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美國

證券交易委員會

華盛頓特區C. 20549

形式 10-K

☒			根據1934年《證券交易所法》第13或15（d）條提交的年度報告

截至財年： 十二月31, 2024

☐			根據1934年《證券交易所法》第13或15（d）條提交的過渡報告

對於到的過渡期

委員會檔案編號 1-9183

哈雷戴維森公司

（章程中規定的註冊人的確切名稱）

威斯康星									39-1382325
（組織狀況）									（國稅局僱主識別號）
西朱諾大道3700號			Milwaukee			威斯康星			53208
（主要行政辦公室地址）									(Zip代碼）

註冊人的電話號碼，包括地區代碼：（414) 342-4680

根據該法第12（b）條登記的證券：

每個班級的標題			交易符號			註冊的每個交易所的名稱
普通股，單位價值，每股0.01美元			生豬			紐約證券交易所

根據該法第12(G)節登記的證券：無

如果註冊人是《證券法》第405條所定義的知名經驗豐富的發行人，則通過勾選標記進行驗證。 是  ☒    不是的。 ☐

如果註冊人無需根據該法案第13條或第15（d）條提交報告，則通過勾選標記進行驗證。是的  ☐   不是  ☒

通過勾選標記標明註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。 是  ☒    不是的。 ☐

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-T法規第405條（本章第232.405條）要求提交的所有交互數據文件。 是  ☒  編號：  ☐

通過複選標記來確定註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120亿.2條規則中「大型加速備案人」、「加速備案人」、「小型報告公司」和「新興成長型公司」的定義

大型加速文件夾

☒

加速的文件管理器

☐

新興成長型公司

☐

非加速文件服務器

☐

規模較小的新聞報道公司

☐

如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。 ☐

通過勾選標記檢查登記人是否已提交報告並證明其管理層根據《薩班斯-奧克斯利法案》（15 U.S.C.）第404（b）條對其財務報告內部控制有效性的評估7262（b））由編制或發佈審計報告的註冊會計師事務所執行 ☒

如果證券是根據該法第12(B)條登記的，應用複選標記表示登記人的財務報表是否反映了對以前發佈的財務報表的錯誤更正。 ☐

用複選標記表示這些錯誤更正中是否有任何重述需要對註冊人的任何執行人員在相關恢復期間根據第240.10D-1(B)條收到的基於激勵的補償進行恢復分析。 ☐

通過勾選標記檢查註冊人是否是空殼公司（定義見該法案第120亿.2條規則）。 是的  ☐    沒有 ☒

截至2024年6月28日，註冊人非關聯公司持有的有投票權股票的總市值：美元4,358,110,124

截至2025年1月31日，登記人已發行普通股股數： 124,536,850 股份

通過引用併入的文獻

本報告第三部分引用了註冊人爲其將於2025年5月14日舉行的年度股東大會提交的代理聲明中的信息

---

哈雷戴維森公司

表格10-K

截至2024年12月31日的年度

第一部分						3
項目1.			業務			3
項目1A.			風險因素			12
項目10。			未解決的員工評論			24
項目1C.			網絡安全			26
項目2.			性能			26
項目3.			法律訴訟			26
項目4.			礦山安全披露			26
第二部分						27
項目5.			註冊人普通股市場、相關股東事項和發行人購買股票證券			27
項目6.			[預留]			28
項目7.			管理層對財務狀況和經營成果的探討與分析			28
項目7A.			市場風險的定量和定性披露			52
項目8.			財務報表和補充數據			54
項目9.			會計師在會計和財務披露方面的變化和分歧			119
項目9A.			控制和程序			119
項目90。			其他信息			119
項目9 C.			有關阻止檢查的外國司法管轄區的披露			119
第三部分						119
項目10.			董事、執行官和公司治理			119
項目11.			高管薪酬			120
項目12.			某些受益所有人和管理層的證券所有權以及相關股東事宜			120
項目13.			某些關係和關聯交易以及董事獨立性			121
項目14.			首席會計師費用和服務			121
第四部分						122
項目15.			展品和財務報表附表			122
項目16.			表格10-k摘要			122
簽名						130

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第一部分

(1)有關前瞻性陳述的註釋

本公司認爲，本報告中討論的某些事項屬於「前瞻性陳述」，旨在獲得1995年「私人證券訴訟改革法」確立的安全港責任。這些前瞻性陳述通常可以通過參考本腳註或因爲陳述的上下文將包括公司「相信」、「預期」、「預期」、「計劃」、「可能」、「將」、「估計」、「目標」、「打算」、「預測」、「看到」、「承諾」、「假設」、「設想」或類似含義的詞語來識別。同樣，描述或提及未來預期、未來計劃、戰略、目標、展望、目標、指導、承諾或目標的陳述也是前瞻性陳述。此類前瞻性陳述會受到某些風險和不確定因素的影響，這些風險和不確定因素可能會導致實際結果與截至本報告之日預期的結果大不相同、不利或有利。某些此類風險和不確定因素在接近此類陳述的情況下或在本報告的其他地方進行了描述，包括第1A項。風險因素中的「警告語句」部分下項目7.管理層對財務狀況和經營成果的討論和分析。敦促股東、潛在投資者和其他讀者在評估前瞻性陳述時考慮這些因素，並告誡不要過度依賴此類前瞻性陳述。中概述和指導部分中包含的前瞻性陳述項目7.管理層的討論和分析 財務狀況 和 經營成果本公司僅在2025年2月5日作出前瞻性陳述，本報告中的其餘前瞻性陳述是在本報告提交之日(2025年2月26日)作出的，公司沒有任何義務公開更新該等前瞻性陳述，以反映後續事件或情況。

項目1.業務

一般信息

哈雷戴維森成立於1903年。哈雷戴維森公司該公司於1981年成立，當時以管理層收購的方式從AMF Incorporated手中收購了Harley-Davidson®摩托車業務。1986年，哈雷戴維森公司成爲公開持有。除非上下文另有要求，否則所有提及「公司」的內容均包括Harley-Davidson，Inc.及其所有子公司。該公司有三個可報告部門：哈雷戴維森汽車公司（HDMC）、LiveWire和哈雷戴維森金融服務（HDFS）。該公司的可報告部門（下文將更詳細地討論）是戰略業務部門，提供不同的產品和服務，並根據其運營的根本差異進行單獨管理。過去三個財年按分部劃分的收入如下（單位：千）：

			2024						2023						2022
HDMC			$	4,121,906					$	4,844,594					$	4,887,672
Livewire			26,358						38,298						46,833
HDFS			1,038,538						953,586						820,625
			$	5,186,802					$	5,836,478					$	5,755,130

戰略(1)

硬線是公司於2021年2月2日推出的以其使命和願景爲指導的2021-2025年戰略計劃。該計劃的目標是通過集中努力擴展和加強品牌併爲其股東創造價值來實現長期盈利增長。該公司的目標是提升其作爲世界上最受歡迎的摩托車品牌的地位。慾望是一種由情感驅動的動力。哈雷戴維森長期以來一直與點燃慾望聯繫在一起，並植根於其願景中;它是其使命的核心，也是其120多年遺產的一部分。爲了提高吸引力，公司將：

•設計、設計和推進世界上最受歡迎的摩托車-體現在質量、創新和工藝上

•Build a lifestyle brand valued for the emotion reflected in every product and experience for riders and non-riders alike

•專注於客戶，爲靈魂帶來冒險和自由

硬線戰略優先事項如下：

Profit focus: Investing in its strongest motorcycle product segments – Harley-Davidson plans to invest significant time and resources on strengthening and growing its leadership positions in its strongest, most profitable motorcycle product segments: Grand American Touring, large Cruiser and Trike.

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Selective expansion and redefinition: To win in attractive motorcycle segments and markets – The Company plans to selectively expand into and within motorcycle product segments, focusing on product segments that are profitable and aligned with the Company's product and brand capabilities, such as Adventure Touring and middleweight Cruiser.

該公司計劃專注於對其未來增長最重要的市場。該公司還將繼續測試進一步的實現理想長期增長的途徑，例如優質低排水量摩托車。

電動領先：投資引領電動摩托車市場 - 電動摩托車是公司未來的一部分，致力於引領電動摩托車市場。重點將放在技術開發上，產品和上市行動方法應反映目標客戶提供世界上最受歡迎的電動摩托車的期望。

自行車以外的增長：擴大互補業務並參與產品以外的業務 - 哈雷戴維森創造的產品、服務和體驗激勵客戶探索冒險、尋找靈魂自由並過哈雷戴維森的生活方式。該公司的零部件和配飾、服裝和許可以及金融服務業務都是該公司作爲全球生活方式品牌未來成功的重要支柱。通過The HardWire，該公司計劃通過更新的產品和計劃產品、更強的執行力和額外機會（包括數字和經銷店內購買）來提高這些業務的盈利能力。

綜合客戶體驗：增強我們與騎手和非騎手的聯繫 - HardWire將客戶置於公司產品、體驗和投資的前沿--從夢想騎摩托車或剛剛學會騎行的騎手，一直到對哈雷戴維森生活方式充滿熱情並投資的騎手。該公司認識到客戶的不同需求和期望，並正在創建針對個人需求的接觸點。在集成數據的支持下，我們的目標是與客戶無縫互動，每次都與哈雷戴維森一起創造有意義、獨特和個性化的體驗。

包容性利益相關者管理 - 公司努力爲所有利益相關者創造長期價值。包容性利益相關者管理是公司如何幫助爲其投資者創造額外股東價值的統一主題。

哈雷戴維森汽車公司（HDMC）部門

HDMC設計、製造和銷售哈雷戴維森摩托車。HDMC還銷售摩托車零部件、配件和服裝並獲得其商標許可。HDMC在全球範圍內開展業務，在美國（U.S.）銷售，加拿大、歐洲/中東/非洲（EMEA）、亞太地區和拉丁美洲。HDMC的產品主要通過獨立經銷商網絡銷售給零售客戶。經銷商通常庫存和銷售哈雷戴維森摩托車、零部件和配件、服裝以及許可產品和服務摩托車。截至2024年12月31日，按地理位置劃分的經銷點如下：

			美國						加拿大						EMEA						亞太地區						拉丁美洲						總
經銷商積分			570						48						314						263						29						1,224

HDMC還通過印度的獨立分銷商分銷其摩托車。獨立分銷商通過印度的獨立Harley-Davidson經銷商（見上表）以及分銷商現有的經銷商網絡銷售HDMC的產品。

HDMC的零部件、配件和服裝還通過HDMC在美國的電子商務網站零售，在加拿大和某些歐洲市場。通過美國電子商務網站銷售的產品通過美國授權經銷商零售給消費者。通過加拿大和歐洲電子商務網站銷售的產品由HDMC直接零售給消費者。此外，HDMC還利用其他選定國際市場的第三方電子商務網站。

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HDMC revenue by product line as a percent of total revenue for the last three fiscal years was as follows:

			2024						2023						2022
Motorcycles			76.1		%				78.4		%				77.5		%
Parts and accessories			15.8						14.4						15.0
Apparel			5.8						5.0						5.5
Licensing			0.6						0.6						0.8
Other products and services			1.7						1.6						1.2
			100.0		%				100.0		%				100.0		%

Motorcycles – HDMC offers internal combustion engine motorcycles under the Harley-Davidson brand. The majority of HDMC's internal combustion engines have displacements that are greater than 600 cubic centimeters (cc) up to approximately 1900cc's. Additionally, HDMC offers smaller-displacement Lightweight motorcycles in certain markets. HDMC markets its motorcycles in six categories that reflect customer needs and preferences and the Company's unique combination of product heritage and innovation. HDMC's product categories include: Grand American Touring, Trike, Cruiser, Sport, Lightweight, and Adventure Touring. The motorcycle industry uses the following motorcycle product segments:

•Touring – emphasizes rider comfort and load capacity and incorporates features such as fairings and luggage compartments ideal for long rides, including the Company's Grand American Touring and Trike models

•Dual Sport – designed primarily for off-highway recreational use with the capability for use on public roads

•Adventure – designed primarily for on-highway use and capable of light-duty, off-highway riding, including the Company's Adventure Touring models

•Cruiser -強調造型、定製和休閒騎行，包括公司的Cruiser和Sport車型

•標準型-一種基本型摩托車，通常具有可容納一兩名乘客的直立座椅，包括公司的輕量級車型

•Sportbike -融合了賽車技術和性能以及空氣動力學造型和騎行姿勢

Competition in the motorcycle industry is based upon a number of factors, including product capabilities and features, styling, price, quality, reliability, warranty, availability of financing, and quality of the dealer networks that sell the products. The Company believes its Harley-Davidson motorcycles continue to generally command a premium price at retail relative to competitors’ motorcycles. Harley-Davidson motorcycles offer unique styling, customization, innovative design, distinctive sound, superior quality and reliability and include a warranty. HDMC also considers the availability of its line of motorcycle parts and accessories and apparel, the availability of financing through HDFS and its global network of dealers to be competitive advantages.

行業數據包括配備內燃機、排水量大於600 cc的公路摩托車和千瓦峰值功率當量大於600 cc的電動摩托車。2024年，新款哈雷戴維森摩托車年經銷商零售總額中約有79%是在美國和歐洲601+cc市場銷售的。根據HDMC 2024年零售銷售數據，HDMC的其他重要市場包括加拿大、日本、澳大利亞、新西蘭和中國。

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行業登記數據(A)(B)(C) 對於601+cc摩托車，如下所示：

			2024						2023						2022
Industry new motorcycle registrations:
United States(d)			253,156						256,710						264,367
Europe(e)			516,260						473,486						406,145
Harley-Davidson new motorcycle registrations:
United States(d)			94,383						97,169						109,034
Europe(e)			25,860						22,494						24,752
Harley-Davidson market share data:
United States(d)			37.3		%				37.9		%				41.2		%
Europe(e)			5.0		%				4.8		%				6.1		%

(a)數據包括內燃機排氣量大於600 cc的道路車型和千瓦（KW）峰值功率當量大於600 cc（601+cc）的電動摩托車。601+cc公路車型包括兩用車型、三輪摩托車和摩托車。

(b)New motorcycle registrations for the industry and Harley-Davidson are provided by or derived from third-party sources. New motorcycle registrations include consumer registrations (retail registrations) and to a lesser extent manufacturer, distributor and dealer registrations (non-retail registrations), for example, to register demonstration fleets. In the later part of 2024, manufacturers (including the Company), distributors and dealers registered some motorcycles through non-retail registrations to qualify the motorcycles under the new Euro 5+ emissions standard to allow for subsequent retail sale after December 31, 2024. As a result, Harley-Davidson new motorcycle registrations for Europe in 2024 included a higher proportion of non-retail registrations in 2024 compared to 2023 and 2022. While the Company believes industry registrations for Europe in 2024 were impacted in a similar manner, it does not have access to information necessary to confirm this. Therefore, the Company is unable to determine the impact of non-retail registrations, either positive or negative, on its 2024 market share for Europe. Harley-Davidson new motorcycle registrations in 2024 for Europe included approximately 1,800 and 1,900 new motorcycles registered by the Company and its dealers, respectively, in connection with the Euro 5+ emissions standard.

(c)The registration data for Harley-Davidson motorcycles presented in this table will differ from the Harley-Davidson retail sales data presented in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (Item 7). The Company’s source for retail sales data in Item 7 is sales and warranty registrations provided by dealers as compiled by the Company. Differences may arise related to the exclusion of non-retail registrations from the Item 7 retail sales data, the inclusion of additional markets in the Item 7 retail sales data and the timing of data submissions to the independent sources.

(d)美國行業數據來自摩托車工業委員會提供的信息。此第三方數據可能會進行修訂和更新。

(e)歐洲數據包括奧地利、比利時、丹麥、芬蘭、法國、德國、意大利、盧森堡、荷蘭、挪威、西班牙、瑞典、瑞士和英國。行業數據來自管理服務公司Helwig Schmitt GmbH提供的信息。此第三方數據可能會進行修訂和更新。

零件和配件 - 零部件和配件產品由正品電機零部件和正品電機零部件組成。正品電機零件包括更換零件，正品電機配件包括機械和化妝品配件。

Apparel and Licensing – Apparel includes clothing and riding gear including Genuine MotorClothes®. In addition, the Company creates reach and awareness of the Harley-Davidson brand among its customers and the non-riding public by licensing the name 「Harley-Davidson」 and other trademarks owned by the Company for use on a range of products.

專利和商標 - HDMC戰略性地管理其專利、商業祕密、版權、商標和其他知識產權組合。

該公司擁有並繼續獲得與HDMC摩托車及其生產的相關產品和工藝相關的專利權。某些與技術有關的知識產權還受到許可協議、保密協議或與供應商、僱員和其他第三方達成的其他協議的適當保護。HDMC努力保護其知識產權，包括專利和商業祕密，以及其創新和專有技術和設計的權利。隨着HDMC推進對新產品、設計和技術的投資，這種保護，包括執行，是重要的。雖然該公司認爲專利對HDMC的業務運營很重要，總體上構成了一項寶貴的資產，但業務的成功並不依賴於任何一項專利或一組專利。HDMC的現行專利組合的平均剩餘壽命約爲14年。專利審查委員會管理HDMC的專利戰略和組合。

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商標對HDMC的業務和許可活動非常重要。HDMC有一個強有力的全球商標註冊和執行計劃，以維護和加強商標的價值，並防止未經授權使用這些商標。哈雷-戴維森商標和Bar and Shield商標都是公衆高度認可的商標，都是非常寶貴的資產。此外，HDMC還使用了許多在世界各地註冊的其他商標、商號和標識。以下是HDMC的商標：Harley-Davidson，H-D，Harley，Bar&Shield Logo，MotorCloths，MotorCloths Logo，#1 Logo，Willie G Skull Logo，Harley Owners Group，H.O.G.，H.O.G.徽標，Screamin‘Eagle，Sofail和Sportster。哈雷-戴維森商標自1903年以來一直被使用，而Bar and Shield商標至少從1910年開始使用。HDMC的幾乎所有商標都歸哈雷-戴維森汽車公司所有，哈雷-戴維森汽車公司負責管理HDMC的全球商標戰略和組合。

Marketing – The Harley-Davidson brand, products and consumer experiences are marketed to riders and enthusiasts worldwide. Creating awareness, interest and advocacy of the Harley-Davidson brand, motorcycles, parts and accessories, apparel, financial offerings and experiences occurs primarily through consumer events, digital marketing and social media as well as more traditional promotional and advertising activities. Additionally, Harley-Davidson dealers within HDMC's global network engage in a wide range of local marketing and events.

建立社區並將人們與哈雷戴維森品牌以及彼此聯繫起來的體驗是HDMC大部分營銷工作的核心。爲了培養、吸引和留住忠誠的騎手，HDMC參與和贊助摩托車拉力賽、旅遊、賽車活動、音樂節和其他特別活動。HDMC還贊助哈雷車主團體（HOG ®）、H-D會員資格和哈雷戴維森騎行學院，它們共同致力於聯繫哈雷戴維森騎手、激發騎行興趣、培養摩托車文化、培訓新騎手並建立一個充滿激情的哈雷戴維森車手和世界各地愛好者社區。

季節性 - HDMC摩托車批發發貨的季節性通常與經銷商零售的時間相關。零售額通常與地區騎行季節密切相關。

摩托車製造 - HDMC的大部分製造工藝在HDMC的美國製造工廠進行，這些工廠供應美國市場和某些國際市場。此外，HDMC還在泰國和巴西設有工廠。HDMC的泰國工廠爲某些亞洲和歐洲市場生產摩托車，併爲北美市場生產有限的非核心（Sport和Adventure Touring）摩托車型號。在巴西，HDMC運營着一家工廠，使用來自HDMC美國工廠和供應商的零部件套件組裝摩托車。HDMC的全球製造業務專注於推動世界一流的質量和性能。HDMC的全球製造足跡使其能夠接近客戶，以有競爭力的價格提供優質產品並發展其整體業務。

原材料和採購部件 - HDMC繼續建立和加強與供應商的長期互利關係。通過這些協作關係，HDMC獲得了技術和商業資源，直接應用於產品設計、開發和製造計劃。此外，通過持續關注協作和強大的供應商關係，公司相信HDMC將能夠實現其戰略目標並實現長期成本和質量改進。(1)

HDMC's principal raw materials include Steel and aluminum castings, forgings, Steel sheet and bar. HDMC also purchases certain motorcycle components including, but not limited to, electronic fuel injection systems, batteries, tires, seats, electrical components, instruments and wheels. HDMC closely monitors the overall viability of its supply base. HDMC proactively works with its suppliers to avoid or minimize disruptions resulting from supply chain challenges, such as those that HDMC experienced during 2022, which resulted in increased costs and disruptions in the availability of certain raw materials and purchased components.

調控 - 國際、聯邦、州和地方當局對影響HDMC業務和運營的空氣、水和噪音制定了各種環境控制要求。HDMC努力確保其設施和產品符合所有適用的環境法規和標準。此外，與氣候變化相關的立法和監管可能會影響公司及其爲應對氣候變化擔憂而採取的行動。摩托車行業已經受到全球範圍內管理產品特徵的法規的約束，這些法規因地區、國家、州或省和地方而異。繼續提出法規來解決有關環境的擔憂，包括全球氣候變化及其影響。這些行動的確切影響以及未來的努力尚不確定。

HDMC在美國銷售的摩托車和某些其他產品均須通過美國環境保護局（EPA）和加州空氣資源委員會（CARB）的認證，以符合適用的排放和噪音標準。哈雷戴維森的某些產品旨在符合EPA和CARB標準，公司相信在未來生效時將符合適用的要求。(1) 此外，HDMC的某些產品必須符合加拿大、歐盟、

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日本、巴西和其他某些外國市場銷售，該公司相信HDMC的產品目前符合這些標準。由於HDMC預計環境標準將隨着時間的推移變得更加嚴格，因此在可預見的未來，HDMC將繼續在該領域產生研究、開發和生產成本。(1)

HDMC作爲摩托車產品製造商，受美國國家公路交通安全管理局（NHTSA）管理的《美國國家交通和機動車輛安全法》約束。HDMC已向NHTSA認證其某些摩托車產品完全符合所有適用的聯邦機動車輛安全標準和相關法規（如適用）。HDMC不時發起某些自願召回。在截至2024年12月31日的三年內，HDMC因13起自願召回而積累了3590萬美元。

LiveWire (LiveWire) Segment

LiveWire is an all-electric motorcycle brand with a focus on pioneering the two-wheel electric motorcycle space. LiveWire sells electric motorcycles, electric balance bikes for kids, parts and accessories and apparel in the United States and certain international markets. Electric motorcycles, related parts and accessories and apparel are sold at wholesale to a network of independent retail partners and direct to consumers through a company-owned dealer and online sales. Electric balance bikes and related parts and accessories are sold under the STACYC brand at wholesale to independent dealers and distributors and direct to consumers online.

The relevant electric vehicle and related internal combustion engine (ICE) markets for LiveWire include:

•Small and large scooters

•輕型、中型和重型摩托車

•三輪摩托車和汽車

•並排的全地形車和四輪車

LiveWire預計將面臨來自專注於ICE的領先摩托車公司和專注於電動汽車的小型公司的競爭。

Patents and Trademarks – LiveWire strategically manages its portfolio of patents, trade secrets, copyrights, trademarks and other intellectual property. The Company owns, and continues to obtain, patent rights that relate to LiveWire electric motorcycles, electric balance bikes and related products and processes for their production. Certain technology-related intellectual property is also protected, where appropriate, by license agreements, confidentiality agreements or other agreements with suppliers, employees and other third parties. LiveWire diligently protects its intellectual property, including its rights in proprietary inventions and technologies, unique designs, and trade secrets. This protection, including enforcement, is important as LiveWire moves forward with investments in new products, designs and technologies. While the Company believes patents are important to LiveWire's business operations and in the aggregate constitute a valuable asset, the success of the business is not dependent on any one patent or group of patents. LiveWire’s design patents have a term of 15 years from the date of issuance and LiveWire's utility patents have a term of 20 years from their priority application date. Trademarks are important to LiveWire’s business and licensing activities. LiveWire has a worldwide program of trademark registration and enforcement designed to maintain and strengthen the value of the trademarks and prevent unauthorized use of those trademarks. LiveWire uses numerous trademarks, trade names and logos, which are registered in various countries. LiveWire’s trademarks include LIVEWIRE, the LiveWire logo, LIVEWIRE ONE, MULHOLLAND, ALPINISTA, DEL MAR, S2 and MAKE EVERY SECOND COUNT as well as STACYC, STACYC STABILITY CYCLE, and unique designs of each.

營銷 - LiveWire的品牌、產品和騎行體驗面向美國和部分國際市場的消費者營銷。營銷主要通過數字和體驗活動以及更傳統的促銷和廣告活動進行。LiveWire正在進行投資，爲潛在客戶提供許多其他接觸該品牌和體驗LiveWire產品的機會。此外，LiveWire的經銷商還參與廣泛的當地營銷和活動。

季節性 - LiveWire摩托車批發發貨的季節性通常與零售時間相關。零售額通常與地區騎行季節密切相關。此外，摩托車出貨量可能會受到新摩托車型號推出時間的影響。

製造業 - LiveWire沒有獨立的製造設施。HDMC製造和組裝LiveWire摩托車。LiveWire從HDMC購買電動摩托車，以LiveWire品牌銷售。2024年11月5日，LiveWire宣佈與Kwang Yang Motor Co.簽訂一份不具約束力的諒解備忘錄，KTD。及其相關子公司（KYMCO）將合作開展一項新的電動大型滑板車項目。STACCY通過合同製造協議從臺灣和中國大陸的戰略合作伙伴和自行車組裝商購買電動平衡自行車。

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原材料和外購件 - LiveWire繼續建立和加強與供應商的長期互利關係。通過這些協作關係，LiveWire可以獲得技術和商業資源，直接應用於產品設計、開發和製造計劃。此外，通過持續關注協作和強大的供應商關係，LiveWire相信它能夠實現其戰略目標並實現長期成本和質量改進。(1)

LiveWire產品的主要原材料包括電池、半導體芯片、鋼鑄件和鋁鑄件、鍛造件、鋼板和棒料。LiveWire產品中的其他原材料包括某些摩托車零部件，包括但不限於電池、輪胎、座椅、電氣零部件、儀器和車輪。LiveWire密切監控其供應基地的整體可行性。LiveWire積極與供應商合作，以避免或最大限度地減少供應鏈挑戰造成的中斷。

調控 - LiveWire在美國銷售的摩托車和某些其他產品均須通過EPA和CARB的認證，以符合適用的排放和噪音標準。某些LiveWire產品的設計符合EPA和CARB標準，LiveWire相信在未來生效時，它將符合適用的要求。此外，LiveWire的某些產品必須符合其銷售的某些其他國際市場的摩托車排放和安全標準，LiveWire相信其產品目前符合這些標準（如適用）。由於LiveWire預計環境標準將隨着時間的推移變得更加嚴格，LiveWire在可預見的未來將繼續在該領域產生研究、開發和生產成本。

LiveWire受美國國家交通和機動車輛安全法約束，該法案由NHTSA管理。LiveWire已向NHTSA認證，其某些摩托車產品完全符合所有適用的聯邦機動車輛安全標準和相關法規。LiveWire可能會不時發起自願召回或現場行動。在截至2024年12月31日的三年內，LiveWire因4次自願召回而積累了30万美元。

LiveWire所在的行業受到環境法規的約束並受益於環境法規，隨着時間的推移，這些法規通常會變得更加嚴格，特別是在發達市場。LiveWire的一些目標市場的法規包括對電動汽車購買者的有限經濟激勵以及對電動汽車製造商的稅收抵免。雖然LiveWire預計環境法規將有助於其增長，但某些法規可能會導致利潤率壓力。

哈雷戴維森金融服務（HDFS）部門

HDFS從事批發庫存應收賬款和零售消費者貸款的融資和服務業務，主要用於購買Harley-Davidson和LiveWire摩托車。HDFS還與某些無關聯的第三方合作，爲摩托車車主提供摩托車保險和自願保護產品。HDFS主要在美國和加拿大開展業務。HDMC的經銷商及其在歐洲、中東和非洲、亞太地區和拉丁美洲的零售客戶通常可以通過第三方金融機構獲得融資，其中一些機構與HDFS簽訂了許可協議。

批發金融服務 - HDFS爲美國和加拿大HDMC和LiveWire的獨立經銷商提供批發金融服務，包括摩托車及零部件和配件的平面規劃和開放帳戶融資。HDMC的所有美國和加拿大獨立經銷商以及LiveWire的所有美國獨立經銷商均利用HDFS融資計劃s在某個時候 2024年期間。

零售金融服務 - HDFS爲消費者提供零售融資，主要包括購買新舊Harley-Davidson和LiveWire摩托車的分期貸款。HDFS的零售金融服務可通過美國和加拿大的HDMC和LiveWire的大多數經銷商提供。

Insurance Services – HDFS works with certain unaffiliated third parties that offer point-of-sale motorcycle insurance and voluntary protection products through most of the dealers of HDMC and LiveWire in the U.S. and Canada. HDFS also direct-markets motorcycle insurance and service contracts provided by unaffiliated third parties to owners of Harley-Davidson and LiveWire motorcycles. In addition, HDFS markets a comprehensive package of business insurance coverages and services provided by unaffiliated third parties to owners of independent HDMC and LiveWire dealerships.

許可 – HDFS與在美國和某些國際市場發行帶有Harley-Davidson品牌的信用卡的第三方金融機構達成了許可安排。在國際上，HDFS將Harley-Davidson品牌授權給當地第三方金融機構，這些機構爲HDMC的零售客戶提供融資、保險和自願保護產品等產品。

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資金來源 - 該公司相信，多元化且具有成本效益的融資策略對於實現HDFS提供信貸同時提供適當回報和盈利能力的目標非常重要。HDFS 2024年的業務由無擔保債務、無擔保商業票據、資產支持商業票據管道設施、承諾的無擔保銀行設施、資產支持證券化以及HDFS通過與第三方銀行和/或證券經紀公司的合同安排間接向客戶提供的經紀存款單提供資金。通過其銀行子公司。

Competition – The Company regards the ability of HDFS to offer a package of wholesale and retail financial services in the U.S. and Canada as a significant competitive advantage. Competitors in the financial services industry compete for business based largely on price and, to a lesser extent, service. HDFS competes on convenience, service, brand association, dealer relations, industry experience, terms, and price.

在美國和加拿大，HDFS分別爲2024年經銷商零售的新款哈雷戴維森摩托車的70.6%和26.2%提供了資金，而2023年這一比例分別爲67.5%和33.3%。零售摩托車金融業務的競爭對手主要是銀行、信用合作社和其他金融機構。在摩托車保險業務中，競爭主要來自全國性保險公司以及服務於當地或區域市場的保險機構。對於保險和自願保護產品，HDFS面臨來自某些區域和國家行業參與者以及經銷商內部計劃的競爭。摩托車批發金融業務的競爭主要包括向當地市場的經銷商提供批發融資的銀行和其他金融機構。

商標 - HDFS爲其金融服務和產品使用各種商標和商品名稱，這些服務和產品由哈雷戴維森汽車公司授權，包括HARLEY-DAVIDSON、H-D和Bar & Shield徽標。

季節性 - HDFS根據美國和加拿大地區騎行季節的時間，零售融資活動會經歷季節性變化。總體而言，3月中旬至8月，零售融資量最大。HDFS批發融資量受到經銷商庫存水平的影響。經銷商上半年庫存普遍較高。因此，同期未償還的批發融資應收賬款普遍較高。

監管 - HDFS的運營通常受到聯邦和州行政機構以及各種外國政府當局的監督和監管。此類實體施加的許多要求都是爲了提供與金融產品和服務的銷售和服務有關的消費者保護。因此，HDFS的運營可能會受到法規、法律以及司法和/或行政決定的限制。在美國，例如，適用法律包括聯邦《貸款真相法案》、《平等信用機會法案》、《公平信用報告法案》、《軍人民事救濟法案》、《多德-弗蘭克華爾街改革和消費者保護法案》中的不公平、欺騙和濫用行爲（UDAAP）條款，以及《格拉姆-利奇·布萊利法案》中的消費者數據隱私和安全條款。

根據所涉及的具體事實和情況，不遵守這些法律可能會限制HDFS收取適用貸款的全部或部分本金或利息的能力，使借款人有權撤銷貸款或獲得之前支付的金額的退款，或者可能會要求HDFS支付損害賠償金或罰款和行政制裁，包括「停止和停止」命令，並可能限制符合HDFS資產支持融資計劃資格的貸款數量。

《多德-弗蘭克華爾街改革和消費者保護法案》賦予聯邦消費者金融保護局（該局）在消費者金融產品和服務領域的重要監督、執法和規則制定權力。該局的某些行動和法規將直接影響HDFS及其運營。例如，該局對工具融資市場的非銀行大型參與者擁有監管權，其中包括HDFS的非銀行子公司。

此類監管要求和相關監督也可能限制HDFS運營業務的自由裁量權。不遵守適用法規或法規可能會導致任何有爭議的章程、許可證或登記被暫停或撤銷，並處以民事罰款、刑事處罰和行政處罰。

Glaslemark儲蓄銀行（ESB）是HDFS的子公司，是內華達州一家儲蓄機構，註冊爲工業貸款公司。ESB的活動受聯邦法律和法規以及內華達州銀行法管轄。ESB須接受聯邦存款保險公司（FDIC）和內華達州銀行審查員的審查。ESB發放零售貸款，保留其中某些貸款，並將剩餘貸款出售給HDFS的非銀行子公司。該流程使HDFS能夠在美國各地提供具有許多共同特徵的零售產品，併爲美國零售客戶提供類似的貸款服務。

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人力資本管理

該公司努力通過創造就業機會、公平支付工人工資、確保安全和福祉以及營造一個積極的工作環境，讓所有員工都能發揮最佳表現，來吸引、留住、激勵和發展頂尖人才。

工作人員構成 – 截至2024年12月31日，該公司的全球員工隊伍約爲5，900名員工，其中HDMC、LiveWire和HDFS部門分別約爲5，100名、200名和600名員工。在所有員工中，82.5%位於美國，57.9%是受薪員工，34.8%（即公司美國製造工廠約2，000名小時加入工會的員工）簽訂了集體談判協議，具體如下：

•賓夕法尼亞州約克-國際機械師和航空航天工人協會（ILM）;協議將於2027年10月15日到期

•威斯康星州密爾沃基-美國鋼鐵工人聯合會（USW）和ILM;協議將於2029年3月31日到期

•威斯康星州托馬霍克- USW，協議將於2029年3月31日到期

人才 - 在競爭日益激烈的環境中，吸引和留住人才至關重要。該公司依靠其才華橫溢的員工隊伍進行創新和卓越，推動了公司的業績。該公司在招聘、保留和人才發展實踐中保持高標準。

•該公司對各級受薪員工進行了人才審查，以了解公司的頂級人才，並幫助差異化和支持整個公司人才的發展。

•該公司在關鍵生命週期點測量了員工的情緒和敬業度，並提供學習資源來幫助領導者提高團隊的敬業度和整體員工體驗。作爲這一開發的一部分，超過1，500名受薪員工從按需數字學習平台訪問了約6，000個學習內容。學習內容主要集中在領導力、目標設定以及人才管理和發展上。

•員工入職後，公司與新員工社區中的350多名新員工建立了聯繫，並提供了新員工資源的訪問權限，包括學習活動和關鍵資源，以支持他們在公司的前六個月。

安全 - 員工安全是公司吸引人才和創造積極工作環境的重要方面。該公司對安全的堅定承諾通過促進安全工作環境的政策和程序得到體現。該公司促進有關工作場所安全問題和改進的公開溝通。該公司繼續保持強勁的健康和安全表現，年底公司的可記錄率爲0.4、限制時間（DART）率爲0.3和損失時間（DAFWII）率爲0.1。

員工福祉 – 包容性利益相關者管理仍然是The Hardire的六個關鍵優先事項之一，公司相信The Hardire的成功將通過員工的福祉、參與和賦權來實現。

•該公司繼續投資健康行爲獎勵計劃，繼續關注支持員工健康，該計劃旨在激勵員工採取行動改善個人健康。

•該公司繼續投資心理健康，吸引全球20%的人口參與其新推出的心理健康支持計劃。

•該公司通過增加專門的健康促進專家，專注於改善員工的身體、心理、財務和社會福祉，增加了對員工福祉的投資。

•2024年，該公司舉辦了第三屆年度志願服務挑戰月。超過285名員工完成了1，863小時的服務，參與率比上一年增加了90%。該計劃鼓勵員工「在這裏提供幫助」，對當地社區產生有意義的影響、加深與同行的關係併爲個人福祉做出積極貢獻。一年來，該公司的員工完成了超過2，500個志願者小時，分佈在近500名員工中。

•該公司繼續實施改進後的全面獎勵方法，其中包括按績效計薪、薪酬透明度和年度市場評估。

互聯網接入

該公司的網址爲http://www.harley-davidson.com。該公司的投資者關係網站地址爲http://investor.harley-davidson.com/.

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公司以電子方式將此類材料歸檔或將此類材料提供給美國證券交易委員會（SEC），並將在五（5）年內在其投資者網站上提供。之前的SEC文件可以在SEC的電子數據收集、分析和檢索系統（EDGAR）上找到。

In addition, the Company makes available, through its investor relations website, the following corporate governance materials: (i) the Company’s Corporate Governance Policy; (ii) Committee Charters approved by the Company’s Board of Directors for the Audit and Finance Committee, Human Resources Committee, Nominating and Corporate Governance Committee and Brand and Sustainability Committee; (iii) the Company’s Code of Business Conduct (the Code of Conduct); (iv) the Conflict of Interest Process for Directors, Executive Officers and Other Employees (the Conflict Process); (v) a list of the Company’s Board of Directors; (vi) the Company’s Bylaws; (vii) the Company’s Environmental and Energy Policy; (viii) the Company’s Policy for Managing Disclosure of Material Information; (ix) the Company’s Supplier Code of Conduct; (x) the California Transparency in Supply Chain Act Disclosure; (xi) the Statement on Conflict Minerals; (xii) the Political Engagement and Contributions 2019-2024; and (xiii) the Company's Clawback Policy. The Company's Notice of Annual Meeting and Proxy Statement for its 2025 annual meeting of shareholders, which will include information related to the compensation of the Company's named executive officers, will be made available through its investor relations website.

The Company satisfies the disclosure requirements under the Code of Conduct, the Conflict Process and applicable New York Stock Exchange listing requirements regarding waivers of the Code of Conduct or the Conflict Process by disclosing the information in the Company’s proxy statement for its annual meeting of shareholders or on its investor relations website. The Company is not including the information contained on or available through any of its websites as a part of, or incorporating such information by reference into, this Annual Report on Form 10-K.

項目1A.危險因素

對哈雷戴維森公司的投資涉及風險，包括下面討論的風險。在決定是否投資公司之前，應仔細考慮這些風險因素。

經營風險

•The Company’s ability to remain competitive is dependent upon its capability to develop and successfully introduce new, innovative and compliant products. The motorcycle market is highly competitive and continues to change in terms of styling preferences and advances in new technologies and, at the same time, is subject to increasing and evolving regulations, including those related to safety and emissions. Price, reliability, styling, quality and product features are some of the factors that impact competition in the motorcycle market and electric vehicle market. The Company must continue to distinguish its products from its competitors’ products with unique styling and new technologies that consumers desire. Introducing new models may not lead to the desired results, including driving unit sales growth. As the Company incorporates new and different features and technology into its products, the Company must protect its intellectual property from imitators and ensure its products do not infringe the intellectual property of other companies. In addition, these new products must comply with applicable regulations in the markets in which they are sold and satisfy the potential demand for products that produce lower emissions and achieve better fuel economy. The Company must make product advancements to respond to changing consumer preferences, market demands, and legal and regulatory requirements. The Company must also be able to design and manufacture these products and deliver them to a global marketplace in an efficient and timely manner and at prices that are attractive to customers. As a pioneer in a new industry, the Company’s LiveWire segment inherently has limited experience designing, testing, manufacturing, marketing and selling electric motorcycles and the Company therefore CANnot assure that LiveWire will be able to meet customer expectations. The electric vehicle market is relatively new and may not develop as the Company expects. In addition, electric vehicles are inherently new products and electric vehicle companies may also experience delays in the design, production and commercial release of new products. To the extent the LiveWire segment delays the launch of future models of electric vehicles or the electric vehicle market fails to develop as the Company expects, its growth prospects could be adversely affected as it may fail to establish or grow its market share. There CAN be no assurances that the Company will be successful in these endeavors, or that existing and prospective customers will like or want the Company’s new products.

•公司面臨日益激烈的競爭，未能有效競爭可能會對其業務和經營業績產生不利影響。 該公司的許多競爭對手比該公司更加多元化，他們可能在摩托車市場、其他動力運動市場和/或汽車市場的所有領域進行競爭。此外，該公司製造商對其摩托車的建議零售價普遍高於其競爭對手。如果

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price becomes a more important factor for consumers in the markets in which the Company competes, the Company may be at a competitive disadvantage. The Company also faces pricing pressure from international competitors who may have the advantage of manufacturing and marketing products in their respective countries, allowing them to sell products at lower prices within or outside their respective countries. Furthermore, many competitors headquartered outside the U.S. experience a financial benefit when there is a strengthening in the U.S. dollar relative to their home currency that CAN enable them to reduce prices to U.S. consumers. The Company and LiveWire Group, Inc. are also subject to policies and actions of the U.S. Securities and Exchange Commission (SEC) and New York Stock Exchange (NYSE). Many major competitors of the Company and LiveWire Group, Inc. are not subject to the requirements of the SEC or the NYSE rules. As a result, the Company or LiveWire Group, Inc. may be required to disclose certain information that may put the Company or LiveWire Group, Inc. at a competitive disadvantage to their principal competitors. Additionally, the Company’s LiveWire segment is subject to competition in the electric vehicle sector from companies that are at various levels of maturity, which include several major motorcycle companies that have electric vehicles available today and other current and prospective motorcycle manufacturers that are or may be developing electric vehicles. Increased competition or failure of the electric vehicle market to develop may lead to lower vehicle unit sales and increased inventory, which may result in downward price pressure and adversely affect the business, prospects, financial condition and operating results of the LiveWire segment. As a result of new entrants into the electric vehicle market, there may be increased competition for component and other parts of LiveWire’s electric vehicles, which may have limited or single-source supply, or suppliers may be unwilling to provide product at lower volumes. In addition, the Harley-Davidson Financial Services segment faces competition from various banks, insurance companies and other financial institutions that may have access to additional sources of capital at more competitive rates and terms, particularly for borrowers in higher credit tiers. The Company's responses to these competitive pressures, or its failure to adequately address and respond to these competitive pressures, may have a material adverse effect on the Company’s business and results of operations.

