XML 52 R41.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Supplemental Consolidating Data (Tables) | 9 Months Ended
--- | ---
Sep. 25, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations |
| Three months ended September 25, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,094,148 |  |  | $ | — |  |  | $ | (2,518 | ) |  | $ | 1,091,630 |
Financial Services | — |  |  | 183,706 |  |  | (523 | ) |  | 183,183 |
Total revenue | 1,094,148 |  |  | 183,706 |  |  | (3,041 | ) |  | 1,274,813 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 724,611 |  |  | — |  |  | — |  |  | 724,611 |
Financial Services interest expense | — |  |  | 42,573 |  |  | — |  |  | 42,573 |
Financial Services provision for credit losses | — |  |  | 36,543 |  |  | — |  |  | 36,543 |
Selling, administrative and engineering expense | 258,541 |  |  | 37,139 |  |  | (2,970 | ) |  | 292,710 |
Total costs and expenses | 983,152 |  |  | 116,255 |  |  | (2,970 | ) |  | 1,096,437 |
Operating income | 110,996 |  |  | 67,451 |  |  | (71 | ) |  | 178,376 |
Investment income | 2,300 |  |  | — |  |  | — |  |  | 2,300 |
Interest expense | 7,706 |  |  | — |  |  | — |  |  | 7,706 |
Income before provision for income taxes | 105,590 |  |  | 67,451 |  |  | (71 | ) |  | 172,970 |
Provision for income taxes | 33,895 |  |  | 25,010 |  |  | — |  |  | 58,905 |
Net income | $ | 71,695 |  |  | $ | 42,441 |  |  | $ | (71 | ) |  | $ | 114,065 |
| Nine months ended September 25, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 4,346,166 |  |  | $ | — |  |  | $ | (7,813 | ) |  | $ | 4,338,353 |
Financial Services | — |  |  | 549,162 |  |  | (1,657 | ) |  | 547,505 |
Total revenue | 4,346,166 |  |  | 549,162 |  |  | (9,470 | ) |  | 4,885,858 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 2,773,496 |  |  | — |  |  | — |  |  | 2,773,496 |
Financial Services interest expense | — |  |  | 131,387 |  |  | — |  |  | 131,387 |
Financial Services provision for credit losses | — |  |  | 97,127 |  |  | — |  |  | 97,127 |
Selling, administrative and engineering expense | 802,139 |  |  | 111,414 |  |  | (9,231 | ) |  | 904,322 |
Total costs and expenses | 3,575,635 |  |  | 339,928 |  |  | (9,231 | ) |  | 3,906,332 |
Operating income | 770,531 |  |  | 209,234 |  |  | (239 | ) |  | 979,526 |
Investment income | 186,754 |  |  | — |  |  | (183,000 | ) |  | 3,754 |
Interest expense | 21,968 |  |  | — |  |  | — |  |  | 21,968 |
Income before provision for income taxes | 935,317 |  |  | 209,234 |  |  | (183,239 | ) |  | 961,312 |
Provision for income taxes | 238,256 |  |  | 78,071 |  |  | — |  |  | 316,327 |
Net income | $ | 697,061 |  |  | $ | 131,163 |  |  | $ | (183,239 | ) |  | $ | 644,985 |
| Three months ended September 27, 2015
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,142,948 |  |  | $ | — |  |  | $ | (2,627 | ) |  | $ | 1,140,321 |
Financial Services | — |  |  | 177,487 |  |  | (378 | ) |  | 177,109 |
Total revenue | 1,142,948 |  |  | 177,487 |  |  | (3,005 | ) |  | 1,317,430 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 746,282 |  |  | — |  |  | — |  |  | 746,282 |
Financial Services interest expense | — |  |  | 41,214 |  |  | — |  |  | 41,214 |
Financial Services provision for credit losses | — |  |  | 27,233 |  |  | — |  |  | 27,233 |
