HARLEY-DAVIDSON, INC.
For the period ended Mar 31, 2025. Filed May 6, 2025.
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Mar 31, 2025 · Filed May 6, 2025
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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 | ||
|---|---|---|
| March 31,2025 | March 31,2024 | |
| Pension and SERPA Benefits: | ||
| Service cost | $963 | $1,175 |
| Interest cost | 20,501 | 20,118 |
| Expected return on plan assets | (32,799) | (33,143) |
| Amortization of unrecognized: | ||
| Prior service cost | 380 | 188 |
| Net gain | (174) | (163) |
| Net periodic benefit income | $(11,129) | $(11,825) |
| Postretirement Healthcare Benefits: | ||
| Service cost | $643 | $723 |
| Interest cost | 2,618 | 2,694 |
| Expected return on plan assets | (4,675) | (4,424) |
| Amortization of unrecognized: | ||
| Prior service cost (credit) | 149 | 149 |
| Net gain | (1,369) | (1,250) |
| Net periodic benefit income | $(2,634) | $(2,108) |
There are no required or planned voluntary qualified pension plan contributions for 2025. The Company expects it will continue to make ongoing benefit payments under the SERPA and postretirement healthcare plans.
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