0000793952false00007939522024-07-252024-07-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 8-K 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2024
Harley-Davidson, Inc.
(Exact name of registrant as specified in its charter)
Wisconsin1-918339-1382325
(State or other jurisdiction
of incorporation)		     (Commission
     File Number)		(IRS Employer
Identification No.)
3700 West Juneau Avenue, Milwaukee, Wisconsin 53208
(Address of principal executive offices, including zip code)
(414) 342-4680
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class  Trading Symbol  Name of exchange on which registered
COMMON STOCK, $0.01 par value per share  HOG  New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐


Item 2.02
Results of Operations and Financial Condition.
On July 25, 2024, Harley-Davidson, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s second quarter results for the financial period ended June 30, 2024. A copy of the Press Release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits. The following exhibit is being furnished herewith:
Exhibit No.Description

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HARLEY-DAVIDSON, INC.
Date: July 25, 2024/s/ Paul J. Krause
Paul J. Krause
Secretary



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FOR IMMEDIATE RELEASE

Harley-Davidson Delivers Second Quarter Financial Results


MILWAUKEE (July 25, 2024) – Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”), (NYSE: HOG) today reported second quarter 2024 results.

“Despite a challenging market, we are pleased with our second quarter performance, in which we grew our U.S. market share in a declining market, with notable unit growth of more than 11 percent in the important core category of Touring1," said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. “We continue to be focused on executing our Hardwire strategy, leveraging our innovation and product pipeline while delivering on our cost productivity goals.”

Second Quarter 2024 Highlights and Related Results

•Delivered diluted EPS of $1.63
•HDMC operating income margin of 14.7 percent
•North America motorcycle retail performance was down 1 percent, while retail sales of Touring and CVO motorcycles was up more than 12 percent in the U.S.
•Touring market share of 75 percent, up 5.3 percent in first half of the year1
•HDMC revenue up 13 percent driven by global motorcycle shipments up 16 percent
•HDFS operating income up 21 percent, and revenue was up 10 percent
•Company revises its full year 2024 financial outlook to reflect the current environment
•Today, Harley-Davidson announced plan to repurchase $1 billion of shares through 20262

Second Quarter 2024 Results

Harley-Davidson, Inc. Consolidated Financial Results


$ in millions (except EPS)		2nd quarter
20242023Change
Revenue$1,619$1,44612%
Operating Income$241$2219%
Net Income Attributable to HDI$218$17823%
Diluted EPS$1.63$1.2234%

Consolidated revenue in the second quarter was up 12 percent, driven primarily by an HDMC revenue increase of 13 percent. HDFS revenue was up 10 percent in the second quarter.

Consolidated operating income in the second quarter was up 9 percent, driven by an increase of 2 percent at HDMC, an increase of 21 percent at HDFS, and a decreased operating loss at the LiveWire segment. Consolidated operating income margin in the second quarter was 14.9 percent relative to 15.3 percent in the second quarter a year ago.






1 Source: U.S. 601+cc Street Legal Market Share for Q2 2024 from Motorcycle Industry Council (MIC).
2 See press release dated July 25, 2024


Harley-Davidson Motor Company (HDMC) – Results


$ in millions		2nd quarter
20242023Change
Motorcycle Shipments (thousands)49.742.916%
Revenue$1,349$1,19813%
   Motorcycles$1,069$89120%
   Parts & Accessories$194$216-10%
   Apparel$63$66-4%
   Licensing$6$57%
   Other$17$20-14%
Gross Margin32.1%34.8%-2.7 pts.
Operating Income$198$1942%
Operating Margin14.7%16.2%-1.5 pts.

Second quarter global motorcycle shipments increased by 16 percent. Revenue was up 13 percent driven by increased shipments and improved mix, partially offset by lower pricing and foreign exchange effects. Parts & Accessories revenue was down 10 percent. Apparel was down 4 percent as the prior year’s period included a greater benefit from anniversary product apparel sales.

Second quarter gross margin was down 2.7 points due to the impacts of pricing and sales incentives, higher manufacturing costs, and adverse impacts from foreign exchange. These effects were partially offset by higher wholesale volumes and improved mix. Second quarter operating income margin was down 1.5 points, where operating expenses increased modestly.

