XML 67 R44.htm IDEA: XBRL DOCUMENT v3.22.1
Supplemental Consolidating Data (Tables)
 3 Months Ended
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 CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
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 sold895,536 — — 895,536 
Financial Services interest expense— 42,099 — 42,099 
Financial Services provision for credit losses— 28,822 — 28,822 
Selling, administrative and engineering expense205,417 37,858 (3,650)239,625 
Restructuring benefit(128)— — (128)
1,100,825 108,779 (3,650)1,205,954 
Operating income205,468 83,611 153 289,232 
Other income, net 11,030 — — 11,030 
Investment loss(1,979)— — (1,979)
Interest expense7,711 — — 7,711 
Income before income taxes206,808 83,611 153 290,572 
Provision for income taxes47,847 20,223 — 68,070 
Net income$158,961 $63,388 $153 $222,502 
Three months ended March 28, 2021
Harley-Davidson Motor CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
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 sold811,622 — — 811,622 
Financial Services interest expense— 55,707 — 55,707 
Financial Services provision for credit losses— (22,474)— (22,474)
Selling, administrative and engineering expense196,359 40,275 (4,790)231,844 
Restructuring (benefit) expense(593)227 — (366)
1,007,388 73,735 (4,790)1,076,333 
Operating income231,080 115,015 79 346,174 
Other income, net277 — — 277 
Investment income1,402 — — 1,402 
Interest expense7,708 — — 7,708 
Income before income taxes225,051 115,015 79 340,145 
Provision for income taxes55,996 25,005 — 81,001 
Net income$169,055 $90,010 $79 $259,144 
Balance Sheet
 March 27, 2022
 Harley-Davidson Motor CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$678,616 $715,115 $— $1,393,731 
Accounts receivable, net601,148 — (346,862)254,286 
Finance receivables, net— 1,699,642 — 1,699,642 
Inventories, net714,259 — — 714,259 
Restricted cash— 142,812 — 142,812 
Other current assets149,955 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, net636,216 27,591 — 663,807 
Pension and postretirement assets399,029 — — 399,029 
Goodwill62,607 — — 62,607 
Deferred income taxes— 75,185 (3,259)71,926 
Lease assets38,126 6,947 — 45,073 
Other long-term assets210,157 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 liabilities495,921 129,581 (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, net744,842 3,725,244 — 4,470,086 
Lease liabilities20,544 7,089 — 27,633 
Pension and postretirement liabilities93,792 — — 93,792 
Deferred income taxes10,478 1,848 (2,748)9,578 
Other long-term liabilities165,990 50,190 1,973 218,153 
Commitments and contingencies (Note 16)
Shareholders’ equity1,523,815 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 CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
ASSETS
Current assets:
Cash and cash equivalents$607,941 $1,712,704 $— $2,320,645 
Accounts receivable, net603,273 — (386,704)216,569 
Finance receivables, net— 1,798,194 — 1,798,194 
Inventories, net470,997 — — 470,997 
Restricted cash— 185,374 — 185,374 
Other current assets81,559 113,797 — 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, net687,086 31,882 — 718,968 
Pension and postretirement assets105,910 — — 105,910 
Goodwill65,157 — — 65,157 
Deferred income taxes56,911 79,206 (730)135,387 
Lease assets36,559 8,206 — 44,765 
Other long-term assets184,876 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 liabilities443,529 125,768 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, net744,149 4,733,942 — 5,478,091 
Lease liabilities22,461 7,600 — 30,061 
Pension and postretirement liabilities103,854 — — 103,854 
Deferred income taxes7,166 1,516 — 8,682 
Other long-term liabilities179,525 46,920 2,106 228,551 
Commitments and contingencies (Note 16)
Shareholders’ equity1,043,863 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 CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
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 amortization37,106 2,152 — 39,258 
Amortization of deferred loan origination costs— 22,995 — 22,995 
Amortization of financing origination fees174 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 expense8,233 670 — 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 taxes6,176 665 (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 liabilities86,546 289,876 (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 activities135 — — 135 
Net cash used by investing activities(27,014)(299,848)205,727 (121,135)
 Three months ended March 27, 2022
Harley-Davidson Motor CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
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 CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
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 amortization37,778 2,443 — 40,221 
Amortization of deferred loan origination costs— 19,200 — 19,200 
Amortization of financing origination fees172 3,442 — 3,614 
Provision for long-term employee benefits7,090 — — 7,090 
Employee benefit plan contributions and payments(9,885)— — (9,885)
Stock compensation expense8,174 794 — 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 taxes3,811 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, net45,086 — — 45,086 
Accounts payable and accrued liabilities104,486 354,507 (305,396)153,597 
Other current assets18,222 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 activities733 — — 733 
Net cash used by investing activities(17,694)(317,453)308,414 (26,733)
 Three months ended March 28, 2021
Harley-Davidson Motor CompanyHarley-Davidson Financial ServicesConsolidating AdjustmentsConsolidated
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 deposits72,664 72,664 
Dividends paid(23,105)— — (23,105)
Repurchase of common stock(5,646)— — (5,646)
Other financing activities1,085 — — 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