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Supplemental Consolidating Data (Tables) | 6 Months Ended
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Jun. 25, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Operations |
| Three months ended June 25, 2017
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,580,109 |  |  | $ | — |  |  | $ | (2,974 | ) |  | $ | 1,577,135 |
Financial Services | — |  |  | 188,712 |  |  | (678 | ) |  | 188,034 |
Total revenue | 1,580,109 |  |  | 188,712 |  |  | (3,652 | ) |  | 1,765,169 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 1,001,512 |  |  | — |  |  | — |  |  | 1,001,512 |
Financial Services interest expense | — |  |  | 44,408 |  |  | — |  |  | 44,408 |
Financial Services provision for credit losses | — |  |  | 26,217 |  |  | — |  |  | 26,217 |
Selling, administrative and engineering expense | 256,513 |  |  | 38,448 |  |  | (3,511 | ) |  | 291,450 |
Total costs and expenses | 1,258,025 |  |  | 109,073 |  |  | (3,511 | ) |  | 1,363,587 |
Operating income | 322,084 |  |  | 79,639 |  |  | (141 | ) |  | 401,582 |
Investment income | 577 |  |  | — |  |  | — |  |  | 577 |
Interest expense | 7,726 |  |  | — |  |  | — |  |  | 7,726 |
Income before provision for income taxes | 314,935 |  |  | 79,639 |  |  | (141 | ) |  | 394,433 |
Provision for income taxes | 106,035 |  |  | 29,531 |  |  | — |  |  | 135,566 |
Net income | $ | 208,900 |  |  | $ | 50,108 |  |  | $ | (141 | ) |  | $ | 258,867 |
| Six months ended June 25, 2017
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 2,910,727 |  |  | $ | — |  |  | $ | (4,881 | ) |  | $ | 2,905,846 |
Financial Services | — |  |  | 362,269 |  |  | (1,014 | ) |  | 361,255 |
Total revenue | 2,910,727 |  |  | 362,269 |  |  | (5,895 | ) |  | 3,267,101 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 1,852,738 |  |  | — |  |  | — |  |  | 1,852,738 |
Financial Services interest expense | — |  |  | 87,697 |  |  | — |  |  | 87,697 |
Financial Services provision for credit losses | — |  |  | 69,806 |  |  | — |  |  | 69,806 |
Selling, administrative and engineering expense | 495,509 |  |  | 74,062 |  |  | (5,771 | ) |  | 563,800 |
Total costs and expenses | 2,348,247 |  |  | 231,565 |  |  | (5,771 | ) |  | 2,574,041 |
Operating income | 562,480 |  |  | 130,704 |  |  | (124 | ) |  | 693,060 |
Investment income | 107,456 |  |  | — |  |  | (106,000 | ) |  | 1,456 |
Interest expense | 15,399 |  |  | — |  |  | — |  |  | 15,399 |
Income before provision for income taxes | 654,537 |  |  | 130,704 |  |  | (106,124 | ) |  | 679,117 |
Provision for income taxes | 185,192 |  |  | 48,689 |  |  | — |  |  | 233,881 |
Net income | $ | 469,345 |  |  | $ | 82,015 |  |  | $ | (106,124 | ) |  | $ | 445,236 |
| Three months ended June 26, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 1,673,379 |  |  | $ | — |  |  | $ | (3,266 | ) |  | $ | 1,670,113 |
Financial Services | — |  |  | 191,935 |  |  | (971 | ) |  | 190,964 |
Total revenue | 1,673,379 |  |  | 191,935 |  |  | (4,237 | ) |  | 1,861,077 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 1,062,555 |  |  | — |  |  | — |  |  | 1,062,555 |
Financial Services interest expense | — |  |  | 42,895 |  |  | — |  |  | 42,895 |
Financial Services provision for credit losses | — |  |  | 23,461 |  |  | — |  |  | 23,461 |
