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v3.3.1.900

Supplemental Consolidating Data (Tables) | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Operations | All supplemental data is presented in thousands.
|  | Year Ended December 31, 2015
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |
Motorcycles and Related Products |  | $ | 5,318,850 |  |  | $ | — |  |  | $ | (10,106 | ) |  | $ | 5,308,744 |
Financial Services |  | — |  |  | 688,211 |  |  | (1,553 | ) |  | 686,658 |
Total revenue |  | 5,318,850 |  |  | 688,211 |  |  | (11,659 | ) |  | 5,995,402 |
Costs and expenses: |  |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold |  | 3,356,284 |  |  | — |  |  | — |  |  | 3,356,284 |
Financial Services interest expense |  | — |  |  | 161,983 |  |  | — |  |  | 161,983 |
Financial Services provision for credit losses |  | — |  |  | 101,345 |  |  | — |  |  | 101,345 |
Selling, administrative and engineering expense |  | 1,078,525 |  |  | 153,229 |  |  | (11,659 | ) |  | 1,220,095 |
Total costs and expenses |  | 4,434,809 |  |  | 416,557 |  |  | (11,659 | ) |  | 4,839,707 |
Operating income |  | 884,041 |  |  | 271,654 |  |  | — |  |  | 1,155,695 |
Investment income |  | 106,585 |  |  | — |  |  | (100,000 | ) |  | 6,585 |
Interest expense |  | 12,117 |  |  | — |  |  | — |  |  | 12,117 |
Income before provision for income taxes |  | 978,509 |  |  | 271,654 |  |  | (100,000 | ) |  | 1,150,163 |
Provision for income taxes |  | 300,499 |  |  | 97,457 |  |  | — |  |  | 397,956 |
Net income |  | $ | 678,010 |  |  | $ | 174,197 |  |  | $ | (100,000 | ) |  | $ | 752,207 |
|  | Year Ended December 31, 2014
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |  |
Motorcycles and Related Products |  | $ | 5,577,697 |  |  | $ | — |  |  | $ | (10,016 | ) |  | $ | 5,567,681 |
Financial Services |  | — |  |  | 662,345 |  |  | (1,518 | ) |  | 660,827 |
Total revenue |  | 5,577,697 |  |  | 662,345 |  |  | (11,534 | ) |  | 6,228,508 |
Costs and expenses: |  |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold |  | 3,542,601 |  |  | — |  |  | — |  |  | 3,542,601 |
Financial Services interest expense |  | — |  |  | 164,476 |  |  | — |  |  | 164,476 |
Financial Services provision for credit losses |  | — |  |  | 80,946 |  |  | — |  |  | 80,946 |
Selling, administrative and engineering expense |  | 1,023,450 |  |  | 147,586 |  |  | (11,534 | ) |  | 1,159,502 |
Total costs and expenses |  | 4,566,051 |  |  | 393,008 |  |  | (11,534 | ) |  | 4,947,525 |
Operating income |  | 1,011,646 |  |  | 269,337 |  |  | — |  |  | 1,280,983 |
Investment income |  | 126,499 |  |  | — |  |  | (120,000 | ) |  | 6,499 |
Interest expense |  | 4,162 |  |  | — |  |  | — |  |  | 4,162 |
Income before provision for income taxes |  | 1,133,983 |  |  | 269,337 |  |  | (120,000 | ) |  | 1,283,320 |
Provision for income taxes |  | 338,453 |  |  | 100,256 |  |  | — |  |  | 438,709 |
Net income |  | $ | 795,530 |  |  | $ | 169,081 |  |  | $ | (120,000 | ) |  | $ | 844,611 |
|  | 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 |  | 993,247 |  |  | 143,181 |  |  | (11,675 | ) |  | 1,124,753 |
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 |
Net income |  | $ | 745,077 |  |  | $ | 173,916 |  |  | $ | (185,000 | ) |  | $ | 733,993 |
Balance Sheet |
|  | December 31, 2015
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 400,443 |  |  | $ | 321,766 |  |  | $ | — |  |  | $ | 722,209 |
Marketable securities |  | 45,192 |  |  | — |  |  | — |  |  | 45,192 |
Accounts receivable, net |  | 390,799 |  |  | — |  |  | (143,394 | ) |  | 247,405 |
Finance receivables, net |  | — |  |  | 2,053,582 |  |  | — |  |  | 2,053,582 |
Inventories |  | 585,907 |  |  | — |  |  | — |  |  | 585,907 |
Restricted cash |  | — |  |  | 88,267 |  |  | — |  |  | 88,267 |
