s are owned by H-D U.S.A., LLC, a subsidiary of the company, which also manages the company’s trademark strategy and portfolio. Research and Development The company incurred research and development expenses of $161.2 million during 2015. Regulation The company’s motorcycles that are sold in the United States are subject to certification by the U.S. Environmental Protection Agency and the California Air Resources Board for compliance with applicable emissions and noise standards. The company, as a manufacturer of motorcycle products, is subject to the U.S. National Traffic and Motor Vehicle Safety Act, which is administered by the U.S. National Highway Traffic Safety Administration. Financial Services segment This segment consists of Harley-Davidson Financial Services (HDFS), which provides wholesale and retail financing and insurance and insurance-related programs primarily to the company’s dealers and their retail customers. HDFS conducts business principally in the United States and Canada. HDFS engages in the business of financing and servicing wholesale inventory receivables and retail consumer loans, primarily for the purchase of Harley-Davidson motorcycles. HDFS is an agent for certain unaffiliated insurance companies providing motorcycle insurance and protection products to motorcycle owners. HDFS conducts business principally in the United States and Canada. The company’s independent dealers and their retail customers in EMEA, the Asia-Pacific, and Latin America are not financed by HDFS, but have access to financing through other third-party financial institutions, some of which have licensing or branding agreements with the company or HDFS. Wholesale Financial Services HDFS provides wholesale financial services to the company’s dealers, including floorplan and open account financing of motorcycles and motorcycle P&A. HDFS offers wholesale financial services to the company’s dealers in the United States and Canada. The wholesale finance operations of HDFS are located in Plano, Texas. Retail Financial Services HDFS provides retail financing to consumers, consisting primarily of installment lending for the purchase of new and used Harley-Davidson motorcycles. HDFS’ retail financial services are available through majority of the company’s dealerships in the United States and Canada. HDFS’ retail finance operations are principally located in Carson City, Nevada and Plano, Texas. Insurance Services HDFS operates as an agent for certain unaffiliated insurance companies offering point-of-sale protection products through most the company’s Davidson dealers in both the U.S. and Canada, including motorcycle insurance, extended service contracts, credit protection and motorcycle maintenance protection. HDFS also direct-markets motorcycle insurance and extended service contracts to owners of Harley-Davidson motorcycles. In addition, HDFS markets a package of business insurance coverages and services to owners of the company’s dealerships. The HDFS insurance operations are located in Carson City, Nevada and Chicago, Illinois. Licensing HDFS has licensing arrangements with third-party financial institutions that issue credit cards bearing the Harley-Davidson brand. Internationally, HDFS licenses the Harley-Davidson brand to local third-party financial institutions that offer products to the company’s retail customers, such as financing and insurance. Trademarks HDFS uses various trademarks and trade names for its financial services and products, which are licensed from H-D U.S.A., LLC, including HARLEY-DAVIDSON, H-D and the Bar & Shield logo. Seasonality HDFS experiences seasonal variations in retail financing activities based on the timing of regional riding seasons in the U.S. and Canada. In general, from mid-March through August, retail financing volume is greatest. HDFS wholesale financing volume is affected by inventory levels at the company’s dealers. Although the company's surge production capabilities help reduce seasonal fluctuations in dealer inventory levels for new motorcycles, dealers generally have higher inventory levels of new and used motorcycles in t
harley-davidson inc (HOG:New York)
3700 West Juneau Avenue
Milwaukee, WI 53208
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