Selling, administrative and engineering expense | 251,352 |  |  | 38,518 |  |  | (3,005 | ) |  | 286,865 |
Total costs and expenses | 997,634 |  |  | 106,965 |  |  | (3,005 | ) |  | 1,101,594 |
Operating income | 145,314 |  |  | 70,522 |  |  | — |  |  | 215,836 |
Investment income | 3,211 |  |  | — |  |  | — |  |  | 3,211 |
Interest expense | 4,879 |  |  | — |  |  | — |  |  | 4,879 |
Income before provision for income taxes | 143,646 |  |  | 70,522 |  |  | — |  |  | 214,168 |
Provision for income taxes | 47,703 |  |  | 26,118 |  |  | — |  |  | 73,821 |
Net income | $ | 95,943 |  |  | $ | 44,404 |  |  | $ | — |  |  | $ | 140,347 |
| Nine months ended September 27, 2015
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 4,309,589 |  |  | $ | — |  |  | $ | (7,915 | ) |  | $ | 4,301,674 |
Financial Services | — |  |  | 514,324 |  |  | (1,231 | ) |  | 513,093 |
Total revenue | 4,309,589 |  |  | 514,324 |  |  | (9,146 | ) |  | 4,814,767 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 2,670,146 |  |  | — |  |  | — |  |  | 2,670,146 |
Financial Services interest expense | — |  |  | 120,938 |  |  | — |  |  | 120,938 |
Financial Services provision for credit losses | — |  |  | 68,655 |  |  | — |  |  | 68,655 |
Selling, administrative and engineering expense | 763,637 |  |  | 112,067 |  |  | (9,146 | ) |  | 866,558 |
Total costs and expenses | 3,433,783 |  |  | 301,660 |  |  | (9,146 | ) |  | 3,726,297 |
Operating income | 875,806 |  |  | 212,664 |  |  | — |  |  | 1,088,470 |
Investment income | 105,983 |  |  | — |  |  | (100,000 | ) |  | 5,983 |
Interest expense | 4,897 |  |  | — |  |  | — |  |  | 4,897 |
Income before provision for income taxes | 976,892 |  |  | 212,664 |  |  | (100,000 | ) |  | 1,089,556 |
Provision for income taxes | 303,852 |  |  | 75,693 |  |  | — |  |  | 379,545 |
Net income | $ | 673,040 |  |  | $ | 136,971 |  |  | $ | (100,000 | ) |  | $ | 710,011 |
Balance Sheet |
| September 25, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 438,875 |  |  | $ | 351,409 |  |  | $ | — |  |  | $ | 790,284 |
Marketable securities | 5,038 |  |  | — |  |  | — |  |  | 5,038 |
Accounts receivable, net | 751,770 |  |  | — |  |  | (405,594 | ) |  | 346,176 |
Finance receivables, net | — |  |  | 2,205,644 |  |  | — |  |  | 2,205,644 |
Inventories | 426,547 |  |  | — |  |  | — |  |  | 426,547 |
Restricted cash | — |  |  | 65,088 |  |  | — |  |  | 65,088 |
Deferred income taxes | 61,611 |  |  | 61,998 |  |  | — |  |  | 123,609 |
Other current assets | 110,060 |  |  | 41,305 |  |  | (11,407 | ) |  | 139,958 |
Total current assets | 1,793,901 |  |  | 2,725,444 |  |  | (417,001 | ) |  | 4,102,344 |
Finance receivables, net | — |  |  | 4,944,322 |  |  | — |  |  | 4,944,322 |
Property, plant and equipment, net | 917,984 |  |  | 36,491 |  |  | — |  |  | 954,475 |
Goodwill | 54,663 |  |  | — |  |  | — |  |  | 54,663 |
Deferred income taxes | 73,639 |  |  | 9,066 |  |  | (1,874 | ) |  | 80,831 |
Other long-term assets | 133,441 |  |  | 24,605 |  |  | (82,455 | ) |  | 75,591 |
| $ | 2,973,628 |  |  | $ | 7,739,928 |  |  | $ | (501,330 | ) |  | $ | 10,212,226 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 268,945 |  |  | $ | 428,243 |  |  | $ | (405,594 | ) |  | $ | 291,594 |
