Healthcare Benefits
 2021202020212020
Funded status as recognized on the Consolidated balance sheets:
Pension and postretirement assets$332,586 $82,537 $53,566 $13,174 
Accrued liabilities(1,976)(8,814)(361)(361)
Pension and postretirement liabilities(18,738)(30,183)(76,561)(84,023)
$311,872 $43,540 $(23,356)$(71,210)
Amounts included in Accumulated other comprehensive loss, net of tax:
Prior service credits$2,457 $(5,712)$(3,661)$(5,438)
Actuarial losses (gains)232,622 445,804 (36,905)(4,942)
$235,079 $440,092 $(40,566)$(10,380)
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):
20212020
Plans with PBO in excess of fair value of plan assets:
PBO$20,715 $38,996 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$18,165 $30,598 
Fair value of plan assets$— $— 
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):
20212020
Plans with PBO in excess of fair value of plan assets:
PBO$20,715 $38,996 
Fair value of plan assets$— $— 
Plans with ABO in excess of fair value of plan assets:
ABO$18,165 $30,598 
Fair value of plan assets$— $— 
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
 202120202019202120202019
Service cost$24,570 $27,224 $25,408 $5,147 $11,761 $4,449 
Interest cost61,988 76,447 85,483 6,505 9,391 11,753 
Expected return on plan assets(131,494)(135,056)(142,323)(13,978)(13,870)(14,030)
Amortization of unrecognized:
Prior service credit(1,247)(1,088)(1,930)(2,323)(2,381)(2,381)
Net loss67,933 65,489 44,511 1,056 492 277 
Special early retirement benefits— — 1,583 — — — 
Curtailment (gain) loss(10,562)74 — — (392)(960)
Settlement loss722 2,742 1,503 — — — 
Net periodic benefit cost$11,910 $35,832 $14,235 $(3,593)$5,001 $(892)
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
 202120202019202120202019
Assumptions for benefit obligations:
Discount rate2.89 %2.62 %3.49 %2.72 %2.11 %3.26 %
Rate of compensation increase3.49 %3.34 %3.39 %n/an/an/a
Assumptions for net periodic benefit cost:
Discount rate2.67 %3.49 %4.38 %2.11 %3.26 %4.23 %
Expected return on plan assets6.20 %6.70 %7.10 %6.69 %7.00 %7.25 %
Rate of compensation increase3.34 %3.39 %3.38 %n/an/an/a
Schedule of allocation of plan assets The fair values of the Company’s pension plan assets at December 31, 2021 were as follows (in thousands):
BalanceLevel 1Level 2
Cash and cash equivalents$55,192 $— $55,192 
Equity holdings:
U.S. companies949,787 942,297 7,490 
Foreign companies67,111 63,245 3,866 
Pooled equity funds350,356 350,356 — 
Other63 63 — 
1,367,317 1,355,961 11,356 
Fixed-income holdings:
U.S. Treasuries76,943 76,943 — 
Federal agencies14,680 — 14,680 
Corporate bonds690,319 — 690,319 
Pooled fixed income funds148,860 54,302 94,558 
Foreign bonds112,293 207 112,086 
Municipal bonds12,549 — 12,549 
1,055,644 131,452 924,192 
Plan assets subject to fair value leveling2,478,153 $1,487,413 $990,740 
Plan assets measured at net asset value:
Private equity investments509 
Real estate investments7,805 
8,314 
$2,486,467 
The fair values of the Company’s postretirement healthcare plan assets at December 31, 2021 were as follows (in thousands): 
BalanceLevel 1Level 2
Cash and cash equivalents$6,081 $— $6,081 
Equity holdings:
U.S. companies132,812 132,790 22 
Foreign companies25,062 25,051 11 
Pooled equity funds30,302 30,302 — 
Other6 6 — 
188,182 188,149 33 
Fixed-income holdings:
U.S. Treasuries221 221 — 
Federal agencies42 — 42 
Corporate bonds1,967 — 1,967 
Pooled fixed income funds46,150 45,878 272 
Foreign bonds320 1 319 
Municipal bonds36 — 36 
48,736 46,100 2,636 
Plan assets subject to fair value leveling242,999 $234,249 $8,750 
Plan assets measured at net asset value:
Private equity investments $15,593 
Real estate investments4,353 
$262,945 
Included in the pension and postretirement healthcare plan assets are 1,273,592 shares of the Company’s common stock with a market value of $48.0 million at December 31, 2021.
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:
Private equity investments537 
Real estate investments10,901 
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 investments5,855 
$244,035 
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:
20212020
Healthcare cost trend rate for next year6.75 %7.00 %
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, 2021 were as follows (in thousands):
Pension BenefitsSERPA BenefitsPostretirement Healthcare Benefits
2022$101,171 $2,003 $22,016 
2023$102,778 $1,448 $22,152 
2024$105,037 $1,482 $22,190 
2025$108,579 $1,343 $22,119 
2026$110,598 $1,344 $22,094 
2027-2031$568,066 $6,397 $106,147