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Supplemental Consolidating Data (Tables) | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Operations | All supplemental data is presented in thousands.
|  | Year Ended December 31, 2013
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |
Motorcycles and related products |  | $ | 5,268,480 |  |  | $ | — |  |  | $ | (10,190 | ) |  | $ | 5,258,290 |
Financial services |  | — |  |  | 643,067 |  |  | (1,485 | ) |  | 641,582 |
Total revenue |  | 5,268,480 |  |  | 643,067 |  |  | (11,675 | ) |  | 5,899,872 |
Costs and expenses: |  |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold |  | 3,395,918 |  |  | — |  |  | — |  |  | 3,395,918 |
Financial services interest expense |  | — |  |  | 165,491 |  |  | — |  |  | 165,491 |
Financial services provision for credit losses |  | — |  |  | 60,008 |  |  | — |  |  | 60,008 |
Selling, administrative and engineering expense |  | 995,378 |  |  | 143,181 |  |  | (11,675 | ) |  | 1,126,884 |
Restructuring benefit |  | (2,131 | ) |  | — |  |  | — |  |  | (2,131 | )
Total costs and expenses |  | 4,389,165 |  |  | 368,680 |  |  | (11,675 | ) |  | 4,746,170 |
Operating income |  | 879,315 |  |  | 274,387 |  |  | — |  |  | 1,153,702 |
Investment income |  | 190,859 |  |  | — |  |  | (185,000 | ) |  | 5,859 |
Interest expense |  | 45,256 |  |  | — |  |  | — |  |  | 45,256 |
Income before provision for income taxes |  | 1,024,918 |  |  | 274,387 |  |  | (185,000 | ) |  | 1,114,305 |
Provision for income taxes |  | 279,841 |  |  | 100,471 |  |  | — |  |  | 380,312 |
Income from continuing operations |  | 745,077 |  |  | 173,916 |  |  | (185,000 | ) |  | 733,993 |
Income from discontinued operations, net of tax |  | — |  |  | — |  |  | — |  |  | — |
Net income |  | $ | 745,077 |  |  | $ | 173,916 |  |  | $ | (185,000 | ) |  | $ | 733,993 |
|  | Year Ended December 31, 2012
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |
Motorcycles and related products |  | $ | 4,952,748 |  |  | $ | — |  |  | $ | (10,166 | ) |  | $ | 4,942,582 |
Financial services |  | — |  |  | 639,482 |  |  | (1,558 | ) |  | 637,924 |
Total revenue |  | 4,952,748 |  |  | 639,482 |  |  | (11,724 | ) |  | 5,580,506 |
Costs and expenses: |  |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold |  | 3,222,394 |  |  | — |  |  | — |  |  | 3,222,394 |
Financial services interest expense |  | — |  |  | 195,990 |  |  | — |  |  | 195,990 |
Financial services provision for credit losses |  | — |  |  | 22,239 |  |  | — |  |  | 22,239 |
Selling, administrative and engineering expense |  | 977,782 |  |  | 145,174 |  |  | (11,724 | ) |  | 1,111,232 |
Restructuring expense |  | 28,475 |  |  | — |  |  | — |  |  | 28,475 |
Total costs and expenses |  | 4,228,651 |  |  | 363,403 |  |  | (11,724 | ) |  | 4,580,330 |
Operating income |  | 724,097 |  |  | 276,079 |  |  | — |  |  | 1,000,176 |
Investment income |  | 232,369 |  |  | — |  |  | (225,000 | ) |  | 7,369 |
Interest expense |  | 46,033 |  |  | — |  |  | — |  |  | 46,033 |
Income before provision for income taxes |  | 910,433 |  |  | 276,079 |  |  | (225,000 | ) |  | 961,512 |
Provision for income taxes |  | 233,385 |  |  | 104,202 |  |  | — |  |  | 337,587 |
