HARLEY-DAVIDSON, INC.

For the period ended Mar 31, 2025. Filed May 6, 2025.

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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.

Mar 31, 2025 · Filed May 6, 2025

HOG$32.66+0.2%Stored close · as of Nov 6, 2026

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Contents

17. Supplemental Consolidating Data

Supplemental Consolidating Data

The supplemental consolidating data includes separate legal entity data for the Company's financial services entities, including Harley-Davidson Financial Services, Inc. and its subsidiaries (Financial Services Entities), and all other Harley-Davidson, Inc. entities (Non-Financial Services Entities). This information is presented to highlight the separate financial statement impacts of the Company's Financial Services Entities and its Non-Financial Services Entities. The income statement information presented below differs from reportable segment income statement information due to the allocation of legal entity consolidating adjustments to income for reportable segments. Supplemental consolidating data is as follows (in thousands):

	Three months ended March 31, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and related products	$1,086,512	$—	$(2,264)	$1,084,248
Financial services	—	245,717	(756)	244,961
	1,086,512	245,717	(3,020)	1,329,209
Costs and expenses:
Motorcycles and related products cost of goods sold	770,785	—	—	770,785
Financial services interest expense	—	88,934	—	88,934
Financial services provision for credit losses	—	53,334	—	53,334
Selling, administrative and engineering expense	217,948	40,936	(3,227)	255,657
	988,733	183,204	(3,227)	1,168,710
Operating income	97,779	62,513	207	160,499
Other income, net	16,273	—	—	16,273
Investment income	8,941	—	—	8,941
Interest expense	7,686	—	—	7,686
Income before income taxes	115,307	62,513	207	178,027
Income tax provision	32,768	14,462	—	47,230
Net income	82,539	48,051	207	130,797
Less: (income) loss attributable to noncontrolling interests	2,307	$—	$—	$2,307
Net income attributable to Harley-Davidson, Inc.	$84,846	$48,051	$207	$133,104
	Three months ended March 31, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Revenue:
Motorcycles and Related Products	$1,482,759	$—	$(1,949)	$1,480,810
Financial Services	—	249,239	(442)	248,797
	1,482,759	249,239	(2,391)	1,729,607
Costs and expenses:
Motorcycles and Related Products cost of goods sold	1,023,681	—	—	1,023,681
Financial Services interest expense	—	88,739	—	88,739
Financial Services provision for credit losses	—	61,010	—	61,010
Selling, administrative and engineering expense	248,474	47,122	(2,498)	293,098
	1,272,155	196,871	(2,498)	1,466,528
Operating income	210,604	52,368	107	263,079
Other income, net	20,564	—	—	20,564
Investment income	14,404	—	—	14,404
Interest expense	7,679	—	—	7,679
Income before income taxes	237,893	52,368	107	290,368
Provision for income taxes	45,530	12,605	—	58,135
Net income	192,363	39,763	107	232,233
Less: (income) loss attributable to noncontrolling interests	2,708	—	—	2,708
Net income attributable to Harley-Davidson, Inc.	$195,071	$39,763	$107	$234,941

	Three months ended March 31, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$82,539	$48,051	$207	$130,797
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	6,201	1,164	—	7,365
Derivative financial instruments	(9,050)	(3,015)	—	(12,065)
Pension and postretirement benefit plans	(777)	—	—	(777)
	(3,626)	(1,851)	—	(5,477)
Comprehensive income	78,913	46,200	207	125,320
Less: Comprehensive loss attributable to noncontrolling interests	2,307	—	—	2,307
Comprehensive income attributable to Harley-Davidson, Inc.	$81,220	$46,200	$207	$127,627

	Three months ended March 31, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Net income	$192,363	$39,763	$107	$232,233
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(28,385)	(2,909)	—	(31,294)
Derivative financial instruments	9,582	(5,061)	—	4,521
Pension and postretirement benefit plans	(823)	—	—	(823)
	(19,626)	(7,970)	—	(27,596)
Comprehensive income	172,737	31,793	107	204,637
Less: Comprehensive loss attributable to noncontrolling interests	2,708	—	—	2,708
Comprehensive income attributable to Harley-Davidson, Inc.	$175,445	$31,793	$107	$207,345

