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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 26, 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 153,876,904 shares of common stock as of October 29, 2021.



HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended September 26, 2021
Part I
Item 1.
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
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 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Revenue:
Motorcycles and Related Products$1,160,618 $964,029 $3,724,225 $2,733,091 
Financial Services204,692 201,655 595,650 596,064 
1,365,310 1,165,684 4,319,875 3,329,155 
Costs and expenses:
Motorcycles and Related Products cost of goods sold850,193 676,796 2,586,264 2,019,310 
Financial Services interest expense44,770 67,533 149,098 182,193 
Financial Services provision for credit losses11,208 7,835 4,935 178,433 
Selling, administrative and engineering expense254,312 231,721 747,665 734,057 
Restructuring expense615 43,915 1,167 85,864 
1,161,098 1,027,800 3,489,129 3,199,857 
Operating income204,212 137,884 830,746 129,298 
Other income, net 858 155 1,825 466 
Investment income198 2,672 4,331 3,082 
Interest expense7,779 7,783 23,209 23,307 
Income before provision for income taxes197,489 132,928 813,693 109,539 
Provision for income taxes34,516 12,710 185,236 11,843 
Net income$162,973 $120,218 $628,457 $97,696 
Earnings per share:
Basic$1.06 $0.78 $4.09 $0.64 
Diluted$1.05 $0.78 $4.06 $0.64 
Cash dividends per share$0.15 $0.02 $0.45 $0.42 
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 26,
2021
September 27,
2020
September 26,
2021
September 27,
2020
Net income$162,973 $120,218 $628,457 $97,696 
Other comprehensive income, net of tax:
Foreign currency translation adjustments(17,836)12,737 (33,759)(275)
Derivative financial instruments4,270 (2,101)21,298 (28,255)
Pension and postretirement benefit plans13,588 11,959 40,763 35,876 
22 22,595 28,302 7,346 
Comprehensive income$162,995 $142,813 $656,759 $105,042 
The accompanying notes are integral to the consolidated financial statements.


4

Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)(Unaudited)
September 26,
2021
December 31,
2020
September 27,
2020
ASSETS
Current assets:
Cash and cash equivalents$2,061,303 $3,257,203 $3,560,950 
Accounts receivable, net282,627 143,082 232,845 
Finance receivables, net of allowance of $62,406, $72,632, and $74,111
1,540,822 1,509,539 1,701,478 
Inventories, net475,314 523,497 322,375 
Restricted cash153,873 131,642 160,155 
Other current assets194,481 280,470 178,931 
4,708,420 5,845,433 6,156,734 
Finance receivables, net of allowance of $293,428, $318,304, and $334,591
5,322,436 4,933,469 5,142,014 
Property, plant and equipment, net671,836 743,784 785,165 
Pension and postretirement assets132,958 95,711 82,378 
Goodwill63,841 65,976 64,884 
Deferred income taxes128,059 158,538 137,960 
Lease assets47,507 45,203 47,599 
Other long-term assets124,747 122,487 115,541 
$11,199,804 $12,010,601 $12,532,275 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$382,216 $290,904 $289,103 
Accrued liabilities599,852 557,214 561,282 
Short-term deposits, net92,626 79,965 29,999 
Short-term debt749,620 1,014,274 1,227,763 
Current portion of long-term debt, net1,605,798 2,039,597 2,109,284 
3,430,112 3,981,954 4,217,431 
Long-term deposits, net197,644   
Long-term debt, net4,876,292 5,932,933 6,171,676 
Lease liabilities26,017 30,115 31,225 
Pension and postretirement liabilities103,144 114,206 126,232 
Deferred income taxes8,585 8,607 6,219 
Other long-term liabilities224,116 220,001 209,594 
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock1,694 1,685 1,835 
Additional paid-in-capital1,540,235 1,507,706 1,501,410 
Retained earnings1,843,964 1,284,823 2,148,462 
Accumulated other comprehensive loss(455,115)(483,417)(529,603)
Treasury stock, at cost(596,884)(588,012)(1,352,206)
2,333,894 1,722,785 1,769,898 
$11,199,804 $12,010,601 $12,532,275 
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HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
September 26,
2021
December 31,
2020
September 27,
2020
Balances held by consolidated variable interest entities (Note 12):
Finance receivables, net - current$531,942 $530,882 $576,750 
Other assets$2,754 $3,753 $3,129 
Finance receivables, net - non-current$1,961,367 $1,889,472 $2,177,875 
Restricted cash - current and non-current$167,865 $142,892 $170,925 
Current portion of long-term debt, net $629,600 $608,987 $677,099 
Long-term debt, net$1,565,022 $1,585,174 $1,886,594 
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 26,
2021
September 27,
2020
Net cash provided by operating activities (Note 7)$925,551 $1,135,068 
Cash flows from investing activities:
Capital expenditures(61,476)(92,295)
Origination of finance receivables(3,444,953)(2,873,259)
Collections on finance receivables2,968,397 2,730,166 
Other investing activities2,485 334 
Net cash used by investing activities(535,547)(235,054)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes 1,396,602 
Repayments of medium-term notes(1,400,000)(1,400,000)
Proceeds from securitization debt1,169,910 2,064,450 
Repayments of securitization debt(1,013,820)(735,885)
Borrowings of asset-backed commercial paper27,406 225,187 
Repayments of asset-backed commercial paper(206,671)(236,846)
Net (decrease) increase in unsecured commercial paper(261,978)509,978 
Net increase in credit facilities 150,000 
Net increase in deposits210,144 29,992 
Dividends paid(69,316)(65,002)
Repurchase of common stock(11,545)(7,895)
Issuance of common stock under share-based plans4,324 96 
Net cash (used) provided by financing activities(1,551,546)1,930,677 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(11,050)6,071 
Net (decrease) increase in cash, cash equivalents and restricted cash$(1,172,592)$2,836,762 
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(1,172,592)2,836,762 
Cash, cash equivalents and restricted cash, end of period$2,236,576 $3,742,128 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$2,061,303 $3,560,950 
Restricted cash 153,873 160,155 
Restricted cash included in Other long-term assets21,400 21,023 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$2,236,576 $3,742,128 
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 and per 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 
Net income— — — 162,973 — — 162,973 
Other comprehensive income, net of tax (Note 17)— — — — 22 — 22 
Dividends ($0.15 per share)
— — — (23,107)— — (23,107)
Repurchase of common stock— — — — — (634)(634)
Share-based compensation49,831 1 8,779 — — 1,588 10,368 
Balance, September 26, 2021169,358,698 $1,694 $1,540,235 $1,843,964 $(455,115)$(596,884)$2,333,894 
 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 
Net income— — — 120,218 — — 120,218