Selling, administrative and engineering expense | 285,367 |  |  | 38,301 |  |  | (3,824 | ) |  | 319,844 |
Total costs and expenses | 1,347,922 |  |  | 104,657 |  |  | (3,824 | ) |  | 1,448,755 |
Operating income | 325,457 |  |  | 87,278 |  |  | (413 | ) |  | 412,322 |
Investment income | 43,688 |  |  | — |  |  | (43,000 | ) |  | 688 |
Interest expense | 7,094 |  |  | — |  |  | — |  |  | 7,094 |
Income before provision for income taxes | 362,051 |  |  | 87,278 |  |  | (43,413 | ) |  | 405,916 |
Provision for income taxes | 93,788 |  |  | 31,697 |  |  | — |  |  | 125,485 |
Net income | $ | 268,263 |  |  | $ | 55,581 |  |  | $ | (43,413 | ) |  | $ | 280,431 |
| Six months ended June 26, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Revenue: |  |  |  |  |  |  |
Motorcycles and Related Products | $ | 3,252,018 |  |  | $ | — |  |  | $ | (5,295 | ) |  | $ | 3,246,723 |
Financial Services | — |  |  | 365,456 |  |  | (1,134 | ) |  | 364,322 |
Total revenue | 3,252,018 |  |  | 365,456 |  |  | (6,429 | ) |  | 3,611,045 |
Costs and expenses: |  |  |  |  |  |  |
Motorcycles and Related Products cost of goods sold | 2,048,885 |  |  | — |  |  | — |  |  | 2,048,885 |
Financial Services interest expense | — |  |  | 88,814 |  |  | — |  |  | 88,814 |
Financial Services provision for credit losses | — |  |  | 60,584 |  |  | — |  |  | 60,584 |
Selling, administrative and engineering expense | 543,598 |  |  | 74,275 |  |  | (6,261 | ) |  | 611,612 |
Total costs and expenses | 2,592,483 |  |  | 223,673 |  |  | (6,261 | ) |  | 2,809,895 |
Operating income | 659,535 |  |  | 141,783 |  |  | (168 | ) |  | 801,150 |
Investment income | 184,454 |  |  | — |  |  | (183,000 | ) |  | 1,454 |
Interest expense | 14,262 |  |  | — |  |  | — |  |  | 14,262 |
Income before provision for income taxes | 829,727 |  |  | 141,783 |  |  | (183,168 | ) |  | 788,342 |
Provision for income taxes | 204,361 |  |  | 53,061 |  |  | — |  |  | 257,422 |
Net income | $ | 625,366 |  |  | $ | 88,722 |  |  | $ | (183,168 | ) |  | $ | 530,920 |
Balance Sheet |
| June 25, 2017
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 586,892 |  |  | $ | 401,584 |  |  | $ | — |  |  | $ | 988,476 |
Accounts receivable, net | 709,343 |  |  | — |  |  | (378,410 | ) |  | 330,933 |
Finance receivables, net | — |  |  | 2,338,533 |  |  | — |  |  | 2,338,533 |
Inventories | 372,012 |  |  | — |  |  | — |  |  | 372,012 |
Restricted cash | — |  |  | 63,225 |  |  | — |  |  | 63,225 |
Other current assets | 108,162 |  |  | 43,261 |  |  | — |  |  | 151,423 |
Total current assets | 1,776,409 |  |  | 2,846,603 |  |  | (378,410 | ) |  | 4,244,602 |
Finance receivables, net | — |  |  | 4,994,002 |  |  | — |  |  | 4,994,002 |
Property, plant and equipment, net | 905,244 |  |  | 41,082 |  |  | — |  |  | 946,326 |
Goodwill | 54,630 |  |  | — |  |  | — |  |  | 54,630 |
Deferred income taxes | 100,949 |  |  | 71,108 |  |  | (1,699 | ) |  | 170,358 |
Other long-term assets | 139,742 |  |  | 22,740 |  |  | (84,629 | ) |  | 77,853 |
| $ | 2,976,974 |  |  | $ | 7,975,535 |  |  | $ | (464,738 | ) |  | $ | 10,487,771 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 298,372 |  |  | $ | 407,384 |  |  | $ | (378,410 | ) |  | $ | 327,346 |
Accrued liabilities | 441,102 |  |  | 92,217 |  |  | 93 |  |  | 533,412 |
Short-term debt | — |  |  | 928,445 |  |  | — |  |  | 928,445 |
