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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 March 28, 2021
☐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: (414) 342-4680
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 Filer☒Accelerated filer
☐
Non-accelerated filer☐Smaller 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 153,665,546 shares of common stock as of April 30, 2021.


HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended March 28, 2021 
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
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 ended
March 28,
2021		March 29,
2020
Revenue:
Motorcycles and Related Products$1,232,107 $1,099,788 
Financial Services190,400 198,456 
1,422,507 1,298,244 
Costs and expenses:
Motorcycles and Related Products cost of goods sold811,622 780,868 
Financial Services interest expense55,707 52,473 
Financial Services provision for credit losses(22,474)79,419 
Selling, administrative and engineering expense231,844 277,971 
Restructuring benefit(366)— 
1,076,333 1,190,731 
Operating income346,174 107,513 
Other income, net 277 155 
Investment income (loss)1,402 (5,347)
Interest expense7,708 7,755 
Income before provision for income taxes340,145 94,566 
Provision for income taxes81,001 24,871 
Net income$259,144 $69,695 
Earnings per share:
Basic$1.69 $0.46 
Diluted$1.68 $0.45 
Cash dividends per share$0.15 $0.38 
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 ended
March 28,
2021		March 29,
2020
Net income$259,144 $69,695 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments(17,338)(34,455)
Derivative financial instruments17,530 (19,845)
Pension and postretirement benefit plans13,588 11,959 
13,780 (42,341)
Comprehensive income$272,924 $27,354 
The accompanying notes are integral to the consolidated financial statements.


4
Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)(Unaudited)
March 28,
2021		December 31,
2020		March 29,
2020
ASSETS
Current assets:
Cash and cash equivalents$2,320,645 $3,257,203 $1,465,061 
Accounts receivable, net216,569 143,082 299,148 
Finance receivables, net of allowance of $64,139, $72,632, and $63,881
1,798,194 1,509,539 2,358,989 
Inventories, net470,997 523,497 610,924 
Restricted cash185,374 131,642 99,903 
Other current assets195,356 280,470 142,357 
5,187,135 5,845,433 4,976,382 
Finance receivables, net of allowance of $282,094, $318,304, and $271,615
4,958,583 4,933,469 4,933,418 
Property, plant and equipment, net718,968 743,784 826,845 
Pension and postretirement assets105,910 95,711 64,802 
Goodwill65,157 65,976 64,063 
Deferred income taxes135,387 158,538 127,856 
Lease assets44,765 45,203 56,496 
Other long-term assets123,083 122,487 90,085 
$11,338,988 $12,010,601 $11,139,947 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$402,764 $290,904 $333,411 
Accrued liabilities570,440 557,214 584,535 
Short-term deposits, net93,887 79,965 — 
Short-term debt765,263 1,014,274 1,335,664 
Current portion of long-term debt, net1,622,243 2,039,597 2,326,460 
3,454,597 3,981,954 4,580,070 
Long-term deposits, net58,766 — — 
Long-term debt, net5,478,091 5,932,933 4,478,078 
Lease liabilities30,061 30,115 40,053 
Pension and postretirement liabilities103,854 114,206 128,054 
Deferred income taxes8,682 8,607 6,219 
Other long-term liabilities228,551 220,001 215,490 
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock1,690 1,685 1,834 
Additional paid-in-capital1,517,129 1,507,706 1,495,141 
Retained earnings1,520,862 1,284,823 2,126,646 
Accumulated other comprehensive loss(469,637)(483,417)(579,290)
Treasury stock, at cost(593,658)(588,012)(1,352,348)
1,976,386 1,722,785 1,691,983 
$11,338,988 $12,010,601 $11,139,947 
5
Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
March 28,
2021		December 31,
2020		March 29,
2020
Balances held by consolidated variable interest entities (Note 12):
Finance receivables, net - current$567,887 $530,882 $381,904 
Other assets$4,027 $3,753 $2,262 
Finance receivables, net - non-current$2,113,344 $1,889,472 $1,435,832 
Restricted cash - current and non-current$196,946 $142,892 $99,235 
Current portion of long-term debt, net $692,903 $608,987 $437,488 
Long-term debt, net$1,757,003 $1,585,174 $1,319,357 
The accompanying notes are integral to the consolidated financial statements.
