Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Company has a qualified pension plan and postretirement healthcare benefit plans. The plans cover certain eligible employees and retirees of the HDMC segment. The Company also has unfunded supplemental employee retirement plan agreements (SERPA) with certain employees. Service cost is allocated among Selling, administrative and engineering expense, Motorcycles and related products cost of goods sold and Inventories, net. Amounts capitalized in inventory are not significant. Non-service cost components of net periodic benefit (income) cost are presented in Other income, net. Components of net periodic benefit (income) cost for the Company's defined benefit plans were as follows (in thousands):

	Three months ended				Six months ended
	June 30, 2023		June 26, 2022		June 30, 2023		June 26, 2022
Pension and SERPA Benefits:
Service cost	$	1,294	$	4,763	$	2,588	$	9,525
Interest cost	20,476		15,472		40,952		30,945
Expected return on plan assets	(36,519)		(31,476)		(73,038)		(62,952)
Amortization of unrecognized:
Prior service cost (credit)	188		(328)		376		(656)
Net (gain) loss	(181)		7,978		(362)		15,956
Settlement gain	—		—		(222)		(256)
Net periodic benefit income	$	(14,742)	$	(3,591)	$	(29,706)	$	(7,438)
Postretirement Healthcare Benefits:
Service cost	$	797	$	1,161	$	1,594	$	2,322
Interest cost	2,772		1,904		5,544		3,808
Expected return on plan assets	(4,281)		(3,809)		(8,562)		(7,618)
Amortization of unrecognized:
Prior service credit	(166)		(581)		(332)		(1,162)
Net (gain) loss	(1,097)		122		(2,194)		244
Net periodic benefit income	$	(1,975)	$	(1,203)	$	(3,950)	$	(2,406)

There are no required or planned voluntary qualified pension plan contributions for 2023. The Company expects it will continue to make ongoing benefit payments under the SERPA and postretirement healthcare plans.