Current portion of long-term debt, net | — |  |  | 1,565,558 |  |  | — |  |  | 1,565,558 |
Total current liabilities | 739,474 |  |  | 2,993,604 |  |  | (378,317 | ) |  | 3,354,761 |
Long-term debt, net | 741,633 |  |  | 3,936,717 |  |  | — |  |  | 4,678,350 |
Pension liability | 51,797 |  |  | — |  |  | — |  |  | 51,797 |
Postretirement healthcare liability | 166,023 |  |  | — |  |  | — |  |  | 166,023 |
Other long-term liabilities | 155,086 |  |  | 32,714 |  |  | 2,873 |  |  | 190,673 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |
Shareholders’ equity | 1,122,961 |  |  | 1,012,500 |  |  | (89,294 | ) |  | 2,046,167 |
| $ | 2,976,974 |  |  | $ | 7,975,535 |  |  | $ | (464,738 | ) |  | $ | 10,487,771 |
| December 31, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 425,540 |  |  | $ | 334,444 |  |  | $ | — |  |  | $ | 759,984 |
Marketable securities | 5,019 |  |  | 500 |  |  | — |  |  | 5,519 |
Accounts receivable, net | 450,186 |  |  | — |  |  | (165,080 | ) |  | 285,106 |
Finance receivables, net | — |  |  | 2,076,261 |  |  | — |  |  | 2,076,261 |
Inventories | 499,917 |  |  | — |  |  | — |  |  | 499,917 |
Restricted cash | — |  |  | 52,574 |  |  | — |  |  | 52,574 |
Other current assets | 127,606 |  |  | 46,934 |  |  | (49 | ) |  | 174,491 |
Total current assets | 1,508,268 |  |  | 2,510,713 |  |  | (165,129 | ) |  | 3,853,852 |
Finance receivables, net | — |  |  | 4,759,197 |  |  | — |  |  | 4,759,197 |
Property, plant and equipment, net | 942,634 |  |  | 38,959 |  |  | — |  |  | 981,593 |
Goodwill | 53,391 |  |  | — |  |  | — |  |  | 53,391 |
Deferred income taxes | 103,487 |  |  | 66,152 |  |  | (1,910 | ) |  | 167,729 |
Other long-term assets | 132,835 |  |  | 24,769 |  |  | (83,126 | ) |  | 74,478 |
| $ | 2,740,615 |  |  | $ | 7,399,790 |  |  | $ | (250,165 | ) |  | $ | 9,890,240 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 219,353 |  |  | $ | 181,045 |  |  | $ | (165,080 | ) |  | $ | 235,318 |
Accrued liabilities | 395,907 |  |  | 90,910 |  |  | (165 | ) |  | 486,652 |
Short-term debt | — |  |  | 1,055,708 |  |  | — |  |  | 1,055,708 |
Current portion of long-term debt, net | — |  |  | 1,084,884 |  |  | — |  |  | 1,084,884 |
Total current liabilities | 615,260 |  |  | 2,412,547 |  |  | (165,245 | ) |  | 2,862,562 |
Long-term debt, net | 741,306 |  |  | 3,925,669 |  |  | — |  |  | 4,666,975 |
Pension liability | 84,442 |  |  | — |  |  | — |  |  | 84,442 |
Postretirement healthcare liability | 173,267 |  |  | — |  |  | — |  |  | 173,267 |
Other long-term liabilities | 150,391 |  |  | 29,697 |  |  | 2,748 |  |  | 182,836 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |
Shareholders’ equity | 975,949 |  |  | 1,031,877 |  |  | (87,668 | ) |  | 1,920,158 |
| $ | 2,740,615 |  |  | $ | 7,399,790 |  |  | $ | (250,165 | ) |  | $ | 9,890,240 |
| June 26, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 445,662 |  |  | $ | 419,008 |  |  | $ | — |  |  | $ | 864,670 |
Marketable securities | 5,070 |  |  | — |  |  | — |  |  | 5,070 |
Accounts receivable, net | 816,439 |  |  | — |  |  | (504,483 | ) |  | 311,956 |
Finance receivables, net | — |  |  | 2,457,974 |  |  | — |  |  | 2,457,974 |
Inventories | 371,196 |  |  | — |  |  | — |  |  | 371,196 |
Restricted cash | — |  |  | 78,078 |  |  | — |  |  | 78,078 |
Deferred income taxes | 60,497 |  |  | 55,717 |  |  | — |  |  | 116,214 |