Harley-Davidson Retail Motorcycle Sales


Motorcycles (thousands)
2nd quarter
20242023Change
North America34.835.1-1%
EMEA8.08.1-1%
Asia Pacific6.37.5-16%
Latin America0.80.80%
Worldwide Total50.051.5-3%

Global retail motorcycle sales in the second quarter were down 3 percent versus prior year. North America retail performance was down 1 percent, with U.S. retail up slightly.

The decline in EMEA of 1 percent was driven by weakness in Central Europe, but partially offset by growth in other markets. The decline in APAC of 16 percent was driven primarily by weakness in China and Latin America was largely flat.



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Harley-Davidson Financial Services (HDFS) – Results


$ in millions
2nd quarter
20242023Change
Revenue$264$24010%
Operating Income$71$5921%

HDFS operating income increased by $12 million in the second quarter, or 21 percent, driven by higher interest income and a lower provision for credit losses, partially offset by increased borrowing costs and higher operating expenses. Total quarter ending financing receivables were $8.0 billion, which was up 7 percent versus Q2 2023, primarily due to an increase in commercial finance receivables.

LiveWire – Results


$ in millions
2nd quarter
20242023Change
Electric Motorcycle Unit Sales15833379%
Revenue$6$7-8%
Operating Loss($28)($32)12%

LiveWire revenue for the second quarter decreased by 8 percent, due to a decrease in STACYC third party branded distributor volumes, partially offset by an increase in electric motorcycle unit sales. Operating loss improved by approximately $4 million (or 12 percent) driven by overall cost reduction initiatives.

Other Harley-Davidson, Inc. 2024 Results – through end of Q2

•Generated $578 million of cash from operating activities
•Effective tax rate was 19 percent
•Paid cash dividends of $47 million
•Repurchased $200 million of shares (5.5 million shares) on a discretionary basis
•Cash and cash equivalents of $1.8 billion at the end of the quarter

2024 Financial Outlook

For the full year 2024, the Company now expects:

•HDMC: revenue down 5 to 9 percent compared to 2023 and operating income margin of 10.6 to 11.6 percent

For the full year 2024, the Company continues to expect:

•HDFS: operating income flat to up 5 percent compared to 2023
•LiveWire: electric motorcycle unit sales of 1,000 to 1,500 and operating loss of $105 to $115 million
•Harley-Davidson, Inc: capital investments of $225 to $250 million

Company Background
Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.
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Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.

Cautionary Note Regarding Forward-Looking Statements

The company intends that certain matters discussed in this press release and our associated comments are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates,” “targets,” “intends,” “forecasts,” “is on track,” “sees,” “feels,” or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments, or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including The Hardwire, each of the pillars, and the evolution of LiveWire as a standalone brand, which includes the risks noted below; (b) manage supply chain and logistics issues, including quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or natural disasters and longer shipping times and increased logistics costs; (c) accurately analyze, predict and react to changing market conditions and successfully adjust to shifting global consumer needs and interests; (d) maintain and enhance the value of the Harley-Davidson brand; (e) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023; (f) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (g) successfully carry out its global manufacturing and assembly operations; (h) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (i) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (j) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine and the Red Sea conflict; (k) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (l) prevent, detect and remediate any issues with its motorcycles or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (m) successfully manage and reduce costs throughout the business; (n) manage risks related to a resurgence of the COVID-19 pandemic, emergence of a new pandemic, epidemic, disease outbreak or other public health crises, such as supply chain disruptions, its ability to carry out business as usual, and government actions and restrictive measures implemented in response; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company’s dealership footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) successfully appeal: (i) the revocation of the Binding Origin Information (BOI) decisions that allowed the Company to supply its European Union (EU) market with certain of its motorcycles produced at its Thailand operations at a reduced tariff rate and (ii) the denial of the Company’s application for temporary relief from the effect of the revocation of the BOI decisions; (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name in India; (s) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products
4

internationally, and the cost of raw materials and components, including the temporary lifting of the incremental tariffs on motorcycles imported into the EU from the U.S., which was extended to March 31, 2025; (t) accurately predict the margins of its segments in light of, among other things, tariffs, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company’s complex global supply chain; (u) successfully maintain a manner in which to sell motorcycles in China and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (v) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (w) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (x) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (y) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (z) prevent a ransomware attack or cybersecurity breach involving consumer, employee, dealer, supplier, or Company data and respond to evolving regulatory requirements regarding cybersecurity and data privacy; (aa) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company’s business; (bb) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (cc) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (dd) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (ee) manage its exposure to product liability claims and commercial or contractual disputes; (ff) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (gg) achieve anticipated results with respect to the Company’s preowned motorcycle program, Harley-Davidson Certified, the Company’s H-D1 Marketplace, and Apparel and Licensing; and (hh) optimize capital allocation in light of the Company's capital allocation priorities.