•The Company must prevent and detect issues with its products, components purchased from suppliers and their manufacturing processes to reduce recall campaigns, warranty costs, litigation, product liability claims, delays in new model launches and regulatory investigations. The Company must complete any recall campaigns within cost expectations. The Company must continually improve and adhere to product development and manufacturing processes and ensure that its suppliers and their sub-tier suppliers adhere to product development and manufacturing processes, to ensure the Company and its dealers are selling high-quality products that meet customer needs and desires and comply with applicable regulations. If product designs or manufacturing processes are defective, the Company could experience delays in new model launches, field actions such as product programs and product recalls, inquiries or investigations from regulatory agencies, and warranty claims and product liability claims, which may involve purported class actions or significant jury verdicts. For example, during the second quarter of 2022, the Company received information from a Tier 2 supplier concerning a potential regulatory compliance matter relating to the Tier 2 supplier’s brake hose assemblies. As a result, out of an abundance of caution, the Company suspended all vehicle assembly and shipments for approximately two weeks during the second quarter of 2022. In June 2023, the same Tier 2 supplier notified the Company that it was investigating a new, separate potential quality issue with brake hose assemblies produced by the Tier 2 supplier after the Company’s 2022 production suspension. Due to this issue, the Company was forced to suspend production of most of the motorcycles manufactured at its York facility and run limited motorcycle manufacturing operations there for approximately two weeks. As permitted by federal law, both the Tier 2 supplier and the Company leveraged NHTSA’s standard process to petition the agency for a determination that both of the potential non-compliances are inconsequential to motor vehicle safety. If NHTSA makes the inconsequentiality determinations requested, the Company will be exempt from conducting a field action or a recall of its motorcycles related to these matters. Based on its expectation that NHTSA will make the inconsequentiality determinations, the Company does not expect that these matters will result in material costs in the future and no such costs have been accrued. However, it is possible that a recall or field action could be required that could cause the Company to incur material costs. Any product recall in the future, whether initiated by the Company or a supplier, may result in adverse publicity, damage the Company’s brand image, and adversely affect the Company’s business, prospects, financial condition and operating results. Such recalls, whether caused by systems or components engineered or manufactured by the Company, LiveWire or the suppliers of either of them, may involve significant expense, the possibility of lawsuits and diversion of management’s attention and other resources, which could adversely affect the Company’s brand image and the Company’s business, prospects, financial condition and operating results. While the Company uses reasonable methods to estimate the cost of warranty, recall and product liabilities, and appropriately reflects those in its financial statements, there is a risk the actual costs could exceed estimates and result in damages that are not covered by insurance. Further, selling

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存在質量問題的產品、宣佈召回和提出產品責任索賠（無論是否成功），也可能對公司或LiveWire的聲譽和品牌實力產生不利影響，從而對銷售造成不利影響。

•二手摩托車供應增加和/或價格下降，以及新摩托車供應過剩，可能會對本公司經銷商的新摩托車零售銷售產生不利影響。該公司觀察到，當二手摩托車供應量增加或二手哈雷戴維森摩托車價格下降時，零售買家對新哈雷戴維森摩托車的需求可能會減少(與製造商建議的零售價相同或接近)。此外，該公司及其經銷商可以而且確實採取了影響新的和二手哈雷戴維森摩托車市場的行動。例如，推出款式、設計、功能、技術或其他客戶滿意程度顯著不同的新款摩托車可能會導致二手摩托車供應增加，這可能導致二手摩托車和以前車型年的新摩托車價格下降。此外，雖然公司正在以一種重新調整的供應和庫存管理方法運營，這種方法可能不會有效，或者該公司的競爭對手可以選擇以較低的價格向市場供應供過於求的新摩托車，這也可能會減少對新哈雷-戴維森摩托車的需求(按照或接近製造商建議的零售價)。最終，零售買家對新哈雷-戴維森摩托車的需求減少，導致該公司的出貨量減少。

•重大網絡安全事件或數據隱私泄露可能擾亂公司的信息技術環境和數據安全基礎設施，影響其業務運營，並可能對公司的聲譽、收入和收益造成不利影響。該公司依賴其信息技術環境和數據安全基礎設施的安全性、可用性和完整性來運營某些業務活動。此外，該公司依賴其開發和持續更新其信息技術環境和相關基礎設施的能力，以響應其不斷變化的業務需求。該公司在支持其舊技術的同時，實施新技術和對這些技術進行必要的升級，新技術的實施和技術升級可能不會像預期的那樣進行。不受公司直接控制的第三方服務提供商和供應商可以提供和/或管理其中一些技術。公司及其某些第三方服務提供商和供應商接收、存儲和傳輸與公司的人力資源業務、金融服務業務、電子商務、哈雷所有者集團、經銷商管理、移動應用程序和其他業務方面有關的數字個人和其他信息。此外，該公司的運營在許多方面依賴於其信息系統及其第三方服務提供商和供應商的信息系統。該公司的信息系統及其第三方服務提供商和供應商的信息系統容易受到不斷變化的網絡安全風險的影響。未經授權的各方經常試圖通過欺詐或其他欺騙公司員工、第三方服務提供商和供應商的方式，訪問這些系統或公司及其第三方服務提供商和供應商維護和使用的信息。公司開發或從第三方獲得的硬件、軟體或應用程序可能包含設計或製造方面的缺陷，或可能意外危及信息安全和/或公司運營的其他問題。用於獲得未經授權的訪問、禁用或降低服務或破壞系統的方法正在不斷髮展，可能很難預測或檢測到。公司已實施並定期審查和更新旨在防止未經授權訪問或使用安全數據並防止數據丟失的流程和程序。然而，不斷變化的威脅意味着公司和第三方服務提供商和供應商必須不斷評估和調整系統和流程，並且不能保證這些系統和流程足以防範所有網絡安全事件或數據濫用。本公司和本公司的某些第三方供應商經歷了信息安全攻擊，但到目前爲止，這些攻擊沒有對本公司的計算環境造成重大影響，也沒有對本公司的業務或運營造成重大影響，也沒有對其員工、客戶、經銷商、供應商或其他第三方的機密信息造成重大泄露。未來對公司數據安全的任何重大損害或破壞，無論是外部還是內部，或濫用客戶、員工、經銷商、供應商或公司數據，都可能導致公司運營中斷、巨額成本、銷售損失、與第三方的訴訟、罰款和處罰、政府執法行動、未經授權發佈機密或其他受保護的信息、數據損壞、對研究、開發和工程投資價值的負面影響、補救成本和/或公司聲譽受損。此外，隨着與信息安全、數據收集和使用以及隱私相關的監管環境隨着新的和不斷變化的要求而變得越來越嚴格，合規也可能導致要求公司產生額外成本。

•該公司的摩托車業務依賴工會勞動力。 在公司摩托車業務中工作的大部分小時生產員工由工會代表並受集體談判協議的保護。該公司目前是四項集體談判協議的一方，

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國際機械師和航空航天工人協會和美國鋼鐵工人聯合會在當地的分支機構。目前與賓夕法尼亞州小時工的集體談判協議將於2027年10月15日到期，與威斯康星州員工的協議將於2029年3月31日到期。目前尚不能確定該公司能否成功地與這些工會談判超出當前到期日的新協議，也不能確定這些新協議的條款是否將使該公司具有競爭力。公司關於開設、關閉、擴建、收縮或重組其設施的決定可能涉及對現有或新的談判協議的更改。未能在現有協議到期時續簽，或在必要時按公司和工會可接受的條款修訂協議或建立新的集體談判協議，可能會導致生產轉移、停工或其他勞動力中斷，這可能對公司的業務和運營結果產生重大不利影響。

•該公司依賴其供應商獲得原材料和提供零部件，以用於其摩托車的製造。通脹壓力和零部件和原材料的可獲得性，或物流的不穩定，包括美國和外國領導人在巴拿馬運河問題上不斷升級的緊張局勢，以及相關成本，可能會對公司的盈利能力產生負面影響。該公司可能會遇到與原材料和零部件有關的供應問題，如零部件短缺、定價不利、質量不佳、公司部分零部件停止供應或交貨不及時。這些原材料和組件的價格可能會根據市場情況而波動，其中包括原材料成本的上漲、匯率波動、商品市場波動、關稅、禁運、制裁、貿易政策和其他貿易限制。在某些情況下，公司依賴一家供應商提供零部件，這種已建立的供應關係的改變或中斷可能會導致公司的生產計劃中斷。此外，供應商的原材料和零部件的價格和可獲得性可能受到公司控制之外的因素的不利影響，如必要原材料的供應、產能限制、勞動力短缺或糾紛、自然災害、極端天氣事件、流行病(如新冠肺炎)、流行病或其他公共衛生危機、貿易和航運中斷、海運成本波動、戰爭和貿易政策。此外，由於金融市場混亂導致信貸緊縮，該公司的供應商可能在爲其日常現金流需求提供資金方面遇到困難。此外，由於全球製造領域的困難，不利的經濟狀況和選定供應商面臨的相關壓力可能會對他們向公司供貨的能力產生不利影響。任何組件或供應商的不可用都可能導致生產延遲、產品設計更改，並影響公司履行訂單的能力。與貿易和稅收相關的法律和政策的變化也可能對公司的外國供應商產生不利影響。這些供應商風險可能會對公司的業務和運營結果產生重大不利影響。此類中斷已導致並可能進一步導致製造效率低下，原因是延遲交付用於生產的組件或由於缺乏供應而不得不尋找替代組件，並可能使公司處於缺乏競爭力的地位，從而對其運營、財務狀況和/或現金流造成重大不利影響。

•該公司主要以批發方式銷售其產品，在很大程度上必須依賴經銷商和分銷商網絡來管理其產品的零售分銷。本公司依賴其分銷商和經銷商制定和實施有效的零售銷售計劃的能力，以創造零售購買者對經銷商從本公司購買的摩托車及相關產品和服務的需求。如果公司的分銷商和經銷商在這些努力中沒有取得成功，或者沒有適當地適應不斷髮展的零售格局並有效地實施公司和他們自己的零售戰略，那麼公司將無法保持或增長其收入和實現其財務預期。此外，不能保證公司、經銷商或分銷商的零售戰略一定會成功。此外，由於不利的商業環境，如零售銷售疲軟和信貸緊縮，經銷商和經銷商可能在爲他們的日常現金流需求提供資金和支付債務方面遇到困難。如果分銷商和經銷商不成功，他們可能會退出或被迫退出業務，在某些情況下，公司可能會尋求終止與某些分銷商和經銷商的關係。因此，該公司可能面臨與終止分銷商和經銷商關係有關的額外不利後果。此外，清算前經銷商或經銷商的新舊摩托車庫存可能會增加新舊摩托車價格的下行壓力。此外，公司任何分銷商或經銷商的意外虧損可能會導致新摩托車零售和以前銷售的摩托車維修的市場覆蓋範圍不足，給零售客戶留下公司的負面印象，並對公司收取與該經銷商相關的批發應收賬款的能力造成不利影響。最後，如果經銷商失敗或無法重新分銷本公司從成交經銷商手中收回的摩托車，或成交經銷商通過本公司的子公司HDFS以發票價格向本公司交出，本公司將面臨信用風險。

•天氣和天氣相關事件可能會影響公司經銷商的零售銷售。 該公司觀察到一個地區異常寒冷和/或潮溼的條件，包括颶風或異常的影響

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風暴可能會減少需求或改變購買新舊哈雷戴維森摩托車及其零部件和配件的時間。火災和其他自然災害也可能產生類似的負面影響。對新款哈雷戴維森摩托車的需求減少最終導致公司發貨量減少。

•該公司在員工養老金和醫療福利方面產生了大量成本。該公司的現金資金需求及其對在職和退休員工的養老金和醫療福利負債和支出的估計是基於公司控制之外的幾個因素。這些因素包括2006年《養卹金保護法》的資金要求、用於貼現未來估計負債的比率、計劃資產的回報率、當前和預計的醫療費用、醫療改革或立法、退休年齡和死亡率。這些因素的變化可能會影響與這些福利相關的費用、負債和現金需求，這可能會對未來的運營業績、流動資金或股東權益產生重大不利影響。此外，與可能不承擔類似福利計劃成本的競爭對手相比，與這些福利相關的成本可能會使公司面臨巨大的成本壓力。

•公司依賴第三方爲公司履行某些運營和行政職能。 與原材料和零部件供應商類似，公司可能會在外包服務方面遇到問題，例如定價不利、服務交付不及時或質量差。此外，由於經濟因素的變化，這些供應商可能會經歷不利的經濟狀況，這可能導致支持公司運營的困難，例如通貨膨脹、營業額、罷工或短缺。鑑於公司外包的職能數量和類型，這些服務提供商風險可能會對公司的業務和經營業績產生重大不利影響。

•公司的運營有賴於吸引和留住技術熟練的員工，包括技術工人、高管和其他高級領導。該公司未來的成功有賴於其持續的能力，即爲其組織的所有領域確定、聘用、發展、激勵、保留和提升技術人員，並在預期成本內有效地執行重組行動，並實現這些行動的預期效益。該公司高度依賴其高級管理層，包括首席執行官Jochen Zeitz和其他關鍵人員。包括Jochen Zeitz在內的關鍵人員的流失可能會對公司的運營和盈利能力產生不利影響。此外，公司目前和未來的總薪酬安排，包括福利和獎勵，在吸引新員工以及留住和激勵公司現有員工方面可能不成功。此外，公司必須培養和維持員工在工作中投入和充滿活力的工作環境，以最大限度地提高他們的業績，公司必須有效地執行重組行動。如果公司在吸引新人員、留住現有人員、實施有效的繼任計劃以及激勵和聘用包括高管在內的人員方面不能成功，公司可能無法開發和分銷產品和服務，並有效執行其計劃和戰略。

•我們的員工使用人工智能工具或技術可能會對公司機密或專有信息構成風險，從而對我們的業務產生不利影響，並可能導致法律訴訟或聲譽損害，或以其他方式對我們的業務造成不利影響。公司員工可能會使用人工智能工具或技術，這可能會導致我們的機密或專有信息暴露給未經授權的第三方，並導致公司的知識產權被濫用。使用人工智能工具或技術還可能導致對該公司的索賠，指控其侵犯了第三方知識產權。使用人工智能工具或技術也可能導致結果不準確，可能會導致公司決策或其他業務活動中的錯誤，這可能會對公司的業務和經營業績產生不利影響。此外，不能保證本公司對人工智能使用程序的培訓和執行將足以防止未經授權使用人工智能工具或技術。

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戰略風險

•該公司可能無法成功執行其業務計劃和戰略。不能保證公司將能夠執行其業務計劃和戰略，包括公司的戰略計劃，即Hardwire。除其他因素外，公司是否有能力實現硬線的戰略優先事項取決於公司的能力：(I)準確分析、預測和應對不斷變化的市場狀況；(Ii)及時開發和推出市場接受的產品、服務和經驗，使公司能夠產生預期的銷售水平並提供預期的財務回報，包括成功實施和執行計劃，以加強和擴大其在Grand American Tourning、大型郵輪和Trike的領導地位，專注於盈利領域的機會，並發展其互補業務，包括HDF、零部件和配件、服裝和許可以及會員和體驗；。(Iii)有效實施與經銷商和分銷方式有關的變化；。(Iv)實現LiveWire作爲一項獨立業務的預期業務利益；。(V)實現合夥企業、被許可方和商業企業的預期業務利益；(Vi)在與現有和新競爭對手競爭的同時，使公司能夠從市場機會中獲益；及(Vii)優化所有利益相關者的長期價值。

•公司可能無法將LiveWire作爲公司的一項獨立業務實現預期的業務收益。該公司預計將保持對LiveWire的控股權，作爲一項獨立的業務，並與其保持重要的持續商業關係。不能保證LiveWire作爲一家獨立但整合的企業將能夠執行其商業計劃和戰略。 LiveWire能否從LiveWire中實現預期的業務收益將受到以下因素的影響：(I)LiveWire作爲一家處於早期階段的公司的地位，預計在開始大量交付電動汽車之前，LiveWire將產生巨額費用和持續虧損數年；(Ii)LiveWire實現盈利的能力，這取決於其電動汽車的成功開發和商業引入以及接受程度，以及它的服務，這可能不會發生；(Iii)LiveWire將是一個新領域的新進入者，它可能無法充分控制其運營成本；。(Iv)LiveWire的電動汽車部門以及LiveWire的產品和服務正在並將面臨激烈的競爭；。(V)LiveWire的業務和前景嚴重依賴其開發、維持和加強其品牌的能力，可能會失去建立關鍵客戶群的機會；。(Vi)LiveWire執行其開發、生產、營銷和銷售電動汽車的計劃的能力；。以及(Vii)LiveWire的零售合作伙伴願意和有能力有效地與電動汽車客戶建立和維持關係，這些合作伙伴主要來自公司傳統的摩托車經銷商網絡。如果LiveWire未能成功管理這些風險，可能會對公司的業務和運營結果產生不利影響。

•國際銷售和運營使公司面臨可能對其業務產生重大不利影響的風險。國際業務和銷售仍然是公司戰略的重要組成部分。此外，國際業務和銷售受到各種風險的影響，包括政治和經濟不穩定、當地勞動力市場狀況、徵收新的和現有的外國關稅(包括針對美國徵收的關稅而重新平衡關稅)和其他貿易壁壘、外國政府法律法規和適用於國際業務的美國法律法規的影響、所得稅和預扣稅的影響、政府徵收以及商業做法的差異。該公司可能會在與國際業務和銷售相關的產品交付和付款方面發生成本增加和延遲或中斷，這可能會導致收入和收益的損失。政治、監管和商業環境的不利變化可能對公司的淨銷售額、財務狀況、盈利能力和現金流產生重大不利影響。國際銷售需要修改產品以滿足當地的要求或偏好，這可能會影響公司實現國際銷售增長的能力。其他國家/地區可能接受的商業行爲可能會違反適用於本公司的美國或其他法律。違反適用於公司海外業務的法律，如美國《反海外腐敗法》和經濟制裁法，可能會導致嚴厲的刑事或民事制裁，可能會擾亂公司的業務，並對公司的聲譽、業務和運營結果造成不利影響。

•該公司的成功取決於哈雷戴維森品牌的持續實力。 該公司相信，哈雷戴維森品牌爲其業務的成功做出了重大貢獻，維護和增強該品牌對於維護和擴大其客戶群至關重要。未能保護品牌免受侵權者侵害或增長或維持哈雷戴維森品牌的價值可能會對公司的業務和經營業績產生重大不利影響。此外，與公司有業務關係或與品牌有或被認爲有密切聯繫的第三方，包括其員工、經銷商、品牌大使和影響者網絡，可能無法以與公司一致的方式代表品牌

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品牌形象或行爲損害公司聲譽，這可能立即對公司的聲譽和品牌造成損害。公司員工、經銷商、品牌大使和有影響力的人網絡的聲譽可能會對消費者如何看待公司的產品或品牌產生負面影響。該公司、其品牌大使、其有影響力的網絡和其消費者使用在線媒體增加了其品牌和聲譽受到負面影響的風險。隨着網絡媒體的使用，信息傳播的速度和覆蓋範圍急劇增加。通過在線媒體傳播信息使用戶能夠組織集體行動，如抵制和其他品牌-更有效的破壞性行爲，並可能損害公司的品牌或業務，而不考慮信息的準確性。損害可能是直接的，而不會給公司提供補救或糾正的機會，並可能對公司的業務、財務狀況和經營結果產生不利影響。此外，更多地使用在線媒體進行產品推廣和營銷可能會增加公司監督此類材料合規性的負擔，並增加此類材料可能包含有問題的產品或營銷聲明的風險，從而違反適用的法規。公司的聲譽也可能因其商標或名稱的不當使用而受到不利影響，包括潛在的負面宣傳、失去信心或因許可使用而對公司形象造成的其他損害。

•維權股東或維權運動可能會導致公司產生巨額成本，阻礙公司戰略的執行，或對公司產生其他不利影響。公司可能會收到股東的建議書 要求可能與公司的業務戰略或公司其他股東的利益不一致的某些公司行動，或成爲維權運動的目標，旨在迫使公司採取與公司的業務戰略或公司股東的利益不一致的行動，這可能是代價高昂和耗時的。這些活動可能會分散管理層的注意力和資源，並要求公司保留這些事務的顧問，包括法律、財務和公共關係，從而擾亂公司的運營，並可能對公司的聲譽和經營業績產生負面影響，並對公司吸引新投資者、客戶和員工的能力產生負面影響。

•公司股份回購策略的時間和金額會受到許多不確定因素的影響。公司董事會已授權公司在公開市場或通過私下協商的交易完成對已發行普通股的酌情回購。2024年7月，公司董事會授權公司酌情回購最多2,440股普通股增發股份，不設美元上限，也不設到期日，公司宣佈計劃從2024年第三季度開始至2026年底，酌情回購10億的普通股。股票回購的金額和時間是基於可能導致公司限制、暫停或推遲未來股票回購的各種因素。這些因素包括但不限於：(I)不利的市場和經濟狀況；(Ii)普通股的交易價格；(Iii)公司不時可獲得的其他投資機會的性質和規模；(Iv)在某些時間進行交易的法律限制；以及(V)現金的可獲得性。推遲、限制或暫停公司的股票回購計劃可能會對業績相對於每股收益目標產生負面影響，最終影響其股價。

•公司的保險策略可能不足以保護其免受所有業務風險的影響。 在正常業務過程中，公司可能會因產品責任、事故、不可抗力和其他針對公司的索賠而遭受損失，公司可能沒有保險範圍或保險範圍不足。其保單可能包括重大免賠額或自我保險保留金、保單限制和除外情況。因此，公司無法確定其保險範圍是否足以覆蓋未來所有損失或索賠。未保險或超過保單限額的損失可能需要公司支付大量金額，這可能會損害公司的財務狀況和經營成果。

金融風險

•HDFS部門的零售和批發融資應收賬款面臨信用風險。信用風險是指客戶(包括本公司的經銷商)未能履行與HDFS的任何合同條款而產生的損失風險。批發和零售信貸損失受到一般商業和經濟狀況的影響，包括通脹、失業率、破產申請、衰退狀況和其他對家庭收入產生負面影響的因素，以及合同條款和客戶信用狀況。這些信用損失也受到新摩托車和二手摩托車市場的影響，該公司及其經銷商可以並確實採取了影響這些市場的行動。例如，該公司推出的新車型代表着對以前車型的重大升級，可能會導致市場對二手哈雷-戴維森品牌摩托車的供應增加或需求減少，包括那些作爲HDFS擁有的抵押品或信貸擔保的摩托車

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延期了。這反過來又可能對收回的摩托車的銷售價格產生不利影響，從而可能導致人類發展金融服務的信貸損失增加。此外，即使HDFS確實行使了收回抵押品的權利，也不能保證摩托車將被成功收回，這也可能導致HDFS的信貸損失增加。一般業務、經濟或市場因素的負面變化可能會對公司的金融服務信貸損失和未來收益產生額外的不利影響。HDFS的零售信貸虧損已經發生變化，本公司相信，由於消費者信貸行爲的變化、宏觀經濟狀況(包括通脹的影響)以及HDFS努力增加對次級借款人的審慎結構貸款批准，這些虧損將隨着時間的推移而繼續變化。此外，HDFS根據市場和經濟狀況調整承保標準的努力，以及公司已經採取並可能對摩托車價值產生影響的行動，可能會影響HDFS的零售信貸損失。

•本公司面臨外幣匯率、商品價格和利率變化帶來的市場風險。該公司在全球銷售其產品，在美國以外的大多數市場，這些銷售都是以該國的當地貨幣進行的。因此，這些外幣相對於美元的疲軟可能會對公司的收入和利潤率產生不利影響，並導致其經營業績的波動。此外，許多總部設在美國以外的競爭對手都從美元兌本國貨幣走強中獲得了經濟上的好處，這使他們能夠降低對美國消費者的價格。該公司還受到與商品價格變化相關的風險的影響。該公司金融服務業務的收益受到利率變化的影響。在包括北美和歐洲在內的某些地區，過去幾年來，由於政府的擴張性貨幣政策等原因，新車銷售的融資利率相對較低。當基準利率與最近相比較高時，消費者可用於新車融資的利率也較高，這使得公司的摩托車對客戶來說相對較難負擔，並可能引導客戶使用價格較低的摩托車，從而降低公司的利潤，對公司的財務狀況和經營業績產生不利影響。此外，如果消費者利率大幅上升，或者如果包括哈雷-戴維森金融服務公司在內的金融服務提供商收緊貸款標準或將其貸款限制在某些類別的信貸，客戶可能不想或無法獲得融資來購買公司的摩托車。因此，進一步大幅提高客戶利率或收緊貸款標準可能會對公司的業務、前景、財務狀況和經營業績產生重大不利影響。儘管本公司在一定程度上使用衍生金融工具來管理其對外幣匯率、商品價格和利率風險的部分風險敞口，但本公司並不試圖管理其全部預期風險敞口，這些衍生金融工具一般不會超過一年，但本公司與外幣計價債務有關的交叉貨幣掉期除外，其期限與對沖債務的期限相對應，如果交易對手對衍生金融工具違約，本公司可能面臨信用風險。不能保證公司將來會成功地管理這些風險。

•HDFS部門高度依賴進入資本市場以具有競爭力的利率爲運營提供資金，本公司獲得資本的渠道及其資本成本高度依賴其信用評級，任何負面的信用評級行動都可能對其收益和運營業績產生不利影響。流動資金對公司的金融服務業務至關重要。金融市場的混亂可能會導致貸款人和機構投資者減少或停止向包括金融機構在內的借款人放貸。本公司的HDFS部門可能受到長期和短期資本市場融資困難的負面影響。這些負面後果可能反過來以各種方式對公司的業務和經營業績產生不利影響，包括資金成本上升和通過HDFS部門向經銷商及其零售客戶提供貸款的可用資金減少。此外，公司及其HDFS部門進入無擔保資本市場的能力受到其短期和長期信用評級的影響。如果公司的信用評級被下調或其評級展望被負面改變，那麼公司的借貸成本可能會增加，這可能會導致收益減少和利差減少，公司獲得資本的渠道可能會中斷或受損。

法律、監管和合規風險

•貿易政策的變化，包括關稅的徵收、關稅的執行和下游後果，可能會對公司的業務、經營業績和前景產生重大不利影響。 2025年1月，全球關稅格局開始迅速發生變化，美國對各個外國實施關稅，無論是一般還是針對某些產品，以及其中某些國家對美國實施再平衡關稅，無論是一般的還是針對某些產品的。在某些情況下，美國和某些外國暫時暫停了最近實施的關稅，無論是全部還是在

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一部份。美國繼續實施新的、恢復的或調整後的關稅，該公司預計將繼續實施這一做法。受美國這些關稅影響的外國繼續實施新的、恢復的或調整後的再平衡關稅，該公司預計外國將繼續實施這一做法。美國和外國也可以隨時修改、暫停或撤回各自最近頒佈的關稅。如果最近頒佈的關稅不被修訂、暫停或撤銷，很可能會對公司以當前價格或接近當前價格在國內和國際銷售產品的能力產生負面影響，因爲關稅會影響原材料、零部件和摩托車的成本。

例如，2025年2月10日，美國宣佈對進口到美國的鋼鐵和鋁徵收25%的關稅；這些關稅將於2025年3月12日生效。這些關稅類似於美國2018年對從歐盟進口到美國的鋼鐵和鋁徵收的關稅。作爲對2018年鋼鐵和鋁關稅的回應，歐盟對從美國進口到歐盟的某些產品實施了25%的增量再平衡關稅，包括非電動摩托車。2021年4月，歐盟25%的增量再平衡關稅開始適用於該公司從其在美國和泰國的製造設施進口到歐盟的摩托車。2021年10月21日，美國和歐盟同意暫停徵收這些關稅，歐盟暫停徵收的增量關稅將於2025年3月31日到期。如果歐盟關稅暫停措施到期而不發生變化，該公司所有進口到歐盟的摩托車將被徵收總計56%的關稅。

部分基於歐盟實施2018年增量再平衡關稅的歷史，該公司預計包括歐盟在內的其他國家將實施再平衡關稅，以回應美國於2025年2月10日宣佈的鋼鐵和鋁關稅。由於歐盟於2018年實施的再平衡關稅適用於該公司的摩托車，歐盟或其他國家可能爲應對2025年鋼鋁關稅而實施的再平衡關稅可能適用於該公司的摩托車。歐盟也有可能在2018年3月31日或更早到期時恢復2018年再平衡關稅，對該公司進口到歐盟的摩托車徵收56%的關稅。 最近頒佈或可能實施的美國關稅和再平衡關稅，除了影響摩托車的成本外，還可能增加用於製造該公司摩托車和其他產品的零部件和材料的成本。更高的生產成本可能會使該公司的摩托車和其他產品更難被美國和其他國家的消費者買得起，並對消費者需求產生負面影響。

•公司必須遵守可能發生變化並涉及巨額成本的政府法律和法規。 該公司在美國以外地區的銷售和運營受外國法律、法規以及外國法院或法庭的法律制度的約束。這些規範外國公司運營的法律和政策可能會導致成本增加或限制公司在某些國家/地區銷售產品的能力。影響對外貿易和稅收的美國法律和政策也可能對公司的國際銷售業務產生不利影響。

該公司在美國的銷售和運營受政府政策和美國政府機構的監管行動的約束，包括美國環境保護局（EPA）、SEC、國家公路交通安全管理局、美國勞工部和聯邦貿易委員會。此外，該公司的銷售和運營還受到州立法機構和其他當地監管機構的法律和行動的約束，包括經銷商法規和許可法。法規的變化、政府機構對法規的解釋的變化或實施額外法規可能會對公司的業務和經營業績產生重大不利影響。

稅 – 該公司須繳納美國聯邦和州司法管轄區以及多個外國司法管轄區的所得稅和非所得稅。在確定公司的全球所得稅負債和其他稅務負債時需要做出重大判斷。該公司相信其遵守適用的稅法。如果管轄稅務機關對適用法律有不同解釋或稅法發生變化，公司的財務狀況和/或經營業績可能會受到不利影響。如果稅法發生重大變化，公司可能需要重新調整其稅收策略，並且可能無法充分利用或充分減輕此類變化的不利影響。

環境 – 該公司的許多產品都遵守有關排放、噪音和其他事項的法定和監管要求，包括美國環保局、加州空氣資源委員會等州監管機構以及該公司摩托車產品銷售的某些外國國家的監管機構實施的標準。該公司還遵守有關公司製造業務中排放和噪音的法定和監管要求。管理排放和噪音的監管要求的任何重大變化都可能會大幅增加公司的製造成本

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產品.如果公司未能滿足現有或新的要求，那麼公司可能無法生產和銷售某些產品，或者可能會受到罰款或處罰。

電動汽車-公司的LiveWire部門受到嚴格的監管。當前或未來法規的不利變化或未能遵守，可能會對公司的業務及其經營業績造成重大損害。環境、安全、排放或其他法規的增加可能會導致成本、現金支出和/或銷售限制的增加。與電動汽車行業和替代能源相關的法規目前正在演變，本公司的LiveWire部門面臨與這些法規變化相關的風險，例如：(I)對電動公用事業徵收碳稅或引入總量管制和交易制度，這兩者都可能增加電力成本，從而增加電動汽車的運營成本；(Ii)國家對電動汽車費用的新法規可能會抑制消費者對電動汽車的需求；(3)增加對玉米和乙醇等替代燃料的補貼可能會降低使用這種替代燃料和汽油的車輛的運營成本，從而降低電動汽車的吸引力；。(4)取消或停止聯邦和/或國家對製造、銷售或購買電動汽車的獎勵或補貼，這可能會降低電動汽車的吸引力；。(5)改變電池組裝和運輸的規定可能會增加電池的成本，或使此類商品更難獲得；。(Vi)更改規例，例如有關電動車輛鬚髮出的噪音，可能會影響電動車輛的設計或功能，從而導致消費者吸引力下降；。(Vii)更改汽油當量計算範圍及每加侖里程的規例，可能會降低LiveWire的電動車輛評級，令電動車輛對消費者的吸引力下降；及。(Viii)修訂或廢除CAFE標準可能會減少LiveWire業務的新商機。如果遵守新法規的成本令人望而卻步，公司的業務、前景、財務狀況和經營業績可能會受到重大和不利的影響。

金融服務 – HDFS部門受一系列美國聯邦、州和外國法律的管轄，這些法律規範金融和貸款機構以及金融服務活動。例如，在美國，這些法律包括聯邦《貸款真相法案》、《平等信用機會法案》、《公平信用報告法案》、《軍人民事救濟法案》、《多德-弗蘭克華爾街改革和消費者保護法案》中的不公平、欺騙和濫用行爲（UDAAP）條款，以及《格拉姆-利奇·布萊利法案》中的消費者數據隱私和安全條款。HDFS業務的大部分消費者貸款通過其子公司Glaslemark儲蓄銀行發放，該銀行是一家內華達州儲蓄機構，註冊名稱爲工業貸款公司。美國聯邦和州機構未來可能會對金融服務業實施額外的法律、法規和監督。

違反或不遵守相關法律法規可能會限制HDFS收取適用貸款的全部或部分本金或利息的能力，可能會使借款人有權撤銷貸款或退還之前支付的金額，可能會使HDFS面臨損害賠償、民事罰款或刑事處罰和行政處罰，並可能限制符合HDFS證券化計劃資格的貸款數量。這種監管要求和相關監督也可能限制人類發展金融服務中心在經營其業務方面的自由裁量權，例如通過暫停或撤銷任何有爭議的包機、執照或註冊，以及施加行政制裁，包括「停止和停止」命令。本公司不能保證適用的法律或法規不會被修訂或解釋爲對HDFS不利，不能保證未來不會採用新的法律和法規，或法律和法規不會試圖限制HDFS收取的利率或便利費，任何可能對HDFS的業務或其運營業績產生不利影響的法律和法規都不能保證。

《多德-弗蘭克華爾街改革和消費者保護法》(《多德-弗蘭克法案》)是一項影響金融服務業的全面立法，隨着旨在實施《多德-弗蘭克法案》的法規的通過，以及利益相關者和法院對《多德-弗蘭克法案》的文本進行分析，其全面影響將繼續演變。多德-弗蘭克法案還設立了消費者金融保護局(The Bureau)。該局在消費者金融產品和服務領域擁有很大的執法和規則制定權力。主席團將採取的方向、它將通過的條例以及它對現有法律和條例的解釋都是尚未完全了解的內容，可能會發生變化。鑑於主席團由單一的董事領導，而董事可由總裁隨意調離，主席團的戰略方向和優先事項可能會隨着總統行政當局的更迭而波動。該局和聯邦貿易委員會(「FTC」)定期調查那些從事車輛金融活動的人的產品、服務和業務。作爲此類調查的結果，該局和聯邦貿易委員會在過去幾年宣佈了針對貸款人和服務商的各種執法行動，涉及重大處罰、同意令、停止令和類似的補救措施，如果適用於我們或我們提供的產品和服務，可能會要求我們停止或改變某些商業做法，這可能會對我們的運營結果、財務狀況和流動性產生重大不利影響。遵守可能代價高昂，並可能影響業務成果，因爲可能需要實施新的表格、流程、程序和控制措施以及基礎設施。合規性可能會創建

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運營限制和定價限制。不遵守規定、法律法規變更或實施額外的法律法規可能會影響HDFS的盈利、限制其獲得資本的渠道、限制符合HDFS證券化計劃資格的貸款數量，並對HDFS的業務和運營結果產生重大不利影響。該局還對工具融資市場的某些非銀行大型參與者（包括HDFS的一家非銀行子公司）擁有監管權，允許該局進行全面、嚴格的現場檢查，這可能導致執法行動、罰款、流程和程序變更、產品相關變更或消費者退款或其他行動。

•該公司的運營可能會受到溫室氣體排放和氣候變化以及相關法規的影響。氣候變化正在全球範圍內受到越來越多的關注。許多科學家、立法者和其他人將氣候變化歸因於包括二氧化碳在內的溫室氣體水平的增加，這導致了限制溫室氣體排放的重大立法和監管努力。美國國會此前曾考慮並可能在未來實施對溫室氣體排放的限制。此外，美國幾個州，包括該公司擁有製造設施的州，以前曾考慮並可能在未來實施溫室氣體登記和減少計劃。能源安全和可獲得性及其相關成本影響到公司全球製造業務的方方面面，包括公司的供應鏈。公司的製造設施使用能源，包括電力和天然氣，公司的某些設施排放大量溫室氣體，這些溫室氣體可能會受到這些立法和監管努力的影響。溫室氣體監管可能會提高公司購買的電力的價格，增加天然氣的使用成本，潛在地限制天然氣的獲取或使用，要求公司購買額度來抵消公司自身的排放或導致原材料成本的整體增加，其中任何一項都可能增加公司的成本，降低在全球經濟中的競爭力，或以其他方式對公司的業務、運營或財務業績產生負面影響。該公司的許多供應商都面臨着類似的情況。政府間氣候變化專門委員會和其他專家機構確定的公司業務運營面臨的實際風險包括海平面上升、極端天氣條件和資源短缺等情景。極端天氣可能會擾亂零部件或天然氣等其他物品的生產和供應，天然氣是製造摩托車及其零部件所必需的燃料。供應中斷將提高市場費率，並危及摩托車生產的連續性。

此外，作爲對全球氣候變化和消費者偏好相關變化的擔憂的回應，該公司可能面臨更大的監管壓力，要求其開發產生更少排放的產品，並在其運營的所有階段產生更少的排放。例如，英國和歐盟都在2022年通過了立法，分別在2035年和2040年結束化石燃料汽車的銷售。雖然這些法律針對的是化石燃料汽車，但對全球氣候和消費者偏好相關變化的持續擔憂可能導致類似的內燃機禁令，這將對公司的業務和運營業績產生重大不利影響。此外，在短期內，該公司將不會主要專注於電動汽車，而是通過其對LiveWire Group，Inc.的多數投資來引導其在這一領域的重點。因此，分離LiveWire業務可能會對公司在LiveWire業務之外開發電動汽車的努力產生不利影響，至少在短期內，這可能會對公司提供電動汽車的能力產生較長期的負面影響，以應對開發產生更少排放的產品的壓力。

此外，擴大有關環境報告的強制披露可能會擴大公司需要控制、評估和報告的環境事項的性質、範圍和複雜性。例如，歐盟的企業可持續發展報告指令（CSRD）於2023年1月生效，要求在歐盟運營的公司披露環境、社會和治理主題，該公司將於2026年提交首份CSRD年度報告。此外，2023年10月，加州頒佈了氣候報告立法，使加州成爲美國第一個對溫室氣體排放披露提出要求並強制報告氣候相關金融風險的州。無法確定該公司能否成功處理此類問題，包括相關成本。

•與公司購買用於其產品的材料相關的法規可能會導致公司產生額外費用，並可能產生其他不利後果。影響本公司供應鏈的法律或法規，如英國《現代奴隸法》和《維吾爾強迫勞動防止法》，可能會影響本公司在製造其產品和從供應商採購的服裝和許可產品時使用的一些原材料的來源和可用性。本公司的供應鏈非常複雜，如果不能充分了解其供應鏈並有效緩解任何問題，則本公司可能面臨客戶、投資者、監管機構或其他方面的聲譽挑戰和其他不利後果。例如，該公司銷售其產品的許多國家正在引入法規，要求了解和披露該公司產品中幾乎所有的材料和化學品。因此，

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Company could incur significant costs related to the process of complying with these laws, including potential difficulty or added costs in satisfying the disclosure requirements.

•公司受到反腐敗、反賄賂、反洗錢、金融和經濟制裁以及類似法律的約束，不遵守這些法律可能會使公司面臨行政、民事和刑事罰款和處罰、附帶後果、補救措施和法律費用，所有這些都可能對公司的業務、經營業績、財務狀況和聲譽造成不利影響。本公司在其開展或未來可能開展活動的各個司法管轄區受到反腐敗、反賄賂、反洗錢和類似法律法規的約束，包括美國《反海外腐敗法》(“《反海外腐敗法》“)，英國《2010年反賄賂法》(The英國《反賄賂法》“)，以及其他反腐敗法律法規。由於俄羅斯入侵烏克蘭，美國與英國和歐盟等國協調，對俄羅斯、白俄羅斯和烏克蘭的俄羅斯控制地區(克里米亞，即所謂的頓涅茨克人民共和國和盧甘斯克人民共和國)實施了制裁和出口管制措施。這些措施包括禁止向俄羅斯和白俄羅斯出口、再出口或轉讓奢侈品等產品，包括摩托車、摩托車零部件和皮具。違反這些法律或法規可能會對我們的業務、經營結果、財務狀況和聲譽造成不利影響。本公司旨在確保遵守這些法規的政策和程序可能不夠充分，其董事、高級管理人員、員工、代表、顧問、代理人和業務合作伙伴可能會從事不當行爲，本公司可能要對此負責。

該公司的業務還必須遵守適用的經濟和貿易制裁法律和法規，例如由美國財政部外國資產管制辦公室、美國國務院、美國商務部、聯合國安理會和其他相關制裁機構管理和執行的法律和法規。公司的全球業務使公司面臨違反或被指控違反反腐敗法和經濟貿易制裁法律法規的風險。該公司不遵守這些法律和法規可能使其面臨聲譽損害以及重大處罰，包括刑事罰款、監禁、民事罰款、返還利潤、禁令和取消政府合同的資格，以及其他補救措施。對涉嫌違規行爲的調查可能代價高昂，而且具有破壞性。儘管公司做出了合規努力和活動，但它不能保證其員工或代表遵守它可能承擔責任的規定，任何此類違規行爲都可能對公司的聲譽、業務、前景、財務狀況和經營業績產生重大不利影響。

不遵守反腐敗、反賄賂、反洗錢或金融和經濟制裁法律，公司可能面臨舉報人投訴、媒體不利報道、調查和嚴厲的行政、民事和刑事制裁、附帶後果、補救措施和法律費用，所有這些都可能對我們的業務、前景、財務狀況和經營業績產生實質性和不利影響。此外，未來經濟制裁法律的變化可能會對該公司的業務和對其普通股的投資產生不利影響。

General Risks

•總體經濟和商業狀況的變化、信貸和零售市場的收緊、政治事件或其他因素可能會對經銷商的零售銷售產生不利影響。摩托車行業受到一般經濟狀況的影響，摩托車製造商幾乎無法控制這些經濟狀況。這些因素可能會削弱零售環境，並導致對非必需品的需求減弱，如公司的摩托車。某些商業部門和地理區域疲軟的經濟狀況也可能導致對該公司產品的需求減少。信貸緊縮可能會限制金融機構和其他貸款人的資金可得性和資金來源，這可能會對零售消費者從包括HDFS在內的貸款人那裏獲得購買摩托車的貸款的能力產生不利影響。例如，最近的宏觀經濟狀況對我們的全球客戶產生了影響，通脹壓力造成了負擔能力的挑戰，高利率導致客戶推遲決定升級到新型號，對經銷商的零售額和公司的經營業績產生了不利影響。

•地緣政治狀況，包括地區衝突、恐怖主義、戰爭和國際爭端可能會對商業和經濟造成損害或擾亂，從而對公司的財務狀況和經營業績產生重大不利影響。 該公司在世界各地的各個地理區域開展業務，並受到其無法控制的全球事件的影響。摩托車行業還可能受到政治事件和其他因素的影響，而摩托車製造商對此幾乎無法控制。例如，俄羅斯和烏克蘭之間持續的衝突可能會導致重大市場和其他擾亂，包括市場的重大波動

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商品價格、能源供應和價格、金融市場不穩定、供應鏈中斷、政治和社會不穩定、消費者或購買者偏好的變化以及網絡攻擊和間諜活動的增加可能會對公司的業務、財務狀況和經營業績產生不利影響。持續不斷的衝突導致美國、歐盟、英國、加拿大、瑞士、日本和其他國家對俄羅斯、白俄羅斯、烏克蘭克里米亞地區、所謂的頓涅茨克人民共和國和盧甘斯克人民共和國實施的制裁計劃空前擴大。

此外，持續的地區衝突，包括以色列和哈馬斯之間的軍事衝突，美國指定的外國恐怖組織，紅海衝突涉及胡塞武裝在紅海襲擊商船，以及中國和臺灣之間緊張局勢加劇的風險，可能會導致我們的供應鏈面臨更大的壓力，這可能會增加製造成本。本公司在中國有多家供應商，若中國與臺灣發生衝突，可能影響本公司供應鏈。國際衝突的持續時間、影響和結果非常不可預測，此類衝突可能導致大宗商品價格和能源供應及價格的大幅波動、金融市場的不穩定、供應鏈中斷、政治和社會不穩定、消費者或購買者偏好的變化以及網絡攻擊和間諜活動的增加，這可能會影響公司的財務狀況和經營業績。

•該公司現在並且將來可能會受到法律訴訟以及商業或合同糾紛的影響。 未來潛在的訴訟或其他索賠，或與現有未解決的訴訟和其他索賠相關的未來不利事態發展，可能會損害公司的業務、財務狀況、聲譽和品牌。對這些訴訟或其他索賠的辯護可能會導致大量財務資源的支出，並將管理層的時間和注意力從業務運營轉移出去。此外，公司可能需要支付與通過和解或其他方式解決訴訟或其他索賠相關的付款，任何此類付款都可能對公司的業務和經營業績產生重大不利影響。.

