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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to           
Commission file number 1-9183
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin 39-1382325
(State of organization) (I.R.S. Employer Identification No.)
3700 West Juneau AvenueMilwaukeeWisconsin53208
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (414342-4680
None
(Former name, former address and former fiscal year, if changed since last report)
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock Par Value $.01 PER SHAREHOGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No  
The registrant had outstanding 153,241,253 shares of common stock as of July 31, 2020.



HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended June 28, 2020 
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 2.
Item 5.
Item 6.



Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
 
 Three months endedSix months ended
June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
Revenue:
Motorcycles and Related Products$669,274  $1,434,004  $1,769,062  $2,629,641  
Financial Services195,953  198,615  394,409  387,358  
865,227  1,632,619  2,163,471  3,016,999  
Costs and expenses:
Motorcycles and Related Products cost of goods sold561,646  979,266  1,342,514  1,827,464  
Financial Services interest expense62,187  52,673  114,660  104,997  
Financial Services provision for credit losses91,179  26,383  170,598  60,874  
Selling, administrative and engineering expense224,365  307,617  502,336  576,242  
Restructuring expense41,949  10,423  41,949  24,053  
981,326  1,376,362  2,172,057  2,593,630  
Operating (loss) income(116,099) 256,257  (8,586) 423,369  
Other income, net 156  4,037  311  8,697  
Investment income5,757  3,571  410  9,929  
Interest expense7,769  7,784  15,524  15,515  
(Loss) income before provision for income taxes(117,955) 256,081  (23,389) 426,480  
Income tax (benefit) provision(25,738) 60,450  (867) 102,904  
Net (loss) income$(92,217) $195,631  $(22,522) $323,576  
(Net loss) earnings per share:
Basic$(0.60) $1.23  $(0.15) $2.03  
Diluted$(0.60) $1.23  $(0.15) $2.03  
Cash dividends per share$0.020  $0.375  $0.400  $0.750  
The accompanying notes are an integral part of the consolidated financial statements.

3

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(In thousands)
(Unaudited)
 
 Three months endedSix months ended
June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
Net (loss) income$(92,217) $195,631  $(22,522) $323,576  
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments21,443  11,270  (13,012) 11,601  
Derivative financial instruments(6,309) (11,923) (26,154) (12,364) 
Pension and postretirement benefit plans11,958  7,743  23,917  15,486  
27,092  7,090  (15,249) 14,723  
Comprehensive (loss) income$(65,125) $202,721  $(37,771) $338,299  
The accompanying notes are an integral part of the consolidated financial statements.


4

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)(Unaudited)
June 28,
2020
December 31,
2019
June 30,
2019
ASSETS
Current assets:
Cash and cash equivalents$3,856,597  $833,868  $924,638  
Accounts receivable, net271,431  259,334  325,306  
Finance receivables, net of allowance of $75,563, $43,006, and $40,446
1,901,620  2,272,522  2,362,125  
Inventories, net429,339  603,571  470,610  
Restricted cash189,712  64,554  82,248  
Other current assets163,135  168,974  147,234  
6,811,834  4,202,823  4,312,161  
Finance receivables, net of allowance of $335,452, $155,575, and $154,550
5,078,371  5,101,844  5,232,280  
Property, plant and equipment, net816,989  847,382  855,998  
Prepaid pension costs73,589  56,014    
Goodwill64,192  64,160  64,449  
Deferred income taxes141,566  101,204  134,639  
Lease assets53,031  61,618  54,913  
Other long-term assets116,580  93,114  85,876  
$13,156,152  $10,528,159  $10,740,316  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$317,462  $294,380  $324,464  
Accrued liabilities604,210  582,288  615,905  
Short-term debt1,547,388  571,995  405,695  
Current portion of long-term debt, net2,186,037  1,748,109  2,396,188  
4,655,097  3,196,772  3,742,252  
Long-term debt, net6,488,499  5,124,826  4,650,176  
Lease liabilities36,394  44,447  38,365  
Pension liabilities57,033  56,138  92,750  
Postretirement healthcare liabilities69,964  72,513  92,539  
Other long-term liabilities225,460  229,464  213,593  
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, none issued
      