Accrued liabilities | 419,675 |  |  | 98,268 |  |  | (11,410 | ) |  | 506,533 |
Short-term debt | — |  |  | 1,055,428 |  |  | — |  |  | 1,055,428 |
Current portion of long-term debt, net | — |  |  | 700,152 |  |  | — |  |  | 700,152 |
Total current liabilities | 688,620 |  |  | 2,282,091 |  |  | (417,004 | ) |  | 2,553,707 |
Long-term debt, net | 741,144 |  |  | 4,429,465 |  |  | — |  |  | 5,170,609 |
Pension liability | 120,494 |  |  | — |  |  | — |  |  | 120,494 |
Postretirement healthcare benefits | 182,825 |  |  | — |  |  | — |  |  | 182,825 |
Other long-term liabilities | 160,784 |  |  | 28,425 |  |  | 3,014 |  |  | 192,223 |
Shareholders’ equity | 1,079,761 |  |  | 999,947 |  |  | (87,340 | ) |  | 1,992,368 |
| $ | 2,973,628 |  |  | $ | 7,739,928 |  |  | $ | (501,330 | ) |  | $ | 10,212,226 |
| December 31, 2015
| HDMC Entities |  | HDFS Entities |  | 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 |  |  | 43,807 |  |  | (2,079 | ) |  | 132,552 |
Total current assets | 1,569,484 |  |  | 2,553,872 |  |  | (145,473 | ) |  | 3,977,883 |
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 | 133,753 |  |  | 31,158 |  |  | (80,602 | ) |  | 84,309 |
| $ | 2,750,466 |  |  | $ | 7,450,728 |  |  | $ | (228,217 | ) |  | $ | 9,972,977 |
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, net | — |  |  | 838,349 |  |  | — |  |  | 838,349 |
Total current liabilities | 607,187 |  |  | 2,287,735 |  |  | (147,615 | ) |  | 2,747,307 |
Long-term debt, net | 740,653 |  |  | 4,091,816 |  |  | — |  |  | 4,832,469 |
Pension liability | 164,888 |  |  | — |  |  | — |  |  | 164,888 |
Postretirement healthcare benefits | 193,659 |  |  | — |  |  | — |  |  | 193,659 |
Other long-term liabilities | 166,440 |  |  | 28,560 |  |  | — |  |  | 195,000 |
Shareholders’ equity | 877,639 |  |  | 1,042,617 |  |  | (80,602 | ) |  | 1,839,654 |
| $ | 2,750,466 |  |  | $ | 7,450,728 |  |  | $ | (228,217 | ) |  | $ | 9,972,977 |
| September 27, 2015
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 963,360 |  |  | $ | 405,194 |  |  | $ | — |  |  | $ | 1,368,554 |
Marketable securities | 47,358 |  |  | — |  |  | — |  |  | 47,358 |
Accounts receivable, net | 725,828 |  |  | — |  |  | (431,774 | ) |  | 294,054 |
Finance receivables, net | — |  |  | 2,068,873 |  |  | — |  |  | 2,068,873 |
Inventories | 466,657 |  |  | — |  |  | — |  |  | 466,657 |
Restricted cash | — |  |  | 113,499 |  |  | — |  |  | 113,499 |
Deferred income taxes | 53,218 |  |  | 47,340 |  |  | — |  |  | 100,558 |
Other current assets | 121,953 |  |  | 37,893 |  |  | (9,179 | ) |  | 150,667 |
Total current assets | 2,378,374 |  |  | 2,672,799 |  |  | (440,953 | ) |  | 4,610,220 |
Finance receivables, net | — |  |  | 5,009,473 |  |  | — |  |  | 5,009,473 |
Property, plant and equipment, net | 845,297 |  |  | 32,490 |  |  | — |  |  | 877,787 |
Goodwill | 54,267 |  |  | — |  |  | — |  |  | 54,267 |
Deferred income taxes | 59,649 |  |  | 14,232 |  |  | (1,929 | ) |  | 71,952 |
Other long-term assets | 135,766 |  |  | 32,522 |  |  | (79,953 | ) |  | 88,335 |
| $ | 3,473,353 |  |  | $ | 7,761,516 |  |  | $ | (522,835 | ) |  | $ | 10,712,034 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 290,154 |  |  | $ | 458,514 |  |  | $ | (431,774 | ) |  | $ | 316,894 |
Accrued liabilities | 382,292 |  |  | 93,168 |  |  | (11,108 | ) |  | 464,352 |