公司不承擔任何更新這些風險因素或任何其他前瞻性陳述的義務。公司不承擔更新這些風險因素或任何其他前瞻性陳述的義務，以反映實際結果、假設變化或影響此類前瞻性陳述的其他因素，並明確否認任何此類義務。

項目10亿。未解決的員工評論

沒有。

項目1C.網絡安全

風險管理與戰略

該公司已實施旨在管理和減少網絡安全風險的政策和程序。網絡安全威脅的重大風險由HDMC、HDFS、LiveWire以及第三方供應商和供應商管理。網絡安全風險和威脅由公司的企業信息安全辦公室監控，並與公司高級管理層定期討論。網絡安全風險通過第三方評估、IT安全評估、內部審計進行的審計以及風險和合規審查來識別和評估。此外，作爲公司網絡安全風險管理流程的一部分，在技術和管理層面進行了桌面練習。在這些桌面演習中，模擬網絡安全事件，旨在確保公司在發生網絡安全事件時做好準備，並幫助確定網絡安全計劃的改進領域。

該公司採取措施定期更新和持續改進其網絡安全計劃，包括進行獨立計劃評估、執行滲透測試以及使用外部第三方工具和技術掃描公司系統中的漏洞以測試安全控制、審計適用的數據政策並監控與信息安全相關的新興法律和法規。 該公司還定期聘請第三方顧問來協助評估和增強其網絡安全計劃。 該公司已實施基於風險的控制，以保護其信息、客戶信息、第三方信息、其信息系統和業務運營。該公司遵循美國國家標準與技術研究院（NIH）網絡安全框架，並根據需要採用了基於NIH、其他行業公認的標準和合同要求的安全控制原則。

With respect to third parties, the Company's cybersecurity program includes a cybersecurity supply chain risk management component aimed at identifying and mitigating risks from vendors, suppliers, and other third-parties. The supply chain risk management program is integrated into the Company’s procurement workflow and includes conducting due

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diligence on select suppliers, vendors and other third parties. The cybersecurity risks of the vendor, supplier or other third party are evaluated by the Corporate Information Security Office when assessing the engagement and determining the appropriate oversight of the vendor, supplier or other third party. The Company also contractually requires suppliers, vendors and other third parties with access to its information technology systems, sensitive business data or personal information to implement and maintain appropriate security controls and contractually restricts their ability to use the Company’s data, including personal information, for purposes other than to provide services to the Company, except as required by law. To oversee the risks associated with these service providers, the Company works with suppliers, vendors and other third parties to help ensure that their cybersecurity protocols are appropriate to the risk presented by their access to or use of the Company’s systems and/or data, including notification and coordination concerning incidents occurring on third-party systems that may affect the Company.

The Company's cybersecurity program also includes a cybersecurity training component. All employees are required to complete annual cybersecurity training focused on helping the workforce recognize cyber threats and scams, avoid falling victim to threats and scams, and report potential threats and scams. In addition, periodic cybersecurity awareness messages are posted on the Company portal.

While the Company has experienced, and may in the future experience, cybersecurity incidents, prior incidents have not materially affected the Company’s business, results of operations or financial condition. Although the Company has invested in the protection of its data and information technology and monitors its systems on an ongoing basis, there can be no assurance that such efforts will in the future prevent material compromises to Company information technology systems that could have a material adverse effect on the Company’s business. For additional information, refer to “A significant cybersecurity incident or data privacy breach may adversely affect the Company’s reputation, revenue and earnings,” in Item 1A. Risk Factors.

Governance

The Audit and Finance Committee, consisting entirely of independent directors and on behalf of the Board of Directors, has oversight responsibility for enterprise risk and enterprise risk management systems for the Company, including cybersecurity risks. The Committee reports on its activities related to risk oversight to the full Board after each meeting. The Audit and Finance Committee is actively involved in reviewing the Company’s information security and technology risks and opportunities, including cybersecurity, and discusses these topics on a regular basis. The Audit and Finance Committee also receives updates on a quarterly basis from senior management, including the Chief Information Security and Privacy Officer (CISO) regarding cybersecurity matters. These updates include cybersecurity risks, mitigation and status of cybersecurity risks, cybersecurity incidents (if any), cybersecurity initiatives and cybersecurity industry news and trends. In the event of a potentially material cybersecurity event, the Presiding Director and the Chair of the Audit and Finance Committee will be notified and briefed. If appropriate, the Audit and Finance Committee and/or full Board of Directors would hold a meeting or meetings to discuss and be briefed on the event.

該公司的網絡安全計劃由 CISO 負責評估和管理公司的數據隱私功能以及信息安全和技術風險，包括網絡安全。 CISO擁有20多年的網絡行業和合規經驗，其中10多年擔任CISO職務。CISO向我們的首席數字和運營官彙報，他在領先的信息系統管理、戰略和運營執行方面擁有豐富的經驗，包括信息安全和事件管理、預防和響應。

在管理層面，公司成立了網絡事件審查委員會，由首席法律官、首席財務官、首席會計官、首席通訊官、首席數字和運營官、內部審計總監和副總法律顧問等高級管理人員組成，定期與CISO會面，以確保迅速解決已發現的問題並按要求報告給適當的監管機構。此外，CISO還根據公司的事件響應流程升級確定對首席法律官來說重要的問題。

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項目2.性能

截至2024年12月31日，公司主要經營物業摘要如下：

設施類型

位置

狀態

HDMC：

公司辦公室

威斯康星州密爾沃基

擁有

產品開發中心

威斯康星州沃瓦託薩

擁有

製造-摩托車動力總成生產

威斯康星州梅諾莫尼福爾斯

擁有

製造-摩托車零部件生產和噴漆

威斯康星州托馬霍克

擁有

製造-摩托車零部件製造、噴漆和組裝

賓夕法尼亞州約克

擁有

製造-亞洲和歐洲市場的摩托車生產

泰國羅勇

擁有

製造-巴西市場的摩托車組裝

巴西馬瑙斯

租賃

HDFS：

企業和零售運營辦公室

內華達州里諾

租賃

批發和零售運營辦公室

德克薩斯州普萊諾

租賃

LiveWire：

公司辦公室

威斯康星州密爾沃基

擁有

產品開發中心

威斯康星州沃瓦託薩

擁有

LiveWire Labs -客戶體驗中心

加利福尼亞州馬里布

租賃

LiveWire Labs -零售運營

加利福尼亞州卡森

租賃

LiveWire Labs -營銷展示和試駕

美國洛杉磯

租賃

STACCY-公司辦公室和研發活動

德克薩斯州沃斯堡

租賃

該公司擁有一個公司辦公室和一個產品開發中心，其中包括用於HDMC和LiveWire運營的單獨空間。LiveWire摩托車和零部件在HDMC美國製造地點製造。

項目3.法律訴訟

參考合併財務報表附註15 討論公司涉及的某些法律訴訟。

HD日本也是命 - 據報道，2024年7月30日左右，日本公平貿易委員會（「日本FTC」）對該公司子公司哈雷戴維森日本KK（「H-D日本」）發起調查，指控其涉嫌不當行爲，包括爲H-D日本摩托車經銷商設定過多的銷售配額。H-D Japan正在評估此事並配合日本FTC進行調查。公司預計此事未來不會產生材料成本，迄今尚未產生任何成本。該公司不知道在日本境外發生與所謂活動類似的活動。

項目4.2010年礦山安全披露情況

不適用因

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第二部分 

項目5.註冊人普通股市場、相關股東事項和發行人購買股權證券

哈雷戴維森公司普通股在紐約證券交易所交易，交易代碼爲HOG。截至2025年1月31日，Harley-Davidson，Inc.有60，854名股東記錄普通股。

截至2024年12月31日止季度，公司的股份回購（包括酌情股份回購和員工爲支付與限制性股票單位和績效股票歸屬相關的預扣稅而交出的普通股股份）如下：

財政月			總人數： 購買了股份						平均價格 每股支付						股份總數 作爲一部分購買 公開宣佈 計劃或方案						最大數量的 尚未上市的股票 下申購 計劃或方案
10月1日至31日			331,587						$	33					331,587						24,244,162
11月1日至30日			1,644,481						$	33					1,644,481						22,599,681
12月1日至12月31日			1,066,604						$	33					1,066,604						21,533,240
			3,042,672						$	33					3,042,672

2023年8月，公司董事會授權公司酌情回購最多1000万股普通股，沒有金額限制或到期日。2024年7月，公司董事會授權公司酌情回購最多2440万股普通股，沒有金額限制或到期日。截至2024年12月31日，2024年7月授權仍有2150万股股票。截至2024年12月31日的季度，該公司酌情回購了300万股股票。

根據股份回購授權，公司的普通股可以通過規則10 b5 -1交易計劃和公開市場酌情購買、大宗交易、加速股份回購或私下談判交易中的任何一種或多種購買。回購授權沒有到期日，但可以隨時暫停、修改或終止。

該公司維持資本配置政策，以（i）爲The Hardire戰略計劃提供資金，包括相關資本支出，（ii）支付股息和（iii）行使酌情股票回購。該政策旨在支持提高公司長期價值並向股東返還任何多餘現金所需的投資。

分配用於股份回購的資本金額由公司董事會定期批准，並考慮公司隨着時間的推移的預期現金流。回購股份的具體數量（如有）和回購時間由公司管理層不時確定，並將取決於多種因素，包括股價、交易量和總體市場狀況，以及運營資金要求、總體業務狀況和其他因素。

哈雷戴維森公司2020年激勵股票計劃和2022年激勵股票計劃（激勵計劃）和前身股票計劃允許參與者通過選擇（a）讓公司預扣根據獎勵原本可發行的股份來滿足與計劃獎勵相關的所有或部分法定聯邦、州和地方預扣稅義務，（b）返還與此類獎勵相關的收到的股份或（c）交付其他先前擁有的股份，在每種情況下其價值等於預扣金額。2024年第四季度，公司收購了員工向公司提交的585股普通股，以支付與限制性股票單位和績效股票歸屬相關的預扣稅。

項目12.某些受益所有人和管理層的證券所有權以及相關股東事宜 內 第三部分 本年度報告包含與公司股權薪酬計劃相關的某些信息。

本第5項中的下列信息不被視爲「徵集材料」或已在美國證券交易委員會「存檔」，或不受1934年《證券交易法》第14A或14C條或1934年《證券交易法》第18節規定的責任的約束，也不被視爲通過引用納入根據1933年《證券法》或《1934年證券交易法》提交的任何文件中。除非本公司通過引用明確將其納入此類備案文件：美國證券交易委員會要求本公司包括折線圖，將五年累計普通股回報與基礎廣泛的股票指數和全國公認的行業指數或本公司選擇的同行公司指數進行比較。該公司選擇使用標準普爾(S)MidCap 400指數作爲廣泛指數，使用S MidCap 400消費者可自由支配指數作爲其同行指數。該圖假設2019年12月31日的開始投資爲100美元，所有股息都進行了再投資。

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			2019						2020						2021						2022						2023						2024
哈雷戴維森公司			$	100					$	100					$	104					$	117					$	106					$	88
標準普爾中型400指數			$	100					$	114					$	142					$	123					$	143					$	163
標準普爾中型400消費者自由裁量權指數			$	100					$	131					$	167					$	132					$	164					$	180

第六項。[預留]

項目7.管理層對財務狀況和經營成果的討論和分析

哈雷戴維森公司分三個部門運營：哈雷戴維森汽車公司（HDMC）、LiveWire和哈雷戴維森金融服務公司（HDFS）。除非上下文另有要求，否則所有提及「公司」的內容均包括Harley-Davidson，Inc.及其所有子公司。

「經營結果」部分中包含的「%變化」數字是使用未四捨五入的美元金額計算的，可能與使用所呈現的四捨五入的美元金額計算不同。已排除某些被認爲沒有意義的「%變化」（NM）。

(1)關於前瞻性陳述的注意事項

本公司認爲，本報告中討論的某些事項屬於「前瞻性陳述」，旨在獲得1995年「私人證券訴訟改革法」確立的安全港責任。這些前瞻性陳述通常可以通過參考本腳註或因爲陳述的上下文將包括公司「相信」、「預期」、「預期」、「計劃」、「可能」、「將」、「估計」、「目標」、「打算」、「預測」、「看到」、「承諾」、「假設」、「設想」或類似含義的詞語來識別。同樣，描述或提及未來預期、未來計劃、戰略、目標、展望、目標、指導、承諾或目標的陳述也是前瞻性陳述。此類前瞻性陳述會受到某些風險和不確定因素的影響，這些風險和不確定因素可能會導致實際結果與截至本報告之日預期的結果大不相同、不利或有利。某些此類風險和不確定因素在接近此類陳述的情況下或在本報告的其他地方進行了描述，包括項目1A.危險因素 以及在本文的警告聲明部分 項目7.管理層對財務狀況和經營成果的討論和分析.敦促股東、潛在投資者和其他讀者在評估前瞻性陳述時考慮這些因素，並警告不要過度依賴此類前瞻性陳述。本概述和指導部分包含的前瞻性陳述 項目7.管理層對財務狀況和經營成果的討論和分析 僅於2025年2月5日做出，本報告中的其餘前瞻性陳述僅於本報告提交之日做出

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（2025年2月26日），公司不承擔任何公開更新此類前瞻性陳述以反映後續事件或情況的義務。

概述(1)

2024年，高利率等充滿挑戰的經濟環境對消費者對包括該公司摩托車在內的優質非必需品的需求產生了不利影響。哈雷戴維森公司應占淨利潤2024年爲45540万美元，即稀釋後每股3.44美元，低於2023年的70660万美元，即稀釋後每股4.87美元。由於HDMC部門營業收入下降，2024年合併營業收入較2023年減少36250万美元，但HDFS部門營業收入上升和LiveWire部門營業虧損下降部分抵消了這一影響。

HDMC部門2024年營業收入爲27780万美元，而2023年營業收入爲66120万美元。2024年營業收入減少主要是由於摩托車出貨量下降，摩托車出貨量下降是爲了應對全球摩托車零售銷量下降。營業收入也受到定價、發貨組合、外幣匯率和製造費用變化的不利影響，但與2023年相比原材料成本下降部分抵消。

LiveWire部門2024年營業虧損爲10960万美元，而2023年營業虧損爲11680万美元。2024年營業虧損下降主要是由於營業費用下降，部分被電動平衡自行車和電動摩托車收入下降所抵消。

HDFS部門2024年營業收入爲24840万美元，而2023年營業收入爲23470万美元。營業收入的增加主要是由於利息收入增加，部分被利息費用增加、信用損失撥備增加和營業費用增加所抵消。

哈雷戴維森摩托車的零售額在2024年有所下降，原因是它們受到持續挑戰的宏觀經濟環境的負面影響。與2023年相比，2024年全球經銷商零售單位新款哈雷戴維森摩托車銷量下降了7.1%。2024年，美國和國際市場零售額與2023年相比分別下降3.6%和12.4%。參閱 哈雷戴維森零售 進一步討論零售銷售結果的部分。

影響公司的關鍵因素

供應問題 - 2022年第二季度，該公司收到了二級供應商Proteral Cable America，Inc.的信息。（「PCA」來自日立有線美國公司），有關與PCA制動軟管組件相關的潛在監管合規性問題。因此，出於謹慎考慮，該公司在2022年第二季度暫停了大約兩週的所有車輛組裝和發貨。從那時起，該公司一直在與PCA、該公司的相關一級供應商和國家公路交通安全管理局（NHTSA）（負責美國製動軟管組裝合規的機構）合作解決監管合規問題。

關於這一問題，2022年7月，PCA通知NHTSA，2022年5月至7月期間生產的大量剎車軟管組件不符合NHTSA選定的實驗室測試標準。根據這份文件，該公司於2022年8月向NHTSA通報了相應數量的哈雷-戴維森摩托車，其中包含這些制動軟管組件。2022年10月，PCA修改了最初的通知，擴大了不合規剎車軟管總成的數量，將PCA生產的用於哈雷-戴維森摩托車的部件包括在內，最早從2008年車型開始。2022年12月，該公司修改了8月份的通知，擴大了人口，將哈雷-戴維森摩托車也包括在內，這些摩托車含有PCA新確定的制動軟管總成。2023年3月，PCA再次修改了其NHTSA通知，確定了之前確定的制動軟管組件的其他合規性問題。在PCA 3月份的修正案之後，該公司於2023年5月向NHTSA發出了衍生修正案的通知。

2023年6月，本公司收到PCA的一封信，通知PCA在公司2022年停產後，正在調查PCA生產的制動軟管組件存在的一個新的、潛在的質量問題。由於這一問題，該公司被迫暫停在約克工廠生產的大部分摩托車，並在那裏進行有限的摩托車製造作業約兩週。該公司繼續生產其他摩托車，包括2023年CVO Road Glide和Street Glide，這些摩托車不使用PCA的剎車軟管總成。該公司還繼續在其國際設施中進行正常的摩托車製造業務。關於這一問題，2023年6月下旬，PCA提交了一份新的單獨的NHTSA通知，發現2022年6月至2023年6月期間生產的某些制動軟管組件不符合特定的NHTSA實驗室測試標準。在PCA 2023年6月通知之後，該公司於2023年7月初向NHTSA提交了衍生品通知。

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根據聯邦法律的允許，PCA和該公司均利用NHTSA的標準流程向該機構請願，要求其確定這些合規問題對機動車輛安全無關緊要（「不合規性確定」）。如果NHTSA做出要求的不後果決定，公司將免於對其與這些事項相關的摩托車進行現場行動或召回。

在其不安全請願書中，該公司向NHTSA提交了：（1）廣泛的獨立、第三方和內部測試，證明有爭議的制動軟管組件在極端條件下具有穩健性--遠遠超出了摩托車最大預期壽命要求--並且對制動性能沒有影響;和（2）現實世界的現場安全數據顯示，沒有可歸因於相關受影響人群的已識別合規問題的記錄碰撞或傷害。該公司相信，其請願書與過去成功做出不後果決定的不後果請願書非常相似。該公司還相信，其立場是堅定的，即合規問題對機動車輛安全無關緊要，因此不需要採取現場行動或召回。

基於NHTSA將做出無關緊要的判定的預期，公司預計這些不符合法規的事項不會在未來導致重大成本，到目前爲止還沒有應計成本。然而，可能需要採取現場行動或召回，這可能會導致公司產生材料成本。與任何潛在的實地行動或召回有關的若干變量和不確定性尚不完全清楚，包括但不限於剎車軟管組件和摩托車的數量、所需的具體實地行動或召回、所需維修的複雜性和費用、更換部件的需求和可獲得性、更換部件的供應商以及將參與的摩托車車主數量。根據現有信息和假設，該公司估計，潛在的現場行動或召回的總成本(如果發生)可能從大約14000美元萬到45000美元萬不等。隨着公司對這些監管事項有了更多了解，包括上文討論的變量和不確定性，公司將繼續評估和更新其估計。在2024年期間，該公司調整了估計範圍，以反映更換部件和勞動力的估計成本的變化。可能受到影響的剎車線和摩托車的估計人數保持不變。本公司亦繼續期望美國國家公路交通安全管理局作出所要求的無關緊要的裁定，而這些監管事宜不會導致任何重大的實地行動或召回成本。如果導致材料現場行動或召回，該公司將尋求從供應商那裏全額收回這些金額。

利率- 利率在2024年大部分時間內保持高位，並在2024年下半年開始下降。 隨着各國央行試圖降低通脹，2022年和2023年期間通脹率大幅上升。由於資金成本較高，當前較高的利率環境對HDFS的利息收入利潤率產生了不利影響，而HDFS銷售的融資產品的利率上升僅部分抵消了這一影響。此外，更高的利率對消費者非必需品購買產生了不利影響，例如該公司的摩托車，因爲更高的借貸成本使這些購買變得更難負擔，或影響了消費者獲得融資的能力。

美國和外國的遞增關稅-2025年1月，全球關稅格局開始迅速變化，美國對各種外國徵收關稅，無論是一般關稅還是針對某些產品，其中某些外國對美國實施再平衡關稅，要麼是一般關稅，要麼是某些產品關稅。在某些情況下，美國和某些外國暫時暫停了最近實施的全部或部分關稅。美國繼續實施新的、恢復的或調整後的關稅，該公司預計將繼續實施這一做法。受美國這些關稅影響的外國繼續實施新的、恢復的或調整後的再平衡關稅，該公司預計外國將繼續實施這一做法。美國和外國也可以隨時修改、暫停或撤回各自最近頒佈的關稅。如果最近頒佈的關稅不被修訂、暫停或撤銷，很可能會對公司以當前價格或接近當前價格在國內和國際銷售產品的能力產生負面影響，因爲關稅會影響原材料、零部件和摩托車的成本。

例如，2025年2月10日，美國宣佈對進口美國的鋼鐵和鋁徵收25%的關稅;這些關稅將於2025年3月12日生效。這些關稅與美國2018年對從歐盟進口到美國的鋼鐵和鋁實施的關稅類似。爲了應對2018年鋼鐵和鋁關稅，歐盟對從美國進口到歐盟的某些產品實施了25%的增量再平衡關稅，包括非電動摩托車。2021年4月，歐盟25%的增量再平衡關稅開始適用於該公司從美國和泰國的製造設施進口到歐盟的摩托車。2021年10月21日，美國和歐盟同意暫停這些關稅，歐盟暫停其增量關稅的規定將於2025年3月31日到期。如果歐盟關稅暫停期到期且不發生變化，該公司所有進口到歐盟的摩托車將被徵收總計56%的關稅。

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部分基於歐盟實施2018年增量再平衡關稅的歷史，該公司預計包括歐盟在內的其他國家將實施再平衡關稅，以回應美國於2025年2月10日宣佈的鋼鐵和鋁關稅。由於歐盟於2018年實施的再平衡關稅適用於該公司的摩托車，歐盟或其他國家可能爲應對2025年鋼鋁關稅而實施的再平衡關稅可能適用於該公司的摩托車。歐盟也有可能在2018年3月31日或更早到期時恢復2018年再平衡關稅，對該公司進口到歐盟的摩托車徵收56%的關稅。 美國最近頒佈或可能頒佈的關稅和再平衡關稅除了影響摩托車的成本外，還可能增加用於製造該公司摩托車和其他產品的零部件和材料的成本。生產成本的提高可能會使美國和外國消費者更難負擔該公司的摩托車和其他產品，並對消費者需求產生負面影響。

此外，2024年11月，歐洲法院駁回了該公司對2021年撤銷約束原產地信息（BOI）決定的上訴。在撤銷之前，BOI的決定允許該公司以6%的稅率向歐盟市場供應其泰國製造工廠生產的某些摩托車。由於撤銷，該公司泰國製造工廠向歐盟市場供應的產品將受到與該公司美國製造工廠向歐盟市場供應的產品相同的關稅稅率。該公司繼續就其暫時延長依賴6%稅率（適用於在泰國生產並於2021年4月19日之前訂購的摩托車）的申請被拒絕提出上訴，儘管無法保證上訴將繼續或成功。

鑑於圍繞當前全球關稅格局的不確定性，本公司的前瞻性指導不包括已經或可能在2025年實施、恢復或調整的關稅的影響。該公司計劃在2025年第一季度的收益披露中提供更多有關關稅及其影響的信息。本公司相信已採取並將繼續採取其認爲適當的一切行動，以減輕關稅的潛在影響，並計劃繼續採取其認爲適當的預防措施。由於涉及可能對進口到美國的產品徵收的關稅，該公司在加拿大或墨西哥沒有生產，在美國銷售的核心產品系列(Grand American Touring、Trike和Cruiser)的所有摩托車都在美國製造。此外，與該公司熟練的工會勞動力合作在美國製造的摩托車佔其北美利潤的絕大部分，其大部分採購也是以美國爲中心的。

導向(1)

2025年2月5日，公司公佈了對2025年的以下預期：

該公司預計，2025年HDMC收入將與2024年持平，下降5%，與其預期哈雷戴維森摩托車向經銷商的批發發貨量將與2024年持平，下降5%。 此外，公司預計2025年收入將受到定價的積極影響，部分被外幣匯率的負面影響所抵消。該公司還預計，與2024年相比，2025年HDMC收入將呈現出不同的季節性節奏，當時上半年的批發發貨受到其全新Grand American Touring摩托車的推出發貨的有利影響。因此，該公司預計2025年上半年的批發出貨量將與2024年上半年相比下降兩位數。

該公司預計2025年哈雷戴維森摩托車的全球經銷商零售單位銷量將與2024年持平。因此，假設2025年批發出貨量處於公司預期範圍的中間，公司預計2025年年底經銷商新款哈雷戴維森摩托車庫存將比2024年底減少10%以上。公司預計經銷商庫存水平的下降將在2025年上半年最爲明顯，屆時2025年上半年末經銷商庫存預計將比2024年上半年末下降30%以上。

該公司預計2025年HDMC營業收入利潤率佔收入的百分比將爲7.0%至8.0%。該公司相信，2025年的營業收入利潤率將受到定價和員工人數減少以及與保修相關的預期節省所推動的營業費用下降的有利影響。該公司預計，與2024年相比，這些有利影響將被批發單位銷量下降的不利影響以及由此產生的單位成本上升、不利的外幣匯率以及推出新車型Cruiser摩托車所導致的貨運結構不利變化的不利影響部分抵消。

該公司預計2025年LiveWire摩托車銷量爲1，000至1，500輛，LiveWire運營虧損爲7000万至8000万美元。該系列的運營業績比2024年提高了約35%，同時摩托車銷量增加了60%至145%。此外，公司預計2025年經營活動使用現金

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related to the LiveWire segment to decrease approximately $45 million or 48% compared to 2024 and cash used by investing activities related to the LiveWire segment to increase approximately $2 million or 30% compared to 2024.

該公司預計2025年HDFS營業收入將比2024年下降10%至15%。該公司預計HDFS利息收入將受到應收賬款下降的影響，因爲批發應收賬款受到經銷商庫存水平下降的影響，預計這將推動批發應收賬款下降，而零售應收賬款則因近年來零售起源減少而減少。此外，考慮到2025年的預期利率環境，該公司預計HDFS將以更高的利率對部分債務投資組合進行再融資，因此與2024年相比，該公司預計HDFS將產生更高的借貸成本。該公司還預計，隨着消費者適應宏觀經濟環境和公司的零售融資應收賬款組合，HDFS的信用損失撥備將穩定下來，預計與2024年相比，零售融資應收賬款組合將增加。

該公司預計2025年每股稀釋收益將與2024年持平，下降5%。該公司預計每股稀釋收益將受到上述分部經營業績的影響、與養老金計劃和LiveWire認股權相關的其他非營業收入下降、投資收入下降以及考慮到2024年某些離散稅收調整的好處而提高的有效所得稅率預計不會在2025年重演。此外，公司預計2025年稀釋每股收益將受到較低加權平均股的有利影響。

2022年，該公司制定了成本生產率目標，到2025年消除自2020年以來產生的40000美元萬增量成本。公司致力於生產效率、物流網絡優化和供應商成本優化。這一目標最初包括製造槓桿約5,000美元萬至7,000美元萬的積極影響，這是基於與增加產量相關的每輛摩托車固定成本預期的降低。鑑於2023年和2024年生產量減少，公司通過消除製造業槓桿的影響和提高其他領域的生產率目標來調整2024年的目標，以維持原來的目標。剔除製造業槓桿的影響，該公司在2022年實現了約2,400美元的萬生產力節約，2023年實現了約12300美元的萬節約。之前報告的生產率節約，包括製造業槓桿(無論是正向還是負向)的影響，在2022年和2023年分別約爲5,000美元萬和7,000美元萬。該公司在2024年實現了大約11000美元的萬成本生產率節約，自2022年初以來，總生產率節省了25700美元萬。該公司預計在2025年實現10000美元的萬生產力節約，到2025年底，預計總生產力節省35700美元萬，低於40000美元萬的目標。該公司預計，2026年的持續努力將在2026年帶來10000美元的萬生產力節約，到2026年底，總生產力節約將超過40000美元萬。

該公司預計2025年的資本投資將在225萬美元至25000万美元之間。該公司計劃繼續投資於支持硬線戰略的產品開發和能力增強。該公司的重點仍然是核心產品創新、投資製造以實現自動化和降低成本以提高生產力以及計劃對LiveWire的投資。

該公司的資本配置優先事項是通過The HardWire計劃爲盈利增長提供資金、支付股息以及酌情執行股票回購。該公司計劃從2024年第三季度到2026年底酌情回購總計約10亿美元的股票。該公司在2024年第三和第四季度酌情購買了25000万美元的股票，並計劃在2025年酌情回購35000万美元的股票。

從長遠來看，假設2026年宏觀經濟狀況有所改善，公司預計2026年HDMC營業收入利潤率將實現穩健的改善。根據公司在2024年採取的行動和對2025年的預期，公司預計2026年的生產、批發發貨和零售銷量將保持一致。該公司預計，這將使其在2026年實現兩位數的HDMC營業收入利潤率，在2026年提高至2026年後的15%，這是基於多種因素的綜合，包括每年推出令人興奮的產品組合支持的預計銷量小幅增長。這與該公司之前的計劃有所不同，即到2025年底實現HDMC營業收入利潤率15%，並將在2026年全年保持這一水平。

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2024年運營結果與2023年相比

綜合業績

(in數千，每股收益除外）			2024						2023						增加 (減少)
營業收入- HDMC			$	277,844					$	661,151					$	(383,307)
營業虧損- LiveWire			(109,639)						(116,809)						7,170
營業收入- HDFS			248,422						234,742						13,680
營業收入			416,627						779,084						(362,457)
其他淨收入			72,295						71,808						487
投資收益			58,964						46,771						12,193
利息開支			30,748						30,787						(39)
稅前收入			517,138						866,876						(349,738)
所得稅撥備			71,963						171,830						(99,867)
淨收入			445,175						695,046						(249,871)
減：非控股權益應占虧損			10,182						11,540						(1,358)
哈雷戴維森公司應占淨利潤			$	455,357					$	706,586					$	(251,229)
稀釋後每股收益			$	3.44					$	4.87					$	(1.43)

該公司報告稱，2024年營業收入爲41660万美元，低於2023年的77910万美元，原因是HDMC部門營業收入下降，部分被HDFS和LiveWire部門經營業績改善所抵消。HDMC部門報告營業收入爲27780万美元，而2023年爲66120万美元。與2023年相比，LiveWire部門的運營虧損減少了720万美元。與2023年相比，HDFS部門的營業收入增加了1370万美元。請參閱HDMC部門、LiveWire部門和HDFS部門的討論，了解影響經營業績的因素的更詳細分析。

2024年其他淨收入受到與LiveWire 2024年的擔保憑證負債公允價值下降相關的收入的影響，而2023年的增加，但部分被與公司設定福利計劃相關的營業外收入下降所抵消。受現金等值物收入增加的推動，2024年投資收入較2023年有所增加。

該公司2024年的實際所得稅率爲13.9%，而2023年的實際所得稅率爲19.8%。該公司2024年的有效稅率受到了某些非美國司法管轄區收入組合的有利影響，這些司法管轄區的法定稅率較低，或享有與持續投資研發相關的有利免稅期和稅收優惠。參閱 合併財務報表附註3 以進一步討論公司的有效稅率。

2024年每股稀釋收益爲3.44美元，而2023年爲4.87美元，淨利潤下降導致的下降部分被較2023年較低加權平均股的好處所抵消。稀釋加權平均流通股從2023年的14510万股減少至2024年的13230万股，主要是由於回購普通股。

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哈雷戴維森摩托車零售和註冊數據

哈雷戴維森摩托車零售(a)

新款哈雷戴維森摩托車的零售單位銷售額如下：

			2024						2023						增加 (減少)						更改百分比
美國			94,930						98,468						(3,538)						(3.6)		%
加拿大			7,093						7,422						(329)						(4.4)
北美			102,023						105,890						(3,867)						(3.7)
歐洲/中東/非洲（EMEA）			24,082						27,005						(2,923)						(10.8)
亞太			22,213						26,953						(4,740)						(17.6)
拉丁美洲			2,911						2,923						(12)						(0.4)
			151,229						162,771						(11,542)						(7.1)		%

(a)上述零售銷售數據的數據來源是經銷商提供並由公司編制的新銷售保修和登記信息。公司必須依賴其經銷商提供的有關新零售銷售的信息，並且公司不會定期核實其經銷商提供的信息。此信息可能會修訂。

與2023年相比，2024年全球新款哈雷戴維森摩托車零售額下降了7.1%，主要原因是北美、歐洲和亞太地區的銷量下降。

北美零售額下降是由美國零售額下降推動的，而美國零售額下降受到持續充滿挑戰的宏觀經濟環境的負面影響，其中包括高利率對消費者可自由支配支出產生不利影響。亞太地區和歐洲的零售銷售疲軟，這主要是由於宏觀經濟狀況具有挑戰性。在亞太地區，零售額下降主要是由於日本和中國的銷售額下降，而歐洲零售單位銷售額下降是由於德國及周邊地區的銷售額下降。

儘管零售額總體下降，但由於該公司推出了更新的Grand American Touring摩托車並繼續專注於其利潤最高的產品，包括Trike摩托車在內的Grand American Touring摩托車的北美零售額在2024年比2023年增長了超過8%。

截至2024年底，全球新型摩托車零售庫存約爲48，000輛，比2023年底下降約5%。新摩托車的零售庫存基於每個期末的經銷商庫存單位。

摩托車註冊數據- 601+cc（a）（d）

該公司的哈雷戴維森摩托車2024年新註冊601+cc摩托車的美國市場份額爲37.3%，較2023年下降0.6個百分點（資料來源：摩托車行業委員會）。2024年，該公司的哈雷戴維森摩托車在新註冊的601+cc摩托車中的歐洲市場份額爲5.0%，比2023年上升0.2個百分點（資料來源：管理服務Helwig Schmitt GmbH）。參閱 項目1.業務 獲取更多市場份額信息。

新型摩托車行業登記數據如下：

			2024						2023						增加						更改百分比
美國(b)			253,156						256,710						(3,554)						(1.4)		%
歐洲(c)			516,260						473,486						42,774						9.0		%

(a)數據包括內燃機排氣量大於600 cc的道路車型和千瓦峰值功率當量大於600 cc（601 + cc）的電動摩托車。601 + cc公路車型包括兩用車型、三輪摩托車和摩托車。

(b)美國行業數據來自摩托車工業委員會提供的信息。此第三方數據可能會進行修訂和更新。

(c)歐洲數據包括奧地利、比利時、丹麥、芬蘭、法國、德國、意大利、盧森堡、荷蘭、挪威、西班牙、瑞典、瑞士和英國。行業數據來自管理服務公司Helwig Schmitt GmbH提供的信息。此第三方數據可能會進行修訂和更新。

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(d)該行業和哈雷戴維森的新摩托車註冊由第三方來源提供或衍生自第三方來源。新的摩托車登記包括消費者登記（零售登記），以及較小程度上的製造商、分銷商和經銷商登記（非零售登記），例如，登記示範車隊。2024年下半年，製造商（包括公司）、分銷商和經銷商通過非零售註冊對部分摩托車進行了註冊，以使這些摩托車符合新的歐5+排放標準，以便在2024年12月31日之後進行後續零售。因此，與2023年和2022年相比，哈雷戴維森2024年歐洲新摩托車註冊量中2024年非零售註冊量的比例更高。雖然該公司認爲2024年歐洲的行業註冊也受到類似的影響，但它無法獲得證實這一點所需的信息。

HDMC部門

哈雷戴維森摩托車單位發貨

批發摩托車單元發貨量如下：

			2024												2023												單位						單位
			單位						Mix %						單位						Mix %						增加 (減少)						更改百分比
摩托車單位：
美國			94,075						63.2		%				113,867						63.3		%				(19,792)						(17.4)		%
國際			54,787						36.8		%				66,117						36.7		%				(11,330)						(17.1)
			148,862						100.0		%				179,984						100.0		%				(31,122)						(17.3)		%
摩托車單位：
美國大巡演(a)			85,757						57.6		%				92,683						51.6		%				(6,926)						(7.5)		%
巡洋艦			46,235						31.1		%				63,945						35.5		%				(17,710)						(27.7)
運動型和輕量級			12,335						8.3		%				18,228						10.1		%				(5,893)						(32.3)
冒險之旅			4,535						3.0		%				5,128						2.8		%				(593)						(11.6)
			148,862						100.0		%				179,984						100.0		%				(31,122)						(17.3)		%

(a)包括三輪車

2024年，HDMC在全球發貨了148，862輛摩托車，比2023年下降了17.3%。出貨量的減少與公司2024年計劃一致，其中包括調整批發和零售銷售，因爲經銷商和公司採取行動，根據當前的零售環境調整經銷商庫存水平。

與2023年相比，2024年發貨的摩托車包括更高的Grand American Touring摩托車組合，佔總發貨量的百分比，以在推出全新Grand American Touring摩托車後提高客戶最想要的車型的可用性。

分部業績

HDMC部門的簡明運營報表如下（以千計）：

			2024						2023						增加 (減少)						% 變化
收入：
摩托車			$	3,137,331					$	3,798,977					$	(661,646)					(17.4)		%
零件和配件			651,964						698,095						(46,131)						(6.6)
服裝			237,270						244,333						(7,063)						(2.9)
發牌			22,748						28,599						(5,851)						(20.5)
其他			72,593						74,590						(1,997)						(2.7)
			4,121,906						4,844,594						(722,688)						(14.9)
銷貨成本			2,967,068						3,278,052						(310,984)						(9.5)
毛利			1,154,838						1,566,542						(411,704)						(26.3)
業務費用			876,994						905,391						(28,397)						(3.1)		%
營業收入			$	277,844					$	661,151					$	(383,307)					(58.0)		%
營業利潤率			6.7		%				13.6		%				(6.9)						重量份

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影響2023年至2024年收入、銷售成本和毛利潤變化的重大因素的估計影響如下（單位：百萬）：

			收入						銷貨成本						毛利
2023			$	4,844.6					$	3,278.1					$	1,566.5
體積			(736.5)						(495.7)						(240.8)
價格			(33.1)						—						(33.1)
外幣匯率和對沖			(17.5)						(0.8)						(16.7)
發貨組合			64.4						73.4						(9.0)
原材料價格			—						(14.4)						14.4
製造和其他成本			—						126.5						(126.5)
			(722.7)						(311.0)						(411.7)
2024			$	4,121.9					$	2,967.1					$	1,154.8

以下因素影響了2023年至2024年淨收入、銷售成本和毛利的變化：

•銷量下降主要是由於摩托車批發發貨量下降。

•2023年底取消定價附加費和2024年微調定價策略對收入產生了不利影響，但2023年第四季度促銷成本上升部分抵消了這一影響，但2024年並未再次發生。

•收入和毛利潤受到相對於美元匯率疲軟以及與資產負債表重新計量相關的淨外幣影響的負面影響，以及在銷售成本中記錄的不良影響。

•摩托車發貨結構的變化對收入產生了有利影響，主要是由於與2023年相比，2024年摩托車從Cruiser車型轉向價格更高的Grand American Touring車型。發貨結構對毛利潤的影響主要受到Grand American Touring摩托車系列內與該公司2024年款摩托車中包含的新產品功能和升級相關的增量成本的不利影響。服裝和許可部門結構的不利變化也對發貨結構產生了負面影響。

•原材料成本低於上年。

•製造業和其他成本受到不利的製造業槓桿的負面影響，該槓桿與產量下降、通脹持續溫和以及支付與威斯康星州小時工新集體談判協議相關的批准獎金導致單位固定成本上升有關。這些負面影響被供應鏈生產力的提高部分抵消。

2024年的運營費用低於2023年，原因是人員成本（包括薪酬和福利成本）下降，以及由於公司繼續注重成本紀律和提高生產力，其他可自由支配支出減少。

LiveWire Segment

Segment Results

Condensed statements of operations for the LiveWire segment were as follows (in thousands, except unit shipments):

			2024						2023						(Decrease) Increase						% Change
Revenue			26,358						38,298						(11,940)						(31.2)
Cost of goods sold			38,872						44,254						(5,382)						(12.2)
Gross profit			(12,514)						(5,956)						(6,558)						110.1
Selling, administrative and engineering expense			97,125						110,853						(13,728)						(12.4)
Operating loss			$	(109,639)					$	(116,809)					$	7,170					(6.1)		%
LiveWire motorcycle unit shipments			612						660						(48)						(7.3)		%

During 2024, revenue decreased by $11.9 million, or 31.2%, compared to 2023. The decrease was primarily due to lower volumes of electric balance bikes and electric motorcycles as well as a lower average prices on electric motorcycles. Cost of

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sales decreased by $5.4 million, or 12.2%, during 2024 compared to 2023 on lower volumes of electric balance bikes and electric motorcycles.

During 2024, selling, administrative and engineering expense decreased $13.7 million, or 12.4%, compared to 2023 largely as a result of lower product development costs and cost reduction initiatives.

HDFS Segment

Segment Results

Condensed statements of operations for the HDFS segment were as follows (in thousands):

			2024						2023						(Decrease) Increase						% Change
HDFS revenue:
Interest income			$	890,836					$	802,078					$	88,758					11.1		%
Other income			147,702						151,508						(3,806)						(2.5)
			1,038,538						953,586						84,952						8.9
HDFS expenses:
Interest expense			371,766						332,380						39,386						11.8
Provision for credit losses			247,225						227,158						20,067						8.8
Operating expenses			171,125						159,306						11,819						7.4
			790,116						718,844						71,272						9.9
Operating income			$	248,422					$	234,742					$	13,680					5.8		%

Interest income was higher in 2024 compared to 2023, primarily due to higher average outstanding finance receivables at a higher average yield. Other income decreased largely due to lower licensing revenue partially offset by higher insurance-related income. Interest expense increased due to higher average interest rates on higher outstanding debt and deposits.

The provision for credit losses increased $20.1 million compared to 2023 due to higher actual retail and wholesale credit losses partially offset by a favorable change in the allowance for credit losses. The favorable change in the allowance for credit losses was largely due to a decrease in retail receivables, partially offset by a larger increase in the wholesale reserve on increased portfolio risk, as compared to 2023. The allowance for credit losses considers current economic conditions and the Company's outlook on future conditions. At the end of 2024, the Company's outlook on economic conditions and its probability weighting of its economic forecast scenarios was weighted toward more pessimistic scenarios given continued challenging macro-economic conditions, including a persistently high interest rate environment and muted consumer confidence. The Company's expectations surrounding its economic forecasts may change in future periods as additional information becomes available.