Other current assets | 124,923 |  |  | 38,203 |  |  | (9,260 | ) |  | 153,866 |
Total current assets | 1,823,787 |  |  | 3,048,980 |  |  | (513,743 | ) |  | 4,359,024 |
Finance receivables, net | — |  |  | 4,824,071 |  |  | — |  |  | 4,824,071 |
Property, plant and equipment, net | 916,388 |  |  | 34,921 |  |  | — |  |  | 951,309 |
Goodwill | 54,542 |  |  | — |  |  | — |  |  | 54,542 |
Deferred income taxes | 76,194 |  |  | 8,555 |  |  | (1,702 | ) |  | 83,047 |
Other long-term assets | 133,540 |  |  | 24,744 |  |  | (81,837 | ) |  | 76,447 |
| $ | 3,004,451 |  |  | $ | 7,941,271 |  |  | $ | (597,282 | ) |  | $ | 10,348,440 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |
Accounts payable | $ | 239,380 |  |  | $ | 538,799 |  |  | $ | (504,483 | ) |  | $ | 273,696 |
Accrued liabilities | 397,645 |  |  | 97,150 |  |  | (8,984 | ) |  | 485,811 |
Short-term debt | — |  |  | 1,020,487 |  |  | — |  |  | 1,020,487 |
Current portion of long-term debt, net | — |  |  | 732,773 |  |  | — |  |  | 732,773 |
Total current liabilities | 637,025 |  |  | 2,389,209 |  |  | (513,467 | ) |  | 2,512,767 |
Long-term debt, net | 740,982 |  |  | 4,567,081 |  |  | — |  |  | 5,308,063 |
Pension liability | 129,465 |  |  | — |  |  | — |  |  | 129,465 |
Postretirement healthcare liability | 188,846 |  |  | — |  |  | — |  |  | 188,846 |
Other long-term liabilities | 157,835 |  |  | 27,621 |  |  | 2,836 |  |  | 188,292 |
Commitments and contingencies (Note 15) |  |  |  |  |  |  |
Shareholders’ equity | 1,150,298 |  |  | 957,360 |  |  | (86,651 | ) |  | 2,021,007 |
| $ | 3,004,451 |  |  | $ | 7,941,271 |  |  | $ | (597,282 | ) |  | $ | 10,348,440 |
Cash Flows |
| Six months ended June 25, 2017
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 469,345 |  |  | $ | 82,015 |  |  | $ | (106,124 | ) |  | $ | 445,236 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization of intangibles | 104,157 |  |  | 3,421 |  |  | — |  |  | 107,578 |
Amortization of deferred loan origination costs | — |  |  | 40,771 |  |  | — |  |  | 40,771 |
Amortization of financing origination fees | 327 |  |  | 3,752 |  |  | — |  |  | 4,079 |
Provision for long-term employee benefits | 14,950 |  |  | — |  |  | — |  |  | 14,950 |
Employee benefit plan contributions and payments | (37,307 | ) |  | — |  |  | — |  |  | (37,307 | )
Stock compensation expense | 15,995 |  |  | 1,502 |  |  | — |  |  | 17,497 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (271,927 | ) |  | (271,927 | )
Provision for credit losses | — |  |  | 69,806 |  |  | — |  |  | 69,806 |
Deferred income taxes | 4,975 |  |  | (4,586 | ) |  | (211 | ) |  | 178 |
Other, net | (6,422 | ) |  | 2,134 |  |  | 125 |  |  | (4,163 | )
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (241,569 | ) |  | — |  |  | 213,330 |  |  | (28,239 | )
Finance receivables - accrued interest and other | — |  |  | 2,067 |  |  | — |  |  | 2,067 |
Inventories | 138,942 |  |  | — |  |  | — |  |  | 138,942 |
Accounts payable and accrued liabilities | 112,916 |  |  | 228,247 |  |  | (208,043 | ) |  | 133,120 |
Derivative instruments | 3,106 |  |  | 8 |  |  | — |  |  | 3,114 |
Other | (8,683 | ) |  | 98 |  |  | (49 | ) |  | (8,634 | )
Total adjustments | 101,387 |  |  | 347,220 |  |  | (266,775 | ) |  | 181,832 |
Net cash provided by operating activities | 570,732 |  |  | 429,235 |  |  | (372,899 | ) |  | 627,068 |
