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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 27, 2022
☐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 147,378,290 shares of common stock as of April 30, 2022.


HARLEY-DAVIDSON, INC.
Form 10-Q
For The Quarter Ended March 27, 2022
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 27,
2022		March 28,
2021
Revenue:
Motorcycles and Related Products$1,303,171 $1,232,107 
Financial Services192,015 190,400 
1,495,186 1,422,507 
Costs and expenses:
Motorcycles and Related Products cost of goods sold895,536 811,622 
Financial Services interest expense42,099 55,707 
Financial Services provision for credit losses28,822 (22,474)
Selling, administrative and engineering expense239,625 231,844 
Restructuring benefit(128)(366)
1,205,954 1,076,333 
Operating income289,232 346,174 
Other income, net 11,030 277 
Investment (loss) income(1,979)1,402 
Interest expense7,711 7,708 
Income before provision for income taxes290,572 340,145 
Provision for income taxes68,070 81,001 
Net income$222,502 $259,144 
Earnings per share:
Basic$1.46 $1.69 
Diluted$1.45 $1.68 
Cash dividends per share$0.1575 $0.1500 
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 27,
2022		March 28,
2021
Net income$222,502 $259,144 
Other comprehensive income, net of tax:
Foreign currency translation adjustments(4,121)(17,338)
Derivative financial instruments9,928 17,530 
Pension and postretirement benefit plans5,502 13,588 
11,309 13,780 
Comprehensive income$233,811 $272,924 
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 27,
2022		December 31,
2021		March 28,
2021
ASSETS
Current assets:
Cash and cash equivalents$1,393,731 $1,874,745 $2,320,645 
Accounts receivable, net254,286 182,148 216,569 
Finance receivables, net of allowance of $60,889, $60,734, and $64,139
1,699,642 1,465,544 1,798,194 
Inventories, net714,259 712,942 470,997 
Restricted cash142,812 128,935 185,374 
Other current assets182,527 185,777 195,356 
4,387,257 4,550,091 5,187,135 
Finance receivables, net of allowance of $279,584, $278,645, and $282,094
5,121,911 5,106,377 4,958,583 
Property, plant and equipment, net663,807 683,984 718,968 
Pension and postretirement assets399,029 386,152 105,910 
Goodwill62,607 63,177 65,157 
Deferred income taxes71,926 82,922 135,387 
Lease assets45,073 49,625 44,765 
Other long-term assets143,030 128,727 123,083 
$10,894,640 $11,051,055 $11,338,988 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable$476,917 $374,978 $402,764 
Accrued liabilities597,924 601,981 570,440 
Short-term deposits, net65,049 72,146 93,887 
Short-term debt816,016 751,286 765,263 
Current portion of long-term debt, net1,327,357 1,542,496 1,622,243 
3,283,263 3,342,887 3,454,597 
Long-term deposits, net283,034 218,180 58,766 
Long-term debt, net4,470,086 4,595,617 5,478,091 
Lease liabilities27,633 29,904 30,061 
Pension and postretirement liabilities93,792 95,299 103,854 
Deferred income taxes9,578 9,261 8,682 
Other long-term liabilities218,153 206,663 228,551 
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock1,704 1,694 1,690 
Additional paid-in-capital1,554,840 1,547,011 1,517,129 
Retained earnings2,040,867 1,842,421 1,520,862 
Accumulated other comprehensive loss(229,610)(240,919)(469,637)
Treasury stock, at cost(858,700)(596,963)(593,658)
2,509,101 2,553,244 1,976,386 
$10,894,640 $11,051,055 $11,338,988 
5
Table of Contents
HARLEY-DAVIDSON, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands)
(Unaudited)(Unaudited)
March 27,
2022		December 31,
2021		March 28,
2021
Balances held by consolidated variable interest entities (Note 12):
Finance receivables, net - current$455,638 $493,543 $567,887 
Other assets$4,373 $2,982 $4,027 
Finance receivables, net - non-current$1,487,650 $1,734,428 $2,113,344 
Restricted cash - current and non-current$156,297 $144,284 $196,946 
Current portion of long-term debt, net $551,305 $569,145 $692,903 
Long-term debt, net$1,075,787 $1,330,586 $1,757,003 
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 27,
2022		March 28,
2021
Net cash provided by operating activities (Note 7)$139,321 $162,781 
Cash flows from investing activities:
Capital expenditures(27,999)(18,813)
Origination of finance receivables(1,058,461)(909,138)
Collections on finance receivables965,190 900,485 
Other investing activities135 733 
Net cash used by investing activities(121,135)(26,733)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes495,785 — 
Repayments of medium-term notes(550,000)(1,050,000)
Proceeds from securitization debt— 597,411 
Repayments of securitization debt(271,499)(291,346)
Borrowings of asset-backed commercial paper62,455 — 
Repayments of asset-backed commercial paper(56,634)(66,894)
Net increase (decrease) in unsecured commercial paper64,521 (262,517)
Net increase in credit facilities— 15,629 
Net increase in deposits57,660 72,664 
Dividends paid(24,056)(23,105)
Repurchase of common stock(261,737)(5,646)
Other financing activities— 1,085 
Net cash used by financing activities(483,505)(1,012,719)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,743)(5,163)
Net decrease in cash, cash equivalents and restricted cash$(467,062)$(881,834)
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$2,025,219 $3,409,168 
Net decrease in cash, cash equivalents and restricted cash(467,062)(881,834)
Cash, cash equivalents and restricted cash, end of period$1,558,157 $2,527,334 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,393,731 $2,320,645 
Restricted cash 142,812 185,374 
Restricted cash included in Other long-term assets21,614 21,315 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$1,558,157 $2,527,334 
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, 2021169,364,686 $1,694 $1,547,011 $1,842,421 $(240,919)$(596,963)$2,553,244 
Net income— — — 222,502 — — 222,502 
Other comprehensive income, net of tax (Note 17)— — — — 11,309 — 11,309 
Dividends ($0.1575 per share)
— — — (24,056)— — (24,056)
Repurchase of common stock— — — — — (261,737)(261,737)
Share-based compensation976,062 10 7,829 — — — 7,839 
Balance, March 27, 2022170,340,748 1,704 1,554,840 2,040,867 (229,610)(858,700)2,509,101 
 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 ($0.1500 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 
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
Principles of Consolidation and Basis of Presentation – 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 and Harley-Davidson Financial Services. 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 27, 2022 and March 28, 2021, 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 U.S. 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, 2021.