Annual retail credit losses on the Company's retail motorcycle loans were 3.31% during 2024 compared to 3.00% in 2023. The 30-day delinquency rate for retail motorcycle loans at December 31, 2024 increased to 5.34% from 5.09% at December 31, 2023. The unfavorable retail credit loss and delinquency performance were driven by several factors connected to the macro-economic environment and the related customer and industry dynamics, including the impact of higher motorcycle payments and general inflationary pressures on retail customers. Additionally, the Company continues to experience downward pressure on recovery values at auction. Wholesale credit losses were $1.5 million higher than 2023 driven by the charge-off of finance receivables related to two troubled dealers.

Operating expenses were higher in 2024 compared to 2023 due in part to increased repossession costs, insurance-related expenses, and foreign currency losses, partially offset by lower employee-related costs.

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Changes in the allowance for credit losses on finance receivables were as follows (in thousands): 

			2024						2023
Balance, beginning of period			$	381,966					$	358,711
Provision for credit losses			247,225						227,158
Charge-offs, net of recoveries			(228,008)						(203,903)
Balance, end of period			$	401,183					$	381,966

    

At December 31, 2024, the allowance for credit losses on finance receivables was $378.4 million for retail receivables and $22.8 million for wholesale receivables. At December 31, 2023, the allowance for credit losses on finance receivables was $367.0 million for retail receivables and $14.9 million for wholesale receivables.

Refer to Note 6 of the Notes to Consolidated financial statements for further discussion regarding the Company’s allowance for credit losses on finance receivables.

Results of Operations 2023 Compared to 2022

Consolidated Results

(in thousands, except earnings per share)			2023						2022						Increase (Decrease)
Operating income - HDMC			$	661,151					$	677,087					$	(15,936)
Operating loss - LiveWire			(116,809)						(85,315)						(31,494)
Operating income - HDFS			234,742						317,506						(82,764)
Operating income			779,084						909,278						(130,194)
Other income, net			71,808						48,652						23,156
Investment income			46,771						4,538						42,233
Interest expense			30,787						31,235						(448)
Income before income taxes			866,876						931,233						(64,357)
Income tax provision			171,830						192,019						(20,189)
Net income			695,046						739,214						(44,168)
Less: Loss attributable to noncontrolling interests			11,540						2,194						9,346
Net income attributable to Harley-Davidson, Inc.			$	706,586					$	741,408					$	(34,822)
Diluted earnings per share			$	4.87					$	4.96					$	(0.09)

The Company reported operating income of $779.1 million in 2023 compared to $909.3 million in 2022. The HDMC segment reported operating income of $661.2 million compared to $677.1 million in 2022. Operating loss from the LiveWire segment increased $31.5 million compared to 2022. Operating income from the HDFS segment decreased $82.8 million compared to 2022. Refer to the HDMC Segment, LiveWire Segment and HDFS Segment discussions for a more detailed analysis of the factors affecting operating results.

Other income, net in 2023 was impacted by higher non-operating income related to the Company's defined benefit plans, partially offset by a loss related to an increase in the fair value of LiveWire's warrants. Investment income increased in 2023 as compared to 2022 driven by higher income from cash equivalents and investments in marketable securities.

The Company's effective income tax rate for 2023 was a 19.8% expense compared to a 20.6% expense for 2022. The Company's 2023 effective tax rate was favorably impacted by discrete income tax benefits recorded during the year. Refer to Note 3 of the Notes to Consolidated financial statements for further discussion regarding the Company’s effective tax rate.

Diluted earnings per share was $4.87 in 2023 compared to $4.96 in 2022. Diluted weighted average shares outstanding decreased from 149.4 million in 2022 to 145.1 million in 2023 primarily due to repurchases of common stock, which benefited diluted earnings per share.

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Harley-Davidson Motorcycle Retail Sales and Registration Data

Harley-Davidson Motorcycle Retail Sales(a)

Retail unit sales of new Harley-Davidson motorcycles were as follows:

			2023						2022						Increase (Decrease)						% Change
United States			98,468						109,190						(10,722)						(9.8)		%
Canada			7,422						7,924						(502)						(6.3)
North America			105,890						117,114						(11,224)						(9.6)
Europe/Middle East/Africa (EMEA)			27,005						30,510						(3,505)						(11.5)
Asia Pacific			26,953						27,905						(952)						(3.4)
Latin America			2,923						2,922						1						—
			162,771						178,451						(15,680)						(8.8)		%

(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.

Worldwide retail sales of new motorcycles decreased 8.8% during 2023 compared to 2022 driven primarily by a decline in North America.

North America retail sales were adversely impacted by macro-economic conditions and changes in product as the Company focused on more profitable models. During 2023, the Company believes high interest rates continued to impact consumer discretionary purchases. Additionally, retail sales were impacted by the discontinuation of legacy Sportster models at the end of 2022 as the Company shifted to the more profitable Sport models in 2023. The decline in EMEA was primarily driven by challenging economic conditions and a planned unit mix shift towards more profitable core motorcycle models. In Asia Pacific, retail sales growth was strong in the first half of the year, but slowed in the second half of the year, with modest annual growth in Japan offset by a decline in Australia and South Korea.

Worldwide retail inventory of new motorcycles was up approximately 55% at the end of the fourth quarter of 2023 compared to the end of the fourth quarter of 2022, but remained nearly 15% lower than levels experienced at the end of the fourth quarter of 2019. Changes in retail inventory of new motorcycles are calculated based on units at the end of each quarter.

The Company's Harley-Davidson motorcycle U.S. market share of new 601+cc motorcycles for 2023 was 37.9%, down 3.3 percentage points compared to 2022 (Source: Motorcycle Industry Council). The Company's Harley-Davidson motorcycle European market share of new 601+cc motorcycles for 2023 was 4.8%, down 1.3 percentage points compared to 2022 (Source: Management Services Helwig Schmitt GmbH).

Motorcycle Registration Data - 601+cc(a)

Industry registration data for new motorcycles was as follows:

			2023						2022						Increase						% Change
United States(b)			256,710						264,367						(7,657)						(2.9)		%
Europe(c)			473,486						406,145						67,341						16.6		%

(a)Data includes on-road models with internal combustion engines with displacements greater than 600cc's and electric motorcycles with kilowatt peak power equivalents greater than 600cc's (601+cc). On-road 601+cc models include dual purpose models, three-wheeled motorcycles and autocycles.

(b)United States industry data is derived from information provided by Motorcycle Industry Council. This third-party data is subject to revision and update.

(c)Europe data includes Austria, Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Norway, Spain, Sweden, Switzerland, and the United Kingdom. Industry data is derived from information provided by Management Services Helwig Schmitt GmbH. This third-party data is subject to revision and update.

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HDMC Segment

Harley-Davidson Motorcycle Unit Shipments

Wholesale motorcycle unit shipments were as follows:

			2023												2022												Unit						Unit
			Units						Mix %						Units						Mix %						Increase (Decrease)						% Change
Motorcycle Units:
United States			113,867						63.3		%				118,836						61.4		%				(4,969)						(4.2)		%
International			66,117						36.7		%				74,691						38.6		%				(8,574)						(11.5)
			179,984						100.0		%				193,527						100.0		%				(13,543)						(7.0)		%
Motorcycle Units:
Grand American Touring(a)			92,683						51.6		%				89,849						46.4		%				2,834						3.2		%
Cruiser			63,945						35.5		%				59,010						30.5		%				4,935						8.4
Sport and Lightweight			18,228						10.1		%				33,894						17.5		%				(15,666)						(46.2)
Adventure Touring			5,128						2.8		%				10,774						5.6		%				(5,646)						(52.4)
			179,984						100.0		%				193,527						100.0		%				(13,543)						(7.0)		%

(a)Includes CVOTM and Trike

HDMC shipped 179,984 motorcycles worldwide during 2023, which was 7.0% lower than during 2022 and in line with the decrease in retail sales during 2023. HDMC's shipments during 2023 were adversely impacted by market conditions and the discontinuation of legacy Sportster models in North America at the end of 2022 as the Company shifted to more profitable Sport models in 2023.

The motorcycles shipped during 2023 compared to 2022 included a higher mix of Grand American Touring and Cruiser motorcycles as a percent of total shipments and a lower mix of Sport and Lightweight and Adventure Touring motorcycles reflecting the Company's focus on more profitable models. A limited number of select model year 2024 motorcycles, representing approximately 2% of total 2023 shipments, were shipped in late 2023 to better position Harley-Davidson dealers for the launch of the new 2024 model year motorcycles.

Segment Results

Condensed statements of operations for the HDMC segment were as follows (in thousands):

			2023						2022						Increase (Decrease)						% Change
Revenue:
Motorcycles			$	3,798,977					$	3,787,484					$	11,493					0.3		%
Parts and accessories			698,095						$	731,645					(33,550)						(4.6)
Apparel			244,333						$	271,107					(26,774)						(9.9)
Licensing			28,599						$	39,423					(10,824)						(27.5)
Other			74,590						$	58,013					16,577						28.6
			4,844,594						$	4,887,672					(43,078)						(0.9)
Cost of goods sold			3,278,052						$	3,359,799					(81,747)						(2.4)
Gross profit			1,566,542						$	1,527,873					38,669						2.5
Operating expenses			905,391						$	850,786					54,605						6.4		%
Operating income (loss)			$	661,151					$	677,087					$	(15,936)					(2.4)		%
Operating margin			13.6		%				13.9		%				(0.3)						pts.

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The estimated impacts of the significant factors affecting the change in revenue, cost of goods sold and gross profit from 2022 to 2023 were as follows (in millions):

			Revenue						Cost of Goods Sold						Gross Profit
2022			$	4,887.7					$	3,359.8					$	1,527.9
Volume			(364.0)						(232.8)						(131.2)
Price			139.0						—						139.0
Foreign currency exchange rates and hedging			(26.7)						27.3						(54.0)
Shipment mix			208.6						75.6						133.0
Raw material prices			—						(38.2)						38.2
Manufacturing and other costs			—						86.4						(86.4)
			(43.1)						(81.7)						38.6
2023			$	4,844.6					$	3,278.1					$	1,566.5

The following factors affected the change in net revenue, cost of goods sold and gross profit from 2022 to 2023:

•The decrease in volume was primarily due to lower wholesale motorcycle shipments.

•Revenue benefited from higher prices on new model year 2023 motorcycles partially offset by higher promotional costs in the fourth quarter of 2023. A portion of these promotional costs involved promotions that will continue into calendar year 2024 to promote the sale of model year 2023 carryover inventory at dealers.

•Revenue and gross profit were negatively impacted by weaker foreign currency exchange rates relative to the U.S. dollar as well as less favorable net foreign currency impacts associated with hedging and balance sheet remeasurements recorded in cost of goods sold.

•Changes in the shipment mix had a favorable impact on gross profit.

•Raw material costs benefited from a decline in prices, primarily related to metals.

•Manufacturing and other costs were negatively impacted by continued moderate inflation, higher costs associated with producing fewer units than in 2022 and supply challenges, partially offset by productivity savings, including a reduced reliance on expedited modes of freight.

Operating expenses were higher in 2023 compared to 2022 as the Company continued to execute Hardware strategic priorities and included higher spending related to marketing and advertising and employee-related costs.

LiveWire Segment

Segment Results

Condensed statements of operations for the LiveWire segment were as follows (in thousands, except unit shipments):

			2023						2022						(Decrease) Increase						% Change
Revenue			38,298						46,833						(8,535)						(18.2)
Cost of goods sold			44,254						43,929						325						0.7
Gross profit			(5,956)						2,904						(8,860)						(305.1)
Selling, administrative and engineering expense			110,853						88,219						22,634						25.7
Operating loss			(116,809)						(85,315)						$	(31,494)					36.9		%
LiveWire motorcycle unit shipments			660						597						63						10.6		%

During 2023, revenue decreased by $8.5 million, or 18.2%, compared to 2022. The decrease was primarily due to lower volumes of electric balance bikes and lower average prices on electric motorcycles, partially offset by higher volumes of electric motorcycles. Cost of sales increased by $0.3 million, or 0.7%, during 2023 compared to 2022 on higher volumes of electric motorcycles.

During 2023, selling, administrative and engineering expense increased $22.6 million, or 25.7%, compared to 2022 driven by higher product development costs as well as higher costs associated with standing up the new organization.

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HDFS Segment

Segment Results

Condensed statements of operations for the HDFS segment were as follows (in thousands):

			2023						2022						(Decrease) Increase						% Change
HDFS revenue:
Interest income			$	802,078					$	693,615					$	108,463					15.6		%
Other income			151,508						127,010						24,498						19.3
			953,586						820,625						132,961						16.2
HDFS expenses:
Interest expense			332,380						217,653						114,727						52.7
Provision for credit losses			227,158						145,133						82,025						56.5
Operating expenses			159,306						140,333						18,973						13.5
			718,844						503,119						215,725						42.9
Operating income			$	234,742					$	317,506					$	(82,764)					(26.1)		%

Interest income was higher in 2023 compared to 2022, primarily due to higher average outstanding finance receivables at a higher average yield. Other income increased largely driven by higher investment and licensing income, partially offset by unfavorable insurance revenue. Interest expense increased due to higher average outstanding debt at higher average interest rates.

The provision for credit losses increased $82.0 million compared to 2022 on higher actual retail credit losses and an increase in the allowance for credit losses. The allowance for credit losses increased on a higher reserve rate resulting from unfavorable loss performance and the Company’s outlook on economic conditions, partially offset by lower receivables growth. The Company’s probability weighting of its economic forecast scenarios was weighted towards a near-term recession given continued challenging macro-economic conditions including a persistently high interest rate environment, ongoing elevated inflation levels and muted consumer confidence. The Company’s expectations surrounding its economic forecasts may change in future periods as additional information becomes available.

Annual losses on the Company's retail motorcycle loans were 3.00% during 2023 compared to 1.88% in 2022. The 30-day delinquency rate for retail motorcycle loans at December 31, 2023 increased to 5.09% from 4.50% at December 31, 2022. The unfavorable retail credit loss and delinquency performance were driven by several factors connected to the macro-economic environment and the related customer and industry dynamics, including the impact of higher motorcycle payments and general inflationary pressures on customers. Additionally, the Company continued to experience downward pressure on recovery values at auction.

Operating expenses were higher in 2023 compared to 2022 due in part to higher employee-related and repossession costs combined with a loss resulting from a change in value of a securitization interest rate cap derivative.

Changes in the allowance for credit losses on finance receivables were as follows (in thousands): 

			2023						2022
Balance, beginning of period			$	358,711					$	339,379
Provision for credit losses			227,158						145,133
Charge-offs, net of recoveries			(203,903)						(125,801)
Balance, end of period			$	381,966					$	358,711

At December 31, 2023, the allowance for credit losses on finance receivables was $367.0 million for retail receivables and $14.9 million for wholesale receivables. At December 31, 2022, the allowance for credit losses on finance receivables was $345.3 million for retail receivables and $13.4 million for wholesale receivables.

Refer to Note 6 of the Notes to Consolidated financial statements for further discussion regarding the Company’s allowance for credit losses on finance receivables.

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Other Matters

New Accounting Standards Issued But Not Yet Adopted

Refer to Note 1 of the Notes to Consolidated financial statements for a discussion of new accounting standards that will become effective for the Company in the future.

Critical Accounting Estimates

The Company’s financial statements are based on the selection and application of significant accounting policies, which require management to make significant estimates and assumptions. Management believes that the following are the critical judgment areas in the application of accounting policies that currently affect the Company’s financial condition and results of operations. Management has discussed the development and selection of these critical accounting estimates with the Audit and Finance Committee of the Company's Board of Directors.

Allowance for Credit Losses on Retail Finance Receivables – The allowance for credit losses on retail finance receivables represents the Company’s estimate of lifetime losses for its retail finance receivables.

The retail portfolio primarily consists of a large number of small balance, homogeneous finance receivables. The Company performs a collective evaluation of the adequacy of the retail allowance for credit losses. The Company utilizes a vintage-based loss forecast methodology that includes decompositions for probability of default, exposure at default, attrition rate, and recovery balance rate. Reasonable and supportable economic forecasts for a two-year period are incorporated into the methodology to reflect the estimated impact of changes in future economic conditions, such as unemployment rates, household obligations or other relevant factors, over the two-year reasonable and supportable period. For periods beyond the Company’s reasonable and supportable forecasts, the Company reverts to its average historical loss experience using a mean-reversion process over a three-year period. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, or term as well as other relevant factors.

Refer to Note 6 of the Notes to Consolidated financial statements for further discussion regarding the Company’s allowance for credit losses on finance receivables.

Product Recalls – The estimated costs associated with voluntary recalls are recorded when the liability is both probable and estimable. The accrued cost of a recall is based on an estimate of the cost to repair each affected motorcycle and the number of motorcycles expected to be repaired based on historical data concerning the percentage of affected customers that take advantage of recall offers. As actual experience becomes available it is used to update the accruals.

The factors affecting actual recall costs can be volatile. As a result, actual recall costs may differ from estimates, which could lead to material changes in the Company’s accrued recall costs. The Company’s recall liabilities are discussed further in Note 13 of the Notes to Consolidated financial statements.

Pensions and Other Postretirement Healthcare Benefits – The Company has a defined benefit pension plan and postretirement healthcare benefit plans, which cover certain eligible employees and retirees. The Company also has unfunded supplemental employee retirement plan agreements (SERPA) with certain employees.

U.S. Generally Accepted Accounting Principles (GAAP) requires that companies recognize in their consolidated balance sheets a liability for defined benefit pension and postretirement plans that are underfunded or an asset for defined benefit pension and postretirement benefit plans that are overfunded.

Pension, SERPA and postretirement healthcare obligations and costs are calculated through actuarial valuations. The valuation of benefit obligations and net periodic benefit costs relies on key assumptions including discount rates, mortality, long-term expected return on plan assets, future compensation and healthcare cost trend rates.

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The Company determines its discount rate assumptions by referencing high-quality long-term bond rates that are matched to the duration of its benefit obligations. Based on this analysis, the Company increased the weighted-average discount rate for pension and SERPA obligations from 5.31% as of December 31, 2023 to 5.65% as of December 31, 2024. The Company increased the weighted-average discount rate for postretirement healthcare obligations from 5.36% as of December 31, 2023 to 5.63% as of December 31, 2024. The Company determines its healthcare trend assumption for the postretirement healthcare obligation by considering factors such as estimated healthcare inflation, the utilization of healthcare benefits and changes in the health of plan participants. Based on the Company’s assessment of this data as of December 31, 2024, the Company set its healthcare cost trend rate for the upcoming year at 6.89% as of December 31, 2024. The Company expects the healthcare cost trend rate to reach its ultimate rate of 5.00% by 2033.(1) These assumption changes were reflected immediately in the benefit obligation and will be amortized into net periodic benefit costs over future periods.

Plan assets are measured at fair value and are subject to market volatility. In estimating the expected return on plan assets, the Company considers the historical returns on plan assets, adjusted to reflect the current view of the long-term investment market.

Changes in the funded status of defined benefit pension and postretirement benefit plans resulting from the difference between assumptions and actual results are initially recognized in other comprehensive income and amortized to expense or income over future periods. Sensitivity to changes in major assumptions used in the pension and postretirement healthcare obligations and costs was as follows (in thousands):

			Amounts based on current assumptions						Impact of a 1% decrease in the discount rate						Impact of a 1% increase in the healthcare cost trend rate						Impact of a 1% decrease in the expected return on assets
2024 Net periodic benefit cost (income):
Pension and SERPA			$	(47,297)					$	(771)					n/a						$	21,390
Postretirement healthcare			$	(8,433)					$	58					$	635					$	2,374
2024 Benefit obligations:
Pension and SERPA			$	1,506,747					$	166,071					n/a						n/a
Postretirement healthcare			$	191,747					$	14,424					$	4,720					n/a

The impact of a 1% decrease in the discount rate on net periodic benefit income includes a favorable impact on interest cost, an unfavorable impact on service cost and an unfavorable impact on the amortization of unrecognized net actuarial losses. The amounts based on current assumptions above exclude the impact of settlements and curtailments. This information should not be viewed as predictive of future amounts. The calculations of pension, SERPA and postretirement healthcare obligations and costs are based on many factors in addition to those discussed here. This information should be considered in combination with the information provided in Note 14 of the Notes to Consolidated financial statements.

Income Taxes – The Company accounts for income taxes in accordance with Accounting Standards Codification Topic 740, Income Taxes (Topic 740). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and other loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company reviews its deferred income tax asset valuation allowances on a quarterly basis or whenever events or changes in circumstances indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred income tax asset is considered, along with any positive or negative evidence including tax law changes. Since future financial results and tax law may differ from previous estimates, periodic adjustments to the Company’s valuation allowances may be necessary.

The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. These tax laws and regulations are complex and significant judgment is required in determining the Company’s worldwide provision for income taxes and recording the related deferred tax assets and liabilities.

In the ordinary course of the Company’s business, there are transactions and calculations where the ultimate tax determination is uncertain. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of Topic 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to items for income tax reporting purposes and financial reporting purposes. The unrecognized tax benefit is included within Other long-term liabilities on the Consolidated balance sheets. The Company has a liability for interest and penalties on exposure items, if applicable, which is recorded as a component of the overall income tax provision. The Company is regularly audited by tax authorities as a normal course of business. Although the outcome of tax audits is always uncertain, the Company believes that it has appropriate support for the positions taken on its tax returns and that its annual tax provision includes amounts

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sufficient to pay any assessments(1). Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year.

Refer to Note 3 of the Notes to Consolidated financial statements for further discussion regarding the Company's income taxes.

Commitments and Contingencies

The Company is subject to lawsuits and other claims related to product, commercial, employee, environmental and other matters. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. Refer to Note 15 of the Notes to Consolidated financial statements for a discussion of the Company's commitments and contingencies.

Liquidity and Capital Resources

The Company’s strategy is to maintain a minimum of twelve months of its projected liquidity needs through a combination of cash and cash equivalents and availability under its credit facilities. The Company believes its current cash, cash equivalents and availability under its credit facilities are sufficient to meet its liquidity requirements, consistent with this strategy.

The Company expects to fund its on-going operations (excluding the origination of finance receivables) and its capital allocation priorities including capital expenditures, dividends and discretionary share repurchases primarily with cash flows from operating activities and cash and cash equivalents on hand.(1) The Company expects to fund the origination of finance receivables primarily with unsecured debt, unsecured commercial paper, asset-backed commercial paper conduit facilities, committed unsecured bank facilities, asset-backed securitizations and brokered certificates of deposit.(1)

The Company’s cash and cash equivalents and availability under its credit and conduit facilities at December 31, 2024 were as follows (in thousands):

Cash and cash equivalents(a)						$	1,589,608
U.S. commercial paper conduit facility:
Committed asset-backed U.S. commercial paper conduit facility(b)						1,500,000
Borrowings against committed facility						(431,846)
Net asset-backed U.S. commercial paper conduit committed facility availability						1,068,154
Availability under credit and conduit facilities:
Credit facilities						1,420,000
Commercial paper outstanding						(640,204)
Net credit facility availability						779,796
						$	3,437,558

(a)Includes $64.4 million of cash and cash equivalents held by LiveWire Group, Inc.

(b)Includes facilities expiring in the next 12 months which the Company expects to renew prior to expiration.(1)

To access the debt capital markets, the Company relies on credit rating agencies to assign short-term and long-term credit ratings. Generally, lower credit ratings result in higher borrowing costs and reduced access to debt capital markets. A credit rating agency may change or withdraw the Company’s ratings based on its assessment of the Company’s current and future ability to meet interest and principal repayment obligations. The Company’s short-term debt ratings affect its ability to issue unsecured commercial paper. The Company’s short- and long-term debt ratings as of December 31, 2024 were as follows:

Short-Term

Long-Term

Outlook

Moody’s

P3

Baa3

Stable

Standard & Poor’s

A3

BBB-

Stable

Fitch

F2

BBB+

Stable

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The Company recognizes that it must continue to monitor and adjust its business to changes in the lending environment. The Company intends to continue with a diversified funding profile through a combination of short-term and long-term funding vehicles and to pursue a variety of sources to obtain cost-effective funding.(1) The HDFS segment results could be negatively affected by higher costs of funding and increased difficulty of raising, or potential unsuccessful efforts to raise, funding in the short-term and long-term capital markets.(1) These negative consequences could in turn adversely affect the Company’s business and results of operations in various ways, including through higher costs of capital, reduced funds available through HDFS to provide loans to dealers and their retail customers, and dilution to existing shareholders through the use of alternative sources of capital.

Cash Flow Activity

Cash flow activities for the years ended December 31, were as follows (in thousands):

			2024						2023
Net cash provided by operating activities			$	1,063,833					$	754,887
Net cash used by investing activities			(383,330)						(512,304)
Net cash used by financing activities			(572,315)						(174,646)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(16,145)						1,697
Net decrease in cash, cash equivalents and restricted cash			$	92,043					$	69,634

Operating Activities

The increase in operating cash flow in 2024 compared to 2023 was primarily due to cash inflows related to the net change in wholesale finance receivables in 2024 compared to net cash outflows in 2023 as well as favorable changes in working capital driven by the reduction in inventory during 2024, partially offset by lower net income in 2024 compared to 2023.

Changes in wholesale finance receivables were driven by an increase in wholesale finance receivables from the end of 2022 to the end of 2023 as compared to a decrease in wholesale finance receivables from the end of 2023 to the end of 2024. The increase in wholesale receivables during 2023 was driven by shipments in late 2023 and the rate of dealer inventory turnover during 2023. The decrease in wholesale receivables during 2024 was driven by lower wholesale shipments compared to the prior year.

Changes in working capital were driven by a reduction in inventory from the end of 2023 to the end of 2024. The Company focused on reducing its inventory levels to align with expected demand.

The Company's ongoing operating cash requirements include those related to existing contractual commitments which it expects to fund with cash inflows from operating activities. The Company's purchase orders for inventory used in manufacturing generally do not become firm commitments until 90 days prior to expected delivery. The Company's material contractual operating cash commitments at December 31, 2024 relate to leases, retirement plan obligations and income taxes. The Company's long-term lease obligations and future payments are discussed further in Note 9 of the Notes to Consolidated financial statements. The Company’s expected future contributions and benefit payments related to its defined benefit retirement plans are discussed further in Note 14 of the Notes to Consolidated financial statements. As described in Note 3 of the Notes to Consolidated financial statements, the Company has a liability for unrecognized tax benefits of $16.2 million and related accrued interest and penalties of $7.1 million as of December 31, 2024. The Company cannot reasonably estimate the period of cash settlement for either the liability for unrecognized tax benefits or accrued interest and penalties. The Company continues to expect that it will fund its ongoing operating cash requirements related to the origination of finance receivables with the issuance of debt.

Investing Activities

The Company’s most significant investing activities consist of capital expenditures and retail finance receivable originations and collections. Capital expenditures were $196.6 million and $207.4 million during 2024 and 2023, respectively. The Company's 2024 plan includes estimated capital investments between $225 to $250 million, all of which the Company expects to fund with net cash flow generated by operations.(1)

Net cash outflows for finance receivables in 2024, which consisted primarily of retail finance receivables, were $103.8 million lower than in 2023 primarily due to lower retail finance receivable originations, partially offset by lower collections of finance receivables, during 2024. The Company funds its finance receivables net lending activity through the issuance of debt and brokered certificates of deposit as discussed in the Financing Activities section.

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Financing Activities

The Company’s financing activities consist primarily of dividend payments, share repurchases, deposits and debt activities.

The Company paid dividends of $0.69 per share totaling $91.2 million during 2024 and $0.66 per share totaling $96.3 million during 2023.

Cash outflows for shares repurchased on a discretionary basis were $450.0 million in 2024 and $350.0 million in 2023. Share repurchases of common stock that employees surrendered to satisfy withholding taxes in connection with the vesting of restricted stock units and performance shares were $9.8 million or 0.3 million shares and $14.0 million or 0.3 million shares during the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, there were 21.5 million shares remaining on a board-approved share repurchase authorization.

On September 26, 2022, the Company's electric motorcycle subsidiary completed a merger with AEA-Bridges Impact Corp. (ABIC), a special purpose acquisition company, to create a new publicly traded company, LiveWire Group, Inc. LiveWire Group, Inc. received net proceeds of approximately $294 million, including a $180 million investment from the Company, net of transaction expenses, a $100 million investment from an independent investor, and a $14 million investment from ABIC.

Financing cash flows related to debt and brokered certificates of deposit activities resulted in net cash outflows of $21.3 million and inflows of $283.7 million in 2024 and 2023, respectively. The Company’s total outstanding debt and liability for brokered certificates of deposit consisted of the following as of December 31 (in thousands):

			2024						2023
Outstanding debt:
Unsecured commercial paper			$	640,204					$	878,935
Asset-backed Canadian commercial paper conduit facility			77,381						70,742
Asset-backed U.S. commercial paper conduit facility			431,846						233,258
Asset-backed securitization debt, net			1,950,138						1,877,368
Medium-term notes, net			3,114,013						3,319,138
Senior notes, net			746,800						746,079
			$	6,960,382					$	7,125,520
Deposits, net			$	550,586					$	447,782

Refer to Note 10 of the Notes to Consolidated financial statements for a summary of future principal payments on the Company's debt obligations. Refer to Note 5 of the Notes to Consolidated financial statements for a summary of future maturities on the Company's certificates of deposit.

Deposits – HDFS 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 $550.6 million and $447.8 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of December 31, 2024 and 2023, respectively. The deposits are classified as short- and long-term liabilities 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.

Credit Facilities – In April 2024, the Company extended its existing $710.0 million five-year credit facility that was due to mature in April 2025 so that it now matures in April 2029 and amended the language of its existing $710.0 million five-year credit facility that matures in April 2027 so that it conforms in all respects to the April 2029 credit facility other than maturity date. The five-year credit facilities (together, the Global Credit Facilities) bear interest at variable rates, which may be adjusted upward or downward depending on certain criteria, such as credit ratings. The Global Credit Facilities also require the Company to pay a fee based on the average daily unused portion of the aggregate commitments. The Global Credit Facilities are committed facilities primarily used to support the Company's unsecured commercial paper program.

Unsecured Commercial Paper – Subject to limitations, the Company could issue unsecured commercial paper of up to $1.42 billion as of December 31, 2024 supported by the Global Credit Facilities, as discussed above. Outstanding unsecured commercial paper may not exceed the unused portion of the Global Credit Facilities. Maturities may range up to 365 days from the issuance date. The Company intends to repay unsecured commercial paper as it matures with additional unsecured

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commercial paper or through other means, such as borrowing under the Global Credit Facilities, borrowing under its asset-backed U.S. commercial paper conduit facility or through the use of operating cash flow and cash on hand.

Medium-Term Notes – The Company had the following unsecured medium-term notes issued and outstanding at December 31, 2024 (in thousands):

Principal Amount

Rate

Issue Date

Maturity Date

$700,000

3.35%

June 2020

June 2025

$727,104(a)

6.36%

April 2023

April 2026

$500,000

3.05%

February 2022

February 2027

$700,000

6.50%

March 2023

March 2028

$500,000

5.95%

June 2024

June 2029

(a) €700.0 million par value remeasured to U.S. dollar at December 31, 2024

The U.S. dollar-denominated medium-term notes provide for semi-annual interest payments and the foreign currency-denominated medium-term notes provide for annual interest payments. Principal on the medium-term notes is due at maturity. Unamortized discounts and debt issuance costs on the medium-term notes reduced the outstanding balance by $13.1 million and $15.7 million at December 31, 2024 and 2023, respectively.

Senior Notes – In July 2015, the Company issued $750.0 million of unsecured senior notes in an underwritten offering. The senior notes provide for semi-annual interest payments and principal due at maturity. $450.0 million of the senior notes mature in July 2025 and have an interest rate of 3.50%, and $300.0 million of the senior notes mature in July 2045 and have an interest rate of 4.625%. The Company used the proceeds from the debt to repurchase shares of its common stock in 2015.

On-Balance Sheet Asset-Backed Canadian Commercial Paper Conduit Facility – In June 2024, the Company renewed and amended its revolving facility agreement (Canadian Conduit) with a Canadian bank-sponsored asset-backed commercial paper conduit. Under the renewed and amended agreement, the Canadian Conduit is contractually committed, at the Company's option, to purchase eligible Canadian retail motorcycle finance receivables for proceeds up to C$165.0 million which was a C$40.0 million increase in the total commitment. Availability under the Canadian Conduit is based on, among other things, the amount and credit performance of eligible Canadian retail motorcycle finance receivables held as collateral.

The terms for this debt provide for interest on the outstanding principal based on prevailing market interest rates plus a specified margin. The Canadian Conduit also provides for a program fee and an unused commitment fee based on the unused portion of the total aggregate commitment. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the Canadian Conduit, any outstanding principal will continue to be reduced monthly through available collections. The expected remaining term of the related receivables is approximately 4 years. Unless earlier terminated or extended by mutual agreement between the Company and the lenders, as of December 31, 2024, the Canadian Conduit had an expiration date of June 30, 2025. Subsequent to the end of 2024, as a result of elevated credit losses on the Canadian retail motorcycle finance receivables held as collateral, the Company has been unable to draw on the Canadian Conduit. Access to the facility will resume once credit losses return to levels required by the Canadian Conduit. The Company plans to fund Canadian retail motorcycle originations with other existing funding sources until access resumes.

In 2024, the Company transferred $73.4 million of Canadian retail motorcycle finance receivables to the Canadian conduit for proceeds of $60.2 million. In 2023, the Company transferred $51.4 million of Canadian retail motorcycle finance receivables to the Canadian Conduit for proceeds of $42.4 million.

On-Balance Sheet Asset-Backed U.S. Commercial Paper Conduit Facilities VIE – In November 2024, the Company renewed its $1.50 billion revolving facility agreement (the U.S. Conduit Facility) with third-party banks and their asset-backed U.S. commercial paper conduits. Under the revolving facility agreement, the Company may transfer U.S. retail motorcycle finance receivables to an SPE, which in turn may issue debt to those third-party banks and their asset-backed U.S. commercial paper conduits. From November 2020 through November 2022, the U.S. Conduit Facility allowed for uncommitted additional borrowings of up to $300.0 million at the lenders' discretion. The Company drew against the uncommitted additional borrowings in 2022 and during 2023, the remaining balance of these uncommitted additional borrowings was paid in full. Availability under the U.S. Conduit Facility is based on, among other things, the amount and credit performance of eligible U.S. retail motorcycle finance receivables held by the SPE as collateral.

The terms for this debt provide for interest on the outstanding principal based on prevailing commercial paper rates if funded by a conduit lender through the issuance of commercial paper. The interest rate on all borrowings, if not funded by a conduit lender through the issuance of commercial paper, is based on the Secured Overnight Financing Rate (SOFR), with

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provisions for a transition to other benchmark rates in the future, if necessary. In addition to interest, a program fee is assessed based on the outstanding debt principal balance. The U.S. Conduit Facility also provides for an unused commitment fee based on the unused portion of the total aggregate commitment. Prior to November 2022, when calculating the unused fee, the aggregate commitment did not include any unused portion of the $300.0 million uncommitted additional borrowings allowed. There is no amortization schedule; however, the debt is reduced monthly as available collections on the related finance receivables are applied to outstanding principal. Upon expiration of the U.S. Conduit Facility, any outstanding principal will continue to be reduced monthly through available collections. The expected remaining term of the related receivables held by the SPE is approximately 5 years. Unless earlier terminated or extended by mutual agreement of the Company and the lenders, as of December 31, 2024, the U.S. Conduit Facility has an expiration date of November 21, 2025.

In 2024, the Company transferred $472.3 million of U.S. retail motorcycle finance receivables to an SPE which, in turn, issued $409.8 million of debt under the U.S. Conduit Facility. In 2023, there were no finance receivable transfers under the U.S. Conduit Facility.

Asset-Backed Securitization VIEs – For all of its asset-backed securitization transactions, the Company transfers U.S. retail motorcycle finance receivables to separate VIEs, which in turn issue secured notes with various maturities and interest rates to investors. All of the notes held by the VIEs are secured by future collections of the purchased U.S. retail motorcycle finance receivables. The U.S. retail motorcycle finance receivables included in the asset-backed securitization transactions are not available to pay other obligations or claims of the Company's creditors until the associated debt and other obligations are satisfied. Restricted cash balances held by the VIEs are used only to support the asset-backed securitizations.

The accounting treatment for asset-backed securitizations depends on the terms of the related transaction and the Company’s continuing involvement with the VIE. The Company's current outstanding asset-backed securitizations do not meet the criteria to be accounted for as a sale because, in addition to retaining servicing rights, the Company retains a financial interest in the VIE in the form of a debt security. These transactions are treated as secured borrowings, and as such, the retail motorcycle finance receivables remain on the balance sheet with a corresponding obligation reflected as debt. There is no amortization schedule for the secured notes; however, the debt is reduced monthly as available collections on the related retail motorcycle finance receivables are applied to outstanding principal. The secured notes currently have various contractual maturities ranging from 2025 to 2032.

In 2024, the Company transferred $1.27 billion of U.S. retail motorcycle finance receivables to two separate SPEs which, in turn, issued $1.15 billion, or $1.14 billion net of discount and issuance costs, of secured notes through two separate on-balance sheet asset- backed securitization transactions. In 2023, the Company transferred $1.20 billion of U.S. retail motorcycle finance receivables to two separate SPEs which, in turn, issued $1.05 billion, or $1.04 billion net of discount and issuance costs, of secured notes through two separate on-balance sheet asset-backed securitization transactions.

Intercompany Agreements – On January 27, 2023, Harley-Davidson, Inc. entered into a revolving line of credit with Harley-Davidson Financial Services, Inc. whereby Harley-Davidson Financial Services, Inc. could borrow up to $200.0 million at market interest rates. There were no borrowings by Harley-Davidson Financial Services, Inc. during the life of the agreement, which expired on July 27, 2024.

Harley Davidson, Inc. also has a support agreement with Harley-Davidson Financial Services Inc. whereby, if required, Harley-Davidson, Inc. agrees to provide Harley-Davidson Financial Services Inc. with financial support to maintain Harley-Davidson Financial Services Inc.’s fixed-charge coverage at 1.25 and minimum net worth of $40.0 million. Support may be provided at Harley-Davidson, Inc.'s option as capital contributions or loans. No amount has ever been provided to Harley-Davidson Financial Services Inc. under the support agreement.

On February 14, 2024, Harley-Davidson, Inc. entered into a Convertible Delayed Draw Term Loan Agreement (the “Convertible Term Loan”) with LiveWire Group, Inc. and a wholly-owned subsidiary of LiveWire Group, Inc. whereby LiveWire may obtain term loans in one or more advances up to an aggregate principal amount of $100.0 million. The outstanding principal under the Convertible Term Loan bears interest at a floating rate per annum, as calculated on the date of each advance and as of each June 1 and December 1 thereafter. The interest rate is calculated based on the sum of (i) the forward-looking term rate based on SOFR for a six-month interest period, plus (ii) 4.00%. The Convertible Term Loan does not include affirmative covenants impacting the operations of LiveWire. The Convertible Term Loan includes negative covenants restricting the ability of LiveWire to incur indebtedness, create liens, sell assets, make investments, make fundamental changes, make dividends or other restricted payments and enter into affiliate transactions. The Convertible Term Loan has a maturity date of the earlier of (i) 24 months from the date of the first draw on the loan or (ii) October 31, 2026. In the event that the Convertible Term Loan cannot be settled in cash by LiveWire at maturity, unless otherwise agreed between Harley-Davidson, Inc. and LiveWire, the Convertible Term Loan will be converted to equity of LiveWire Group, Inc. at a conversion price per share of LiveWire Group, Inc. common stock equal to 90% of the volume weighted average price per share of

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common stock for the 30 trading days immediately preceding the conversion date. As of December 31, 2024, there had been no draws and there was no outstanding balance under the Convertible Term Loan.

Operating and Financial Covenants – Harley-Davidson Financial Services Inc. and the Company are subject to various operating and financial covenants related to the credit facilities and various operating covenants under the medium-term and senior notes and the U.S. and Canadian asset-backed commercial paper conduit facilities. The more significant covenants are described below.

The operating covenants limit the Company’s and Harley-Davidson Financial Services Inc.’s ability to:

•Assume or incur certain liens;

•Participate in certain mergers or consolidations; and

•Purchase or hold margin stock.

Under the current financial covenants of the Global Credit Facilities, the ratio of Harley-Davidson Financial Services Inc.’s consolidated debt, excluding secured debt, to Harley-Davidson Financial Services Inc.’s consolidated allowance for credit losses on finance receivables plus Harley-Davidson Financial Services Inc.’s consolidated shareholders' equity, excluding accumulated other comprehensive loss (AOCL), cannot exceed 10.0 to 1.0 as of the end of any fiscal quarter. In addition, the ratio of the Company's consolidated debt to the Company's consolidated debt and consolidated shareholders’ equity (where the Company's consolidated debt in each case excludes that of Harley-Davidson Financial Services Inc. and its subsidiaries, and the Company's consolidated shareholders’ equity excludes AOCL) cannot exceed 0.7 to 1.0 as of the end of any fiscal quarter. No financial covenants are required under the medium-term or senior notes or the U.S. or Canadian asset-backed commercial paper conduit facilities.

At December 31, 2024 and 2023, Harley-Davidson Financial Services Inc. and the Company remained in compliance with all of the then-existing covenants.

Cautionary Statements

The Company intends that certain matters discussed in this report 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 by reference to this footnote or because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects,” “plans,” “may,” “will,” “estimates,” “targets,” “intends,” "forecasts," "sees," "feels," "commits," "assumes," "envisions," 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 report. 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 report are only made as of the date of this report, 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) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company’s ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) 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; (h) successfully access the capital and/or credit markets on terms that are acceptable to the

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Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) 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; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (m) 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; (n) successfully manage and reduce costs throughout the business; (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 dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) 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 most recent Annual Report on Form 10-K; (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) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (t) 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; (u) retain and attract talented employees, and eliminate personnel duplication, inefficiencies and complexity throughout the organization; (v) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (w) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (x) 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; (y) 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; (z) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (aa) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (bb) 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; (cc) manage risks related to a pandemic (like COVID-19), 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; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts, including the successful resolution or appeal of the verdict in the product lawsuit against the Company in which, in August 2024, a jury awarded approximately $288 million in damages to the plaintiffs, which was subsequently reduced to $81 million, and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) 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 (gg) 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.

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The Company's operations, demand for its products, and its liquidity could be adversely impacted by tariff impacts, inflation, 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 this report for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

The Company is exposed to market risk from changes in foreign currency exchange rates, commodity prices and interest rates. To reduce such risks, the Company selectively uses derivative financial instruments. All hedging transactions are authorized and executed pursuant to regularly reviewed policies and procedures, which prohibit the use of financial instruments for speculative trading purposes. Sensitivity analysis is used to manage and monitor foreign currency exchange rate and interest rate risks. Further disclosure relating to the fair value of the Company's derivative financial instruments is included in Note 8 of the Notes to Consolidated financial statements.

