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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 September 27, 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 153,278,729 shares of common stock as of October 30, 2020.



HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended September 27, 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 endedNine months ended
September 27,
2020
September 29,
2019
September 27,
2020
September 29,
2019
Revenue:
Motorcycles and Related Products$964,029 $1,068,942 $2,733,091 $3,698,583 
Financial Services201,655 203,577 596,064 590,935 
1,165,684 1,272,519 3,329,155 4,289,518 
Costs and expenses:
Motorcycles and Related Products cost of goods sold676,796 748,878 2,019,310 2,576,342 
Financial Services interest expense67,533 53,390 182,193 158,387 
Financial Services provision for credit losses7,835 33,747 178,433 94,621 
Selling, administrative and engineering expense231,721 309,031 734,057 885,273 
Restructuring expense43,915 7,629 85,864 31,682 
1,027,800 1,152,675 3,199,857 3,746,305 
Operating income137,884 119,844 129,298 543,213 
Other income, net 155 3,160 466 11,857 
Investment income2,672 2,041 3,082 11,970 
Interest expense7,783 7,789 23,307 23,304 
Income before provision for income taxes132,928 117,256 109,539 543,736 
Provision for income taxes12,710 30,693 11,843 133,597 
Net income$120,218 $86,563 $97,696 $410,139 
Earnings per share:
Basic$0.78 $0.55 $0.64 $2.59 
Diluted$0.78 $0.55 $0.64 $2.58 
Cash dividends per share$0.020 $0.375 $0.420 $1.125 
The accompanying notes are integral to the consolidated financial statements.

3

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
 
 Three months endedNine months ended
September 27,
2020
September 29,
2019
September 27,
2020
September 29,
2019
Net income$120,218 $86,563 $97,696 $410,139 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments12,737 (15,321)(275)(3,720)
Derivative financial instruments(2,101)6,284 (28,255)(6,080)
Pension and postretirement benefit plans11,959 7,744 35,876 23,230 
22,595 (1,293)7,346 13,430 
Comprehensive income$142,813 $85,270 $105,042 $423,569 
The accompanying notes are integral to the consolidated financial statements.


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HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)(Unaudited)
September 27,
2020
December 31,
2019
September 29,
2019
ASSETS
Current assets:
Cash and cash equivalents$3,560,950 $833,868 $862,381 
Accounts receivable, net232,845 259,334 307,616 
Finance receivables, net of allowance of $74,111, $43,006, and $39,964
1,701,478 2,272,522 2,210,001 
Inventories, net322,375 603,571 489,098 
Restricted cash160,155 64,554 79,115 
Other current assets178,931 168,974 140,786 
6,156,734 4,202,823 4,088,997 
Finance receivables, net of allowance of $334,591, $155,575, and $158,612
5,142,014 5,101,844 5,305,579 
Property, plant and equipment, net785,165 847,382 844,446 
Prepaid pension costs82,378 56,014  
Goodwill64,884 64,160 63,727 
Deferred income taxes137,960 101,204 132,019 
Lease assets47,599 61,618 55,905 
Other long-term assets115,541 93,114 85,557 
$12,532,275 $10,528,159 $10,576,230 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$289,103 $294,380 $348,951 
Accrued liabilities591,281 582,288 556,990 
Short-term debt1,227,763 571,995 1,013,137 
Current portion of long-term debt, net2,109,284 1,748,109 1,779,673 
4,217,431 3,196,772 3,698,751 
Long-term debt, net6,171,676 5,124,826 4,607,041 
Lease liabilities31,225 44,447 39,408 
Pension liabilities57,853 56,138 82,561 
Postretirement healthcare liabilities68,379 72,513 89,032 
Other long-term liabilities215,813 229,464 223,218 
Commitments and contingencies (Note 17)
Shareholders’ equity:
Preferred stock, none issued
   
Common stock1,835 1,828 1,827 
Additional paid-in-capital1,501,410 1,491,004 1,482,669 
Retained earnings2,148,462 2,193,997 2,238,313 
Accumulated other comprehensive loss(529,603)(536,949)(616,254)
Treasury stock, at cost(1,352,206)(1,345,881)(1,270,336)
1,769,898 1,803,999 1,836,219 
$12,532,275 $10,528,159 $10,576,230 