| Six months ended June 25, 2017
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (64,273 | ) |  | (5,543 | ) |  | — |  |  | (69,816 | )
Origination of finance receivables | — |  |  | (4,205,868 | ) |  | 2,228,029 |  |  | (1,977,839 | )
Collections on finance receivables | — |  |  | 3,608,929 |  |  | (1,961,130 | ) |  | 1,647,799 |
Sales and redemptions of marketable securities | 6,916 |  |  | — |  |  | — |  |  | 6,916 |
Other | 115 |  |  | — |  |  | — |  |  | 115 |
Net cash used by investing activities | (57,242 | ) |  | (602,482 | ) |  | 266,899 |  |  | (392,825 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 893,668 |  |  | — |  |  | 893,668 |
Repayments of medium-term notes | — |  |  | (400,000 | ) |  | — |  |  | (400,000 | )
Repayments of securitization debt | — |  |  | (275,659 | ) |  | — |  |  | (275,659 | )
Borrowings of asset-backed commercial paper | — |  |  | 341,625 |  |  | — |  |  | 341,625 |
Repayments of asset-backed commercial paper | — |  |  | (77,732 | ) |  | — |  |  | (77,732 | )
Net decrease in credit facilities and unsecured commercial paper | — |  |  | (128,787 | ) |  | — |  |  | (128,787 | )
Net change in restricted cash | — |  |  | (7,248 | ) |  | — |  |  | (7,248 | )
Dividends paid | (128,452 | ) |  | (106,000 | ) |  | 106,000 |  |  | (128,452 | )
Purchase of common stock for treasury | (243,055 | ) |  | — |  |  | — |  |  | (243,055 | )
Issuance of common stock under employee stock option plans | 7,432 |  |  | — |  |  | — |  |  | 7,432 |
Net cash (used by) provided by financing activities | (364,075 | ) |  | 239,867 |  |  | 106,000 |  |  | (18,208 | )
Effect of exchange rate changes on cash and cash equivalents | 11,937 |  |  | 520 |  |  | — |  |  | 12,457 |
Net increase in cash and cash equivalents | $ | 161,352 |  |  | $ | 67,140 |  |  | $ | — |  |  | $ | 228,492 |
Cash and cash equivalents: |  |  |  |  |  |  |
Cash and cash equivalents—beginning of period | $ | 425,540 |  |  | $ | 334,444 |  |  | $ | — |  |  | $ | 759,984 |
Net increase in cash and cash equivalents | 161,352 |  |  | 67,140 |  |  | — |  |  | 228,492 |
Cash and cash equivalents—end of period | $ | 586,892 |  |  | $ | 401,584 |  |  | $ | — |  |  | $ | 988,476 |
| Six months ended June 26, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |
Net income | $ | 625,366 |  |  | $ | 88,722 |  |  | $ | (183,168 | ) |  | $ | 530,920 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation and amortization of intangibles | 97,025 |  |  | 3,931 |  |  | — |  |  | 100,956 |
Amortization of deferred loan origination costs | — |  |  | 43,555 |  |  | — |  |  | 43,555 |
Amortization of financing origination fees | 330 |  |  | 4,816 |  |  | — |  |  | 5,146 |
Provision for long-term employee benefits | 19,005 |  |  | — |  |  | — |  |  | 19,005 |
Employee benefit plan contributions and payments | (35,189 | ) |  | — |  |  | — |  |  | (35,189 | )
Stock compensation expense | 14,562 |  |  | 1,235 |  |  | — |  |  | 15,797 |
Net change in wholesale finance receivables related to sales | — |  |  | — |  |  | (442,254 | ) |  | (442,254 | )
Provision for credit losses | — |  |  | 60,584 |  |  | — |  |  | 60,584 |
Gain on off-balance sheet asset-backed securitization | — |  |  | (9,269 | ) |  | — |  |  | (9,269 | )
Deferred income taxes | 798 |  |  | (3,906 | ) |  | (440 | ) |  | (3,548 | )