Income from continuing operations |  | 677,048 |  |  | 171,877 |  |  | (225,000 | ) |  | 623,925 |
Income from discontinued operations, net of tax |  | — |  |  | — |  |  | — |  |  | — |
Net income |  | $ | 677,048 |  |  | $ | 171,877 |  |  | $ | (225,000 | ) |  | $ | 623,925 |
|  | Year Ended December 31, 2011
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |
Motorcycles and related products |  | $ | 4,671,942 |  |  | $ | — |  |  | $ | (9,678 | ) |  | $ | 4,662,264 |
Financial services |  | — |  |  | 649,474 |  |  | (25 | ) |  | 649,449 |
Total revenue |  | 4,671,942 |  |  | 649,474 |  |  | (9,703 | ) |  | 5,311,713 |
Costs and expenses: |  |  |  |  |  |  |  |
Motorcycles and related products cost of goods sold |  | 3,106,288 |  |  | — |  |  | — |  |  | 3,106,288 |
Financial services interest expense |  | — |  |  | 229,492 |  |  | — |  |  | 229,492 |
Financial services provision for credit losses |  | — |  |  | 17,031 |  |  | — |  |  | 17,031 |
Selling, administrative and engineering expense |  | 926,832 |  |  | 143,814 |  |  | (9,703 | ) |  | 1,060,943 |
Restructuring expense |  | 67,992 |  |  | — |  |  | — |  |  | 67,992 |
Total costs and expenses |  | 4,101,112 |  |  | 390,337 |  |  | (9,703 | ) |  | 4,481,746 |
Operating income |  | 570,830 |  |  | 259,137 |  |  | — |  |  | 829,967 |
Investment income |  | 132,963 |  |  | — |  |  | (125,000 | ) |  | 7,963 |
Interest expense |  | 45,266 |  |  | — |  |  | — |  |  | 45,266 |
Income before provision for income taxes |  | 658,527 |  |  | 259,137 |  |  | (125,000 | ) |  | 792,664 |
Provision for income taxes |  | 150,756 |  |  | 93,830 |  |  | — |  |  | 244,586 |
Income from continuing operations |  | 507,771 |  |  | 165,307 |  |  | (125,000 | ) |  | 548,078 |
Income from discontinued operations, net of tax |  | 51,036 |  |  | — |  |  | — |  |  | 51,036 |
Net income |  | $ | 558,807 |  |  | $ | 165,307 |  |  | $ | (125,000 | ) |  | $ | 599,114 |
Balance Sheet |
|  | December 31, 2013
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 718,912 |  |  | $ | 347,700 |  |  | $ | — |  |  | $ | 1,066,612 |
Marketable securities |  | 99,009 |  |  | — |  |  | — |  |  | 99,009 |
Accounts receivable, net |  | 850,248 |  |  | — |  |  | (589,183 | ) |  | 261,065 |
Finance receivables, net |  | — |  |  | 1,773,686 |  |  | — |  |  | 1,773,686 |
Inventories |  | 424,507 |  |  | — |  |  | — |  |  | 424,507 |
Restricted cash |  | — |  |  | 144,807 |  |  | — |  |  | 144,807 |
Deferred income taxes |  | 70,557 |  |  | 33,068 |  |  | — |  |  | 103,625 |
Other current assets |  | 82,717 |  |  | 34,573 |  |  | (1,798 | ) |  | 115,492 |
Total current assets |  | 2,245,950 |  |  | 2,333,834 |  |  | (590,981 | ) |  | 3,988,803 |
Finance receivables, net |  | — |  |  | 4,225,877 |  |  | — |  |  | 4,225,877 |
Property, plant and equipment, net |  | 808,005 |  |  | 34,472 |  |  | — |  |  | 842,477 |
Pension asset |  | 244,871 |  |  | — |  |  | — |  |  | 244,871 |
Goodwill |  | 30,452 |  |  | — |  |  | — |  |  | 30,452 |
Deferred income taxes |  | 3,339 |  |  | — |  |  | — |  |  | 3,339 |
Other long-term assets |  | 126,940 |  |  | 17,360 |  |  | (75,079 | ) |  | 69,221 |
