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Additional Balance Sheet and Cash Flow Information | 3 Months Ended
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Apr. 01, 2018
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):
| April 1, 2018 |  | December 31, 2017 |  | March 26, 2017
Available-for-sale corporate bonds | $ | — |  |  | $ | — |  |  | $ | 5,004 |
Mutual funds | 49,402 |  |  | 48,006 |  |  | 41,674 |
Total marketable securities | $ | 49,402 |  |  | $ | 48,006 |  |  | $ | 46,678 |
The Company’s available-for-sale corporate debt securities are carried at fair value with any unrealized gains or losses reported in other comprehensive income. During the first three months of 2017, unrealized losses were not material. There were no available-for-sale debt securities outstanding at April 1, 2018. The mutual fund investments are held by the Company to fund certain deferred compensation obligations. These investments are carried at fair value with gains and losses recorded in net income and are included in other long-term assets on the consolidated balance sheets. Inventories 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 net realizable value using the first-in, first-out (FIFO) method. Inventories consisted of the following (in thousands):
| April 1, 2018 |  | December 31, 2017 |  | March 26, 2017
Raw materials and work in process | $ | 177,652 |  |  | $ | 161,664 |  |  | $ | 153,195 |
Motorcycle finished goods | 289,046 |  |  | 289,530 |  |  | 263,408 |
Parts and accessories and general merchandise | 150,228 |  |  | 139,363 |  |  | 117,140 |
Inventory at lower of FIFO cost or net realizable value | 616,926 |  |  | 590,557 |  |  | 533,743 |
Excess of FIFO over LIFO cost | (52,355 | ) |  | (52,355 | ) |  | (48,267 | )
Total inventories, net | $ | 564,571 |  |  | $ | 538,202 |  |  | $ | 485,476 |
Operating Cash Flow The reconciliation of net income to net cash provided by operating activities is as follows (in thousands):
| Three months ended
| April 1, 2018 |  | March 26, 2017
Cash flows from operating activities: |  |  |
Net income | $ | 174,763 |  |  | $ | 186,369 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization of intangibles | 62,473 |  |  | 54,900 |
Amortization of deferred loan origination costs | 20,116 |  |  | 20,078 |
Amortization of financing origination fees | 2,028 |  |  | 2,076 |
Provision for long-term employee benefits | 9,747 |  |  | 7,475 |
Employee benefit plan contributions and payments | (5,486 | ) |  | (29,957 | )
Stock compensation expense | 7,962 |  |  | 6,992 |
Net change in wholesale finance receivables related to sales | (239,902 | ) |  | (317,087 | )
Provision for credit losses | 30,052 |  |  | 43,589 |
Deferred income taxes | 3,188 |  |  | 3,989 |
Other, net | (1,902 | ) |  | (5,334 | )
Changes in current assets and liabilities: |  |  |
Accounts receivable, net | (17,688 | ) |  | (39,230 | )
Finance receivables - accrued interest and other | 4,758 |  |  | 5,142 |
Inventories | (21,542 | ) |  | 23,476 |
Accounts payable and accrued liabilities | 148,923 |  |  | 182,928 |
Derivative instruments | 702 |  |  | 3,120 |
Other | 13,402 |  |  | 11,413 |
Total adjustments | 16,831 |  |  | (26,430 | )
Net cash provided by operating activities | $ | 191,594 |  |  | $ | 159,939 |

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