The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company’s dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

HDFS’ retail credit losses have normalized in recent quarters to higher levels after a period of historically low levels of credit losses. Further, the Company believes that HDFS's retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions, including the impact of inflation and HDFS's efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, HDFS’s efforts to adjust underwriting criteria based on market and economic conditions and the actions that the Company has taken and could take that impact motorcycle values may impact HDFS's retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine and the Red Sea conflict, or other factors. Refer to “Risk Factors” under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Media Contact:
Jenni Coats
jenni.coats@Harley-Davidson.com
414.343.7902

Financial Contact:
Shawn Collins
shawn.collins@Harley-Davidson.com
414.343.8002
### (HOG-Earnings)
5

Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
 Three months endedSix months ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
HDMC Revenue$1,348,906 $1,198,136 $2,825,012 $2,755,965 
Gross profit433,126 417,474 894,196 974,500 
Selling, administrative and engineering expense235,221 223,137 457,845 444,427 
Operating income from HDMC197,905 194,337 436,351 530,073 
LiveWire revenue6,448 7,026 11,152 14,788 
Gross loss(1,784)(2,940)(5,725)(1,676)
Selling, administrative and engineering expense26,382 29,044 51,682 54,855 
Operating loss from Livewire(28,166)(31,984)(57,407)(56,531)
HDFS revenue263,539 240,361 512,336 463,456 
HDFS expense192,176 181,376 387,098 346,051 
Operating income from HDFS71,363 58,985 125,238 117,405 
Operating income241,102 221,338 504,182 590,947 
Other income, net15,879 7,226 36,443 27,322 
Investment income14,811 11,151 29,215 21,176 
Interest expense(7,680)(7,696)(15,359)(15,416)
Income before income taxes264,112 232,019 554,481 624,029 
Income tax provision48,706 58,189 106,842 148,370 
Net income$215,406 $173,830 $447,639 $475,659 
Less: Loss attributable to noncontrolling interests2,863 4,209 5,571 6,470 
Net income attributable to Harley-Davidson, Inc. $218,269 $178,039 $453,210 $482,129 
Earnings per share:
Basic$1.64 $1.24 $3.36 $3.33 
Diluted$1.63 $1.22 $3.34 $3.27 
Weighted-average shares:
Basic133,412 143,414 134,759 144,724 
Diluted134,108 145,787 135,513 147,351 
Cash dividends per share:$0.1725 $0.1650 $0.3450 $0.3300 
LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.


6

Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)(Unaudited)
June 30,
2024		December 31,
2023		June 30,
2023
ASSETS
Current assets:
Cash and cash equivalents$1,849,159 $1,533,806 $1,521,940 
Accounts receivable, net321,285 267,200 329,487 
Finance receivables, net2,472,784 2,113,729 1,979,645 
Inventories, net668,924 929,951 846,033 
Restricted cash137,486 104,642 135,618 
Other current assets188,002 214,401 201,702 
5,637,640 5,163,729 5,014,425 
Finance receivables, net5,545,780 5,384,536 5,530,221 
Other long-term assets1,576,822 1,592,289 1,470,915 
$12,760,242 $12,140,554 $12,015,561 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$1,038,234 $996,021 $950,110 
Short-term deposits, net206,972 253,309 216,293 
Short-term debt497,792 878,935 695,356 
Current portion of long-term debt, net2,021,344 1,255,999 604,700 
3,764,342 3,384,264 2,466,459 
Long-term debt, net 4,949,871 4,990,586 5,765,246 
Other long-term liabilities612,713 513,409 594,000 
Shareholders’ equity3,433,316 3,252,295 3,189,856 
$12,760,242 $12,140,554 $12,015,561 