HDMC Segment

The Company sells its motorcycles and related products internationally and in most markets those sales are made in the foreign country’s local currency. As a result, the HDMC segment operating results are affected by fluctuations in the value of the U.S. dollar relative to foreign currencies. The Company’s most significant foreign currency exchange rate risk resulting from the sale of motorcycles and related products relates to the Euro, Australian dollar, Japanese yen, Brazilian real, Canadian dollar, Mexican peso, Chinese yuan, Singapore dollar, Thai baht and Pound sterling. The Company utilizes foreign currency contracts to mitigate the effect of certain currencies' fluctuations on HDMC segment operating results. The foreign currency contracts are entered into with banks and allow the Company to exchange currencies at a future date, based on a fixed exchange rate. At December 31, 2024 and 2023, the notional U.S. dollar value of outstanding foreign currency contracts was $455.3 million and $540.1 million, respectively. The Company estimates that a uniform 10% weakening in the value of the U.S. dollar relative to the currencies underlying these contracts would result in a decrease in the fair value of the contracts of approximately $43.6 million and $54.6 million as of December 31, 2024 and 2023, respectively.

The Company purchases commodities for use in the production of motorcycles. As a result, HDMC segment operating income is affected by changes in commodity prices. The Company uses derivative financial instruments on a limited basis to hedge the prices of certain commodities. At December 31, 2024, the notional value of these instruments was $4.2 million and the fair value was a net liability of $0.1 million. As of December 31, 2023, the notional value of these instruments was $6.3 million and the fair value was a net liability of $0.5 million. The potential decrease in fair value of these contracts from a 10% adverse change in the underlying commodity prices would not be significant.

LiveWire Segment

LiveWire sells its electric motorcycles, electric balance bikes and related products internationally, and in most markets, those sales are made in the foreign country’s local currency. As a result, LiveWire’s operating results are affected by fluctuations in the values of the U.S. dollar relative to foreign currencies; however, the impact of such fluctuations on LiveWire’s operations to date have not been material given the majority of LiveWire’s sales are currently in the U.S. LiveWire plans to expand its business and operations internationally and expects its exposure to currency rate risk to increase as it grows its international presence.

HDFS Segment

The Company has interest rate-sensitive financial instruments including finance receivables, debt and interest rate derivative financial instruments. As a result, HDFS operating income is affected by changes in interest rates. The Company periodically utilizes interest rate caps to reduce the impact of fluctuations in interest rates on its floating-rate asset-backed securitization transactions. HDFS had an interest rate cap with a notional value of $273.0 million outstanding at December 31, 2024 and $617.9 million outstanding at December 31, 2023. At December 31, 2024 and 2023, HDFS estimated that a 10% decrease in interest rates would not result in a material change to the fair value of the interest rate cap agreements.

The Company also has short-term commercial paper and debt issued through the commercial paper conduit facilities that is subject to changes in interest rates that it does not hedge. The Company estimates that a one-percentage point increase in the interest rate on commercial paper and debt issued through the commercial paper conduit facilities as of December 31, 2024 would increase Financial services interest expense by approximately $12.5 million. This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment. Further, in the event of a change in interest rates, the Company may take actions to mitigate its exposure to the change. However, due to the

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uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis does not account for these impacts.

The Company has foreign denominated medium-term notes, and as a result, HDFS operating income is affected by fluctuations in the value of the U.S. dollar relative to foreign currencies and interest rates. At December 31, 2024, this exposure related to the Euro. The Company utilizes cross-currency swaps to mitigate the effect of the foreign currency exchange rate and interest rate fluctuations related to foreign denominated debt. The Company had cross-currency swaps outstanding with a notional value of $759.8 million at December 31, 2024 and cross-currency swaps outstanding with a notional value of $1.42 billion at December 31, 2023. The Company estimates that a 10% adverse change in the underlying foreign currency exchange rate and interest rate would result in a $73.7 million and $144.6 million decrease in the fair value of the swap agreements as of December 31, 2024 and 2023, respectively.

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Item 8. Financial Statements and Supplementary Data

Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)			55
Consolidated Statements of Operations			58
Consolidated Statements of Comprehensive Income			59
Consolidated Balance Sheets			60
Consolidated Statements of Cash Flows			62
Consolidated Statements of Shareholders’ Equity			63
Notes to Consolidated Financial Statements			64
1. Summary of Significant Accounting Policies			64
2. Revenue			66
3. Income Taxes			69
4. Capital Stock and Earnings Per Share			71
5. Additional Balance Sheet and Cash Flow Information			72
6. Finance Receivables			74
7. Goodwill and Intangible Assets			80
8. Derivative Financial Instruments and Hedging Activities			81
9. Leases			84
10. Debt			85
11. Asset-Backed Financing			87
12. Fair Value			90
13. Product Warranty and Recall Campaigns			92
14. Employee Benefit Plans and Other Postretirement Benefits			92
15. Commitments and Contingencies			100
16. Share-Based Awards			101
17. Accumulated Other Comprehensive Loss			103
18. Reportable Segments and Geographic Information			104
19. Supplemental Consolidating Data			#
20. Subsequent Event			119

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Harley-Davidson, Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Harley-Davidson, Inc.’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Harley-Davidson, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated February 26, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Milwaukee, Wisconsin

February 26, 2025

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Harley-Davidson, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Harley-Davidson, Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

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			Allowance for Credit Losses - Retail Finance Receivables
Description of the Matter			The Company’s retail receivable portfolio totaled $6.7 billion as of December 31, 2024, and the associated allowance for credit losses (ACL) was $378.4 million. As discussed in Note 6 to the consolidated financial statements, the Company utilizes a vintage-based loss forecast methodology to measure the expected lifetime credit losses of retail finance receivables. Economic forecasts for a two-year period are incorporated into the methodology to reflect the estimated impact of changes in future economic conditions. To establish the economic forecasts, management considers various third-party economic forecast scenarios and applies a probability-weighting to those economic forecast scenarios. For periods beyond the Company’s incorporated economic forecasts, the Company reverts to its average historical loss experience using a mean-reversion process over a three-year period. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, or term as well as other relevant factors. Auditing management’s estimate of the ACL for retail finance receivables was especially challenging due to the complexity of management’s retail receivables loss forecasting models and subjective management assumptions applied in determining the probability-weighting of its economic forecasts.
How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the ACL process. These procedures included testing controls over management’s review of key assumptions such as the economic forecasts, the monitoring of the ACL models, and the completeness and accuracy of key inputs used in the ACL models. To test the ACL, our audit procedures included, among others, evaluating the Company’s loss forecasting models, the economic forecasts considered by management, and the underlying data used in the models. We involved our internal specialist to assist with our reperformance of targeted model loss calculations for a sample of loans. We evaluated management’s judgments in probability-weighting third-party economic forecast scenarios and compared management’s economic forecasts to other available information for contrary or corroborative evidence. In addition, we reviewed the Company’s historical loss statistics, peer information, and subsequent events and considered whether this information corroborates or contradicts management’s measurement of the ACL.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 1982.

Milwaukee, Wisconsin

February 26, 2025

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HARLEY-DAVIDSON, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Years ended December 31, 2024, 2023 and 2022

(In thousands, except per share amounts)

 

			2024						2023						2022
Revenue:
Motorcycles and related products			$	4,148,264					$	4,882,892					$	4,934,505
Financial services			1,038,538						953,586						820,625
			5,186,802						5,836,478						5,755,130
Costs and expenses:
Motorcycles and related products cost of goods sold			3,005,940						3,322,306						3,403,728
Financial services interest expense			371,766						332,380						217,653
Financial services provision for credit losses			247,225						227,158						145,133
Selling, administrative and engineering expense			1,145,244						1,175,550						1,079,338
			4,770,175						5,057,394						4,845,852
Operating income			416,627						779,084						909,278
Other income, net			72,295						71,808						48,652
Investment income			58,964						46,771						4,538
Interest expense			30,748						30,787						31,235
Income before income taxes			517,138						866,876						931,233
Income tax provision			71,963						171,830						192,019
Net income			445,175						695,046						739,214
Less: Loss attributable to noncontrolling interests			10,182						11,540						2,194
Net income attributable to Harley-Davidson, Inc.			$	455,357					$	706,586					$	741,408
Earnings per share:
Basic			$	3.46					$	4.96					$	5.01
Diluted			$	3.44					$	4.87					$	4.96
Cash dividends per share			$	0.69					$	0.66					$	0.63

The accompanying notes are integral to the consolidated financial statements.

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HARLEY-DAVIDSON, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years ended December 31, 2024, 2023 and 2022

(In thousands)

			2024						2023						2022
Net income			$	445,175					$	695,046					$	739,214
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments			(22,363)						11,532						(35,870)
Derivative financial instruments			14,143						3,839						(8,435)
Pension and postretirement benefit plans			(19,524)						21,596						(56,705)
			(27,744)						36,967						(101,010)
Comprehensive income			417,431						732,013						638,204
Less: Comprehensive loss attributable to noncontrolling interests			$	10,182					$	11,540					$	2,194
Comprehensive income attributable to Harley-Davidson, Inc.			$	427,613					$	743,553					$	640,398

The accompanying notes are integral to the consolidated financial statements.

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HARLEY-DAVIDSON, INC.

CONSOLIDATED BALANCE SHEETS

December 31, 2024 and 2023

(In thousands)

			2024						2023
ASSETS
Cash and cash equivalents			$	1,589,608					$	1,533,806
Accounts receivable, net			234,315						267,200
Finance receivables, net of allowance of $72,244 and $67,035			2,031,496						2,113,729
Inventories, net			745,793						929,951
Restricted cash			135,661						104,642
Other current assets			259,764						214,401
Current assets			4,996,637						5,163,729
Finance receivables, net of allowance of $328,939 and $314,931			5,256,798						5,384,536
Property, plant and equipment, net			757,072						731,724
Pension and postretirement assets			440,825						413,107
Goodwill			61,655						62,696
Deferred income taxes			175,826						161,184
Lease assets			63,853						69,650
Other long-term assets			128,913						153,928
			$	11,881,579					$	12,140,554
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable			$	298,718					$	349,162
Accrued liabilities			593,960						646,859
Short-term deposits, net			173,099						253,309
Short-term debt			640,204						878,935
Current portion of long-term debt, net			1,851,513						1,255,999
Current liabilities			3,557,494						3,384,264
Long-term deposits, net			377,487						194,473
Long-term debt, net			4,468,665						4,990,586
Lease liabilities			47,420						51,848
Pension and postretirement liabilities			53,874						59,772
Deferred income taxes			16,889						33,514
Other long-term liabilities			201,250						173,802
Commitments and contingencies (Note 15)
Shareholders’ equity:
Preferred stock, none issued			—						—
Common stock (Note 4)			1,720						1,712
Additional paid-in-capital			1,792,523						1,752,435
Retained earnings			3,465,058						3,100,925
Accumulated other comprehensive loss			(332,706)						(304,962)
Treasury stock, at cost (Note 4)			(1,760,548)						(1,297,302)
Total Harley-Davidson, Inc. shareholders' equity			3,166,047						3,252,808
Noncontrolling interest			(7,547)						(513)
Total equity			3,158,500						3,252,295
			$	11,881,579					$	12,140,554

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HARLEY-DAVIDSON, INC.

CONSOLIDATED BALANCE SHEETS (continued)

December 31, 2024 and 2023

(In thousands)

			2024						2023
Balances held by consolidated variable interest entities (Note 11)
Finance receivables, net - current			$	618,231					$	533,262
Other assets			$	7,364					$	8,785
Finance receivables, net - long-term			$	2,174,160					$	1,934,113
Restricted cash - current and long-term			$	146,511					$	110,580
Current portion of long-term debt, net			$	683,272					$	577,203
Long-term debt, net			$	1,698,712					$	1,533,423

The accompanying notes are integral to the consolidated financial statements.

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HARLEY-DAVIDSON, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years ended December 31, 2024, 2023 and 2022

(In thousands)

 

			2024						2023						2022
Net cash provided by operating activities (Note 5)			$	1,063,833					$	754,887					$	548,461
Cash flows from investing activities:
Capital expenditures			(196,563)						(207,404)						(151,669)
Origination of finance receivables			(3,639,279)						(3,873,542)						(4,558,834)
Collections of finance receivables			3,440,340						3,570,822						3,935,001
Other investing activities			12,172						(2,180)						2,491
Net cash used by investing activities			(383,330)						(512,304)						(773,011)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes			495,856						1,446,304						495,785
Repayments of medium-term notes			(660,780)						(1,056,680)						(950,000)
Proceeds from securitization debt			1,145,211						1,045,547						1,826,891
Repayments of securitization debt			(1,078,248)						(1,193,526)						(1,442,860)
Borrowings of asset-backed commercial paper			469,986						42,429						448,255
Repayments of asset-backed commercial paper			(258,077)						(237,370)						(302,922)
Net (decrease) increase in unsecured commercial paper			(237,340)						107,146						16,003
Net increase in deposits			102,119						129,855						26,605
Dividends paid			(91,224)						(96,310)						(93,180)
Repurchase of common stock			(459,829)						(363,987)						(338,627)
Cash received from business combination			—						—						114,068
Other financing activities			11						1,946						(1,985)
Net cash used by financing activities			(572,315)						(174,646)						(201,967)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(16,145)						1,697						(19,525)
Net increase (decrease) in cash, cash equivalents and restricted cash			$	92,043					$	69,634					$	(446,042)
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period			$	1,648,811					$	1,579,177					$	2,025,219
Net increase (decrease) in cash, cash equivalents and restricted cash			92,043						69,634						(446,042)
Cash, cash equivalents and restricted cash, end of period			$	1,740,854					$	1,648,811					$	1,579,177
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance sheets to the Consolidated statements of cash flows:
Cash and cash equivalents			$	1,589,608					$	1,533,806					$	1,433,175
Restricted cash			135,661						104,642						135,424
Restricted cash included in Other long-term assets			15,585						10,363						10,578
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows			$	1,740,854					$	1,648,811					$	1,579,177

The accompanying notes are integral to the consolidated financial statements.

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HARLEY-DAVIDSON, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Years ended December 31, 2024, 2023 and 2022

(In thousands, except share and per share amounts)

			Equity Attributable to Harley-Davidson, Inc.
			Common Stock												Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Loss						Treasury Stock						Total						Equity Attributable to Noncontrolling Interests						Total Equity
			Issued Shares						Balance
Balance, December 31, 2021			169,364,686						$	1,694					$	1,547,011					$	1,842,421					$	(240,919)					$	(596,963)					$	2,553,244					$	—					$	2,553,244
Net income			—						—						—						741,408						—						—						741,408						(2,194)						739,214
Other comprehensive loss, net of tax (Note 17)			—						—						—						—						(101,010)						—						(101,010)						—						(101,010)
Dividends ($0.63 per share)			—						—						—						(93,180)						—						—						(93,180)						—						(93,180)
Repurchase of common stock			—						—						—						—						—						(338,627)						(338,627)						—						(338,627)
Share-based compensation			1,035,526						10						48,019						—						—						526						48,555						565						49,120
LiveWire business combination			—						—						93,129						—						—						—						93,129						4,918						98,047
Balance, December 31, 2022			170,400,212						1,704						1,688,159						2,490,649						(341,929)						(935,064)						2,903,519						3,289						2,906,808
Net income			—						—						—						706,586						—						—						706,586						(11,540)						695,046
Other comprehensive income, net of tax (Note 17)			—						—						—						—						36,967						—						36,967						—						36,967
Dividends ($0.66 per share)			—						—						—						(96,310)						—						—						(96,310)						—						(96,310)
Repurchase of common stock			—						—						—						—						—						(367,191)						(367,191)						—						(367,191)
Share-based compensation			818,428						8						64,276						—						—						4,953						69,237						7,738						76,975
Balance, December 31, 2023			171,218,640						1,712						1,752,435						3,100,925						(304,962)						(1,297,302)						3,252,808						(513)						3,252,295
Net income			—						—						—						455,357						—						—						455,357						(10,182)						445,175
Other comprehensive loss, net of tax (Note 17)			—						—						—						—						(27,744)						—						(27,744)						—						(27,744)
Dividends ($0.69 per share)			—						—						—						(91,224)						—						—						(91,224)						—						(91,224)
Repurchase of common stock			—						—						—						—						—						(464,140)						(464,140)						—						(464,140)
Share-based compensation			764,092						8						40,088						—						—						894						40,990						3,148						44,138
Balance, December 31, 2024			171,982,732						$	1,720					$	1,792,523					$	3,465,058					$	(332,706)					$	(1,760,548)					$	3,166,047					$	(7,547)					$	3,158,500

 

The accompanying notes are integral to the consolidated financial statements.

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HARLEY-DAVIDSON, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation – All references to the “Company” include Harley-Davidson, Inc. and all of its subsidiaries. The consolidated financial statements include the accounts of Harley-Davidson, Inc., its subsidiaries and certain variable interest entities (VIEs) related to secured financing as the Company is the primary beneficiary. All intercompany accounts and material intercompany transactions have been eliminated.

On September 26, 2022, the Company's electric motorcycle subsidiary completed a merger with AEA-Bridges Impact Corp. (ABIC), a special purpose acquisition company, to create a new publicly traded company, LiveWire Group, Inc. LiveWire Group, Inc. received net proceeds of approximately $294 million, including a $180 million investment from the Company, net of transaction expenses, a $100 million investment from an independent investor, and a $14 million investment from ABIC. The Company has a controlling equity interest in LiveWire Group, Inc. As the controlling shareholder, the Company consolidates LiveWire Group, Inc. results with additional adjustments to recognize non-controlling shareholder interests.

The Company operates in three reportable segments: Harley-Davidson Motor Company (HDMC), LiveWire and Harley-Davidson Financial Services (HDFS).

Substantially all of the Company’s international subsidiaries use their respective local currency as their functional currency. Assets and liabilities of international subsidiaries have been translated at period-end exchange rates, and revenues and expenses have been translated using average exchange rates for the period. Monetary assets and liabilities denominated in a currency that is different from an entity's functional currency are remeasured from the transactional currency to the entity's functional currency on a monthly basis. The aggregate transaction loss resulting from foreign currency remeasurements was $9.4 million for the year ended December 31, 2024. The aggregate transaction gain resulting from foreign currency remeasurements was $14.7 million and $26.2 million for the years ended December 31, 2023 and 2022, respectively.

Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles (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.

Cash and Cash Equivalents – The Company considers all highly liquid investments with a maturity of 90 days or less when purchased to be cash equivalents.

Accounts Receivable, net – The Company’s motorcycles and related products are sold to independent dealers outside the U.S. and Canada generally on open account and the resulting receivables are included in Accounts receivable, net on the Consolidated balance sheets. The allowance for doubtful accounts deducted from total accounts receivable was $3.4 million and $2.1 million as of December 31, 2024 and 2023, respectively. The Company’s evaluation of the allowance for doubtful accounts includes a review to identify non-performing accounts which are evaluated individually. The remaining accounts receivable balances are evaluated in the aggregate based on an aging analysis. The allowance for doubtful accounts is based on factors including past loss experience, the value of collateral, and if applicable, reasonable and supportable economic forecasts. Accounts receivable are written down once management determines that the specific customer does not have the ability to repay the balance in full. The Company’s sales of motorcycles and related products in the U.S. and Canada are financed through HDFS by the purchasing dealers and the related receivables are included in Finance receivables, net on the Consolidated balance sheets.

Inventories, net – Substantially all inventories located in the U.S. are valued using the last-in, first-out (LIFO) method. Other inventories totaling $395.5 million and $447.5 million at December 31, 2024 and 2023, respectively, are valued at the lower of cost or net realizable value using the first-in, first-out (FIFO) method.

Repossessed Inventory – Repossessed inventory representing recovered collateral on impaired finance receivables is recorded at the lower of cost or net realizable value through a fair value remeasurement. In the period during which the collateral is repossessed, the related finance receivable is adjusted through a change to the allowance for credit losses and reclassified to repossessed inventory, included in Other current assets on the Consolidated balance sheets.

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Property, Plant and Equipment, net – Property, plant and equipment is recorded at cost, net of accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the assets. The estimated useful lives of each class of property, plant and equipment generally consist of 30 years for buildings, 7 years for building and land improvements, 3 to 10 years for machinery and equipment, and 3 to 7 years for software. Accelerated methods of depreciation are used for income tax purposes.

Goodwill – Goodwill represents the excess of acquisition cost over the fair value of the net assets purchased. Goodwill is tested for impairment, based on financial data related to the reporting unit to which it has been assigned, at least annually or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is recognized for the amount by which the carrying amount exceeds the fair value, limited to the total goodwill allocated to the reporting unit. During 2024 and 2023, the Company tested its goodwill balances for impairment and no adjustments were recorded to goodwill as a result of those reviews.

Long-lived Assets – The Company periodically evaluates the carrying value of long-lived assets to be held and used when events and circumstances warrant such review. If the carrying value of a long-lived asset is considered impaired, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset for assets to be held and used. The Company also reviews the useful life of its long-lived assets when events and circumstances indicate that the actual useful life may be shorter than originally estimated. In the event that the actual useful life is deemed to be shorter than the original useful life, depreciation is adjusted prospectively so that the remaining book value is depreciated over the revised useful life.

Asset groups classified as held for sale are measured at the lower of carrying amount or fair value less cost to sell, and a loss is recognized for any initial adjustment required to reduce the carrying amount to the fair value less cost to sell in the period the held for sale criteria are met. The fair value less cost to sell is assessed each reporting period that the asset group remains classified as held for sale. Gains or losses not previously recognized resulting from the sale of an asset group will be recognized on the date of sale.

Fair Value Measurements - The Company assesses the inputs used to measure fair value using a three-tier hierarchy.

Level 1 inputs include quoted prices for identical instruments and are the most observable.

Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity prices, and yield curves.

Level 3 inputs are not observable in the market and include the Company's judgments about the assumptions market participants would use in pricing the asset or liability.

Refer to Notes 12 and 14 for further discussion regarding the Company's assets measured at fair value.

Research and Development Expenses – Expenditures for research activities relating to product development and improvements are charged against income as incurred and included within Selling, administrative and engineering expense on the Consolidated statements of operations. Research and development expenses for HDMC were $161.0 million, $159.3 million and $158.6 million for 2024, 2023 and 2022, respectively. Research and development expenses for LiveWire were $41.7 million, $54.1 million and $35.6 million for 2024, 2023 and 2022, respectively. Research and development expenses for HDFS were not material in 2024, 2023 or 2022.

Advertising Costs – The Company expenses the production cost of advertising the first time the advertising takes place within Selling, administrative and engineering expense. Advertising costs relate to the Company’s efforts to promote its products and brands through the use of media and other means. During 2024, 2023 and 2022, the Company incurred $136.7 million, $131.0 million and $105.6 million in advertising costs, respectively.

Shipping and Handling Costs – The Company classifies shipping and handling costs as a component of Motorcycles and related products cost of goods sold.

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New Accounting Standards

Accounting Standards Recently Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). ASU 2023-07 is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The main provisions of ASU 2023-07 require a public entity to disclose on an annual and interim basis: (i) significant segment expenses provided to the chief operating decision maker, (ii) an amount representing the difference between segment revenue less segment expenses disclosed under the significant segment expense principle and each reported measure of segment profit or loss and a description of its composition, (iii) provide all annual disclosures about a reportable segment's profit or loss and assets currently required under Topic 280 in interim periods, (iv) clarify that if the chief operating decision maker uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit, (v) the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (vi) all disclosures required by ASU 2023-07 and all existing segment disclosures under Topic 280 for an entity with a single reportable segment. The Company adopted ASU 2023-07 on December 31, 2024 on a retrospective basis. The adoption of ASU 2023-07 is reflected in Note 18 of the Company's consolidated financial statement disclosures.

Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency and decision usefulness of income tax disclosures. The main provisions of ASU 2023-09 require a public entity to disclose on an annual basis (i) specific prescribed categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, (iv) the amount of income taxes paid, net of refunds received, disaggregated by individual jurisdictions in which income taxes paid is equal to greater than 5 percent of total income taxes paid, (v) income or loss from continuing operations before income tax expense or benefit disaggregated between domestic and foreign, and (vi) income tax expense or benefit from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 also removes certain disclosure requirements related to unrecognized tax benefits and cumulative unrecognized temporary differences. The new guidance is effective for the fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is still evaluating the impact ASU 2023-09 will have on the Company's consolidated financial statement disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which is intended to improve the disclosures about a public business entity's expenses and provide more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The main provisions of ASU 2024-03 require a public entity at each interim and annual reporting period to (i) disclose the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion included in each relevant expense caption presented on the face of the income statement within continuing operations, (ii) include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date, which is intended to clarify the effective date of ASU No. 2024-03. As clarified in ASU 2025-01, the new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating the impact ASU 2024-03 will have on the Company's consolidated financial statement disclosures.

2. 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 for the years ended December 31 (in thousands):

			2024						2023						2022
HDMC:
Motorcycles			$	3,137,331					$	3,798,977					$	3,787,484
Parts and accessories			651,964						698,095						731,645
Apparel			237,270						244,333						271,107
Licensing			22,748						28,599						39,423
Other			72,593						74,590						58,013
			4,121,906						4,844,594						4,887,672
LiveWire			26,358						38,298						46,833
Motorcycles and related products revenue			4,148,264						4,882,892						4,934,505
HDFS:
Interest income			890,836						802,078						693,615
Other			147,702						151,508						127,010
Financial services revenue			1,038,538						953,586						820,625
			$	5,186,802					$	5,836,478					$	5,755,130

Motorcycles and Related Products Revenue (HDMC and LiveWire Segments)

Motorcycles, Electric Balance Bikes, Parts and Accessories, and Apparel – Revenues from the sale of motorcycles, electric balance bikes, parts and accessories, and apparel are recorded when control is transferred to the customer, generally at the time of shipment to independent dealers and distributors or at the time of delivery to retail customers. The sale of products to independent dealers outside the U.S. and Canada is generally on open account with terms that approximate 30-120 days and the resulting receivables are included in Accounts receivable, net on the Consolidated balance sheets. The sale of products to independent dealers in the U.S. and Canada is financed through HDFS and the related receivables are included in Finance receivables, net on the Consolidated balance sheets.

The Company may offer sales incentive programs to dealers and retail customers designed to promote the sale of motorcycles, parts and accessories, and apparel. The Company estimates its variable consideration sold under its sales incentive programs using the expected value method. The Company accounts for consideration payable to a customer as part of its sales incentives as a reduction of revenue, which is accrued at the later of the date the related sale is recorded or the date the incentive program is both approved and communicated.

The Company offers the right to return eligible parts and accessories and apparel. When the Company offers a right to return, it estimates returns based on an analysis of historical trends and records revenue on the initial sale only in the amount that it expects to be entitled. The remaining consideration is deferred in a refund liability account. The refund liability is remeasured for changes in the estimate at each reporting date with a corresponding adjustment to revenue.     

Variable consideration related to sales incentives and rights to return is adjusted at the earliest of when the amount of consideration the Company expects to receive changes or the consideration becomes fixed. Adjustments for variable consideration related to previously recognized sales were not material during any periods presented.

Shipping and handling costs associated with freight after control of a product has transferred to a customer are accounted for as fulfillment costs. The Company accrues for the shipping and handling in the same period that the related revenue is recognized.

The Company offers standard, limited warranties on its motorcycles, electric balance bikes and parts and accessories. These warranties provide assurance that the product will function as expected and are not separate performance obligations. The Company accounts for estimated warranty costs as a liability when control of the product transfers to the customer.

Licensing – The Company licenses the Harley-Davidson name and other trademarks owned by the Company and collects royalties from its licensees. The trademark licenses are considered symbolic intellectual property, which grant the licensees a right to access the Company’s intellectual property. The Company satisfies its performance obligation over the license period, as the Company fulfills its promise to grant the licensees rights to use and benefit from the intellectual property as well as maintain the intellectual property.

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Payment is typically due within thirty days of the end of each quarter for the royalties earned in that quarter. Revenue, in the form of sales-based royalties, is recognized when the licensees’ subsequent sales occur. The Company applies the practical expedient in Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, to recognize licensing revenues in the amount that the Company has the right to invoice because the royalties due each period correspond directly with the value of the Company’s performance to date. Revenue will be recognized over the remaining contract terms which range up to 5 years.

Other – Other revenue consists primarily of revenue from membership sales, museum admissions and events, and other miscellaneous products and services.

Financial Services Revenue (HDFS Segment)

Interest Income – Interest income on finance receivables is recorded as earned and is based on the average outstanding daily balance for wholesale and retail receivables. Accrued and uncollected interest is classified with Finance receivables, net. Certain loan origination costs related to finance receivables, including payments made to dealers for certain retail loans, are deferred and recorded within Finance receivables, net and amortized over the life of the contract.

Other Income – Other income consists primarily of insurance and licensing revenues. HDFS works with certain unaffiliated third parties to offer motorcycle insurance and voluntary protection products through most dealers in the U.S. and Canada. HDFS also works with third-party financial institutions that issue credit cards or offer other financial products bearing the Harley-Davidson brand in the U.S. and internationally. For many of these contracts, the Company grants temporary rights to use the licensed trademarks owned by the Company and collects royalties from its customers in connection with sales of their products. The trademark licenses are considered symbolic intellectual property, which grant the customer a right to access the intellectual property. The Company satisfies its performance obligation over the license period, as it fulfills its promise to grant the customer rights to use and benefit from the intellectual property as well as maintain the intellectual property. Royalty and profit sharing amounts are received either quarterly or per annum, based upon the contract. Revenue, in the form of sales-based royalties, is recognized when the customers’ subsequent sales occur. Revenue will be recognized over the remaining contract terms which range up to 3 years. The Company is the primary obligor for certain other voluntary protection product contracts and as a result, revenue is recognized over the life of the contract as the Company fulfills its performance obligation.

Contract Liabilities

The Company maintains certain contract liability 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 memberships, loyalty points earned under membership programs and certain insurance-related contracts. Contract liabilities are recognized as revenue as the Company performs under the contract. Contract liabilities, included in Accrued liabilities and Other long-term liabilities on the Consolidated balance sheets, were as follows as of December 31 (in thousands):

			2024						2023
Balance, beginning of period			$	47,091					$	44,100
Balance, end of period			$	56,753					$	47,091

Previously deferred contract liabilities recognized as revenue in 2024 and 2023 were $29.1 million and $26.7 million, respectively. The Company expects to recognize approximately $23.1 million of the remaining unearned revenue in 2025 and $33.7 million thereafter.

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3. Income Taxes

Income tax provision (benefit) for the years ended December 31, consists of the following (in thousands): 

			2024						2023						2022
Current:
Federal			$	66,505					$	125,875					$	139,423
State			8,368						22,340						20,367
Foreign			23,366						53,674						48,165
			98,239						201,889						207,955
Deferred:
Federal			(27,938)						(18,781)						(12,313)
State			7,511						(6,209)						(7,761)
Foreign			(5,849)						(5,069)						4,138
			(26,276)						(30,059)						(15,936)
			$	71,963					$	171,830					$	192,019

The components of Income before income taxes for the years ended December 31, were as follows (in thousands): 

			2024						2023						2022
Domestic			$	369,870					$	614,713					$	750,793
Foreign			147,268						252,163						180,440
			$	517,138					$	866,876					$	931,233

Income tax provision differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate for the years ended December 31, due to the following items (in thousands): 

			2024						2023						2022
Provision at statutory rate			$	108,599					$	182,044					$	195,553
State taxes, net of federal benefit			10,003						21,659						19,223
Foreign rate differential			2,196						7,887						3,620
Foreign derived intangible income			(1,744)						(8,669)						(8,187)
Research and development credit			(20,706)						(23,130)						(18,809)
Unrecognized tax benefits including interest and penalties			(2,026)						(9,210)						(11,793)
Valuation allowance adjustments			10,797						7,345						6,714
State credits			(4,526)						(8,035)						(6,954)
Global intangible low-taxed income			2,605						474						1,607
Return to provision adjustments			(5,421)						1,057						(6,318)
Executive compensation limitation			5,404						8,712						4,893
Other foreign inclusions			(13,601)						1,563						16,562
Tax incentives			(16,476)						(12,996)						(7,202)
Other			(3,141)						3,129						3,110
Income tax provision			$	71,963					$	171,830					$	192,019

The 2017 Tax Cuts and Jobs Act subjects U.S. shareholders to current tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries for which a company can elect to either recognize deferred taxes or to provide tax expense in the year incurred. The Company has elected to account for GILTI in the year the tax is incurred.

The Company qualifies for certain tax holidays in Thailand if certain employment and manufacturing criteria are met. The impact of the tax holiday decreased foreign taxes by $16.6 million, $13.0 million and $7.2 million in 2024, 2023 and 2022, respectively, and the tax holidays have expected expiration periods between 2025 and 2027. The benefit of the tax holiday on net income per share (diluted) was $0.12, $0.09 and $0.04 in 2024, 2023 and 2022, respectively.

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The principal components of the Company’s deferred income tax assets and liabilities as of December 31, include the following (in thousands):

			2024						2023
Deferred income tax assets:
Accruals not yet tax deductible			$	144,331					$	152,288
Stock compensation			11,779						12,995
Net operating loss and research & development tax credit carryforwards			82,027						68,809
Amortization of research and experimental costs			100,880						78,169
Other			62,889						66,749
			401,906						379,010
Valuation allowance			(59,313)						(48,516)
			342,593						330,494
Deferred income tax liabilities:
Depreciation, tax in excess of book			(51,107)						(57,641)
Pension and postretirement healthcare plan obligations			(90,589)						(82,682)
Withholding tax			(15,915)						(29,904)
Other			(26,045)						(32,597)
			(183,656)						(202,824)
			$	158,937					$	127,670

The Company reviews its deferred income tax asset valuation allowances on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required. In determining the requirement for a valuation allowance, the historical and projected financial results of the legal entity or consolidated group recording the net deferred income tax asset is considered, along with any positive or negative evidence including tax law changes. Since future financial results and tax law may differ from previous estimates, periodic adjustments to the Company’s valuation allowances may be necessary.

The Company's gross state net operating loss carryforwards were as follows at December 31 (in thousands):

Year of Expiration						2024						2023
2031						$	238,682					$	238,682
2032						12						12
2033						46						46
2034						108						108
2035						1,085						1,085
2036						60						60
2037						187						187
2038						824						824
2039						11,285						11,285
2040						34,354						34,354
2041						2,135						2,135
2042						347						347
Indefinite						7,280						7,280
						$	296,405					$	296,405

The Company also had Wisconsin research and development credit carryforwards of $56.9 million at December 31, 2024, expiring in 2025-2039.

At December 31, 2024, the Company had a deferred tax asset of $62.2 million related to its state net operating loss and Wisconsin research and development credit carryforwards and a deferred tax asset of $13.9 million related to foreign net operating losses.

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The Company's valuation allowance was $59.3 million at December 31, 2024 and included $43.5 million related to state net operating loss and Wisconsin research and development credit carryforwards, $7.2 million related to foreign net operating loss carryforwards and $8.6 million related to other deferred tax assets. The change in the valuation allowance from prior year included an increase of $10.7 million related to state net operating loss and Wisconsin research and development credit carryforwards while the valuation allowance related to foreign operations did not change from December 31, 2023.

The Company recognizes interest and penalties related to unrecognized tax benefits in Income tax provision (benefit). Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): 

			2024						2023
Unrecognized tax benefits, beginning of period			$	18,214					$	32,029
Increase in unrecognized tax benefits for tax positions taken in a prior period			3,818						3,159
Decrease in unrecognized tax benefits for tax positions taken in a prior period			(3,773)						(10,444)
Increase in unrecognized tax benefits for tax positions taken in the current period			2,473						870
Statute lapses			(3,800)						—
Settlements with taxing authorities			(753)						(7,400)
Unrecognized tax benefits, end of period			$	16,179					$	18,214

The amount of unrecognized tax benefits as of December 31, 2024 and 2023 that, if recognized, would affect the effective tax rate was $10.3 million and $16.5 million, respectively.

The total gross amount of benefit related to interest and penalties associated with unrecognized tax benefits recognized in the Consolidated statements of operations was a net expense of $0.7 million during 2024 and a net benefit of $8.7 million and $5.6 million during 2023 and 2022, respectively.

The total gross amount of interest and penalties associated with unrecognized tax benefits recognized at December 31, 2024 and 2023 in the Consolidated balance sheets was $7.1 million and $8.6 million, respectively.

The Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits related to continuing operations during the fiscal year ending December 31, 2025. However, the Company is under regular audit by tax authorities. The Company believes that it has appropriate support for the positions taken on its tax returns and that its annual tax provision includes amounts sufficient to pay any assessments. Nonetheless, the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year.

The Company or one of its subsidiaries files income tax returns in the U.S. federal and Wisconsin state jurisdictions and various other state and foreign jurisdictions. The Company is no longer subject to income tax examinations for Wisconsin state income taxes before 2019 or for U.S. federal income taxes before 2019. In all other jurisdictions, tax periods prior to 2017 are closed.

4. Capital Stock and Earnings Per Share

Capital Stock – The Company is authorized to issue 2,000,000 shares of preferred stock of $1.00 par value, none of which is outstanding. The Company's common stock has a par value of $0.01 per share. Share information regarding the Company's common stock at December 31, was as follows:

			2024						2023
Common stock shares:
Authorized			800,000,000						800,000,000
Issued			171,982,732						171,218,640
Outstanding			124,278,925						136,312,009
Treasury stock shares			47,703,807						34,906,631

Discretionary share repurchases were $450.0 million or 12.5 million shares, $350.0 million or 10.2 million shares and $324.5 million or 8.4 million shares during the years ended December 31, 2024, 2023 and 2022 respectively. Share repurchases of common stock that employees surrendered to satisfy withholding taxes in connection with the vesting of restricted stock units (RSUs) and performance shares were $9.8 million or 0.3 million shares, $14.0 million or 0.3 million

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shares, and $14.2 million or 0.4 million shares during the years ended December 31, 2024, 2023 and 2022, respectively, as discussed further in Note 16.

The Company paid cash dividends of $0.69, $0.66, and $0.63 per share during the years ended December 31, 2024, 2023, and 2022, respectively.

Earnings Per Share – The computation of basic and diluted earnings per share for the years ended December 31, was as follows (in thousands except per share amounts):

			2024						2023						2022
Net income attributable to Harley-Davidson, Inc.			$	455,357					$	706,586					$	741,408
Basic weighted-average shares outstanding			131,447						142,378						148,012
Effect of dilutive securities – employee stock compensation plan			841						2,725						1,339
Diluted weighted-average shares outstanding			132,288						145,103						149,351
Earnings per share:
Basic			$	3.46					$	4.96					$	5.01
Diluted			$	3.44					$	4.87					$	4.96

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 0.8 million, 1.0 million and 1.9 million shares during 2024, 2023 and 2022, respectively.

5. Additional Balance Sheet and Cash Flow Information

Investments in marketable securities consisted of the following at December 31 (in thousands): 

			2024						2023
Mutual funds			$	32,070					$	34,079

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 consisted of the following as of December 31 (in thousands):

			2024						2023
Raw materials and work in process			$	353,819					$	389,221
Motorcycle finished goods			411,442						514,964
Parts and accessories and apparel			110,591						150,844
Inventory at lower of FIFO cost or net realizable value			875,852						1,055,029
Excess of FIFO over LIFO cost			(130,059)						(125,078)
			$	745,793					$	929,951

Inventory obsolescence reserves deducted from FIFO cost were $84.6 million and $110.2 million as of December 31, 2024 and 2023, respectively.

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Property, plant and equipment, net consisted of the following as of December 31 (in thousands):

			2024						2023
Land and related improvements			$	68,140					$	66,939
Buildings and related improvements			450,890						431,215
Machinery and equipment			1,503,514						1,491,448
Software			627,161						722,213
Construction in progress			246,933						243,010
			2,896,638						2,954,825
Accumulated depreciation			(2,139,566)						(2,223,101)
			$	757,072					$	731,724

Software, net of accumulated amortization, included in Property, plant and equipment, net, was $57.8 million and $75.3 million as of December 31, 2024 and 2023, respectively.

Accrued liabilities consisted of the following as of December 31 (in thousands):

			2024						2023
Interest			$	85,919					$	84,313
Sales incentive programs			80,305						116,167
Payroll, employee benefits and related expenses			66,238						101,955
Warranty and recalls			46,260						41,375
Contract liability			23,083						23,357
Tax-related accruals			20,029						38,219
Leases			18,658						18,685
Fair value of derivative financial instruments			311						12,806
Other			253,157						209,982
			$	593,960					$	646,859

Deposits – HDFS 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 $550.6 million and $447.8 million, net of fees, of interest-bearing brokered certificates of deposit outstanding as of December 31, 2024 and December 31, 2023, 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 December 31, 2024 were as follows (in thousands):

2025			$	173,737
2026			243,489
2027			119,263
2028			—
2029			15,200
Future maturities			551,689
Unamortized fees			(1,103)
			$	550,586

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Operating Cash Flow – The reconciliation of Net income to Net cash provided by operating activities for the years ended December 31, was as follows (in thousands):

			2024						2023						2022
Cash flows from operating activities:
Net income			$	445,175					$	695,046					$	739,214
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization			160,673						158,112						151,942
Amortization of deferred loan origination costs			70,745						85,018						94,914
Amortization of financing origination fees			13,963						13,208						15,105
Provision for long-term employee benefits			(54,008)						(67,624)						(21,891)
Employee benefit plan contributions and payments			(5,078)						(5,736)						(14,320)
Stock compensation expense			49,005						82,901						54,353
Net change in wholesale finance receivables related to sales			46,884						(387,743)						(198,623)
Provision for credit losses			247,225						227,158						145,133
Deferred income taxes			(26,276)						(30,059)						(15,936)
Other, net			17,070						(39,713)						(13,027)
Changes in current assets and liabilities:
Accounts receivable, net			19,778						(11,443)						(82,385)
Finance receivables – accrued interest and other			36						(339)						414
Inventories, net			164,609						21,257						(254,170)
Accounts payable and accrued liabilities			(55,436)						28,570						4,503
Other current assets			(30,532)						(13,726)						(56,765)
			618,658						59,841						(190,753)
Net cash provided by operating activities			$	1,063,833					$	754,887					$	548,461

Cash paid during the years ended December 31, for interest and income taxes was as follows (in thousands):

			2024						2023						2022
Interest			$	358,996					$	290,467					$	231,651
Income taxes			$	111,117					$	237,658					$	244,374

6. Finance Receivables

Finance receivables include both retail and wholesale finance receivables, including amounts held by consolidated VIEs. Finance receivables are recorded in the financial statements at amortized cost net of an allowance for credit losses.

The Company provides retail financial services to customers of its dealers in the U.S. and Canada. The origination of retail loans is a separate and distinct transaction between the Company and the retail customer, unrelated to the Company’s sale of product to its dealers. Retail finance receivables consist of secured promissory notes and secured installment sales contracts and are primarily related to dealer sales of motorcycles to retail customers. The Company holds either titles or liens on titles to vehicles financed by promissory notes and installment sales contracts. As of December 31, 2024, approximately 11% of gross outstanding retail finance receivables were originated in Texas. As of December 31, 2023, approximately 11% and 10% of gross outstanding retail finance receivables were originated in Texas and California, respectively. There were no other states that accounted for more than 10% of gross outstanding retail finance receivables.

The Company offers wholesale financing to its dealers in the U.S. and Canada. Wholesale finance receivables are related primarily to the Company's sale of motorcycles, related parts and accessories, and apparel to dealers. Wholesale loans to dealers are generally secured by financed inventory or property.

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Finance receivables, net at December 31, were as follows (in thousands): 

			2024						2023
Retail finance receivables:
United States			$	6,548,550					$	6,657,998
Canada			132,556						160,701
			6,681,106						6,818,699
Wholesale finance receivables:
United States			952,301						1,016,815
Canada			56,070						44,717
			1,008,371						1,061,532
			7,689,477						7,880,231
Allowance for credit losses			(401,183)						(381,966)
			$	7,288,294					$	7,498,265

Approved but unfunded retail finance loans totaled $140.7 million and $223.2 million at December 31, 2024 and 2023, respectively. Unused lines of credit extended to the Company's wholesale finance customers totaled $1.25 billion and $1.34 billion at December 31, 2024 and 2023, respectively.

Wholesale finance receivables are generally contractually due within one year. As of December 31, 2024, contractual maturities of total finance receivables were as follows (in thousands):

			United States						Canada						Total
2025			$	2,019,862					$	83,878					$	2,103,740
2026			1,235,417						29,648						1,265,065
2027			1,412,167						32,672						1,444,839
2028			1,552,946						36,006						1,588,952
2029			886,588						6,422						893,010
Thereafter			393,871						—						393,871
			$	7,500,851					$	188,626					$	7,689,477

The Company’s finance receivables are reported at amortized cost, net of the allowance for credit losses. Amortized cost includes the principal outstanding, accrued interest, and deferred loan fees and costs. The allowance for credit losses represents the Company’s estimate of lifetime losses for its finance receivables. Based on differences in the nature of the finance receivables and the underlying methodology for calculating the allowance for credit losses, the Company segments its finance receivables into the retail and wholesale portfolios. The Company further disaggregates each portfolio by credit quality indicators. As the credit risk varies between the retail and wholesale portfolios, the Company utilizes different credit quality indicators for each portfolio.

The retail portfolio primarily consists of a large number of small balance, homogeneous finance receivables. The Company performs a collective evaluation of the adequacy of the retail allowance for credit losses. The Company utilizes a vintage-based loss forecast methodology that includes decompositions for probability of default, exposure at default, attrition rate, and recovery balance rate. Reasonable and supportable economic forecasts for a two-year period are incorporated into the methodology to reflect the estimated impact of changes in future economic conditions, such as unemployment rates, household obligations or other relevant factors, over the two-year reasonable and supportable period. For periods beyond the Company’s reasonable and supportable forecasts, the Company reverts to its average historical loss experience using a mean-reversion process over a three-year period. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, or term as well as other relevant factors.

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The wholesale portfolio is primarily composed of large balance, non-homogeneous loans. The Company’s evaluation for the wholesale allowance for credit losses is first based on a loan-by-loan review to determine whether the loans share similar risk characteristics. The Company individually evaluates loans that do not share risk characteristics. Loans identified as those for which foreclosure is probable are classified as Non-Performing, and a specific allowance for credit losses is established when appropriate. The specific allowance is determined based on the amortized cost of the related finance receivable and the estimated fair value of the collateral, less selling costs and the cash that the Company expects to receive. Finance receivables in the wholesale portfolio not individually assessed are aggregated, based on similar risk characteristics, according to the Company’s internal risk rating system and measured collectively. The related allowance for credit losses is based on factors such as the specific borrower’s financial performance and ability to repay, the Company’s past credit loss experience, reasonable and supportable economic forecasts, and the value of the underlying collateral and expected recoveries.

The Company considers various third-party economic forecast scenarios as part of estimating the allowance for expected credit losses and applies a probability-weighting to those economic forecast scenarios. Each quarter, the Company's outlook on economic conditions impacts the Company's retail and wholesale estimates for expected credit losses. At the end of 2024, the Company's probability weighting of its economic forecast scenarios was weighted towards more pessimistic scenarios given continued challenging macro-economic conditions including a persistently high interest rate environment, ongoing elevated inflation levels and muted consumer confidence.

Additionally, the historical experience incorporated into the portfolio-specific models does not fully reflect the Company's comprehensive expectations regarding the future. As such, the Company incorporated qualitative factors to establish an appropriate allowance for credit losses balance. These factors include motorcycle recovery value considerations, delinquency adjustments, specific problem loan trends, and changes in other portfolio-specific loan characteristics as well as current loss experience. During the year ended December 31, 2024, the Company experienced increased retail credit losses driven by several factors connected to the macro-economic environment and the related customer and industry dynamics, including the impact of higher motorcycle payments and general inflationary pressures on customers. Additionally, the Company experienced downward pressure on recovery values at auction during the year-ended December 31, 2024.

Due to the use of projections and assumptions in estimating the losses, the amount of losses actually incurred by the Company in either portfolio could differ from the amounts estimated. Further, the Company’s allowance for credit losses incorporates known conditions at the balance sheet date and management’s expectations surrounding the economic forecasts. The Company will continue to monitor future economic trends and conditions. Expectations surrounding the Company's economic forecasts may change in future periods as additional information becomes available.

The allowance for credit losses on finance receivables is comprised of individual components relating to wholesale and retail finance receivables. Changes in the allowance for credit losses on finance receivables by portfolio for the year ended December 31, were as follows (in thousands): 

			2024
			Retail						Wholesale						Total
Balance, beginning of period			$	367,037					$	14,929					$	381,966
Provision for credit losses			237,882						9,343						247,225
Charge-offs			(290,006)						(1,462)						(291,468)
Recoveries			63,460						—						63,460
Balance, end of period			$	378,373					$	22,810					$	401,183

			2023
			Retail						Wholesale						Total
Balance, beginning of period			$	345,275					$	13,436					$	358,711
Provision for credit losses			225,665						1,493						227,158
Charge-offs			(263,915)						—						(263,915)
Recoveries			60,012						—						60,012
Balance, end of period			$	367,037					$	14,929					$	381,966

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			2022
			Retail						Wholesale						Total
Balance, beginning of period			$	326,320					$	13,059					$	339,379
Provision for credit losses			144,756						377						145,133
Charge-offs			(176,718)						—						(176,718)
Recoveries			50,917						—						50,917
Balance, end of period			$	345,275					$	13,436					$	358,711

The Company manages retail credit risk through its credit approval process and ongoing collection efforts. The Company uses FICO scores, a standard credit rating measurement, to differentiate the expected default rates of retail credit applicants, enabling the Company to better evaluate credit applicants for approval and to tailor pricing according to this assessment. For the Company’s U.S. and Canadian retail finance receivables, the Company determines the credit quality indicator for each loan at origination and does not update the credit quality indicator subsequent to the loan origination date.

As loan performance by credit quality indicator differs between the U.S. and Canadian retail loans, the Company’s credit quality indicators vary for the two portfolios. For U.S. retail finance receivables, those with a FICO score of 740 or above at origination are generally considered super prime, loans with a FICO score between 640 and 740 are generally categorized as prime, and loans with FICO score below 640 are generally considered sub-prime. For Canadian retail finance receivables, those with a FICO score of 700 or above at origination are generally considered super prime, loans with a FICO score between 620 and 700 are generally categorized as prime, and loans with FICO score below 620 are generally considered sub-prime.

The amortized cost of the Company's U.S. and Canadian retail finance receivables by vintage and credit quality indicator was as follows (in thousands):

			December 31, 2024
			2024						2023						2022						2021						2020						2019 & Prior						Total
U.S. Retail:
Super prime			$	1,040,491					$	694,941					$	449,697					$	206,974					$	67,668					$	28,606					$	2,488,377
Prime			1,042,910						821,719						659,000						363,507						141,495						82,771						3,111,402
Sub-prime			318,689						224,656						180,048						119,457						58,297						47,624						948,771
			2,402,090						1,741,316						1,288,745						689,938						267,460						159,001						6,548,550
Canadian Retail:
Super prime			36,011						29,098						17,468						8,330						3,179						1,096						95,182
Prime			9,111						8,687						6,724						4,033						2,212						1,524						32,291
Sub-prime			1,701						1,229						972						435						462						284						5,083
			46,823						39,014						25,164						12,798						5,853						2,904						132,556
			$	2,448,913					$	1,780,330					$	1,313,909					$	702,736					$	273,313					$	161,905					$	6,681,106
Gross charge-offs for the year ended December 31, 2024:
US Retail			$	18,322					$	92,489					$	90,023					$	47,678					$	19,628					$	17,143					$	285,283
Canadian Retail			241						1,474						1,398						755						391						464						4,723
			$	18,563					$	93,963					$	91,421					$	48,433					$	20,019					$	17,607					$	290,006

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			December 31, 2023
			2023						2022						2021						2020						2019						2018 & Prior						Total
U.S. Retail:
Super prime			$	1,066,321					$	729,339					$	376,474					$	151,004					$	70,627					$	27,013					$	2,420,778
Prime			1,173,463						993,417						584,305						259,995						139,011						78,880						3,229,071
Sub-prime			333,099						275,964						189,688						101,437						63,393						44,568						1,008,149
			2,572,883						1,998,720						1,150,467						512,436						273,031						150,461						6,657,998
Canadian Retail:
Super prime			48,705						31,733						17,744						9,241						4,521						1,524						113,468
Prime			13,764						11,434						7,336						4,390						2,728						1,838						41,490
Sub-prime			1,846						1,546						739						817						525						270						5,743
			64,315						44,713						25,819						14,448						7,774						3,632						160,701
			$	2,637,198					$	2,043,433					$	1,176,286					$	526,884					$	280,805					$	154,093					$	6,818,699
Gross charge-offs for the year ended December 31, 2023:
US Retail			$	20,047					$	102,387					$	74,212					$	30,896					$	18,088					$	14,655					$	260,285
Canadian Retail			527						1,004						866						472						278						483						3,630
			$	20,574					$	103,391					$	75,078					$	31,368					$	18,366					$	15,138					$	263,915

The Company's credit risk on the wholesale portfolio is different from that of the retail portfolio. Whereas the retail portfolio represents a relatively homogeneous pool of retail finance receivables that exhibit more consistent loss patterns, the wholesale portfolio exposures are less consistent. The Company utilizes an internal credit risk rating system to manage credit risk exposure consistently across wholesale borrowers and individually evaluates credit risk factors for each borrower. The Company uses the following internal credit quality indicators, based on an internal risk rating system, listed from highest level of risk to lowest level of risk for the wholesale portfolio: Doubtful, Substandard, Special Mention, Medium Risk and Low Risk. Based upon the Company’s review, the dealers classified in the Doubtful category are the dealers with the greatest likelihood of being charged-off, while the dealers classified as Low Risk are least likely to be charged-off. Additionally, the Company classifies dealers identified as those in which foreclosure is probable as Non-Performing. The internal rating system considers factors such as the specific borrower's ability to repay and the estimated value of any collateral. Dealer risk rating classifications are reviewed and updated on a quarterly basis.

The amortized cost of wholesale finance receivables, by vintage and credit quality indicator, was as follows (in thousands):

			December 31, 2024
			2024						2023						2022						2021						2020						2019 & Prior						Total
Non-Performing			$	6,430					$	4,702					$	129					$	—					$	—					$	2					$	11,263
Doubtful			25,827						3,869						139						—						—						8,196						38,031
Substandard			14,470						2,928						—						—						—						—						17,398
Special Mention			3,162						362						19						—						—						—						3,543
Medium Risk			1,471						271						—						—						—						—						1,742
Low Risk			808,771						83,611						38,815						1,702						3,358						137						936,394
			$	860,131					$	95,743					$	39,102					$	1,702					$	3,358					$	8,335					$	1,008,371
Gross charge-offs for the year ended December 31, 2024:
Wholesale			$	709					$	710					$	42					$	—					$	—					$	1					$	1,462

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			December 31, 2023
			2023						2022						2021						2020						2019						2018 & Prior						Total
Non-Performing			$	—					$	—					$	—					$	—					$	—					$	—					$	—
Doubtful			—						—						—						—						—						—						—
Substandard			10,934						258						—						—						5						—						11,197
Special Mention			641						30						—						—						—						—						671
Medium Risk			2,905						—						—						—						—						—						2,905
Low Risk			961,519						66,757						5,107						4,962						7,786						628						1,046,759
			$	975,999					$	67,045					$	5,107					$	4,962					$	7,791					$	628					$	1,061,532

Retail finance receivables are contractually delinquent if the minimum payment is not received by the specified due date. Retail finance receivables at amortized cost, excluding accrued interest, are generally charged-off when the receivable is 120 days or more delinquent, the related asset is repossessed, or the receivable is otherwise deemed uncollectible. All retail finance receivables accrue interest until either collected or charged-off. The Company reverses accrued interest related to charged-off accounts against HDFS interest income when the account is charged-off. The Company reversed $33.0 million and $27.5 million of accrued interest against HDFS interest income during the years ended December 31, 2024 and 2023, respectively. Due to the timely write-off of accrued interest, the Company made the election provided under ASC Topic 326, Financial Instruments - Credit Losses to exclude accrued interest from its allowance for credit losses. Accordingly, as of December 31, 2024 and 2023, all retail finance receivables were accounted for as interest-earning receivables, of which $64.7 million and $67.3 million, respectively, were 90 days or more past due.

Wholesale finance receivables are delinquent if the minimum payment is not received by the contractual due date. Wholesale finance receivables are written down once the Company determines that the specific borrower does not have the ability to repay the loan in full. Interest continues to accrue on past due finance receivables until the date the Company determines that foreclosure is probable, and the finance receivable is placed on non-accrual status. The Company will resume accruing interest on these accounts when payments are current according to the terms of the loans and future payments are reasonably assured. While on non-accrual status, all cash received is applied to principal or interest as appropriate. Once an account is charged-off, the Company will reverse the associated accrued interest against HDFS interest income. As the Company follows a non-accrual policy for interest, the allowance for credit losses excludes accrued interest for the wholesale portfolio. The Company reversed $0.2 million of accrued interest related to the charge-off of Non-Performing dealer loans during the year ended December, 31 2024. There were no charged-off accounts during 2023. As such, the Company did not reverse any wholesale accrued interest during the year ended December 31, 2023. At December 31, 2024, $0.5 million of wholesale finance receivables were over 90 days or more past due and on non-accrual status. There were no dealers on non-accrual status at December 31, 2023.

Additional information related to the wholesale finance receivables on non-accrual status was as follows (in thousands):

			Amortized Cost												Amortized Cost						Interest Income
			January 1, 2024												December 31, 2024						Recognized
Wholesale:
No related allowance recorded			$	—											$	7,510					$	795
Related allowance recorded			—												3,753						416
			$	—											$	11,263					$	1,211

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The aging analysis of finance receivables at December 31, was as follows (in thousands): 

			2024
			Current						31-60 Days Past Due						61-90 Days Past Due						Greater than 90 Days Past Due						Total Past Due						Total Finance Receivables
Retail finance receivables			$	6,368,447					$	178,752					$	69,257					$	64,650					$	312,659					$	6,681,106
Wholesale finance receivables			1,002,584						3,463						718						1,606						5,787						1,008,371
			$	7,371,031					$	182,215					$	69,975					$	66,256					$	318,446					$	7,689,477

			2023
			Current						31-60 Days Past Due						61-90 Days Past Due						Greater than 90 Days Past Due						Total Past Due						Total Finance Receivables
Retail finance receivables			$	6,516,342					$	168,027					$	67,033					$	67,297					$	302,357					$	6,818,699
Wholesale finance receivables			1,060,561						763						25						183						971						1,061,532
			$	7,576,903					$	168,790					$	67,058					$	67,480					$	303,328					$	7,880,231

Retail and wholesale finance receivables, excluding non-accrual status finance receivables, that were contractually past due 90 days or more at December 31, was as follows (in thousands): 

			2024						2023
United States			$	63,702					$	66,119
Canada			2,028						1,361
			$	65,730					$	67,480

Generally, it is the Company’s policy not to change the terms and conditions of finance receivables. However, to minimize economic loss, the Company may modify certain finance receivables as troubled loan modifications. Total finance receivables subject to troubled loan modifications were not significant as of December 31, 2024 and December 31, 2023. In accordance with its policies, in certain situations, the Company may offer short-term adjustments to customer payment due dates without affecting the associated interest rate or loan term.

7. Goodwill and Intangible Assets

Changes in the carrying amount of goodwill in the HDMC and LiveWire segments for the years ended December 31, was as follows (in thousands): 

			2024
			HDMC			LiveWire			Total
Balance, beginning of period			$	54,369		$	8,327		$	62,696
Currency translation			(1,041)			—			(1,041)
Balance, end of period			$	53,328		$	8,327		$	61,655

			2023
			HDMC			LiveWire			Total
Balance, beginning of period			$	53,763		$	8,327		$	62,090
Currency translation			606			—			606
Balance, end of period			$	54,369		$	8,327		$	62,696

The HDFS segment had no goodwill at December 31, 2024 or December 31, 2023.

Intangible assets, excluding goodwill, consist primarily of customer relationships and trademarks with useful lives ranging from 3 to 20 years. Intangible assets are amortized on a straight-line basis over their estimated useful lives. Intangible assets are recorded in Other long-term assets on the Consolidated balance sheets. Intangible assets at December 31, were as

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follows (in thousands):

			2024						2023
Gross carrying amount			$	11,889					$	12,475
Accumulated amortization			(6,315)						(5,447)
			$	5,574					$	7,028

Amortization of intangible assets, excluding goodwill, recorded in Selling, administrative and engineering expense on the Consolidated statements of operations was $1.1 million, $0.9 million and $0.8 million for 2024, 2023 and 2022, respectively. Future amortization of the Company's intangible assets as of December 31, 2024 is as follows (in thousands):

2025			$	1,084
2026			1,003
2027			600
2028			600
2029			410
Thereafter			1,877
			$	5,574

8. Derivative Financial Instruments and Hedging Activities

The Company is exposed to risks from fluctuations in foreign currency exchange rates, interest rates and commodity prices. To reduce its exposure to such risks, the Company selectively uses derivative financial instruments. All derivative transactions are authorized and executed pursuant to regularly reviewed policies and procedures which prohibit the use of financial instruments for speculative trading purposes.

The Company sells products in foreign currencies and utilizes foreign currency exchange contracts to mitigate the effects of foreign currency exchange rate fluctuations related to the Euro, Australian dollar, Japanese yen, Canadian dollar and Mexican peso. The Company's foreign currency exchange contracts generally have maturities of less than one year.

該公司利用商品合同來減輕與其摩托車業務消耗的金屬和燃料相關的商品價格波動的影響。該公司的商品合同期限一般在一年以內。

公司定期利用國債利率和掉期利率鎖定合同來固定與預期發行長期債務和跨貨幣掉期相關的部分本金的利率，以減輕外幣匯率波動對外幣計價債務的影響。該公司還利用利率上限來促進某些資產支持證券化交易。

所有衍生金融工具均在 綜合資產負債表 按公允價值計算。根據 ASC主題815，衍生品和對沖 (ASC主題815），衍生金融工具公允價值變化的會計處理取決於其是否已被指定並符合對沖關係的一部分，進一步取決於對沖關係的類型。

被指定爲現金流量對沖的衍生金融工具的公允價值變動最初計入其他全面收益 (保監處)，當被套期保值項目影響收入時，隨後重新分類爲收入。本公司於每項對沖開始時及持續評估被指定爲現金流量對沖交易的衍生金融工具在抵銷對沖項目現金流量變動方面是否非常有效。指定套期保值衍生金融工具的收益或損失的任何組成部分均不被排除在套期保值有效性的評估之外。未被指定爲套期保值的衍生金融工具是非投機性的，用於管理公司的外幣風險、商品風險和利率風險。未被指定爲對沖工具的衍生金融工具的公允價值變動直接計入收益。與公司衍生金融工具相關的現金流活動記錄於經營活動產生的現金流量在合併現金流量表。

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截至12月31日，ASC主題815項下公司衍生金融工具的名義價值和公允價值如下（單位：千）：

			衍生金融工具 指定爲現金流量對沖工具
			2024																		2023
			名義 值						資產(a)						負債(b)						名義 值						資產(a)						負債(b)
外幣合約			$	455,322					$	19,778					$	148					$	540,088					$	3,529					$	9,194
商品合約			663						59						—						642						—						134
交叉貨幣掉期			759,780						—						34,709						1,420,560						15,080						3,160
			$	1,215,765					$	19,837					$	34,857					$	1,961,290					$	18,609					$	12,488
			衍生金融工具 中並無指定爲對沖工具
			2024																		2023
			名義 值						資產(c)						負債(b)						名義 值						資產(c)						負債(b)
商品合約			$	3,489					$	—					$	163					$	5,637					$	—					$	318
利率上限			272,997						2						—						617,859						464						—
			$	276,486					$	2					$	163					$	623,496					$	464					$	318

(a)包括$15.1 記錄了數百萬次跨貨幣互換 其他長期資產 截至2023年12月31日，所有剩餘金額均記錄在 其他流動資產.

(b)包括$34.7 記錄了數百萬次跨貨幣互換 其他長期負債 截至2024年12月31日，所有剩餘金額均記錄在 應計負債。

(c)包括$0.5 記錄了百萬利率上限 其他長期資產 截至2023年12月31日，所有剩餘金額均記錄在 其他流動資產。

 截至12月31日止年度，與指定爲現金流量對沖的衍生金融工具相關的損益金額如下（單位：千）：

 

			收益/（損失） 於其他全面收益中確認																		收益/（損失） 從AOCL重新分類爲收入
			2024						2023						2022						2024						2023						2022
外幣合約			$	39,985					$	1,859					$	26,093					$	18,818					$	1,301					$	46,077
商品合約			(147)						(654)						312						(339)						(930)						703
交叉貨幣掉期			(46,629)						48,019						(71,172)						(46,966)						43,812						(79,952)
國債利率鎖定合同			(4,293)						1,139						—						(367)						(53)						(426)
掉期利率鎖定合同			—						(1,780)						—						(594)						(452)						—
			$	(11,084)					$	48,583					$	(44,767)					$	(29,448)					$	43,678					$	(33,598)

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截至12月31日止年度，在與指定爲現金流對沖的衍生金融工具相關的收入中確認的損益的地點和金額如下（單位：千）：

			摩托車及相關產品 銷貨成本						銷售、行政和 工程費用						利息開支						金融服務利息費用
			2024
合併經營報表中記錄現金流量對沖影響的細行項目			$	3,005,940					$	1,145,244					$	30,748					$	371,766
收益/（虧損）從AOCL重新分類至收入：
外幣合約			$	18,818					$	—					$	—					$	—
商品合約			$	(339)					$	—					$	—					$	—
交叉貨幣掉期			$	—					$	(46,966)					$	—					$	—
國債利率鎖定合同			$	—					$	—					$	(272)					$	(95)
掉期利率鎖定合同			$	—					$	—					$	—					$	(594)
			2023
合併經營報表中記錄現金流量對沖影響的細行項目			$	3,322,306					$	1,175,550					$	30,787					$	332,380
收益/（虧損）從AOCL重新分類至收入：
外幣合約			$	1,301					$	—					$	—					$	—
商品合約			$	(930)					$	—					$	—					$	—
交叉貨幣掉期			$	—					$	43,812					$	—					$	—
國債利率鎖定合同			$	—					$	—					$	(363)					$	310
掉期利率鎖定合同			$	—					$	—					$	—					$	(452)
			2022
合併經營報表中記錄現金流量對沖影響的細行項目			$	3,403,728					$	1,079,338					$	31,235					$	217,653
收益/（虧損）從AOCL重新分類至收入：
外幣合約			$	46,077					$	—					$	—					$	—
商品合約			$	703					$	—					$	—					$	—
交叉貨幣掉期			$	—					$	(79,952)					$	—					$	—
國債利率鎖定合同			$	—					$	—					$	(363)					$	(63)

包含的淨損失金額 累計其他綜合損失 （AOCL）截至2024年12月31日，預計未來12個月內重新分類爲收入的金額爲美元3.8 萬

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截至12月31日，在與未指定爲對沖工具的衍生金融工具相關的收入中確認的損益金額如下（單位：千）。外幣合約和商品合約的損益記錄在 摩托車及相關產品售出商品的成本。 利率上限的損益記錄在 銷售、行政和工程費用.

			收益/（損失）金額 確認爲收入
			2024						2023						2022
外幣合約			$	(342)					$	125					$	7,730
商品合約			(507)						(1,426)						1,264
利率上限			(462)						(1,908)						530
			$	(1,311)					$	(3,209)					$	9,524

如果其衍生金融工具的交易對手不履行義務，公司將面臨信用損失風險。儘管無法提供保證，但公司預計其衍生金融工具的任何交易對手不會未能履行其義務。爲了管理信用損失風險，公司根據信用評級評估交易對手方，並每季度評估每個對沖的淨頭寸相對於交易對手方彌補頭寸的能力。

9. 租賃

公司在合同開始時確定一項安排是否是或包含租賃。與公司租賃相關的使用權（ROU）資產記錄在 租賃資產 和租賃負債記錄在 應計負債和租賃責任在綜合資產負債表. 

ROU資產代表公司在租賃期內使用基礎資產的權利，租賃負債代表公司支付租賃產生的租賃付款的義務。ROU資產和租賃負債在租賃開始日根據租賃期內未來租賃付款的現值確認。ROU資產還包括預付租賃付款和初始直接成本，並因出租人支付的租賃激勵而減少。用於確定現值的貼現率通常是公司的增量借款利率，因爲租賃中的隱含利率不容易確定。用於計算ROU資產和租賃負債的租賃期包括當公司合理確定租賃期將包括這些可選期限時延長或終止選擇權涵蓋的期限。

根據ASC主題842，租賃 (ASC話題842）， 公司選擇了短期租賃實用權宜方法，允許實體在租期爲12個月或以下的租賃的租期內以直線法確認租賃付款。公司還選擇了ASC主題842項下的實用權宜方法，允許實體不將非租賃組成部分與租賃組成部分分開，而是將這些組成部分作爲所有租賃的單一租賃組成部分，但涉及製造和分銷過程中使用的資產的租賃除外。

該公司爲銷售和行政辦公室、製造和分銷設施、產品測試設施、設備和車輛制定了經營租賃安排。該公司的租賃剩餘租賃期限從不到 1 年 41 年，其中一些包括將租期延長的選擇，期限通常不超過 5 年，其中一些包括在內終止租賃的選擇 1 年某些租賃還包括購買租賃資產的選擇權。公司的租賃不包含任何重大剩餘價值擔保或重大限制性契約。

截至2024年、2023年和2022年12月31日止年度的經營租賃費用爲美元28.1 百萬美元26.0 百萬美元25.3 分別爲百萬。這包括與製造和分銷過程中使用的資產相關的可變租賃成本約爲美元1.8 百萬美元3.2 百萬美元3.3 截至2024年、2023年和2022年12月31日止年度分別爲百萬。其他可變和短期租賃成本並不重大。

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截至12月31日，與該公司租賃有關的資產負債表信息如下(以千計)：

			2024						2023
租賃資產			$	63,853					$	69,650
應計負債			$	18,658					$	18,685
租賃負債			47,420						51,848
			$	66,078					$	70,533

截至2024年12月31日，公司經營租賃負債未來到期情況如下（單位：千）：

2025			$	21,267
2026			16,406
2027			9,807
2028			7,957
2029			7,124
此後			29,472
未來租賃付款			92,033
現值貼現			(25,955)
租賃負債			$	66,078

截至12月31日，有關該公司經營租賃的其他租賃信息如下(以千美元爲單位)：

			2024						2023
計入租賃負債的金額的現金流出			$	24,661					$	20,622
爲換取租賃義務而獲得的ROU資產，扣除修改			$	15,558					$	45,703
加權平均剩餘租賃年限(年)			7.88						4.70
加權平均貼現率			5.6		%				5.0		%

10. 債務

合同期限少於12個月的債務通常歸類爲短期債務，截至12月31日，包括以下債務（以千計）：

			2024						2023
無擔保商業票據			$	640,204					$	878,935

合同期限超過12個月的債務通常被歸類爲長期債務，截至12月31日，包括以下債務（以千計）：

									2024						2023
有擔保債務：
資產支持的加拿大商業票據管道設施									$	77,381					$	70,742
資產支持的美國商業票據管道設施									431,846						233,258
資產支持證券化債務									1,956,383						1,884,629
未攤銷折扣和債務發行成本									(6,245)						(7,261)
									2,459,365						2,181,368

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									2024						2023
無擔保票據（按面值）：
中期註釋：
2024年到期，2019年11月發佈(a)			3.14		%				—						662,238
2025年到期，2020年6月發佈			3.35		%				700,000						700,000
2026年到期，2023年4月發佈(b)			6.36		%				727,104						772,610
2027年到期，2022年2月發佈			3.05		%				500,000						500,000
2028年到期，2023年3月發佈			6.50		%				700,000						700,000
2029年到期，2024年6月發佈			5.95		%				500,000						—
未攤銷折扣和債務發行成本									(13,091)						(15,710)
									3,114,013						3,319,138
高級筆記：
2025年到期，2015年7月發佈			3.50%						450,000						450,000
2045年到期，2015年7月發佈			4.625%						300,000						300,000
未攤銷折扣和債務發行成本									(3,200)						(3,921)
									746,800						746,079
									3,860,813						4,065,217
長期債務									6,320,178						6,246,585
長期債務的流動部分，淨									(1,851,513)						(1,255,999)
長期債務，淨									$	4,468,665					$	4,990,586

(a)€600.0 2023年12月31日，百萬面值重新計算爲美元。

(b)€700.0 分別於2024年12月31日和2023年12月31日重新計量爲美元的百萬面值。

截至2024年12月31日，公司債務義務的未來本金支付情況如下（單位：千）： 

2025			$	2,484,712
2026			1,411,448
2027			1,063,280
2028			1,112,258
2029			611,220
此後			300,000
未來本金支付			$	6,982,918
未攤銷折扣和債務發行成本			(22,536)
			$	6,960,382

無擔保商業票據 - 商業票據期限可能高達 365 自發行之日起的天。未償商業票據餘額的加權平均利率爲 5.13%和6.182024年12月31日和2023年12月31日分別爲%。

信貸安排- 2024年4月，公司延長了現有美元710.0 萬 五年制 原定於2025年4月到期的信貸安排，現已於2029年4月到期，並修改了其現有美元的語言710.0 萬 五年制 信貸融資於2027年4月到期，因此除到期日外，其在所有方面均符合2029年4月信貸融資。的 五年制 信貸設施（統稱爲全球信貸設施）按可變利率支付利息，該利率可能會根據某些標準（例如信用評級）上調或下調。全球信貸融資還要求公司根據總承諾的平均每日未使用部分支付費用。全球信貸融資是承諾融資，主要用於支持公司的無擔保商業票據計劃。

無抵押票據 - 以美元計價的固定利率無擔保票據提供半年利息支付，以外幣爲主的固定利率無擔保票據提供年度利息支付。無擔保票據的本金於到期時到期。

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2024年11月期間，歐元600.0 萬 3.14%中期票據到期，本金和應計利息已足額支付。2023年2月至5月期間，美元350.0 萬 3.35%和歐元650.0 萬 4.94%中期票據到期，本金和應計利息已足額支付。

運營和財務準則 - 哈雷戴維森金融服務公司且該公司須遵守與信貸融資相關的各種運營和財務契約以及中期和優先票據以及美國和加拿大資產支持商業票據管道設施項下的各種運營契約。更重要的契約描述如下。

運營契約限制了公司和哈雷戴維森金融服務公司。的能力：

•承擔或招致某些優先權;

•參與某些合併或整合;以及

•Purchase or hold margin stock.

Under the current financial covenants of the Global Credit Facilities, the ratio of Harley-Davidson Financial Services Inc.’s consolidated debt, excluding secured debt, to Harley-Davidson Financial Services' consolidated allowance for credit losses on finance receivables plus Harley-Davidson Financial Services Inc’s consolidated shareholders' equity, excluding accumulated other comprehensive loss (AOCL), cannot exceed 10.0 to 1.0 as of the end of any fiscal quarter. In addition, the ratio of the Company's consolidated debt to the Company's consolidated debt and consolidated shareholders’ equity (where the Company's consolidated debt in each case excludes that of Harley-Davidson Financial Services Inc. and its subsidiaries, and the Company's consolidated shareholders’ equity excludes AOCL), cannot exceed 0.7 to 1.0 as of the end of any fiscal quarter. No financial covenants are required under the medium-term or senior notes or the U.S. or Canadian asset-backed commercial paper conduit facilities.

At December 31, 2024 and 2023, Harley-Davidson Financial Services, Inc. and the Company remained in compliance with all of the then existing covenants.

11. Asset-Backed Financing

The Company participates in asset-backed financing both through asset-backed securitization transactions and through asset-backed commercial paper conduit facilities. In the Company's asset-backed financing programs, the Company transfers retail motorcycle finance receivables to special purpose entities (SPEs), which are considered VIEs under U.S. GAAP. Each SPE then converts those assets into cash through the issuance of debt. The Company retains servicing rights for all of the retail motorcycle finance receivables transferred to SPEs as part of an asset-backed financing. The accounting treatment for asset-backed financings depends on the terms of the related transaction and the Company’s continuing involvement with the VIE.

In transactions where the Company has power over the significant activities of the VIE and has an obligation to absorb losses or the right to receive benefits from the VIE that are potentially significant to the VIE, the Company is the primary beneficiary of the VIE and consolidates the VIE within its consolidated financial statements. On a consolidated basis, the asset-backed financing is treated as a secured borrowing in this type of transaction and is referred to as an on-balance sheet asset-backed financing.

In transactions where the Company is not the primary beneficiary of the VIE, the Company must determine whether it can achieve a sale for accounting purposes under ASC Topic 860, Transfers and Servicing. To achieve a sale for accounting purposes, the assets being transferred must be legally isolated, not be constrained by restrictions from further transfer, and be deemed to be beyond the Company’s control. If the Company does not meet all of these criteria for sale accounting, then the transaction is accounted for as a secured borrowing and is referred to as an on-balance sheet asset-backed financing.

If the Company meets all three of the sale criteria above, the transaction is recorded as a sale for accounting purposes and is referred to as an off-balance sheet asset-backed financing. Upon sale, the retail motorcycle finance receivables are removed from the Company’s Consolidated balance sheets and a gain or loss is recognized for the difference between the cash proceeds received, the assets derecognized, and the liabilities recognized as part of the transaction. The gain or loss on sale is recorded in Financial services revenue on the Consolidated statements of operations.

The Company is not required, and does not currently intend, to provide any additional financial support to the on- or off-balance sheet VIEs associated with these transactions. Investors and creditors in these transactions only have recourse to the assets held by the VIEs.

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與表內資產支持融資相關的資產和負債包含在 綜合資產負債表 截至12月31日，人數如下（以千計）：

			2024
			融資應收款項						信貸虧損撥備						受限現金						其他資產						總資產						資產支持債務
資產負債表內資產和負債：
合併VIE：
資產支持證券化			$	2,470,147					$	(140,632)					$	118,310					$	5,260					$	2,453,085					$	1,950,138
資產支持的美國商業票據管道設施			490,766						(27,890)						28,201						2,104						493,181						431,846
未合併VIE：
資產支持的加拿大商業票據管道設施			90,122						(4,215)						4,735						234						90,876						77,381
			$	3,051,035					$	(172,737)					$	151,246					$	7,598					$	3,037,142					$	2,459,365
			2023
			融資應收款項						信貸虧損撥備						受限現金						其他資產						總資產						資產支持債務
資產負債表內資產和負債：
合併VIE：
資產支持證券化			$	2,348,817					$	(126,882)					$	94,137					$	6,719					$	2,322,791					$	1,877,368
資產支持的美國商業票據管道設施			259,441						(14,001)						16,443						2,066						263,949						233,258
未合併VIE：
資產支持的加拿大商業票據管道設施			81,916						(3,667)						4,425						211						82,885						70,742
			$	2,690,174					$	(144,550)					$	115,005					$	8,996					$	2,669,625					$	2,181,368

表內資產證券化VIE-該公司將美國零售摩托車融資應收賬款轉移給特殊目的企業，SPE再向投資者發行各種期限和利率的擔保票據，以購買的美國零售摩托車融資應收賬款的未來收款爲擔保。每個資產負債表內資產支持證券化SPE是一個獨立的法人實體，資產支持證券化中包括的美國零售摩托車融資應收賬款僅可用於支付資產支持證券化交易產生的擔保債務和其他債務，在相關擔保債務和其他債務得到清償之前，不能用於支付公司債權人的其他債務或債權。SPE持有的受限現金餘額僅用於支持證券化。沒有擔保票據的攤銷時間表；然而，由於相關美國零售摩托車融資應收賬款的可用收款適用於未償還本金，債務按月減少。有擔保票據目前的合同到期日從2025年到2032年不等。

該公司是其表內資產支持證券化VIE的主要受益者，因爲它以債務證券的形式保留了VIE的服務權和剩餘權益。作爲服務機構，公司是可變權益持有人，有權指導對VIE經濟表現影響最大的VIE活動。作爲剩餘權益持有人，公司有義務吸收損失並有權獲得對VIE可能重要的利益。

2024年，公司轉讓美元1.27 數十億美元的美國零售摩托車融資應收賬款 兩 單獨的SPE，反過來又發行美元1.15 十億，或美元1.14 扣除貼現和發行成本後，有擔保票據通過 兩 單獨的資產負債表內資產支持證券化交易。2023年，公司轉讓美元1.20 數十億美元的美國零售摩托車融資應收賬款 兩 單獨的SPE，反過來又發行美元1.05 十億，或美元1.04 扣除貼現和發行成本後，有擔保票據通過 兩 單獨的資產負債表內資產支持證券化交易。

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2024年12月31日， 綜合資產負債表 包括與以下有擔保票據相關的未償餘額以及相關到期日期和利率（以千計）：

發行日期						本金額 於發行日期						加權平均匯率 於發行日期						合約到期日 於發行日期
2024年9月						$600,000						4.52%						2025年10月至2032年4月
2024年5月						$550,000						5.48%						2025年5月至2031年12月
2023年9月						$500,000						5.79%						2024年10月至2031年4月
2023年2月						$550,000						5.10%						2024年3月至2030年6月
2022年6月						$1,286,262						2.45%						2028年4月
2022年4月						$550,000						2.40%						2023年4月至2030年1月
八月2021						$575,000						0.42%						2022年8月至2029年5月
2021年2						$600,000						0.30%						2022年2月至2028年9月

中不包含有擔保票據 綜合資產負債表 於2023年12月31日已於2024年全額償還。 截至2024年和2023年12月31日止年度，有擔保票據的利息支出爲美元92.5 億和$91.8 分別百萬，包括在 金融服務利息費用. 2024年和2023年12月31日未完成的表內資產支持證券化交易的加權平均利率爲 4.85%和4.97分別爲%。

資產負債表內資產支持的美國商業票據管道設施VIE-2024年11月，該公司更新了其$1.50與第三方銀行及其資產擔保的美國商業票據管道達成了1,000億美元的循環信貸安排協議(U.S.Conduit Finance)。根據循環融資協議，該公司可以將美國零售摩托車融資應收賬款轉移到特殊目的實體，特殊目的實體可能向這些第三方銀行及其資產擔保的美國商業票據管道發行債務。從2020年11月到2022年11月，美國管道設施允許未承諾的額外借款，最高可達美元300.0貸款人可以自行決定。本公司於2022年提取未承諾額外借款，並於2023年期間全數償還該等未承諾額外借款的餘額。美國管道基金的可用性取決於SPE作爲抵押品持有的符合條件的美國零售摩托車融資應收賬款的金額和信用表現等。

根據美國管道基金，SPE的資產被限制爲支付交易中產生的債務或其他債務的抵押品，不能用於支付公司債權人的其他債務或債權。這筆債務的條款規定，如果由渠道貸款人通過發行商業票據提供資金，則按照現行商業票據利率計算未償還本金的利息。所有未償債務和未來借款的利率，如果不是由管道貸款人通過發行商業票據提供資金，則以有擔保的隔夜融資利率(SOFR)爲基礎，並在必要時預留向其他基準利率過渡的準備金。除利息外，還根據未償債務本金餘額評估計劃費用。美國管道基金還根據總承諾額中未使用的部分規定了未使用的承諾費。在2022年11月之前，在計算未使用費用時，總承諾額不包括美元的任何未使用部分300.0允許有100萬筆未承諾的額外借款。沒有攤銷時間表；然而，由於相關財務應收賬款的可用收款用於未償還本金，債務按月減少。在美國管道設施到期後，任何未償還本金將繼續通過可用收款按月減少。特殊目的公司持有的相關應收賬款的預期剩餘期限約爲5好幾年了。除非公司和貸款人雙方同意提前終止或延長，否則截至2024年12月31日，美國管道融資的到期日爲2025年11月21日。

該公司是其美國管道設施VIE的主要受益人，因爲它保留了債務證券形式的VIE的服務權和剩餘權益。作爲服務機構，公司是可變權益持有人，有權指導對VIE經濟表現影響最大的VIE活動。作爲剩餘權益持有人，公司有義務吸收損失並有權獲得對VIE可能重要的利益。

2024年，公司轉讓美元472.3 數百萬美元的美國零售摩托車融資應收賬款給一家SPE，而後者又發行了美元409.8 美國管道設施下的數百萬美元債務。2023年，有 沒有 美國管道設施項下的應收融資轉讓。

截至2024年和2023年12月31日止年度，美國管道設施項下的利息支出爲美元25.4 億和$21.8 分別爲百萬，包含在 金融服務利息費用.未償美國管道貸款的加權平均利率爲 6.33%和7.272024年12月31日和2023年12月31日分別爲%。

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資產負債表內資產支持加拿大商業票據管道設施 - 2024年6月，該公司與加拿大銀行贊助的資產支持商業票據管道續簽並修改了其循環融資協議（Canadian Conduit）。根據更新和修訂的協議，加拿大管道公司根據合同承諾，根據公司的選擇，購買符合條件的加拿大零售摩托車融資應收賬款，收益不超過加元165.0 百萬，這是加元40.0 總承諾增加百萬美元。Canadian Conduit項下的可用性除其他外基於作爲抵押品持有的合格加拿大零售摩托車融資應收賬款的金額和信用表現。

根據加拿大管道融資機制，轉讓的資產被限制作爲支付相關債務的抵押品。該債務的條款根據現行市場利率加上指定的按金規定了未償本金的利息。Canadian Conduit還根據總承諾的未使用部分提供計劃費用和未使用承諾費用。沒有攤銷時間表;但是，由於相關融資應收賬款的可用收款適用於未償本金，因此債務每月都會減少。Canadian Conduit到期後，任何未償還本金將繼續通過可用收款每月減少。相關應收賬款的預計剩餘期限約爲 4 年除非經公司和貸方共同協議提前終止或延長，否則截至2024年12月31日，Canadian Conduit的到期日爲2025年6月30日。

該公司不是加拿大銀行贊助的多賣家VIE渠道的主要受益人;因此，該公司不會合並VIE。然而，該公司將管道設施視爲有擔保借款，因爲其對轉移至VIE的資產保持有效控制，因此不符合銷售會計的要求。

由於公司參與但不整合加拿大銀行贊助的多賣家VIE渠道，因此與該VIE相關的最大損失風險敞口（僅在所有融資應收賬款和基礎抵押品沒有剩餘價值的情況下才會發生）爲美元13.5 截至2024年12月31日，百萬美元。最大風險敞口並不表明公司的預期損失敞口。

2024年，公司轉讓美元73.4 加拿大零售摩托車融資應收加拿大渠道的數百萬美元，收益爲美元60.2 萬2023年，公司轉讓美元51.4 加拿大零售摩托車融資應收加拿大渠道的百萬美元，收益爲美元42.4 萬

截至2024年和2023年12月31日止年度，加拿大管道的利息支出爲美元4.0 億和$2.8 分別百萬，包括在 金融服務利息費用.未償加拿大管道的加權平均利率爲 4.48%和4.132024年12月31日和2023年12月31日分別爲%。

12. 公允價值

下表列出了附註1所定義的公允價值層級內公司某些資產和負債的公允價值。有關公司按公允價值計量的養老金計劃資產的進一步討論，請參閱注14。

反覆出現公平價值測量– 截至12月31日，公司按經常性公允價值計量的資產和負債如下（單位：千）：

			2024
			平衡						1級						2級
資產：
現金等價物			$	1,275,561					$	1,000,933					$	274,628
有價證券			32,070						32,070						—
衍生金融工具			19,839						—						19,839
			$	1,327,470					$	1,033,003					$	294,467
負債：
衍生金融工具			$	35,020					$	—					$	35,020
LiveWire授權書			1,549						1,013						536
			$	36,569					$	1,013					$	35,556

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			2023
			平衡						1級						2級
資產：
現金等價物			$	1,067,755					$	898,000					$	169,755
有價證券			34,079						34,079						—
衍生金融工具			19,073						—						19,073
			$	1,120,907					$	932,079					$	188,828
負債：
衍生金融工具			$	12,806					$	—					$	12,806
LiveWire授權書			12,319						8,059						4,260
			$	25,125					$	8,059					$	17,066

公司採用市場法計算其衍生金融工具（第2級）的公允價值。外幣合同、大宗商品合同和交叉貨幣掉期使用報價遠期利率和價格估值;利率上限使用報價利率和收益率曲線估值。

LiveWire擁有購買LiveWire Group，Inc.普通股的未執行的認購權由公開（1級）和私募（2級）認購證組成。私募認購證的條款和規定在經濟上與公開認購證的條款和規定相似。公開招股和私募認購證的公允價值使用公開招股證的收盤市場價格確定。該等憑證使已登記的憑證持有人有權購買 一 LiveWire普通股份額，價格爲美元11.50 每股併到期 五年 從2022年LiveWire業務合併完成開始。

非經常性公允價值衡量 - 收回的庫存爲美元27.1 億和$28.0 2024年12月31日和2023年12月31日分別爲百萬美元，其公允價值調整減少美元18.4 億和$18.6 分別爲百萬。公允價值是根據收回庫存的近期市場價值使用第二級輸入值估計的。

按成本計量的金融工具公允價值 - 公司資產的公允價值 現金及現金等價物和受限現金 接近其公允價值。 截至12月31日，公司剩餘按成本或攤銷成本計量的金融工具的公允價值和公允價值如下（單位：千）：

			2024												2023
			公平值						賬面值						公平值						賬面值
資產：
融資應收賬款，淨額			$	7,342,319					$	7,288,294					$	7,500,263					$	7,498,265
負債：
存款，淨額			$	555,902					$	550,586					$	460,766					$	447,782
債務：
無擔保商業票據			$	640,204					$	640,204					$	878,935					$	878,935
資產支持的美國商業票據管道設施			$	431,846					$	431,846					$	233,258					$	233,258
資產支持的加拿大商業票據管道設施			$	77,381					$	77,381					$	70,742					$	70,742
資產支持證券化債務			$	1,955,006					$	1,950,138					$	1,872,215					$	1,877,368
中期票據			$	3,127,710					$	3,114,013					$	3,308,952					$	3,319,138
優先票據			$	683,624					$	746,800					$	674,787					$	746,079

財務收件箱，淨值 - 零售和批發融資應收賬款的公允價值爲攤銷成本減去信用損失撥備。零售融資應收賬款的公允價值通常通過使用反映與類似類型工具相關的當前信貸、利率和預付款風險的估計貼現率貼現未來現金流量來計算。公允價值根據第三級輸入數據確定。批發融資應收賬款的攤銷成本基礎接近公允價值，因爲它們通常是短期的，或者利率可以隨着市場利率變化而調整。

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存款，淨額 - 存款的公允價值爲攤銷成本（扣除費用）。存款的公允價值是根據類似期限和期限存款目前可用的利率估計的。公允價值使用第三級輸入數據計算。

債務-債務的賬面價值通常是扣除未攤銷折扣和債務發行成本後的成本。無抵押商業票據的公允價值按第2級投入計算，由於到期日較短，因此接近賬面價值。根據美國和加拿大管道融資機制提供的債務的公允價值是使用第2級投入和近似賬面價值計算的，因爲根據這些融資機制收取的利率直接與市場利率掛鉤，並隨着市場利率的變化而波動。中期票據和優先票據的公允價值是根據類似期限和剩餘期限的債務的當前可用利率(第2級投入)估計的。與資產負債表內資產支持證券化交易相關的固定利率債務的公允價值是根據目前可用於類似條款和期限的交易的定價(第2級投入)估計的。與資產負債表內資產支持證券化交易相關的浮動利率債務的公允價值是使用二級投入和近似賬面價值計算的，因爲收取的利率直接與市場利率掛鉤，並隨着市場利率的變化而波動。

13. 產品保修和召回活動

公司目前提供標準 兩年制 對全球銷售的所有新摩托車提供有限保修，但日本除外，該公司目前在日本提供標準 三年 有限保修。該公司還提供 五年制 電動摩托車電池無限保修。此外，公司還提供 一年制 零部件和配件保修。零售客戶的保修範圍通常從產品出售給零售客戶時開始。公司在發貨時使用主要基於公司歷史索賠信息的估計成本來累積未來的保修索賠。

此外，該公司還不時發起某些自願召回活動。當責任可能且可估計時，公司會記錄估計的召回成本。這通常發生在公司管理層批准並承諾召回時。保修和召回責任包括在 應計負債和其他長期負債在綜合 資產負債表. 截至12月31日，公司保修和召回責任的變化如下（單位：千）：

			2024						2023						2022
餘額，期末			$	64,144					$	75,960					$	61,621
在此期間發佈的保修			47,388						45,374						39,466
在此期間所作的和解			(63,645)						(67,084)						(38,173)
召回和更改先前存在的保修責任			23,704						9,894						13,046
期末餘額			$	71,591					$	64,144					$	75,960

召回活動的責任爲美元21.0 百萬美元18.9 億和$29.7 2024年、2023年和2022年12月31日分別爲百萬。

14. Employee Benefit Plans and Other Postretirement Benefits

The Company has a qualified defined benefit 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.

