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• | Delivered fourth quarter GAAP diluted EPS of $0.09; up year-over-year |
• | Advanced More Roads plan, on-track for significant 2021 growth |
• | Increased focus on rider commitment; in the U.S., 527,000 riders joined in 2019, up year-over-year1 |
• | Tempered worldwide year-over-year retail sales rate of decline |
• | Completed steps to mitigate the majority of recent EU and China tariff impacts in 2020 |
• | Completed key milestones of the manufacturing optimization initiative and exceeded expected full-year savings |
• | Repurchased $286.7 million of shares; increased dividends 1.4 percent versus prior year to $1.50 per share |
• | Asserted its leadership in the electrification of motorcycles with the launch of LiveWire™, the company’s first electric motorcycle, and IRONe™, an electric-powered two-wheeler for kids |
• | Launched new high impact models and delivered significant technology to its class-leading model year 2020 motorcycles to inspire new and existing riders |
• | Commissioned Thailand manufacturing facility and established a China distribution center, increasing customer access with more competitive prices |
• | Improved and expanded global ecommerce and digital capabilities |
• | Advanced good-to-great dealers - meeting its customer experience and sales conversion targets |
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Harley Davidson Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Restructuring Plan Costs and Savings In January 2018, the Company commenced a significant, multi-year manufacturing optimization plan anchored by the consolidation of its plant in Kansas City, Missouri into its plant in York, Pennsylvania and the closure of the Company's wheel operations in Adelaide, Australia (Manufacturing Optimization Plan).
Investment income increased in 2019 as compared to 2018 due to favorable changes in the fair value of the Company's marketable securities and cash equivalents.
Gross margin is expected to increase in 2020 behind lower year-over-year EU and China tariffs and strong operational productivity, including approximately $23 million in incremental Manufacturing Optimization Plan savings, partially offset by unfavorable changes in product mix.
Operating expenses in 2019 were lower compared to 2018 driven by lower restructuring expenses and favorable net warranty and recall costs.
Condensed statements of operations for the Motorcycles segment were as follows (in thousands): The estimated impacts of the significant factors affecting the comparability of revenue, cost of goods sold and gross profit from 2018 to 2019 were as follows (in millions): The following factors affected the comparability of net revenue, cost of goods sold and gross profit from 2018 to 2019: The decrease in volume was due to lower wholesale motorcycle shipments and lower P&A and general merchandise sales.
The Company believes that HDFS'...Read more
The Company expects that 2020...Read more
(b) Europe data includes Austria,...Read more
The Company will continue to...Read more
Under the share repurchase authorization,...Read more
Refer to the "Restructuring Plan...Read more
Condensed statements of operations for...Read more
Without limitation, (i) tariffs currently...Read more
Retail sales in the U.S....Read more
First quarter 2020 Motorcycles segment...Read more
In 2020, investment in the...Read more
Under the agreement, the Canadian...Read more
If the Company's credit ratings...Read more
This in turn could adversely...Read more
In 2018, retail sales of...Read more
Interest expense increased due to...Read more
On average, wholesale prices for...Read more
Quarterly transfers of U.S. retail...Read more
While the Company plans to...Read more
Other income in 2019 was...Read more
Without limitation, the Company sees...Read more
There is no assurance that...Read more
As a result, outstanding wholesale...Read more
Unfavorable changes in the political,...Read more
Retail sales increases in emerging...Read more
The Company depends on the...Read more
The aggregate commitment under this...Read more
In 2018, the EU placed...Read more
If the Company does not...Read more
In addition, as the regulatory...Read more
Greenhouse gas regulation could increase...Read more
In developed international markets, retail...Read more
Violations of, or non-compliance with,...Read more
The accrued cost of a...Read more
The Company believes HDFS' retail...Read more
The Company depends on the...Read more
Detail related to the Company's...Read more
Any significant change to the...Read more
Energy security and availability and...Read more
Failure to maintain its reputation...Read more
The effective income tax rate...Read more
The higher effective income tax...Read more
The Company's long-term strategy to...Read more
Retail sales were down 5.2%...Read more
Violations of laws that apply...Read more
The Company's ability to sell...Read more
Credit losses are expected to...Read more
Liquidity and Capital Resources as...Read more
Net cash outflows for finance...Read more
The Company's plan to offer...Read more
The Company believes revenue is...Read more
Favorable or unfavorable changes in...Read more
Results of Operations 2019 Compared...Read more
The Harley-Davidson, Inc. 2014 Incentive...Read more
Operating income from the Motorcycles...Read more
The More Roads plan, which...Read more
The initial change in the...Read more
Depending on the specific facts...Read more
The Company believes flexible manufacturing,...Read more
As a result, the Company...Read more
The Company's share repurchases include...Read more
The Company's efforts toward expanding...Read more
While these loans may increase...Read more
Plan assets are measured at...Read more
Also, while the Company has...Read more
Expanding international sales and operations...Read more
Expanding international sales is a...Read more
The Financial Services operations could...Read more
First quarter 2020 Motorcycles segment...Read more
Additionally, certain of the Company's...Read more
Quarterly transfers of Canadian retail...Read more
Operating expenses increased $21.1 million...Read more
The Company may not be...Read more
While the Company uses reasonable...Read more
Wholesale Financial Services - HDFS...Read more
The Company expects U.S. retail...Read more
Additionally, retail sales were down...Read more
The ability of the Company...Read more
Manufacturing and other costs were...Read more
The unfavorable revenue impact was...Read more
Outstanding unsecured commercial paper may...Read more
If the Company's independent dealers...Read more
Independent dealers generally have higher...Read more
The Company believes that its...Read more
The Company believes that its...Read more
Expanding international sales and operations...Read more
International retail sales of new...Read more
These assumption changes were reflected...Read more
In determining costs to accrue...Read more
In determining costs to accrue...Read more
In addition, the price and...Read more
Through these collaborative relationships, the...Read more
Changes in the funded status...Read more
The Company also has unfunded...Read more
Upon expiration of the Canadian...Read more
Upon expiration of the U.S....Read more
Unauthorized parties have attempted to...Read more
Any difficulties in executing flexible...Read more
To sustain and grow the...Read more
The Company's manufacturing strategy is...Read more
If product designs or manufacturing...Read more
The Bureau also has supervisory...Read more
Changes in the allowance for...Read more
In addition, adverse economic conditions...Read more
Looking to the first quarter...Read more
The HARLEY-DAVIDSON trademark and the...Read more
Changes in trade policies, including...Read more
In May 2019, the Company...Read more
The cruiser and touring segments...Read more
The Company's success depends upon...Read more
Such regulatory requirements and associated...Read more
Cash outflows from share repurchases...Read more
Share repurchases of common stock...Read more
The Company has an accrual...Read more
The Company has an accrual...Read more
The Company may not be...Read more
Selling, administrative and engineering expense...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Harley Davidson Inc provided additional information to their SEC Filing as exhibits
Ticker: HOG
CIK: 793952
Form Type: 10-K Annual Report
Accession Number: 0000793952-20-000008
Submitted to the SEC: Wed Feb 19 2020 1:09:29 PM EST
Accepted by the SEC: Wed Feb 19 2020
Period: Tuesday, December 31, 2019
Industry: Motorcycles Bicycles And Parts