7

Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended
 June 30,
2024		June 30,
2023
Net cash provided by operating activities$577,642 $410,520 
Cash flows from investing activities:
Capital expenditures(87,835)(86,526)
Finance receivables, net(308,988)(259,520)
Other investing activities(206)850 
Net cash used by investing activities(397,029)(345,196)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes495,856 1,446,304 
Repayments of medium-term notes — (1,056,680)
Proceeds from securitization debt547,618 547,706 
Repayments of securitization debt(506,489)(645,377)
Net decrease in unsecured commercial paper(379,743)(75,229)
Borrowings of asset-backed commercial paper351,429 33,547 
Repayments of asset-backed commercial paper(125,654)(129,961)
Net increase in deposits56,007 122,288 
Dividends paid(47,359)(48,193)
Repurchase of common stock(209,675)(169,645)
Other financing activities8 76 
Net cash provided by financing activities181,998 24,836 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(10,821)(490)
Net increase in cash, cash equivalents and restricted cash$351,790 $89,670 
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period$1,648,811 $1,579,177 
Net increase in cash, cash equivalents and restricted cash351,790 89,670 
Cash, cash equivalents and restricted cash, end of period$2,000,601 $1,668,847 
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents$1,849,159 $1,521,940 
Restricted cash137,486 135,618 
Restricted cash included in Other long-term assets13,956 11,289 
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows$2,000,601 $1,668,847 







8

HDMC Revenue and Motorcycle Shipment Data
(Unaudited)
Three months endedSix months ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
HDMC REVENUE (in thousands)
Motorcycles$1,068,693 $890,919 $2,290,233 $2,193,297 
Parts & Accessories193,865 215,520 360,058 383,192 
Apparel63,393 66,356 127,504 137,747 
Licensing5,485 5,116 14,414 11,326 
Other17,470 20,225 32,803 30,403 
$1,348,906 $1,198,136 $2,825,012 $2,755,965 
HDMC U.S. MOTORCYCLE SHIPMENTS32,334 24,229 73,911 66,817 
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS
Grand American Touring(a)
29,345 20,270 64,701 52,489 
Cruiser14,410 15,476 30,101 36,734 
Sport and Lightweight4,094 6,161 9,057 12,746 
Adventure Touring1,811 1,027 3,473 3,202 
49,660 42,934 107,332 105,171 
(a)Includes Trike
LiveWire Motorcycle Shipments158 33 275 96 

HDMC Gross Profit
(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2023 to the second quarter of 2024 were as follows (in millions):
Three months endedSix months ended
2023 gross profit$417 $975 
Volume40 9 
Price and sales incentives(45)(92)
Foreign currency exchange rates and hedging(14)(18)
Shipment mix51 58 
Raw material prices8 9 
Manufacturing and other costs(24)(47)
16 (81)
2024 gross profit$433 $894 



9

HDFS Receivables Allowance for Credit Losses
(Unaudited)
Three months endedSix months ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Balance, beginning of period$380,361 $358,431 $381,966 $358,711 
Provision for credit losses56,030 57,278 117,040 109,642 
Charge-offs, net of recoveries(42,874)(33,929)(105,489)(86,573)
Balances, end of period$393,517 $381,780 $393,517 $381,780 


Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
Three months endedSix months ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
United States32,258 32,161 57,984 56,438 
Canada2,579 2,899 4,339 4,643 
Total North America34,837 35,060 62,323 61,081 
EMEA8,015 8,120 13,279 14,037 
Asia Pacific6,322 7,525 12,356 14,406 
Latin America824 821 1,445 1,427 
Total worldwide retail sales49,998 51,526 89,403 90,951 
(a)Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

10
v3.24.2
Cover Page
Jul. 25, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 25, 2024
Entity Registrant Name Harley-Davidson, Inc.
Entity Incorporation, State or Country Code WI
Entity File Number 1-9183
Entity Tax Identification Number 39-1382325
Entity Address, Address Line One 3700 West Juneau Avenue
Entity Address, City or Town Milwaukee
Entity Address, State or Province WI
Entity Address, Postal Zip Code 53208
City Area Code 414
Local Phone Number 342-4680
Title of 12(b) Security COMMON STOCK, $0.01 par value per share
Trading Symbol HOG
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000793952
Amendment Flag false
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