Common stock1,834  1,828  1,827  
Additional paid-in-capital1,494,259  1,491,004  1,474,819  
Retained earnings2,031,329  2,193,997  2,210,318  
Accumulated other comprehensive loss(552,198) (536,949) (614,961) 
Treasury stock, at cost(1,351,519) (1,345,881) (1,161,362) 
1,623,705  1,803,999  1,910,641  
$13,156,152  $10,528,159  $10,740,316  

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HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
June 28,
2020
December 31,
2019
June 30,
2019
Balances held by consolidated variable interest entities (Note 13):
Finance receivables, net - current$631,474  $291,444  $320,710  
Other assets$2,430  $2,420  $1,533  
Finance receivables, net - non-current$2,531,323  $1,027,179  $1,240,081  
Restricted cash - current and non-current$199,748  $63,812  $79,436  
Current portion of long-term debt, net $750,474  $317,607  $360,269  
Long-term debt, net$2,251,473  $937,212  $1,106,736  
The accompanying notes are an integral part of the consolidated financial statements.
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HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Six months ended
June 28,
2020
June 30,
2019
Net cash provided by operating activities (Note 7)$610,203  $496,232  
Cash flows from investing activities:
Capital expenditures(67,026) (83,229) 
Origination of finance receivables(1,869,569) (2,064,899) 
Collections on finance receivables1,785,698  1,768,829  
Sales and redemptions of marketable securities  10,007  
Acquisition of business  (7,000) 
Other investing activities(381) 11,717  
Net cash used by investing activities(151,278) (364,575) 
Cash flows from financing activities:
Proceeds from issuance of medium-term notes1,396,602  546,655  
Repayments of medium-term notes(1,400,000) (750,000) 
Proceeds from securitization debt2,064,450  1,021,353  
Repayments of securitization debt(369,613) (113,806) 
Borrowings of asset-backed commercial paper225,187  23,373  
Repayments of asset-backed commercial paper(143,306) (155,286) 
Net increase (decrease) in unsecured commercial paper831,354  (728,606) 
Net increase in credit facilities150,000    
Deposits17,995    
Dividends paid(61,917) (120,841) 
Repurchase of common stock(7,156) (104,621) 
Issuance of common stock under share-based plans41  833  
Net cash provided (used) by financing activities2,703,637  (380,946) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(382) 3,439  
Net increase (decrease) in cash, cash equivalents and restricted cash$3,162,180  $(245,850) 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$905,366  $1,259,748  
Net increase (decrease) in cash, cash equivalents and restricted cash3,162,180  (245,850) 
Cash, cash equivalents and restricted cash, end of period$4,067,546  $1,013,898  
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$3,856,597  $924,638  
Restricted cash 189,712  82,248  
Restricted cash included in Other long-term assets21,237  7,012  
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$4,067,546  $1,013,898  
The accompanying notes are an integral part of the consolidated financial statements.

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HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In thousands, except share amounts)
(Unaudited)
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
 Issued
Shares
Balance
Balance, December 31, 2019182,816,536  $1,828  $1,491,004  $2,193,997  $(536,949) $(1,345,881) $1,803,999  
Net income—  —  —  69,695  —  —  69,695  
Other comprehensive loss, net of tax (Note 18)—  —  —  —  (42,341) —  (42,341) 
Dividends ($0.380 per share)
—  —  —  (58,817) —  —  (58,817) 
Repurchase of common stock—  —  —  —  —  (7,071) (7,071) 
Share-based compensation585,053  6  4,137  —  —  604  4,747  
Cumulative effect of change in accounting (Note 2)—  —  —  (78,229) —  —