6
Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Three months ended
March 28,
2021		March 29,
2020
Net cash provided (used) by operating activities (Note 7)$162,781 $(8,582)
Cash flows from investing activities:
Capital expenditures(18,813)(32,928)
Origination of finance receivables(909,138)(780,061)
Collections on finance receivables900,485 841,261 
Other investing activities733 16 
Net cash (used) provided by investing activities(26,733)28,288 
Cash flows from financing activities:
Repayments of medium-term notes(1,050,000)(600,000)
Proceeds from securitization debt597,411 522,694 
Repayments of securitization debt(291,346)(130,918)
Borrowings of asset-backed commercial paper— 225,187 
Repayments of asset-backed commercial paper(66,894)(67,809)
Net (decrease) increase in unsecured commercial paper(262,517)772,208 
Net increase in credit facilities15,629 — 
Net increase in deposits72,664 — 
Dividends paid(23,105)(58,817)
Repurchase of common stock(5,646)(7,071)
Issuance of common stock under share-based plans1,085 34 
Net cash (used) provided by financing activities(1,012,719)655,508 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(5,163)(5,732)
Net (decrease) increase in cash, cash equivalents and restricted cash$(881,834)$669,482 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$3,409,168 $905,366 
Net (decrease) increase in cash, cash equivalents and restricted cash(881,834)669,482 
Cash, cash equivalents and restricted cash, end of period$2,527,334 $1,574,848 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$2,320,645 $1,465,061 
Restricted cash 185,374 99,903 
Restricted cash included in Other long-term assets21,315 9,884 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$2,527,334 $1,574,848 
The accompanying notes are integral to the consolidated financial statements.

7
Table of Contents
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, 2020168,503,526 $1,685 $1,507,706 $1,284,823 $(483,417)$(588,012)$1,722,785 
Net income— — — 259,144 — — 259,144 
Other comprehensive income, net of tax (Note 17)— — — — 13,780 — 13,780 
Dividends ($0.15 per share)
— — — (23,105)— — (23,105)
Repurchase of common stock— — — — — (5,646)(5,646)
Share-based compensation483,326 5 9,423 — — — 9,428 
Balance, March 28, 2021168,986,852 $1,690 $1,517,129 $1,520,862 $(469,637)$(593,658)$1,976,386 
 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 17)— — — — (42,341)— (42,341)
Dividends ($0.38 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— — — (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 
The accompanying notes are integral to the consolidated financial statements.
8
Table of Contents
HARLEY-DAVIDSON, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation and Use of Estimates
The consolidated financial statements include the accounts of Harley-Davidson, Inc. and its subsidiaries, all of which are wholly-owned (the Company), including the accounts of the groups of companies referred to as Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). In addition, certain variable interest entities (VIEs) related to secured financing are consolidated as the Company is the primary beneficiary. All intercompany accounts and material intercompany transactions have been eliminated.
The Company operates in two reportable segments: Motorcycles and Related Products (Motorcycles) and Financial Services.
In the opinion of the Company's management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Consolidated balance sheets as of March 28, 2021 and March 29, 2020, the Consolidated statements of operations for the three month periods then ended, the Consolidated statements of comprehensive income for the three month periods then ended, the Consolidated statements of cash flows for the three month periods then ended, and the Consolidated statements of shareholders' equity for the three month periods then ended.
Certain information and disclosures normally included in complete financial statements have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and U.S. generally accepted accounting principles (U.S. GAAP) for interim financial reporting. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company's management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
During the first quarter of 2020, the outbreak of a novel strain of coronavirus (COVID-19) spread throughout the world, and it was recognized as a pandemic in March 2020. The COVID-19 pandemic has restricted the level of economic activity in the U.S. and around the world and the full extent of its impact is not yet known. Certain estimates used in the preparation of financial results for the period ending March 28, 2021 could be impacted in future periods as a result of the COVID-19 pandemic.
2. New Accounting Standards
Accounting Standards Recently Adopted
In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, Simplifying the Accounting for Income Taxes (ASU No. 2019-12). The new guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption of ASU 2019-12 did not have a material impact on the Company's consolidated financial statements.
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3. Revenue
The Company recognizes revenue when it satisfies a performance obligation by transferring control of a good or service to a customer. Revenue is measured based on the consideration that the Company expects to be entitled to in exchange for the goods or services transferred. Taxes that are collected from a customer concurrent with revenue-producing activities are excluded from revenue.