Other, net | (20,505 | ) |  | (171 | ) |  | 168 |  |  | (20,508 | )
Changes in current assets and liabilities: |  |  |  |  |  |  |
Accounts receivable, net | (416,198 | ) |  | — |  |  | 361,089 |  |  | (55,109 | )
Finance receivables - accrued interest and other | — |  |  | (125 | ) |  | — |  |  | (125 | )
Inventories | 225,586 |  |  | — |  |  | — |  |  | 225,586 |
Accounts payable and accrued liabilities | 23,420 |  |  | 385,992 |  |  | (355,622 | ) |  | 53,790 |
Derivative instruments | (1,474 | ) |  | — |  |  | — |  |  | (1,474 | )
Other | (33,237 | ) |  | 1,664 |  |  | — |  |  | (31,573 | )
Total adjustments | (125,877 | ) |  | 488,306 |  |  | (437,059 | ) |  | (74,630 | )
Net cash provided by operating activities | 499,489 |  |  | 577,028 |  |  | (620,227 | ) |  | 456,290 |
| Six months ended June 26, 2016
| HDMC Entities |  | HDFS Entities |  | Eliminations |  | Consolidated
Cash flows from investing activities: |  |  |  |  |  |  |
Capital expenditures | (104,125 | ) |  | (3,406 | ) |  | — |  |  | (107,531 | )
Origination of finance receivables | — |  |  | (4,507,717 | ) |  | 2,516,333 |  |  | (1,991,384 | )
Collections on finance receivables | — |  |  | 3,709,319 |  |  | (2,079,106 | ) |  | 1,630,213 |
Proceeds from finance receivables sold | — |  |  | 312,571 |  |  | — |  |  | 312,571 |
Sales and redemptions of marketable securities | 40,000 |  |  | — |  |  | — |  |  | 40,000 |
Other | 166 |  |  | — |  |  | — |  |  | 166 |
Net cash used by investing activities | (63,959 | ) |  | (489,233 | ) |  | 437,227 |  |  | (115,965 | )
Cash flows from financing activities: |  |  |  |  |  |  |
Proceeds from issuance of medium-term notes | — |  |  | 1,193,396 |  |  | — |  |  | 1,193,396 |
Repayments of medium-term notes | — |  |  | (450,000 | ) |  | — |  |  | (450,000 | )
Repayments of securitization debt | — |  |  | (385,837 | ) |  | — |  |  | (385,837 | )
Borrowings of asset-backed commercial paper | — |  |  | 33,428 |  |  | — |  |  | 33,428 |
Repayments of asset-backed commercial paper | — |  |  | (34,989 | ) |  | — |  |  | (34,989 | )
Net decrease in credit facilities and unsecured commercial paper | — |  |  | (181,259 | ) |  | — |  |  | (181,259 | )
Net change in restricted cash | — |  |  | 17,992 |  |  | — |  |  | 17,992 |
Dividends paid | (127,800 | ) |  | (183,000 | ) |  | 183,000 |  |  | (127,800 | )
Purchase of common stock for treasury | (269,411 | ) |  | — |  |  | — |  |  | (269,411 | )
Excess tax benefits from share-based payments | 331 |  |  | — |  |  | — |  |  | 331 |
Issuance of common stock under employee stock option plans | 2,367 |  |  | — |  |  | — |  |  | 2,367 |
Net cash (used by) provided by financing activities | (394,513 | ) |  | 9,731 |  |  | 183,000 |  |  | (201,782 | )
Effect of exchange rate changes on cash and cash equivalents | 4,202 |  |  | (284 | ) |  | — |  |  | 3,918 |
Net increase in cash and cash equivalents | $ | 45,219 |  |  | $ | 97,242 |  |  | $ | — |  |  | $ | 142,461 |
Cash and cash equivalents: |  |  |  |  |  |  |
Cash and cash equivalents—beginning of period | $ | 400,443 |  |  | $ | 321,766 |  |  | $ | — |  |  | $ | 722,209 |
Net increase in cash and cash equivalents | 45,219 |  |  | 97,242 |  |  | — |  |  | 142,461 |
Cash and cash equivalents—end of period | $ | 445,662 |  |  | $ | 419,008 |  |  | $ | — |  |  | $ | 864,670 |

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