Deferred income taxes |  | 56,319 |  |  | 46,450 |  |  | — |  |  | 102,769 |
Other current assets |  | 90,824 |  |  | 49,078 |  |  | (2,079 | ) |  | 137,823 |
Total current assets |  | 1,569,484 |  |  | 2,559,143 |  |  | (145,473 | ) |  | 3,983,154 |
Finance receivables, net |  | — |  |  | 4,814,571 |  |  | — |  |  | 4,814,571 |
Property, plant and equipment, net |  | 906,972 |  |  | 35,446 |  |  | — |  |  | 942,418 |
Goodwill |  | 54,182 |  |  | — |  |  | — |  |  | 54,182 |
Deferred income taxes |  | 86,075 |  |  | 15,681 |  |  | (2,142 | ) |  | 99,614 |
Other long-term assets |  | 140,034 |  |  | 37,796 |  |  | (80,602 | ) |  | 97,228 |
|  | $ | 2,756,747 |  |  | $ | 7,462,637 |  |  | $ | (228,217 | ) |  | $ | 9,991,167 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 220,050 |  |  | $ | 158,958 |  |  | $ | (143,394 | ) |  | $ | 235,614 |
Accrued liabilities |  | 387,137 |  |  | 89,048 |  |  | (4,221 | ) |  | 471,964 |
Short-term debt |  | — |  |  | 1,201,380 |  |  | — |  |  | 1,201,380 |
Current portion of long-term debt |  | — |  |  | 843,620 |  |  | — |  |  | 843,620 |
Total current liabilities |  | 607,187 |  |  | 2,293,006 |  |  | (147,615 | ) |  | 2,752,578 |
Long-term debt |  | 746,934 |  |  | 4,098,454 |  |  | — |  |  | 4,845,388 |
Pension liability |  | 164,888 |  |  | — |  |  | — |  |  | 164,888 |
Postretirement healthcare liability |  | 193,659 |  |  | — |  |  | — |  |  | 193,659 |
Other long-term liabilities |  | 166,440 |  |  | 28,560 |  |  | — |  |  | 195,000 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |  |
Total shareholders’ equity |  | 877,639 |  |  | 1,042,617 |  |  | (80,602 | ) |  | 1,839,654 |
|  | $ | 2,756,747 |  |  | $ | 7,462,637 |  |  | $ | (228,217 | ) |  | $ | 9,991,167 |
|  | December 31, 2014
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 573,895 |  |  | $ | 332,785 |  |  | $ | — |  |  | $ | 906,680 |
Marketable securities |  | 57,325 |  |  | — |  |  | — |  |  | 57,325 |
Accounts receivable, net |  | 658,735 |  |  | — |  |  | (411,114 | ) |  | 247,621 |
Finance receivables, net |  | — |  |  | 1,916,635 |  |  | — |  |  | 1,916,635 |
Inventories |  | 448,871 |  |  | — |  |  | — |  |  | 448,871 |
Restricted cash |  | — |  |  | 98,627 |  |  | — |  |  | 98,627 |
Deferred income taxes |  | 50,015 |  |  | 39,901 |  |  | — |  |  | 89,916 |
Other current assets |  | 142,278 |  |  | 43,125 |  |  | (2,983 | ) |  | 182,420 |
Total current assets |  | 1,931,119 |  |  | 2,431,073 |  |  | (414,097 | ) |  | 3,948,095 |
Finance receivables, net |  | — |  |  | 4,516,246 |  |  | — |  |  | 4,516,246 |
Property, plant and equipment, net |  | 848,661 |  |  | 34,416 |  |  | — |  |  | 883,077 |
Goodwill |  | 27,752 |  |  | — |  |  | — |  |  | 27,752 |
Deferred income taxes |  | 75,121 |  |  | 4,863 |  |  | (2,149 | ) |  | 77,835 |
Other long-term assets |  | 113,727 |  |  | 39,309 |  |  | (77,944 | ) |  | 75,092 |
|  | $ | 2,996,380 |  |  | $ | 7,025,907 |  |  | $ | (494,190 | ) |  | $ | 9,528,097 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 171,098 |  |  | $ | 436,884 |  |  | $ | (411,114 | ) |  | $ | 196,868 |
Accrued liabilities |  | 370,652 |  |  | 83,797 |  |  | (5,132 | ) |  | 449,317 |
Short-term debt |  | — |  |  | 731,786 |  |  | — |  |  | 731,786 |
Current portion of long-term debt |  | — |  |  | 1,011,315 |  |  | — |  |  | 1,011,315 |
Total current liabilities |  | 541,750 |  |  | 2,263,782 |  |  | (416,246 | ) |  | 2,389,286 |
Long-term debt |  | — |  |  | 3,761,528 |  |  | — |  |  | 3,761,528 |
Pension liability |  | 76,186 |  |  | — |  |  | — |  |  | 76,186 |
Postretirement healthcare liability |  | 203,006 |  |  | — |  |  | — |  |  | 203,006 |
Other long-term liabilities |  | 164,060 |  |  | 24,745 |  |  | — |  |  | 188,805 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |  |