	March 31, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$947,446	$983,729	$—	$1,931,175
Accounts receivable, net	635,492	66	(322,224)	313,334
Finance receivables, net	—	2,286,672	—	2,286,672
Inventories, net	712,312	—	—	712,312
Restricted cash	—	150,132	—	150,132
Other current assets	232,091	62,581	(40,985)	253,687
	2,527,341	3,483,180	(363,209)	5,647,312
Finance receivables, net	—	5,112,935	—	5,112,935
Property, plant and equipment, net	739,818	10,801	—	750,619
Pension and postretirement assets	454,359	—	—	454,359
Goodwill	62,347	—	—	62,347
Deferred income taxes	74,233	85,560	(753)	159,040
Lease assets	60,410	2,995	—	63,405
Other long-term assets	216,289	36,234	(120,159)	132,364
	$4,134,797	$8,731,705	$(484,121)	$12,382,381
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$403,524	$361,829	$(322,224)	$443,129
Accrued liabilities	525,799	177,331	(40,457)	662,673
Short-term deposits, net	—	178,376	—	178,376
Short-term debt	—	498,500	—	498,500
Current portion of long-term debt, net	449,903	1,389,197	—	1,839,100
	1,379,226	2,605,233	(362,681)	3,621,778
Long-term deposits, net	—	334,954	—	334,954
Long-term debt, net	297,078	4,666,183	—	4,963,261
Lease liabilities	45,304	2,663	—	47,967
Pension and postretirement liabilities	53,104	—	—	53,104
Deferred income taxes	15,784	1,231	—	17,015
Other long-term liabilities	129,560	39,440	1,612	170,612
Commitments and contingencies (Note 14)
Shareholders’ equity	2,214,741	1,082,001	(123,052)	3,173,690
	$4,134,797	$8,731,705	$(484,121)	$12,382,381

	December 31, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,105,663	$483,945	$—	$1,589,608
Accounts receivable, net	294,776	65	(60,526)	234,315
Finance receivables, net	—	2,031,496	—	2,031,496
Inventories, net	745,793	—	—	745,793
Restricted cash	—	135,661	—	135,661
Other current assets	273,791	63,608	(77,635)	259,764
	2,420,023	2,714,775	(138,161)	4,996,637
Finance receivables, net	—	5,256,798	—	5,256,798
Property, plant and equipment, net	743,875	13,197	—	757,072
Pension and postretirement assets	440,825	—	—	440,825
Goodwill	61,655	—	—	61,655
Deferred income taxes	88,734	88,109	(1,017)	175,826
Lease assets	60,628	3,225	—	63,853
Other long-term assets	221,694	26,805	(119,586)	128,913
	$4,037,434	$8,102,909	$(258,764)	$11,881,579
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$275,314	$83,930	$(60,526)	$298,718
Accrued liabilities	515,830	155,437	(77,307)	593,960
Short-term deposits, net	—	173,099	—	173,099
Short-term debt	—	640,204	—	640,204
Current portion of long-term debt, net	449,831	1,401,682	—	1,851,513
	1,240,975	2,454,352	(137,833)	3,557,494
Long-term deposits, net	—	377,487	—	377,487
Long-term debt, net	296,969	4,171,696	—	4,468,665
Lease liabilities	44,520	2,900	—	47,420
Pension and postretirement liabilities	53,874	—	—	53,874
Deferred income taxes	15,765	1,124	—	16,889
Other long-term liabilities	139,373	60,123	1,754	201,250
Commitments and contingencies (Note 14)
Shareholders’ equity	2,245,958	1,035,227	(122,685)	3,158,500
	$4,037,434	$8,102,909	$(258,764)	$11,881,579

	March 31, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$1,052,237	$412,377	$—	$1,464,614
Accounts receivable, net	718,621	38	(412,668)	305,991
Finance receivables, net	—	2,523,250	—	2,523,250
Inventories, net	779,575	—	—	779,575
Restricted cash	—	129,745	—	129,745
Other current assets	138,623	55,101	(10,994)	182,730
	2,689,056	3,120,511	(423,662)	5,385,905
Finance receivables, net	—	5,382,772	—	5,382,772
Property, plant and equipment, net	699,723	18,960	—	718,683
Pension and postretirement assets	426,817	—	—	426,817
Goodwill	62,286	—	—	62,286
Deferred income taxes	71,083	83,744	(745)	154,082
Lease assets	63,085	2,920	—	66,005
Other long-term assets	227,542	25,998	(115,170)	138,370
	$4,239,592	$8,634,905	$(539,577)	$12,334,920
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$369,067	$441,107	$(412,668)	$397,506
Accrued liabilities	480,771	162,329	(10,286)	632,814
Short-term deposits, net	—	240,445	—	240,445
Short-term debt	—	938,719	—	938,719
Current portion of long-term debt, net	—	1,281,840	—	1,281,840
	849,838	3,064,440	(422,954)	3,491,324
Long-term deposits, net	—	200,723	—	200,723
Long-term debt, net	746,258	4,242,633	—	4,988,891
Lease liabilities	45,830	2,559	—	48,389
Pension and postretirement liabilities	59,226	—	—	59,226
Deferred income taxes	30,267	3,242	—	33,509
Other long-term liabilities	143,800	31,187	1,785	176,772
Commitments and contingencies (Note 14)
Shareholders’ equity	2,364,373	1,090,121	(118,408)	3,336,086
	$4,239,592	$8,634,905	$(539,577)	$12,334,920

	Three months ended March 31, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from operating activities:
Net income	$82,539	$48,051	$207	$130,797
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	39,344	2,360	—	41,704
Amortization of deferred loan origination costs	—	15,856	—	15,856
Amortization of financing origination fees	182	3,087	—	3,269
Provision for long-term employee benefits	(13,763)	—	—	(13,763)
Employee benefit plan contributions and payments	(1,556)	—	—	(1,556)
Stock compensation expense	6,241	574	—	6,815
Net change in wholesale finance receivables related to sales	—	—	(270,851)	(270,851)
Provision for credit losses	—	53,334	—	53,334
Deferred income taxes	14,735	4,102	(264)	18,573
Other, net	(5,550)	8,567	(209)	2,808
Changes in current assets and liabilities:
Accounts receivable, net	(334,284)	—	261,698	(72,586)
Finance receivables – accrued interest and other	—	(3,496)	—	(3,496)
Inventories, net	42,217	—	—	42,217
Accounts payable and accrued liabilities	125,876	299,158	(221,753)	203,281
Other current assets	28,707	(6,925)	(36,650)	(14,868)
	(97,851)	376,617	(268,029)	10,737
Net cash (used) provided by operating activities	(15,312)	424,668	(267,822)	141,534
Cash flows from investing activities:
Capital expenditures	(29,935)	(38)	—	(29,973)
Origination of finance receivables	—	(1,493,955)	757,154	(736,801)
Collections on finance receivables	—	1,317,330	(489,332)	827,998
Other investing activities	171	—	—	171
Net cash (used) provided by investing activities	(29,764)	(176,663)	267,822	61,395

	Three months ended March 31, 2025
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from financing activities:
Proceeds from issuance of medium-term notes	—	647,088	—	647,088
Repayments of securitization debt	—	(292,671)	—	(292,671)
Borrowings of asset-backed commercial paper	—	155,000	—	155,000
Repayments of asset-backed commercial paper	—	(65,004)	—	(65,004)
Net decrease in unsecured commercial paper	—	(140,778)	—	(140,778)
Net decrease in deposits	—	(37,439)	—	(37,439)
Dividends paid	(22,921)	—	—	(22,921)
Repurchase of common stock	(93,095)	—	—	(93,095)
Other financing activities	5	—	—	5
Net cash (used) provided by financing activities	(116,011)	266,196	—	150,185
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,870	429	—	3,299
Net (decrease) increase in cash, cash equivalents and restricted cash	$(158,217)	$514,630	$—	$356,413
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$1,105,663	$635,191	$—	$1,740,854
Net (decrease) increase in cash, cash equivalents and restricted cash	(158,217)	514,630	—	356,413
Cash, cash equivalents and restricted cash, end of period	$947,446	$1,149,821	$—	$2,097,267

	Three months ended March 31, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from operating activities:
Net income	$192,363	$39,763	$107	$232,233
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	39,288	2,216	—	41,504
Amortization of deferred loan origination costs	—	18,282	—	18,282
Amortization of financing origination fees	180	3,178	—	3,358
Provision for long-term employee benefits	(13,933)	—	—	(13,933)
Employee benefit plan contributions and payments	(1,399)	—	—	(1,399)
Stock compensation expense	15,583	629	—	16,212
Net change in wholesale finance receivables related to sales	—	—	(435,047)	(435,047)
Provision for credit losses	—	61,010	—	61,010
Deferred income taxes	4,799	1,201	(601)	5,399
Other, net	(1,946)	3,822	(107)	1,769
Changes in current assets and liabilities:
Accounts receivable, net	(311,951)	—	264,832	(47,119)
Finance receivables – accrued interest and other	—	1,213	—	1,213
Inventories, net	131,529	—	—	131,529
Accounts payable and accrued liabilities	42,313	270,073	(259,153)	53,233
Other current assets	14,248	18,092	3,413	35,753
	(81,289)	379,716	(426,663)	(128,236)
Net cash provided by operating activities	111,074	419,479	(426,556)	103,997
Cash flows from investing activities:
Capital expenditures	(45,922)	(434)	—	(46,356)
Origination of finance receivables	—	(2,080,020)	1,172,251	(907,769)
Collections on finance receivables	—	1,587,609	(745,695)	841,914
Other investing activities	(1,289)	—	1,000	(289)
Net cash used by investing activities	(47,211)	(492,845)	427,556	(112,500)

	Three months ended March 31, 2024
	Non-Financial Services Entities	Financial Services Entities	Consolidating Adjustments	Consolidated
Cash flows from financing activities:
Repayments of securitization debt	—	(234,178)	—	(234,178)
Borrowings of asset-backed commercial paper	—	334,561	—	334,561
Repayments of asset-backed commercial paper	—	(46,154)	—	(46,154)
Net increase in unsecured commercial paper	—	58,794	—	58,794
Net decrease in deposits	—	(6,758)	—	(6,758)
Dividends paid	(24,385)	—	—	(24,385)
Repurchase of common stock	(107,812)	—	—	(107,812)
Other financing activities	7	1,000	(1,000)	7
Net cash (used) provided by financing activities	(132,190)	107,265	(1,000)	(25,925)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,836)	(184)	—	(7,020)
Net (decrease) increase in cash, cash equivalents and restricted cash	$(75,163)	$33,715	$—	$(41,448)
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period	$1,127,400	$521,411	$—	$1,648,811
Net (decrease) increase in cash, cash equivalents and restricted cash	(75,163)	33,715	—	(41,448)
Cash, cash equivalents and restricted cash, end of period	$1,052,237	$555,126	$—	$1,607,363

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