|  | $ | 3,459,557 |  |  | $ | 6,611,543 |  |  | $ | (666,060 | ) |  | $ | 9,405,040 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 203,786 |  |  | $ | 625,191 |  |  | $ | (589,183 | ) |  | $ | 239,794 |
Accrued liabilities |  | 353,618 |  |  | 77,774 |  |  | (4,057 | ) |  | 427,335 |
Short-term debt |  | — |  |  | 666,317 |  |  | — |  |  | 666,317 |
Current portion of long-term debt |  | 303,000 |  |  | 873,140 |  |  | — |  |  | 1,176,140 |
Total current liabilities |  | 860,404 |  |  | 2,242,422 |  |  | (593,240 | ) |  | 2,509,586 |
Long-term debt |  | — |  |  | 3,416,713 |  |  | — |  |  | 3,416,713 |
Pension liability |  | 36,371 |  |  | — |  |  | — |  |  | 36,371 |
Postretirement healthcare liability |  | 216,165 |  |  | — |  |  | — |  |  | 216,165 |
Deferred income taxes |  | 44,584 |  |  | 2,656 |  |  | 2,259 |  |  | 49,499 |
Other long-term liabilities |  | 146,686 |  |  | 20,534 |  |  | — |  |  | 167,220 |
Commitments and contingencies (Note 16) |  |  |  |  |  |  |  |
Total shareholders’ equity |  | 2,155,347 |  |  | 929,218 |  |  | (75,079 | ) |  | 3,009,486 |
|  | $ | 3,459,557 |  |  | $ | 6,611,543 |  |  | $ | (666,060 | ) |  | $ | 9,405,040 |
|  | December 31, 2012
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 727,716 |  |  | $ | 340,422 |  |  | $ | — |  |  | $ | 1,068,138 |
Marketable securities |  | 135,634 |  |  | — |  |  | — |  |  | 135,634 |
Accounts receivable, net |  | 781,642 |  |  | — |  |  | (551,563 | ) |  | 230,079 |
Finance receivables, net |  | — |  |  | 1,743,045 |  |  | — |  |  | 1,743,045 |
Inventories |  | 393,524 |  |  | — |  |  | — |  |  | 393,524 |
Restricted cash |  | — |  |  | 188,008 |  |  | — |  |  | 188,008 |
Deferred income taxes |  | 84,486 |  |  | 26,367 |  |  | — |  |  | 110,853 |
Other current assets |  | 146,419 |  |  | 31,242 |  |  | 3,994 |  |  | 181,655 |
Total current assets |  | 2,269,421 |  |  | 2,329,084 |  |  | (547,569 | ) |  | 4,050,936 |
Finance receivables, net |  | — |  |  | 4,038,807 |  |  | — |  |  | 4,038,807 |
Property, plant and equipment, net |  | 783,068 |  |  | 32,396 |  |  | — |  |  | 815,464 |
Goodwill |  | 29,530 |  |  | — |  |  | — |  |  | 29,530 |
Deferred income taxes |  | 175,839 |  |  | — |  |  | (3,994 | ) |  | 171,845 |
Other long-term assets |  | 116,925 |  |  | 19,468 |  |  | (72,202 | ) |  | 64,191 |
|  | $ | 3,374,783 |  |  | $ | 6,419,755 |  |  | $ | (623,765 | ) |  | $ | 9,170,773 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 221,064 |  |  | $ | 587,885 |  |  | $ | (551,563 | ) |  | $ | 257,386 |
Accrued liabilities |  | 439,144 |  |  | 74,447 |  |  | — |  |  | 513,591 |
Short-term debt |  | — |  |  | 294,943 |  |  | — |  |  | 294,943 |
Current portion of long-term debt |  | — |  |  | 437,162 |  |  | — |  |  | 437,162 |
Total current liabilities |  | 660,208 |  |  | 1,394,437 |  |  | (551,563 | ) |  | 1,503,082 |
Long-term debt |  | 303,000 |  |  | 4,067,544 |  |  | — |  |  | 4,370,544 |
Pension liability |  | 330,294 |  |  | — |  |  | — |  |  | 330,294 |
Postretirement healthcare liability |  | 278,062 |  |  | — |  |  | — |  |  | 278,062 |
Other long-term liabilities |  | 114,476 |  |  | 16,691 |  |  | — |  |  | 131,167 |
Commitments and contingencies (Note 16) |  |  |  |  |  |  |  |
Total shareholders’ equity |  | 1,688,743 |  |  | 941,083 |  |  | (72,202 | ) |  | 2,557,624 |
|  | $ | 3,374,783 |  |  | $ | 6,419,755 |  |  | $ | (623,765 | ) |  | $ | 9,170,773 |
Cash Flows |
|  | Year Ended December 31, 2013
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 745,077 |  |  | $ | 173,916 |  |  | $ | (185,000 | ) |  | $ | 733,993 |
Adjustments to reconcile income from continuing operations to cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation |  | 160,181 |  |  | 6,891 |  |  | — |  |  | 167,072 |
Amortization of deferred loan origination costs |  | — |  |  | 86,181 |  |  | — |  |  | 86,181 |
Amortization of financing origination fees |  | 473 |  |  | 8,903 |  |  | — |  |  | 9,376 |
Provision for employee long-term benefits |  | 66,877 |  |  | — |  |  | — |  |  | 66,877 |
Contributions to pension and postretirement plans |  | (204,796 | ) |  | — |  |  | — |  |  | (204,796 | )
Stock compensation expense |  | 38,367 |  |  | 2,877 |  |  | — |  |  | 41,244 |
Net change in wholesale finance receivables |  | — |  |  | — |  |  | 28,865 |  |  | 28,865 |
Provision for credit losses |  | — |  |  | 60,008 |  |  | — |  |  | 60,008 |
Loss on debt extinguishment |  | — |  |  | 4,947 |  |  | — |  |  | 4,947 |
Deferred income taxes |  | 54,568 |  |  | (1,988 | ) |  | — |  |  | 52,580 |
Foreign currency adjustments |  | 16,269 |  |  | — |  |  | — |  |  | 16,269 |
Other, net |  | 10,942 |  |  | (819 | ) |  | — |  |  | 10,123 |
Change in current assets and current liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  | (24,273 | ) |  | — |  |  | (12,380 | ) |  | (36,653 | )
Finance receivables—accrued interest and other |  | — |  |  | (346 | ) |  | — |  |  | (346 | )
Inventories |  | (46,474 | ) |  | — |  |  | — |  |  | (46,474 | )
Accounts payable and accrued liabilities |  | (60,907 | ) |  | (5,096 | ) |  | 12,380 |  |  | (53,623 | )
Restructuring reserves |  | (25,042 | ) |  | — |  |  | — |  |  | (25,042 | )
Derivative instruments |  | (2,161 | ) |  | (28 | ) |  | — |  |  | (2,189 | )
Prepaid and other |  | 70,900 |  |  | (2,219 | ) |  | — |  |  | 68,681 |
Total adjustments |  | 54,924 |  |  | 159,311 |  |  | 28,865 |  |  | 243,100 |
Net cash provided by operating activities of continuing operations |  | 800,001 |  |  | 333,227 |  |  | (156,135 | ) |  | 977,093 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |
Capital expenditures |  | (199,354 | ) |  | (8,967 | ) |  | — |  |  | (208,321 | )
Origination of finance receivables |  | — |  |  | (7,140,533 | ) |  | 3,896,528 |  |  | (3,244,005 | )
Collections of finance receivables |  | — |  |  | 6,757,387 |  |  | (3,925,393 | ) |  | 2,831,994 |
Purchases of marketable securities |  | (4,998 | ) |  | — |  |  | — |  |  | (4,998 | )
Sales and redemptions of marketable securities |  | 40,108 |  |  | — |  |  | — |  |  | 40,108 |
Other |  | 16,355 |  |  | — |  |  | — |  |  | 16,355 |
Net cash used by investing activities of continuing operations |  | (147,889 | ) |  | (392,113 | ) |  | (28,865 | ) |  | (568,867 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |
Repayments of medium-term notes |  | — |  |  | (27,858 | ) |  | — |  |  | (27,858 | )
Intercompany borrowing activity |  | (50,000 | ) |  | 50,000 |  |  | — |  |  | — |
Proceeds from securitization debt |  | — |  |  | 647,516 |  |  | — |  |  | 647,516 |
Repayments of securitization debt |  | — |  |  | (840,387 | ) |  | — |  |  | (840,387 | )
Borrowings of asset-backed commercial paper |  | — |  |  | 88,456 |  |  | — |  |  | 88,456 |
Repayments of asset-backed commercial paper |  | — |  |  | (78,765 | ) |  | — |  |  | (78,765 | )
Net increase in credit facilities and unsecured commercial paper |  | — |  |  | 371,085 |  |  | — |  |  | 371,085 |
Net change in restricted cash |  | — |  |  | 43,201 |  |  | — |  |  | 43,201 |
Dividends |  | (187,688 | ) |  | (185,000 | ) |  | 185,000 |  |  | (187,688 | )
Purchase of common stock for treasury |  | (479,231 | ) |  | — |  |  | — |  |  | (479,231 | )
Excess tax benefits from share-based payments |  | 19,895 |  |  | — |  |  | — |  |  | 19,895 |
Issuance of common stock under employee stock option plans |  | 50,567 |  |  | — |  |  | — |  |  | 50,567 |
Net cash (used by) provided by financing activities of continuing operations |  | (646,457 | ) |  | 68,248 |  |  | 185,000 |  |  | (393,209 | )
Effect of exchange rate changes on cash and cash equivalents |  | (14,459 | ) |  | (2,084 | ) |  | — |  |  | (16,543 | )
Net (decrease) increase in cash and cash equivalents from continuing operations |  | $ | (8,804 | ) |  | $ | 7,278 |  |  | $ | — |  |  | $ | (1,526 | )
Cash and cash equivalents: |  |  |  |  |  |  |  |
Cash and cash equivalents—beginning of period |  | $ | 727,716 |  |  | $ | 340,422 |  |  | $ | — |  |  | $ | 1,068,138 |
Net (decrease) increase in cash and cash equivalents |  | (8,804 | ) |  | 7,278 |  |  | — |  |  | (1,526 | )
Cash and cash equivalents—end of period |  | $ | 718,912 |  |  | $ | 347,700 |  |  | $ | — |  |  | $ | 1,066,612 |
|  | Year Ended December 31, 2012
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from operating activities of continuing operations: |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 677,048 |  |  | $ | 171,877 |  |  | $ | (225,000 | ) |  | $ | 623,925 |
Adjustments to reconcile income from continuing operations to cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation |  | 162,659 |  |  | 6,319 |  |  | — |  |  | 168,978 |
Amortization of deferred loan origination costs |  | — |  |  | 78,592 |  |  | — |  |  | 78,592 |
Amortization of financing origination fees |  | 473 |  |  | 9,496 |  |  | — |  |  | 9,969 |
Provision for employee long-term benefits |  | 67,612 |  |  | 3,735 |  |  | — |  |  | 71,347 |
Contributions to pension and postretirement plans |  | (244,416 | ) |  | — |  |  | — |  |  | (244,416 | )
Stock compensation expense |  | 37,544 |  |  | 3,271 |  |  | — |  |  | 40,815 |
Net change in wholesale finance receivables |  | — |  |  | — |  |  | 2,513 |  |  | 2,513 |
Provision for credit losses |  | — |  |  | 22,239 |  |  | — |  |  | 22,239 |
Loss on debt extinguishment |  | — |  |  | 4,323 |  |  | — |  |  | 4,323 |
Pension and postretirement healthcare plan curtailment and settlement expense |  | 6,242 |  |  | — |  |  | — |  |  | 6,242 |