Use of Estimates – The preparation of 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.
2. New Accounting Standards
Accounting Standards Not Yet Adopted
In March 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (ASU 2022-02). ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of its previously issued credit losses standard (ASU 2016-13) that introduced the CECL model. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhances disclosure requirements for certain loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, ASU 2022-02 requires a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. As the Company has already adopted ASU 2016-13, the new guidance is effective for the fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2022-02 is not expected to have a material impact on the Company's consolidated financial statements.
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.
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Disaggregated revenue by major source was as follows (in thousands):
Three months ended
March 27,
2022		March 28,
2021
Motorcycles and Related Products Revenue:
Motorcycles$1,059,113 $1,016,334 
Parts and accessories165,525 149,859 
Apparel51,407 50,323 
Licensing6,497 5,512 
Other20,629 10,079 
1,303,171 1,232,107 
Financial Services Revenue:
Interest income161,734 159,814 
Other30,281 30,586 
192,015 190,400 
$1,495,186 $1,422,507 
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 27,
2022		March 28,
2021
Balance, beginning of period$40,092 $36,614 
Balance, end of period$38,842 $36,266 
Previously deferred revenue recognized as revenue in the three months ended March 27, 2022 and March 28, 2021 was $7.7 million and $6.2 million, respectively. The Company expects to recognize approximately $17.5 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 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. These restructuring activities are essentially complete, and the Company does not expect restructuring expenses of any significance in 2022.
Since the inception of the restructuring activities in 2020 through the three months ended March 27, 2022, the Company has incurred cumulative restructuring expenses of $133.2 million, including $121.7 million and $11.5 million in the Motorcycles and Financial Services segments, respectively. This includes restructuring (benefit) expense for the three months ended March 27, 2022 and March 28, 2021 by segment as follows (in thousands):
Three months ended
March 27,
2022		March 28,
2021
Motorcycles and Related Products$(128)$(593)
Financial Services— 227 
$(128)$(366)
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Changes in accrued restructuring expenses, which are included in Accrued liabilities on the Consolidated balance sheets, were as follows (in thousands):
Three months ended March 27, 2022
Employee Termination BenefitsContract Terminations
& Other		Non-Current Asset AdjustmentsTotal
Balance, beginning of period$121 $2,874 $— $2,995 
Restructuring benefit— (128)— (128)
Utilized – cash
(18)(1,614)— (1,632)
Foreign currency changes(3)1 — (2)
Balance, end of period$100 $1,133 

$— $1,233 
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 27, 2022 was 23.4% compared to 23.8% for the three months ended March 28, 2021.
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 27,
2022		March 28,
2021
Net income$222,502 $259,144 
Basic weighted-average shares outstanding152,820 153,478 
Effect of dilutive securities – employee stock compensation plan
1,104 1,012 
Diluted weighted-average shares outstanding153,924 154,490 
Net earnings per share:
Basic$1.46 $1.69 
Diluted$1.45 $1.68 
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 0.5 million and 0.6 million shares for the three months ended March 27, 2022 and March 28, 2021, 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 27,
2022		December 31,
2021		March 28,
2021
Mutual funds$45,189 $49,650 $50,239 
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. Motorcycle finished goods inventories include motorcycles that are ready for sale and motorcycles that are substantially complete, but awaiting installation of certain components affected by global supply chain constraints. Inventories, net consisted of the following (in thousands):
March 27,
2022		December 31,
2021		March 28,
2021
Raw materials and work in process$376,600 $347,915 $251,199 
Motorcycle finished goods291,623 345,956 185,590 
Parts and accessories and apparel130,156 103,191 88,291 
Inventory at lower of FIFO cost or net realizable value798,379 797,062 525,080 
Excess of FIFO over LIFO cost(84,120)(84,120)(54,083)
$714,259 $712,942 $470,997 
Deposits – Harley-Davidson Financial Services offers 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 $348.1 million, $290.3 million and $152.7 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of March 27, 2022, December 31, 2021, and March 28, 2021, respectively. 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 27, 2022 were as follows (in thousands):
2022$58,475 
202374,304 
202471,696 
202519,053 
202679,742 
Thereafter46,060 
Future maturities349,330 
Unamortized fees(1,247)
$348,083 
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Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities was as follows (in thousands):
 Three months ended
March 27,
2022		March 28,
2021
Cash flows from operating activities:
Net income$222,502 $259,144 
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization39,258 40,221 
Amortization of deferred loan origination costs22,995 19,200 
Amortization of financing origination fees3,701 3,614 
Provision for long-term employee benefits(5,050)7,090 
Employee benefit plan contributions and payments(2,143)(9,885)
Stock compensation expense8,903 8,968 
Net change in wholesale finance receivables related to sales(205,727)(308,532)
Provision for credit losses28,822 (22,474)
Deferred income taxes6,307 13,192 
Other, net(5,408)(2,138)
Changes in current assets and liabilities:
Accounts receivable, net(