Short-term debt | — |  |  | 990,049 |  |  | — |  |  | 990,049 |
Current portion of long-term debt, net | — |  |  | 885,889 |  |  | — |  |  | 885,889 |
Total current liabilities | 672,446 |  |  | 2,427,620 |  |  | (442,882 | ) |  | 2,657,184 |
Long-term debt, net | 741,057 |  |  | 4,299,587 |  |  | — |  |  | 5,040,644 |
Pension liability | 61,458 |  |  | — |  |  | — |  |  | 61,458 |
Postretirement healthcare benefits | 193,406 |  |  | — |  |  | — |  |  | 193,406 |
Other long-term liabilities | 172,038 |  |  | 27,631 |  |  | — |  |  | 199,669 |
Shareholders’ equity | 1,632,948 |  |  | 1,006,678 |  |  | (79,953 | ) |  | 2,559,673 |
| $ | 3,473,353 |  |  | $ | 7,761,516 |  |  | $ | (522,835 | ) |  | $ | 10,712,034 |
Cash Flows |
| Nine months ended September 25, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 697,061 |  |  | $ | 131,163 |  |  | $ | (183,239 | ) |  | $ | 644,985 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization of intangibles | 148,851 |  |  | 5,714 |  |  | — |  |  | 154,565 |
Amortization of deferred loan origination costs | — |  |  | 65,445 |  |  | — |  |  | 65,445 |
Amortization of financing origination fees | 491 |  |  | 6,721 |  |  | — |  |  | 7,212 |
Provision for employee long-term benefits | 27,608 |  |  | — |  |  | — |  |  | 27,608 |
Employee benefit plan contributions and payments | (47,658 | ) |  | — |  |  | — |  |  | (47,658 | )
Stock compensation expense | 23,056 |  |  | 1,853 |  |  | — |  |  | 24,909 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (169,599 | ) |  | (169,599 | )
Provision for credit losses | — |  |  | 97,127 |  |  | — |  |  | 97,127 |
Gain on off-balance sheet securitization | — |  |  | (9,269 | ) |  | — |  |  | (9,269 | )
Loss on debt extinguishment | — |  |  | 118 |  |  | — |  |  | 118 |
Pension plan settlement expense | 900 |  |  | — |  |  | — |  |  | 900 |
Deferred income taxes | (574 | ) |  | (10,419 | ) |  | (268 | ) |  | (11,261 | )
Foreign currency adjustments | (11,741 | ) |  | — |  |  | — |  |  | (11,741 | )
Other, net | (12,416 | ) |  | 648 |  |  | 239 |  |  | (11,529 | )
Change in current assets and current liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (348,996 | ) |  | — |  |  | 262,200 |  |  | (86,796 | )
Finance receivables—accrued interest and other | — |  |  | 364 |  |  | — |  |  | 364 |
Inventories | 173,975 |  |  | — |  |  | — |  |  | 173,975 |
Accounts payable and accrued liabilities | 74,269 |  |  | 277,142 |  |  | (254,221 | ) |  | 97,190 |
Derivative instruments | (1,992 | ) |  | — |  |  | — |  |  | (1,992 | )
Other | (18,924 | ) |  | 2,180 |  |  | — |  |  | (16,744 | )
Total adjustments | 6,849 |  |  | 437,624 |  |  | (161,649 | ) |  | 282,824 |
Net cash provided by operating activities | 703,910 |  |  | 568,787 |  |  | (344,888 | ) |  | 927,809 |
| Nine months ended September 25, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (155,967 | ) |  | (6,759 | ) |  | — |  |  | (162,726 | )
Origination of finance receivables | — |  |  | (6,297,040 | ) |  | 3,287,561 |  |  | (3,009,479 | )
Collections of finance receivables | — |  |  | 5,566,139 |  |  | (3,125,673 | ) |  | 2,440,466 |
Proceeds from finance receivables sold | — |  |  | 312,571 |  |  | — |  |  | 312,571 |
