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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 27, 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: (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 153,845,993 shares of common stock as of July 30, 2021.



HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended June 27, 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 endedSix months ended
June 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Revenue:
Motorcycles and Related Products$1,331,500 $669,274 $2,563,607 $1,769,062 
Financial Services200,558 195,953 390,958 394,409 
1,532,058 865,227 2,954,565 2,163,471 
Costs and expenses:
Motorcycles and Related Products cost of goods sold924,449 561,646 1,736,071 1,342,514 
Financial Services interest expense48,621 62,187 104,328 114,660 
Financial Services provision for credit losses16,201 91,179 (6,273)170,598 
Selling, administrative and engineering expense261,509 224,365 493,353 502,336 
Restructuring expense918 41,949 552 41,949 
1,251,698 981,326 2,328,031 2,172,057 
Operating income (loss)280,360 (116,099)626,534 (8,586)
Other income, net 690 156 967 311 
Investment income2,731 5,757 4,133 410 
Interest expense7,722 7,769 15,430 15,524 
Income (loss) before provision for income taxes276,059 (117,955)616,204 (23,389)
Income tax provision (benefit)69,719 (25,738)150,720 (867)
Net income (loss)$206,340 $(92,217)$465,484 $(22,522)
Earnings (net loss) per share:
Basic$1.34 $(0.60)$3.03 $(0.15)
Diluted$1.33 $(0.60)$3.01 $(0.15)
Cash dividends per share$0.15 $0.02 $0.30 $0.40 
The accompanying notes are integral to the consolidated financial statements.

3

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
 
 Three months endedSix months ended
June 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Net income (loss)$206,340 $(92,217)$465,484 $(22,522)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments1,415 21,443 (15,923)(13,012)
Derivative financial instruments(502)(6,309)17,028 (26,154)
Pension and postretirement benefit plans13,587 11,958 27,175 23,917 
14,500 27,092 28,280 (15,249)
Comprehensive income (loss)$220,840 $(65,125)$493,764 $(37,771)
The accompanying notes are integral to the consolidated financial statements.


4

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)(Unaudited)
June 27,
2021
December 31,
2020
June 28,
2020
ASSETS
Current assets:
Cash and cash equivalents$1,741,968 $3,257,203 $3,856,597 
Accounts receivable, net263,453 143,082 271,431 
Finance receivables, net of allowance of $64,099, $72,632, and $75,563
1,629,636 1,509,539 1,901,620 
Inventories, net457,648 523,497 429,339 
Restricted cash152,411 131,642 189,712 
Other current assets224,488 280,470 163,135 
4,469,604 5,845,433 6,811,834 
Finance receivables, net of allowance of $294,712, $318,304, and $335,452
5,259,318 4,933,469 5,078,371 
Property, plant and equipment, net694,378 743,784 816,989 
Pension and postretirement assets120,542 95,711 73,589 
Goodwill65,395 65,976 64,192 
Deferred income taxes131,534 158,538 141,566 
Lease assets41,210 45,203 53,031 
Other long-term assets127,245 122,487 116,580 
$10,909,226 $12,010,601 $13,156,152 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$430,876 $290,904 $317,462 
Accrued liabilities587,740 557,214 586,214 
Short-term deposits, net101,672 79,965 17,996 
Short-term debt749,037 1,014,274 1,547,388 
Current portion of long-term debt, net1,581,826 2,039,597 2,186,037 
3,451,151 3,981,954 4,655,097 
Long-term deposits, net157,701   
Long-term debt, net4,745,024 5,932,933 6,488,499 
Lease liabilities21,708 30,115 36,394 
Pension and postretirement liabilities105,833 114,206 126,997 
Deferred income taxes8,913 8,607 6,219 
Other long-term liabilities234,624 220,001 219,241 
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock1,693 1,685 1,834 
Additional paid-in-capital1,531,456 1,507,706 1,494,259 
Retained earnings1,704,098 1,284,823 2,031,329 
Accumulated other comprehensive loss(455,137)(483,417)(552,198)
Treasury stock, at cost(597,838)(588,012)(1,351,519)
2,184,272 1,722,785 1,623,705 
$10,909,226 $12,010,601 $13,156,152 
5