Disaggregated revenue by major source was as follows (in thousands):
Three months ended
March 28,
2021		March 29,
2020
Motorcycles and Related Products Revenue:
Motorcycles$1,016,334 $899,365 
Parts & Accessories149,859 134,685 
General Merchandise50,323 49,160 
Licensing5,512 8,029 
Other10,079 8,549 
1,232,107 1,099,788 
Financial Services Revenue:
Interest income159,814 170,001 
Other30,586 28,455 
190,400 198,456 
$1,422,507 $1,298,244 
The Company maintains certain deferred revenue balances related to payments received at contract inception in advance of the Company’s performance under the contract and generally relates to the sale of Harley Owners Group® memberships and extended service plan contracts. Deferred revenue is recognized as revenue as the Company performs under the contract. Deferred revenue, included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets, was as follows (in thousands):
March 28,
2021		March 29,
2020
Balance, beginning of period$36,614 $29,745 
Balance, end of period$36,266 $29,434 
Previously deferred revenue recognized as revenue in the three months ended March 28, 2021 and March 29, 2020 was $6.2 million and $6.9 million, respectively. The Company expects to recognize approximately $14.9 million of the remaining unearned revenue over the next 12 months and $21.4 million thereafter.
4. Restructuring Activities
The Company's restructuring activities are included in Restructuring benefit on the Consolidated statements of operations.
In 2020, the Company initiated restructuring activities including a workforce reduction, the termination of certain current and future products, facility changes, optimizing its global independent dealer network, exiting certain international markets, and discontinuing its sales and manufacturing operations in India. The workforce reduction resulted in the termination of approximately 500 employees. In addition, the India action resulted in the termination of approximately 70 employees.
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Since the inception of these restructuring activities in 2020 through the three months ended March 28, 2021, the Company has incurred cumulative restructuring expenses of $129.6 million. This includes a restructuring benefit during the three months ended March 28, 2021 of $0.4 million, consisting of a $0.6 million benefit in the Motorcycles segment and expense of $0.2 million in the Financial Services segment. The Company expects total estimated restructuring expenses of approximately $150 million, including approximately $139 million and $11 million expected to be in incurred in the Motorcycles and Financial Services segments, respectively. Total expected restructuring expenses include approximately $30 million related to employee termination benefits, $90 million related to contract termination and other costs and $30 million related to non-current asset adjustments, including accelerated depreciation and other adjustments to the carrying value of non-current assets. The Company expects to incur the remaining estimated restructuring expenses of approximately $20 million in 2021.
Changes in accrued restructuring expenses, which are included in Accrued liabilities on the Consolidated balance sheets, were as follows (in thousands). There were no restructuring activities during the three months ended March 29, 2020.
Three months ended March 28, 2021
Employee Termination BenefitsContract Terminations
& Other		Non-Current Asset AdjustmentsTotal
Balance, beginning of period$7,724 $16,196 $— $23,920 
Restructuring (benefit) expense(944)1,106 (528)(366)
Utilized – cash
(3,661)(12,781)— (16,442)
Utilized – non cash
— — 528 528 
Foreign currency changes(112)(54)— (166)
Balance, end of period$3,007 $4,467 

$— $7,474 
5. Income Taxes
The Company’s effective income tax rate for the three months ended March 28, 2021 was 23.8% compared to 26.3% for the three months ended March 29, 2020. The decrease in the first quarter 2021 effective income tax rate from 2020 was due to the increase in Income before provision for income taxes, resulting in discrete income tax adjustments having a reduced impact on the effective income tax rate for the quarter. The effective income tax rate for the three months ended March 28, 2021 was determined based on the Company's current projections for full-year 2021 financial results.
6. Earnings Per Share
The computation of basic and diluted earnings per share was as follows (in thousands, except per share amounts):
 Three months ended
March 28,
2021		March 29,
2020
Net income$259,144 $69,695 
Basic weighted-average shares outstanding153,478 153,004 
Effect of dilutive securities – employee stock compensation plan
1,012 740 
Diluted weighted-average shares outstanding154,490 153,744 
Net earnings per share:
Basic$1.69 $0.46 
Diluted$1.68 $0.45 
Shares of common stock related to share-based compensation that were not included in the effect of dilutive securities because the effect would have been anti-dilutive include 0.6 million and 1.7 million shares for the three months ended March 28, 2021 and March 29, 2020, respectively.
