XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Additional Balance Sheet and Cash Flow Information | 9 Months Ended
--- | ---
Sep. 25, 2016
Organization, Consolidation and Presentation of Financial Statements [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):
| September 25, 2016 |  | December 31, 2015 |  | September 27, 2015
Available-for-sale: Corporate bonds | $ | 5,038 |  |  | $ | 45,192 |  |  | $ | 47,358 |
Trading securities: Mutual funds | 39,063 |  |  | 36,256 |  |  | 35,258 |
| $ | 44,101 |  |  | $ | 81,448 |  |  | $ | 82,616 |
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 nine months of 2016 and 2015, the Company recognized gross unrealized losses of approximately $140,000 and $467,000, respectively, or $88,000 and $294,000 net of taxes, respectively, to adjust amortized cost to fair value. The marketable securities have contractual maturities that come due over the next 7 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):
| September 25, 2016 |  | December 31, 2015 |  | September 27, 2015
Components at the lower of FIFO cost or market |  |  |  |  |
Raw materials and work in process | $ | 159,209 |  |  | $ | 161,704 |  |  | $ | 153,779 |
Motorcycle finished goods | 182,019 |  |  | 327,952 |  |  | 228,243 |
Parts and accessories and general merchandise | 134,587 |  |  | 145,519 |  |  | 134,537 |
Inventory at lower of FIFO cost or market | 475,815 |  |  | 635,175 |  |  | 516,559 |
Excess of FIFO over LIFO cost | (49,268 | ) |  | (49,268 | ) |  | (49,902 | )
| $ | 426,547 |  |  | $ | 585,907 |  |  | $ | 466,657 |
Operating Cash Flow The reconciliation of net income to net cash provided by operating activities is as follows (in thousands):
| Nine months ended
| September 25, 2016 |  | September 27, 2015
Cash flows from operating activities: |  |  |
Net income | $ | 644,985 |  |  | $ | 710,011 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization of intangibles | 154,565 |  |  | 142,024 |
Amortization of deferred loan origination costs | 65,445 |  |  | 71,012 |
Amortization of financing origination fees | 7,212 |  |  | 7,331 |
Provision for long-term employee benefits | 27,608 |  |  | 36,954 |
Employee benefit plan contributions and payments | (47,658 | ) |  | (19,358 | )
Stock compensation expense | 24,909 |  |  | 23,732 |
Net change in wholesale finance receivables related to sales | (169,599 | ) |  | (157,532 | )
Provision for credit losses | 97,127 |  |  | 68,655 |
Gain on off-balance sheet asset-backed securitization | (9,269 | ) |  | — |
Loss on debt extinguishment | 118 |  |  | — |
Pension plan settlement expense | 900 |  |  | — |
Deferred income taxes | (11,261 | ) |  | (9,272 | )
Foreign currency adjustments | (11,741 | ) |  | 22,010 |
Other, net | (11,529 | ) |  | 5,000 |
Changes in current assets and liabilities: |  |  |
Accounts receivable, net | (86,796 | ) |  | (60,687 | )
Finance receivables—accrued interest and other | 364 |  |  | (98 | )
Inventories | 173,975 |  |  | (36,109 | )
Accounts payable and accrued liabilities | 97,190 |  |  | 211,045 |
Derivative instruments | (1,992 | ) |  | (6,734 | )
Other | (16,744 | ) |  | 12,973 |
Total adjustments | 282,824 |  |  | 310,946 |
Net cash provided by operating activities | $ | 927,809 |  |  | $ | 1,020,957 |

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_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration