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Supplemental Consolidating Data | 9 Months Ended
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Sep. 25, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Consolidating Data | Supplemental Consolidating Data The supplemental consolidating data for the periods noted is presented for informational purposes. The supplemental consolidating data may be different than segment information presented elsewhere due to the allocation of intercompany eliminations to reporting segments. All supplemental data is presented in thousands.
| 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 |
| 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 |
| 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 |

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