Deferred income taxes |  | 117,772 |  |  | 10,680 |  |  | — |  |  | 128,452 |
Foreign currency adjustments |  | 9,773 |  |  | — |  |  | — |  |  | 9,773 |
Other, net |  | (2,290 | ) |  | (4,926 | ) |  | — |  |  | (7,216 | )
Change in current assets and current liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  | 9,323 |  |  | — |  |  | (23,013 | ) |  | (13,690 | )
Finance receivables – accrued interest and other |  | — |  |  | (4 | ) |  | — |  |  | (4 | )
Inventories |  | 21,459 |  |  | — |  |  | — |  |  | 21,459 |
Accounts payable and accrued liabilities |  | (6,368 | ) |  | (27,443 | ) |  | 23,013 |  |  | (10,798 | )
Restructuring reserves |  | (16,087 | ) |  | — |  |  | — |  |  | (16,087 | )
Derivative instruments |  | 2,906 |  |  | (148 | ) |  | — |  |  | 2,758 |
Prepaid and other |  | (95,162 | ) |  | (2,554 | ) |  | — |  |  | (97,716 | )
Total adjustments |  | 71,440 |  |  | 103,580 |  |  | 2,513 |  |  | 177,533 |
Net cash provided by operating activities of continuing operations |  | 748,488 |  |  | 275,457 |  |  | (222,487 | ) |  | 801,458 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Capital expenditures |  | (180,416 | ) |  | (8,586 | ) |  | — |  |  | (189,002 | )
Origination of finance receivables |  | — |  |  | (6,544,828 | ) |  | 3,686,127 |  |  | (2,858,701 | )
Collections of finance receivables |  | — |  |  | 6,456,729 |  |  | (3,688,640 | ) |  | 2,768,089 |
Purchases of marketable securities |  | (4,993 | ) |  | — |  |  | — |  |  | (4,993 | )
Sales and redemptions of marketable securities |  | 23,296 |  |  | — |  |  | — |  |  | 23,296 |
Net cash used by investing activities of continuing operations |  | (162,113 | ) |  | (96,685 | ) |  | (2,513 | ) |  | (261,311 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |
Proceeds from issuance medium-term notes |  | — |  |  | 993,737 |  |  | — |  |  | 993,737 |
Repayments of medium-term notes |  | — |  |  | (420,870 | ) |  | — |  |  | (420,870 | )
Intercompany borrowing activity |  | (400,000 | ) |  | 400,000 |  |  | — |  |  | — |
Proceeds from securitization debt |  | — |  |  | 763,895 |  |  | — |  |  | 763,895 |
Repayments of securitization debt |  | — |  |  | (1,405,599 | ) |  | — |  |  | (1,405,599 | )
Borrowings of asset-backed commercial paper |  | — |  |  | 200,417 |  |  | — |  |  | 200,417 |
Net decrease in credit facilities and unsecured commercial paper |  | — |  |  | (744,724 | ) |  | — |  |  | (744,724 | )
Repayments of asset-backed commercial paper |  | — |  |  | (24,301 | ) |  | — |  |  | (24,301 | )
Net change in restricted cash |  | — |  |  | 41,647 |  |  | — |  |  | 41,647 |
Dividends paid |  | (141,681 | ) |  | (225,000 | ) |  | 225,000 |  |  | (141,681 | )
Purchase of common stock for treasury, net of issuances |  | (311,632 | ) |  | — |  |  | — |  |  | (311,632 | )
Excess tax benefits from share based payments |  | 13,065 |  |  | — |  |  | — |  |  | 13,065 |
Issuance of common stock under employee stock option plans |  | 45,973 |  |  | — |  |  | — |  |  | 45,973 |
Net cash used by financing activities of continuing operations |  | (794,275 | ) |  | (420,798 | ) |  | 225,000 |  |  | (990,073 | )