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HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
September 27,
2020
December 31,
2019
September 29,
2019
Balances held by consolidated variable interest entities (Note 13):
Finance receivables, net - current$576,750 $291,444 $308,568 
Other assets$3,129 $2,420 $1,618 
Finance receivables, net - non-current$2,177,875 $1,027,179 $1,175,086 
Restricted cash - current and non-current$170,925 $63,812 $78,334 
Current portion of long-term debt, net $677,099 $317,607 $346,350 
Long-term debt, net$1,886,594 $937,212 $1,079,278 
The accompanying notes are integral to the consolidated financial statements.
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HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Nine months ended
September 27,
2020
September 29,
2019
Net cash provided by operating activities (Note 7)$1,135,068 $848,649 
Cash flows from investing activities:
Capital expenditures(92,295)(121,161)
Origination of finance receivables(2,873,259)(3,141,626)
Collections on finance receivables2,730,166 2,695,918 
Sales and redemptions of marketable securities 10,007 
Acquisition of business (7,000)
Other investing activities334 12,388 
Net cash used by investing activities(235,054)(551,474)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes1,396,602 546,655 
Repayments of medium-term notes(1,400,000)(1,350,000)
Proceeds from securitization debt2,064,450 1,021,353 
Repayments of securitization debt(735,885)(244,250)
Borrowings of asset-backed commercial paper225,187 177,950 
Repayments of asset-backed commercial paper(236,846)(240,008)
Net increase (decrease) in unsecured commercial paper509,978 (120,707)
Net increase in credit facilities150,000  
Deposits29,992  
Dividends paid(65,002)(179,409)
Repurchase of common stock(7,895)(217,454)
Issuance of common stock under share-based plans96 2,180 
Net cash provided (used) by financing activities1,930,677 (603,690)
Effect of exchange rate changes on cash, cash equivalents and restricted cash6,071 (4,110)
Net increase (decrease) in cash, cash equivalents and restricted cash$2,836,762 $(310,625)
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 cash2,836,762 (310,625)
Cash, cash equivalents and restricted cash, end of period$3,742,128 $949,123 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$3,560,950 $862,381 
Restricted cash 160,155 79,115 
Restricted cash included in Other long-term assets21,023 7,627 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$3,742,128 $949,123 
The accompanying notes are integral to 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)— — (78,229)
Balance, March 29, 2020183,401,589 1,834 1,495,141 2,126,646 (579,290)(1,352,348)1,691,983 
Net loss— — — (92,217)— — (92,217)
Other comprehensive income, net of tax (Note 18)— — — — 27,092 — 27,092 
Dividends ($0.020 per share)
— — — (3,100)— — (3,100)
Repurchase of common stock— — — — — (85)(85)
Share-based compensation9,615 — (882)— — 914 32 
Balance, June 28, 2020183,411,204 1,834 1,494,259 2,031,329 (552,198)(1,351,519)1,623,705 
Net income— — — 120,218 — — 120,218 
Other comprehensive income, net of tax (Note 18)— — — — 22,595 — 22,595 
Dividends ($0.020 per share)
— — — (3,085)— — (3,085)
Repurchase of common stock— — — — — (739)(739)
Share-based compensation82,329 1 7,151 — — 52 7,204 
Balance, September 27, 2020183,493,533 $1,835 $1,501,410 $2,148,462 $(529,603)$(1,352,206)$1,769,898 
 Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total
Issued
Shares
Balance
Balance, December 31, 2018181,931,225 $1,819 $1,459,620 $2,007,583 $(629,684)$(1,065,389)$1,773,949 
Net income— — — 127,945 — — 127,945 
Other comprehensive income, net of tax (Note 18)— — — — 7,633 — 7,633 
Dividends ($0.375 per share)
— — — (60,859)— — (60,859)
Repurchase of common stock— — — — — (61,712)(61,712)
Share-based compensation702,687 7 5,961 — — 4,687 10,655 
Balance, March 31, 2019182,633,912 1,826 1,465,581 2,074,669 (622,051)(1,122,414)1,797,611 
Net income— — — 195,631 — — 195,631 
Other comprehensive income, net of tax (Note 18)— — — — 7,090 — 7,090 
Dividends ($0.375 per share)
— — — (59,982)— — (59,982)
Repurchase of common stock— — — — — (42,908)(42,908)
Share-based compensation9,338 1