Total shareholders’ equity |  | 2,011,378 |  |  | 975,852 |  |  | (77,944 | ) |  | 2,909,286 |
|  | $ | 2,996,380 |  |  | $ | 7,025,907 |  |  | $ | (494,190 | ) |  | $ | 9,528,097 |
Cash Flows |
|  | Year Ended December 31, 2015
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income |  | $ | 678,010 |  |  | $ | 174,197 |  |  | $ | (100,000 | ) |  | $ | 752,207 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 188,926 |  |  | 9,148 |  |  | — |  |  | 198,074 |
Amortization of deferred loan origination costs |  | — |  |  | 93,546 |  |  | — |  |  | 93,546 |
Amortization of financing origination fees |  | 267 |  |  | 9,708 |  |  | — |  |  | 9,975 |
Provision for long-term employee benefits |  | 60,824 |  |  | — |  |  | — |  |  | 60,824 |
Contributions to pension and postretirement plans |  | (28,490 | ) |  | — |  |  | — |  |  | (28,490 | )
Stock compensation expense |  | 26,775 |  |  | 2,658 |  |  | — |  |  | 29,433 |
Net change in wholesale finance receivables |  | — |  |  | — |  |  | (113,970 | ) |  | (113,970 | )
Provision for credit losses |  | — |  |  | 101,345 |  |  | — |  |  | 101,345 |
Loss on debt extinguishment |  | — |  |  | 1,099 |  |  | — |  |  | 1,099 |
Deferred income taxes |  | (4,792 | ) |  | (11,692 | ) |  | — |  |  | (16,484 | )
Foreign currency adjustments |  | 20,067 |  |  | — |  |  | — |  |  | 20,067 |
Other, net |  | (442 | ) |  | 1,288 |  |  | — |  |  | 846 |
Change in current assets and current liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  | 4,055 |  |  | — |  |  | (17,720 | ) |  | (13,665 | )
Finance receivables—accrued interest and other |  | — |  |  | (3,046 | ) |  | — |  |  | (3,046 | )
Inventories |  | (155,222 | ) |  | — |  |  | — |  |  | (155,222 | )
Accounts payable and accrued liabilities |  | 81,929 |  |  | 18,539 |  |  | 38,355 |  |  | 138,823 |
Derivative instruments |  | (5,615 | ) |  | — |  |  | — |  |  | (5,615 | )
Prepaid and other |  | 33,658 |  |  | (3,287 | ) |  | — |  |  | 30,371 |
Total adjustments |  | 221,940 |  |  | 219,306 |  |  | (93,335 | ) |  | 347,911 |
Net cash provided by operating activities |  | 899,950 |  |  | 393,503 |  |  | (193,335 | ) |  | 1,100,118 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Capital expenditures |  | (249,772 | ) |  | (10,202 | ) |  | — |  |  | (259,974 | )
Origination of finance receivables |  | — |  |  | (7,836,279 | ) |  | 4,084,449 |  |  | (3,751,830 | )
Collections of finance receivables |  | — |  |  | 7,127,999 |  |  | (3,991,114 | ) |  | 3,136,885 |
Sales and redemptions of marketable securities |  | 11,507 |  |  | — |  |  | — |  |  | 11,507 |
Acquisition of business |  | (59,910 | ) |  | — |  |  | — |  |  | (59,910 | )
Other |  | 7,474 |  |  | — |  |  | — |  |  | 7,474 |
Net cash used by investing activities |  | (290,701 | ) |  | (718,482 | ) |  | 93,335 |  |  | (915,848 | )
|  | Year Ended December 31, 2015
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes |  | — |  |  | 595,386 |  |  | — |  |  | 595,386 |
Repayments of medium-term notes |  | — |  |  | (610,331 | ) |  | — |  |  | (610,331 | )
Proceeds from issuance of senior unsecured notes |  | 740,385 |  |  | — |  |  | — |  |  | 740,385 |
Intercompany borrowing activity |  | 250,000 |  |  | (250,000 | ) |  | — |  |  | — |
Proceeds from securitization debt |  | — |  |  | 1,195,668 |  |  | — |  |  | 1,195,668 |
Repayments of securitization debt |  | — |  |  | (1,008,135 | ) |  | — |  |  | (1,008,135 | )
Borrowings of asset-backed commercial paper |  | — |  |  | 87,442 |  |  | — |  |  | 87,442 |
Repayments of asset-backed commercial paper |  | — |  |  | (72,727 | ) |  | — |  |  | (72,727 | )
Net increase in credit facilities and unsecured commercial paper |  | — |  |  | 469,473 |  |  | — |  |  | 469,473 |
Net change in restricted cash |  | — |  |  | 11,410 |  |  | — |  |  | 11,410 |
Dividends |  | (249,262 | ) |  | (100,000 | ) |  | 100,000 |  |  | (249,262 | )
Purchase of common stock for treasury |  | (1,537,020 | ) |  | — |  |  | — |  |  | (1,537,020 | )
Excess tax benefits from share-based payments |  | 3,468 |  |  | — |  |  | — |  |  | 3,468 |
Issuance of common stock under employee stock option plans |  | 20,179 |  |  | — |  |  | — |  |  | 20,179 |
Net cash (used by) provided by financing activities |  | (772,250 | ) |  | 318,186 |  |  | 100,000 |  |  | (354,064 | )
Effect of exchange rate changes on cash and cash equivalents |  | (10,451 | ) |  | (4,226 | ) |  | — |  |  | (14,677 | )
Net decrease in cash and cash equivalents |  | $ | (173,452 | ) |  | $ | (11,019 | ) |  | $ | — |  |  | $ | (184,471 | )
Cash and cash equivalents: |  |  |  |  |  |  |  |
Cash and cash equivalents—beginning of period |  | $ | 573,895 |  |  | $ | 332,785 |  |  | $ | — |  |  | $ | 906,680 |
Net decrease in cash and cash equivalents |  | (173,452 | ) |  | (11,019 | ) |  | — |  |  | (184,471 | )
Cash and cash equivalents—end of period |  | $ | 400,443 |  |  | $ | 321,766 |  |  | $ | — |  |  | $ | 722,209 |
|  | Year Ended December 31, 2014
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income |  | $ | 795,530 |  |  | $ | 169,081 |  |  | $ | (120,000 | ) |  | $ | 844,611 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 171,187 |  |  | 8,113 |  |  | — |  |  | 179,300 |
Amortization of deferred loan origination costs |  | — |  |  | 94,429 |  |  | — |  |  | 94,429 |
Amortization of financing origination fees |  | 59 |  |  | 8,383 |  |  | — |  |  | 8,442 |
Provision for long-term employee benefits |  | 33,709 |  |  | — |  |  | — |  |  | 33,709 |
Contributions to pension and postretirement plans |  | (29,686 | ) |  | — |  |  | — |  |  | (29,686 | )
Stock compensation expense |  | 35,064 |  |  | 2,865 |  |  | — |  |  | 37,929 |
Net change in wholesale finance receivables |  | — |  |  | — |  |  | (75,210 | ) |  | (75,210 | )
Provision for credit losses |  | — |  |  | 80,946 |  |  | — |  |  | 80,946 |
Loss on debt extinguishment |  | — |  |  | 3,942 |  |  | — |  |  | 3,942 |
Deferred income taxes |  | (191 | ) |  | (7,430 | ) |  | — |  |  | (7,621 | )
Foreign currency adjustments |  | 21,964 |  |  | — |  |  | — |  |  | 21,964 |
Other, net |  | 20,273 |  |  | (21,764 | ) |  | — |  |  | (1,491 | )
Change in current assets and current liabilities: |  |  |  |  |  |  |  |
Accounts receivable |  | (31,740 | ) |  | — |  |  | 21,931 |  |  | (9,809 | )
Finance receivables – accrued interest and other |  | — |  |  | (2,515 | ) |  | — |  |  | (2,515 | )
Inventories |  | (50,886 | ) |  | — |  |  | — |  |  | (50,886 | )
Accounts payable and accrued liabilities |  | 18,255 |  |  | 21,629 |  |  | (18,575 | ) |  | 21,309 |
Derivative instruments |  | 703 |  |  | — |  |  | — |  |  | 703 |
Prepaid and other |  | (17,187 | ) |  | 13,798 |  |  | — |  |  | (3,389 | )
Total adjustments |  | 171,524 |  |  | 202,396 |  |  | (71,854 | ) |  | 302,066 |
Net cash provided by operating activities |  | 967,054 |  |  | 371,477 |  |  | (191,854 | ) |  | 1,146,677 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Capital expenditures |  | (224,262 | ) |  | (8,057 | ) |  | — |  |  | (232,319 | )
Origination of finance receivables |  | — |  |  | (7,693,884 | ) |  | 4,125,461 |  |  | (3,568,423 | )
Collections of finance receivables |  | — |  |  | 7,066,852 |  |  | (4,053,607 | ) |  | 3,013,245 |
Sales and redemptions of marketable securities |  | 41,010 |  |  | — |  |  | — |  |  | 41,010 |
Other |  | 1,837 |  |  | — |  |  | — |  |  | 1,837 |
Net cash used by investing activities |  | (181,415 | ) |  | (635,089 | ) |  | 71,854 |  |  | (744,650 | )
|  | Year Ended December 31, 2014
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from issuance medium-term notes |  | — |  |  | 991,835 |  |  | — |  |  | 991,835 |
Repayments of medium-term notes |  | — |  |  | (526,431 | ) |  | — |  |  | (526,431 | )
Repayments of senior unsecured note |  | (303,000 | ) |  | — |  |  | — |  |  | (303,000 | )
Intercompany borrowing activity |  | 200,000 |  |  | (200,000 | ) |  | — |  |  | — |
Proceeds from securitization debt |  | — |  |  | 847,126 |  |  | — |  |  | 847,126 |
Repayments of securitization debt |  | — |  |  | (834,856 | ) |  | — |  |  | (834,856 | )
Borrowings of asset-backed commercial paper |  | — |  |  | 84,907 |  |  | — |  |  | 84,907 |
Net increase in credit facilities and unsecured commercial paper |  | — |  |  | 63,945 |  |  | — |  |  | 63,945 |
Repayments of asset-backed commercial paper |  | — |  |  | (77,800 | ) |  | — |  |  | (77,800 | )
Net change in restricted cash |  | — |  |  | 22,755 |  |  | — |  |  | 22,755 |
Dividends paid |  | (238,300 | ) |  | (120,000 | ) |  | 120,000 |  |  | (238,300 | )
Purchase of common stock for treasury, net of issuances |  | (615,602 | ) |  | — |  |  | — |  |  | (615,602 | )
Excess tax benefits from share based payments |  | 11,540 |  |  | — |  |  | — |  |  | 11,540 |
Issuance of common stock under employee stock option plans |  | 37,785 |  |  | — |  |  | — |  |  | 37,785 |
Net cash (used by) provided by financing activities |  | (907,577 | ) |  | 251,481 |  |  | 120,000 |  |  | (536,096 | )
Effect of exchange rate changes on cash and cash equivalents |  | (23,079 | ) |  | (2,784 | ) |  | — |  |  | (25,863 | )
Net decrease in cash and cash equivalents |  | $ | (145,017 | ) |  | $ | (14,915 | ) |  | $ | — |  |  | $ | (159,932 | )
Cash and cash equivalents: |  |  |  |  |  |  |  |
Cash and cash equivalents – beginning of period |  | $ | 718,912 |  |  | $ | 347,700 |  |  | $ | — |  |  | $ | 1,066,612 |
Net decrease in cash and cash equivalents |  | (145,017 | ) |  | (14,915 | ) |  | — |  |  | (159,932 | )
Cash and cash equivalents – end of period |  | $ | 573,895 |  |  | $ | 332,785 |  |  | $ | — |  |  | $ | 906,680 |
|  | Year Ended December 31, 2013
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income |  | $ | 745,077 |  |  | $ | 173,916 |  |  | $ | (185,000 | ) |  | $ | 733,993 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |
Depreciation and amortization |  | 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 long-term employee 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 |  | (85,949 | ) |  | (5,096 | ) |  | 12,380 |  |  | (78,665 | )
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 |  | 800,001 |  |  | 333,227 |  |  | (156,135 | ) |  | 977,093 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
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 |  | (147,889 | ) |  | (392,113 | ) |  | (28,865 | ) |  | (568,867 | )
|  | Year Ended December 31, 2013
|  | Motorcycles & Related Products Operations |  | Financial Services Operations |  | Eliminations & Adjustments |  | Consolidated
Cash flows from financing activities: |  |  |  |  |  |  |  |
Repayment 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 |
Net increase in credit facilities and unsecured commercial paper |  | — |  |  | 371,085 |  |  | — |  |  | 371,085 |
Repayments of asset-backed commercial paper |  | — |  |  | (78,765 | ) |  | — |  |  | (78,765 | )
Net change in restricted cash |  | — |  |  | 43,201 |  |  | — |  |  | 43,201 |
Dividends paid |  | (187,688 | ) |  | (185,000 | ) |  | 185,000 |  |  | (187,688 | )
Purchase of common stock for treasury, net of issuances |  | (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 |  | (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 |  | $ | (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 |

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