Effect of exchange rate changes on cash and cash equivalents |  | (7,714 | ) |  | (1,172 | ) |  | — |  |  | (8,886 | )
Net decrease in cash and cash equivalents from continuing operations |  | $ | (215,614 | ) |  | $ | (243,198 | ) |  | $ | — |  |  | $ | (458,812 | )
Cash and cash equivalents: |  |  |  |  |  |  |  |
Cash and cash equivalents – beginning of period |  | $ | 943,330 |  |  | $ | 583,620 |  |  | $ | — |  |  | $ | 1,526,950 |
Net decrease in cash and cash equivalents |  | (215,614 | ) |  | (243,198 | ) |  | — |  |  | (458,812 | )
Cash and cash equivalents – end of period |  | $ | 727,716 |  |  | $ | 340,422 |  |  | $ | — |  |  | $ | 1,068,138 |
|  | Year Ended December 31, 2011
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from operating activities of continuing operations: |  |  |  |  |  |  |  |
Net income |  | $ | 558,807 |  |  | $ | 165,307 |  |  | $ | (125,000 | ) |  | $ | 599,114 |
Gain from discontinued operations |  | 51,036 |  |  | — |  |  | — |  |  | 51,036 |
Income from continuing operations |  | 507,771 |  |  | 165,307 |  |  | (125,000 | ) |  | 548,078 |
Adjustments to reconcile income from continuing operations to cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation |  | 173,959 |  |  | 6,449 |  |  | — |  |  | 180,408 |
Amortization of deferred loan origination costs |  | — |  |  | 78,695 |  |  | — |  |  | 78,695 |
Amortization of financing origination fees |  | 473 |  |  | 10,317 |  |  | — |  |  | 10,790 |
Provision for employee long-term benefits |  | 55,942 |  |  | 3,499 |  |  | — |  |  | 59,441 |
Contributions to pension and postretirement plans |  | (219,695 | ) |  | — |  |  | — |  |  | (219,695 | )
Stock compensation expense |  | 35,404 |  |  | 2,788 |  |  | — |  |  | 38,192 |
Net change in wholesale finance receivables |  | — |  |  | — |  |  | (2,335 | ) |  | (2,335 | )
Provision for credit losses |  | — |  |  | 17,031 |  |  | — |  |  | 17,031 |
Loss on debt extinguishment |  | — |  |  | 9,608 |  |  | — |  |  | 9,608 |
Pension and postretirement healthcare plan curtailment and settlement expense |  | 236 |  |  | — |  |  | — |  |  | 236 |
Deferred income taxes |  | 71,555 |  |  | 16,318 |  |  | — |  |  | 87,873 |
Foreign currency adjustments |  | 10,678 |  |  | — |  |  | — |  |  | 10,678 |
Other, net |  | (16,650 | ) |  | 843 |  |  | — |  |  | (15,807 | )
Change in current assets and current liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  | 60,403 |  |  | — |  |  | (17,353 | ) |  | 43,050 |
Finance receivables – accrued interest and other |  | — |  |  | 5,027 |  |  | — |  |  | 5,027 |
Inventories |  | (94,957 | ) |  | — |  |  | — |  |  | (94,957 | )
Accounts payable and accrued liabilities |  | 81,670 |  |  | (25,989 | ) |  | 64,610 |  |  | 120,291 |
Restructuring reserves |  | 8,072 |  |  | — |  |  | — |  |  | 8,072 |
Derivative instruments |  | (2,519 | ) |  | 31 |  |  | — |  |  | (2,488 | )
Prepaid and other |  | 1,154 |  |  | 49,524 |  |  | (47,575 | ) |  | 3,103 |
Total adjustments |  | 165,725 |  |  | 174,141 |  |  | (2,653 | ) |  | 337,213 |
Net cash provided by operating activities of continuing operations |  | 673,496 |  |  | 339,448 |  |  | (127,653 | ) |  | 885,291 |
Cash flows from investing activities of continuing operations: |  |  |  |  |  |  |  |
Capital expenditures |  | (179,988 | ) |  | (9,047 | ) |  | — |  |  | (189,035 | )
Origination of finance receivables |  | — |  |  | (6,056,242 | ) |  | 3,434,218 |  |  | (2,622,024 | )
Collections of finance receivables |  | — |  |  | 6,191,932 |  |  | (3,431,883 | ) |  | 2,760,049 |
Purchases of marketable securities |  | (142,653 | ) |  | — |  |  | — |  |  | (142,653 | )
Sales and redemptions of marketable securities |  | 130,121 |  |  | — |  |  | — |  |  | 130,121 |
Net cash (used by) provided by investing activities of continuing operations |  | (192,520 | ) |  | 126,643 |  |  | 2,335 |  |  | (63,542 | )
Cash flows from financing activities of continuing operations: |  |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes |  | — |  |  | 447,076 |  |  | — |  |  | 447,076 |
Repayment of medium-term notes |  | — |  |  | (59,211 | ) |  | — |  |  | (59,211 | )
Proceeds from securitization debt |  | — |  |  | 1,082,599 |  |  | — |  |  | 1,082,599 |
Repayments of securitization debt |  | — |  |  | (1,754,568 | ) |  | — |  |  | (1,754,568 | )
Net increase in credit facilities and unsecured commercial paper |  | — |  |  | 237,827 |  |  | — |  |  | 237,827 |
Repayments of asset-backed commercial paper |  | — |  |  | (483 | ) |  | — |  |  | (483 | )
Net change in restricted cash |  | — |  |  | 59,232 |  |  | — |  |  | 59,232 |
Dividends paid |  | (111,011 | ) |  | (125,000 | ) |  | 125,000 |  |  | (111,011 | )
Purchase of common stock for treasury, net of issuances |  | (224,548 | ) |  | — |  |  | — |  |  | (224,548 | )
Excess tax benefits from share based payments |  | 6,303 |  |  | — |  |  | — |  |  | 6,303 |
Issuance of common stock under employee stock option plans |  | 7,840 |  |  | — |  |  | — |  |  | 7,840 |
Net cash used by financing activities of continuing operations |  | (321,416 | ) |  | (112,528 | ) |  | 125,000 |  |  | (308,944 | )
Effect of exchange rate changes on cash and cash equivalents of continuing operations |  | (8,021 | ) |  | (85 | ) |  | 318 |  |  | (7,788 | )
Net increase in cash and cash equivalents of continuing operations |  | 151,539 |  |  | 353,478 |  |  | — |  |  | 505,017 |
Cash flows from discontinued operations: |  |  |  |  |  |  |  |
Cash flows from operating activities of discontinued operations |  | — |  |  | — |  |  | — |  |  | — |
Cash flows from investing activities of discontinued operations |  | — |  |  | — |  |  | — |  |  | — |
Effect of exchange rate changes on cash and cash equivalents of discontinued operations |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | — |  |  | — |  |  | — |
Net increase in cash and cash equivalents |  | $ | 151,539 |  |  | $ | 353,478 |  |  | $ | — |  |  | $ | 505,017 |
Cash and cash equivalents: |  |  |  |  |  |  |  |
Cash and cash equivalents – beginning of period |  | $ | 791,791 |  |  | $ | 230,142 |  |  | $ | — |  |  | $ | 1,021,933 |
Net increase in cash and cash equivalents |  | 151,539 |  |  | 353,478 |  |  | — |  |  | 505,017 |
Cash and cash equivalents – end of period |  | $ | 943,330 |  |  | $ | 583,620 |  |  | $ | — |  |  | $ | 1,526,950 |

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