Sales and redemptions of marketable securities | 40,014 |  |  | — |  |  | — |  |  | 40,014 |
Other | 251 |  |  | — |  |  | — |  |  | 251 |
Net cash used by investing activities | (115,702 | ) |  | (425,089 | ) |  | 161,888 |  |  | (378,903 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,193,396 |  |  | — |  |  | 1,193,396 |
Repayments of medium-term notes | — |  |  | (451,336 | ) |  | — |  |  | (451,336 | )
Repayments of securitization debt | — |  |  | (535,616 | ) |  | — |  |  | (535,616 | )
Net decrease in credit facilities and unsecured commercial paper | — |  |  | (146,328 | ) |  | — |  |  | (146,328 | )
Borrowings of asset-backed commercial paper | — |  |  | 33,428 |  |  | — |  |  | 33,428 |
Repayments of asset-backed commercial paper | — |  |  | (55,170 | ) |  | — |  |  | (55,170 | )
Net change in restricted cash | — |  |  | 30,981 |  |  | — |  |  | 30,981 |
Dividends paid | (190,387 | ) |  | (183,000 | ) |  | 183,000 |  |  | (190,387 | )
Purchase of common stock for treasury | (374,234 | ) |  | — |  |  | — |  |  | (374,234 | )
Excess tax benefits from share-based payments | 1,291 |  |  | — |  |  | — |  |  | 1,291 |
Issuance of common stock under employee stock option plans | 6,444 |  |  | — |  |  | — |  |  | 6,444 |
Net cash used by financing activities | (556,886 | ) |  | (113,645 | ) |  | 183,000 |  |  | (487,531 | )
Effect of exchange rate changes on cash and cash equivalents | 7,110 |  |  | (410 | ) |  | — |  |  | 6,700 |
Net increase in cash and cash equivalents | $ | 38,432 |  |  | $ | 29,643 |  |  | $ | — |  |  | $ | 68,075 |
Cash and cash equivalents: |  |  |  |  |  |  |
Cash and cash equivalents—beginning of period | $ | 400,443 |  |  | $ | 321,766 |  |  | $ | — |  |  | $ | 722,209 |
Net increase in cash and cash equivalents | 38,432 |  |  | 29,643 |  |  | — |  |  | 68,075 |
Cash and cash equivalents—end of period | $ | 438,875 |  |  | $ | 351,409 |  |  | $ | — |  |  | $ | 790,284 |
| Nine months ended September 27, 2015
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 673,040 |  |  | $ | 136,971 |  |  | $ | (100,000 | ) |  | $ | 710,011 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization of intangibles | 135,232 |  |  | 6,792 |  |  | — |  |  | 142,024 |
Amortization of deferred loan origination costs | — |  |  | 71,012 |  |  | — |  |  | 71,012 |
Amortization of financing origination fees | 107 |  |  | 7,224 |  |  | — |  |  | 7,331 |
Provision for employee long-term benefits | 36,954 |  |  | — |  |  | — |  |  | 36,954 |
Employee benefit plan contributions and payments | (19,358 | ) |  | — |  |  | — |  |  | (19,358 | )
Stock compensation expense | 21,723 |  |  | 2,009 |  |  | — |  |  | 23,732 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (157,532 | ) |  | (157,532 | )
Provision for credit losses | — |  |  | 68,655 |  |  | — |  |  | 68,655 |
Deferred income taxes | 2,951 |  |  | (12,223 | ) |  | — |  |  | (9,272 | )
Foreign currency adjustments | 22,010 |  |  | — |  |  | — |  |  | 22,010 |
Other, net | 3,778 |  |  | 1,222 |  |  | — |  |  | 5,000 |
Change in current assets and current liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (331,347 | ) |  | — |  |  | 270,660 |  |  | (60,687 | )
Finance receivables—accrued interest and other | — |  |  | (98 | ) |  | — |  |  | (98 | )
Inventories | (36,109 | ) |  | — |  |  | — |  |  | (36,109 | )
Accounts payable and accrued liabilities | 141,577 |  |  | 319,734 |  |  | (250,266 | ) |  | 211,045 |
Derivative instruments | (6,734 | ) |  | — |  |  | — |  |  | (6,734 | )
Other | 11,293 |  |  | 1,680 |  |  | — |  |  | 12,973 |
Total adjustments | (17,923 | ) |  | 466,007 |  |  | (137,138 | ) |  | 310,946 |
Net cash provided by operating activities | 655,117 |  |  | 602,978 |  |  | (237,138 | ) |  | 1,020,957 |
| Nine months ended September 27, 2015
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (134,164 | ) |  | (4,890 | ) |  | — |  |  | (139,054 | )
Origination of finance receivables | — |  |  | (6,512,799 | ) |  | 3,399,972 |  |  | (3,112,827 | )
Collections of finance receivables | — |  |  | 5,656,189 |  |  | (3,262,834 | ) |  | 2,393,355 |
Sales and redemptions of marketable securities | 9,500 |  |  | — |  |  | — |  |  | 9,500 |
Acquisition of business | (59,910 | ) |  | — |  |  | — |  |  | (59,910 | )
Other | 5,172 |  |  | — |  |  | — |  |  | 5,172 |
Net cash used by investing activities | (179,402 | ) |  | (861,500 | ) |  | 137,138 |  |  | (903,764 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of senior unsecured notes | 740,949 |  |  | — |  |  | — |  |  | 740,949 |
Proceeds from issuance of medium-term notes | — |  |  | 595,386 |  |  | — |  |  | 595,386 |
Repayments of medium-term notes | — |  |  | (600,000 | ) |  | — |  |  | (600,000 | )
Intercompany borrowing activity | 250,000 |  |  | (250,000 | ) |  | — |  |  | — |
Proceeds from securitization debt | — |  |  | 1,195,668 |  |  | — |  |  | 1,195,668 |
Repayments of securitization debt | — |  |  | (764,909 | ) |  | — |  |  | (764,909 | )
Net increase in credit facilities and unsecured commercial paper | — |  |  | 258,734 |  |  | — |  |  | 258,734 |
Borrowings of asset-backed commercial paper | — |  |  | 69,191 |  |  | — |  |  | 69,191 |
Repayments of asset-backed commercial paper | — |  |  | (55,124 | ) |  | — |  |  | (55,124 | )
Net change in restricted cash | — |  |  | (15,165 | ) |  | — |  |  | (15,165 | )
Dividends paid | (191,451 | ) |  | (100,000 | ) |  | 100,000 |  |  | (191,451 | )
Purchase of common stock for treasury | (894,565 | ) |  | — |  |  | — |  |  | (894,565 | )
Excess tax benefits from share-based payments | 2,878 |  |  | — |  |  | — |  |  | 2,878 |
Issuance of common stock under employee stock option plans | 16,755 |  |  | — |  |  | — |  |  | 16,755 |
Net cash (used by) provided by financing activities | (75,434 | ) |  | 333,781 |  |  | 100,000 |  |  | 358,347 |
Effect of exchange rate changes on cash and cash equivalents | (10,816 | ) |  | (2,850 | ) |  | — |  |  | (13,666 | )
Net increase in cash and cash equivalents | $ | 389,465 |  |  | $ | 72,409 |  |  | $ | — |  |  | $ | 461,874 |
Cash and cash equivalents: |  |  |  |  |  |  |
Cash and cash equivalents—beginning of period | $ | 573,895 |  |  | $ | 332,785 |  |  | $ | — |  |  | $ | 906,680 |
Net increase in cash and cash equivalents | 389,465 |  |  | 72,409 |  |  | — |  |  | 461,874 |
Cash and cash equivalents—end of period | $ | 963,360 |  |  | $ | 405,194 |  |  | $ | — |  |  | $ | 1,368,554 |

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

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration