Supplemental Consolidating Data (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Operations

Supplemental consolidating data is as follows (in thousands):

	Three months ended March 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Revenue:
Motorcycles and related products	$	1,482,759	$	—	$	(1,949)	$	1,480,810
Financial services	—		249,239		(442)		248,797
	1,482,759		249,239		(2,391)		1,729,607
Costs and expenses:
Motorcycles and related products cost of goods sold	1,023,681		—		—		1,023,681
Financial services interest expense	—		88,739		—		88,739
Financial services provision for credit losses	—		61,010		—		61,010
Selling, administrative and engineering expense	248,474		47,122		(2,498)		293,098
	1,272,155		196,871		(2,498)		1,466,528
Operating income	210,604		52,368		107		263,079
Other income, net	20,564		—		—		20,564
Investment income	14,404		—		—		14,404
Interest expense	7,679		—		—		7,679
Income before income taxes	237,893		52,368		107		290,368
Income tax provision	45,530		12,605		—		58,135
Net income	192,363		39,763		107		232,233
Less: (income) loss attributable to noncontrolling interests	2,708		$	—	$	—	$	2,708
Net income attributable to Harley-Davidson, Inc.	$	195,071	$	39,763	$	107	$	234,941
	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

Schedule of Balance Sheet

	March 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,052,237	$	412,377	$	—	$	1,464,614
Accounts receivable, net	718,621		38		(412,668)		305,991
Finance receivables, net	—		2,523,250		—		2,523,250
Inventories, net	779,575		—		—		779,575
Restricted cash	—		129,745		—		129,745
Other current assets	138,623		55,101		(10,994)		182,730
	2,689,056		3,120,511		(423,662)		5,385,905
Finance receivables, net	—		5,382,772		—		5,382,772
Property, plant and equipment, net	699,723		18,960		—		718,683
Pension and postretirement assets	426,817		—		—		426,817
Goodwill	62,286		—		—		62,286
Deferred income taxes	71,083		83,744		(745)		154,082
Lease assets	63,085		2,920		—		66,005
Other long-term assets	227,542		25,998		(115,170)		138,370
	$	4,239,592	$	8,634,905	$	(539,577)	$	12,334,920
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	369,067	$	441,107	$	(412,668)	$	397,506
Accrued liabilities	480,771		162,329		(10,286)		632,814
Short-term deposits, net	—		240,445		—		240,445
Short-term debt	—		938,719		—		938,719
Current portion of long-term debt, net	—		1,281,840		—		1,281,840
	849,838		3,064,440		(422,954)		3,491,324
Long-term deposits, net	—		200,723		—		200,723
Long-term debt, net	746,258		4,242,633		—		4,988,891
Lease liabilities	45,830		2,559		—		48,389
Pension and postretirement liabilities	59,226		—		—		59,226
Deferred income taxes	30,267		3,242		—		33,509
Other long-term liabilities	143,800		31,187		1,785		176,772
Commitments and contingencies (Note 14)
Shareholders’ equity	2,364,373		1,090,121		(118,408)		3,336,086
	$	4,239,592	$	8,634,905	$	(539,577)	$	12,334,920

	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

Schedule of Cash Flows

	Three months ended March 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from operating activities:
Net income	$	192,363	$	39,763	$	107	$	232,233
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	39,288		2,216		—		41,504
Amortization of deferred loan origination costs	—		18,282		—		18,282
Amortization of financing origination fees	180		3,178		—		3,358
Provision for long-term employee benefits	(13,933)		—		—		(13,933)
Employee benefit plan contributions and payments	(1,399)		—		—		(1,399)
Stock compensation expense	15,583		629		—		16,212
Net change in wholesale finance receivables related to sales	—		—		(435,047)		(435,047)
Provision for credit losses	—		61,010		—		61,010
Deferred income taxes	4,799		1,201		(601)		5,399
Other, net	(1,946)		3,822		(107)		1,769
Changes in current assets and liabilities:
Accounts receivable, net	(311,951)		—		264,832		(47,119)
Finance receivables – accrued interest and other	—		1,213		—		1,213
Inventories, net	131,529		—		—		131,529
Accounts payable and accrued liabilities	42,313		270,073		(259,153)		53,233
Other current assets	14,248		18,092		3,413		35,753
	(81,289)		379,716		(426,663)		(128,236)
Net cash provided by operating activities	111,074		419,479		(426,556)		103,997
Cash flows from investing activities:
Capital expenditures	(45,922)		(434)		—		(46,356)
Origination of finance receivables	—		(2,080,020)		1,172,251		(907,769)
Collections on finance receivables	—		1,587,609		(745,695)		841,914
Other investing activities	(1,289)		—		1,000		(289)
Net cash used by investing activities	(47,211)		(492,845)		427,556		(112,500)

	Three months ended March 31, 2024
	Non-Financial Services Entities		Financial Services Entities		Consolidating Adjustments		Consolidated
Cash flows from financing activities:
Repayments of securitization debt	—		(234,178)		—		(234,178)
Borrowings of asset-backed commercial paper	—		334,561		—		334,561
Repayments of asset-backed commercial paper	—		(46,154)		—		(46,154)
Net increase in unsecured commercial paper	—		58,794		—		58,794
Net decrease in deposits	—		(6,758)		—		(6,758)
Dividends paid	(24,385)		—		—		(24,385)
Repurchase of common stock	(107,812)		—		—		(107,812)
Other financing activities	7		1,000		(1,000)		7
Net cash (used) provided by financing activities	(132,190)		107,265		(1,000)		(25,925)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,836)		(184)		—		(7,020)
Net (decrease) increase in cash, cash equivalents and restricted cash	$	(75,163)	$	33,715	$	—	$	(41,448)
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$	1,127,400	$	521,411	$	—	$	1,648,811
Net (decrease) increase in cash, cash equivalents and restricted cash	(75,163)		33,715		—		(41,448)
Cash, cash equivalents and restricted cash, end of period	$	1,052,237	$	555,126	$	—	$	1,607,363

	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