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
June 27,
2021
December 31,
2020
June 28,
2020
Balances held by consolidated variable interest entities (Note 12):
Finance receivables, net - current$506,069 $530,882 $631,474 
Other assets$3,248 $3,753 $2,430 
Finance receivables, net - non-current$1,777,060 $1,889,472 $2,531,323 
Restricted cash - current and non-current$164,816 $142,892 $199,748 
Current portion of long-term debt, net $606,117 $608,987 $750,474 
Long-term debt, net$1,412,916 $1,585,174 $2,251,473 
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)
 Six months ended
June 27,
2021
June 28,
2020
Net cash provided by operating activities (Note 7)$644,300 $610,203 
Cash flows from investing activities:
Capital expenditures(37,568)(67,026)
Origination of finance receivables(2,294,500)(1,869,569)
Collections on finance receivables1,944,364 1,785,698 
Other investing activities2,425 (381)
Net cash used by investing activities(385,279)(151,278)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes 1,396,602 
Repayments of medium-term notes(1,400,000)(1,400,000)
Proceeds from securitization debt597,411 2,064,450 
Repayments of securitization debt(664,685)(369,613)
Borrowings of asset-backed commercial paper 225,187 
Repayments of asset-backed commercial paper(143,256)(143,306)
Net (decrease) increase in unsecured commercial paper(262,452)831,354 
Net increase in credit facilities84 150,000 
Net increase in deposits179,329 17,995 
Dividends paid(46,209)(61,917)
Repurchase of common stock(10,911)(7,156)
Issuance of common stock under share-based plans4,324 41 
Net cash (used) provided by financing activities(1,746,365)2,703,637 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6,878)(382)
Net (decrease) increase in cash, cash equivalents and restricted cash$(1,494,222)$3,162,180 
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(1,494,222)3,162,180 
Cash, cash equivalents and restricted cash, end of period$1,914,946 $4,067,546 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,741,968 $3,856,597 
Restricted cash 152,411 189,712 
Restricted cash included in Other long-term assets20,567 21,237 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$1,914,946 $4,067,546 
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, 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 
Net income— — — 206,340 — — 206,340 
Other comprehensive income, net of tax (Note 17)— — — — 14,500 — 14,500 
Dividends ($0.15 per share)
— — — (23,104)— — (23,104)
Repurchase of common stock— — — — — (5,265)(5,265)
Share-based compensation322,015 3 14,327 — — 1,085 15,415 
Balance, June 27, 2021169,308,867 $1,693 $1,531,456 $1,704,098 $(455,137)$(597,838)$2,184,272 
 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 
Net loss— — — (92,217)— — (92,217)
Other comprehensive income, net of tax (Note 17)— — — — 27,092 — 27,092 
Dividends ($0.02 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 
The accompanying notes are integral to the consolidated financial statements.
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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 June 27, 2021 and June 28, 2020, the Consolidated statements of operations for the three and six month periods then ended, the Consolidated statements of comprehensive income (loss) for the three and six month periods then ended, the Consolidated statements of cash flows for the six month periods then ended, and the Consolidated statements of shareholders' equity for the three and six 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 June 27, 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 endedSix months ended
June 27,
2021
June 28,
2020
June 27,
2021
June 28,
2020
Motorcycles and Related Products Revenue:
Motorcycles$1,029,709 $446,738 $2,046,043 $1,346,103 
Parts & Accessories222,670 168,708 372,529 303,393 
General Merchandise55,631 37,805 105,954 86,965 
Licensing8,872 4,903 14,384 12,932 
Other14,618 11,120 24,697 19,669 
1,331,500 669,274 2,563,607 1,769,062 
Financial Services Revenue:
Interest income167,728