Pension benefits are based primarily on years of service and, for certain participants, levels of compensation. Plan participants are generally eligible to receive postretirement healthcare benefits upon attaining age 55 after rendering at least 10 years of service to the Company. Some of the plans require participant contributions to partially offset benefit costs.

Obligations and Funded Status:

The changes in the benefit obligation, fair value of plan assets and the funded status of the Company’s pension and SERPA plans and the postretirement healthcare plans as of the Company’s measurement dates of December 31, were as follows (in thousands):

			Pension and SERPA Benefits												Postretirement Healthcare Benefits
			2024						2023						2024						2023
Change in benefit obligation:
Benefit obligation, beginning of period			$	1,568,277					$	1,553,912					$	206,506					$	210,811
Service cost			4,698						5,174						2,892						3,184

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			養老金和SEPA福利												退休後醫療保健福利
			2024						2023						2024						2023
利息成本			80,478						81,911						10,775						11,089
精算損失/（收益）			(41,748)						35,608						(15,269)						(18,350)
計劃參加者繳款			—						—						564						1,790
特殊提前退休福利			1,722						—						—						—
計劃修訂案			5,601						—						—						12,959
付福利			(112,281)						(106,493)						(13,721)						(14,977)
聚落			—						(1,835)						—						—
福利義務，期末			1,506,747						1,568,277						191,747						206,506
計劃資產變更：
計劃資產的公允價值，年初			1,901,824						1,809,543						225,167						205,803
計劃資產回報			49,572						198,212						28,067						29,211
計劃參加者繳款			—						—						564						1,790
付福利			(111,617)						(105,931)						(9,308)						(11,637)
期末計劃資產公允價值			1,839,779						1,901,824						244,490						225,167
該計劃的資金狀況			$	333,032					$	333,547					$	52,743					$	18,661
合併資產負債表上確認的資金狀況：
養老金和退休後資產			$	342,569					$	343,619					$	98,256					$	69,489
應計負債			(1,176)						(1,129)						—						—
養老金和退休後負債			(8,361)						(8,943)						(45,513)						(50,828)
			$	333,032					$	333,547					$	52,743					$	18,661
計入累計其他全面虧損（扣除稅款）的金額：
之前的服務積分			$	6,597					$	2,886					$	8,087					$	8,542
精算損失（收益）			310,065						277,825						(75,603)						(59,631)
			$	316,662					$	280,711					$	(67,516)					$	(51,089)

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2024年，與養老金和SEPA福利義務相關的精算收益主要是由於貼現率的上升和其他人口假設的變化。2023年，與養老金和SEPA福利義務相關的精算損失主要是由於貼現率下降和其他人口假設的變化。

2024年，與退休後醫療保健福利義務相關的精算收益主要是由於貼現率上升以及索賠成本和退休醫療保健帳戶（RhCA）提取的趨勢好於預期，但部分被其他人口假設的變化所抵消。2023年，與退休後醫療保健福利義務相關的精算收益主要是由於福利利用假設和索賠成本調整的變化。

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合格養老金計劃和SEPA計劃的資金狀況如下所述。SEPA計劃的預計福利義務（PBO）和累積福利義務（ASO）超過了12月31日計劃資產的公允價值，如下所示（單位：千）：

			2024						2023
PBO超過計劃資產公允價值的計劃：
PBO			$	9,537					$	10,072
計劃資產公平值			$	—					$	—
包含ABO的計劃超過計劃資產的公允價值：
Abo			$	9,516					$	10,035
計劃資產公平值			$	—					$	—

該公司所有養老金和SEPA計劃的總AO爲美元1.5110億美元1.57 截至2024年12月31日和2023年12月31日，分別爲10億美元。

福利成本：

服務成本分配給 銷售、行政和工程費用, 摩托車及相關產品銷售成本和庫存，淨.庫存資本化的金額並不重大。淨定期效益成本的非服務成本組成部分見 其他收入（費用），淨額. 截至12月31日止年度，公司固定福利計劃的淨定期福利成本組成如下（單位：千）：

			養老金和SEPA福利																		退休後醫療保健福利
			2024						2023						2022						2024						2023						2022
服務成本			$	4,698					$	5,174					$	19,052					$	2,892					$	3,184					$	4,642
利息成本			80,478						81,911						61,890						10,775						11,089						7,617
計劃資產預期回報			(132,574)						(146,076)						(125,904)						(17,696)						(17,124)						(15,237)
未確認的攤銷：
先前的服務積分			751						751						(1,312)						595						(665)						(2,323)
淨虧損			(650)						(722)						31,912						(4,999)						(4,388)						488
結算（收益）損失			1,722						(759)						(1,471)						—						—						(1,244)
淨定期福利成本			$	(45,575)					$	(59,721)					$	(15,833)					$	(8,433)					$	(7,904)					$	(6,057)

計劃資產的預期回報率根據計劃資產的市場相關價值計算。計劃資產的市場相關價值與公允價值不同，因爲資產損益在五年內平滑。

U與計劃義務和資產相關的未確認損益最初記錄在其他全面收益中，並源於與假設或預期結果不同的實際經驗以及假設變化的影響。尚未反映在計劃資產市場相關價值中的未確認計劃資產損益無需攤銷。剩餘未確認損益超過預計福利義務或計劃資產市場相關價值中較高者的10%，將在積極計劃參與者的估計未來服務期內攤銷至收益。計劃修訂的影響（如果有）將在修訂時計劃參與者的估計未來服務期內攤銷。

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假設：

用於確定12月31日福利義務和淨定期福利成本的加權平均假設如下：

			養老金和SEPA福利																		退休後醫療保健福利
			2024						2023						2022						2024						2023						2022
福利義務假設：
貼現率			5.65		%				5.31		%				5.45		%				5.63		%				5.36		%				5.42		%
補償增值率			4.00		%				4.00		%				4.00		%				n/a						n/a						n/a
淨定期福利成本的假設：
貼現率			5.31		%				5.45		%				2.89		%				5.36		%				5.42		%				2.72		%
計劃資產預期回報			6.20		%				6.80		%				5.60		%				7.46		%				7.48		%				6.77		%
補償增值率			4.00		%				4.00		%				3.49		%				n/a						n/a						n/a

計劃資產：

養老金計劃資產-公司的投資目標是確保資產足以支付福利，同時減輕資產負債表中記錄的退休計劃資產或負債的波動性。該公司通過資產多元化和部分資產/負債匹配來緩解波動性。該公司養老金計劃資產的投資組合包括股權和固定收益投資的多元化混合。公司目前的總目標資產配置佔總市值的百分比爲30%股票和70固定收益和現金的百分比。資產定期重新平衡，以使實際分配與目標保持一致。股權投資主要包括對美國大中小市值公司的投資，對國外發達和新興市場的投資，以及私募股權和房地產等其他投資。固定收益債券包括美國政府和機構證券、州和市政債券、多元化行業的公司債券和外國債務。此外，現金等值餘額維持在足以支付近期計劃支出和福利付款的水平。通過季度投資組合審查，對投資風險進行持續衡量和監控。

退休後醫療保健計劃資產 - 公司的投資目標是通過謹慎投資股票、固定收益和另類資產，最大限度地提高資產回報率，以幫助支付福利。公司目前總體目標資產配置佔總市值的百分比爲 68%股票和32%固定收益和現金。持有的股權主要包括對美國小、中、大市值公司的投資，對發達和新興外國市場的投資以及私募股權和房地產等其他投資。固定收益持有的股票包括美國政府和機構證券、州和市政債券、多元化行業的公司債券和外國債務。此外，現金等值餘額保持在足以滿足近期計劃費用和福利付款的水平。通過季度投資組合審查持續衡量和監控投資風險。

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下表列出了與本公司養老金和退休後醫療保健計劃相關的計劃資產在附註1定義的公允價值層級內的公允價值。持有的股票主要在交易所交易，並根據相同證券的報價進行估值。固定收益持股通常使用相同或類似證券的報價按公允價值計量。計量的某些資產採用淨資產價值的可行權宜方法按公允價值估值，並且不分類在公允價值等級中。 公司養老金計劃資產於2024年12月31日的公允價值如下（單位：千）：

			平衡						1級						2級
現金及現金等價物			$	26,111					$	26,111					$	—
股權持有：
美國公司			190,113						190,058						55
外國公司			32						32						—
彙集股票基金			237,473						135,631						101,842
			427,618						325,721						101,897
固定收益持股：
美國國債			120,028						120,028						—
聯邦機構			11,271						—						11,271
公司債券			694,002						—						694,002
彙集固定收益基金			463,769						—						463,769
外國債券			86,071						—						86,071
市政債券			10,020						—						10,020
			1,385,161						120,028						1,265,133
計劃資產須遵守公允價值拉平			1,838,890						$	471,860					$	1,367,030
按資產淨值計量的計劃資產：
私募股權投資			334
房地產投資			555
			889
			$	1,839,779

養老金計劃資產包括 1,273,592 市值爲美元的公司普通股股份38.4 截至2024年12月31日，百萬美元。

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The fair values of the Company’s postretirement healthcare plan assets at December 31, 2024 were as follows (in thousands): 

			Balance						Level 1						Level 2
Cash and cash equivalents			$	1,824					$	1,824					$	—
Equity holdings:
U.S. companies			88,083						88,083						—
Foreign companies			27,430						27,430						—
Pooled equity funds			53,987						40,785						13,202
			169,500						156,298						13,202
Fixed-income holdings:
U.S. Treasuries			415						415						—
Federal agencies			39						—						39
Corporate bonds			2,388						—						2,388
Pooled fixed income funds			55,119						14,720						40,399
Foreign bonds			296						—						296
Municipal bonds			34						—						34
			58,291						15,135						43,156
Plan assets subject to fair value leveling			229,615						$	173,257					$	56,358
Plan assets measured at net asset value:
Limited partnership interests			$	14,537
Real estate investments			338
			$	244,490

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The fair values of the Company’s pension plan assets at December 31, 2023 were as follows (in thousands):

			Balance						Level 1						Level 2
Cash and cash equivalents			$	27,730					$	—					$	27,730
Equity holdings:
U.S. companies			346,895						346,844						51
Foreign companies			22,425						22,425						—
Pooled equity funds			124,853						124,853						—
Other			21						21						—
			494,194						494,143						51
Fixed-income holdings:
U.S. Treasuries			110,767						110,767						—
Federal agencies			11,028						—						11,028
Corporate bonds			708,790						—						708,790
Pooled fixed income funds			442,409						55,487						386,922
Foreign bonds			93,034						462						92,572
Municipal bonds			11,486						—						11,486
			1,377,514						166,716						1,210,798
Plan assets subject to fair value leveling			1,899,438						$	660,859					$	1,238,579
Plan assets measured at net asset value:
Private equity investments			794
Real estate investments			1,592
			2,386
			$	1,901,824

Included in the pension plan assets were 1,273,592 shares of the Company’s common stock with a market value of $46.9 million at December 31, 2023.

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The fair values of the Company’s postretirement healthcare plan assets at December 31, 2023 were as follows (in thousands):

			Balance						Level 1						Level 2
Cash and cash equivalents			$	2,391					$	—					$	2,391
Equity holdings:
U.S. companies			113,135						113,135						—
Foreign companies			21,034						21,034						—
Pooled equity funds			26,355						26,355						—
Other			5						5						—
			160,529						160,529						—
Fixed-income holdings:
U.S. Treasuries			359						359						—
Federal agencies			36						—						36
Corporate bonds			2,286						—						2,286
Pooled fixed income funds			44,512						43,248						1,264
Foreign bonds			300						2						298
Municipal bonds			37						—						37
			47,530						43,609						3,921
Plan assets subject to fair value leveling			210,450						$	204,138					$	6,312
Plan assets measured at net asset value:
Limited partnership interests			$	13,773
Real estate investments			944
			$	225,167

For 2025, the Company’s overall expected long-term rate of return is 6.40% for pension assets and 7.70% for postretirement healthcare plan assets. The expected long-term rate of return is based on the portfolio as a whole and not on the sum of the returns on individual asset categories. The return is based on historical returns adjusted to reflect the current view of the long-term investment market.

Postretirement Healthcare Cost:

The weighted-average healthcare cost trend rates used in determining the accumulated postretirement benefit obligation of the healthcare plans were as follows:

			2024						2023
Healthcare cost trend rate for next year			6.89		%				7.50		%
Rate to which the cost trend rate is assumed to decline (the ultimate rate)			5.00		%				5.00		%
Year that the rate reaches the ultimate trend rate			2033						2032

Future Contributions and Benefit Payments:

Based on the funded status of the qualified pension plan, there is no requirement for the Company to make contributions to the qualified pension plan in 2025. The Company expects that 2025 postretirement healthcare plan benefits and benefits due under the SERPA plans will be paid by the Company or, in the case of postretirement healthcare plan benefits, partially funded with plan assets.

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The Company's future expected benefit payments as of December 31, 2024 were as follows (in thousands):

			Pension Benefits						SERPA Benefits						Postretirement Healthcare Benefits
2025			$	118,693					$	1,209					$	17,228
2026			$	119,276					$	1,129					$	17,745
2027			$	119,461					$	999					$	18,205
2028			$	117,977					$	892					$	18,512
2029			$	117,909					$	809					$	18,712
2030-2034			$	579,375					$	3,533					$	90,946

Defined Contribution Plans:

The Company has various defined contribution benefit plans that in total cover substantially all full-time employees. Employees can make voluntary contributions in accordance with the provisions of their respective plan, which includes a 401(k) tax deferral option. The Company makes additional contributions to the plans on behalf of the employees and expensed $32.4 million, $30.5 million and $30.9 million during 2024, 2023 and 2022, respectively related to the contributions.

15. Commitments and Contingencies

Litigation and Other Claims – The Company is subject to lawsuits and other claims related to product, commercial, employee, environmental and other matters. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The Company accrues for matters when losses are both probable and estimable. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. The Company also maintains insurance coverage for product liability exposures. Except for the matters discussed separately below, the Company believes there are no material exposures to loss in excess of amounts accrued.

Product Liability Matter – In August 2024, a jury awarded approximately $288 million in damages to the plaintiffs in a product lawsuit against the Company. In November 2024, the award for damages was reduced to $81 million. The Company intends to appeal the matter and has recorded a liability for its estimated loss based on the Company's legal assessment of likely outcomes upon appeal. The Company has also recorded an asset reflecting its estimate of the insurance proceeds related to the estimated loss recognized for this matter. Given the remaining uncertainties associated with the resolution of this matter and the amount of the award for damages, it is reasonably possible that the Company could incur a loss in excess of the liability recorded to date. The Company will pursue insurance recoveries for the ultimate loss related to this matter, including any loss amounts incurred in excess of the liability recorded to date.

Supply Matters – During the second quarter of 2022, the Company received information from a Tier 2 supplier, Proterial Cable America, Inc. ("PCA" f/k/a Hitachi Cable America, Inc.), concerning a potential regulatory compliance matter relating to PCA's brake hose assemblies. As a result, out of an abundance of caution, the Company suspended all vehicle assembly and shipments for approximately two weeks during the second quarter of 2022. Since then, the Company has been working through the regulatory compliance matter with PCA, the Company’s relevant Tier-1 suppliers, and the National Highway Traffic Safety Administration (NHTSA), the agency responsible for brake hose assembly compliance in the United States.

關於這一問題，2022年7月，PCA通知NHTSA，2022年5月至7月期間生產的大量剎車軟管組件不符合NHTSA選定的實驗室測試標準。根據這份文件，該公司於2022年8月向NHTSA通報了相應數量的哈雷-戴維森摩托車，其中包含這些制動軟管組件。2022年10月，PCA修改了最初的通知，擴大了不合規剎車軟管總成的數量，將PCA生產的用於哈雷-戴維森摩托車的部件包括在內，最早從2008年車型開始。2022年12月，該公司修改了8月份的通知，擴大了人口，將哈雷-戴維森摩托車也包括在內，這些摩托車含有PCA新確定的制動軟管總成。2023年3月，PCA再次修改了其NHTSA通知，確定了之前確定的制動軟管組件的其他合規性問題。在PCA 3月份的修正案之後，該公司於2023年5月向NHTSA發出了衍生修正案的通知。

2023年6月，該公司收到PCA的一封信，告知PCA正在調查該公司2022年停產後生產的制動軟管組件的一個新的單獨潛在質量問題。由於這個問題，該公司被迫暫停其約克工廠生產的大部分摩托車的生產，並在那裏進行有限的摩托車製造業務大約兩週。該公司繼續生產2023款CVO Road Glide和Street Glide等摩托車，這些摩托車不使用PCA的制動軟管組件。它還繼續在其國際工廠進行正常的摩托車製造業務。與此事有關，在後期

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2023年6月，PCA提交了一份新的單獨NHTSA通知，確認2022年6月至2023年6月期間生產的某些制動軟管組件不符合NHTSA特定實驗室測試標準。該公司根據PCA 2023年6月的通知，於2023年7月初向NHTSA提交了衍生通知。

根據聯邦法律的允許，PCA和該公司均利用NHTSA的標準流程向該機構請願，要求其確定這些合規問題對機動車輛安全無關緊要（「不合規性確定」）。如果NHTSA做出要求的不後果決定，公司將免於對其與這些事項相關的摩托車進行現場行動或召回。

在其不安全請願書中，該公司向NHTSA提交了：（1）廣泛的獨立、第三方和內部測試，證明有爭議的制動軟管組件在極端條件下具有穩健性--遠遠超出了摩托車最大預期壽命要求--並且對制動性能沒有影響;和（2）現實世界的現場安全數據顯示，沒有可歸因於相關受影響人群的已識別合規問題的記錄碰撞或傷害。該公司相信，其請願書與過去成功做出不後果決定的不後果請願書非常相似。該公司還相信，其立場是堅定的，即合規問題對機動車輛安全無關緊要，因此不需要採取現場行動或召回。

基於NHTSA將做出無關緊要的判定的預期，公司預計這些不符合法規的事項不會在未來導致重大成本，到目前爲止還沒有應計成本。然而，可能需要採取現場行動或召回，這可能會導致公司產生材料成本。與任何潛在的實地行動或召回有關的若干變量和不確定性尚不完全清楚，包括但不限於剎車軟管組件和摩托車的數量、所需的具體實地行動或召回、所需維修的複雜性和費用、更換部件的需求和可獲得性、更換部件的供應商以及將參與的摩托車車主數量。根據現有信息和假設，該公司估計，潛在的實地行動或召回的總成本(如果發生)可能在大約#美元之間1402000萬美元至2000萬美元4501000萬美元。隨着公司對這些監管事項有了更多了解，包括上文討論的變量和不確定性，公司將繼續評估和更新其估計。在2024年期間，該公司調整了估計範圍，以反映更換部件和勞動力的估計成本的變化。可能受到影響的剎車線和摩托車的估計人數保持不變。本公司亦繼續期望美國國家公路交通安全管理局作出所要求的無關緊要的裁定，而這些監管事宜不會導致任何重大的實地行動或召回成本。如果導致材料現場行動或召回，該公司將尋求從供應商那裏全額收回這些金額。

16. 股份爲基礎的獎勵

本公司有股東於2020年4月及2021年5月批准的基於股份的薪酬計劃(該計劃)，根據該計劃，董事會可向員工授予基於股份的獎勵，包括限制性股票單位(RSU)、績效股票、理想績效股票和不合格股票期權。RSU通常按比例歸屬於三年句號。性能份額包括三年業績期間，根據內部業績目標的實現情況進行歸屬，並從2021年授予開始，包括基於相對於同行集團的總股東回報(TSR)的歸屬部分。只有在公司股票的理想股價目標在2025年12月31日之前實現的情況下，才能獲得理想的業績股票。如果達到了股價目標，那麼50相關期望業績份額的%歸屬，其餘部分50%vest on the一年制股價目標實現之日的週年紀念日。股息或股息等價物以最終歸屬的RSU、業績股和願望股支付。2021年授予的股票期權包括要授予的服務成分和可以行使的市場條件。2021年股票期權到期10從授予之日起的數年內。2021年前授予的股票期權到期10自授予之日起數年。截至2024年12月31日，有3.7根據該計劃，可用於未來獎勵的普通股爲100萬股。

本公司確認其以股份爲基礎的獎勵的成本合併業務報表。每項以股份爲基礎的股權獎勵的成本以授出日期公允價值爲基礎，而每項以股份爲基礎的現金結算獎勵的成本則以結算日期的公允價值爲基礎。基於股份獎勵的沒收在授予日估計，並在可能發生變化時進行調整。以股份爲基礎的獎勵費用在RSU的服務期內以直線方式確認。有業績條件的獎勵的費用在每個單獨歸屬的部分的服務期內以直線方式確認，這導致加快了費用的確認。確認的費用反映了最終預期根據服務和每個獎項的業績要求(如果適用)授予的獎勵數量。公司在2024年、2023年和2022年確認的基於股票的獎勵薪酬支出總額爲$49.0 百萬美元82.9 億和$54.4分別爲百萬美元或美元37.5 百萬美元63.4 億和$41.6分別扣除稅後的淨額爲百萬美元。

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Restricted Stock Units, Performance Shares and Aspirational Shares - Settled in Stock – The fair value of RSUs and performance shares settled in stock that do not contain a market condition was determined based on the market price of the Company’s stock on the grant date. The fair value of performance shares with a relative TSR market condition and aspirational performance shares was determined using a Monte Carlo simulation. The Monte Carlo simulation uses historical volatility to determine the expected volatility and a risk-free interest rate based on U.S. Treasury rates at the time of grant. Assumptions used to calculate the grant date fair value of the performance shares with a relative TSR market condition and the aspirational performance shares, by grant date, were as follows:

Performance Share Grants:

			February 2024						February 2023						February 2022
Expected volatility			40.3		%				53.9		%				55.0		%
Risk-free interest rate			4.18		%				4.08		%				1.58		%

Aspirational Share Grants:

			August 2022
Expected volatility			54.5		%
Risk-free interest rate			3.23		%

The activity for these awards for the year ended December 31, 2024 was as follows (in thousands, except for per share amounts):

			Shares & Units						Weighted-Average Fair Value Per Share
Nonvested, beginning of period			4,104						$	28
Granted			1,045						$	34
Vested			(764)						$	40
Forfeited			(411)						$	30
Nonvested, end of period			3,974						$	27

As of December 31, 2024, there was $20.5 million of unrecognized compensation cost related to RSUs, aspirational shares, performance shares and performance shares settled in stock, net of estimated forfeitures, that is expected to be recognized over a weighted-average period of 1.2 years.

Restricted Stock Units - Settled in Cash – RSUs settled in cash are recorded in the Consolidated balance sheets as a liability until vested. The fair value is determined based on the market price of the Company’s stock and is remeasured at each balance sheet date. The activity for these awards for the year ended December 31, 2024 was as follows (in thousands, except for per share amounts):

			Units						Weighted-Average Fair Value Per Share
Nonvested, beginning of period			217						$	36
Granted			150						$	34
Vested			(122)						$	36
Forfeited			(45)						$	36
Nonvested, end of period			200						$	32

Stock Options – There were no stock options granted in 2024, 2023 or 2022. The Company’s policy is to issue new shares of common stock upon the exercise of employee stock options. The stock option transactions for the year ended December 31, 2024 were as follows (in thousands, except for per share amounts):

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			Options						Weighted-Average Exercise Price
Outstanding, beginning of period			626						$	42
Options granted			—						$	—
Exercised			—						$	—
Forfeited			(98)						$	63
Outstanding, end of period			528						$	38
Exercisable, end of period			218						$	40

The aggregate intrinsic value related to stock options exercised, outstanding and exercisable as of and for the years ended December 31, was as follows (in thousands):

			2024						2023						2022
Exercised			$	—					$	—					$	—
Outstanding			$	—					$	105					$	2,485
Exercisable			$	—					$	—					$	—

Stock options outstanding at December 31, 2024 were as follows (options in thousands):

Price Range						Weighted-Average Contractual Life						Options						Weighted-Average Exercise Price
$30.01 to $40						6.9						500						$	37
$40.01 to $50						0.0						—						$	—
$50.01 to $60						0.0						—						$	—
$60.01 to $70						0.1						28						$	63
Options outstanding						6.6						528						$	38
Options exercisable						6.0						218						$	40

17. Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss for the years ended December 31, were as follows (in thousands):

			2024
			Foreign currency translation adjustments												Derivative financial instruments						Pension and postretirement benefit plans						Total
Balance, beginning of period			$	(68,739)											$	(6,601)					$	(229,622)					$	(304,962)
Other comprehensive loss, before reclassifications			(26,257)												(11,084)						(21,212)						(58,553)
Income tax benefit			3,894												2,816						4,981						11,691
			(22,363)												(8,268)						(16,231)						(46,862)
Reclassifications:
Net losses on derivative financial instruments			—												29,448						—						29,448
Prior service credits(a)			—												—						1,346						1,346
Actuarial gains(a)			—												—						(5,649)						(5,649)
Reclassifications before tax			—												29,448						(4,303)						25,145
Income tax (expense) benefit			—												(7,037)						1,010						(6,027)
			—												22,411						(3,293)						19,118
Other comprehensive (loss) income			(22,363)												14,143						(19,524)						(27,744)
Balance, end of period			$	(91,102)											$	7,542					$	(249,146)					$	(332,706)

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			2023
			Foreign currency translation adjustments												Derivative financial instruments						Pension and postretirement benefit plans						Total
Balance, beginning of period			$	(80,271)											$	(10,440)					$	(251,218)					$	(341,929)
Other comprehensive income, before reclassifications			11,845												48,583						34,005						94,433
Income tax expense			(313)												(11,322)						(7,984)						(19,619)
			11,532												37,261						26,021						74,814
Reclassifications:
Net gains on derivative financial instruments			—												(43,678)						—						(43,678)
Prior service credits(a)			—												—						86						86
Actuarial gains(a)			—												—						(5,110)						(5,110)
Settlement gains(a)			—												—						(759)						(759)
Reclassifications before tax			—												(43,678)						(5,783)						(49,461)
Income tax benefit			—												10,256						1,358						11,614
			—												(33,422)						(4,425)						(37,847)
Other comprehensive income			11,532												3,839						21,596						36,967
Balance, end of period			$	(68,739)											$	(6,601)					$	(229,622)					$	(304,962)

			2022
			Foreign currency translation adjustments												Derivative financial instruments						Pension and postretirement benefit plans						Total
Balance, beginning of period			$	(44,401)											$	(2,005)					$	(194,513)					$	(240,919)
Other comprehensive loss, before reclassifications			(32,769)												(44,767)						(100,154)						(177,690)
Income tax (expense) benefit			(3,101)												9,611						23,516						30,026
			(35,870)												(35,156)						(76,638)						(147,664)
Reclassifications:
Net losses on derivative financial instruments			—												33,598						—						33,598
Prior service credits(a)			—												—						(3,635)						(3,635)
Actuarial losses(a)			—												—						32,400						32,400
Settlement gains(a)			—												—						(2,715)						(2,715)
Reclassifications before tax			—												33,598						26,050						59,648
Income tax expense			—												(6,877)						(6,117)						(12,994)
			—												26,721						19,933						46,654
Other comprehensive loss			(35,870)												(8,435)						(56,705)						(101,010)
Balance, end of period			$	(80,271)											$	(10,440)					$	(251,218)					$	(341,929)

(a)Amounts reclassified are included in the computation of net periodic benefit cost, discussed further in Note 14.

18. Reportable Segments and Geographic Information

The Company’s reportable segments and significant segment expenses are determined based on how the Company’s Chief Operating Decision Maker (CODM) assesses performance and decides how to allocate resources for the Company.

The Company’s Chairman, President and Chief Executive Officer, is the Company’s CODM. Operating income is the measure of profit and loss used by the CODM to assess performance and to decide how to allocate resources for each of the Company’s reportable segments.

Operating income is used to monitor actual results versus planned and prior period results for each segment based on their respective profitability objectives and business models. Operating income is also used to allocate human and capital resources among the reportable segments and to other corporate actions for returning capital to shareholders such as repurchasing common stock or paying dividends. Operating income is also a key metric used to establish and pay variable compensation to employees at all levels.

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Reportable Segments – The Company operates with three segments: Harley-Davidson Motor Company (HDMC), LiveWire, and Harley-Davidson Financial Services (HDFS). The Company's reportable segments are strategic business units that offer different products and services and are managed separately based on the fundamental differences in their operations.

HDMC designs, manufactures and sells motorcycles and also sells motorcycle parts, accessories, and apparel as well as licenses its trademarks. HDMC’s products are sold to retail customers primarily through a network of independent dealers. HDMC conducts business on a global basis, with sales in the U.S., Canada, Europe/Middle East/Africa (EMEA), Asia Pacific, and Latin America.

LiveWire sells electric motorcycles, electric balance bikes for kids, parts and accessories and apparel in the United States and certain international markets. Electric motorcycles, related parts and accessories and apparel are sold at wholesale to a network of independent dealers and at retail through a company-owned dealer, through online sales and direct to customers through select international partners primarily in Europe. Electric balance bikes and related parts and accessories are sold through independent retail partners and distributors and direct to consumers online.

HDFS is engaged in the business of financing and servicing wholesale inventory receivables and retail consumer loans, primarily for the purchase of Harley-Davidson and LiveWire motorcycles. HDFS also works with certain unaffiliated third parties to provide motorcycle insurance and voluntary protection products to motorcycle owners. HDFS conducts business principally in the U.S. and Canada.

Selected segment information is set forth below for the years ended December 31 (in thousands):

			2024						2023						2022
HDMC:
Revenue			$	4,121,906					$	4,844,594					$	4,887,672
Motorcycles and related products cost of goods sold			2,967,068						3,278,052						3,359,799
Gross profit			1,154,838						1,566,542						1,527,873
Selling, administrative and engineering expense:
People expenses(a)			364,416						417,109						358,105
Marketing and advertising expenses(b)			123,811						124,551						96,820
Other segment items(c)			388,767						363,731						395,861
Operating income			277,844						661,151						677,087
LiveWire:
Revenue			26,358						38,298						46,833
Motorcycles and related products cost of goods sold			38,872						44,254						43,929
Gross profit			(12,514)						(5,956)						2,904
Selling, administrative and engineering expense			97,125						110,853						88,219
Operating loss			(109,639)						(116,809)						(85,315)
HDFS:
Financial services revenue			1,038,538						953,586						820,625
Financial services interest expense			371,766						332,380						217,653
Financial services provision for credit losses			247,225						227,158						145,133
Selling and administrative expense			171,125						159,306						140,333
Operating income			248,422						234,742						317,506
Operating income			$	416,627					$	779,084					$	909,278

(a)People expenses include salary and related fringe costs, including payroll tax and health and welfare costs, as well as short-term incentive compensation and long-term incentive compensation, primarily in the form of share-based awards.

(b)Marketing and advertising expenses include costs related to digital and print media, social media, website maintenance, consumer experiences, product placement, sponsorships and market research.

(c)Other segment items for HDMC include depreciation, warranty, maintenance and facilities costs, supplies and materials, and other professional services.  These costs are all included in Selling, administrative and engineering expense.

106

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Additional segment information is set forth below as of December 31 (in thousands): 

			HDMC						LiveWire						HDFS						Consolidated
2024:
Assets			$	3,630,710					$	147,960					$	8,102,909					$	11,881,579
Depreciation and amortization			$	141,275					$	10,041					$	9,357					$	160,673
Capital expenditures			$	186,639					$	8,068					$	1,856					$	196,563
2023:
Assets			$	3,644,016					$	266,404					$	8,230,134					$	12,140,554
Depreciation and amortization			$	143,355					$	5,832					$	8,925					$	158,112
Capital expenditures			$	188,863					$	13,462					$	5,079					$	207,404
2022:
Assets			$	3,254,309					$	351,422					$	7,886,745					$	11,492,476
Depreciation and amortization			$	138,875					$	4,401					$	8,666					$	151,942
Capital expenditures			$	133,191					$	14,081					$	4,397					$	151,669

Geographic Information – Included in the Consolidated financial statements are the following amounts relating to geographic locations for the years ended December 31 (in thousands): 

			2024						2023						2022
HDMC revenue(a):
United States			$	2,814,482					$	3,289,227					$	3,253,875
EMEA			584,490						637,492						693,073
Canada			210,526						220,158						216,389
Japan			128,432						200,539						175,292
Australia and New Zealand			119,949						127,352						147,551
Other countries			264,027						369,826						401,492
			$	4,121,906					$	4,844,594					$	4,887,672
LiveWire revenue(a):
United States			21,461						31,483						36,256
International			4,897						6,815						10,577
			$	26,358					$	38,298					$	46,833
HDFS revenue(a):
United States			$	1,006,574					$	922,758					$	794,912
Canada			21,167						18,220						16,276
Europe			6,503						7,343						6,071
Other countries			4,294						5,265						3,366
			$	1,038,538					$	953,586					$	820,625
Long-lived assets(b):
United States			$	640,837					$	644,620					$	611,421
Thailand			113,094						82,197						72,474
Other countries			3,141						4,907						5,991
			116,235						87,104						78,465
			$	757,072					$	731,724					$	689,886

(a)Revenue is attributed to geographic regions based on location of customer.

(b)Long-lived assets include all long-term assets except those specifically excluded under ASC Topic 280, Segment Reporting, such as deferred income taxes and finance receivables.

