HARLEY-DAVIDSON INC
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
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13. Employee Benefit Plans
- Employee Benefit Plans
The Company has a qualified pension plan and postretirement healthcare benefit plans. The plans cover certain eligible employees and retirees of the HDMC segment. The Company also has unfunded supplemental employee retirement plan agreements (SERPA) with certain employees. Service cost is allocated among Selling, administrative and engineering expense, Motorcycles and related products cost of goods soldand Inventories, net. Amounts capitalized in inventory are not significant. Non-service cost components of net periodic benefit (income) cost are presented in Other income, net. Components of net periodic benefit (income) cost for the Company's defined benefit plans were as follows (in thousands):
| Three months ended | Six months ended | |||
|---|---|---|---|---|
| June 30,2024 | June 30,2023 | June 30,2024 | June 30,2023 | |
| Pension and SERPA Benefits: | ||||
| Service cost | $1,175 | $1,294 | $2,350 | $2,588 |
| Interest cost | 20,118 | 20,476 | 40,237 | 40,952 |
| Expected return on plan assets | (33,143) | (36,519) | (66,286) | (73,038) |
| Amortization of unrecognized: | ||||
| Prior service cost | 188 | 188 | 376 | 376 |
| Net gain | (163) | (181) | (326) | (362) |
| Settlement gain | — | — | — | (222) |
| Special retirement benefit cost | 1,722 | — | 1,722 | — |
| Net periodic benefit income | $(10,103) | $(14,742) | $(21,927) | $(29,706) |
| Postretirement Healthcare Benefits: | ||||
| Service cost | $723 | $797 | $1,446 | $1,594 |
| Interest cost | 2,694 | 2,772 | 5,388 | 5,544 |
| Expected return on plan assets | (4,424) | (4,281) | (8,848) | (8,562) |
| Amortization of unrecognized: | ||||
| Prior service cost (credit) | 149 | (166) | 298 | (332) |
| Net gain | (1,250) | (1,097) | (2,500) | (2,194) |
| Net periodic benefit income | $(2,108) | $(1,975) | $(4,216) | $(3,950) |
There are no required or planned voluntary qualified pension plan contributions for 2024. The Company expects it will continue to make ongoing benefit payments under the SERPA and postretirement healthcare plans.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.