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7. Additional Balance Sheet and Cash Flow Information
Investments in Marketable Securities – The Company’s investments in marketable securities consisted of the following (in thousands):
March 28,
2021		December 31,
2020		March 29,
2020
Mutual funds$50,239 $52,061 $44,144 
Mutual funds, included in Other long-term assets on the Consolidated balance sheets, are carried at fair value with gains and losses recorded in income. Mutual funds are held to support certain deferred compensation obligations.
Inventories, net – Substantially all inventories located in the U.S. are valued using the last-in, first-out (LIFO) method. Other inventories are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. Inventories, net consisted of the following (in thousands):
March 28,
2021		December 31,
2020		March 29,
2020
Raw materials and work in process$251,199 $211,979 $245,384 
Motorcycle finished goods185,590 281,132 272,648 
Parts & Accessories and General Merchandise88,291 84,469 149,318 
Inventory at lower of FIFO cost or net realizable value525,080 577,580 667,350 
Excess of FIFO over LIFO cost(54,083)(54,083)(56,426)
$470,997 $523,497 $610,924 
Deposits – Beginning in 2020, HDFS began offering brokered certificates of deposit to customers indirectly through contractual arrangements with third-party banks and/or securities brokerage firms through its bank subsidiary. The Company had $152.7 million and $80.0 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of March 28, 2021 and December 31, 2020, respectively. There were no deposits as of March 29, 2020. The liabilities for deposits are included in Short-term deposits, net or Long-term deposits, net on the Consolidated balance sheets based upon the term of each brokered certificate of deposit issued. Each separate brokered certificate of deposit is issued under a master certificate, and as such, all outstanding brokered certificates of deposit are considered below the Federal Deposit Insurance Corporation insurance coverage limits.
Future maturities of the Company's certificates of deposit as of March 28, 2021 were as follows (in thousands):
2021$80,000 
202214,000 
20237,000 
202422,000 
2025— 
Thereafter30,000 
Unamortized fees(347)
$152,653 
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Operating Cash Flow – The reconciliation of Net income to Net cash provided (used) by operating activities was as follows (in thousands):
 Three months ended
March 28,
2021		March 29,
2020
Cash flows from operating activities:
Net income$259,144 $69,695 
Adjustments to reconcile Net income to Net cash provided (used) by operating activities:
Depreciation and amortization40,221 47,427 
Amortization of deferred loan origination costs19,200 16,739 
Amortization of financing origination fees3,614 2,999 
Provision for long-term employee benefits7,090 7,852 
Employee benefit plan contributions and payments(9,885)(1,608)
Stock compensation expense8,968 3,896 
Net change in wholesale finance receivables related to sales(308,532)(208,183)
Provision for credit losses(22,474)79,419 
Deferred income taxes13,192 (3,803)
Other, net1,171 3,579 
Changes in current assets and liabilities:
Accounts receivable, net(79,012)(47,272)
Finance receivables – accrued interest and other
8,947 4,007 
Inventories, net45,086 (23,943)
Accounts payable and accrued liabilities153,597 10,562 
Derivative financial instruments(3,309)2,812 
Other25,763 27,240 
(96,363)(78,277)
Net cash provided (used) by operating activities$162,781 $(8,582)

8. Finance Receivables
The Company provides retail financial services to customers of its independent dealers in the U.S. and Canada. The origination of retail loans is a separate and distinct transaction between the Company and the retail customer, unrelated to the Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and secured installment sales contracts and are primarily related to independent dealer sales of motorcycles to retail customers. The Company holds either titles or liens on titles to vehicles financed by promissory notes and installment sales contracts.
The Company offers wholesale financing to its independent dealers in the U.S. and Canada. Wholesale finance receivables are related primarily to the Company's sale of motorcycles and related parts and accessories to dealers. Wholesale loans to dealers are generally secured by financed inventory or property.
Finance receivables, net were as follows (in thousands):
March 28,
2021		December 31,
2020		March 29,
2020
Retail finance receivables$6,310,982 $6,344,195 $6,269,247 
Wholesale finance receivables792,028 489,749 1,358,656 
7,103,010 6,833,944 7,627,903 
Allowance for credit losses(346,233)(