107

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19. 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). The supplemental consolidating data 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 for 2024 is as follows (in thousands):

			Year Ended December 31, 2024
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Revenue:
Motorcycles and related products			$	4,157,275					$	—					$	(9,011)					$	4,148,264
Financial services			—						1,040,203						(1,665)						1,038,538
			4,157,275						1,040,203						(10,676)						5,186,802
Costs and expenses:
Motorcycles and related products cost of goods sold			3,005,940						—						—						3,005,940
Financial services interest expense			—						371,766						—						371,766
Financial services provision for credit losses			—						247,225						—						247,225
Selling, administrative and engineering expense			976,028						180,137						(10,921)						1,145,244
			3,981,968						799,128						(10,921)						4,770,175
Operating income			175,307						241,075						245						416,627
Other income, net			72,295						—						—						72,295
Investment income			258,964						—						(200,000)						58,964
Interest expense			30,748						—						—						30,748
Income before income taxes			475,818						241,075						(199,755)						517,138
Income tax provision			15,197						56,766						—						71,963
Net income			460,621						184,309						(199,755)						445,175
Less: (income) loss attributable to noncontrolling interests			10,182						—						—						10,182
Net income attributable to Harley-Davidson, Inc.			$	470,803					$	184,309					$	(199,755)					$	455,357

108

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			截至2023年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
收入：
摩托車及相關產品			$	4,891,449					$	—					$	(8,557)					$	4,882,892
金融服務			—						955,810						(2,224)						953,586
			4,891,449						955,810						(10,781)						5,836,478
成本和支出：
摩托車及相關產品銷售成本			3,322,306						—						—						3,322,306
金融服務利息費用			—						332,380						—						332,380
金融服務信用損失撥備			—						227,158						—						227,158
銷售、行政和工程費用			1,018,670						167,861						(10,981)						1,175,550
			4,340,976						727,399						(10,981)						5,057,394
營業收入			550,473						228,411						200						779,084
其他淨收入			71,808						—						—						71,808
投資收益			246,771						—						(200,000)						46,771
利息開支			30,787						—						—						30,787
稅前收入			838,265						228,411						(199,800)						866,876
所得稅撥備			125,356						46,474						—						171,830
淨收入			712,909						181,937						(199,800)						695,046
減：（收入）歸屬於非控股權益的損失			11,540						—						—						11,540
哈雷戴維森公司應佔淨利潤			$	724,449					$	181,937					$	(199,800)					$	706,586

109

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			截至2022年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
收入：
摩托車及相關產品			$	4,946,005					$	—					$	(11,500)					$	4,934,505
金融服務			—						822,530						(1,905)						820,625
			4,946,005						822,530						(13,405)						5,755,130
成本和支出：
摩托車及相關產品銷售成本			3,403,728						—						—						3,403,728
金融服務利息費用			—						217,653						—						217,653
金融服務信用損失撥備			—						145,133						—						145,133
銷售、行政和工程費用			941,312						151,833						(13,807)						1,079,338
			4,345,040						514,619						(13,807)						4,845,852
營業收入			600,965						307,911						402						909,278
其他淨收入			48,652						—						—						48,652
投資收益			204,538						—						(200,000)						4,538
利息開支			31,235						—						—						31,235
稅前收入			822,920						307,911						(199,598)						931,233
所得稅撥備			125,820						66,199						—						192,019
淨收入			697,100						241,712						(199,598)						739,214
減：（收入）歸屬於非控股權益的損失			2,194						—						—						2,194
哈雷戴維森公司應占淨利潤			$	699,294					$	241,712					$	(199,598)					$	741,408

110

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			截至2024年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
淨收入			$	460,621					$	184,309					$	(199,755)					$	445,175
其他全面收益（虧損），扣除稅後：
外幣兌換調整			(13,039)						(9,324)						—						(22,363)
衍生金融工具			16,621						(2,478)						—						14,143
養老金和退休後福利計劃			(19,524)						—						—						(19,524)
			(15,942)						(11,802)						—						(27,744)
全面收益			444,679						172,507						(199,755)						417,431
減：歸屬於非控股權益的全面損失			10,182						—						—						10,182
哈雷戴維森公司應占綜合收益			$	454,861					$	172,507					$	(199,755)					$	427,613

			截至2023年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
淨收入			$	712,909					$	181,937					$	(199,800)					$	695,046
其他全面收益（虧損），扣除稅後：
外幣兌換調整			9,619						1,913						—						11,532
衍生金融工具			919						2,920						—						3,839
養老金和退休後福利計劃			21,596						—						—						21,596
			32,134						4,833						—						36,967
全面收益			745,043						186,770						(199,800)						732,013
減：歸屬於非控股權益的全面損失			11,540						—						—						11,540
哈雷戴維森公司應占綜合收益			$	756,583					$	186,770					$	(199,800)					$	743,553

			截至2022年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
淨收入			$	697,100					$	241,712					$	(199,598)					$	739,214
其他全面收益（虧損），扣除稅後：
外幣兌換調整			(27,198)						(8,672)						—						(35,870)
衍生金融工具			(15,312)						6,877						—						(8,435)
養老金和退休後福利計劃			(56,705)						—						—						(56,705)
			(99,215)						(1,795)						—						(101,010)
全面收益			597,885						239,917						(199,598)						638,204
減：歸屬於非控股權益的全面損失			2,194						—						—						2,194
哈雷戴維森公司應占綜合收益			$	600,079					$	239,917					$	(199,598)					$	640,398

111

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			2024年12月31日
			非金融服務實體						金融服務實體						鞏固調整						綜合
資產
流動資產：
現金及現金等價物			$	1,105,663					$	483,945					$	—					$	1,589,608
應收賬款，淨額			294,776						65						(60,526)						234,315
融資應收賬款，淨額			—						2,031,496						—						2,031,496
庫存，淨			745,793						—						—						745,793
受限現金			—						135,661						—						135,661
其他流動資產			273,791						63,608						(77,635)						259,764
			2,420,023						2,714,775						(138,161)						4,996,637
融資應收賬款，淨額			—						5,256,798						—						5,256,798
不動產、廠房和設備，淨值			743,875						13,197						—						757,072
養老金和退休後資產			440,825						—						—						440,825
商譽			61,655						—						—						61,655
遞延所得稅			88,734						88,109						(1,017)						175,826
租賃資產			60,628						3,225						—						63,853
其他長期資產			221,694						26,805						(119,586)						128,913
			$	4,037,434					$	8,102,909					$	(258,764)					$	11,881,579
負債及股東權益
流動負債：
應付賬款			$	275,314					$	83,930					$	(60,526)					$	298,718
應計負債			515,830						155,437						(77,307)						593,960
短期存款，淨值			—						173,099						—						173,099
短期債務			—						640,204						—						640,204
長期債務的流動部分，淨			449,831						1,401,682						—						1,851,513
			1,240,975						2,454,352						(137,833)						3,557,494
長期存款，淨值			—						377,487						—						377,487
長期債務，淨			296,969						4,171,696						—						4,468,665
租賃負債			44,520						2,900						—						47,420
養老金和退休後負債			53,874						—						—						53,874
遞延所得稅			15,765						1,124						—						16,889
其他長期負債			139,373						60,123						1,754						201,250
承諾和或有事項（注15）
股東權益			2,245,958						1,035,227						(122,685)						3,158,500
			$	4,037,434					$	8,102,909					$	(258,764)					$	11,881,579

112

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			2023年12月31日
			非金融服務實體						金融服務實體						鞏固調整						綜合
資產
流動資產：
現金及現金等價物			$	1,127,400					$	406,406					$	—					$	1,533,806
應收賬款，淨額			415,004						32						(147,836)						267,200
融資應收賬款，淨額			—						2,113,729						—						2,113,729
庫存，淨			929,951						—						—						929,951
受限現金			—						104,642						—						104,642
其他流動資產			148,006						73,976						(7,581)						214,401
			2,620,361						2,698,785						(155,417)						5,163,729
融資應收賬款，淨額			—						5,384,536						—						5,384,536
不動產、廠房和設備，淨值			710,982						20,742						—						731,724
養老金和退休後資產			413,107						—						—						413,107
商譽			62,696						—						—						62,696
遞延所得稅			79,151						83,379						(1,346)						161,184
租賃資產			66,166						3,484						—						69,650
其他長期資產			228,261						39,208						(113,541)						153,928
			$	4,180,724					$	8,230,134					$	(270,304)					$	12,140,554
負債及股東權益
流動負債：
應付賬款			$	323,798					$	173,200					$	(147,836)					$	349,162
應計負債			509,725						144,622						(7,488)						646,859
短期存款，淨值			—						253,309						—						253,309
短期債務			—						878,935						—						878,935
長期債務的流動部分，淨			—						1,255,999						—						1,255,999
			833,523						2,706,065						(155,324)						3,384,264
長期存款，淨值			—						194,473						—						194,473
長期債務，淨			746,077						4,244,509						—						4,990,586
租賃負債			48,433						3,415						—						51,848
養老金和退休後負債			59,772						—						—						59,772
遞延所得稅			30,266						3,248						—						33,514
其他長期負債			150,171						21,725						1,906						173,802
承諾和或有事項（注15）
股東權益			2,312,482						1,056,699						(116,886)						3,252,295
			$	4,180,724					$	8,230,134					$	(270,304)					$	12,140,554

113

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			截至2024年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
經營活動產生的現金流量：
淨收入			$	460,621					$	184,309					$	(199,755)					$	445,175
將淨利潤與經營活動提供的淨現金進行調節的調整：
折舊及攤銷			151,316						9,357						—						160,673
延期貸款發放成本攤銷			—						70,745						—						70,745
融資發起費攤銷			721						13,242						—						13,963
長期員工福利撥備			(54,008)						—						—						(54,008)
員工福利計劃繳款和付款			(5,078)						—						—						(5,078)
股票補償費用			46,960						2,045						—						49,005
與銷售相關的批發融資應收賬款淨變化			—						—						46,884						46,884
信貸損失準備金			—						247,225						—						247,225
遞延所得稅			(21,136)						(4,811)						(329)						(26,276)
其他，淨			17,289						25						(244)						17,070
流動資產和負債變化：
應收賬款，淨額			107,088						—						(87,310)						19,778
應收賬款-應計利息和其他			—						36						—						36
庫存，淨			164,609						—						—						164,609
應付款項和應計負債			(27,273)						(73,795)						45,632						(55,436)
其他流動資產			(110,404)						9,818						70,054						(30,532)
			270,084						273,887						74,687						618,658
經營活動提供的淨現金			730,705						458,196						(125,068)						1,063,833
投資活動產生的現金流量：
資本支出			(194,707)						(1,856)						—						(196,563)
應收賬款的來源			—						(6,464,892)						2,825,613						(3,639,279)
應收融資賬款收款			—						6,340,885						(2,900,545)						3,440,340
其他投資活動			8,172						—						4,000						12,172
投資活動使用的現金淨額			(186,535)						(125,863)						(70,932)						(383,330)

114

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			Year Ended December 31, 2024
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Cash flows from financing activities:
Proceeds from issuance of medium-term notes			—						495,856						—						495,856
Repayments of medium-term notes			—						(660,780)						—						(660,780)
Proceeds from securitization debt			—						1,145,211						—						1,145,211
Repayments of securitization debt			—						(1,078,248)						—						(1,078,248)
Borrowings of asset-backed commercial paper			—						469,986						—						469,986
Repayments of asset-backed commercial paper			—						(258,077)						—						(258,077)
Net decrease in unsecured commercial paper			—						(237,340)						—						(237,340)
Net increase in deposits			—						102,119						—						102,119
Dividends paid			(91,224)						(200,000)						200,000						(91,224)
Repurchase of common stock			(459,829)						—						—						(459,829)
Other financing activities			11						4,000						(4,000)						11
Net cash used by financing activities			(551,042)						(217,273)						196,000						(572,315)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(14,865)						(1,280)						—						(16,145)
Net (decrease) increase in cash, cash equivalents and restricted cash			$	(21,737)					$	113,780					$	—					$	92,043
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			(21,737)						113,780						—						92,043
Cash, cash equivalents and restricted cash, end of period			$	1,105,663					$	635,191					$	—					$	1,740,854

115

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			Year Ended December 31, 2023
			Non-Financial Services Entities						Financial Services Entities						Consolidating Adjustments						Consolidated
Cash flows from operating activities:
Net income			$	712,909					$	181,937					$	(199,800)					$	695,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			149,187						8,925						—						158,112
Amortization of deferred loan origination costs			—						85,018						—						85,018
Amortization of financing origination fees			709						12,499						—						13,208
Provision for long-term employee benefits			(67,624)						—						—						(67,624)
Employee benefit plan contributions and payments			(5,736)						—						—						(5,736)
Stock compensation expense			79,311						3,590						—						82,901
Net change in wholesale finance receivables related to sales			—						—						(387,743)						(387,743)
Provision for credit losses			—						227,158						—						227,158
Deferred income taxes			(26,720)						(3,663)						324						(30,059)
Other, net			(18,480)						(21,033)						(200)						(39,713)
Changes in current assets and liabilities:
Accounts receivable, net			(42,312)						—						30,869						(11,443)
Finance receivables - accrued interest and other			—						(339)						—						(339)
Inventories, net			21,257						—						—						21,257
Accounts payable and accrued liabilities			(21,957)						67,635						(17,108)						28,570
Other current assets			(11,283)						(5,482)						3,039						(13,726)
			56,352						374,308						(370,819)						59,841
Net cash provided by operating activities			769,261						556,245						(570,619)						754,887
Cash flows from investing activities:
Capital expenditures			(202,325)						(5,079)						—						(207,404)
Origination of finance receivables			—						(7,284,431)						3,410,889						(3,873,542)
Collections on finance receivables			—						6,611,092						(3,040,270)						3,570,822
Other investing activities			(4,680)						—						2,500						(2,180)
Net cash used by investing activities			(207,005)						(678,418)						373,119						(512,304)

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			截至2023年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
融資活動產生的現金流量：
發行中期票據的收益			—						1,446,304						—						1,446,304
中期票據的償還			—						(1,056,680)						—						(1,056,680)
債務證券化收益			—						1,045,547						—						1,045,547
證券化債務的償還			—						(1,193,526)						—						(1,193,526)
資產支持商業票據借款			—						42,429						—						42,429
資產支持商業票據的償還			—						(237,370)						—						(237,370)
無擔保商業票據淨增加			—						107,146						—						107,146
存款淨增加			—						129,855						—						129,855
已支付的股息			(96,310)						(200,000)						200,000						(96,310)
普通股回購			(363,987)						—						—						(363,987)
其他融資活動			1,946						2,500						(2,500)						1,946
融資活動提供的淨現金（使用）			(458,351)						86,205						197,500						(174,646)
匯率變動對現金、現金等價物和限制性現金的影響			1,697						—						—						1,697
現金、現金等價物和限制性現金淨增(減)			$	105,602					$	(35,968)					$	—					$	69,634
現金、現金等值物和受限制現金：
現金、現金等值物和受限制現金，期末			$	1,021,798					$	557,379					$	—					$	1,579,177
現金、現金等價物和限制性現金淨增(減)			105,602						(35,968)						—						69,634
現金、現金等值物和限制現金，期末			$	1,127,400					$	521,411					$	—					$	1,648,811

117

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			截至2022年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
經營活動產生的現金流量：
淨收入			$	697,100					$	241,712					$	(199,598)					$	739,214
將淨利潤與經營活動提供的淨現金進行調節的調整：
折舊及攤銷			143,276						8,666						—						151,942
延期貸款發放成本攤銷			—						94,914						—						94,914
融資發起費攤銷			700						14,405						—						15,105
長期員工福利撥備			(21,891)						—						—						(21,891)
員工福利計劃繳款和付款			(14,320)						—						—						(14,320)
股票補償費用			50,954						3,399						—						54,353
與銷售相關的批發融資應收賬款淨變化			—						—						(198,623)						(198,623)
信貸損失準備金			—						145,133						—						145,133
遞延所得稅			(11,988)						(3,925)						(23)						(15,936)
其他，淨			(5,745)						(6,880)						(402)						(13,027)
流動資產和負債變化：
應收賬款，淨額			(96,826)						—						14,441						(82,385)
應收賬款-應計利息和其他			—						414						—						414
庫存，淨			(254,170)						—						—						(254,170)
應付款項和應計負債			(6,840)						27,069						(15,726)						4,503
其他流動資產			(54,516)						(3,559)						1,310						(56,765)
			(271,366)						279,636						(199,023)						(190,753)
經營活動提供的淨現金			425,734						521,348						(398,621)						548,461
投資活動產生的現金流量：
資本支出			(147,272)						(4,397)						—						(151,669)
應收賬款的來源			—						(7,960,123)						3,401,289						(4,558,834)
應收融資賬款收款			—						7,137,669						(3,202,668)						3,935,001
其他投資活動			2,491						—						—						2,491
投資活動使用的現金淨額			(144,781)						(826,851)						198,621						(773,011)

118

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			截至2022年12月31日的年度
			非金融服務實體						金融服務實體						鞏固調整						綜合
融資活動產生的現金流量：
發行中期票據的收益			—						495,785						—						495,785
中期票據的償還			—						(950,000)						—						(950,000)
債務證券化收益			—						1,826,891						—						1,826,891
證券化債務的償還			—						(1,442,860)						—						(1,442,860)
資產支持商業票據借款			—						448,255						—						448,255
資產支持商業票據的償還			—						(302,922)						—						(302,922)
無擔保商業票據淨增加			—						16,003						—						16,003
存款淨增加			—						26,605						—						26,605
已支付的股息			(93,180)						(200,000)						200,000						(93,180)
普通股回購			(338,627)						—						—						(338,627)
業務合併收到的現金			114,068						—						—						114,068
其他融資活動			(1,985)						—						—						(1,985)
融資活動提供的淨現金（使用）			(319,724)						(82,243)						200,000						(201,967)
匯率變動對現金、現金等價物和限制性現金的影響			(17,636)						(1,889)						—						(19,525)
現金、現金等價物和限制性現金淨減少			$	(56,407)					$	(389,635)					$	—					$	(446,042)
現金、現金等值物和受限制現金：
現金、現金等值物和受限制現金，期末			$	1,078,205					$	947,014					$	—					$	2,025,219
現金、現金等價物和限制性現金淨減少			(56,407)						(389,635)						—						(446,042)
現金、現金等值物和限制現金，期末			$	1,021,798					$	557,379					$	—					$	1,579,177

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20. Subsequent Event

In February 2025, the Company transferred $179.5 million of U.S. retail motorcycle finance receivables to an SPE which, in turn, issued $155.0 million of debt to the U.S. Conduit Facilities.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None. 

Item 9A. Controls and Procedures

信息披露控制和程序的評估-根據1934年《證券交易法》(《交易法》)第13a-15(B)條的規定，截至本10-K表格年度報告所述期間結束時，公司管理層在公司首席執行官總裁和首席財務官以及首席財務官和商業部總裁的參與下，評估了公司披露控制和程序(如《交易法》第13a-15(E)條所定義)的設計和運作的有效性。基於對這些披露控制和程序的評估，總裁兼首席執行官和首席財務官以及商業部門的總裁得出結論，截至本10-K表格年度報告所涵蓋的期間結束時，披露控制和程序是有效的，以確保在美國證券交易委員會規則和表格規定的期限內，記錄、處理、彙總和報告公司根據《交易法》提交或提交的報告中要求披露的信息。並確保累積本公司根據交易所法令提交或提交的報告中須予披露的資料，並傳達予本公司管理層，包括本公司的總裁及首席執行官、首席財務官及商務總監總裁(視情況而定)，以便及時作出有關披露的決定。

管理層關於財務報告內部控制的報告-公司管理層負責建立和維護對財務報告的充分內部控制，這一術語在《交易法》規則13a-15(F)中有定義。在包括主要行政人員和主要財務官在內的管理層的監督和參與下，管理層根據#年確定的標準對公司財務報告內部控制的有效性進行了評估內部控制論--綜合框架特雷德韋委員會贊助組織委員會發布的《2013年框架》。根據#年框架下的管理評估《內部控制規範-綜合框架》管理層得出結論，公司對財務報告的內部控制自2024年12月31日起生效。獨立註冊會計師事務所安永會計師事務所審計了合併財務報表包括在本10-K表格年度報告中，並作爲審計的一部分，發佈了一份關於公司財務報告內部控制有效性的證明報告，包括在本報告中。 

獨立註冊會計師事務所認證報告 - 本第9A項要求的證明報告包含在 項目8.財務報表和補充數據 本年度報告的10-K表格標題 獨立註冊會計師事務所報告.

內部控制的變化 - 截至2024年12月31日的季度，公司財務報告內部控制不發生對公司財務報告內部控制產生重大影響或合理可能產生重大影響的變化。

第90項億。其他信息

截至2024年12月31日的三個月內，公司無董事或第16條高級官員 通過 或 終止 「規則10 b5 -1交易安排」或「非規則10 b5 -1交易安排」，每個術語均在S-K法規第408（a）項中定義。

項目9C。關於妨礙檢查的外國司法管轄區的披露

不適用。

第三部分 

項目10.董事、高級管理人員和公司治理

公司2025年年度股東大會最終委託書（「委託書」）中包含的信息，標題如下 有關公司的問題和答案-就SEC而言，誰是我們的高管？, 董事會事務和公司治理-審計和財務委員會, 提案1：選舉

120

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董事, 審計和財務委員會報告，而且 董事會事務和公司治理-董事獨立性 通過引用併入本文。

有關受益所有權報告合規性的信息將包含在標題下 第16（A）條受益所有權報告-第16（A）條違法報告 在我們2025年委託書中，並通過引用併入本文。

該公司已採用Harley-Davidson，Inc.適用於公司首席執行官、首席財務官、首席會計官和其他履行類似財務職能的人員的財務道德準則。該公司已發佈哈雷戴維森公司的副本。公司網站上的財務道德準則 http://investor.harley-davidson.com/.該公司打算滿足美國證券交易委員會當前8-K表格報告第5.05項下關於Harley-Davidson，Inc.的修改或豁免的披露要求。通過在其網站上發佈此類信息來遵守財務道德準則 www.harley-davidson.com.公司不會將其網站上包含或通過其網站提供的信息作爲本10-K表格年度報告的一部分，也不會將此類信息納入本年度報告中。

本公司已 通過 監管公司及其董事、高級管理人員、員工和其他指定個人購買、出售和其他處置其證券的內幕交易政策，旨在促進遵守所有適用的內幕交易法律、規則和法規以及紐約證券交易所上市標準。該保單的副本作爲本年度報告的附件19以表格10-K形式存檔。

Item 11. Executive Compensation

The information to be included in the Proxy Statement under the captions Executive Compensation and Human Resources Committee Report on Executive Compensation is incorporated by reference herein. 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information to be included in the Proxy Statement under the caption Common Stock Ownership of Certain Beneficial Owners and Management is incorporated by reference herein.

The following table provides information about the Company’s equity compensation plans as of December 31, 2024:

Plan Category						Number of securities to be issued upon the exercise of outstanding options						Weighted-average exercise price of outstanding options						Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)
Plan approved by shareholders:
Management employees						528,173						$	38.06					3,722,017
Plan not approved by shareholders:
Non-employee Board of Directors						—						$	—					47,472
						528,173												3,769,489

Documents for the Company’s equity compensation plans have been filed with the Securities and Exchange Commission on a timely basis and included in the list of exhibits to this Annual Report on Form 10-K.

Under the Company’s management plan its Board of Directors may grant to employees share-based awards including restricted stock units (RSUs), performance shares, aspirational performance shares and nonqualified stock options. RSUs vest ratably over a three-year period. Performance shares include a three-year performance period with vesting based on achievement of internal performance targets and, beginning with the 2021 grant, include a vesting component based on a Total Shareholder Return (TSR) relative to a peer group. Aspirational performance shares are earned only to the extent the aspirational share price goals for the Company's stock are achieved by December 31, 2025. If a share price goal is met, then 50% of the associated aspirational performance shares vest and the remaining 50% vest on the one-year anniversary of the date on which the share price goal was achieved. Dividend or dividend equivalents are paid on RSUs, performance shares and aspirational shares that ultimately vest. Stock options granted under the Plan have an exercise price equal to the fair market value of the underlying stock at the date of grant and for grants made prior to 2021 vest ratably over a three-year period with the first one-third of the grant becoming exercisable one year after the date of grant. Stock options granted under the Plan in 2021 include a service component to vest and a market condition to become exercisable. The 2021 stock options expire 10 years from the grant date or, if the grantee's employment ceases prior to December 31, 2023, 6 years from the grant date. Stock options granted prior to 2021 expire 10 years from the date of grant.

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The Company's Director Compensation Policy provides non-employee Directors with compensation that includes an annual retainer as well as a grant of share units. The payment of share units is deferred until a Director ceases to serve as a Director and the share units are payable at that time in actual shares of common stock. The Company's Director Compensation Policy also provides that a non-employee Director may elect to receive 50% or 100% of the annual retainer to be paid in each calendar year in the form of common stock based upon the fair market value of the common stock at the time of the annual meeting of shareholders. Each Director must receive a minimum of one-half of their annual retainer in common stock until the Director reaches the Director stock ownership guidelines defined below.

In May 2021, the Human Resources Committee of the Company's Board of Directors approved updated stock ownership guidelines (Ownership Guidelines). The Ownership Guidelines stipulate that all Directors hold five times their annual retainer in shares of common stock, the Chief Executive Officer hold six times his or her base salary in shares of common stock or certain rights to acquire common stock and Senior Management Leaders and other Senior leaders (Senior Executives) hold from one time to three times of their base salary in shares of common stock, or certain rights to acquire common stock, depending on their level. The Directors, the Chief Executive Officer and Senior Executives have five years from either: (i) the date they are elected a Director, become the Chief Executive Officer or become a Senior Executive; or (ii) May 20, 2021, whichever is longer, to accumulate the appropriate number of shares of common stock. Restricted stock, RSUs, shares held in 401(k) accounts, deferred stock units and shares of common stock held directly count toward satisfying the guidelines for common stock ownership.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information to be included in the Company's Proxy Statement under the captions Certain Transactions and Board Matters and Corporate Governance – Independence of Directors are incorporated by reference herein.

Item 14. Principal Accountant Fees and Services

The information to be included in the Company's Proxy Statement under the caption Proposal 3: Ratification of the Selection of Independent Registered Public Accounting Firm – Fees Paid to Ernst & Young LLP is incorporated by reference herein.

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PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) The following documents are filed as part of this Form 10-K:

 

(1)			Financial Statements under Item 8. Consolidated Financial Statements and Supplementary Data
			Reports of Independent Registered Public Accounting Firm			55
			Consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022			58
			Consolidated statements of comprehensive income for the years ended December 31, 2024, 2023, and 2022			59
			Consolidated balance sheets at December 31, 2024 and 2023			60
			Consolidated statements of cash flows for the years ended December 31, 2024, 2023, and 2022			62
			Consolidated statements of shareholders’ equity for the years ended December 31, 2024, 2023, and 2022			63
			Notes to Consolidated financial statements			64
(2)			Financial Statement Schedule
			Schedule II – Valuation and qualifying accounts			123
(3)			Exhibits			124

Reference is made to the separate Index to Exhibits contained on the following pages filed herewith.

All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedules.

Item 16. Form 10-K Summary

None. 

123

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HARLEY-DAVIDSON, INC.

SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

Years ended December 31, 2024, 2023 and 2022

(In thousands)

			2024						2023						2022
Accounts receivable - Allowance for doubtful accounts
Balance, beginning of period			$	2,082					$	2,887					$	2,440
Provision charged to expense			1,548						46						679
Reserve adjustments			(96)						54						(89)
Write-offs, net of recoveries			(180)						(905)						(143)
Balance, end of period			$	3,354					$	2,082					$	2,887
Finance receivables - Allowance for credit losses
Balance, beginning of period			$	381,966					$	358,711					$	339,379
Provision for credit losses			247,225						227,158						145,133
Charge-offs, net of recoveries			(228,008)						(203,903)						(125,801)
Balance, end of period			$	401,183					$	381,966					$	358,711
Inventories - Allowance for obsolescence(a)
Balance, beginning of period			$	110,246					$	84,587					$	62,969
Provision charged to expense			19,138						45,093						29,060
Reserve adjustments			(608)						519						(366)
Write-offs, net of recoveries			(44,148)						(19,953)						(7,076)
Balance, end of period			$	84,628					$	110,246					$	84,587
Deferred tax assets - Valuation allowance
Balance, beginning of period			$	48,516					$	40,878					$	33,596
Adjustments			10,797						7,638						7,282
Balance, end of period			$	59,313					$	48,516					$	40,878

(a)Inventory obsolescence reserves deducted from cost determined on first-in, first-out (FIFO) basis, before deductions for last-in, first-out (LIFO) valuation reserves.

Various instruments relating to the Company’s long-term debt described in this report need not be filed herewith pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K. The registrant, by signing this report, agrees to furnish the Securities and Exchange Commission, upon its request, with a copy of any such instrument.

*    Represents a management contract or compensatory plan, contract or arrangement in which a Director or named executive officer of the Company participated.

124

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INDEX TO EXHIBITS [Items 15(a)(3) and 15(c)]
Exhibit No.						Description
2.1						Business Combination Agreement, dated as of December 12, 2021, by and among Harley-Davidson, Inc., AEA-Bridges Impact Corp., LW EV Holdings, Inc., LW EV Merger Sub, Inc. and LiveWire EV, LLC (incorporated herein by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K dated December 15, 2021 (File No. 1-9183))
3.1						Restated Articles of Incorporation of Harley-Davidson, Inc. as amended through May 28, 2020 (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2021 (File No. 1-9183))
3.2						Amended and Restated By-Laws of Harley-Davidson, Inc., effective as of February 4, 2022 (incorporated herein by reference to Exhibit 3.01 to the Registrant's Current Report on Form 8-k dated February 8, 2022 (File No. 1-9183))
4.1						5-Year Credit Agreement, dated as of April 6, 2018, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto and JPMorgan Chase Bank, N.A., as among other things, global administrative agent 2020 (incorporated herein by reference to Exhibit 4.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2018 (File No. 1-9183))
4.2						Amendment No. 2 to 5-Year Credit Agreement, dated as of April 1, 2020, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto and JPMorgan Chase Bank, N.A., as, among other things, global administrative agent, relating to the 5-Year Credit Agreement, dated as of April 6, 2018, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto and JPMorgan Chase Bank, N.A., as among other things, global administrative agent (incorporated herein by reference to Exhibit 4.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 29, 2020 (File No. 1-9183))
4.3						Officers' Certificate, dated February 9, 2018, pursuant to Sections 102 and 301 of the Indenture, dated March 4, 2011, with the form of 3.350% Medium-Term Notes due 2023 (incorporated herein by reference to Exhibit 4.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended April 1, 2018 (File No. 1-9183))
4.4						Fiscal Agency Agreement, dated November 19, 2019, relating to the 0.9% Medium Term Notes due November 2024, among certain subsidiaries of the Company, The Bank of New York Mellon Trust Company, N.A. and The Bank of New York Mellon, London Branch (incorporated herein by reference to Exhibit 4.20 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 1-9183))
4.5						Fiscal Agency Agreement, dated May 19, 2020, relating to the 3.875% Medium Term Notes due May 2023, among certain subsidiaries of the Company, The Bank of New York Mellon, London Branch and The Bank of New York Mellon SA/NV, Luxembourg Branch (incorporated herein by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 28, 2020 (File No. 1-9183))
4.6						Officers' Certificate, dated June 8, 2020, pursuant to Sections 102 and 301 of the Indenture, dated March 4, 2011, with the form of 3.350% Medium-Term Notes due 2025 (incorporated herein by reference to Exhibit 4.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 28, 2020 (File No. 1-9183))
4.7						Officers' Certificate, dated July 28, 2015 establishing the form of 3.500% Senior Notes due 2025 and 4.625% Senior Notes due 2045 (incorporated herein by reference to Exhibit 4.2 to the Registrant's Current Report on From 8-K dated July 28, 2015 (File No. 1-9183))
4.8						Indenture, dated as of March 4, 2011, among Harley-Davidson Financial Services, Inc., Issuer, Harley-Davidson Credit Corp., Guarantor, and Bank of New York Mellon Trust Company, N.A., Trustee (incorporated herein by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K dated March 1, 2011 (File No. 1-9183))
4.9						Indenture, dated July 28, 2015, by and between Harley-Davidson, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee. (incorporated herein by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K dated July 28, 2015 (File No. 1-9183))
4.10						Description of Registrant's Securities (incorporated herein by reference to Exhibit 4.22 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 1-9183))
4.11						Officers' Certificate, dated February 14, 2022, pursuant to Sections 102 and 301 of the Indenture, dated December 18, 2020, with the form of 3.050% Medium-Term Notes due 2027 (incorporated herein by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 27, 2022 (File No. 9183))
4.12						Second Amended and Restated 5-Year Credit Agreement, dated as of April 7, 2022, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto, and JPMorgan Chase Bank, N.A., as, among other things, global administrative agent, relating to the 5-year Credit Agreement, dated as of April 1, 2020, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto and JPMorgan Chase Bank, N.A., as among other things, global administrative agent (incorporated herein by reference to Exhibit 4.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 27, 2022 (File No. 9183))

*    Represents a management contract or compensatory plan, contract or arrangement in which a Director or named executive officer of the Company participated.

#     Certain portions of this exhibit (indicated by “[***]”) have been omitted pursuant to Regulation S-K, Item 601(b)(10).

125

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INDEX TO EXHIBITS [Items 15(a)(3) and 15(c)]
Exhibit No.						Description
4.13						Second Amended and 7-Year Restated Credit Agreement, dated as of April 7, 2022, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto, and JPMorgan Chase Bank, N.A., as, among other things, global administrative agent, relating to the 7-year Credit Agreement, dated as of April 1, 2020, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto and JPMorgan Chase Bank, N.A., as among other things, global administrative agent (incorporated herein by reference to Exhibit 4.3 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 27, 2022 (File No. 1-9183))
4.14						Officers' Certificate, dated March 10, 2023, pursuant to Sections 102 and 301 of the Indenture, dated December 18, 2020, with the form of 6.50% Medium-Term Notes due 2028 (incorporated herein by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (File No. 1-9183))
4.15						Officers' Certificate, dated April 3, 2023, pursuant to a fiscal agency agreement dated April 5, 2023, with the form of 5.125% Guaranteed Notes due 2026 (incorporated herein by reference to Exhibit 4.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (File No. 1-9183))
4.16						Third Amended and Restated 5-Year Credit Agreement, dated as of April 12, 2024, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto, and JP Morgan Chase Bank, N.A., as, among other things, global administrative agent, relating to the Second Amended and Restated 5-Year Credit Agreement, dated April 7, 2022, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto and JP Morgan Chase Bank, N.A., as among other things, global administrating agent (incorporated herein by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (File No. 001-09183))
4.17						Third Amended and Restated 7-Year Credit Agreement, dated as of April 12, 2024, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto, and JP Morgan Chase Bank, N.A., as, among other things, global administrative agent, relating to the Second Amended and Restated 7-Year Credit Agreement, dated April 7, 2022, among the Company, certain subsidiaries of the Company, the financial institutions parties thereto and JP Morgan Chase Bank, N.A., as among other things, global administrating agent (incorporated herein by reference to Exhibit 4.2 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (File No. 001-09183))
4.18						Officers' Certificate, dated June 11, 2024, pursuant to Sections 2.02 and 3.01 of the Indenture, dated December 18, 2020, with the form of 5.950% Medium-Term Notes due 2029 (incorporated herein by reference to Exhibit 4.1 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (File No. 001-09183))
10.1*						Harley-Davidson, Inc. 2009 Incentive Stock Plan (incorporated herein by reference to Appendix A to the Company’s definitive proxy statement on Schedule 14A for the Company’s Annual Meeting of Shareholders held on April 25, 2009 filed on April 3, 2009 (File No. 1-9183))
10.2*						Form of Notice of Grant of Stock Options and Option Agreement of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2009 Incentive Stock Plan (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2010 (File No. 1-9183))
10.3*						Form of Notice of Grant of Stock Options and Option Agreement (Transition Agreement) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2009 Incentive Stock Plan (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2010 (File No. 1-9183))
10.4*						Form of Notice of Special Grant of Stock Options and Option Agreement (Transition Agreement) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2009 Incentive Stock Plan (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2010 (File No. 1-9183))
10.5*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2009 Incentive Stock Plan (incorporated herein by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2010 (File No. 1-9183))
10.6*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Transition Agreement) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2009 Incentive Stock Plan (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 28, 2010 (File No. 1-9183))
10.7*						Amended and Restated Harley-Davidson, Inc. 2014 Incentive Stock Plan as amended effective January 25, 2019 (incorporated herein by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 (File No. 1-9183))
10.8*						Form of Notice of Grant of Stock Options and Stock Option Agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2014 Incentive Stock Plan (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2015 (File No. 1-9183))
10.9*						Form of Notice of Grant of Stock Options and Stock Option Agreement (Transition Agreement) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2014 Incentive Stock Plan (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2015 (File No. 1-9183))

*    Represents a management contract or compensatory plan, contract or arrangement in which a Director or named executive officer of the Company participated.

#     Certain portions of this exhibit (indicated by “[***]”) have been omitted pursuant to Regulation S-K, Item 601(b)(10).

126

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INDEX TO EXHIBITS [Items 15(a)(3) and 15(c)]
Exhibit No.						Description
10.10*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2024
10.11*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard International) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2024
10.12*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2025
10.13*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard International) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2025
10.14*						Form of Notice of Award of Performance Shares and Performance Shares Agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2025
10.15*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard), Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard International), Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Special), and Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Special Retention) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2014 Incentive Stock Plan first approved for use in February 2019 (incorporated herein by reference to Exhibit 10.45 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 1-9183))
10.16*						Form of Notice of Award of Performance Shares and Performance Shares Agreement (Standard) and Form of Notice of Award of Performance Share Units and Performance Share Unit Agreement (Standard International) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2014 Incentive Stock Plan first approved for use in February 2019 (incorporated herein by reference to Exhibit 10.46 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2018 (File No. 1-9183))
10.17*						Form of Notice of Award of Performance Shares and Performance Shares Agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2024 (incorporated herein by reference to Exhibit 10.56 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-09183))
10.18*						Harley-Davidson, Inc. 2020 Incentive Stock Plan (incorporated herein by reference to Appendix A to the Company’s definitive proxy statement on Schedule 14A for the Company’s Annual Meeting of Shareholders held on May 21, 2020 filed on April 9, 2020 (File No. 1-9183))
10.19*						Form of Notice of Grant of Stock Options and Option Agreement of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan to Mr. Zeitz (incorporated herein by reference to Exhibit 10.19 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 1-9183))
10.20*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard), Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard International), Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Special), Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Special Retention), Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Special International Retention), Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (All-US), and Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (All-International) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2021 (incorporated herein by reference to Exhibit 10.20 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 1-9183))
10.21*						Form of Notice of Award of Performance Shares and Performance Shares Agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2021 (incorporated herein by reference to Exhibit 10.21 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 1-9183))
10.22*						Amended and Restated Harley-Davidson, Inc. Director Stock Plan as amended effective May 19, 2023 (incorporated herein by reference to Exhibit 10.22 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-09183))
10.23*						Director Compensation Policy approved April 29, 2016 (incorporated herein by reference from Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 26, 2016 (File No. 1-9183))
10.24*						Harley-Davidson Retiree Insurance Allowance Plan, as amended and restated effective January 1, 2016 (incorporated herein by reference to Exhibit 10.44 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 (File No. 1-9183))
10.25*						Harley-Davidson Pension Benefit Restoration Plan as amended and restated effective January 1, 2009 (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-9183))

*    Represents a management contract or compensatory plan, contract or arrangement in which a Director or named executive officer of the Company participated.

#     Certain portions of this exhibit (indicated by “[***]”) have been omitted pursuant to Regulation S-K, Item 601(b)(10).

127

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INDEX TO EXHIBITS [Items 15(a)(3) and 15(c)]
Exhibit No.						Description
10.26*						Deferred Compensation Plan for Nonemployee Directors as amended and restated effective January 1, 2009 (incorporated herein by reference to Exhibit 10.14 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 (File No. 1-9183))
10.27*						Harley-Davidson Management Deferred Compensation Plan as amended and restated effective January 1, 2017 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 25, 2016 (File No. 1-9183))
10.28*						Harley-Davidson, Inc. Short-Term Incentive Plan for Senior Executives (incorporated herein by reference to Appendix D to the Company’s definitive proxy statement on Schedule 14A for the Company’s Annual Meeting of Shareholders held April 30, 2011 (File No. 1-9183))
10.29*						Amended and Restated Harley-Davidson, Inc. Employee Incentive Plan as amended effective January 1, 2021 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 26, 2021 (File No. 1-9183))
10.30*						Executive Severance Plan amendments through May 31, 2021 (incorporated herein by reference to Exhibit 10.30 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 1-9183))
10.31*						Form of Transition Agreement between the Registrant and each of Messrs. Zeitz, Krause, Root, Koval, and Krishnan and Ms. Termaat (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 27, 2020 (File No. 1-9183))
10.32*						Acting President and Chief Executive Officer offer letter (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2020 (File No. 1-9183))
10.33*						President and Chief Executive Officer letter agreement dated December 1, 2021 (incorporated herein by reference to Exhibit 10.33 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 1-9183))
10.34						Settlement Agreement, dated March 27, 2020, by and among Harley-Davidson, Inc., and Impala Master Fund Ltd. and Impala Asset Management LLC (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed March 30, 2020 (File No. 1-9183))
10.35						Long Term Collaboration Agreement, dated as of December 12, 2021, by and between LiveWire EV, LLC and Kwang Yang Motor Co., Ltd. (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed December 15, 2021 (File No. 1-9183))
10.36						Form of Investment Agreement (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed December 15, 2021 (File No. 1-9183))
10.37						Cooperation Agreement, dated as of February 2, 2022, by and among Harley-Davidson, Inc. and H Management and certain of its affiliates (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 3, 2021 (File No. 1-9183))
10.38*						Amended and restated Harley-Davidson, Inc. 2020 Incentive Stock Plan ( incorporated herein by reference to Appendix A to the Company’s definitive proxy statement on Schedule 14A for the Company’s Annual Meeting of Shareholders held on May 12, 2022 filed on April 1, 2022 (File No. 1-9183))
10.39*						Harley-Davidson, Inc. 2022 Aspirational Incentive Stock Plan (incorporated herein by reference to Appendix B to the Company’s definitive proxy statement on Schedule 14A for the Company’s Annual Meeting of Shareholders held on May 12, 2022 filed on April 1, 2022 (File No. 1-9183))
10.40*						Form of Notice of Award of Performance Shares and Performance Shares Agreement (Aspirational Incentive Stock Plan - Non-CEO Award), Form of Notice of Award of Performance Shares and Performance Shares Agreement (Aspirational Incentive Stock Plan - CEO Award) (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Annual Report on Form 10-Q for the quarter ended September 25, 2022 (File No. 1-9183))
10.41*						Form of Notice of Award of Performance Shares and Performance Shares Agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2023 (incorporated herein by reference to Exhibit 10.41 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 1-9183))
10.42*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2023 (incorporated herein by reference to Exhibit 10.42 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-09183))
10.43*						Form of Notice of Award of Restricted Stock Units and Restricted Stock Unit Agreement (Standard International) of Harley-Davidson, Inc. under the Harley-Davidson, Inc. 2020 Incentive Stock Plan first approved for use in February 2023 (incorporated herein by reference to Exhibit 10.41 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 1-9183))

*    Represents a management contract or compensatory plan, contract or arrangement in which a Director or named executive officer of the Company participated.

#     Certain portions of this exhibit (indicated by “[***]”) have been omitted pursuant to Regulation S-K, Item 601(b)(10).

128

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INDEX TO EXHIBITS [Items 15(a)(3) and 15(c)]
Exhibit No.						Description
10.44						Form of Investment Agreements (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-4 (File No. 333-262573) filed on February 7, 2022).
10.45						Registration Rights Agreement, dated as of September 26, 2022 by and among LiveWire EV, LLC and the holders party thereto (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.46#						Separation Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.47						Tax Matters Agreement, dated as of September 26, 2022, by and among LiveWire Group, Inc. and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.48#						Contract Manufacturing Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC and Harley-Davidson Motor Company Group, LLC. (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.49#						Transition Services Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC. and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.50#						Master Services Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.7 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.51#						Intellectual Property License Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.52#						Trademark License Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.53#						Joint Development Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.10 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.54*						Employee Matters Agreement, dated as of September 26, 2022, by and among LiveWire EV, LLC and Harley-Davidson, Inc. (incorporated herein by reference to Exhibit 10.11 to the Registrant’s Current Report on Form 8-K filed September 26, 2022 (File No. 1-9183))
10.55						Investor Support Agreement, dated as of December 12, 2021, by and among AEA-Bridges Sponsor LLC, LiveWire EV, LLC, LiveWire Group, Inc. (formerly known as LW EV Holdings, Inc.), Harley-Davidson, Inc., John Garcia, John Replogle, and George Serafeim (incorporated by reference to Exhibit 10.16 to the Registration Statement on Form S-4 (File No. 333-262573), filed on May 20, 2022).
19						Harley-Davidson, Inc. Insider Trading Policy
21						Harley-Davidson, Inc. Subsidiaries
23						Consent of Independent Registered Public Accounting Firm
31.1						Chief Executive Officer Certification pursuant to Rule 13a-14(a)
31.2						Chief Financial Officer Certification pursuant to Rule 13a-14(a)
32						Written Statement of the Chief Executive Officer and the Chief Financial Officer pursuant to 18 U.S.C. §1350
97						Financial Statement Compensation Recoupment Policy
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

*    Represents a management contract or compensatory plan, contract or arrangement in which a Director or named executive officer of the Company participated.

#     Certain portions of this exhibit (indicated by “[***]”) have been omitted pursuant to Regulation S-K, Item 601(b)(10).

129

---

INDEX TO EXHIBITS [Items 15(a)(3) and 15(c)]
Exhibit No.						Description
104						Cover Page Interactive Data File - formatted in Inline XBRL and contained in Exhibit 101

130

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 26, 2025.

 

HARLEY-DAVIDSON, INC.
By:						/s/ Jochen Zeitz
						Jochen Zeitz
						President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 26, 2025.

Name						Title
/s/ Jochen Zeitz						Chairman, President and Chief Executive Officer
Jochen Zeitz						(Principal executive officer)
/s/ Jonathan R. Root						Chief Financial Officer and President, Commercial
Jonathan R. Root						(Principal financial officer)
/s/ Mark R. Kornetzke						Chief Accounting Officer
Mark R. Kornetzke						(Principal accounting officer)
/s/ Troy Alstead						Director
Troy Alstead
/s/ Jared D. Dourdeville						Director
Jared D. Dourdeville
/s/ James Duncan Farley, Jr.						Director
James Duncan Farley, Jr.
/s/ Allan Golston						Director
Allan Golston
/s/ Sara Levinson						Director
Sara Levinson
/s/ Norman Thomas Linebarger						Presiding Director
Norman Thomas Linebarger
/s/ Rafeh Masood						Director
Rafeh Masood
/s/ Maryrose Sylvester						Director
Maryrose Sylvester