XML 42 R8.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Additional Balance Sheet and Cash Flow Information | 6 Months Ended
--- | ---
Jun. 28, 2015
Supplemental Cash Flow Information [Abstract] |
Additional Balance Sheet and Cash Flow Information | Additional Balance Sheet and Cash Flow Information Marketable Securities The Company’s marketable securities consisted of the following (in thousands):
| June 28, 2015 |  | December 31, 2014 |  | June 29, 2014
Available-for-sale: Corporate bonds | $ | 52,516 |  |  | $ | 57,325 |  |  | $ | 57,814 |
Trading securities: Mutual funds | 37,698 |  |  | 33,815 |  |  | 33,567 |
| $ | 90,214 |  |  | $ | 91,140 |  |  | $ | 91,381 |
The Company’s available-for-sale securities are carried at fair value with any unrealized gains or losses reported in other comprehensive income. During the first half of 2015 and 2014, the Company recognized gross unrealized losses of approximately $310,000 and $184,000, respectively, or $195,000 and $116,000 net of taxes, respectively, to adjust amortized cost to fair value. The marketable securities have contractual maturities that generally come due over the next 3 to 22 months. The Company's trading securities relate to investments held by the Company to fund certain deferred compensation obligations. The trading securities are carried at fair value with gains and losses recorded in net income and investments are included in other long-term assets on the consolidated balance sheets. Inventories Inventories are valued at the lower of cost or market. Substantially all inventories located in the United States are valued using the last-in, first-out (LIFO) method. Other inventories are valued at the lower of cost or market using the first-in, first-out (FIFO) method. Inventories consist of the following (in thousands):
| June 28, 2015 |  | December 31, 2014 |  | June 29, 2014
Components at the lower of FIFO cost or market |  |  |  |  |
Raw materials and work in process | $ | 137,151 |  |  | $ | 151,254 |  |  | $ | 118,720 |
Motorcycle finished goods | 186,326 |  |  | 230,309 |  |  | 179,314 |
Parts and accessories and general merchandise | 121,469 |  |  | 117,210 |  |  | 122,289 |
Inventory at lower of FIFO cost or market | 444,946 |  |  | 498,773 |  |  | 420,323 |
Excess of FIFO over LIFO cost | (49,902 | ) |  | (49,902 | ) |  | (48,726 | )
| $ | 395,044 |  |  | $ | 448,871 |  |  | $ | 371,597 |
Operating Cash Flow The reconciliation of net income to net cash provided by operating activities is as follows (in thousands):
| Six months ended
| June 28, 2015 |  | June 29, 2014
Cash flows from operating activities: |  |  |
Net income | $ | 569,664 |  |  | $ | 620,070 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation | 93,640 |  |  | 87,123 |
Amortization of deferred loan origination costs | 47,524 |  |  | 45,713 |
Amortization of financing origination fees | 4,820 |  |  | 4,284 |
Provision for employee long-term benefits | 24,635 |  |  | 16,854 |
Contributions to pension and postretirement plans | (12,725 | ) |  | (14,035 | )
Stock compensation expense | 16,734 |  |  | 20,768 |
Net change in wholesale finance receivables related to sales | (418,969 | ) |  | (510,200 | )
Provision for credit losses | 41,422 |  |  | 36,292 |
Loss on debt extinguishment | — |  |  | 1,145 |
Deferred income taxes | (1,195 | ) |  | (3,894 | )
Foreign currency adjustments | 11,041 |  |  | (5,084 | )
Other, net | (1,964 | ) |  | 9,332 |
Changes in current assets and liabilities: |  |  |
Accounts receivable, net | (43,309 | ) |  | (25,643 | )
Finance receivables—accrued interest and other | (270 | ) |  | (993 | )
Inventories | 38,012 |  |  | 58,741 |
Accounts payable and accrued liabilities | 232,357 |  |  | 226,233 |
Derivative instruments | 1,185 |  |  | 968 |
Other | 11,342 |  |  | 2,918 |
Total adjustments | 44,280 |  |  | (49,478 | )
Net cash provided by operating activities | $ | 613,944 |  |  | $ | 570,592 |

X
- Definition The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. + References No definition available. + Details
Name: | us-gaap_AdditionalFinancialInformationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SupplementalCashFlowInformationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration